Electrameccanica Vehicles Corp
Change company Symbol lookup
Select an option...
SOLO Electrameccanica Vehicles Corp
BRPA Big Rock Partners Acquisition Corp
NGA Northern Genesis Acquisition Corp
EDIT Editas Medicine Inc
RIOT Riot Blockchain Inc
MARA Marathon Patent Group Inc
HOLX Hologic Inc
CRM Salesforce.Com Inc
AMZN Amazon.com Inc
FB Facebook Inc
Go

Consumer Discretionary : Automobiles | Small Cap Growth
Based in Canada
Company profile

Electrameccanica Vehicles Corp is a Canada-based company engaged in automobiles and multi-utility vehicles business sector. The Company is dedicated to the design and manufacture of electric vehicles. The Company operates in two reportable business segments in Canada, Electric Vehicles and Custom build vehicles. Electric Vehicles segment includes development and manufacture of electric vehicles for mass markets. Custom build vehicles segment includes development and manufacture of high-end custom built vehicles. The Company has designed and built all-electric SOLO, a single-seater electric vehicle. It has also designed the Tofino, electric two seater roadster set.

Closing Price
$7.55
Day's Change
-0.36 (-4.55%)
Bid
--
Ask
--
B/A Size
--
Day's High
8.49
Day's Low
7.46
Volume
(Average)
Volume:
19,128,109

10-day average volume:
20,726,524
19,128,109

Capital One Reports Third Quarter 2020 Net Income of $2.4 billion, or $5.06 per share

4:05 pm ET October 22, 2020 (PR Newswire) Print

Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2020 of $2.4 billion, or $5.06 per diluted common share, compared with a net loss of $918 million, or $2.21 per diluted common share in the second quarter of 2020, and with net income of $1.3 billion, or $2.69 per diluted common share in the third quarter of 2019. Excluding adjusting items, net income for the third quarter of 2020 was $5.05 per diluted common share(1).

https://mma.prnewswire.com/media/1177534/Capital_One_Logo.jpg

"Capital One posted strong third quarter results. We are leaning in to resilience and we continue to be well served by the choices we made before the pandemic," said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "Our investments to transform our technology are powering our response to the downturn, and positioning us for the acceleration of digital change driven by the pandemic."

Adjusting items in the third quarter of 2020, which are excluded from diluted earnings per share (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):

(Dollars in millions, except per share data)                                           Pre-Tax          Diluted EPS
                                                                                       Impact           Impact
U.K. Payment Protection Insurance customer refund reserve release ("U.K. PPI Reserve") $       36       $       0.08
Legal reserve builds                                                                   (40)             (0.06)
Cybersecurity Incident expenses, net of insurance                                      (6)              (0.01)
The quarter included the following notable items:
(Dollars in millions, except per share data)                                           Pre-Tax          Diluted EPS
                                                                                       Impact           Impact
Equity investment gain                                                                 $       470      $       0.79
Allowance release associated with partnership loans moving to held-for-sale            327              0.54

All comparisons below are for the third quarter of 2020 compared with the second quarter of 2020 unless otherwise noted.

Third Quarter 2020 Income Statement Summary:

-- Total net revenue increased 13 percent to $7.4 billion.

-- Total non-interest expense decreased 6 percent to $3.5 billion:

-- 4 percent increase in marketing.

-- 7 percent decrease in operating expenses.

-- Pre-provision earnings increased 38 percent to $3.8 billion(2).

-- Provision for credit losses decreased 92 percent to $331 million:

-- Net charge-offs of $1.1 billion.

-- $742 million reserve release.

-- Net interest margin of 5.68 percent, decreased 10 basis points.

-- Efficiency ratio of 48.07 percent.

-- Efficiency ratio excluding adjusting items of 47.68 percent(1).

-- Operating efficiency ratio of 44.24 percent.

-- Operating efficiency ratio excluding adjusting items of 43.83 percent(1).

Third Quarter 2020 Balance Sheet Summary:

-- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0 percent at September 30, 2020.

-- Period-end loans held for investment in the quarter decreased $3.3 billion, or 1 percent, to $248.2 billion.

-- Credit Card period-end loans decreased $3.7 billion, or 3 percent, to $103.6 billion.

-- Domestic Card period-end loans decreased $3.8 billion, or 4 percent, to $95.5 billion.

-- Consumer Banking period-end loans increased $2.0 billion, or 3 percent, to $68.7 billion.

-- Auto period-end loans increased $2.1 billion, or 3 percent, to $65.4 billion.

-- Commercial Banking period-end loans decreased $1.6 billion, or 2 percent, to $75.9 billion.

-- Average loans held for investment in the quarter decreased $3.8 billion, or 2 percent, to $249.5 billion.

