Exhibit 99.2
Capital One Financial Corporation
Financial Supplement
First Quarter 2012(1)(2)
Table of Contents
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Capital One Financial Consolidated | ||||||
Table 1: | Financial & Statistical Summary—Consolidated | 1 | ||||
Table 2: | Notes to Consolidated Financial & Statistical Summary (Table 1) | 2 | ||||
Table 3: | Consolidated Statements of Income | 3 | ||||
Table 4: | Consolidated Balance Sheets | 4 | ||||
Table 5: | Average Balances, Net Interest Income and Net Interest Margin | 5 | ||||
Table 6: | Loan Information and Performance Statistics | 6 | ||||
Table 7: | Loan Information and Performance Statistics (Excluding Acquired Loans)(3) | 7 | ||||
Business Segment Detail | ||||||
Table 8: | Financial & Statistical Summary—Credit Card Business | 8 | ||||
Table 9: | Financial & Statistical Summary—Consumer Banking Business | 9 | ||||
Table 10: | Financial & Statistical Summary—Commercial Banking Business | 10 | ||||
Table 11: | Financial & Statistical Summary—Other and Total | 11 | ||||
Table 12: | Notes to Loan and Business Segment Disclosures (Tables 6 — 11) | 12 | ||||
Other | ||||||
Table 13: | Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures | 13 |
(1) | The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our March 31, 2012 Quarterly Report on Form 10-Q once it is filed with the Securities and Exchange Commission. |
(2) | References to ING Direct refer to the business and assets acquired and liabilities assumed in the February 17, 2012 acquisition. |
(3) | Acquired loans consist of the substantial majority of loans acquired in the Chevy Chase Bank and ING Direct business combinations, which were recorded at fair value at acquisition and accounted for under applicable accounting guidance. This accounting methodology takes into consideration estimated credit losses expected to be realized over the remaining lives of the loans. Accordingly, we present certain credit quality metrics excluding the impact of these loans where applicable. |
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial & Statistical Summary—Consolidated(1)
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions, except per share data and as noted) (unaudited) | Q1(2) | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Earnings | ||||||||||||||||||||
Net interest income | $ | 3,414 | $ | 3,182 | $ | 3,283 | $ | 3,136 | $ | 3,140 | ||||||||||
Non-interest income(3) (4) | 1,521 | 868 | 871 | 857 | 942 | |||||||||||||||
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Total revenue(5) | 4,935 | 4,050 | 4,154 | 3,993 | 4,082 | |||||||||||||||
Provision for credit losses | 573 | 861 | 622 | 343 | 534 | |||||||||||||||
Marketing expenses | 321 | 420 | 312 | 329 | 276 | |||||||||||||||
Operating expenses(6) | 2,183 | 2,198 | 1,985 | 1,926 | 1,886 | |||||||||||||||
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Income from continuing operations before income taxes | 1,858 | 571 | 1,235 | 1,395 | 1,386 | |||||||||||||||
Income tax provision | 353 | 160 | 370 | 450 | 354 | |||||||||||||||
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Income from continuing operations, net of tax | 1,505 | 411 | 865 | 945 | 1,032 | |||||||||||||||
Loss from discontinued operations, net of tax(3) | (102 | ) | (4 | ) | (52 | ) | (34 | ) | (16 | ) | ||||||||||
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Net income | 1,403 | 407 | 813 | 911 | 1,016 | |||||||||||||||
Dividends and undistributed earnings allocated to participating securities | (7 | ) | (26 | ) | — | — | — | |||||||||||||
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Net income available to common stockholders | $ | 1,396 | $ | 381 | $ | 813 | $ | 911 | $ | 1,016 | ||||||||||
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Common Share Statistics | ||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||
Income from continuing operations, net of tax | $ | 2.94 | $ | 0.89 | $ | 1.89 | $ | 2.07 | $ | 2.27 | ||||||||||
Loss from discontinued operations, net of tax | (0.20 | ) | (0.01 | ) | (0.11 | ) | (0.07 | ) | (0.03 | ) | ||||||||||
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Net income per common share | $ | 2.74 | $ | 0.88 | $ | 1.78 | $ | 2.00 | $ | 2.24 | ||||||||||
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Diluted EPS: | ||||||||||||||||||||
Income from continuing operations, net of tax | $ | 2.92 | $ | 0.89 | $ | 1.88 | $ | 2.04 | $ | 2.24 | ||||||||||
Loss from discontinued operations, net of tax | (0.20 | ) | (0.01 | ) | (0.11 | ) | (0.07 | ) | (0.03 | ) | ||||||||||
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Net income per common share | $ | 2.72 | $ | 0.88 | $ | 1.77 | $ | 1.97 | $ | 2.21 | ||||||||||
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Weighted average common shares outstanding (in millions): | ||||||||||||||||||||
Basic EPS | 508.7 | 456.2 | 456.0 | 455.6 | 454.1 | |||||||||||||||
Diluted EPS | 513.1 | 458.5 | 460.4 | 462.2 | 460.3 | |||||||||||||||
Common shares outstanding (period end) | 580.2 | 459.9 | 459.6 | 459.4 | 458.7 | |||||||||||||||
Dividends per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | ||||||||||
Tangible book value per common share (period end) (7) | 39.37 | 34.26 | 33.56 | 31.94 | 29.47 | |||||||||||||||
Balance Sheet (Period End) | ||||||||||||||||||||
Loans held for investment(8) | $ | 173,822 | $ | 135,892 | $ | 129,952 | $ | 128,965 | $ | 124,092 | ||||||||||
Interest-earning assets | 265,398 | 179,878 | 174,307 | 174,323 | 172,870 | |||||||||||||||
Total assets | 294,481 | 206,019 | 200,148 | 199,753 | 199,300 | |||||||||||||||
Tangible assets (9) | 280,067 | 191,806 | 185,891 | 185,715 | 184,928 | |||||||||||||||
Interest-bearing deposits | 197,254 | 109,945 | 110,777 | 109,278 | 109,097 | |||||||||||||||
Total deposits | 216,528 | 128,226 | 128,318 | 126,117 | 125,446 | |||||||||||||||
Borrowings | 32,885 | 39,561 | 34,315 | 37,735 | 39,797 | |||||||||||||||
Stockholders’ equity | 36,950 | 29,666 | 29,378 | 28,681 | 27,550 | |||||||||||||||
Balance Sheet (Quarterly Average Balances) | ||||||||||||||||||||
Average loans held for investment(8) | $ | 152,900 | $ | 131,581 | $ | 129,043 | $ | 127,916 | $ | 125,077 | ||||||||||
Average interest-earning assets | 220,246 | 176,271 | 177,531 | 174,113 | 173,440 | |||||||||||||||
Average total assets | 246,384 | 200,106 | 201,611 | 199,229 | 198,075 | |||||||||||||||
Average interest-bearing deposits | 151,625 | 109,914 | 110,750 | 109,251 | 108,633 | |||||||||||||||
Average total deposits | 170,259 | 128,450 | 128,268 | 125,834 | 124,158 | |||||||||||||||
Average borrowings | 35,994 | 34,812 | 37,366 | 39,451 | 40,538 | |||||||||||||||
Average stockholders’ equity | 32,982 | 29,698 | 29,316 | 28,255 | 27,009 | |||||||||||||||
Performance Metrics | ||||||||||||||||||||
Net interest income growth (quarter over quarter) | 7 | % | (3 | )% | 5 | % | — | % | 4 | % | ||||||||||
Non-interest income growth (quarter over quarter) | 75 | — | 2 | (9 | ) | — | ||||||||||||||
Revenue growth (quarter over quarter) | 22 | (3 | ) | 4 | (2 | ) | 3 | |||||||||||||
Revenue margin(10) | 8.96 | 9.19 | 9.36 | 9.17 | 9.41 | |||||||||||||||
Net interest margin(11) | 6.20 | 7.22 | 7.40 | 7.20 | 7.24 | |||||||||||||||
Return on average assets(12) | 2.44 | 0.82 | 1.72 | 1.90 | 2.08 | |||||||||||||||
Return on average equity(13) | 18.25 | 5.54 | 11.80 | 13.38 | 15.28 | |||||||||||||||
