Capital One Reports Fourth Quarter 2014 Net Income of $999 million, or $1.73 per share

News provided by

Capital One Financial Corporation

Jan 22, 2015, 04:05 ET

MCLEAN, Va., Jan. 22, 2015  /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2014 of $999 million, or $1.73 per diluted common share, compared to the third quarter of 2014 with net income of $1.1 billion, or $1.86 per diluted common share, and the fourth quarter of 2013 with net income of $852 million, or $1.43 per diluted common share.

"2014 was a strong year for Capital One. We returned to growth in our Domestic Card business, delivered $10.1 billion in pre-provision earnings, and returned significant capital to our shareholders. We're poised to build on the momentum in 2015," said Richard D. Fairbank, Chairman and Chief Executive Officer. "Our strategic priorities for 2015 have not changed, and we remain focused on the levers to create value and sustain strong performance for our shareholders."

All comparisons below are for the full year of 2013 compared to the full year of 2014 unless otherwise noted.

2014 Full Year Income Summary:

  • Total net revenue remained flat at $22.3 billion.
  • Total non-interest expense decreased 1 percent to $12.2 billion.
  • Pre-provision earnings increased 1 percent to $10.1 billion.
  • Provision for credit losses increased 3 percent to $3.5 billion.

All comparisons below are for the fourth quarter of 2014 compared to the third quarter of 2014 unless otherwise noted.

Fourth Quarter 2014 Income Summary:

  • Total net revenue increased 3 percent to $5.8 billion.
  • Total non-interest expense increased 10 percent to $3.3 billion:
    • 30 percent increase in marketing
    • 8 percent increase in operating expense
  • Pre-provision earnings decreased 5 percent to $2.5 billion.
  • Provision for credit losses increased 12 percent to $1.1 billion.
  • Mortgage representation & warranty benefit of $41 million ($26 million net of tax) in discontinued operations.

Fourth Quarter 2014 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.4 percent at December 31, 2014.
  • Net interest margin of 6.81 percent, up 12 basis points.
  • Period-end loans held for investment in the quarter increased $6.7 billion, or 3 percent, to $208.3 billion.
    • Domestic Card period-end loans increased $4.6 billion, or 6 percent, to $77.7 billion.
    • Commercial Banking period-end loans increased $1.1 billion, or 2 percent, to $50.9 billion.
    • Consumer Banking period-end loans increased $378 million, or 1 percent, to $71.4 billion:
      • Auto period-end loans increased $1.6 billion, or 4 percent, to $37.8 billion.
      • Home loans period-end loans decreased $1.2 billion, or 4 percent, to $30.0 billion, driven by run-off of acquired portfolios.
  • Average loans held for investment in the quarter increased $4.0 billion, or 2 percent, to $203.4 billion.
    • Domestic Card average loans increased $2.2 billion, or 3 percent, to $74.0 billion.
    • Commercial Banking average loans increased $1.6 billion, or 3 percent, to $50.3 billion.
    • Consumer Banking average loans increased $206 million, or less than 1 percent, to $71.3 billion:
      • Auto average loans increased $1.5 billion, or 4 percent, to $37.1 billion.
      • Home loans average loans decreased by $1.3 billion, or 4 percent, to $30.6 billion, driven by run-off of acquired portfolios.
  • Period-end total deposits increased $1.3 billion, or less than 1 percent, to $205.5 billion, while average deposits increased $156 million to $205.4 billion.
  • Interest-bearing deposit rate remained flat at 0.60 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 22, 2015, 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 January 31, 2015 at 5:00 PM, Eastern Time.

Forward-Looking Statements

Certain statements in this release are 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, 2013.

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 $205.5 billion in deposits and $308.9 billion in total assets as of December 31, 2014. 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, New Jersey, Texas, Louisiana, Maryland, Virginia 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 2014(1)(2)

Table of Contents






Capital One Financial Corporation Consolidated Results

Table 1:

Financial Summary—Consolidated

Table 2:

Selected Metrics—Consolidated

Table 3:

Consolidated Statements of Income

Table 4:

Consolidated Balance Sheets

Table 5:

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

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

Table 7:

Loan Information and Performance Statistics

Business Segments Detail

Table 8:

Financial Summary—Business Segments

Table 9:

Financial & Statistical Summary—Credit Card Business

Table 10:

Financial & Statistical Summary—Consumer Banking Business

Table 11:

Financial & Statistical Summary—Commercial Banking Business

Table 12:

Financial & Statistical Summary—Other and Total



Table 13:

Notes to Loan and Business Segments Disclosures (Tables 7—12)

Other

Table 14:

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









(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, 2014 once it is filed with the Securities and Exchange Commission.

(2)

We adopted ASU 2014-01 "Accounting for Investments in Qualified Affordable Housing Projects" as of January 1, 2014. Prior period results and related metrics have been recast to conform to this presentation.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated(1)


















































2014 Q4 vs.

Year Ended

2014

(Dollars in millions, except per share data and

as noted) (unaudited)

2014

2014

2014

2014

2013

2014

2013

2014

2013

vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4


2013

Earnings



















Net interest income

$

4,656

$

4,497

$

4,315

$

4,350

$

4,423

4

%

5

%

$

17,818

$

18,106

(2)

%

Non-interest income(2)

1,157

1,142

1,153

1,020

1,121

1

3

4,472

4,278

5

Total net revenue(3)

5,813

5,639

5,468

5,370

5,544

3

5

22,290

22,384

—

Provision for credit losses

1,109

993

704

735

957

12

16

3,541

3,453

3

Non-interest expense:



















Marketing

509

392

335

325

427

30

19

1,561

1,373

14

Amortization of intangibles

123

130

136

143

166

(5)

(26)

532

671

(21)

Acquisition-related(4)

10

13

18

23

60

(23)