-- Credit Card average loans decreased $3.4 billion, or 3 percent, to $105.4 billion.

-- Domestic Card average loans decreased $3.7 billion, or 4 percent, to $97.3 billion.

-- Consumer Banking average loans increased $3.0 billion, or 5 percent, to $67.8 billion.

-- Auto average loans increased $2.7 billion, or 4 percent, to $64.5 billion.

-- Commercial Banking average loans decreased $3.4 billion, or 4 percent, to $76.3 billion.

-- Period-end total deposits increased $1.5 billion, or less than 1 percent, to $305.7 billion, while average deposits increased $17.2 billion, or 6 percent, to $305.5 billion.

-- Interest-bearing deposits rate paid decreased 25 basis points to 0.69 percent.

(1) Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.
(2) Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 22, 2020 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). Under "About," 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 November 5, 2020 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, 2019.

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 $305.7 billion in deposits and $421.9 billion in total assets as of September 30, 2020. 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(1)(2)
Third Quarter 2020
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                                                                                                                                                                  7
                   Table 5:                                                                                                                                                                                     Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1--4)                                                                                             10
                   Table 6:                                                                                                                                                                                     Average Balances, Net Interest Income and Net Interest Margin                                                                                                                                11
                   Table 7:                                                                                                                                                                                     Loan Information and Performance Statistics                                                                                                                                                  12
                   Table 8:                                                                                                                                                                                     Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity                                                                                                            15
Business Segment Results
                   Table 9:                                                                                                                                                                                     Financial Summary--Business Segment Results                                                                                                                                                  17
                   Table 10:                                                                                                                                                                                    Financial & Statistical Summary--Credit Card Business                                                                                                                                        18
                   Table 11:                                                                                                                                                                                    Financial & Statistical Summary--Consumer Banking Business                                                                                                                                   20
                   Table 12:                                                                                                                                                                                    Financial & Statistical Summary--Commercial Banking Business                                                                                                                                 21
                   Table 13:                                                                                                                                                                                    Financial & Statistical Summary--Other and Total                                                                                                                                             22
Other
                   Table 14:                                                                                                                                                                                    Notes to Loan, Allowance and Business Segment Disclosures (Tables 7--13)                                                                                                                     23
                   Table 15:                                                                                                                                                                                    Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures                                                                                                           24
__________
(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 Quarterly Report on Form 10-Q for the period ended September 30, 2020 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 generally accepted accounting principles 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
                                                                                                                                                     2020 Q3 vs.       Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)                      2020          2020          2020          2019          2019          2020     2019                                 2020 vs.
                                                                               Q3            Q2            Q1            Q4            Q3            Q2       Q3       2020          2019          2019
Income Statement
Net interest income                                                            $   5,555     $   5,460     $   6,025     $   6,066     $   5,737     2    %   (3)  %   $   17,040    $   17,274    (1)  %
Non-interest income                                                            1,826         1,096         1,224         1,361         1,222         67       49       4,146         3,892         7
Total net revenue(1)                                                           7,381         6,556         7,249         7,427         6,959         13       6        21,186        21,166        --
Provision for credit losses                                                    331           4,246         5,423         1,818         1,383         (92)     (76)     10,000        4,418         126
Non-interest expense:
Marketing                                                                      283           273           491           710           501           4        (44)     1,047         1,564         (33)
Operating expense                                                              3,265         3,497         3,238         3,451         3,371         (7)      (3)      10,000        9,758         2