Return on average tangible common equity (14) | 31.60 | 10.43 | 22.58 | 26.57 | 31.73 | |||||||||||||||
Non-interest expense as a % of average loans held for investment(15) | 6.55 | 7.96 | 7.12 | 7.05 | 6.91 | |||||||||||||||
Efficiency ratio(16) | 50.74 | 64.64 | 55.30 | 56.47 | 52.96 | |||||||||||||||
Effective income tax rate | 19.0 | 28.0 | 30.0 | 32.3 | 25.5 | |||||||||||||||
Full-time equivalent employees (in thousands) | 34.2 | 30.5 | 29.5 | 28.2 | 27.9 | |||||||||||||||
Credit Quality Metrics | ||||||||||||||||||||
Allowance for loan and lease losses | $ | 4,060 | $ | 4,250 | $ | 4,280 | $ | 4,488 | $ | 5,067 | ||||||||||
Allowance as a % of loans held for investment | 2.34 | % | 3.13 | % | 3.29 | % | 3.48 | % | 4.08 | % | ||||||||||
Allowance as a % of loans held for investment (excluding acquired loans) | 3.08 | 3.22 | 3.40 | 3.62 | 4.23 | |||||||||||||||
Net charge-offs | $ | 780 | $ | 884 | $ | 812 | $ | 931 | $ | 1,145 | ||||||||||
Net charge-off rate(17) (18) | 2.04 | % | 2.69 | % | 2.52 | % | 2.91 | % | 3.66 | % | ||||||||||
Net charge-off rate (excluding acquired loans) | 2.40 | 2.79 | 2.62 | 3.03 | 3.82 | |||||||||||||||
30+ day performing delinquency rate(19) | 2.23 | 3.35 | 3.13 | 2.90 | 3.07 | |||||||||||||||
30+ day performing delinquency rate (excluding acquired loans) | 2.96 | 3.47 | 3.25 | 3.02 | 3.18 | |||||||||||||||
30+ day delinquency rate(20) | — | 3.95 | 3.81 | 3.57 | 3.79 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 risk-based capital ratio(21) | 13.9 | % | 12.0 | % | 12.4 | % | 11.8 | % | 10.9 | % | ||||||||||
Tier 1 common ratio(22) | 11.9 | 9.7 | 10.0 | 9.4 | 8.4 | |||||||||||||||
Total risk-based capital ratio(23) | 16.5 | 14.9 | 15.4 | 15.0 | 14.2 | |||||||||||||||
Tangible common equity (TCE) ratio (24) | 8.2 | 8.2 | 8.3 | 7.9 | 7.3 |
Page 1
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Notes to Consolidated Financial & Statistical Summary (Table 1)
(1) | Certain prior period amounts have been reclassified to conform to the current period presentation. |
(2) | Results for Q1 2012 include the impact of the February 17, 2012 acquisition of ING Direct, which resulted in the addition of loans with an outstanding principal and interest loan balance of $40.4 billion and deposits of $84.4 billion at acquisition. |
(3) | The mortgage representation and warranty reserve increased to $1.1 billion as of March 31, 2012, from $943 million as of December 31, 2011. We recorded a provision for repurchase losses of $169 million in Q1 2012, $59 million in Q4 2011, $72 million in Q3 2011, $37 million in Q2 2011 and $44 million in Q1 2011. The majority of the provision for repurchase losses is generally included in discontinued operations, with the remaining portion included in non-interest income. |
(4) | Includes a bargain purchase gain of $594 million recognized in earnings in Q1 2012 attributable to the February 17, 2012 acquisition of ING Direct. |
(5) | The estimated uncollectible amount of billed finance charges and fees excluded from revenue totaled $123 million in Q1 2012, $130 million in Q4 2011, $24 million in Q3 2011, $112 million in Q2 2011 and $105 million in Q1 2011. |
(6) | Includes merger-related expenses attributable to acquisitions of $86 million in Q1 2012, $27 million in Q4 2011 and $18 million in Q3 2011. Also, includes core deposit intangible amortization expense of $46 million in Q1 2012, $40 million in Q4 2011, $42 million in Q3 2011, $44 million in Q2 2011 and $45 million in Q1 2011. |
(7) | Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of tangible common equity. |
(8) | See Table 7 for additional information on acquired loans and our credit quality metrics excluding acquired loans. |
(9) | Tangible assets is a non-GAAP measure consisting of total assets less assets from discontinued operations and intangible assets. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of this measure. |
(10) | Calculated based on annualized total revenue for the period divided by average interest-earning assets for the period. |
(11) | Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period. |
(12) | Calculated based on annualized income from continuing operations, net of tax, for the period divided by average total assets for the period. |
(13) | Calculated based on annualized income from continuing operations, net of tax, for the period divided by average stockholders’ equity for the period. |
(14) | Calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible common equity for the period. |
(15) | Calculated based on annualized non-interest expense for the period divided by average loans held for investment for the period. |
(16) | Calculated based on non-interest expense for the period divided by total revenue for the period. |
(17) | In accordance with our loss-sharing agreement with Kohl’s, charge-offs for the portfolio are reported net of any reimbursement of credit losses from Kohl’s, which has the impact of lowering the overall charge-off rate. |
(18) | Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period. |
(19) | The 30+ day performing delinquency rate for acquired loans, which is presented below, is calculated based on the contractual past due unpaid principal balance divided by the total outstanding unpaid principal balance of acquired loans as of the end of each period. |
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions) (unaudited) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Total period-end acquired loan portfolio (unpaid principal balance) | $ | 44,798 | $ | 5,751 | $ | 6,021 | $ | 6,356 | $ | 6,698 | ||||||||||
30+ day performing delinquency rates (acquired loans) | 3.05 | % | 3.05 | % | 2.67 | % | 2.52 | % | 2.97 | % |
(20) | The 30+ day delinquency rate as of the end of Q1 2012 will be provided in the March 31, 2012 Quarterly Report on Form 10-Q. |
(21) | Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of this ratio. |
(22) | Tier 1 common ratio is a regulatory capital measure calculated based on Tier 1 common capital divided by risk-weighted assets. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of this ratio. |
(23) | Total risk-based capital ratio is a regulatory capital measure calculated based on total risk-based capital divided by risk-weighted assets. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of this ratio. |
(24) | TCE ratio is a non-GAAP measure calculated based on tangible common equity divided by tangible assets. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures” for the calculation of this ratio and non-GAAP reconciliation. |
Page 2
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
Three Months Ended | ||||||||||||
(Dollars in millions, except per share data) (unaudited) | March 31, 2012 | December 31, 2011 | March 31, 2011 | |||||||||
Interest income: | ||||||||||||
Loans held for investment, including past-due fees | $ | 3,655 | $ | 3,440 | $ | 3,417 | ||||||
Investment securities | 298 | 244 | 316 | |||||||||
Other | 26 | 17 | 19 | |||||||||
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Total interest income | 3,979 | 3,701 | 3,752 | |||||||||
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Interest expense: | ||||||||||||
Deposits | 311 | 264 | 322 | |||||||||
Securitized debt obligations | 80 | 80 | 140 | |||||||||
Senior and subordinated notes | 88 | 89 | 64 | |||||||||
Other borrowings | 86 | 86 | 86 | |||||||||
