Exhibit 99.1
[LOGO OF CAPITAL ONE]
2980 Fairview Park Drive, Suite 1400, Falls Church, VA 22042-4525
FOR IMMEDIATE RELEASE: July 16, 2002
Contact(s): Paul Paquin | | Tatiana Stead |
| V.P., Investor Relations | | Director, Corporate Media |
| 703-205-1039 | | 703-205-1070 |
Capital One Reports Record Second Quarter Results
Raises 2002 Earnings per Share Growth Target to 30%
Falls Church, Va. (July 16, 2002) - Capital One Financial Corporation (NYSE: COF) today announced its 20th consecutive quarter of record earnings, driven by a 42 percent year-over-year increase in total revenues. The company also announced that it was raising its target for earnings per share growth for 2002 to 30 percent, up from the previous guidance of 20 percent. The company now expects to report earnings per share of approximately $3.79 for the year ending December 31, 2002. Consistent with its historical financial performance since 1995, the company expects to report earnings per share growth in 2003 of 20 percent or more. The company expects to release specific guidance on its 2003 earnings in October 2002.
Earnings for the second quarter of 2002 were $213.1 million, or $0.92 per share, versus earnings of $155.3 million, or $0.70 per share, for the comparable period in the prior year. Earnings in the first quarter of 2002 were $188.0 million, or $0.83 per share.
Capital One also announced that following a routine regulatory review in connection with a pending application and the normal examination cycle, the company and its subsidiaries, Capital One Bank and Capital One, F.S.B., expect to enter into an informal memorandum of understanding with bank regulators addressing certain regulatory matters as described below. The company's new earnings targets take into account the expected understandings with the regulatory authorities.
"Capital One's earnings power allowed us to increase our 2002 earnings per share growth target to 30 percent," said Richard D. Fairbank, Capital One's Chairman and Chief Executive Officer. "The actions we have taken have strengthened our balance sheet with additional capital and loss allowances at our bank subsidiaries and will make us a stronger company as we position ourselves for future growth."
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Capital One Reports Record Second Quarter Results
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The managed net charge-off rate increased to 4.36 percent for the second quarter of 2002 compared with 4.00 percent for the first quarter of 2002, consistent with the company’s expectations for increasing charge-offs for Capital One and the industry in 2002. The managed delinquency rate (30+ days) decreased to 4.54 percent as of June 30, 2002, compared with 4.80 percent as of March 31, 2002. The company further strengthened its balance sheet in the second quarter by increasing its allowance for loan losses by $247.0 million.
"Revenue grew at a 42 percent annualized rate in the second quarter, a testament to the power of our information based strategy to identify and meet customer needs," said Nigel W. Morris, Capital One's President and Chief Operating Officer. "I'm equally pleased that once again our credit risk management practices enabled us to achieve strong credit performance for the quarter."
Second quarter 2002 revenue, defined as managed net interest income and non-interest income, rose to $2.3 billion versus $2.1 billion in the first quarter of 2002. The company's managed consumer loan balances increased by $4.6 billion in the second quarter to $53.2 billion. In the second quarter, Capital One added 2.0 million net new accounts, bringing total accounts to 48.6 million. The company's managed revenue margin increased to 16.55 percent in the second quarter of 2002 from 16.47 percent in the first quarter of 2002.
The company also announced that, during the second quarter, it sold $1.0 billion of auto loans, with servicing retained by Capital One, and recorded a $17.3 million gain. The sale completely removes these loans from Capital One's managed consumer loan portfolio. Capital One plans to sell auto loans on an ongoing basis.
Marketing expense for the second quarter of 2002 was $320.4 million, down from $353.5 million in the first quarter of 2002. Other non-interest expenses (excluding marketing) for the second quarter of 2002 were $833.2 million versus $806.4 million for the first quarter of 2002. Annualized operating expenses per account decreased to $70 for the second quarter of 2002 from $71 in the prior quarter and from $77 in the second quarter of last year.
Bank regulatory authorities have recently completed a routine review of Capital One Bank and Capital One, F.S.B. in connection with a pending application and the normal examination cycle. Regulators have informed the company that they intend to request the company, Capital One Bank and Capital One, F.S.B., to enter into an informal memorandum of understanding with respect to capital, allowance for loan losses and other regulatory requirements. Further details regarding the expected memorandum of understanding and the company's business outlook can be found in Capital One's
Capital One Reports Record Second Quarter Results
Page 3
report on Form 8-K filed today with the Securities and Exchange Commission and available on the company's website (http://www.capitalone.com).