Total non-interest expense                                                     3,548         3,770         3,729         4,161         3,872         (6)      (8)      11,047        11,322        (2)
Income (loss) from continuing operations before income taxes                   3,502         (1,460)       (1,903)       1,448         1,704         **       106      139           5,426         (97)
Income tax provision (benefit)                                                 1,096         (543)         (563)         270           375           **       192      (10)          1,071         **
Income (loss) from continuing operations, net of tax                           2,406         (917)         (1,340)       1,178         1,329         **       81       149           4,355         (97)
Income (loss) from discontinued operations, net of tax                         --            (1)           --            (2)           4             **       **       (1)           15            **
Net income (loss)                                                              2,406         (918)         (1,340)       1,176         1,333         **       80       148           4,370         (97)
Dividends and undistributed earnings allocated to participating securities(2)  (20)          (1)           (3)           (7)           (10)          **       100      (5)           (34)          (85)
Preferred stock dividends                                                      (67)          (90)          (55)          (97)          (53)          (26)     26       (212)         (185)         15
Issuance cost for redeemed preferred stock(3)                                  --            --            (22)          (31)          --            --       --       (22)          --            **
Net income (loss) available to common stockholders                             $   2,319     $   (1,009)   $   (1,420)   $   1,041     $   1,270     **       83       $   (91)      $   4,151     **
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations                                   $   5.07      $   (2.21)    $   (3.10)    $   2.26      $   2.70      **       88   %   $   (0.20)    $   8.80      **
Income from discontinued operations                                            --            --            --            --            0.01          --       **       --            0.03          **
Net income (loss) per basic common share                                       $   5.07      $   (2.21)    $   (3.10)    $   2.26      $   2.71      **       87       $   (0.20)    $   8.83      **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations                                   $   5.06      $   (2.21)    $   (3.10)    $   2.25      $   2.68      **       89       $   (0.20)    $   8.76      **
Income from discontinued operations                                            --            --            --            --            0.01          --       **       --            0.03          **
Net income (loss) per diluted common share                                     $   5.06      $   (2.21)    $   (3.10)    $   2.25      $   2.69      **       88       $   (0.20)    $   8.79      **
Weighted-average common shares outstanding (in millions):
Basic                                                                          457.8         456.7         457.6         460.9         469.5         --       (2)      457.4         469.9         (3)  %
Diluted                                                                        458.5         456.7         457.6         463.4         471.8         --       (3)      457.4         472.1         (3)
Common shares outstanding (period-end, in millions)                            457.4         456.3         455.3         456.6         465.7         --       (2)      457.4         465.7         (2)
Dividends declared and paid per common share                                   $   0.10      $   0.40      $   0.40      $   0.40      $   0.40      (75) %   (75)     $   0.90      $   1.20      (25)
Tangible book value per common share (period-end)(4)                           83.67         78.82         80.68         83.72         80.46         6        4        83.67         80.46         4
                                                                                                                                                     2020 Q3 vs.       Nine Months Ended September 30,
(Dollars in millions)                                                          2020          2020          2020          2019          2019          2020     2019                                 2020 vs.
                                                                               Q3            Q2            Q1            Q4            Q3            Q2       Q3       2020          2019          2019
Balance Sheet (Period-End)
Loans held for investment                                                      $   248,223   $   251,512   $   262,990   $   265,809   $   249,355   (1)  %   --       $   248,223   $   249,355   --
Interest-earning assets                                                        390,040       389,829       364,472       355,202       344,643       --       13   %   390,040       344,643       13   %
Total assets                                                                   421,883       421,296       396,878       390,365       378,810       --       11       421,883       378,810       11
Interest-bearing deposits                                                      276,092       275,183       245,142       239,209       234,084       --       18       276,092       234,084       18
Total deposits                                                                 305,725       304,238       269,689       262,697       257,148       --       19       305,725       257,148       19
Borrowings                                                                     42,795        44,900        55,681        55,697        50,149        (5)      (15)     42,795        50,149        (15)
Common equity                                                                  53,093        50,835        51,620        53,157        52,412        4        1        53,093        52,412        1
Total stockholders' equity                                                     58,424        56,045        56,830        58,011        58,235        4        --       58,424        58,235        --
Balance Sheet (Average Balances)
Loans held for investment                                                      $   249,511   $   253,358   $   262,889   $   258,870   $   246,147   (2)  %   1    %   $   255,232   $   243,602   5    %
Interest-earning assets                                                        391,451       378,145       355,347       349,150       340,949       4        15       375,041       338,936       11
Total assets                                                                   422,854       411,075       390,380       383,162       374,905       3        13       408,233       372,148       10
Interest-bearing deposits                                                      276,339       261,256       241,115       236,250       232,063       6        19       259,631       230,045       13
Total deposits                                                                 305,516       288,344       264,653       260,040       255,082       6        20       286,242       253,389       13
Borrowings                                                                     44,161        49,827        51,795        51,442        49,413        (11)     (11)     48,577        50,804        (4)
Common equity                                                                  51,995        52,413        53,186        52,641        52,566        (1)      (1)      52,529        50,393        4