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Total interest expense | 565 | 519 | 612 | |||||||||
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Net interest income | 3,414 | 3,182 | 3,140 | |||||||||
Provision for credit losses | 573 | 861 | 534 | |||||||||
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Net interest income after provision for credit losses | 2,841 | 2,321 | 2,606 | |||||||||
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Non-interest income: | ||||||||||||
Service charges and other customer-related fees | 415 | 452 | 525 | |||||||||
Interchange fees, net | 328 | 346 | 320 | |||||||||
Net other-than-temporary impairment losses recognized in earnings | (14 | ) | (6 | ) | (3 | ) | ||||||
Bargain purchase gain(1) | 594 | — | — | |||||||||
Other | 198 | 76 | 100 | |||||||||
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Total non-interest income | 1,521 | 868 | 942 | |||||||||
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Non-interest expense: | ||||||||||||
Salaries and associate benefits | 891 | 817 | 741 | |||||||||
Marketing | 321 | 420 | 276 | |||||||||
Communications and data processing | 173 | 177 | 164 | |||||||||
Supplies and equipment | 150 | 137 | 135 | |||||||||
Occupancy | 123 | 131 | 119 | |||||||||
Other | 846 | 936 | 727 | |||||||||
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Total non-interest expense | 2,504 | 2,618 | 2,162 | |||||||||
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Income from continuing operations before income taxes | 1,858 | 571 | 1,386 | |||||||||
Income tax provision | 353 | 160 | 354 | |||||||||
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Income from continuing operations, net of tax | 1,505 | 411 | 1,032 | |||||||||
Loss from discontinued operations, net of tax | (102 | ) | (4 | ) | (16 | ) | ||||||
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Net income | 1,403 | 407 | 1,016 | |||||||||
Dividends and undistributed earnings allocated to participating securities | (7 | ) | (26 | ) | — | |||||||
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Net income available to common stockholders | $ | 1,396 | $ | 381 | $ | 1,016 | ||||||
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Basic earnings per common share: | ||||||||||||
Income from continuing operations | $ | 2.94 | $ | 0.89 | $ | 2.27 | ||||||
Loss from discontinued operations | (0.20 | ) | (0.01 | ) | (0.03 | ) | ||||||
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Net income per basic common share | $ | 2.74 | $ | 0.88 | $ | 2.24 | ||||||
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Diluted earnings per common share: | ||||||||||||
Income from continuing operations | $ | 2.92 | $ | 0.89 | $ | 2.24 | ||||||
Loss from discontinued operations | (0.20 | ) | (0.01 | ) | (0.03 | ) | ||||||
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Net income per diluted common share | $ | 2.72 | $ | 0.88 | $ | 2.21 | ||||||
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Weighted average common shares outstanding (in millions): | ||||||||||||
Basic EPS | 508.7 | 456.2 | 454.1 | |||||||||
Diluted EPS | 513.1 | 458.5 | 460.3 | |||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 |
(1) | Represents the excess of the fair value of the net assets acquired in the ING Direct acquisition as of the acquisition date of February 17, 2012 over the consideration transferred. |
Page 3
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
Three Months Ended | ||||||||||||
(Dollars in millions)(unaudited) | March 31, 2012 | December 31, 2011 | March 31, 2011 | |||||||||
Assets: | ||||||||||||
Cash and due from banks | $ | 27,341 | $ | 2,097 | $ | 2,028 | ||||||
Interest-bearing deposits with banks | 3,007 | 3,399 | 5,397 | |||||||||
Federal funds sold and securites purchased under agreements to resell | 308 | 342 | 546 | |||||||||
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Cash and cash equivalents | 30,656 | 5,838 | 7,971 | |||||||||
Restricted cash for securitization investors | 1,090 | 791 | 2,556 | |||||||||
Securities available for sale, at fair value | 60,810 | 38,759 | 41,566 | |||||||||
Loans held for investment: | ||||||||||||
Unsecuritized loans held for investment | 128,927 | 88,242 | 75,184 | |||||||||
Restricted loans for securitization investors | 44,895 | 47,650 | 48,908 | |||||||||
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Total loans held for investment | 173,822 | 135,892 | 124,092 | |||||||||
Less: Allowance for loan and lease losses | (4,060 | ) | (4,250 | ) | (5,067 | ) | ||||||
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Net loans held for investment | 169,762 | 131,642 | 119,025 | |||||||||
Loans held for sale, at lower-of-cost-or-fair-value | 627 | 201 | 117 | |||||||||
Accounts receivable from securitizations | 96 | 94 | 112 | |||||||||
Premises and equipment, net | 3,062 | 2,748 | 2,739 | |||||||||
Interest receivable | 1,157 | 1,029 | 1,025 | |||||||||
Goodwill | 13,595 | 13,592 | 13,597 | |||||||||
Other | 13,626 | 11,325 | 10,592 | |||||||||
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Total assets | $ | 294,481 | $ | 206,019 | $ | 199,300 | ||||||
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Liabilities: | ||||||||||||
Interest payable | $ | 384 | $ | 466 | $ | 411 | ||||||
Customer deposits: | ||||||||||||
Non-interest bearing deposits | 19,274 | 18,281 | 16,349 | |||||||||
Interest-bearing deposits | 197,254 | 109,945 | 109,097 | |||||||||
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Total customer deposits | 216,528 | 128,226 | 125,446 | |||||||||
Securitized debt obligations | 15,474 | 16,527 | 24,506 | |||||||||
Other debt: | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 770 | 1,464 | 1,970 | |||||||||
Senior and subordinated notes | 11,948 | 11,034 | 8,545 | |||||||||
Other borrowings | 4,693 | 10,536 | 4,776 | |||||||||
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Total other debt | 17,411 | 23,034 | 15,291 | |||||||||
Other liabilities | 7,734 | 8,100 | 6,096 | |||||||||
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Total liabilities | 257,531 | 176,353 | 171,750 | |||||||||
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Stockholders’ equity: | ||||||||||||
Common stock | 6 | 5 | 5 | |||||||||
Paid-in capital, net | 25,136 | 19,274 | 19,141 | |||||||||
Retained earnings and accumulated other comprehensive income | 15,094 | 13,631 | 11,644 | |||||||||
Less: Treasury stock, at cost | (3,286 | ) | (3,244 | ) | (3,240 | ) | ||||||
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Total stockholders’ equity | 36,950 | 29,666 | 27,550 | |||||||||
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Total liabilities and stockholders’ equity | $ | 294,481 | $ | 206,019 | $ | 199,300 | ||||||
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Page 4
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Average Balances, Net Interest Income and Net Interest Margin
2012 Q1 | 2011 Q4 | 2011 Q1 | ||||||||||||||||||||||||||||||||||
(Dollars in millions) (unaudited) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans held for investment | $ | 152,900 | $ | 3,655 | 9.56 | % | $ | 131,581 | $ | 3,440 | 10.46 | % | $ | 125,077 | $ | 3,417 | 10.93 | % | ||||||||||||||||||
Investment securities | 50,543 | 298 | 2.36 | 39,005 | 244 | 2.50 | 41,532 | 316 | 3.04 | |||||||||||||||||||||||||||