(83)

64

193

(67)

Operating expenses

2,642

2,450

2,490

2,441

2,582

8

2

10,023

10,116

(1)

Total non-interest expense

3,284

2,985

2,979

2,932

3,235

10

2

12,180

12,353

(1)

Income from continuing operations before income taxes

1,420

1,661

1,785

1,703

1,352

(15)

5

6,569

6,578

—

Income tax provision

450

536

581

579

477

(16)

(6)

2,146

2,224

(4)

Income from continuing operations, net of tax

970

1,125

1,204

1,124

875

(14)

11

4,423

4,354

2

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

29

(44)

(10)

30

(23)

**

**

5

(233)

**

Net income

999

1,081

1,194

1,154

852

(8)

17

4,428

4,121

7

Dividends and undistributed earnings allocated to participating securities(5)

(4)

(5)

(4)

(5)

(4)

(20)

—

(18)

(17)

6

Preferred stock dividends(5)

(21)

(20)

(13)

(13)

(13)

5

62

(67)

(53)

26

Net income available to common stockholders

$

974

$

1,056

$

1,177

$

1,136

$

835

(8)

17

$

4,343

$

4,051

7

Common Share Statistics



















Basic earnings per common share:(5)



















Net income from continuing operations

$

1.71

$

1.97

$

2.09

$

1.94

$

1.50

(13)

%

14

%

$

7.70

$

7.39

4

%

Income (loss) from discontinued operations

0.05

(0.08)

(0.02)

0.05

(0.04)

**

**

0.01

(0.40)

**

Net income per basic common share

$

1.76

$

1.89

$

2.07

$

1.99

$

1.46

(7)

21

$

7.71

$

6.99

10

Diluted earnings per common share:(5)



















Net income from continuing operations

$

1.68

$

1.94

$

2.06

$

1.91

$

1.46

(13)

15

$

7.58

$

7.28

4

Income (loss) from discontinued operations

0.05

(0.08)

(0.02)

0.05

(0.03)

**

**

0.01

(0.39)

**

Net income per diluted common share

$

1.73

$

1.86

$

2.04

$

1.96

$

1.43

(7)

21

$

7.59

$

6.89

10

Weighted-average common shares outstanding (in millions) for:



















Basic common shares

554.3

559.9

567.5

571.0

573.4

(1)

(3)

563.1

579.7

(3)

Diluted common shares

561.8

567.9

577.6

580.3

582.6

(1)

(4)

571.9

587.6

(3)

Common shares outstanding (period end, in millions)

553.4

558.5

561.8

572.9

572.7

(1)

(3)

553.4

572.7

(3)

Dividends per common share

$

0.30

$

0.30

$

0.30

$

0.30

$

0.30

—

—

$

1.20

$

0.95

26

Tangible book value per common share (period end)(6)

50.32

48.72

47.90

45.88

43.64

3

15

50.32

43.64

15

Balance Sheet (Period End)



















Loans held for investment(7)

$

208,316

$

201,592

$

198,528

$

192,941

$

197,199

3

%

6

%

$

208,316

$

197,199

6

%

Interest-earning assets

277,849

270,001

266,720

259,422

265,170

3

5

277,849

265,170

5

Total assets

308,854

300,202

298,317

290,500

296,933

3

4

308,854

296,933

4

Interest-bearing deposits

180,467

178,876

180,970

184,214

181,880

1

(1)

180,467

181,880

(1)

Total deposits

205,548

204,264

205,890

208,324

204,523

1

1

205,548

204,523

1

Borrowings

48,457

42,243

39,114

30,118

40,654

15

19

48,457

40,654

19

Common equity

43,231

42,682

42,477

41,948

40,779

1

6

43,231

40,779

6

Total stockholders' equity

45,053

44,018

43,815

42,801

41,632

2

8

45,053

41,632

8

Balance Sheet (Average Balances)



















Loans held for investment(7)

$

203,436

$

199,422

$

194,996

$

193,722

$

192,813

2

%

6

%

$

197,925

$

192,614

3

%

Interest-earning assets

273,436

268,890

263,570

262,659

262,957

2

4

267,174

266,423

—

Total assets

304,711

299,523

294,744

294,275

294,040

2

4

298,300

297,264

—

Interest-bearing deposits

179,401

179,928

182,053

184,183

184,206

—

(3)

181,036

187,700

(4)

Total deposits

205,355

205,199

206,315

205,842

205,706

—

—

205,675

209,045

(2)

Borrowings

43,479

40,314

35,658

35,978

36,463

8

19

38,882

37,807

3

Common equity

43,895

43,489

42,797

42,006

41,502

1

6

43,055

40,629

6

Total stockholders' equity

45,576

44,827

43,767

42,859

42,355

2

8

44,268

41,482

7

































CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated(1)


















































2014 Q4 vs.

Year Ended

2014

(Dollars in millions) (unaudited)

2014

2014

2014

2014

2013

2014

2013

2014

2013

vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4


2013

Performance Metrics



















Net interest income growth (quarter over quarter/ year over year)

4

%

4

%

(1)

%

(2)

%

(3)

%

**

**

(2)

%

9

%

**

Non-interest income growth (quarter over quarter/ year over year)

1

(1)

13

(9)

3

**

**

5

(11)

**

Total net revenue growth (quarter over quarter/ year over year)

3

3

2

(3)

(2)

**

**

0

5

**

Total net revenue margin(8)

8.50

8.39

8.30

8.18

8.43

11

bps

7

bps

8.34

8.40

(6)

bps

Net interest margin(9)

6.81

6.69

6.55

6.62

6.73

12

8

6.67

6.80

(13)

Return on average assets

1.27

1.50

1.63

1.53

1.19

(23)

8

1.48

1.46

2

Return on average tangible assets(10)