The company cautioned that its current expectations for 2002 earnings and future growth are forward looking statements and actual results could differ materially from current expectations due to a number of factors, including: competition in the credit card industry; the actual account and balance growth achieved by the company; the company's ability to access the capital markets at attractive rates and terms to fund its operations and future growth; and general economic conditions affecting consumer income and spending, which may affect consumer bankruptcies, defaults and charge-offs. A discussion of these and other factors can be found in Capital One's annual and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One's report on Form 10-K for the year ended December 31, 2001.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 48.6 million accounts and $53.2 billion in managed loans outstanding as of June 30, 2002. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.
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Note: This release, financial information and a live Webcast of today's 5:00pm (EDT) analyst conference call is accessible on the Internet on Capital One's home page (http://www.capitalone.com). Choose "Investors" to access the Investor Center to view and download the earnings press release and other financial information.
CAPITAL ONE FINANCIAL CORPORATION (COF)
FINANCIAL & STATISTICAL SUMMARY
| | | 2002 Q2
| | | 2002 Q1
| | | 2001 Q4
| | | 2001 Q3
| | | 2001 Q2
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| | | (in millions, except per share data and as noted) | |
Earnings (Managed Basis) | | | | | | | | | | | | | | | | | | | | |
| Net Interest Income | | $ | 1,185.2 | | | $ | 1,120.9 | | | $ | 982.9 | | | $ | 926.7 | | | $ | 823.7 | |
| Non-Interest Income | | | 1,113.9 | | | | 959.9 | | | | 941.5 | | | | 852.5 | | | | 796.3 | |
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| Total Revenue | | | 2,299.0 | | | | 2,080.7 | | | | 1,924.5 | | | | 1,779.2 | | | | 1,620.0 | |
| Provision for Loan Losses | | | 801.6 | | | | 617.6 | | | | 563.3 | | | | 437.6 | | | | 379.1 | |
| Marketing Expenses | | | 320.4 | | | | 353.5 | | | | 301.2 | | | | 281.9 | | | | 268.7 | |
| Operating Expenses | | | 833.2 | | | | 806.4 | | | | 773.4 | | | | 793.0 | (2) | | | 721.6 | |
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| Income Before Taxes | | | 343.7 | | | | 303.3 | | | | 286.6 | | | | 266.7 | | | | 250.5 | |
| Tax Rate | | | 38.0 | % | | | 38.0 | % | | | 38.0 | % | | | 38.0 | % | | | 38.0 | % |
| Net Income | | $ | 213.1 | | | $ | 188.0 | | | $ | 177.7 | | | $ | 165.3 | | | $ | 155.3 | |
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Common Share Statistics | | | | | | | | | | | | | | | | | | | | |
| Basic EPS | | $ | 0.97 | | | $ | 0.86 | | | $ | 0.83 | | | $ | 0.78 | | | $ | 0.74 | |
| Diluted EPS | | $ | 0.92 | | | $ | 0.83 | | | $ | 0.80 | | | $ | 0.75 | | | $ | 0.70 | |
| Dividends Per Share | | $ | 0.03 | | | $ | 0.03 | | | $ | 0.03 | | | $ | 0.03 | | | $ | 0.03 | |
| Book Value Per Share (period end) | | $ | 18.13 | | | $ | 16.69 | | | $ | 15.33 | | | $ | 14.14 | | | $ | 13.02 | |
| Stock Price Per Share (period end) | | $ | 61.05 | | | $ | 63.85 | | | $ | 53.95 | | | $ | 46.03 | | | $ | 60.15 | |
| Total Market Capitalization (period end) | | $ | 13,512.9 | | | $ | 14,079.3 | | | $ | 11,695.2 | | | $ | 9,710.1 | | | $ | 12,666.5 | |
| Shares Outstanding (period end) | | | 221.3 | | | | 220.5 | | | | 216.8 | | | | 211.0 | | | | 210.6 | |
| Shares Used to Compute Basic EPS | | | 220.0 | | | | 217.5 | | | | 214.7 | | | | 210.8 | | | | 209.1 | |
| Shares Used to Compute Diluted EPS | | | 231.7 | | | | 226.6 | | | | 223.4 | | | | 219.9 | | | | 221.2 | |
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Managed Loan Statistics (period avg.) | | | | | | | | | | | | | | | | | | | | |
| Average Loans | | $ | 51,343 | | | $ | 46,688 | | | $ | 41,352 | | | $ | 37,017 | | | $ | 33,440 | |
