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Capital One Reports Fourth Quarter 2016 Net Income of $791 million, or $1.45 per share

January 24, 2017 4:06 PM

MCLEAN, Va., Jan. 24, 2017 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2016 of $791 million, or $1.45 per diluted common share, compared to the third quarter of 2016 with net income of $1.0 billion, or $1.90 per diluted common share, and the fourth quarter of 2015 with net income of $920 million, or $1.58 per diluted common share.

"In 2016, Capital One posted a second consecutive year of double-digit growth in domestic card loans and purchase volume, as well as strong growth in auto and commercial loans," said Richard D. Fairbank, Chairman and Chief Executive Officer. "Assuming no substantial change in the broader credit and economic cycles, our strong growth over the last two years and actions to reduce share count put us in a position to deliver solid EPS growth in 2017."

All comparisons below are for the fourth quarter of 2016 compared with the third quarter of 2016 unless otherwise noted.

Fourth Quarter 2016 Income Statement Summary:

  • Total net revenue increased 2 percent to $6.6 billion.
  • Total non-interest expense increased 9 percent to $3.7 billion:
    • 46 percent increase in marketing.
    • 4 percent increase in operating expenses.
  • Pre-provision earnings decreased 7 percent to $2.9 billion.
  • Provision for credit losses increased 10 percent to $1.8 billion:
    • Net charge-offs of $1.5 billion.
    • $263 million reserve build.
  • Net interest margin of 6.85 percent, up 6 basis points.
  • Efficiency ratio of 56.03 percent:
    • Efficiency ratio excluding the U.K. PPI Reserve build of $44 million and acquired intangible and software assets impairment charge of $28 million was 55.12 percent(1).

Fourth Quarter 2016 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 10.1 percent at December 31, 2016.
  • Period-end loans held for investment in the quarter increased $7.6 billion, or 3 percent, to $245.6 billion.
    • Domestic Card period-end loans increased $6.2 billion, or 7 percent, to $97.1 billion.
    • Consumer Banking period-end loans increased $769 million, or 1 percent, to $73.1 billion:
      • Auto period-end loans increased $1.6 billion, or 3 percent, to $47.9 billion.
      • Home loans period-end loans decreased $864 million, or 4 percent, to $21.6 billion, driven by planned run-off of acquired portfolios.
    • Commercial Banking period-end loans increased $459 million, or 1 percent, to $66.9 billion.
  • Average loans held for investment in the quarter increased $4.2 billion, or 2 percent, to $240.0 billion.
    • Domestic Card average loans increased $2.9 billion, or 3 percent, to $92.6 billion.
    • Consumer Banking average loans increased $932 million, or 1 percent, to $72.7 billion:
      • Auto average loans increased $1.8 billion, or 4 percent, to $47.1 billion.
      • Home loans average loans decreased $868 million, or 4 percent, to $22.0 billion, driven by planned run-off of acquired portfolios.
    • Commercial Banking average loans increased $481 million, or 1 percent, to $66.5 billion.
  • Period-end total deposits increased $10.8 billion, or 5 percent, to $236.8 billion, while average deposits increased $10.0 billion, or 4 percent, to $232.2 billion.
  • Interest-bearing deposits rate paid increased 2 basis points to 0.64 percent.

Fourth Quarter 2016 Notable Items:

Pre-Tax

Diluted EPS

(Dollars in millions, except per share data)

Impact

Impact

Build in the U.K. Payment Protection Insurance customer refund reserve ("U.K. PPI Reserve")

$

44

$

0.09

Impairment charge associated with certain acquired intangible and software assets

28

0.04

Allowance build in our Auto business regarding the treatment of certain bankrupt accounts

62

0.08

All comparisons below are for the full year of 2016 compared with the full year of 2015 unless otherwise noted.

2016 Full Year Income Statement Summary:

  • Total net revenue increased 9 percent to $25.5 billion.
  • Total non-interest expense increased 4 percent to $13.6 billion:
    • 4 percent increase in marketing.
    • 5 percent increase in operating expenses, including approximately $160 million in bank optimization charges.
  • Pre-provision earnings increased 15 percent to $11.9 billion.
  • Provision for credit losses increased 42 percent to $6.5 billion.
  • Efficiency ratio of 53.17 percent:
  • Efficiency ratio excluding $161 million from builds in the U.K. PPI Reserve, the $28 million impairment charge associated with certain acquired intangible and software assets and the $24 million gain related to the exchange of our ownership interest in Visa Europe with Visa Inc., was 52.68 percent(1).

(1) The efficiency ratio excluding adjusting items is a non-GAAP measure that we believe helps investors and users of our financial information understand the effect of the adjusting items on our selected reported results and provides an alternate measurement of our performance. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to this non-GAAP measure.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 24, 2017 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company's home page (www.capitalone.com). Choose "About Us," then choose "Investors" to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company's website through February 7, 2017 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2015.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $236.8 billion in deposits and $357.0 billion in total assets as of December 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement

Fourth Quarter 2016(1)(2)

Table of Contents

Capital One Financial Corporation Consolidated Results

Page

Table 1:

Financial Summary—Consolidated

1

Table 2:

Selected Metrics—Consolidated

3

Table 3:

Consolidated Statements of Income

4

Table 4:

Consolidated Balance Sheets

6

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

8

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

10

Table 7:

Loan Information and Performance Statistics

11

Table 8:

Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity

13

Business Segment Results

Table 9:

Financial Summary—Business Segment Results

14

Table 10:

Financial & Statistical Summary—Credit Card Business

15

Table 11:

Financial & Statistical Summary—Consumer Banking Business

17

Table 12:

Financial & Statistical Summary—Commercial Banking Business

18

Table 13:

Financial & Statistical Summary—Other and Total

19

Table 14:

Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13)

20

Other

Table 15:

Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures

21

__________

(1)

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2016 once it is filed with the Securities and Exchange Commission.

(2)

This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with accounting principles generally accepted in the U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

2016 Q4 vs

Year Ended December 31,

(Dollars in millions, except per share data and as noted)

2016

2016

2016

2016

2015

2016

2015

2016 vs

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Income Statement

Net interest income

$

5,447

$

5,277

$

5,093

$

5,056

$

4,961

3

%

10

%

$

20,873

$

18,834

11

%

Non-interest income

1,119

1,184

1,161

1,164

1,233

(5)

(9)

4,628

4,579

1

Total net revenue(1)

6,566

6,461

6,254

6,220

6,194

2

6

25,501

23,413

9

Provision for credit losses

1,752

1,588

1,592

1,527

1,380

10

27

6,459

4,536

42

Non-interest expense:

Marketing

575

393

415

428

564

46

2

1,811

1,744

4

Amortization of intangibles

101

89

95

101

103

13

(2)

386

430

(10)

Operating expenses

3,003

2,879

2,785

2,694

2,813

4

7

11,361

10,822

5

Total non-interest expense

3,679

3,361

3,295

3,223

3,480

9

6

13,558

12,996

4

Income from continuing operations before income taxes

1,135

1,512

1,367

1,470

1,334

(25)

(15)

5,484

5,881

(7)

Income tax provision

342

496

424

452

426

(31)

(20)

1,714

1,869

(8)

Income from continuing operations, net of tax

793

1,016

943

1,018

908

(22)

(13)

3,770

4,012

(6)

Income (loss) from discontinued operations, net of tax(2)

(2)

(11)

(1)

(5)

12

(82)

**

(19)

38

**

Net income

791

1,005

942

1,013

920

(21)

(14)

3,751

4,050

(7)

Dividends and undistributed earnings allocated to participating securities(3)

(6)

(6)

(6)

(6)

(4)

—

50

(24)

(20)

20

Preferred stock dividends

(75)

(37)

(65)

(37)

(68)

103

10

(214)

(158)

35

Net income available to common stockholders

$

710

$

962

$

871

$

970

$

848

(26)

(16)

$

3,513

$

3,872

(9)

Common Share Statistics

Basic earnings per common share:(3)

Net income from continuing operations

$

1.47

$

1.94

$

1.70

$

1.86

$

1.58

(24)

%

(7)

%

$

7.00

$

7.08

(1)

%

Income (loss) from discontinued operations

—

(0.02)