Total stockholders' equity                                                     57,223        57,623        58,568        58,148        57,245        (1)      --       57,802        54,861        5
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics--Consolidated
                                                                                                                                 2020 Q3 vs.          Nine Months Ended September 30,
(Dollars in millions, except as noted)                          2020         2020          2020          2019        2019        2020      2019                                      2020 vs.
                                                                Q3           Q2            Q1            Q4          Q3          Q2        Q3         2020            2019           2019
Performance Metrics
Net interest income growth (period over period)                 2         %  (9)        %  (1)        %  6        %  --          **        **         (1)        %    1         %    **
Non-interest income growth (period over period)                 67           (10)          (10)          11          (11)     %  **        **         7               (3)            **
Total net revenue growth (period over period)                   13           (10)          (2)           7           (2)         **        **         --              --             **
Total net revenue margin(5)                                     7.54         6.93          8.16          8.51        8.16        61   bps  (62)  bps  7.53            8.33           (80)  bps
Net interest margin(6)                                          5.68         5.78          6.78          6.95        6.73        (10)      (105)      6.06            6.80           (74)
Return on average assets                                        2.28         (0.89)        (1.37)        1.23        1.42        317       86         0.05            1.56           (151)
Return on average tangible assets(7)                            2.36         (0.93)        (1.43)        1.28        1.48        329       88         0.05            1.63           (158)
Return on average common equity(8)                              17.84        (7.69)        (10.68)       7.93        9.63        **        8     %    (0.23)          10.94          **
Return on average tangible common equity(9)                     24.98        (10.74)       (14.85)       11.07       13.45       **        12         (0.32)          15.54          **
Non-interest expense as a percentage of average loans held for  5.69         5.95          5.67          6.43        6.29        (26)      (60)  bps  5.77            6.20           (43)
investment
Efficiency ratio(10)                                            48.07        57.50         51.44         56.03       55.64       (9)  %    (8)   %    52.14           53.49          (135)
Operating efficiency ratio(11)                                  44.24        53.34         44.67         46.47       48.44       (9)       (4)        47.20           46.10          110
Effective income tax rate for continuing operations             31.3         37.2          29.6          18.6        22.0        (6)       9          (7.2)           19.7           (27)  %
Employees (period-end, in thousands)                            52.5         53.1          52.1          51.9        52.1        (1)       1          52.5            52.1           1
Credit Quality Metrics
Allowance for credit losses                                     $  16,129    $   16,832    $   14,073    $  7,208    $  7,037    (4)  %    129   %    $   16,129      $   7,037      129   %
Allowance coverage ratio                                        6.50      %  6.69       %  5.35       %  2.71     %  2.82     %  (19) bps  368   bps  6.50       %    2.82      %    368   bps
Net charge-offs                                                 $  1,073     $   1,505     $   1,791     $  1,683    $  1,462    (29) %    (27)  %    $   4,369       $   4,569      (4)   %
Net charge-off rate(12)                                         1.72      %  2.38       %  2.72       %  2.60     %  2.38     %  (66) bps  (66)  bps  2.28       %    2.50      %    (22)  bps
30+ day performing delinquency rate(13)                         1.97         2.09          2.95          3.51        3.28        (12)      (131)      1.97            3.28           (131)
30+ day delinquency rate(13)                                    2.22         2.30          3.16          3.74        3.51        (8)       (129)      2.22            3.51           (129)
Capital Ratios(14)
Common equity Tier 1 capital                                    13.0      %  12.4       %  12.0       %  12.2     %  12.5     %  60   bps  50    bps  13.0       %    12.5      %    50    bps
Tier 1 capital                                                  14.8         14.2          13.7          13.7        14.4        60        40         14.8            14.4           40
Total capital                                                   17.3         16.7          16.1          16.1        16.8        60        50         17.3            16.8           50
Tier 1 leverage                                                 10.6         10.3          11.0          11.7        11.9        30        (130)      10.6            11.9           (130)
Tangible common equity ("TCE")(15)                              9.4          8.8           9.6           10.2        10.3        60        (90)       9.4             10.3           (90)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
                                                                                                                                            2020 Q3 vs.       Nine Months Ended September 30,
                                                                               2020       2020          2020          2019       2019       2020     2019                               2020 vs.
(Dollars in millions, except per share data and as noted)                      Q3         Q2            Q1            Q4         Q3         Q2       Q3       2020         2019         2019
Interest income:
Loans, including loans held for sale                                           $  5,758   $   5,820     $   6,542     $  6,682   $  6,429   (1)  %   (10) %   $   18,120   $   19,180   (6)  %
Investment securities                                                          443        482           530           544        583        (8)      (24)     1,455        1,867        (22)
Other                                                                          14         16            37            44         63         (13)     (78)     67           196          (66)
Total interest income                                                          6,215      6,318         7,109         7,270      7,075      (2)      (12)     19,642       21,243       (8)
Interest expense:
Deposits                                                                       476        611           731           832        901        (22)     (47)     1,818        2,588        (30)
Securitized debt obligations                                                   43         56            99            118        123        (23)     (65)     198          405          (51)
Senior and subordinated notes                                                  132        180           239           236        299        (27)     (56)     551          923          (40)
Other borrowings                                                               9          11            15            18         15         (18)     (40)     35           53           (34)
Total interest expense                                                         660        858           1,084         1,204      1,338      (23)     (51)     2,602        3,969        (34)