| Average Earning Assets | | $ | 55,559 | | | $ | 50,538 | | | $ | 45,295 | | | $ | 39,994 | | | $ | 36,180 | |
| Average Assets | | $ | 59,989 | | | $ | 54,258 | | | $ | 48,906 | | | $ | 43,363 | | | $ | 38,820 | |
| Average Equity | | $ | 4,021 | | | $ | 3,572 | | | $ | 3,223 | | | $ | 2,935 | | | $ | 2,608 | |
| Net Interest Margin | | | 8.53 | % | | | 8.87 | % | | | 8.68 | % | | | 9.27 | % | | | 9.11 | % |
| Revenue Margin | | | 16.55 | % | | | 16.47 | % | | | 17.00 | % | | | 17.79 | % | | | 17.91 | % |
Risk Adjusted Margin(1) | | | 12.53 | % | | | 12.78 | % | | | 12.96 | % | | | 14.17 | % | | | 14.23 | % |
| Return on Average Assets (ROA) | | | 1.42 | % | | | 1.39 | % | | | 1.45 | % | | | 1.53 | % | | | 1.60 | % |
| Return on Average Equity (ROE) | | | 21.20 | % | | | 21.06 | % | | | 22.05 | % | | | 22.53 | % | | | 23.83 | % |
| Net Charge-Off Rate | | | 4.36 | % | | | 4.00 | % | | | 4.42 | % | | | 3.92 | % | | | 3.98 | % |
| Net Charge-Offs | | $ | 559.1 | | | $ | 466.7 | | | $ | 456.9 | | | $ | 362.7 | | | $ | 332.8 | |
| Cost Per Account (in dollars) | | $ | 69.99 | | | $ | 71.33 | | | $ | 73.69 | | | $ | 81.03 | | | $ | 77.38 | |
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Managed Loan Statistics (period end) | | | | | | | | | | | | | | | | | | | | |
| Reported Loans | | $ | 24,965 | | | $ | 24,428 | | | $ | 20,921 | | | $ | 17,480 | | | $ | 16,327 | |
| Off-Balance Sheet Loans | | | 28,243 | | | | 24,136 | | | | 24,343 | | | | 21,009 | | | | 18,956 | |
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| Managed Loans | | $ | 53,208 | | | $ | 48,564 | | | $ | 45,264 | | | $ | 38,489 | | | $ | 35,283 | |
| Delinquency Rate (30+ days) | | | 4.54 | % | | | 4.80 | % | | | 4.95 | % | | | 5.20 | % | | | 4.92 | % |
| Number of Accounts (000’s) | | | 48,612 | | | | 46,623 | | | | 43,815 | | | | 40,145 | | | | 38,146 | |
| Total Assets | | $ | 62,022 | | | $ | 55,381 | | | $ | 52,506 | | | $ | 44,497 | | | $ | 40,587 | |
Capital(3) | | $ | 4,823.6 | | | $ | 3,778.4 | | | $ | 3,422.2 | | | $ | 3,081.9 | | | $ | 2,840.1 | |
| Capital to Managed Assets Ratio | | | 7.78 | % | | | 6.82 | % | | | 6.52 | % | | | 6.93 | % | | | 7.00 | % |
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| (1) | | Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets. |
| (2) | | Includes $38.8 million of one-time charges. |
| (3) | | Includes preferred interests and mandatory convertible securities. |
CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)(unaudited)
| | | June 30 2002
| | | Mar 31 2002
| | | June 30 2001
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Assets: | | | | | | | | | | | | |
| Cash and due from banks | | $ | 244,857 | | | $ | 350,738 | | | $ | 134,918 | |
| Federal funds sold and resale agreements | | | 432,124 | | | | 13,260 | | | | 39,770 | |
| Interest-bearing deposits at other banks | | | 448,363 | | | | 105,063 | | | | 62,050 | |
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| Cash and cash equivalents | | | 1,125,344 | | | | 469,061 | | | | 236,738 | |
| Securities available for sale | | | 4,538,223 | | | | 3,175,366 | | | | 2,554,967 | |
| Consumer loans | | | 24,965,210 | | | | 24,427,642 | | | | 16,326,617 | |
| Less: Allowance for loan losses | | | (1,237,000 | ) | | | (990,000 | ) | | | (647,000 | ) |
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| Net loans | | | 23,728,210 | | | | 23,437,642 | | | | 15,679,617 | |
| Accounts receivable from securitizations | | | 2,417,775 | | | | 2,218,472 | | | | 1,708,055 | |
| Premises and equipment, net | | | 808,972 | | | | 789,572 | | | | 729,525 | |
| Interest receivable | | | 151,828 | | | | 148,547 | | | | 79,089 | |
| Other | | | 1,064,127 | | | | 1,026,051 | | | | 672,338 | |
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| Total assets | | $ | 33,834,479 | | | $ | 31,264,711 | | | $ | 21,660,329 | |
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Liabilities: | | | | | | | | | | | | |