—

(0.01)

0.02

**

**

(0.04)

0.07

**

Net income per basic common share

$

1.47

$

1.92

$

1.70

$

1.85

$

1.60

(23)

(8)

$

6.96

$

7.15

(3)

Diluted earnings per common share:(3)

Net income from continuing operations

$

1.45

$

1.92

$

1.69

$

1.85

$

1.56

(24)

(7)

$

6.93

$

7.00

(1)

Income (loss) from discontinued operations

—

(0.02)

—

(0.01)

0.02

**

**

(0.04)

0.07

**

Net income per diluted common share

$

1.45

$

1.90

$

1.69

$

1.84

$

1.58

(24)

(8)

$

6.89

$

7.07

(3)

Weighted-average common shares outstanding (in millions):

Basic

483.5

501.1

511.7

523.5

530.8

(4)

(9)

504.9

541.8

(7)

Diluted

489.2

505.9

516.5

528.0

536.3

(3)

(9)

509.8

548.0

(7)

Common shares outstanding (period-end, in millions)

480.2

489.2

505.9

514.5

527.3

(2)

(9)

480.2

527.3

(9)

Dividends paid per common share

$

0.40

$

0.40

$

0.40

$

0.40

$

0.40

—

—

$

1.60

$

1.50

7

Tangible book value per common share (period-end)(4)

57.76

59.00

57.84

55.94

53.65

(2)

8

57.76

53.65

8

2016 Q4 vs

Year Ended December 31,

(Dollars in millions)

2016

2016

2016

2016

2015

2016

2015

2016 vs

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Balance Sheet (Period-End)

Loans held for investment(5)

$

245,586

$

238,019

$

234,603

$

227,613

$

229,851

3

%

7

%

$

245,586

$

229,851

7

%

Interest-earning assets

321,807

313,431

307,163

298,348

302,007

3

7

321,807

302,007

7

Total assets

357,033

345,061

339,117

330,346

334,048

3

7

357,033

334,048

7

Interest-bearing deposits

211,266

200,416

195,635

196,597

191,874

5

10

211,266

191,874

10

Total deposits

236,768

225,981

221,059

221,779

217,721

5

9

236,768

217,721

9

Borrowings

60,460

59,820

59,181

50,497

59,115

1

2

60,460

59,115

2

Common equity

43,154

44,336

44,813

44,411

43,990

(3)

(2)

43,154

43,990

(2)

Total stockholders' equity

47,514

48,213

48,108

47,707

47,284

(1)

—

47,514

47,284

—

Balance Sheet (Average Balances)

Loans held for investment(5)

$

240,027

$

235,843

$

230,379

$

226,736

$

220,052

2

%

9

%

$

233,272

$

210,745

11

%

Interest-earning assets

317,853

310,987

302,764

299,456

292,054

2

9

307,796

282,581

9

Total assets

350,225

343,153

334,479

331,919

323,354

2

8

339,974

313,474

8

Interest-bearing deposits

206,464

196,913

195,641

194,125

189,885

5

9

198,304

185,677

7

Total deposits

232,204

222,251

221,146

219,180

215,899

4

8

223,714

210,989

6

Borrowings

58,624

60,708

54,359

53,761

48,850

(3)

20

56,878

45,420

25

Common equity

43,921

45,314

45,640

45,782

45,418

(3)

(3)

45,162

45,072

—

Total stockholders' equity

47,972

49,033

48,934

49,078

48,712

(2)

(2)

48,753

47,713

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

2016 Q4 vs

Year Ended December 31,

(Dollars in millions except as noted)

2016

2016

2016

2016

2015

2016

2015

2016 vs

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Performance Metrics

Net interest income growth (period over period)

3

%

4

%

1

%

2

%

4

%

**

**

11

%

6

%

**

Non-interest income growth (period over period)

(5)

2

—

(6)

8

**

**

1

2

**

Total net revenue growth (period over period)

2

3

1

—

5

**

**

9

5

**

Total net revenue margin(6)

8.26

8.31

8.26

8.31

8.48

(5)

bps

(22)

bps

8.29

8.29

—

Net interest margin(7)

6.85

6.79

6.73

6.75

6.79

6

6

6.78

6.66

12

bps

Return on average assets

0.91

1.18

1.13

1.23

1.12

(27)

(21)

1.11

1.28

(17)

Return on average tangible assets(8)

0.95

1.24

1.18

1.29

1.18

(29)

(23)

1.16

1.35

(19)

Return on average common equity(9)

6.48

8.59

7.64

8.52

7.36

(211)

(88)

7.82

8.51

(69)

Return on average tangible common equity(10)

10.00

13.06

11.61

12.94

11.11

(306)

(111)

11.93

12.87

(94)

Non-interest expense as a percentage of average loans held for investment

6.13

5.70

5.72

5.69

6.33

43

(20)

5.81

6.17

(36)

Efficiency ratio(11)

56.03

52.02

52.69

51.82

56.18

401

(15)

53.17

55.51

(234)

Effective income tax rate for continuing operations

30.1

32.8

31.0

30.7

31.9

(270)

(180)

31.3

31.8

(50)

Employees (in thousands), period-end

47.3

46.5

46.1

45.8

45.4

2

%

4

%

47.3

45.4

4

%

Credit Quality Metrics

Allowance for loan and lease losses

$

6,503

$

6,258

$

5,881

$

5,416

$

5,130

4

%

27

%

$

6,503

$

5,130

27

%

Allowance as a percentage of loans held for investment

2.65

%

2.63

%

2.51

%

2.38

%

2.23

%

2

bps

42

bps

2.65

%

2.23

%

42

bps

Net charge-offs

$

1,489

$

1,240

$

1,155

$

1,178

$

1,078

20

%

38

%

$

5,062

$

3,695

37

%

Net charge-off rate(12)

2.48

%

2.10

%

2.01

%

2.08

%

1.96

%

38

bps

52

bps

2.17

%

1.75

%

42

bps

30+ day performing delinquency rate

2.93

2.71

2.47

2.33

2.69

22

24

2.93

2.69

24

30+ day delinquency rate

3.27

3.04

2.79

2.64

3.00

23

27

3.27

3.00

27

Capital Ratios(13)

Common equity Tier 1 capital

10.1

%

10.6

%

10.9

%

11.1

%

11.1

%

(50)

bps

(100)

bps

10.1

%

11.1

%

(100)

bps

Tier 1 capital

11.6

12.0

12.2

12.4

12.4

(40)

(80)

11.6

12.4

(80)

Total capital

14.3

14.7

14.4

14.6

14.6

(40)

(30)

14.3

14.6

(30)

Tier 1 leverage

9.9

10.1

10.2

10.2

10.6

(20)

(70)

9.9

10.6

(70)

Tangible common equity ("TCE")(14)

8.1

8.8

9.0

9.1

8.9

(70)

(80)

8.1

8.9

(80)

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

Three Months Ended

2016 Q4 vs

Year Ended December 31,

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions, except per share data and as noted)

Q4

Q3

Q4

Q3

Q4

2016

2015

2015

Interest income:

Loans, including loans held for sale

$

5,587

$

5,383

$

4,961

4

%

13

%

$

21,203

$

18,785

13

%

Investment securities

393

386

401

2

(2)

1,599

1,575

2

Other

29

25

22

16

32

89

99

(10)

Total interest income

6,009

5,794

5,384

4

12

22,891

20,459

12

Interest expense:

Deposits

332

306

277

8

20

1,213

1,091

11

Securitized debt obligations

65

56

43

16

51

216

151

43

Senior and subordinated notes

138

121

89

14

55

476

330

44

Other borrowings

27

34

14

(21)

93

113

53

113

Total interest expense

562

517

423

9

33

2,018

1,625

24

Net interest income

5,447

5,277

4,961

3

10

20,873

18,834

11

Provision for credit losses

1,752

1,588

1,380

10

27

6,459

4,536

42

Net interest income after provision for credit losses

3,695

3,689

3,581

—

3

14,414

14,298

1

Non-interest income:(15)(16)

Service charges and other customer-related fees

412

417

463

(1)

(11)

1,646

1,856

(11)

Interchange fees, net

624

603

625

3

—

2,452

2,264

8

Net securities gains (losses)