Net interest income                                                            5,555      5,460         6,025         6,066      5,737      2        (3)      17,040       17,274       (1)
Provision for credit losses                                                    331        4,246         5,423         1,818      1,383      (92)     (76)     10,000       4,418        126
Net interest income after provision for credit losses                          5,224      1,214         602           4,248      4,354      **       20       7,040        12,856       (45)
Non-interest income:
Interchange fees, net                                                          775        672           752           811        790        15       (2)      2,199        2,368        (7)
Service charges and other customer-related fees                                320        258           327           342        283        24       13       905          988          (8)
Net securities gains (losses)                                                  25         --            --            (18)       5          **       **       25           44           (43)
Other                                                                          706        166           145           226        144        **       **       1,017        492          107
Total non-interest income                                                      1,826      1,096         1,224         1,361      1,222      67       49       4,146        3,892        7
Non-interest expense:
Salaries and associate benefits                                                1,719      1,704         1,627         1,652      1,605      1        7        5,050        4,736        7
Occupancy and equipment                                                        506        523           517           565        519        (3)      (3)      1,546        1,533        1
Marketing                                                                      283        273           491           710        501        4        (44)     1,047        1,564        (33)
Professional services                                                          327        304           287           318        314        8        4        918          919          --
Communications and data processing                                             310        308           302           346        312        1        (1)      920          944          (3)
Amortization of intangibles                                                    14         16            22            28         25         (13)     (44)     52           84           (38)
Other(16)                                                                      389        642           483           542        596        (39)     (35)     1,514        1,542        (2)
Total non-interest expense                                                     3,548      3,770         3,729         4,161      3,872      (6)      (8)      11,047       11,322       (2)
Income (loss) from continuing operations before income taxes                   3,502      (1,460)       (1,903)       1,448      1,704      **       106      139          5,426        (97)
Income tax provision (benefit)                                                 1,096      (543)         (563)         270        375        **       192      (10)         1,071        **
Income (loss) from continuing operations, net of tax                           2,406      (917)         (1,340)       1,178      1,329      **       81       149          4,355        (97)
Income (loss) from discontinued operations, net of tax                         --         (1)           --            (2)        4          **       **       (1)          15           **
Net income (loss)                                                              2,406      (918)         (1,340)       1,176      1,333      **       80       148          4,370        (97)
Dividends and undistributed earnings allocated to participating securities(2)  (20)       (1)           (3)           (7)        (10)       **       100      (5)          (34)         (85)
Preferred stock dividends                                                      (67)       (90)          (55)          (97)       (53)       (26)     26       (212)        (185)        15
Issuance cost for redeemed preferred stock(3)                                  --         --            (22)          (31)       --         --       --       (22)         --           **
Net income (loss) available to common stockholders                             $  2,319   $   (1,009)   $   (1,420)   $  1,041   $  1,270   **       83       $   (91)     $   4,151    **
                                                                                                                                            2020 Q3 vs.       Nine Months Ended September 30,
                                                                               2020       2020          2020          2019       2019       2020     2019                               2020 vs.
(Dollars in millions, except per share data and as noted)                      Q3         Q2            Q1            Q4         Q3         Q2       Q3       2020         2019         2019
Basic earnings per common share:(2)
Net income (loss) from continuing operations                                   $  5.07    $   (2.21)    $   (3.10)    $  2.26    $  2.70    **       88   %   $   (0.20)   $   8.80     **
Income from discontinued operations                                            --         --            --            --         0.01       --       **       --           0.03         **
Net income (loss) per basic common share                                       $  5.07    $   (2.21)    $   (3.10)    $  2.26    $  2.71    **       87       $   (0.20)   $   8.83     **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations                                   $  5.06    $   (2.21)    $   (3.10)    $  2.25    $  2.68    **       89       $   (0.20)   $   8.76     **
Income from discontinued operations                                            --         --            --            --         0.01       --       **       --           0.03         **
Net income (loss) per diluted common share                                     $  5.06    $   (2.21)    $   (3.10)    $  2.25    $  2.69    **       88       $   (0.20)   $   8.79     **
Weighted-average common shares outstanding (in millions):
Basic common shares                                                            457.8      456.7         457.6         460.9      469.5      --       (2)      457.4        469.9        (3)  %
Diluted common shares                                                          458.5      456.7         457.6         463.4      471.8      --       (3)      457.4        472.1        (3)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
                                                                                                                                                                 2020 Q3 vs.
                                                                                      2020           2020           2020           2019           2019           2020     2019
(Dollars in millions)                                                                 Q3             Q2             Q1             Q4             Q3             Q2       Q3
Assets:
Cash and cash equivalents:
Cash and due from banks                                                               $    4,267     $    4,583     $    4,545     $    4,129     $    4,452     (7)  %   (4)  %
Interest-bearing deposits and other short-term investments                            39,839         51,235         20,391         9,278          12,668         (22)     **