Cash equivalents and other | 16,803 | 26 | 0.62 | 5,685 | 17 | 1.20 | 6,831 | 19 | 1.11 | |||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total interest-earning assets | $ | 220,246 | $ | 3,979 | 7.23 | % | $ | 176,271 | $ | 3,701 | 8.40 | % | $ | 173,440 | $ | 3,752 | 8.65 | % | ||||||||||||||||||
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|
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|
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|
|
|
|
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|
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|
| |||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 24,912 | $ | 34 | 0.55 | % | $ | 13,700 | $ | 12 | 0.35 | % | $ | 13,648 | $ | 9 | 0.26 | % | ||||||||||||||||||
Money market deposit accounts | 76,362 | 131 | 0.69 | 47,167 | 87 | 0.74 | 45,613 | 110 | 0.96 | |||||||||||||||||||||||||||
Savings accounts | 31,743 | 34 | 0.43 | 31,422 | 47 | 0.60 | 26,801 | 55 | 0.82 | |||||||||||||||||||||||||||
Other consumer time deposits | 12,763 | 74 | 2.32 | 12,264 | 77 | 2.51 | 15,344 | 99 | 2.58 | |||||||||||||||||||||||||||
Public fund CD’s of $100,000 or more | 84 | — | — | 84 | 1 | 4.76 | 149 | 1 | 2.68 | |||||||||||||||||||||||||||
CD’s of $100,000 or more | 4,787 | 37 | 3.09 | 4,748 | 39 | 3.29 | 6,097 | 47 | 3.08 | |||||||||||||||||||||||||||
Foreign time deposits | 974 | 1 | 0.41 | 529 | 1 | 0.76 | 981 | 1 | 0.41 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total interest-bearing deposits | $ | 151,625 | $ | 311 | 0.82 | % | $ | 109,914 | $ | 264 | 0.96 | % | $ | 108,633 | $ | 322 | 1.19 | % | ||||||||||||||||||
Securitized debt obligations | 16,185 | 80 | 1.98 | 16,780 | 80 | 1.91 | 25,515 | 140 | 2.19 | |||||||||||||||||||||||||||
Senior and subordinated notes | 10,268 | 88 | 3.43 | 10,237 | 89 | 3.48 | 8,090 | 64 | 3.16 | |||||||||||||||||||||||||||
Other borrowings | 9,541 | 86 | 3.61 | 7,794 | 86 | 4.41 | 6,933 | 86 | 4.96 | |||||||||||||||||||||||||||
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|
|
|
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|
| |||||||||||||||||||
Total interest-bearing liabilities | $ | 187,619 | $ | 565 | 1.20 | % | $ | 144,725 | $ | 519 | 1.43 | % | $ | 149,171 | $ | 612 | 1.64 | % | ||||||||||||||||||
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| |||||||||||||||||||
Net interest income/spread | $ | 3,414 | 6.03 | % | $ | 3,182 | 6.97 | % | $ | 3,140 | 7.01 | % | ||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||||||||
Impact of non-interest bearing funding | 0.17 | 0.25 | 0.23 | |||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
Net interest margin | 6.20 | % | 7.22 | % | 7.24 | % | ||||||||||||||||||||||||||||||
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|
Page 5
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Loan Information and Performance Statistics(1)
(Dollars in millions)(unaudited) | 2012 Q1(2) | 2011 Q4 | 2011 Q3 | 2011 Q2 | 2011 Q1 | |||||||||||||||
Period-end Loans Held For Investment | ||||||||||||||||||||
Credit card: | ||||||||||||||||||||
Domestic credit card | $ | 53,173 | $ | 56,609 | $ | 53,820 | $ | 53,994 | $ | 50,570 | ||||||||||
International credit card | 8,303 | 8,466 | 8,210 | 8,711 | 8,735 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total credit card | 61,476 | 65,075 | 62,030 | 62,705 | 59,305 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Consumer banking: | ||||||||||||||||||||
Automobile | 23,568 | 21,779 | 20,422 | 19,223 | 18,342 | |||||||||||||||
Home loan | 49,550 | 10,433 | 10,916 | 11,323 | 11,741 | |||||||||||||||
Retail banking | 4,182 | 4,103 | 4,014 | 4,046 | 4,223 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking | 77,300 | 36,315 | 35,352 | 34,592 | 34,306 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking:(3) | ||||||||||||||||||||
Commercial and multifamily real estate | 15,702 | 15,736 | 14,660 | 14,304 | 13,791 | |||||||||||||||
Commercial and industrial | 17,761 | 17,088 | 16,145 | 15,526 | 14,694 | |||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Total commercial lending | 33,463 | 32,824 | 30,805 | 29,830 | 28,485 | |||||||||||||||
Small-ticket commercial real estate | 1,443 | 1,503 | 1,571 | 1,641 | 1,780 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking | 34,906 | 34,327 | 32,376 | 31,471 | 30,265 | |||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||
Other loans | 140 | 175 | 194 | 197 | 216 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 173,822 | $ | 135,892 | $ | 129,952 | $ | 128,965 | $ | 124,092 | ||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Average Loans Held For Investment | ||||||||||||||||||||
Credit card: | ||||||||||||||||||||
Domestic credit card | $ | 54,131 | $ | 54,403 | $ | 53,668 | $ | 53,868 | $ | 51,889 | ||||||||||
International credit card | 8,301 | 8,361 | 8,703 | 8,823 | 8,697 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total credit card | 62,432 | 62,764 | 62,371 | 62,691 | 60,586 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Consumer banking: | ||||||||||||||||||||
Automobile | 22,582 | 21,101 | 19,757 | 18,753 | 18,025 | |||||||||||||||
Home loan | 29,502 | 10,683 | 11,126 | 11,534 | 11,960 | |||||||||||||||
Retail banking | 4,179 | 4,007 | 3,979 | 4,154 | 4,251 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking | 56,263 | 35,791 | 34,862 | 34,441 | 34,236 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking:(3) | ||||||||||||||||||||
Commercial and multifamily real estate | 15,514 | 14,920 | 14,291 | 13,859 | 13,579 | |||||||||||||||
Commercial and industrial | 17,038 | 16,376 | 15,726 | 14,993 | 14,630 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial lending | 32,552 | 31,296 | 30,017 | 28,852 | 28,209 | |||||||||||||||
Small-ticket commercial real estate | 1,480 | 1,547 | 1,598 | 1,726 | 1,818 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking | 34,032 | 32,843 | 31,615 | 30,578 | 30,027 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other loans | 173 | 183 | 195 | 206 | 228 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 152,900 | $ | 131,581 | $ | 129,043 | $ | 127,916 | $ | 125,077 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Charge-off Rates | ||||||||||||||||||||
Credit card: | ||||||||||||||||||||
Domestic credit card(4) | 3.92 | % | 4.07 | % | 3.92 | % | 4.74 | % | 6.20 | % | ||||||||||
International credit card | 5.52 | 5.77 | 6.15 | 7.02 | 5.74 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total credit card | 4.14 | % | 4.30 | % | 4.23 | % | 5.06 | % | 6.13 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Consumer banking: | ||||||||||||||||||||
Automobile (5) | 1.41 | % | 2.07 | % | 1.69 | % | 1.11 | % | 1.98 | % | ||||||||||
Home loan(5) | 0.20 | 0.90 | 0.53 | 0.60 | 0.71 | |||||||||||||||
Retail banking(5) | 1.39 | 1.44 | 1.67 | 1.73 | 2.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking(5) | 0.77 | % | 1.65 | % | 1.32 | % | 1.01 | % | 1.57 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking:(3) | ||||||||||||||||||||
Commercial and multifamily real estate(5) | 0.09 | % | 0.75 | % | 0.11 | % | 0.38 | % | 0.58 | % | ||||||||||
Commercial and industrial(5) | (0.08 | ) | 0.21 | 0.42 | 0.22 | 0.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial lending(5) | — | % | 0.47 | % | 0.27 | % | 0.30 | % | 0.39 | % | ||||||||||