(4)

1

(9)

**

(56)

(11)

(32)

(66)

Other

87

163

154

(47)

(44)

541

491

10

Total non-interest income

1,119

1,184

1,233

(5)

(9)

4,628

4,579

1

Non-interest expense:(15)(16)

Salaries and associate benefits

1,336

1,317

1,215

1

10

5,202

4,975

5

Occupancy and equipment

522

499

511

5

2

1,944

1,829

6

Marketing

575

393

564

46

2

1,811

1,744

4

Professional services

312

257

307

21

2

1,075

1,120

(4)

Communications and data processing

297

291

289

2

3

1,169

1,055

11

Amortization of intangibles

101

89

103

13

(2)

386

430

(10)

Other

536

515

491

4

9

1,971

1,843

7

Total non-interest expense

3,679

3,361

3,480

9

6

13,558

12,996

4

Income from continuing operations before income taxes

1,135

1,512

1,334

(25)

(15)

5,484

5,881

(7)

Income tax provision

342

496

426

(31)

(20)

1,714

1,869

(8)

Income from continuing operations, net of tax

793

1,016

908

(22)

(13)

3,770

4,012

(6)

Income (loss) from discontinued operations, net of tax(2)

(2)

(11)

12

(82)

**

(19)

38

**

Net income

791

1,005

920

(21)

(14)

3,751

4,050

(7)

Dividends and undistributed earnings allocated to participating securities(3)

(6)

(6)

(4)

—

50

(24)

(20)

20

Preferred stock dividends

(75)

(37)

(68)

103

10

(214)

(158)

35

Net income available to common stockholders

$

710

$

962

$

848

(26)

(16)

$

3,513

$

3,872

(9)

Three Months Ended

2016 Q4 vs

Year Ended December 31,

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions, except per share data and as noted)

Q4

Q3

Q4

Q3

Q4

2016

2015

2015

Basic earnings per common share:(3)

Net income from continuing operations

$

1.47

$

1.94

$

1.58

(24)

%

(7)

%

$

7.00

$

7.08

(1)

%

Income (loss) from discontinued operations

—

(0.02)

0.02

**

**

(0.04)

0.07

**

Net income per basic common share

$

1.47

$

1.92

$

1.60

(23)

(8)

$

6.96

$

7.15

(3)

Diluted earnings per common share:(3)

Net income from continuing operations

$

1.45

$

1.92

$

1.56

(24)

(7)

$

6.93

$

7.00

(1)

Income (loss) from discontinued operations

—

(0.02)

0.02

**

**

(0.04)

0.07

**

Net income per diluted common share

$

1.45

$

1.90

$

1.58

(24)

(8)

$

6.89

$

7.07

(3)

Weighted-average common shares outstanding (in millions):

Basic common shares

483.5

501.1

530.8

(4)

(9)

504.9

541.8

(7)

Diluted common shares

489.2

505.9

536.3

(3)

(9)

509.8

548.0

(7)

Dividends paid per common share

$

0.40

$

0.40

$

0.40

—

—

$

1.60

$

1.50

7

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

2016 Q4 vs

2016

2016

2016

2016

2015

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Assets:

Cash and cash equivalents:

Cash and due from banks

$

4,185

$

3,350

$

3,253

$

3,241

$

3,407

25

%

23

%

Interest-bearing deposits and other short-term investments

5,791

5,744

3,896

1,994

4,616

1

25

Total cash and cash equivalents

9,976

9,094

7,149

5,235

8,023

10

24

Restricted cash for securitization investors

2,517

287

265

960

1,017

**

147

Securities available for sale, at fair value

40,737

41,511

39,960

40,092

39,061

(2)

4

Securities held to maturity, at carrying value

25,712

25,019

25,120

25,080

24,619

3

4

Loans held for investment:(5)

Unsecuritized loans held for investment

213,824

206,763

202,778

195,705

196,068

3

9

Loans held in consolidated trusts

31,762

31,256

31,825

31,908

33,783

2

(6)

Total loans held for investment

245,586

238,019

234,603

227,613

229,851

3

7

Allowance for loan and lease losses

(6,503)

(6,258)

(5,881)

(5,416)

(5,130)

4

27

Net loans held for investment

239,083

231,761

228,722

222,197

224,721

3

6

Loans held for sale, at lower of cost or fair value

1,043

994

1,220

1,251

904

5

15

Premises and equipment, net

3,675

3,561

3,556

3,542

3,584

3

3

Interest receivable

1,351

1,251

1,236

1,221

1,189

8

14

Goodwill

14,519

14,493

14,495

14,492

14,480

—

—

Other assets

18,420

17,090

17,394

16,276

16,450

8

12

Total assets

$

357,033

$

345,061

$

339,117

$

330,346

$

334,048

3

7

2016 Q4 vs

2016

2016

2016

2016

2015

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Liabilities:

Interest payable

$

327

$

237

$

301

$

217

$

299

38

%

9

%

Deposits:

Non-interest-bearing deposits

25,502

25,565

25,424

25,182

25,847

—

(1)

Interest-bearing deposits

211,266

200,416

195,635

196,597

191,874

5

10

Total deposits

236,768

225,981

221,059

221,779

217,721

5

9

Securitized debt obligations

18,826

18,411

16,130

14,913

16,166

2

16

Other debt:

Federal funds purchased and securities loaned or sold under agreements to repurchase

992

1,079

999

917

981

(8)

1

Senior and subordinated notes

23,431

24,001

21,872

21,736

21,837

(2)

7

Other borrowings

17,211

16,329

20,180

12,931

20,131

5

(15)

Total other debt

41,634

41,409

43,051

35,584

42,949

1

(3)

Other liabilities

11,964

10,810

10,468

10,146

9,629

11

24

Total liabilities

309,519

296,848

291,009

282,639

286,764

4

8

Stockholders' equity:

Preferred stock

0

0

0

0

0

—

—

Common stock

7

7

7

7

6

—

17

Additional paid-in capital, net

31,157

30,439

29,786

29,709

29,655

2

5

Retained earnings

29,766

29,245

28,479

27,808

27,045

2

10

Accumulated other comprehensive income (loss)

(949)

121

241

(41)

(616)

**

54

Treasury stock, at cost

(12,467)

(11,599)

(10,405)

(9,776)

(8,806)

7

42

Total stockholders' equity

47,514

48,213

48,108

47,707

47,284

(1)

—

Total liabilities and stockholders' equity

$

357,033

$

345,061

$

339,117

$

330,346

$

334,048

3

7

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

(1)

Total net revenue was reduced by $321 million in Q4 2016, $289 million in Q3 2016, $244 million in Q2 2016, $228 million in Q1 2016 and $222 million in Q4 2015 for the estimated uncollectible amount of billed finance charges and fees and related losses.

(2)

Historically, the majority of the provision (benefit) for representation and warranty losses has been included, net of tax, in discontinued operations. The provision (benefit) for mortgage representation and warranty losses included the following activity:

2016

2016

2016

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Provision (benefit) for mortgage representation and warranty losses before income taxes:

Recorded in continuing operations

$

—

$

—

$

(1)

$

(1)

$

(1)

Recorded in discontinued operations

(2)

18

2

3

(21)

Total provision (benefit) for mortgage representation and warranty losses before income taxes

$

(2)

$

18

$

1

$

2

$

(22)

The mortgage representation and warranty reserve was $630 million as of December 31, 2016, $632 million as of September 30, 2016 and $610 million as of December 31, 2015.

(3)

Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total.

(4)

Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on non-GAAP measures.

(5)

Included in loans held for investment are purchased credit-impaired loans ("PCI loans") recorded at fair value at acquisition and subsequently accounted for based on estimated cash flows expected to be collected over the life of the loans (under the accounting standard formerly known as "SOP 03-3," or Accounting Standards Codification 310-30). These include certain of our consumer and commercial loans that were acquired through business combinations. The table below presents amounts related to PCI loans:

2016

2016

2016

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

PCI loans:

Period-end unpaid principal balance

$

15,896

$

17,011

$

18,256

$

19,492

$

20,434

Period-end loans held for investment

15,071

16,149

17,358

18,568

19,518

Average loans held for investment

15,443

16,529

17,783

18,894

19,319

(6)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(7)

Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(8)

Return on average tangible assets is a non-GAAP measure calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on non-GAAP measures.