1.34

1.58

1.73

1.61

1.26

(24)

8

1.56

1.55

1

Return on average common equity(11)

8.61

10.12

11.09

10.53

8.27

(151)

34

10.08

10.54

(46)

Return on average tangible common equity(12)

13.28

15.73

17.47

16.83

13.38

(245)

(10)

15.79

17.35

(156)

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

6.46

5.99

6.11

6.05

6.71

47

(25)

6.15

6.41

(26)

Efficiency ratio(13)

56.49

52.93

54.48

54.60

58.35

356

(186)

54.64

55.19

(55)

Effective income tax rate for continuing operations


31.7

32.3

32.5

34.0

35.3

(60)

(360)

32.7

33.8

(110)

Employees (in thousands), period end(14)

46.0

44.9

44.6

44.9

45.4

2

%

1

%

46.0

45.4

1

%

Credit Quality Metrics(7)



















Allowance for loan and lease losses

$

4,383

$

4,212

$

3,998

$

4,098

$

4,315

4

%

2

%

$

4,383

$

4,315

2

%

Allowance as a % of loans held for investment

2.10

%

2.09

%

2.01

%

2.12

%

2.19

%

1

bps

(9)

bps

2.10

%

2.19

%

(9)

bps

Allowance as a % of loans held for investment (excluding acquired loans)

2.36

2.37

2.30

2.45

2.54

(1)

(18)

2.36

2.54

(18)

Net charge-offs

$

915

$

756

$

812

$

931

$

969

21

%

(6)

%

$

3,414

$

3,934

(13)

%

Net charge-off rate(15)

1.80

%

1.52

%

1.67

%

1.92

%

2.01

%

28

bps

(21)

bps

1.72

%

2.04

%

(32)

bps

Net charge-off rate (excluding acquired loans)(15)

2.04

1.73

1.93

2.24

2.37

31

(33)

1.98

2.45

(47)

30+ day performing delinquency rate

2.62

2.46

2.24

2.22

2.63

16

(1)

2.62

2.63

(1)

30+ day performing delinquency rate (excluding acquired loans)

2.95

2.81

2.58

2.59

3.08

14

(13)

2.95

3.08

(13)

30+ day delinquency rate

2.91

2.76

2.53

2.51

2.96

15

(5)

2.91

2.96

(5)

30+ day delinquency rate (excluding acquired loans)

3.28

3.14

2.91

2.93

3.46

14

(18)

3.28

3.46

(18)

Capital Ratios(16)



















Common equity Tier 1 capital ratio


12.4

%

12.7

%

12.7

%

13.0

%

N/A

(30)

bps

N/A

12.4

%

N/A

N/A

Tier 1 common ratio

N/A

N/A

N/A

N/A

12.2

%

N/A

N/A

N/A

12.2

%

N/A

Tier 1 risk-based capital ratio

13.2

%

13.3

%

13.3

%

13.4

%

12.6

(10)

bps

60

bps

13.2

%

12.6

60

bps

Total risk-based capital ratio

15.1

15.2

15.4

15.4

14.7

(10)

40

15.1

14.7

40

Tier 1 leverage ratio

10.8

10.6

10.7

10.4

10.1

20

70

10.8

10.1

70

Tangible common equity ("TCE") ratio(17)

9.5

9.6

9.5

9.6

8.9

(10)

60

9.5

8.9

60
































CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income(1)
































Three Months Ended

2014 Q4 vs.

Year Ended

2014


2014

2014

2013

2014

2013

2014

2013

vs.

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

Q4

Q3

Q4

Q3

Q4


2013

Interest income:















Loans, including loans held for sale

$

4,613

$

4,463

$

4,398

3

%

5

%

$

17,662

$

18,222

(3)

%

Investment securities

405

398

414

2

(2)

1,628

1,575

3

Other

27

26

27

4

—

107

101

6

Total interest income

5,045

4,887

4,839

3

4

19,397

19,898

(3)

Interest expense:















Deposits

269

271

288

(1)

(7)

1,088

1,241

(12)

Securitized debt obligations

36

32

40

13

(10)

145

183

(21)

Senior and subordinated notes

73

71

75

3

(3)

299

315

(5)

Other borrowings

11

16

13

(31)

(15)

47

53

(11)

Total interest expense

389

390

416

—

(6)

1,579

1,792

(12)

Net interest income

4,656

4,497

4,423

4

5

17,818

18,106

(2)

Provision for credit losses

1,109

993

957

12

16

3,541

3,453

3

Net interest income after provision for credit losses

3,547

3,504

3,466

1

2

14,277

14,653

(3)

Non-interest income:(2)















Service charges and other customer-related fees

462

471

504

(2)

(8)

1,867

2,118

(12)

Interchange fees, net

523

523

489

—

7

2,021

1,896

7

Net other-than-temporary impairment recognized in earnings

(9)

(9)

(1)

—

**

(24)

(41)

(41)

Other

181

157

129

15

40

608

305

99

Total non-interest income

1,157

1,142

1,121

1

3

4,472

4,278

5

Non-interest expense:















Salaries and associate benefits

1,179

1,128

1,115

5

6

4,593

4,480

3

Occupancy and equipment

474

419

437

13

8

1,745

1,541

13

Marketing

509

392

427

30

19

1,561

1,373

14

Professional services

329

304

357

8

(8)

1,216

1,347

(10)

Communications and data processing

203

196

220

4

(8)

798

897

(11)

Amortization of intangibles

123

130

166

(5)

(26)

532

671

(21)

Other

467

416

513

12

(9)

1,735

2,044

(15)

Total non-interest expense

3,284

2,985

3,235

10

2

12,180

12,353

(1)

Income from continuing operations before income taxes

1,420

1,661

1,352

(15)

5

6,569

6,578

—

Income tax provision

450

536

477

(16)