Small-ticket commercial real estate | 4.24 | 3.73 | 2.19 | 3.77 | 7.14 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking(5) | 0.19 | % | 0.62 | % | 0.37 | % | 0.50 | % | 0.80 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other loans | 23.30 | % | 24.08 | % | 15.28 | % | 23.96 | % | 38.33 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | 2.04 | % | 2.69 | % | 2.52 | % | 2.91 | % | 3.66 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
30+ Day Performing Delinquency Rates(6) | ||||||||||||||||||||
Credit card: | ||||||||||||||||||||
Domestic credit card | 3.25 | % | 3.66 | % | 3.65 | % | 3.33 | % | 3.59 | % | ||||||||||
International credit card | 5.14 | 5.18 | 5.35 | 5.30 | 5.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total credit card | 3.51 | % | 3.86 | % | 3.87 | % | 3.60 | % | 3.88 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Consumer banking: | ||||||||||||||||||||
Automobile (5) | 4.87 | % | 6.88 | % | 6.34 | % | 6.09 | % | 5.79 | % | ||||||||||
Home loan(5) | 0.15 | 0.89 | 0.78 | 0.70 | 0.61 | |||||||||||||||
Retail banking(5) | 0.80 | 0.83 | 0.89 | 0.76 | 0.93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking(5) | 1.63 | % | 4.47 | % | 4.01 | % | 3.70 | % | 3.42 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming Asset Rates(7) (8) | ||||||||||||||||||||
Consumer banking: | ||||||||||||||||||||
Automobile (5) | 0.32 | % | 0.58 | % | 0.53 | % | 0.49 | % | 0.39 | % | ||||||||||
Home loan(5) | 0.94 | 4.58 | 4.74 | 4.40 | 4.34 | |||||||||||||||
Retail banking(5) | 2.25 | 2.50 | 2.37 | 2.45 | 2.44 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking(5) | 0.82 | % | 1.94 | % | 2.04 | % | 2.00 | % | 2.00 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking:(3) | ||||||||||||||||||||
Commercial and multifamily real estate(5) | 1.55 | % | 1.40 | % | 2.12 | % | 2.31 | % | 2.59 | % | ||||||||||
Commercial and industrial(5) | 0.69 | 0.80 | 1.00 | 1.13 | 1.15 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial lending(5) | 1.09 | % | 1.09 | % | 1.53 | % | 1.69 | % | 1.85 | % | ||||||||||
Small-ticket commercial real estate | 4.35 | 2.86 | 1.58 | 0.75 | 3.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking(5) | 1.23 | % | 1.17 | % | 1.54 | % | 1.64 | % | 1.94 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
Page 6
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics (Excluding Acquired Loans)(1) (5)
(Dollars in millions) (unaudited) | 2012 Q1 | 2011 Q4 | 2011 Q3 | 2011 Q2 | 2011 Q1 | |||||||||||||||
Total period-end acquired loan portfolio(9) | $ | 43,132 | $ | 4,689 | $ | 4,873 | $ | 5,181 | $ | 5,351 | ||||||||||
Total average acquired loan portfolio(9) | 23,067 | 4,781 | 4,998 | 5,112 | 5,305 | |||||||||||||||
Net Charge-off Rates | ||||||||||||||||||||
Consumer banking: | ||||||||||||||||||||
Auto | 1.41 | % | 2.07 | % | 1.69 | % | 1.12 | % | 1.98 | % | ||||||||||
Home loan | 0.82 | 1.48 | 0.87 | 0.98 | 1.16 | |||||||||||||||
Retail banking | 1.40 | 1.46 | 1.69 | 1.76 | 2.32 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking | 1.29 | % | 1.87 | % | 1.51 | % | 1.17 | % | 1.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking: | �� | |||||||||||||||||||
Commercial and multifamily real estate | 0.09 | % | 0.76 | % | 0.11 | % | 0.39 | % | 0.59 | % | ||||||||||
Commercial and industrial | (0.08 | ) | 0.22 | 0.43 | 0.23 | 0.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial lending | 0.01 | 0.48 | 0.28 | 0.30 | 0.40 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking | 0.19 | % | 0.63 | % | 0.38 | % | 0.50 | % | 0.81 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
30+ Day Performing Delinquency Rates | ||||||||||||||||||||
Consumer banking: | ||||||||||||||||||||
Auto | 4.88 | % | 6.90 | % | 6.36 | % | 6.11 | % | 5.83 | % | ||||||||||
Home loan | 1.10 | 1.47 | 1.28 | 1.18 | 1.02 | |||||||||||||||
Retail banking | 0.81 | 0.84 | 0.90 | 0.77 | 0.93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking | 3.63 | % | 5.06 | % | 4.57 | % | 4.29 | % | 3.98 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming Asset Rates | ||||||||||||||||||||
Consumer banking: | ||||||||||||||||||||
Auto | 0.32 | % | 0.58 | % | 0.53 | % | 0.49 | % | 0.39 | % | ||||||||||
Home loan | 6.66 | 7.55 | 7.80 | 7.38 | 7.24 | |||||||||||||||
Retail banking | 2.28 | 2.52 | 2.40 | 2.48 | 2.44 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer banking | 1.83 | % | 2.20 | % | 2.33 | % | 2.32 | % | 2.32 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial banking: | ||||||||||||||||||||
Commercial and multifamily real estate | 1.57 | % | 1.42 | % | 2.14 | % | 2.35 | % | 2.64 | % | ||||||||||
Commercial and industrial | 0.70 | 0.81 | 1.02 | 1.14 | 1.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial lending | 1.11 | 1.10 | 1.56 | 1.72 | 1.88 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total commercial banking | 1.25 | % | 1.18 | % | 1.56 | % | 1.67 | % | 1.97 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonperforming Loans as a Percentage of Period-end Loans Held for Investment | ||||||||||||||||||||
Consumer banking | 1.71 | % | 2.03 | % | 2.15 | % | 2.12 | % | 2.14 | % | ||||||||||
Commercial banking | 1.17 | 1.10 | 1.44 | 1.55 | 1.86 |
Page 7
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Financial & Statistical Summary—Credit Card Business
(Dollars in millions) (unaudited) | 2012 Q1(2) | 2011 Q4 | 2011 Q3 | 2011 Q2 | 2011 Q1 | |||||||||||||||
Credit Card | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 1,992 | $ | 1,949 | $ | 2,042 | $ | 1,890 | $ | 1,941 | ||||||||||
Non-interest income | 598 | 638 | 678 | 619 | 674 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total revenue | 2,590 | 2,587 | 2,720 | 2,509 | 2,615 | |||||||||||||||
Provision for credit losses | 458 | 600 | 511 | 309 | 450 | |||||||||||||||
Non-interest expense | 1,268 | 1,431 | 1,188 | 1,238 | 1,178 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from continuing operations before taxes | 864 | 556 | 1,021 | 962 | 987 | |||||||||||||||
Income tax provision | 298 | 203 | 358 | 344 | 344 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from continuing operations, net of tax | $ | 566 | $ | 353 | $ | 663 | $ | 618 | $ | 643 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 61,476 | $ | 65,075 | $ | 62,030 | $ | 62,705 | $ | 59,305 | ||||||||||
Average loans held for investment | 62,432 | 62,764 | 62,371 | 62,691 | 60,586 | |||||||||||||||
Average yield on loans held for investment | 14.41 | % | 14.12 | % | 14.84 | % | 13.83 | % | 14.68 | % | ||||||||||
Revenue margin | 16.59 | 16.49 | 17.44 | 16.01 | 17.26 | |||||||||||||||
Net charge-off rate | 4.14 | 4.30 | 4.23 | 5.06 | 6.13 | |||||||||||||||
30+ day delinquency rate | 3.51 | 3.86 | 3.87 | 3.60 | 3.88 | |||||||||||||||
Purchase volume(10) | $ | 34,296 | $ | 38,179 | $ | 34,918 | $ | 34,226 | $ | 27,797 | ||||||||||
Domestic Card | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 1,713 | $ | 1,706 | $ | 1,753 | $ | 1,607 | $ | 1,651 | ||||||||||
Non-interest income | 497 | 613 | 588 | 584 | 583 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total revenue | 2,210 | 2,319 | 2,341 | 2,191 | 2,234 | |||||||||||||||
Provision for credit losses | 361 | 519 | 381 | 187 | 230 | |||||||||||||||
Non-interest expense | 1,052 | 1,183 | 972 | 1,008 | 990 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from continuing operations before taxes | 797 | 617 | 988 | 996 | 1,014 | |||||||||||||||
Income tax provision | 282 | 222 | 351 | 354 | 360 | |||||||||||||||