(9)

Return on average common equity is calculated based on annualized (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity for the period. Our calculation of return on average common equity may not be comparable to similarly titled measures reported by other companies.

(10)

Return on average tangible common equity ("ROTCE") is a non-GAAP measure calculated based on annualized (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity for the period. Our calculation of ROTCE may not be comparable to similarly titled measures reported by other companies. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on non-GAAP measures.

(11)

Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio which is a non-GAAP measure. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on our non-GAAP measures.

(12)

Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

(13)

Capital ratios as of the end of Q4 2016 are preliminary and therefore subject to change. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.

(14)

TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on non-GAAP measures.

(15)

We made certain non-interest income and non-interest expense reclassifications in Q4 2016. The changes were primarily related to a reclassification of certain consumer and commercial banking income from Other to Service charges and other customer-related fees within Non-interest income, and a reclassification of certain system processing costs from Professional services to Communications and data processing within Non-interest expense. We have also consolidated the Non-interest income presentation of Other-than-temporary impairment ("OTTI") with net realized gains or losses from investment securities into a new Net securities gains (losses) line. These reclassifications were made to better reflect the nature of income earned and expenses incurred. All prior period amounts presented have been reclassified to conform to the current period presentation.

(16)

The primary net effects of the reclassifications discussed in footnote 15 above for Q3 2016, Q4 2015, and the years ended December 31, 2016 and 2015 were (i) increases to Service charges and other customer-related fees of $30 million, $37 million, $71 million and $141 million, respectively; (ii) decreases to Other non-interest income of $31 million, $39 million, $84 million and $168 million, respectively; and (iii) increases to Communications and data processing expense of $39 million, $43 million, $115 million and $172 million, respectively, with corresponding decreases to Professional services.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

2016 Q4

2016 Q3

2015 Q4

Average Balance

Interest Income/Expense(1)

Yield/Rate(1)

Average Balance

Interest Income/Expense(1)

Yield/Rate(1)

Average Balance

Interest Income/Expense(1)

Yield/Rate(1)

(Dollars in millions)

Interest-earning assets:

Loans, including loans held for sale

$

241,110

$

5,587

9.27

%

$

237,067

$

5,383

9.08

%

$

220,760

$

4,961

8.99

%

Investment securities

67,827

393

2.32

66,291

386

2.33

64,444

401

2.49

Cash equivalents and other

8,916

29

1.30

7,629

25

1.31

6,850

22

1.28

Total interest-earning assets

$

317,853

$

6,009

7.56

$

310,987

$

5,794

7.45

$

292,054

$

5,384

7.37

Interest-bearing liabilities:

Interest-bearing deposits

$

206,464

$

332

0.64

$

196,913

$

306

0.62

$

189,885

$

277

0.58

Securitized debt obligations

18,300

65

1.42

17,389

56

1.29

15,993

43

1.08

Senior and subordinated notes

23,605

138

2.34

22,342

121

2.17

21,987

89

1.62

Other borrowings and liabilities

17,654

27

0.61

21,840

34

0.62

11,542

14

0.49

Total interest-bearing liabilities

$

266,023

$

562

0.85

$

258,484

$

517

0.80

$

239,407

$

423

0.71

Net interest income/spread

$

5,447

6.71

$

5,277

6.65

$

4,961

6.66

Impact of non-interest-bearing funding

0.14

0.14

0.13

Net interest margin

6.85

%

6.79

%

6.79

%

Year Ended December 31,

2016

2015

Average Balance

Interest Income/Expense(1)

Yield/Rate(1)

Average Balance

Interest Income/Expense(1)

Yield/Rate(1)

(Dollars in millions)

Interest-earning assets:

Loans, including loans held for sale

$

234,338

$

21,203

9.05

%

$

211,549

$

18,785

8.88

%

Investment securities

66,260

1,599

2.41

63,738

1,575

2.47

Cash equivalents and other

7,198

89

1.24

7,294

99

1.36

Total interest-earning assets

$

307,796

$

22,891

7.44

$

282,581

$

20,459

7.24

Interest-bearing liabilities:

Interest-bearing deposits

$

198,304

$

1,213

0.61

$

185,677

$

1,091

0.59

Securitized debt obligations

16,576

216

1.30

13,929

151

1.08

Senior and subordinated notes

22,417

476

2.12

20,935

330

1.58

Other borrowings and liabilities

18,736

113

0.60

11,297

53

0.47

Total interest-bearing liabilities

$

256,033

$

2,018

0.79

$

231,838

$

1,625

0.70

Net interest income/spread

$

20,873

6.65

$

18,834

6.54

Impact of non-interest-bearing funding

0.13

0.12

Net interest margin

6.78

%

6.66

%

__________

(1)

Interest income and interest expense and the calculation of average yields on interest-earning assets and average rates on interest-bearing liabilities include the impact of hedge accounting.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

2016 Q4 vs

Year Ended December 31,

(Dollars in millions)

2016Q4

2016Q3

2016Q2

2016Q1

2015Q4

2016Q3

2015Q4

2016

2015

2016 vs.2015

Loans Held For Investment (Period-End)

Credit card:

Domestic credit card

$

97,120

$

90,955

$

88,581

$

84,561

$

87,939

7

%

10

%

$

97,120

$

87,939

10

%

International credit card

8,432

8,246

8,323

8,138

8,186

2

3

8,432

8,186

3

Total credit card

105,552

99,201

96,904

92,699

96,125

6

10

105,552

96,125

10

Consumer banking:

Auto

47,916

46,311

44,502

42,714

41,549

3

15

47,916

41,549

15

Home loan

21,584

22,448

23,358

24,343

25,227

(4)

(14)

21,584

25,227

(14)

Retail banking

3,554

3,526

3,555

3,534

3,596

1

(1)

3,554

3,596

(1)

Total consumer banking

73,054

72,285

71,415

70,591

70,372

1

4

73,054

70,372

4

Commercial banking:

Commercial and multifamily real estate

26,609

26,507

26,341

25,559

25,518

—

4

26,609

25,518

4

Commercial and industrial

39,824

39,432

39,313

38,102

37,135

1

7

39,824

37,135

7

Total commercial lending

66,433

65,939

65,654

63,661

62,653

1

6

66,433

62,653

6

Small-ticket commercial real estate

483

518

548

580

613

(7)

(21)

483

613

(21)

Total commercial banking

66,916

66,457

66,202

64,241

63,266

1

6

66,916

63,266

6

Other loans

64

76

82

82

88

(16)

(27)

64

88

(27)

Total loans held for investment

$

245,586

$

238,019

$

234,603

$

227,613

$

229,851

3

7

$

245,586

$

229,851

7

Loans Held For Investment (Average)

Credit card:

Domestic credit card

$

92,623

$

89,763

$

85,981

$

85,148

$

83,760

3

%

11

%

$

88,394

$

78,743

12

%

International credit card

8,168

8,253

8,401

7,839

8,127

(1)

1

8,166

7,992

2

Total credit card

100,791

98,016

94,382

92,987

91,887

3

10

96,560

86,735

11

Consumer banking:

Auto

47,126

45,355

43,605

41,962

41,333

4

14

44,521

39,967

11

Home loan

21,984

22,852

23,835

24,781

25,776

(4)

(15)

23,358

27,601

(15)

Retail banking

3,549

3,520

3,548

3,553

3,595

1

(1)

3,543

3,582

(1)

Total consumer banking

72,659

71,727

70,988

70,296

70,704

1

3

71,422

71,150

—

Commercial banking:

Commercial and multifamily real estate

26,445

26,154

25,661

25,015

25,613

1

3

25,821

23,728

9

Commercial and industrial

39,573

39,346

38,713

37,762

31,132

1

27

38,852

28,349

37

Total commercial lending

66,018

65,500

64,374

62,777

56,745

1

16

64,673

52,077

24

Small-ticket commercial real estate

497

534

564

598

634

(7)

(22)

548

692

(21)

Total commercial banking

66,515

66,034

64,938

63,375

57,379

1

16

65,221

52,769

24

Other loans

62

66

71

78

82

(6)