(6)

2,146

2,224

(4)

Income from continuing operations, net of tax

970

1,125

875

(14)

11

4,423

4,354

2

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

29

(44)

(23)

**

**

5

(233)

**

Net income

999

1,081

852

(8)

17

4,428

4,121

7

Dividends and undistributed earnings allocated to participating securities(5)

(4)

(5)

(4)

(20)

—

(18)

(17)

6

Preferred stock dividends(5)

(21)

(20)

(13)

5

62

(67)

(53)

26

Net income available to common stockholders

$

974

$

1,056

$

835

(8)

17

$

4,343

$

4,051

7

Basic earnings per common share:(5)















Net income from continuing operations

$

1.71

$

1.97

$

1.50

(13)

%

14

%

$

7.70

$

7.39

4

%

Income (loss) from discontinued operations

0.05

(0.08)

(0.04)

**

**

0.01

(0.40)

**

Net income per basic common share

$

1.76

$

1.89

$

1.46

(7)

21

$

7.71

$

6.99

10

Diluted earnings per common share:(5)
















Net income from continuing operations

$

1.68

$

1.94

$

1.46

(13)

%

15

%

$

7.58

$

7.28

4

%

Income (loss) from discontinued operations

0.05

(0.08)

(0.03)

**

**

0.01

(0.39)

**

Net income per diluted common share

$

1.73

$

1.86

$

1.43

(7)

21

$

7.59

$

6.89

10

Weighted average common shares outstanding (in millions):















Basic common shares

554.3

559.9

573.4

(1)

(3)

563.1

579.7

(3)

Diluted common shares

561.8

567.9

582.6

(1)

(4)

571.9

587.6

(3)

Dividends paid per common share

$

0.30

$

0.30

$

0.30

—

—

$

1.20

$

0.95

26

































 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets(1)



























December 31, 2014 vs.

(Dollars in millions) (unaudited)

December 31, 2014

September 30, 2014

December 31, 2013

September 30,
2014

December 31,
2013

Assets:









Cash and cash equivalents:









Cash and due from banks

$

3,147

$

2,652

$

2,821

19

%

12

%

Interest-bearing deposits with banks

4,095

3,212

3,131

27

31

Federal funds sold and securities purchased under agreements to resell

0

284

339

**

**

Total cash and cash equivalents

7,242

6,148

6,291

18

15

Restricted cash for securitization investors

234

405

874

(42)

(73)

Securities available for sale, at fair value

39,508

39,665

41,800

—

(5)

Securities held to maturity, at carrying value

22,500

22,182

19,132

1

18

Loans held for investment:









Unsecuritized loans held for investment

171,771

165,021

157,651

4

9

Restricted loans for securitization investors

36,545

36,571

39,548

—

(8)

Total loans held for investment

208,316

201,592

197,199

3

6

Allowance for loan and lease losses

(4,383)

(4,212)

(4,315)

4

2

Net loans held for investment

203,933

197,380

192,884

3

6

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

626

427

218

47

187

Premises and equipment, net

3,685

3,752

3,839

(2)

(4)

Interest receivable

1,435

1,268

1,418

13

1

Goodwill

13,978

13,970

13,978

—

—

Other assets

15,713

15,005

16,499

5

(5)

Total assets

$

308,854

$

300,202

$

296,933

3

4

Liabilities:

Interest payable

$

317

$

249

$

307

27

%

3

%

Deposits:









Non-interest bearing deposits

25,081

25,388

22,643

(1)

11

Interest-bearing deposits

180,467

178,876

181,880

1

(1)

Total deposits

205,548

204,264

204,523

1

1

Securitized debt obligations

11,624

10,508

10,289

11

13

Other debt:









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

880

2,330

915

(62)

(4)

Senior and subordinated notes

18,684

18,534

13,134

1

42

Other borrowings

17,269

10,871

16,316

59

6

Total other debt

36,833

31,735

30,365

16

21

Other liabilities

9,479

9,428

9,817

1

(3)

Total liabilities

263,801

256,184

255,301

3

3











Stockholders' equity:









Preferred stock

0

0

0

—

—

Common stock

6

6

6

—

—

Additional paid-in capital, net

27,869

27,272

26,526

2

5

Retained earnings

23,973

23,162

20,292

4

18

Accumulated other comprehensive income ("AOCI")

(430)

(559)

(872)

(23)

(51)

Treasury stock, at cost

(6,365)

(5,863)

(4,320)

9

47

Total stockholders' equity

45,053

44,018

41,632

2

8

Total liabilities and stockholders' equity

$

308,854

$

300,202

$

296,933

3

4




CAPITAL ONE FINANCIAL CORPORATION (COF)

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


**

Not meaningful.

(1)

Certain prior period amounts have been recast to conform to the current period presentation.

(2)

We recorded the following related to the mortgage representation and warranty reserve:
























2014

2014

2014

2014

2013

(Dollars in millions) (unaudited)

Q4

Q3

Q2

Q1

Q4

(Benefit) provision for mortgage representation and warranty losses before income taxes:









Recorded in continuing operations

$

(11)

$

—

$

(29)

$

14

$

3

Recorded in discontinued operations

(41)

70

11

(47)

30

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

$

(52)

$

70

$

(18)

$

(33)

$

33



Historically, the majority of the provision for representation and warranty losses is included net of tax in discontinued operations, with the remaining amount included before income taxes in non-interest income. The mortgage representation and warranty reserve was $731 million as of December 31, 2014, $1.1 billion as of September 30, 2014 and $1.2 billion as of December 31, 2013.

(3)

Total net revenue was reduced by $165 million in Q4 2014, $164 million in Q3 2014, $153 million in Q2 2014, $163 million in Q1 2014 and $185 million in Q4 2013 for the estimated uncollectible amount of billed finance charges and fees.