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| |||||||||||
Income from continuing operations, net of tax | $ | 515 | $ | 395 | $ | 637 | $ | 642 | $ | 654 | ||||||||||
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| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 53,173 | $ | 56,609 | $ | 53,820 | $ | 53,994 | $ | 50,570 | ||||||||||
Average loans held for investment | 54,131 | 54,403 | 53,668 | 53,868 | 51,889 | |||||||||||||||
Average yield on loans held for investment | 14.11 | % | 14.05 | % | 14.62 | % | �� | 13.52 | % | 14.42 | % | |||||||||
Revenue margin | 16.33 | 17.05 | 17.45 | 16.27 | 17.22 | |||||||||||||||
Net charge-off rate(4) | 3.92 | 4.07 | 3.92 | 4.74 | 6.20 | |||||||||||||||
30+ day delinquency rate | 3.25 | 3.66 | 3.65 | 3.33 | 3.59 | |||||||||||||||
Purchase volume(10) | $ | 31,418 | $ | 34,586 | $ | 31,686 | $ | 31,070 | $ | 25,024 | ||||||||||
International Card | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 279 | $ | 243 | $ | 289 | $ | 283 | $ | 290 | ||||||||||
Non-interest income | 101 | 25 | 90 | 35 | 91 | |||||||||||||||
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| |||||||||||
Total revenue | 380 | 268 | 379 | 318 | 381 | |||||||||||||||
Provision for credit losses | 97 | 81 | 130 | 122 | 220 | |||||||||||||||
Non-interest expense | 216 | 248 | 216 | 230 | 188 | |||||||||||||||
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| |||||||||||
Income (loss) from continuing operations before taxes | 67 | (61 | ) | 33 | (34 | ) | (27 | ) | ||||||||||||
Income tax provision (benefit) | 16 | (19 | ) | 7 | (10 | ) | (16 | ) | ||||||||||||
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Income (loss) from continuing operations, net of tax | $ | 51 | $ | (42 | ) | $ | 26 | $ | (24 | ) | $ | (11 | ) | |||||||
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| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 8,303 | $ | 8,466 | $ | 8,210 | $ | 8,711 | $ | 8,735 | ||||||||||
Average loans held for investment | 8,301 | 8,361 | 8,703 | 8,823 | 8,697 | |||||||||||||||
Average yield on loans held for investment | 16.38 | % | 14.57 | % | 16.24 | % | 15.77 | % | 16.28 | % | ||||||||||
Revenue margin | 18.31 | 12.82 | 17.42 | 14.42 | 17.52 | |||||||||||||||
Net charge-off rate | 5.52 | 5.77 | 6.15 | 7.02 | 5.74 | |||||||||||||||
30+ day delinquency rate | 5.14 | 5.18 | 5.35 | 5.30 | 5.55 | |||||||||||||||
Purchase volume(10) | $ | 2,878 | $ | 3,593 | $ | 3,232 | $ | 3,156 | $ | 2,773 |
Page 8
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial & Statistical Summary—Consumer Banking Business
(Dollars in millions) (unaudited) | 2012 Q1(2) | 2011 Q4 | 2011 Q3 | 2011 Q2 | 2011 Q1 | |||||||||||||||
Consumer Banking | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 1,288 | $ | 1,105 | $ | 1,097 | $ | 1,051 | $ | 983 | ||||||||||
Non-interest income | 176 | 152 | 188 | 194 | 186 | |||||||||||||||
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Total revenue | 1,464 | 1,257 | 1,285 | 1,245 | 1,169 | |||||||||||||||
Provision for credit losses | 174 | 180 | 136 | 41 | 95 | |||||||||||||||
Non-interest expense | 943 | 893 | 853 | 758 | 740 | |||||||||||||||
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Income from continuing operations before taxes | 347 | 184 | 296 | 446 | 334 | |||||||||||||||
Income tax provision | 123 | 67 | 106 | 159 | 119 | |||||||||||||||
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Income from continuing operations, net of tax | $ | 224 | $ | 117 | $ | 190 | $ | 287 | $ | 215 | ||||||||||
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Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 77,300 | $ | 36,315 | $ | 35,352 | $ | 34,592 | $ | 34,306 | ||||||||||
Average loans held for investment | 56,263 | 35,791 | 34,862 | 34,441 | 34,236 | |||||||||||||||
Average yield on loans held for investment | 7.20 | % | 9.46 | % | 9.83 | % | 9.51 | % | 9.60 | % | ||||||||||
Auto loan originations | $ | 4,270 | $ | 3,586 | $ | 3,409 | $ | 2,910 | $ | 2,571 | ||||||||||
Period-end deposits | 176,007 | 88,540 | 88,589 | 87,282 | 86,355 | |||||||||||||||
Average deposits | 129,915 | 88,390 | 88,266 | 86,926 | 83,884 | |||||||||||||||
Deposit interest expense rate | 0.73 | % | 0.84 | % | 0.95 | % | 1.00 | % | 1.06 | % | ||||||||||
Core deposit intangible amortization | $ | 37 | $ | 31 | $ | 32 | $ | 34 | $ | 35 | ||||||||||
Net charge-off rate(5) | 0.77 | % | 1.65 | % | 1.32 | % | 1.01 | % | 1.57 | % | ||||||||||
30+ day performing delinquency rate(5) (6) | 1.63 | 4.47 | 4.01 | 3.70 | 3.42 | |||||||||||||||
30+ day delinquency rate(5) (6) | — | 5.99 | 5.57 | 5.26 | 4.96 | |||||||||||||||
Nonperforming loans as a percentage of loans held for investment(5) (7) | 0.77 | 1.79 | 1.88 | 1.83 | 1.84 | |||||||||||||||
Nonperforming asset rate(5) (7) | 0.82 | 1.94 | 2.04 | 2.00 | 2.00 | |||||||||||||||
Period-end loans serviced for others | $ | 17,586 | $ | 17,998 | $ | 18,624 | $ | 19,226 | $ | 19,956 |
Page 9
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Commercial Banking Business
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions) (unaudited) | Q1(2) | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Commercial Banking (3)(12) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 431 | $ | 425 | $ | 407 | $ | 388 | $ | 376 | ||||||||||
Non-interest income | 85 | 87 | 63 | 62 | 71 | |||||||||||||||
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|
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| |||||||||||
Total revenue | 516 | 512 | 470 | 450 | 447 | |||||||||||||||
Provision for credit losses | (69 | ) | 76 | (10 | ) | (19 | ) | (16 | ) | |||||||||||
Non-interest expense | 261 | 254 | 237 | 222 | 212 | |||||||||||||||
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|
| |||||||||||
Income from continuing operations before taxes | 324 | 182 | 243 | 247 | 251 | |||||||||||||||
Income tax provision | 114 | 65 | 86 | 88 | 89 | |||||||||||||||
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| |||||||||||
Income from continuing operations, net of tax | $ | 210 | $ | 117 | $ | 157 | $ | 159 | $ | 162 | ||||||||||
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| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 34,906 | $ | 34,327 | $ | 32,376 | $ | 31,471 | $ | 30,265 | ||||||||||
Average loans held for investment | 34,032 | 32,843 | 31,615 | 30,578 | 30,027 | |||||||||||||||
Average yield on loans held for investment | 4.47 | % | 4.70 | % | 4.71 | % | 4.75 | % | 4.81 | % | ||||||||||
Period-end deposits | $ | 28,046 | $ | 26,683 | $ | 25,376 | $ | 24,409 | $ | 24,336 | ||||||||||
Average deposits | 27,569 | 26,185 | 25,321 | 24,371 | 24,232 | |||||||||||||||
Deposit interest expense rate | 0.37 | % | 0.42 | % | 0.47 | % | 0.52 | % | 0.55 | % | ||||||||||
Core deposit intangible amortization | $ | 9 | $ | 9 | $ | 10 | $ | 10 | $ | 11 | ||||||||||
Net charge-off rate(5) | 0.19 | % | 0.62 | % | 0.37 | % | 0.50 | % | 0.80 | % | ||||||||||
Nonperforming loans as a percentage of loans held for investment(5) (7) | 1.15 | 1.08 | 1.42 | 1.53 | 1.83 | |||||||||||||||
Nonperforming asset rate(5) (7) | 1.23 | 1.17 | 1.54 | 1.64 | 1.94 | |||||||||||||||
Risk category:(11) | ||||||||||||||||||||
Noncriticized | $ | 32,339 | $ | 31,617 | $ | 29,636 | $ | 28,723 | $ | 27,254 | ||||||||||
Criticized performing | 1,695 | 1,857 | 1,790 | 1,769 | 1,925 | |||||||||||||||
Criticized nonperforming | 402 | 372 | 459 | 481 | 554 | |||||||||||||||