(24)

69

91

(24)

Total average loans held for investment

$

240,027

$

235,843

$

230,379

$

226,736

$

220,052

2

9

$

233,272

$

210,745

11

2016 Q4 vs

Year Ended December 31,

2016Q4

2016Q3

2016Q2

2016Q1

2015Q4

2016Q3

2015Q4

2016

2015

2016 vs.2015

Net Charge-Off (Recovery) Rates

Credit card:

Domestic credit card

4.66

%

3.74

%

4.07

%

4.16

%

3.75

%

92

bps

91

bps

4.16

%

3.45

%

71

bps

International credit card

3.35

3.18

3.54

3.24

2.76

17

59

3.33

2.50

83

Total credit card

4.56

3.70

4.02

4.09

3.66

86

90

4.09

3.36

73

Consumer banking:

Auto

2.07

1.85

1.20

1.60

2.10

22

(3)

1.69

1.69

—

Home loan

0.08

0.03

0.09

0.05

0.05

5

3

0.06

0.03

3

Retail banking

1.73

1.75

1.26

1.36

1.43

(2)

30

1.53

1.33

20

Total consumer banking

1.45

1.26

0.83

1.04

1.32

19

13

1.15

1.03

12

Commercial banking:

Commercial and multifamily real estate

(0.02)

0.01

(0.02)

(0.01)

(0.03)

(3)

1

(0.01)

(0.06)

5

Commercial and industrial

0.80

1.09

0.62

0.49

0.07

(29)

73

0.75

0.21

54

Total commercial lending

0.47

0.66

0.37

0.29

0.02

(19)

45

0.45

0.09

36

Small-ticket commercial real estate

(0.02)

0.74

0.33

0.13

0.34

(76)

(36)

0.30

0.36

(6)

Total commercial banking

0.47

0.66

0.37

0.29

0.03

(19)

44

0.45

0.09

36

Total net charge-offs

2.48

2.10

2.01

2.08

1.96

38

52

2.17

1.75

42

30+ Day Performing Delinquency Rates

Credit card:

Domestic credit card

3.95

%

3.68

%

3.14

%

3.09

%

3.39

%

27

bps

56

bps

3.95

%

3.39

%

56

bps

International credit card

3.36

3.33

3.24

3.32

2.98

3

38

3.36

2.98

38

Total credit card

3.91

3.65

3.15

3.11

3.36

26

55

3.91

3.36

55

Consumer banking:

Auto

6.12

5.67

5.59

5.14

6.69

45

(57)

6.12

6.69

(57)

Home loan

0.20

0.19

0.14

0.14

0.16

1

4

0.20

0.16

4

Retail banking

0.70

0.59

0.62

0.61

0.76

11

(6)

0.70

0.76

(6)

Total consumer banking

4.10

3.72

3.56

3.19

4.05

38

5

4.10

4.05

5

Nonperforming Loans and Nonperforming Assets Rates(1)(2)

Credit card:

International credit card

0.50

%

0.53

%

0.53

%

0.59

%

0.65

%

(3)

bps

(15)

bps

0.50

%

0.65

%

(15)

bps

Total credit card

0.04

0.04

0.05

0.05

0.06

—

(2)

0.04

0.06

(2)

Consumer banking:

Auto

0.47

0.43

0.38

0.31

0.53

4

(6)

0.47

0.53

(6)

Home loan

1.26

1.23

1.24

1.26

1.23

3

3

1.26

1.23

3

Retail banking

0.86

1.05

0.89

0.83

0.77

(19)

9

0.86

0.77

9

Total consumer banking

0.72

0.71

0.69

0.66

0.79

1

(7)

0.72

0.79

(7)

Commercial banking:

Commercial and multifamily real estate

0.11

0.08

0.10

0.12

0.03

3

8

0.11

0.03

8

Commercial and industrial

2.48

2.44

2.58

2.66

1.45

4

103

2.48

1.45

103

Total commercial lending

1.53

1.49

1.59

1.64

0.87

4

66

1.53

0.87

66

Small-ticket commercial real estate

0.85

2.13

1.59

1.11

0.83

(128)

2

0.85

0.83

2

Total commercial banking

1.53

1.50

1.59

1.63

0.87

3

66

1.53

0.87

66

Total nonperforming loans

0.65

0.66

0.68

0.69

0.51

(1)

14

0.65

0.51

14

Total nonperforming assets

0.76

0.77

0.80

0.83

0.65

(1)

11

0.76

0.65

11

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended December 31, 2016

Credit Card

Consumer Banking

(Dollars in millions)

Domestic Card

International Card

Total Credit Card

Auto

HomeLoan

RetailBanking

TotalConsumerBanking

Commercial Banking

Other(3)

Total

Allowance for loan and lease losses:

Balance as of September 30, 2016

$

4,079

$

366

$

4,445

$

862

$

62

$

79

$

1,003

$

808

$

2

$

6,258

Provision (benefit) for loan and lease losses

1,229

93

1,322

339

8

17

364

63

(1)

1,748

Charge-offs

(1,299)

(112)

(1,411)

(339)

(7)

(18)

(364)

(83)

(1)

(1,859)

Recoveries

220

43

263

95

2

3

100

5

2

370

Net charge-offs

(1,079)

(69)

(1,148)

(244)

(5)

(15)

(264)

(78)

1

(1,489)

Other changes(4)

—

(13)

(13)

—

—

(1)

(1)

—

—

(14)

Balance as of December 31, 2016

4,229

377

4,606

957

65

80

1,102

793

2

6,503

Reserve for unfunded lending commitments:

Balance as of September 30, 2016

—

—

—

—

—

6

6

126

—

132

Provision (benefit) for losses on unfunded lending commitments

—

—

—

—

—

1

1

3

—

4

Balance as of December 31, 2016

—

—

—

—

—

7

7

129

—

136

Combined allowance and reserve as of December 31, 2016

$

4,229

$

377

$

4,606

$

957

$

65

$

87

$

1,109

$

922

$

2

$

6,639

Year Ended December 31, 2016

Credit Card

Consumer Banking

(Dollars in millions)

Domestic Card

International Card

Total Credit Card

Auto

HomeLoan

RetailBanking

TotalConsumerBanking

Commercial Banking

Other(3)

Total

Allowance for loan and lease losses:

Balance as of December 31, 2015

$

3,355

$

299

$

3,654

$

726

$

70

$

72

$

868

$

604

$

4

$

5,130

Provision (benefit) for loan and lease losses

4,555

371

4,926

983

9

63

1,055

515

(5)

6,491

Charge-offs

(4,586)

(433)

(5,019)

(1,135)

(22)

(69)

(1,226)

(307)

(3)

(6,555)

Recoveries

905

161

1,066

383

8

15

406

15

6

1,493

Net charge-offs

(3,681)

(272)

(3,953)

(752)

(14)

(54)

(820)

(292)

3

(5,062)

Other changes(4)

—

(21)

(21)

—

—

(1)

(1)

(34)

—

(56)

Balance as of December 31, 2016

4,229

377

4,606

957

65

80

1,102

793

2

6,503

Reserve for unfunded lending commitments:

Balance as of December 31, 2015

—

—

—

—

—

7

7

161

—

168

Provision (benefit) for losses on unfunded lending commitments

—

—

—

—

—

—

—

(32)

—

(32)

Balance as of December 31, 2016

—

—

—

—

—

7

7

129

—

136

Combined allowance and reserve as of December 31, 2016

$

4,229

$

377

$

4,606

$

957

$

65

$

87

$

1,109

$

922

$

2

$

6,639

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results

Three Months Ended December 31, 2016

Year Ended December 31, 2016

(Dollars in millions)

Credit Card

Consumer Banking

Commercial Banking

Other

Total

Credit Card

Consumer Banking

Commercial Banking

Other

Total

Net interest income

$

3,353

$

1,498

$

565

$

31

$

5,447

$

12,635

$

5,829

$

2,216

$

193

$

20,873

Non-interest income

849

166

175

(71)

1,119

3,380

733

578

(63)

4,628

Total net revenue(5)

4,202

1,664

740

(40)

6,566

16,015

6,562

2,794

130

25,501

Provision (benefit) for credit losses

1,322

365

66

(1)