(4)

Acquisition-related costs include transaction costs, legal and other professional or consulting fees, restructuring costs, and integration expense.

(5)

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

(6)

Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information on tangible common equity.

(7)

Loans held for investment includes acquired loans. We use the term "acquired loans" to refer to a certain portion of the loans acquired in the following transactions: (i) the February 17, 2012 transaction where we acquired the assets and assumed the liabilities of substantially all of ING Direct; (ii) the February 29, 2009 Chevy Chase Bank acquisition; and (iii) May 1, 2012 transaction in which we acquired substantially all of HSBC's credit card and private-label credit card business in the United States. These loans were 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"). The table below presents amounts related to acquired loans accounted for under SOP 03-3:
























2014

2014

2014

2014

2013

(Dollars in millions) (unaudited)

Q4

Q3

Q2

Q1

Q4

Acquired loans accounted for under SOP 03-3:









Period-end unpaid principal balance

$

24,473

$

25,726

$

27,117

$

28,549

$

29,761

Period-end loans held for investment

23,500

24,685

26,019

27,390

28,550

Average loans held for investment

23,907

25,104

26,491

27,760

29,055


(8)

Calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(9)

Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(10)

Calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. Return on average tangible assets is a non-GAAP measure and See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.

(11)

Calculated based on the annualized sum of (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.

(12)

Calculated based on the annualized sum of (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. Return on average tangible common equity is a non-GAAP measure and our calculation may not be comparable to similarly titled measures reported by other companies. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.

(13)

Calculated based on total non-interest expense for the period divided by total net revenue for the period.

(14)

Effective Q2 2014, we changed our presentation from total full-time equivalent employees to total employees. All prior periods have been recast to conform to the current presentation.

(15)

Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

(16)

Beginning on January 1, 2014, we calculate our regulatory capital under Basel III Standardized Approach subject to transition provisions. We calculated regulatory capital measures for periods prior to Q1 2014 under Basel I. Ratios as of the end of Q4 2014 are preliminary and therefore subject to change. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.

(17)

TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.




CAPITAL ONE FINANCIAL CORPORATION (COF)

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




































2014 Q4

2014 Q3

2013 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) (unaudited)







Interest-earning assets:

















Loans, including loans held for sale

$

204,137

$

4,613

9.04

%

$

200,066

$

4,463

8.92

%

$

193,368

$

4,398

9.10

%

Investment securities

62,952

405

2.57

62,582

398

2.54

62,919

414

2.63

Cash equivalents and other

6,347

27

1.70

6,242

26

1.67

6,670

27

1.62

Total interest-earning assets

$

273,436

$

5,045

7.38

$

268,890

$

4,887

7.27

$

262,957

$

4,839

7.36



















Interest-bearing liabilities:

















Interest-bearing deposits

$

179,401

$

269

0.60

$

179,928

$

271

0.60

$

184,206

$

288

0.63

Securitized debt obligations

11,479

36

1.25

10,110

32

1.27

9,873

40

1.62

Senior and subordinated notes

18,680

73

1.56

17,267

71

1.64

12,765

75

2.35

Other borrowings and liabilities

14,058

11

0.31

12,937

16

0.49

13,825

13

0.38

Total interest-bearing liabilities

$

223,618

$

389

0.70

$

220,242

$

390

0.71

$

220,669

$

416

0.75

Net interest income/spread


$

4,656

6.68



$

4,497

6.56



$

4,423

6.61

Impact of non-interest bearing funding




0.13





0.13





0.12

Net interest margin




6.81

%




6.69

%




6.73

%


























Year Ended December 31,


2014

2013


Average Balance

Interest
Income/Expense(1)

Yield/Rate(1)

Average Balance

Interest
Income/Expense(1)

Yield/Rate(1)

(Dollars in millions) (unaudited)





Interest-earning assets:











Loans, including loans held for sale

$

198,419

$

17,662

8.90

%

$

196,609

$

18,222

9.27

%

Investment securities

62,547

1,628

2.60

63,522

1,575

2.48

Cash equivalents and other

6,208

107

1.72

6,292

101

1.61

Total interest-earning assets

$

267,174

$

19,397

7.26

$

266,423

$

19,898

7.47













Interest-bearing liabilities:











Interest-bearing deposits

$

181,036

$

1,088

0.60

$

187,700

$

1,241

0.66

Securitized debt obligations

10,686

145

1.36

10,697

183

1.71

Senior and subordinated notes

16,543

299

1.81

12,440

315

2.53

Other borrowings and liabilities

12,325

47

0.38

14,670

53

0.36

Total interest-bearing liabilities

$

220,590

$

1,579

0.72

$

225,507

$

1,792

0.79

Net interest income/spread


$

17,818

6.54



$

18,106

6.68

Impact of non-interest bearing funding




0.13





0.12

Net interest margin




6.67

%




6.80

%








(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(1)



















































2014 Q4 vs.

Year Ended

2014


2014

2014

2014

2014

2013

2014

2013

2014

2013

vs.