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|
|
|
|
|
| |||||||||||
Total risk-rated loans | 34,436 | 33,846 | 31,885 | 30,973 | 29,733 | |||||||||||||||
Acquired commercial loans | 470 | 481 | 491 | 498 | 532 | |||||||||||||||
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|
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|
| |||||||||||
Total commercial loans | $ | 34,906 | $ | 34,327 | $ | 32,376 | $ | 31,471 | $ | 30,265 | ||||||||||
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| |||||||||||
% of period-end held for investment commercial loans: | ||||||||||||||||||||
Noncriticized | 92.64 | % | 92.11 | % | 91.54 | % | 91.27 | % | 90.05 | % | ||||||||||
Criticized performing | 4.86 | 5.41 | 5.53 | 5.62 | 6.36 | |||||||||||||||
Criticized nonperforming | 1.15 | 1.08 | 1.42 | 1.53 | 1.83 | |||||||||||||||
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|
|
| |||||||||||
Total risk-rated loans | 98.65 | 98.60 | 98.48 | 98.42 | 98.24 | |||||||||||||||
Acquired commercial loans | 1.35 | 1.40 | 1.52 | 1.58 | 1.76 | |||||||||||||||
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| |||||||||||
Total commercial loans | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||
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Page 10
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Other and Total
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions) (unaudited) | Q1(2) | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Other(3) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest expense | $ | (297 | ) | $ | (297 | ) | $ | (263 | ) | $ | (193 | ) | $ | (160 | ) | |||||
Non-interest income (expense) | 662 | (9 | ) | (58 | ) | (18 | ) | 11 | ||||||||||||
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| |||||||||||
Total revenue | 365 | (306 | ) | (321 | ) | (211 | ) | (149 | ) | |||||||||||
Provision for credit losses | 10 | 5 | (15 | ) | 12 | 5 | ||||||||||||||
Non-interest expense | 32 | 40 | 19 | 37 | 32 | |||||||||||||||
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|
|
|
|
|
| |||||||||||
Loss from continuing operations before taxes | 323 | (351 | ) | (325 | ) | (260 | ) | (186 | ) | |||||||||||
Income tax benefit | (182 | ) | (175 | ) | (180 | ) | (141 | ) | (198 | ) | ||||||||||
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|
|
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| |||||||||||
Income (loss) from continuing operations, net of tax | $ | 505 | $ | (176 | ) | $ | (145 | ) | $ | (119 | ) | $ | 12 | |||||||
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|
|
|
|
|
| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 140 | $ | 175 | $ | 194 | $ | 197 | $ | 216 | ||||||||||
Average loans held for investment | 173 | 183 | 195 | 206 | 228 | |||||||||||||||
Period-end deposits | 12,475 | 13,003 | 14,353 | 14,426 | 14,755 | |||||||||||||||
Average deposits | 12,775 | 13,875 | 14,681 | 14,537 | 16,042 | |||||||||||||||
Total | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Net interest income | $ | 3,414 | $ | 3,182 | $ | 3,283 | $ | 3,136 | $ | 3,140 | ||||||||||
Non-interest income | 1,521 | 868 | 871 | 857 | 942 | |||||||||||||||
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| |||||||||||
Total revenue | 4,935 | 4,050 | 4,154 | 3,993 | 4,082 | |||||||||||||||
Provision credit losses | 573 | 861 | 622 | 343 | 534 | |||||||||||||||
Non-interest expense | 2,504 | 2,618 | 2,297 | 2,255 | 2,162 | |||||||||||||||
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|
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|
|
|
|
|
| |||||||||||
Income from continuing operations before taxes | 1,858 | 571 | 1,235 | 1,395 | 1,386 | |||||||||||||||
Income tax provision | 353 | 160 | 370 | 450 | 354 | |||||||||||||||
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|
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| |||||||||||
Income from continuing operations, net of tax | $ | 1,505 | $ | 411 | $ | 865 | $ | 945 | $ | 1,032 | ||||||||||
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| |||||||||||
Selected metrics: | ||||||||||||||||||||
Period-end loans held for investment | $ | 173,822 | $ | 135,892 | $ | 129,952 | $ | 128,965 | $ | 124,092 | ||||||||||
Average loans held for investment | 152,900 | 131,581 | 129,043 | 127,916 | 125,077 | |||||||||||||||
Period-end deposits | 216,528 | 128,226 | 128,318 | 126,117 | 125,446 | |||||||||||||||
Average deposits | 170,259 | 128,450 | 128,268 | 125,834 | 124,158 |
Page 11
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Notes to Loan and Business Segment Disclosures (Tables 6 — 11)
(1) | Certain prior period amounts have been reclassified to conform to the current period presentation. |
(2) | Results for Q1 2012 include the impact of the February 17, 2012 acquisition of ING Direct, which resulted in the addition of loans with an outstanding principal and interest loan balance of $40.4 billion and deposits of $84.4 billion at acquisition. |
(3) | In Q1 2012, we re-aligned the products within our Commercial Banking segment to reflect the business operations by product rather than by customer type. As a result of this re-alignment, we now report three product categories: commercial and multifamily real estate, commercial and industrial loans and small-ticket commercial real estate. Middle market and specialty lending related products are included in commercial and industrial loans. All tax-related investments, some of which were previously included in the “Other” segment, are included in the commercial and multifamily real estate category of our Commercial Banking segment. |
(4) | In accordance with our loss-sharing agreement with Kohl’s, charge-offs for the portfolio are reported net of any reimbursement of credit losses from Kohl’s, which has the impact of lowering the overall Domestic Card charge-off rate. |
(5) | Loans acquired as part of the ING Direct and Chevy Chase Bank acquisitions are included in the denominator used in calculating the credit quality metrics presented in Table 6. These metrics excluding the impact of these acquired loans from the denominator are presented in Table 7. |
(6) | The 30+ day performing delinquency rate for acquired loans, which is presented below, is calculated based on the contractual past due unpaid principal balance divided by the total outstanding unpaid principal balance of acquired loans as of the end of each period. |
000000 | 000000 | 000000 | 000000 | 000000 | ||||||||||||||||
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions) (unaudited) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Total period-end acquired loan portfolio (unpaid principal balance) | $ | 44,256 | $ | 5,205 | $ | 5,464 | $ | 5,735 | $ | 6,108 | ||||||||||
30+ day performing delinquency rates (acquired loans): | ||||||||||||||||||||
Consumer banking: | ||||||||||||||||||||
Auto | 4.30 | % | 5.31 | % | 3.47 | % | 4.18 | % | 3.72 | % | ||||||||||
Home loan | 3.08 | 2.93 | 2.94 | 2.60 | 2.62 | |||||||||||||||
Retail banking | 5.42 | 2.20 | 0.43 | 6.57 | 9.35 | |||||||||||||||
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| |||||||||||
Total consumer banking | 3.08 | % | 2.94 | % | 2.92 | % | 2.65 | % | 2.69 | % | ||||||||||
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|
The 30+ day total delinquency rate as of the end of Q1 2012 will be provided in the March 31, 2012 Quarterly Report on Form 10-Q.