1,752

4,926

1,055

483

(5)

6,459

Non-interest expense

2,073

1,109

393

104

3,679

7,703

4,139

1,407

309

13,558

Income (loss) from continuing operations before income taxes

807

190

281

(143)

1,135

3,386

1,368

904

(174)

5,484

Income tax provision (benefit)

295

70

102

(125)

342

1,226

498

329

(339)

1,714

Income (loss) from continuing operations, net of tax

$

512

$

120

$

179

$

(18)

$

793

$

2,160

$

870

$

575

$

165

$

3,770

Three Months Ended September 30, 2016

(Dollars in millions)

Credit Card

Consumer Banking

Commercial Banking

Other

Total

Net interest income

$

3,204

$

1,472

$

555

$

46

$

5,277

Non-interest income

825

201

156

2

1,184

Total net revenue(5)

4,029

1,673

711

48

6,461

Provision (benefit) for credit losses

1,272

256

61

(1)

1,588

Non-interest expense

1,884

1,034

349

94

3,361

Income (loss) from continuing operations before income taxes

873

383

301

(45)

1,512

Income tax provision (benefit)

318

139

110

(71)

496

Income (loss) from continuing operations, net of tax

$

555

$

244

$

191

$

26

$

1,016

Three Months Ended December 31, 2015

Year Ended December 31, 2015

(Dollars in millions)

Credit Card

Consumer Banking

Commercial Banking

Other

Total

Credit Card

Consumer Banking

Commercial Banking

Other

Total

Net interest income

$

2,996

$

1,434

$

484

$

47

$

4,961

$

11,161

$

5,755

$

1,865

$

53

$

18,834

Non-interest income

902

182

142

7

1,233

3,421

710

487

(39)

4,579

Total net revenue(5)

3,898

1,616

626

54

6,194

14,582

6,465

2,352

14

23,413

Provision (benefit) for credit losses

1,022

240

118

—

1,380

3,417

819

302

(2)

4,536

Non-interest expense

2,021

1,057

342

60

3,480

7,502

4,026

1,156

312

12,996

Income (loss) from continuing operations before income taxes

855

319

166

(6)

1,334

3,663

1,620

894

(296)

5,881

Income tax provision (benefit)

302

115

60

(51)

426

1,309

586

324

(350)

1,869

Income (loss) from continuing operations, net of tax

$

553

$

204

$

106

$

45

$

908

$

2,354

$

1,034

$

570

$

54

$

4,012

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business

2016 Q4 vs

Year Ended December 31,

2016

2016

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Credit Card

Earnings:

Net interest income

$

3,353

$

3,204

$

3,045

$

3,033

$

2,996

5

%

12

%

$

12,635

$

11,161

13

%

Non-interest income

849

825

859

847

902

3

(6)

3,380

3,421

(1)

Total net revenue

4,202

4,029

3,904

3,880

3,898

4

8

16,015

14,582

10

Provision (benefit) for credit losses

1,322

1,272

1,261

1,071

1,022

4

29

4,926

3,417

44

Non-interest expense

2,073

1,884

1,883

1,863

2,021

10

3

7,703

7,502

3

Income (loss) from continuing operations before income taxes

807

873

760

946

855

(8)

(6)

3,386

3,663

(8)

Income tax provision (benefit)

295

318

276

337

302

(7)

(2)

1,226

1,309

(6)

Income (loss) from continuing operations, net of tax

$

512

$

555

$

484

$

609

$

553

(8)

(7)

$

2,160

$

2,354

(8)

Selected performance metrics:

Period-end loans held for investment

$

105,552

$

99,201

$

96,904

$

92,699

$

96,125

6

10

$

105,552

$

96,125

10

Average loans held for investment

100,791

98,016

94,382

92,987

91,887

3

10

96,560

86,735

11

Average yield on loans held for investment(6)

14.93

%

14.68

%

14.49

%

14.60

%

14.45

%

25

bps

48

bps

14.68

%

14.28

%

40

bps

Total net revenue margin(7)

16.68

16.44

16.55

16.69

16.97

24

(29)

16.59

16.81

(22)

Net charge-off rate

4.56

3.70

4.02

4.09

3.66

86

90

4.09

3.36

73

30+ day performing delinquency rate

3.91

3.65

3.15

3.11

3.36

26

55

3.91

3.36

55

30+ day delinquency rate

3.94

3.69

3.18

3.15

3.40

25

54

3.94

3.40

54

Nonperforming loan rate(1)

0.04

0.04

0.05

0.05

0.06

—

(2)

0.04

0.06

(2)

PCCR intangible amortization

$

58

$

62

$

67

$

70

$

74

(6)

%

(22)

%

$

257

$

316

(19)

%

Purchase volume(8)

82,824

78,106

78,019

68,189

75,350

6

10

307,138

271,167

13

2016 Q4 vs

Year Ended December 31,

2016

2016

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Domestic Card

Earnings:

Net interest income

$

3,090

$

2,956

$

2,769

$

2,756

$

2,718

5

%

14

%

$

11,571

$

10,147

14

%

Non-interest income

791

759

792

774

830

4

(5)

3,116

3,183

(2)

Total net revenue

3,881

3,715

3,561

3,530

3,548

4

9

14,687

13,330

10

Provision (benefit) for credit losses

1,229

1,190

1,164

972

945

3

30

4,555

3,204

42

Non-interest expense

1,859

1,696

1,669

1,671

1,796

10

4

6,895

6,627

4

Income (loss) from continuing operations before income taxes

793

829

728

887

807

(4)

(2)

3,237

3,499

(7)

Income tax provision (benefit)

288

302

265

323

293

(5)

(2)

1,178

1,267

(7)

Income (loss) from continuing operations, net of tax

$

505

$

527

$

463

$

564

$

514

(4)

(2)

$

2,059

$

2,232

(8)

Selected performance metrics:

Period-end loans held for investment

$

97,120

$

90,955

$

88,581

$

84,561

$

87,939

7

10

$

97,120

$

87,939

10

Average loans held for investment

92,623

89,763

85,981

85,148

83,760

3

11

88,394

78,743

12

Average yield on loans held for investment(6)

14.91

%

14.71

%

14.40

%

14.43

%

14.31

%

20

bps

60

bps

14.62

%

14.21

%

41

bps

Total net revenue margin(7)

16.76

16.55

16.57

16.58

16.95

21

(19)

16.62

16.93

(31)

Net charge-off rate

4.66

3.74

4.07

4.16

3.75

92

91

4.16

3.45

71

30+ day delinquency rate

3.95

3.68

3.14

3.09

3.39

27

56

3.95

3.39

56

Purchase volume(8)

$

75,639

$

71,331

$

71,050

$

62,617

$

68,740

6

%

10

%

$

280,637

$

246,740

14

%

Refreshed FICO scores:(9)

Greater than 660

64

%

64

%

65

%

65

%

66

%

—

(2)

64

%

66

%

(2)

660 or below

36

36

35

35

34

—

2

36

34

2

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business

2016 Q4 vs

Year Ended December 31,

2016

2016

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Consumer Banking

Earnings:

Net interest income

$

1,498

$

1,472

$

1,439

$

1,420

$

1,434

2

%

4

%

$

5,829

$

5,755

1

%

Non-interest income

166

201

175

191

182

(17)

(9)

733

710

3

Total net revenue

1,664

1,673

1,614

1,611

1,616

(1)

3

6,562

6,465

2

Provision (benefit) for credit losses

365

256

204

230

240

43

52

1,055

819

29

Non-interest expense

1,109

1,034

1,006

990

1,057

7

5

4,139

4,026

3

Income (loss) from continuing operations before income taxes

190

383

404

391

319

(50)

(40)

1,368

1,620

(16)

Income tax provision (benefit)

70

139

147

142

115

(50)

(39)

498

586

(15)

Income (loss) from continuing operations, net of tax

$

120

$

244

$

257

$

249

$

204

(51)

(41)

$

870

$

1,034

(16)

Selected performance metrics:

Period-end loans held for investment

$

73,054

$

72,285

$

71,415

$

70,591

$

70,372

1

4

$

73,054

$

70,372

4

Average loans held for investment

72,659

71,727

70,988

70,296

70,704

1

3

71,422

71,150

—

Average yield on loans held for investment(6)