Total cash and cash equivalents                                                       44,106         55,818         24,936         13,407         17,120         (21)     158
Restricted cash for securitization investors                                          895            740            364            342            417            21       115
Investment securities:
Securities available for sale                                                         99,853         87,859         81,423         79,213         46,168         14       116
Securities held to maturity                                                           --             --             --             --             33,894         --       **
Total investment securities                                                           99,853         87,859         81,423         79,213         80,062         14       25
Loans held for investment:
Unsecuritized loans held for investment                                               217,878        222,310        231,318        231,992        215,892        (2)      1
Loans held in consolidated trusts                                                     30,345         29,202         31,672         33,817         33,463         4        (9)
Total loans held for investment                                                       248,223        251,512        262,990        265,809        249,355        (1)      --
Allowance for credit losses                                                           (16,129)       (16,832)       (14,073)       (7,208)        (7,037)        (4)      129
Net loans held for investment                                                         232,094        234,680        248,917        258,601        242,318        (1)      (4)
Loans held for sale                                                                   3,433          711            1,056          400            1,245          **       176
Premises and equipment, net                                                           4,333          4,324          4,336          4,378          4,311          --       1
Interest receivable                                                                   1,551          1,574          1,687          1,758          1,627          (1)      (5)
Goodwill                                                                              14,648         14,645         14,645         14,653         14,624         --       --
Other assets                                                                          20,970         20,945         19,514         17,613         17,086         --       23
Total assets                                                                          $    421,883   $    421,296   $    396,878   $    390,365   $    378,810   --       11
                                                                                                                                                                 2020 Q3 vs.
                                                                                      2020           2020           2020           2019           2019           2020     2019
(Dollars in millions)                                                                 Q3             Q2             Q1             Q4             Q3             Q2       Q3
Liabilities:
Interest payable                                                                      $    332       $    380       $    359       $    439       $    370       (13) %   (10) %
Deposits:
Non-interest-bearing deposits                                                         29,633         29,055         24,547         23,488         23,064         2        28
Interest-bearing deposits                                                             276,092        275,183        245,142        239,209        234,084        --       18
Total deposits                                                                        305,725        304,238        269,689        262,697        257,148        --       19
Securitized debt obligations                                                          13,566         15,761         17,141         17,808         18,910         (14)     (28)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase  702            573            399            314            464            23       51
Senior and subordinated notes                                                         28,448         28,481         32,049         30,472         30,682         --       (7)
Other borrowings                                                                      79             85             6,092          7,103          93             (7)      (15)
Total other debt                                                                      29,229         29,139         38,540         37,889         31,239         --       (6)
Other liabilities                                                                     14,607         15,733         14,319         13,521         12,908         (7)      13
Total liabilities                                                                     363,459        365,251        340,048        332,354        320,575        --       13
Stockholders' equity:
Preferred stock                                                                       0              0              0              0              0              --       --
Common stock                                                                          7              7              7              7              7              --       --
Additional paid-in capital, net                                                       33,793         33,556         33,450         32,980         33,826         1        --
Retained earnings                                                                     37,653         35,361         36,552         40,340         39,476         6        (5)
Accumulated other comprehensive income                                                3,833          3,981          3,679          1,156          453            (4)      **
Treasury stock, at cost                                                               (16,862)       (16,860)       (16,858)       (16,472)       (15,527)       --       9
Total stockholders' equity                                                            58,424         56,045         56,830         58,011         58,235         4        --
Total liabilities and stockholders' equity                                            $    421,883   $    421,296   $    396,878   $    390,365   $    378,810   --       11
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 $235 million in Q3 2020, $318 million in Q2 2020 and $389 million in Q1 2020 for credit card finance charges and fees charged-off as uncollectible, and by $365 million in Q4 2019 and $330 million in Q3 2019 for the estimated uncollectible amount of credit card finance charges and fees and related losses.
(2)                                                  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. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
(3)                                                  On March 2, 2020, we redeemed all outstanding shares of our fixed rate 6.00% non-cumulative perpetual preferred stock Series B. The redemption increased our net loss available to common shareholders by $22 million in Q1 2020. On December 2, 2019, we redeemed all outstanding shares of our fixed rate 6.25% non-cumulative perpetual preferred stock Series C and fixed rate 6.70% non-cumulative perpetual preferred stock Series D. The redemption reduced our net income available to common shareholders by $31 million in Q4 2019.
(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: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