(Dollars in millions) (unaudited)

Q4

Q3

Q2

Q1

Q4

Q3

Q4


2013

Period-end Loans Held For Investment



















Credit card:



















Domestic credit card

$

77,704

$

73,143

$

71,165

$

68,275

$

73,255

6

%

6

%

$

77,704

$

73,255

6

%

International credit card

8,172

7,488

7,853

7,575

8,050

9

2

8,172

8,050

2

Total credit card

85,876

80,631

79,018

75,850

81,305

7

6

85,876

81,305

6

Consumer banking:




















Auto

37,824

36,254

34,792

33,080

31,857

4

19

37,824

31,857

19

Home loan

30,035

31,203

32,644

34,035

35,282

(4)

(15)

30,035

35,282

(15)

Retail banking

3,580

3,604

3,626

3,612

3,623

(1)

(1)

3,580

3,623

(1)

Total consumer banking

71,439

71,061

71,062

70,727

70,762

1

1

71,439

70,762

1

Commercial banking:




















Commercial and multifamily real estate

23,137

22,895

22,040

21,256

20,750

1

12

23,137

20,750

12

Commercial and industrial

26,972

26,071

25,402

24,064

23,309

3

16

26,972

23,309

16

Total commercial lending

50,109

48,966

47,442

45,320

44,059

2

14

50,109

44,059

14

Small-ticket commercial real estate

781

822

879

910

952

(5)

(18)

781

952

(18)

Total commercial banking(2)

50,890

49,788

48,321

46,230

45,011

2

13

50,890

45,011

13

Other loans

111

112

127

134

121

(1)

(8)

111

121

(8)

Total loans held for investment(2)

$

208,316

$

201,592

$

198,528

$

192,941

$

197,199

3

6

$

208,316

$

197,199

6

Average Loans Held For Investment




















Credit card:




















Domestic credit card

$

74,026

$

71,784

$

69,376

$

69,810

$

70,368

3

%

5

%

$

71,262

$

71,234

—

%

International credit card

7,714

7,710

7,621

7,692

7,899

—

(2)

7,684

7,973

(4)

Total credit card

81,740

79,494

76,997

77,502

78,267

3

4

78,946

79,207

—

Consumer banking:




















Auto

37,072

35,584

33,972

32,387

31,424

4

18

34,769

29,446

18

Home loan

30,604

31,859

33,299

34,646

35,974

(4)

(15)

32,589

39,322

(17)

Retail banking

3,578

3,605

3,613

3,630

3,635

(1)

(2)

3,606

3,699

(3)

Total consumer banking

71,254

71,048

70,884

70,663

71,033

—

—

70,964

72,467

(2)

Commercial banking:




















Commercial and multifamily real estate

23,129

22,409

21,484

20,962

19,928

3

16

22,003

18,636

18

Commercial and industrial

26,409

25,512

24,611

23,541

22,445

4

18

25,028

21,062

19

Total commercial lending

49,538

47,921

46,095

44,503

42,373

3

17

47,031

39,698

18

Small-ticket commercial real estate

801

845

896

932

986

(5)

(19)

868

1,073

(19)

Total commercial banking

50,339

48,766

46,991

45,435

43,359

3

16

47,899

40,771

17

Other loans

103

114

124

122

154

(10)

(33)

116

169

(31)

Total average loans held for investment

$

203,436

$

199,422

$

194,996

$

193,722

$

192,813

2

6

$

197,925

$

192,614

3

Net Charge-off Rates

























Credit card:

























Domestic credit card

3.39

%

2.83

%

3.52

%

4.01

%

3.89

%

56

bps

(50)

bps

3.43

%

4.08

%

(65)

bps

International credit card

3.34


3.32


3.93


4.17


4.74

2

(140)


3.69

4.78

(109)

Total credit card

3.38


2.88


3.56


4.02


3.98

50

(60)


3.46

4.15

(69)

Consumer banking:

























Auto

2.14


1.98


1.31


1.66


2.30

16

(16)


1.78

1.85

(7)

Home loan

0.07


0.02


0.05


0.06


0.03

5

4


0.05

0.04

1

Retail banking

1.28


1.36


0.70


0.95


1.09

(8)

19


1.07

1.46

(39)

Total consumer banking

1.20


1.07


0.69


0.84


1.09

13

11


0.95

0.85

10

Commercial banking:

























Commercial and multifamily real estate

0.01


(0.10)


—


0.01


(0.11)

11

12


(0.02)

(0.04)

2

Commercial and industrial

0.10


(0.01)


0.04


0.03


0.04

11

6


0.04

0.07

(3)

Total commercial lending

0.06


(0.05)


0.02


0.02


(0.03)

11

9


0.01

0.02

(1)

Small-ticket commercial real estate

0.80


(0.01)


0.61


0.67


(0.81)

81

161


0.52

0.62

(10)

Total commercial banking

0.07


(0.05)


0.03


0.04


(0.05)

12

12


0.02

0.03

(1)

Other loans

0.47


(0.61)


2.18


(0.68)


4.68

108

(421)


0.36

11.34

**

Total net charge-offs

1.80


1.52


1.67


1.92


2.01

28

(21)


1.72

2.04

(32)

30+ Day Performing Delinquency Rates

























Credit card:

























Domestic credit card

3.27

%

3.21

%

2.83

%

3.02

%

3.43

%

6

bps

(16)

bps

3.27

%

3.43

%

(16)

bps

International credit card

2.94


3.34


3.40


3.59


3.71

(40)

(77)


2.94

3.71

(77)

Total credit card

3.24


3.22


2.89


3.08


3.46

2

(22)


3.24

3.46

(22)

Consumer banking:

























Auto

6.57


6.14


5.77


5.29


6.85

43

(28)


6.57

6.85

(28)

Home loan

0.21


0.14


0.13


0.12


0.16

7

5


0.21

0.16

5

Retail banking

0.64


0.53


0.48


0.74


0.69

11

(5)


0.64

0.69

(5)

Total consumer banking

3.60


3.22


2.91


2.57


3.20

38

40


3.60

3.20

40

Nonperforming Assets Rates(3)

























Credit card:

























International credit card

0.86

%

0.98

%

1.03

%

1.07

%

1.10

%

(12)

bps

(24)

bps

0.86

%

1.10

%

(24)

bps

Total credit card

0.08


0.09


0.10


0.11


0.11

(1)

(3)


0.08

0.11

(3)

Consumer banking:

























Auto(4)

1.00


0.94


0.88


0.81


1.11

6

(11)