6.50

%

6.41

%

6.28

%

6.18

%

6.25

%

9

bps

25

bps

6.34

%

6.26

%

8

bps

Auto loan originations

$

6,542

$

6,804

$

6,529

$

5,844

$

4,977

(4)

%

31

%

$

25,719

$

21,185

21

%

Period-end deposits

181,917

178,793

176,340

177,803

172,702

2

5

181,917

172,702

5

Average deposits

180,019

177,402

176,808

174,254

171,521

1

5

177,129

170,757

4

Average deposit interest rate

0.57

%

0.56

%

0.55

%

0.54

%

0.54

%

1

bps

3

bps

0.56

%

0.56

%

—

Net charge-off rate

1.45

1.26

0.83

1.04

1.32

19

13

1.15

1.03

12

bps

30+ day performing delinquency rate

4.10

3.72

3.56

3.19

4.05

38

5

4.10

4.05

5

30+ day delinquency rate

4.67

4.26

4.07

3.67

4.67

41

—

4.67

4.67

—

Nonperforming loan rate(1)

0.72

0.71

0.69

0.66

0.79

1

(7)

0.72

0.79

(7)

Nonperforming asset rate(2)

1.09

0.98

0.96

0.95

1.10

11

(1)

1.09

1.10

(1)

Auto—At origination FICO scores:(10)

Greater than 660

52

%

51

%

51

%

51

%

51

%

1

%

1

%

52

%

51

%

1

%

621 - 660

17

17

17

17

17

—

—

17

17

—

620 or below

31

32

32

32

32

(1)

(1)

31

32

(1)

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business

2016 Q4 vs

Year Ended December 31,

2016

2016

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Commercial Banking

Earnings:

Net interest income

$

565

$

555

$

559

$

537

$

484

2

%

17

%

$

2,216

$

1,865

19

%

Non-interest income

175

156

129

118

142

12

23

578

487

19

Total net revenue(5)

740

711

688

655

626

4

18

2,794

2,352

19

Provision (benefit) for credit losses

66

61

128

228

118

8

(44)

483

302

60

Non-interest expense

393

349

343

322

342

13

15

1,407

1,156

22

Income (loss) from continuing operations before income taxes

281

301

217

105

166

(7)

69

904

894

1

Income tax provision (benefit)

102

110

79

38

60

(7)

70

329

324

2

Income (loss) from continuing operations, net of tax

$

179

$

191

$

138

$

67

$

106

(6)

69

$

575

$

570

1

Selected performance metrics:

Period-end loans held for investment

$

66,916

$

66,457

$

66,202

$

64,241

$

63,266

1

6

$

66,916

$

63,266

6

Average loans held for investment

66,515

66,034

64,938

63,375

57,379

1

16

65,221

52,769

24

Average yield on loans held for investment(5)(6)

3.55

%

3.50

%

3.45

%

3.38

%

3.18

%

5

bps

37

bps

3.47

%

3.21

%

26

bps

Period-end deposits

$

33,866

$

33,611

$

34,281

$

33,383

$

34,257

1

%

(1)

%

$

33,866

$

34,257

(1)

%

Average deposits

34,029

33,498

33,764

34,076

33,797

2

1

33,841

33,058

2

Average deposit interest rate

0.30

%

0.30

%

0.27

%

0.27

%

0.26

%

—

4

bps

0.28

%

0.25

%

3

bps

Net charge-off rate

0.47

0.66

0.37

0.29

0.03

(19)

bps

44

0.45

0.09

36

Nonperforming loan rate(1)(11)

1.53

1.50

1.59

1.63

0.87

3

66

1.53

0.87

66

Nonperforming asset rate(2)(11)

1.54

1.51

1.60

1.64

0.87

3

67

1.54

0.87

67

Risk category:(11)(12)

Noncriticized

$

62,828

$

62,336

$

61,926

$

59,663

$

59,743

1

%

5

%

$

62,828

$

59,743

5

%

Criticized performing

2,453

2,473

2,456

2,595

2,015

(1)

22

2,453

2,015

22

Criticized nonperforming

1,022

994

1,050

1,050

550

3

86

1,022

550

86

PCI loans(11)

613

654

770

933

958

(6)

(36)

613

958

(36)

Total commercial loans

$

66,916

$

66,457

$

66,202

$

64,241

$

63,266

1

6

$

66,916

$

63,266

6

Risk category as a percentage of period-end loans held for investment:(11)(12)

Noncriticized

93.9

%

93.8

%

93.5

%

92.9

%

94.4

%

10

bps

(50)

bps

93.9

%

94.4

%

(50)

bps

Criticized performing

3.7

3.7

3.7

4.0

3.2

—

50

3.7

3.2

50

Criticized nonperforming

1.5

1.5

1.6

1.6

0.9

—

60

1.5

0.9

60

PCI loans(11)

0.9

1.0

1.2

1.5

1.5

(10)

(60)

0.9

1.5

(60)

Total commercial loans

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total

2016 Q4 vs

Year Ended December 31,

2016

2016

2016

2016

2015

2016

2015

2016 vs

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2016

2015

2015

Other

Earnings:

Net interest income (expense)

$

31

$

46

$

50

$

66

$

47

(33)

%

(34)

%

$

193

$

53

**

Non-interest income

(71)

2

(2)

8

7

**

**

(63)

(39)

62

%

Total net revenue (loss)(5)

(40)

48

48

74

54

**

**

130

14

**

Provision (benefit) for credit losses

(1)

(1)

(1)

(2)

—

—

**

(5)

(2)

150

Non-interest expense

104

94

63

48

60

11

73

309

312

(1)

Income (loss) from continuing operations before income taxes

(143)

(45)

(14)

28

(6)

**

**

(174)

(296)

(41)

Income tax provision (benefit)

(125)

(71)

(78)

(65)

(51)

76

145

(339)

(350)

(3)

Income (loss) from continuing operations, net of tax

$

(18)

$

26

$

64

$

93

$

45

**

**

$

165

$

54

**

Selected performance metrics:

Period-end loans held for investment

$

64

$

76

$

82

$

82

$

88

(16)

(27)

$

64

$

88

(27)

Average loans held for investment

62

66

71

78

82

(6)

(24)

69

91

(24)

Period-end deposits

20,985

13,577

10,438

10,593

10,762

55

95

20,985

10,762

95

Average deposits

18,156

11,351

10,574

10,850

10,581

60

72

12,744

7,174

78

Total

Earnings:

Net interest income

$

5,447

$

5,277

$

5,093

$

5,056

$

4,961

3

%

10

%

$

20,873

$

18,834

11

%

Non-interest income

1,119

1,184

1,161

1,164

1,233

(5)

(9)

4,628

4,579

1

Total net revenue

6,566

6,461

6,254

6,220

6,194

2

6

25,501

23,413

9

Provision (benefit) for credit losses

1,752

1,588

1,592

1,527

1,380

10

27

6,459

4,536

42

Non-interest expense

3,679

3,361

3,295

3,223

3,480

9

6

13,558

12,996

4

Income (loss) from continuing operations before income taxes

1,135

1,512

1,367

1,470

1,334

(25)

(15)

5,484

5,881

(7)

Income tax provision (benefit)

342

496

424

452

426

(31)

(20)

1,714

1,869

(8)

Income (loss) from continuing operations, net of tax

$

793

$

1,016

$

943

$

1,018

$

908

(22)

(13)

$

3,770

$

4,012

(6)

Selected performance metrics:

Period-end loans held for investment

$

245,586

$

238,019

$

234,603

$

227,613

$

229,851

3

7

$

245,586

$

229,851

7

Average loans held for investment

240,027

235,843

230,379

226,736

220,052

2

9

233,272

210,745

11

Period-end deposits

236,768

225,981

221,059

221,779

217,721

5

9

236,768

217,721

9

Average deposits

232,204

222,251

221,146

219,180

215,899

4

8

223,714

210,989

6

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 14: Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13)

(1)

Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category.