(5)                                                  Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(6)                                                  Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(7)                                                  Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
(8)                                                  Return on average common equity is calculated based on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(9)                                                  Return on average tangible common equity ("ROTCE") is a non-GAAP measure calculated based on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average tangible common equity ("TCE"). Our calculation of return on average TCE may not be comparable to similarly-titled measures reported by other companies. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
(10)                                                 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: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
(11)                                                 Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP 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)                                                 Metrics for Q3 2020, Q2 2020 and Q1 2020 include the impact of COVID-19 customer assistance programs where applicable.
(14)                                                 Capital ratios as of the end of Q3 2020 are preliminary and therefore subject to change. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for information on the calculation of each of these ratios.
(15)                                                 TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
(16)                                                 Includes net Cybersecurity Incident expenses of $6 million in Q3 2020, $11 million in Q2 2020, $4 million in Q1 2020, $16 million in Q4 2019 and $22 million in Q3 2019, respectively.
**                                                   Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
                                        2020 Q3                                2020 Q2                                   2019 Q3
                                        Average       Interest    Yield/Rate   Average        Interest      Yield/Rate   Average        Interest      Yield/Rate
                                        Balance       Income/                  Balance        Income/                    Balance        Income/
                                                      Expense                                 Expense                                   Expense
(Dollars in millions, except as noted)
Interest-earning assets:
Loans, including loans held for sale    $   250,525   $   5,758   9.19  %      $  254,402     $  5,820      9.15%        $  247,419     $  6,429      10.39 %
Investment securities                   91,777        443         1.93         81,095         482           2.38         80,762         583           2.88
Cash equivalents and other              49,149        14          0.11         42,648         16            0.15         12,768         63            2.00
Total interest-earning assets           $   391,451   $   6,215   6.35         $  378,145     $  6,318      6.68         $  340,949     $  7,075      8.30
Interest-bearing liabilities:
Interest-bearing deposits               $   276,339   $   476     0.69         $  261,256     $  611        0.94         $  232,063     $  901        1.55
Securitized debt obligations            15,032        43          1.14         16,432         56            1.37         16,750         123           2.94
Senior and subordinated notes           28,497        132         1.86         31,294         180           2.30         31,220         299           3.84
Other borrowings and liabilities        2,119         9           1.77         3,554          11            1.21         2,698          15            2.14
Total interest-bearing liabilities      $   321,987   $   660     0.82         $  312,536     $  858        1.10         $  282,731     $  1,338      1.89
Net interest income/spread                            $   5,555   5.53                        $  5,460      5.58                        $  5,737      6.41
Impact of non-interest-bearing funding                            0.15                                      0.20                                      0.32
Net interest margin                                               5.68  %                                   5.78%                                     6.73  %
                                                                               Nine Months Ended September 30,
                                                                               2020                                      2019
                                                                               Average        Interest      Yield/Rate   Average        Interest      Yield/Rate
                                                                               Balance        Income/                    Balance        Income/
                                                                                              Expense                                   Expense
(Dollars in millions, except as noted)
Interest-earning assets:
Loans, including loans held for sale                                           $  256,165     $  18,120     9.43%        $  244,743     $  19,180     10.45 %
Investment securities                                                          83,724         1,455         2.32         82,264         1,867         3.03
Cash equivalents and other                                                     35,152         67            0.25         11,929         196           2.19
Total interest-earning assets                                                  $  375,041     $  19,642     6.98         $  338,936     $  21,243     8.36
Interest-bearing liabilities:
Interest-bearing deposits                                                      $  259,631     $  1,818      0.93         $  230,045     $  2,588      1.50
Securitized debt obligations                                                   16,500         198           1.60         17,912         405           3.02
Senior and subordinated notes                                                  30,371         551           2.42         30,897         923           3.98
Other borrowings and liabilities                                               3,147          35            1.50         3,228          53            2.19
Total interest-bearing liabilities                                             $  309,649     $  2,602      1.12         $  282,082     $  3,969      1.88
Net interest income/spread                                                                    $  17,040     5.86                        $  17,274     6.48
Impact of non-interest-bearing funding                                                                      0.20                                      0.32
Net interest margin                                                                                         6.06%                                     6.80  %
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
                                                                                                                                      2020 Q3 vs.          Nine Months Ended September 30,
                                                          2020           2020           2020            2019           2019           2020      2019       2020             2019             2020 vs.
(Dollars in millions, except as noted)                    Q3             Q2             Q1              Q4             Q3             Q2        Q3                                           2019