1.00

1.11

(11)

Home loan

1.19


1.13


1.16


1.17


1.14

6

5


1.19

1.14

5

Retail banking

0.61


0.54


0.79


1.15


1.13

7

(52)


0.61

1.13

(52)

Total consumer banking

1.06


1.01


1.01


1.00


1.12

5

(6)


1.06

1.12

(6)

Commercial banking:

























Commercial and multifamily real estate

0.27


0.29


0.32


0.31


0.29

(2)

(2)


0.27

0.29

(2)

Commercial and industrial

0.42


0.40


0.45


0.40


0.44

2

(2)


0.42

0.44

(2)

Total commercial lending

0.35


0.35


0.39


0.35


0.37

—

(2)


0.35

0.37

(2)

Small-ticket commercial real estate

0.96


0.42


1.40


0.73


0.43

54

53


0.96

0.43

53

Total commercial banking

0.36


0.35


0.41


0.36


0.37

1

(1)


0.36

0.37

(1)

Total nonperforming assets

0.54


0.53


0.55


0.54


0.58

1

(4)


0.54

0.58

(4)












































CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Financial Summary—Business Segments(1)











































Three Months Ended December 31, 2014

Year Ended December 31, 2014

(Dollars in millions) (unaudited)

Total

Credit

Card

Consumer Banking

Commercial Banking

Other

Total

Credit

Card

Consumer Banking

Commercial Banking

Other

Earnings:



















Net interest income

$

4,656

$

2,697

$

1,459

$

455

$

45

17,818

$

10,310

$

5,748

$

1,751

$

9

Non-interest income

1,157

841

185

132

(1)

4,472

3,311

684

450

27

Total net revenue(5)(6)

5,813

3,538

1,644

587

44

22,290

13,621

6,432

2,201

36

Provision (benefit) for credit losses

1,109

856

222

32

(1)

3,541

2,750

703

93

(5)

Non-interest expense

3,284

1,888

1,045

293

58

12,180

7,063

3,869

1,083

165

Income (loss) from continuing operations before income taxes

1,420

794

377

262

(13)

6,569

3,808

1,860

1,025

(124)

Income tax provision (benefit)

450

275

135

93

(53)

2,146

1,329

665

366

(214)

Income from continuing operations, net of tax

$

970

$

519

$

242

$

169

$

40

$

4,423

$

2,479

$

1,195

$

659

$

90























Three Months Ended September 30, 2014









(Dollars in millions) (unaudited)

Total

Credit

Card

Consumer Banking

Commercial Banking

Other









Earnings:



















Net interest income

$

4,497

$

2,627

$

1,425

$

439

$

6










Non-interest income

1,142

846

179

122

(5)










Total net revenue(5)(6)

5,639

3,473

1,604

561

1










Provision (benefit) for credit losses

993

787

198

9

(1)










Non-interest expense

2,985

1,730

956

268

31










Income (loss) from continuing operations before income taxes

1,661

956

450

284

(29)










Income tax provision (benefit)

536

332

161

102

(59)










Income from continuing operations, net of tax

$

1,125

$

624

$

289

$

182

$

30

































Three Months Ended December 31, 2013

Year Ended December 31, 2013

(Dollars in millions) (unaudited)

Total

Credit

Card

Consumer Banking

Commercial Banking

Other

Total

Credit

Card

Consumer Banking

Commercial Banking

Other

Earnings:



















Net interest income (expense)

$

4,423

$

2,576

$

1,468

$

447

$

(68)

$

18,106

$

10,967

$

5,905

$

1,674

$

(440)

Non-interest income

1,121

833

195

131

(38)

4,278

3,320

749

395

(186)

Total net revenue (loss)(5)(6)

5,544

3,409

1,663

578

(106)

22,384

14,287

6,654

2,069

(626)

Provision (benefit) for credit losses

957

751

212

(6)

—

3,453

2,824

656

(24)

(3)

Non-interest expense

3,235

1,868

1,018

281

68

12,353

7,439

3,745

958

211

Income (loss) from continuing operations before income taxes

1,352

790

433

303

(174)

6,578

4,024

2,253

1,135

(834)

Income tax provision (benefit)

477

274

154

108

(59)

2,224

1,409

802

404

(391)

Income (loss) from continuing operations, net of tax

$

875

$

516

$

279

$

195

$

(115)

$

4,354

$

2,615

$

1,451

$

731

$

(443)


CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial & Statistical Summary—Credit Card Business(1)


















































2014 Q4 vs.

Year Ended

2014


2014

2014

2014

2014

2013

2014

2013

2014

2013

vs.

(Dollars in millions) (unaudited)

Q4

Q3

Q2

Q1

Q4

Q3

Q4


2013

Credit Card



















Earnings:



















Net interest income

$

2,697

$

2,627

$

2,461

$

2,525

$

2,576

3

%

5

%

$

10,310

$

10,967

(6)

%

Non-interest income

841

846

839

785

833

(1)

1

3,311

3,320

—

Total net revenue

3,538

3,473

3,300

3,310

3,409

2

4

13,621

14,287

(5)

Provision for credit losses

856

787

549

558

751

9

14

2,750

2,824

(3)

Non-interest expense

1,888

1,730

1,719

1,726

1,868

9

1

7,063

7,439

(5)

Income from continuing operations before income taxes

794

956

1,032

1,026

790

(17)

1

3,808

4,024

(5)

Income tax provision


275

332

364

358

274

(17)

—

1,329

1,409

(6)

Income from continuing operations, net of tax

$

519

$

624

$

668

$

668

$

516

(17)

1

$

2,479

$

2,615

(5)

Selected performance metrics:



