| Interest-bearing deposits | | $ | 16,014,392 | | | $ | 14,633,871 | | | $ | 10,029,736 | |
| Senior notes | | | 6,069,719 | | | | 5,422,896 | | | | 4,757,481 | |
| Other borrowings | | | 4,590,716 | | | | 4,879,427 | | | | 2,320,734 | |
| Interest payable | | | 235,108 | | | | 173,659 | | | | 151,429 | |
| Other | | | 2,910,638 | | | | 2,475,226 | | | | 1,659,412 | |
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| Total liabilities | | | 29,820,573 | | | | 27,585,079 | | | | 18,918,792 | |
Stockholders’ Equity: | | | | | | | | | | | | |
| Common stock | | | 2,222 | | | | 2,214 | | | | 2,118 | |
| Paid-in capital, net | | | 1,600,489 | | | | 1,532,034 | | | | 1,089,582 | |
| Retained earnings and cumulative other comprehensive income | | | 2,446,147 | | | | 2,180,336 | | | | 1,695,468 | |
| Less: Treasury stock, at cost | | | (34,952 | ) | | | (34,952 | ) | | | (45,631 | ) |
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| Total stockholders’ equity | | | 4,013,906 | | | | 3,679,632 | | | | 2,741,537 | |
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| Total liabilities and stockholders’ equity | | $ | 33,834,479 | | | $ | 31,264,711 | | | $ | 21,660,329 | |
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)(unaudited)
| | | Three Months Ended
| | Six Months Ended
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| | | June 30 2002
| | Mar 31 2002
| | June 30 2001
| | June 30 2002
| | June 30 2001
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Interest Income: | | | | | | | | | | | | | | | |
| Consumer loans, including fees | | $ | 925,257 | | $ | 836,955 | | $ | 620,866 | | $ | 1,762,212 | | $ | 1,238,755 |
| Securities available for sale | | | 45,815 | | | 42,344 | | | 33,942 | | | 88,159 | | | 62,176 |
| Other | | | 28,754 | | | 27,931 | | | 2,408 | | | 56,685 | | | 6,158 |
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| Total interest income | | | 999,826 | | | 907,230 | | | 657,216 | | | 1,907,056 | | | 1,307,089 |
Interest Expense: | | | | | | | | | | | | | | | |
| Deposits | | | 203,112 | | | 178,163 | | | 155,479 | | | 381,275 | | | 302,440 |
| Senior notes | | | 109,687 | | | 93,904 | | | 87,842 | | | 203,591 | | | 171,135 |
| Other Borrowings | | | 57,450 | | | 51,056 | | | 43,825 | | | 108,506 | | | 87,725 |
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| Total interest expense | | | 370,249 | | | 323,123 | | | 287,146 | | | 693,372 | | | 561,300 |
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| Net interest income | | | 629,577 | | | 584,107 | | | 370,070 | | | 1,213,684 | | | 745,789 |
| Provision for loan losses | | | 501,780 | | | 347,212 | | | 202,900 | | | 848,992 | | | 453,514 |
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| Net interest income after provision for loan losses | | | 127,797 | | | 236,895 | | | 167,170 | | | 364,692 | | | 292,275 |
Non-Interest Income: | | | | | | | | | | | | | | | |
| Servicing and securitizations | | | 718,347 | | | 626,147 | | | 594,584 | | | 1,344,494 | | | 1,148,121 |
| Service charges and other customer-related fees | | | 513,886 | | | 502,007 | | | 385,419 | | | 1,015,893 | | | 781,807 |
| Interchange | | | 137,353 | | | 98,096 | | | 93,673 | | | 235,449 | | | 168,524 |
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| Total non-interest income | | | 1,369,586 | | | 1,226,250 | | | 1,073,676 | | | 2,595,836 | | | 2,098,452 |
Non-Interest Expense: | | | | | | | | | | | | | | | |
| Salaries and associate benefits | | | 379,363 | | | 380,735 | | | 342,076 | | | 760,098 | | | 667,792 |
| Marketing | | | 320,446 | | | 353,536 | | | 268,709 | | | 673,982 | | | 499,909 |
| Communications and data processing | | | 101,601 | | | 92,193 | | | 72,906 | | | 193,794 | | | 148,198 |
| Supplies and equipment | | | 88,844 | | | 84,507 | | | 74,780 | | | 173,351 | | | 148,383 |
| Occupancy | | | 38,275 | | | 33,381 | | | 31,349 | | | 71,656 | | | 62,651 |
| Other | | | 225,117 | | | 215,543 | | | 200,496 | | | 440,660 | | | 381,630 |