(2)

Nonperforming assets consist of nonperforming loans, real estate owned ("REO") and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, REO and other foreclosed assets. Prior to Q4 2016, the nonperforming asset rate for our Consumer Banking business excluded the impact of REOs related to our acquired home loan portfolio which, if included, would increase the nonperforming asset rate by approximately 10 basis points in each of the prior periods presented.

(3)

Primarily consists of the legacy loan portfolio of our discontinued GreenPoint mortgage operations.

(4)

Represents foreign currency translation adjustments and the net impact of loan transfers and sales.

(5)

Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications to the Other category.

(6)

Average yield on loans held for investment is calculated based on annualized interest income for the period divided by average loans held for investment during the period for the respective loan category. Annualized interest income is computed based on the effective yield of the respective loan category and does not include any allocations, such as funds transfer pricing.

(7)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans held for investment during the period for the respective loan category.

(8)

Includes purchase transactions, net of returns, for the period for loans both classified as held for investment and held for sale. Excludes cash advance and balance transfer transactions.

(9)

Percentages represent period-end loans held for investment in each credit score category. Credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.

(10)

Percentages represent period-end loans held for investment in each credit score category. Credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

(11)

The loans held for investment acquired in the HFS acquisition included $518 million, $556 million, $667 million, $825 million and $835 million of PCI loans as of December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015, respectively, that are being accounted for under ASC 310-30 (formerly "SOP 03-3") due to their deterioration in credit quality since origination. From a managed perspective, we evaluate loans based on their actual risk ratings, and accordingly we are also including our nonperforming and criticized ratios measured on that basis. The table below presents our nonperforming loan rate, nonperforming asset rate and risk category information as if these PCI loans were classified based on their risk ratings in each of the periods impacted by the HFS acquisition.

2016

2016

2016

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Selected performance metrics:

Nonperforming loan rate

1.56

%

1.53

%

1.63

%

1.69

%

0.93

%

Nonperforming asset rate

1.57

1.54

1.64

1.70

0.93

Risk category:

Noncriticized

$

63,078

$

62,575

$

62,058

$

59,729

$

59,743

Criticized performing

2,700

2,766

2,961

3,321

2,814

Criticized nonperforming

1,042

1,018

1,080

1,083

586

Risk category as a percentage of period-end loans held for investment:

Noncriticized

94.3

%

94.2

%

93.7

%

93.0

%

94.4

%

Criticized performing

4.0

4.2

4.5

5.2

4.5

Criticized nonperforming

1.6

1.5

1.6

1.7

0.9

(12)

Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 15: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures(1)

Basel III Standardized Approach

(Dollars in millions)

December 31,2016

September 30,2016

June 30,2016

March 31,2016

December 31,2015

Regulatory Capital Metrics

Common equity excluding AOCI

$

44,103

$

44,214

$

44,572

$

44,452

$

44,606

Adjustments:

AOCI(2)(3)

(674)

199

332

117

(254)

Goodwill(4)

(14,307)

(14,288)

(14,296)

(14,301)

(14,296)

Intangible assets(3)(4)

(384)

(435)

(483)

(532)

(393)

Other

65

(498)

(639)

(505)

(119)

Common equity Tier 1 capital

$

28,803

$

29,192

$

29,486

$

29,231

$

29,544

Tier 1 capital

$

33,162

$

33,069

$

32,780

$

32,525

$

32,838

Total capital(5)

40,816

40,564

38,767

38,399

38,838

Risk-weighted assets

285,654

275,198

269,667

262,368

265,739

Adjusted average assets(6)

335,835

328,627

319,968

317,403

309,037

Capital Ratios

Common equity Tier 1 capital(7)

10.1

%

10.6

%

10.9

%

11.1

%

11.1

%

Tier 1 capital(8)

11.6

12.0

12.2

12.4

12.4

Total capital(9)

14.3

14.7

14.4

14.6

14.6

Tier 1 leverage(6)

9.9

10.1

10.2

10.2

10.6

Tangible common equity ("TCE")(10)

8.1

8.8

9.0

9.1

8.9

Reconciliation of Non-GAAP Measures

We report certain non-GAAP measures that management uses in assessing its capital adequacy and the level of return generated. These non-GAAP measures consist of selected adjusted results, tangible common equity ("TCE"), tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics key financial performance measures. While our non-GAAP 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. The tables below present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2016

2016

2016

Year Ended December 31,

Q4

Q3

Q2

2016

(Dollars in millions)

Reported Results

Adjustments(11)

Adjusted Results

Reported Results

Adjustments(11)

Adjusted Results

Reported Results

Adjustments(11)

Adjusted Results

Reported Results

Adjustments(11)

Adjusted Results

Selected income statement data:

Net interest income

$

5,447

$

13

$

5,460

$

5,277

$

34

$

5,311

$

5,093

$

7

$

5,100

$

20,873

$

54

$

20,927

Non-interest income

1,119

14

1,133

1,184

13

1,197

1,161

8

1,169

4,628

35

4,663

Total net revenue

6,566

27

6,593

6,461

47

6,508

6,254

15

6,269

25,501

89

25,590

Non-interest expense

3,679

(45)

3,634

3,361

(16)

3,345

3,295

(15)

3,280

13,558

(76)

13,482

Selected performance metrics:

Efficiency ratio

56.03

%

(91)

bps

55.12

%

52.02

%

(62)

bps

51.40

%

52.69

%

(37)

bps

52.32

%

53.17

%

(49)

bps

52.68

%

2016

2016

2016

2016

2015

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Tangible Common Equity (Period-End)

Stockholders' equity

$

47,514

$

48,213

$

48,108

$

47,707

$

47,284

Goodwill and intangible assets(4)

(15,420)

(15,475)

(15,553)

(15,629)

(15,701)

Noncumulative perpetual preferred stock(12)

(4,360)

(3,877)

(3,294)

(3,296)

(3,294)

Tangible common equity

$

27,734

$

28,861

$

29,261

$

28,782

$

28,289

Tangible Common Equity (Average)

Stockholders' equity

$

47,972

$

49,033

$

48,934

$

49,078

$

48,712

Goodwill and intangible assets(4)

(15,455)

(15,507)

(15,585)

(15,654)

(15,316)

Noncumulative perpetual preferred stock(12)

(4,051)

(3,719)

(3,294)

(3,296)

(3,294)

Tangible common equity

$

28,466

$

29,807

$

30,055

$

30,128

$

30,102

Tangible Assets (Period-End)

Total assets

$

357,033

$

345,061

$

339,117

$

330,346

$

334,048

Goodwill and intangible assets(4)

(15,420)

(15,475)

(15,553)

(15,629)

(15,701)

Tangible assets

$

341,613

$

329,586

$

323,564

$

314,717

$

318,347

Tangible Assets (Average)

Total assets

$

350,225

$

343,153

$

334,479

$

331,919

$

323,354

Goodwill and intangible assets(4)

(15,455)

(15,507)

(15,585)

(15,654)

(15,316)

Tangible assets

$

334,770

$

327,646

$

318,894

$

316,265

$

308,038

_________

(1)

Regulatory capital metrics and capital ratios as of December 31, 2016 are preliminary and therefore subject to change.

(2)

Amounts presented are net of tax.

(3)

Amounts based on transition provisions for regulatory capital deductions and adjustments of 40% for 2015 and 60% for 2016.

(4)

Includes impact of related deferred taxes.

(5)

Total capital equals the sum of Tier 1 capital and Tier 2 capital.

(6)

Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.

(7)

Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.

(8)

Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

(9)

Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.

(10)

TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.

(11)

In Q4 2016, we recorded charges totaling $72 million consisting of a build in the U.K. Payment Protection Insurance customer refund reserve ("U.K. PPI Reserve") of $44 million and an impairment associated with certain acquired intangible and software assets of $28 million. In Q3 2016, we recorded a build in the U.K. PPI Reserve of $63 million. In Q2 2016, we recorded charges totaling $30 million associated with a build of $54 million in the U.K. PPI Reserve, partially offset by a gain of $24 million related to the exchange of our ownership interest in Visa Europe with Visa Inc. as a result of Visa Inc.'s acquisition of Visa Europe.

(12)

Includes related surplus.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/capital-one-reports-fourth-quarter-2016-net-income-of-791-million-or-145-per-share-300395896.html

SOURCE Capital One Financial Corporation

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