Period-end loans held for investment

$

85,876

$

80,631

$

79,018

$

75,850

$

81,305

7

%

6

%

$

85,876

$

81,305

6

%

Average loans held for investment

81,740

79,494

76,997

77,502

78,267

3

4

78,946

79,207

—

Average yield on loans held for investment(7)(8)

14.61

%

14.65

%

14.22

%

14.43

%

14.64

%

(4)

bps

(3)

bps

14.48

%

15.37

%

(89)

bps

Total net revenue margin(9)

17.31

17.48

17.14

17.08

17.43

(17)

(12)

17.25

18.04

(79)

Net charge-off rate

3.38

2.88

3.56

4.02

3.98

50

(60)

3.46

4.15

(69)

30+ day performing delinquency rate

3.24

3.22

2.89

3.08

3.46

2

(22)

3.24

3.46

(22)

30+ day delinquency rate

3.30

3.29

2.97

3.16

3.54

1

(24)

3.30

3.54

(24)

Nonperforming loan rate

0.08

0.09

0.10

0.11

0.11

(1)

(3)

0.08

0.11

(3)

Card loan premium amortization and other intangible accretion(10)

$

11

$

18

$

31

$

37

$

39

(39)

%

(72)

%

$

97

$

198

(51)

%

PCCR intangible amortization

87

90

94

98

102

(3)

(15)

369

434

(15)

Purchase volume(11)

63,484

57,474

56,358

47,434

54,245

10

17

224,750

201,074

12

Domestic Card



















Earnings:



















Net interest income

$

2,432

$

2,361

$

2,193

$

2,255

$

2,303

3

%

6

%

$

9,241

$

9,887

(7)

%

Non-interest income

768

763

768

702

747

1

3

3,001

2,957

1

Total net revenue

3,200

3,124

2,961

2,957

3,050

2

5

12,242

12,844

(5)

Provision for credit losses

765

738

504

486

679

4

13

2,493

2,502

—

Non-interest expense

1,676

1,530

1,513

1,545

1,664

10

1

6,264

6,645

(6)

Income from continuing operations before income taxes

759

856

944

926

707

(11)

7

3,485

3,697

(6)

Income tax provision


272

306

337

331

252

(11)

8

1,246

1,316

(5)

Income from continuing operations, net of tax

$

487

$

550

$

607

$

595

$

455

(11)

7

$

2,239

$

2,381

(6)

Selected performance metrics:



















Period-end loans held for investment

$

77,704

$

73,143

$

71,165

$

68,275

$

73,255

6

%

6

%

$

77,704

$

73,255

6%

Average loans held for investment

74,026

71,784

69,376

69,810

70,368

3

5

71,262

71,234

—

Average yield on loans held for investment(7)(8)

14.43

%

14.46

%

13.95

%

14.19

%

14.44

%

(3)

bps

(1)

bps

14.26

%

15.27

%

(101)

bps

Total net revenue margin(9)

17.29

17.41

17.07

16.94

17.34

(12)

(5)

17.18

18.03

(85)

Net charge-off rate

3.39

2.83

3.52

4.01

3.89

56

(50)

3.43

4.08

(65)

30+ day performing delinquency rate

3.27

3.21

2.83

3.02

3.43

6

(16)

3.27

3.43

(16)

30+ day delinquency rate

3.27

3.21

2.83

3.02

3.43

6

(16)

3.27

3.43

(16)

Purchase volume(11)

$

58,234

$

53,690

$

52,653

$

44,139

$

50,377

8

%

16

%

$

208,716

$

186,901

12%

International Card



















Earnings:



















Net interest income

$

265

$

266

$

268

$

270

$

273

—

(3)

%

$

1,069

$

1,080

(1)

%

Non-interest income

73

83

71

83

86

(12)

(15)

310

363

(15)

Total net revenue

338

349

339

353

359

(3)

(6)

1,379

1,443

(4)

Provision for credit losses

91

49

45

72

72

86

26

257

322

(20)

Non-interest expense

212

200

206

181

204

6

4

799

794

1

Income from continuing operations before income taxes

35

100

88

100

83

(65)

(58)

323

327

(1)

Income tax provision


3

26

27

27

22

(88)

(86)

83

93

(11)

Income from continuing operations, net of tax

$

32

$

74

$

61

$

73

$

61

(57)

(48)

$

240

$

234

3

Selected performance metrics:



















Period-end loans held for investment

$

8,172

$

7,488

$

7,853

$

7,575

$

8,050

9

%

2

%

$

8,172

$

8,050

2

%

Average loans held for investment

7,714

7,710

7,621

7,692

7,899

—

(2)

7,684

7,973

(4)

Average yield on loans held for investment(8)

16.31

%

16.42

%

16.74

%

16.64

%

16.48

%

(11)

bps

(17)

bps

16.53

%

16.24

%

29

bps

Total net revenue margin

17.55

18.13

17.76

18.38

18.20

(58)

(65)

17.95

18.10

(15)

Net charge-off rate

3.34

3.32

3.93

4.17

4.74

2

(140)

3.69

4.78

(109)

30+ day performing delinquency rate

2.94

3.34

3.40

3.59

3.71

(40)

(77)

2.94

3.71

(77)

30+ day delinquency rate

3.60

4.08

4.20

4.41

4.56

(48)

(96)

3.60

4.56

(96)

Nonperforming loan rate

0.86

0.98

1.03

1.07

1.10

(12)

(24)

0.86

1.10

(24)

Purchase volume(11)

$

5,250

$

3,784

$

3,705

$

3,295

$

3,868

39%

36

%

$

16,034

$

14,173

13

%







































CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Consumer Banking Business(1)



















































2014 Q4 vs.

Year Ended

2014


2014

2014

2014

2014

2013

2014

2013

2014

2013

vs.

(Dollars in millions) (unaudited)

Q4

Q3

Q2

Q1

Q4

Q3

Q4


2013

C