(7) | Nonperforming assets consist of nonperforming loans and real estate owned (“REO”) and foreclosed assets. The nonperforming asset ratios are calculated based on nonperforming assets for each category divided by the combined period-end total of loans held for investment, REO and foreclosed assets for each respective category. |
(8) | As permitted by regulatory guidance, our policy is generally to exempt delinquent credit card loans from being classified as nonperforming. We continue to accrue finance charges and fees on credit card loans until the loan is charged off, typically when the account becomes 180 days past due. Billed finance charges and fees considered uncollectible are not recognized in income. |
(9) | Reported based on carrying value of acquired loans. See Table 2, footnote (19) for the outstanding unpaid principal balance as of the end of each period. |
(10) | Includes credit card purchase transactions net of returns. Excludes cash advance transactions. |
(11) | Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. |
(12) | Because some of our tax-related commercial investments generate tax-exempt income or tax credits, we make certain reclassifications to our Commercial Banking business results to present revenues on a taxable-equivalent basis based on the assumption of approximately 35% effective tax rate. |
Page 12
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures
In addition to disclosing required regulatory capital measures, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include average tangible common equity, tangible common equity (“TCE”) and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
(Dollars in millions)(unaudited) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
Average Equity to Non-GAAP Average Tangible Common Equity | ||||||||||||||||||||
Average total stockholders’ equity | $ | 32,982 | $ | 29,698 | $ | 29,316 | $ | 28,255 | $ | 27,009 | ||||||||||
Less: Average intangible assets(1) | (13,931 | ) | (13,935 | ) | (13,990 | ) | (14,025 | ) | (14,001 | ) | ||||||||||
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|
|
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| |||||||||||
Average tangible common equity | $ | 19,051 | $ | 15,763 | $ | 15,326 | $ | 14,230 | $ | 13,008 | ||||||||||
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| |||||||||||
Stockholders’ Equity to Non-GAAP Tangible Common Equity | ||||||||||||||||||||
Total stockholders’ equity | $ | 36,950 | $ | 29,666 | $ | 29,378 | $ | 28,681 | $ | 27,550 | ||||||||||
Less: Intangible assets(1) | (14,110 | ) | (13,908 | ) | (13,953 | ) | (14,006 | ) | (14,030 | ) | ||||||||||
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| |||||||||||
Tangible common equity | $ | 22,840 | $ | 15,758 | $ | 15,425 | $ | 14,675 | $ | 13,520 | ||||||||||
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| |||||||||||
Total Assets to Tangible Assets | ||||||||||||||||||||
Total assets | $ | 294,481 | $ | 206,019 | $ | 200,148 | $ | 199,753 | $ | 199,300 | ||||||||||
Less: Assets from discontinued operations | (304 | ) | (305 | ) | (304 | ) | (32 | ) | (342 | ) | ||||||||||
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|
|
|
|
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| |||||||||||
Total assets from continuing operations | 294,177 | 205,714 | 199,844 | 199,721 | 198,958 | |||||||||||||||
Less: Intangible assets(1) | (14,110 | ) | (13,908 | ) | (13,953 | ) | (14,006 | ) | (14,030 | ) | ||||||||||
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| |||||||||||
Tangible assets | $ | 280,067 | $ | 191,806 | $ | 185,891 | $ | 185,715 | $ | 184,928 | ||||||||||
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|
| |||||||||||
Non-GAAP TCE Ratio | ||||||||||||||||||||
Tangible common equity | $ | 22,840 | $ | 15,758 | $ | 15,425 | $ | 14,675 | $ | 13,520 | ||||||||||
Tangible assets | 280,067 | 191,806 | 185,891 | 185,715 | 184,928 | |||||||||||||||
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| |||||||||||
TCE ratio(2) | 8.2 | % | 8.2 | % | 8.3 | % | 7.9 | % | 7.3 | % | ||||||||||
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| |||||||||||
Regulatory Capital Ratios(3) | ||||||||||||||||||||
Total stockholders’ equity | $ | 36,950 | $ | 29,666 | $ | 29,378 | $ | 28,681 | $ | 27,550 | ||||||||||
Less: Net unrealized (gains) losses on AFS securities recorded in AOCI(4) | (327 | ) | (289 | ) | (401 | ) | (482 | ) | (314 | ) | ||||||||||
Net (gains) losses on cash flow hedges recorded in AOCI(4) | 70 | 71 | 55 | 71 | 95 | |||||||||||||||
Disallowed goodwill and other intangible assets | (14,057 | ) | (13,855 | ) | (13,899 | ) | (13,954 | ) | (13,993 | ) | ||||||||||
Disallowed deferred tax assets | (902 | ) | (534 | ) | (227 | ) | (647 | ) | (1,377 | ) | ||||||||||
Other | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||
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| |||||||||||
Tier 1 common capital | $ | 21,732 | $ | 15,057 | $ | 14,904 | $ | 13,667 | $ | 11,959 | ||||||||||
Plus: Tier 1 restricted core capital items(5) | 3,636 | 3,635 | 3,636 | 3,636 | 3,636 | |||||||||||||||
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| |||||||||||
Tier 1 capital | $ | 25,368 | $ | 18,692 | $ | 18,540 | $ | 17,303 | $ | 15,595 | ||||||||||
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Plus: Long-term debt qualifying as Tier 2 capital | 2,438 | 2,438 | 2,438 | 2,727 | 2,827 | |||||||||||||||
Qualifying allowance for loan and lease losses | 2,315 | 1,979 | 1,896 | 1,864 | 1,825 | |||||||||||||||
Other Tier 2 components | 17 | 23 | 24 | 28 | 20 | |||||||||||||||
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Tier 2 capital | $ | 4,770 | $ | 4,440 | $ | 4,358 | $ | 4,619 | $ | 4,672 | ||||||||||
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Total risk-based capital(6) | $ | 30,138 | $ | 23,132 | $ | 22,898 | $ | 21,922 | $ | 20,267 | ||||||||||
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Risk-weighted assets(7) | $ | 182,779 | $ | 155,657 | $ | 149,028 | $ | 146,201 | $ | 142,495 | ||||||||||
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Tier 1 common ratio(8) | 11.9 | % | 9.7 | % | 10.0 | % | 9.4 | % | 8.4 | % | ||||||||||
Tier 1 risk-based capital ratio(9) | 13.9 | 12.0 | 12.4 | 11.8 | 10.9 | |||||||||||||||
Total risk-based capital ratio(10) | 16.5 | 14.9 | 15.4 | 15.0 | 14.2 |
(1) | Includes impact from related deferred taxes. |
(2) | Calculated based on tangible common equity divided by tangible assets. |
(3) | Capital ratios as of the end of Q1 2012 are preliminary and therefore subject to change once the calculations have been finalized. |
(4) | Amounts presented are net of tax. |
(5) | Consists primarily of trust preferred securities. |
(6) | Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital. |
(7) | Calculated based on prescribed regulatory guidelines. |
(8) | Tier 1 common ratio is a regulatory measure calculated based on Tier 1 common capital divided by risk-weighted assets. |
(9) | Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighed assets. |
(10) | Total risk-based capital ratio is a regulatory capital measure calculated based on total risk-based capital divided by risk-weighed assets. |
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