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| Total non-interest expense | | | 1,153,646 | | | 1,159,895 | | | 990,316 | | | 2,313,541 | | | 1,908,563 |
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| Income before income taxes | | | 343,737 | | | 303,250 | | | 250,530 | | | 646,987 | | | 482,164 |
| Income taxes | | | 130,620 | | | 115,235 | | | 95,203 | | | 245,855 | | | 183,224 |
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| Net income | | $ | 213,117 | | $ | 188,015 | | $ | 155,327 | | $ | 401,132 | | $ | 298,940 |
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| Basic earnings per share | | $ | 0.97 | | $ | 0.86 | | $ | 0.74 | | $ | 1.83 | | $ | 1.44 |
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| Diluted earnings per share | | $ | 0.92 | | $ | 0.83 | | $ | 0.70 | | $ | 1.75 | | $ | 1.36 |
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| Dividends paid per share | | $ | 0.03 | | $ | 0.03 | | $ | 0.03 | | $ | 0.05 | | $ | 0.05 |
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CAPITAL ONE FINANCIAL CORPORATION
STATEMENTS OF AVERAGE BALANCES, INCOME AND EXPENSE, YIELDS AND RATES
(dollars in thousands)(unaudited)
Managed(1) | | | | | | | | | |
| | | Quarter Ended 6/30/02
| | | Quarter Ended 3/31/02
| | | Quarter Ended 6/30//01
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| | | Average Balance
| | Income/
Expense
| | Yield/
Rate
| | | Average Balance
| | Income/
Expense
| | Yield/
Rate
| | | Average Balance
| | Income/
Expense
| | Yield/
Rate
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Earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consumer loans | | $ | 51,342,764 | | $ | 1,789,516 | | 13.94 | % | | $ | 46,687,578 | | $ | 1,672,655 | | 14.33 | % | | $ | 33,439,690 | | $ | 1,307,819 | | 15.64 | % |
| Securities available for sale | | | 3,662,832 | | | 45,815 | | 5.00 | | | | 3,367,786 | | | 42,344 | | 5.03 | | | | 2,344,047 | | | 33,942 | | 5.79 | |
| Other | | | 553,595 | | | 2,110 | | 1.52 | | | | 482,290 | | | 2,358 | | 1.96 | | | | 396,659 | | | 2,408 | | 2.43 | |
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| Total earning assets | | $ | 55,559,191 | | $ | 1,837,441 | | 13.23 | % | | $ | 50,537,654 | | $ | 1,717,357 | | 13.59 | % | | $ | 36,180,396 | | $ | 1,344,169 | | 14.86 | % |
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Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits | | $ | 15,276,514 | | $ | 203,112 | | 5.32 | % | | $ | 13,505,586 | | $ | 178,163 | | 5.28 | % | | $ | 9,685,882 | | $ | 155,479 | | 6.42 | % |
| Senior notes | | | 5,959,240 | | | 109,687 | | 7.36 | | | | 5,429,992 | | | 93,904 | | 6.92 | | | | 4,899,045 | | | 87,842 | | 7.17 | |
| Other borrowings | | | 5,946,983 | | | 57,450 | | 3.86 | | | | 4,925,669 | | | 51,056 | | 4.15 | | | | 2,915,245 | | | 43,825 | | 6.01 | |
| Securitization liability | | | 25,965,894 | | | 282,041 | | 4.34 | | | | 24,262,546 | | | 273,366 | | 4.51 | | | | 16,741,276 | | | 233,322 | | 5.57 | |
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| Total interest-bearing liabilities | | $ | 53,148,631 | | $ | 652,290 | | 4.91 | % | | $ | 48,123,793 | | $ | 596,489 | | 4.96 | % | | $ | 34,241,448 | | $ | 520,468 | | 6.08 | % |
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| Net interest spread | | | | | | | | 8.32 | % | | | | | | | | 8.63 | % | | | | | | | | 8.78 | % |
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| Interest income to average earning assets | | | | | | | | 13.23 | % | | | | | | | | 13.59 | % | | | | | | | | 14.86 | % |
| Interest expense to average earning assets | | | | | | | | 4.70 | | | | | | | | | 4.72 | | | | | | | | | 5.75 | |
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| Net interest margin | | | | | | | | 8.53 | % | | | | | | | | 8.87 | % | | | | | | | | 9.11 | % |
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| (1) | | The information in this table reflects the adjustment to add back the effect of securitized loans. |