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card(7)                                   $   95,541     $   99,390     $   109,549     $   118,606    $   104,664    (4)  %    (9)   %    $   95,541       $   104,664      (9)   %
International card businesses                             8,100          7,920          8,248           9,630          9,017          2         (10)       8,100            9,017            (10)
Total credit card(1)                                      103,641        107,310        117,797         128,236        113,681        (3)       (9)        103,641          113,681          (9)
Consumer banking:
Auto                                                      65,394         63,319         61,364          60,362         59,278         3         10         65,394           59,278           10
Retail banking                                            3,294          3,393          2,669           2,703          2,737          (3)       20         3,294            2,737            20
Total consumer banking                                    68,688         66,712         64,033          63,065         62,015         3         11         68,688           62,015           11
Commercial banking:
Commercial and multifamily real estate                    31,197         30,953         32,373          30,245         30,009         1         4          31,197           30,009           4
Commercial and industrial                                 44,697         46,537         48,787          44,263         43,650         (4)       2          44,697           43,650           2
Total commercial banking                                  75,894         77,490         81,160          74,508         73,659         (2)       3          75,894           73,659           3
Total loans held for investment                           $   248,223    $   251,512    $   262,990     $   265,809    $   249,355    (1)       --         $   248,223      $   249,355      --
Loans Held for Investment (Average)
Credit card:
Domestic credit card                                      $   97,306     $   100,996    $   113,711     $   112,965    $   103,426    (4)  %    (6)   %    $   103,980      $   102,677      1     %
International card businesses                             8,061          7,752          9,065           9,120          8,945          4         (10)       8,292            8,868            (6)
Total credit card(1)                                      105,367        108,748        122,776         122,085        112,371        (3)       (6)        112,272          111,545          1
Consumer banking:
Auto                                                      64,476         61,798         61,005          59,884         58,517         4         10         62,434           57,282           9
Retail banking                                            3,346          3,053          2,666           2,712          2,752          10        22         3,023            2,790            8
Total consumer banking                                    67,822         64,851         63,671          62,596         61,269         5         11         65,457           60,072           9
Commercial banking:
Commercial and multifamily real estate                    30,918         31,723         31,081          30,173         29,698         (3)       4          31,239           29,418           6
Commercial and industrial                                 45,404         48,036         45,361          44,016         42,807         (5)       6          46,264           42,474           9
Total commercial lending                                  76,322         79,759         76,442          74,189         72,505         (4)       5          77,503           71,892           8
Small-ticket commercial real estate                       --             --             --              --             2              **        **         --               93               **
Total commercial banking                                  76,322         79,759         76,442          74,189         72,507         (4)       5          77,503           71,985           8
Total average loans held for investment                   $   249,511    $   253,358    $   262,889     $   258,870    $   246,147    (2)       1          $   255,232      $   243,602      5
                                                                                                                                      2020 Q3 vs.          Nine Months Ended September 30,
                                                          2020           2020               2020        2019           2019           2020      2019       2020             2019             2020 vs.
                                                          Q3             Q2                 Q1          Q4             Q3             Q2        Q3                                           2019
Net Charge-Off Rates
Credit card:
Domestic credit card                                          3.64    %      4.53    %      4.68    %       4.32    %      4.12    %  (89) bps  (48)  bps      4.31    %        4.67    %    (36)  bps
International card businesses                                 2.89           3.47           4.65            4.22           3.78       (58)      (89)           3.71             3.54         17
Total credit card                                             3.58           4.46           4.68            4.31           4.09       (88)      (51)           4.26             4.58         (32)
Consumer banking:
Auto                                                          0.23           1.16           1.51            1.90           1.60       (93)      (137)          0.95             1.38         (43)
Retail banking                                                1.38           1.78           2.37            2.77           2.55       (40)      (117)          1.80             2.51         (71)
Total consumer banking                                        0.28           1.19           1.54            1.93           1.64       (91)      (136)          0.99             1.43         (44)
Commercial banking:
Commercial and multifamily real estate                        0.41           0.09           --              --             0.02       32        39             0.17             0.01         16
Commercial and industrial                                     0.45           0.78           0.96            0.60           0.55       (33)      (10)           0.73             0.28         45
Total commercial banking                                      0.43           0.51           0.57            0.35           0.33       (8)       10             0.50             0.17         33
Total net charge-offs                                         1.72           2.38           2.72            2.60           2.38       (66)      (66)           2.28             2.50         (22)
30+ Day Performing Delinquency Rates(2)
Credit card:
Domestic credit card                                          2.21    %      2.74    %      3.69    %       3.93    %      3.71    %  (53) bps  (150) bps      2.21    %        3.71    %    (150) bps
International card businesses                                 2.15           2.71           3.66            3.47           3.52       (56)      (137)          2.15             3.52         (137)
Total credit card                                             2.20           2.74           3.69            3.89           3.69       (54)      (149)          2.20             3.69         (149)
Consumer banking:
Auto                                                          3.76           3.28           5.29            6.88           6.47       48        (271)          3.76             6.47         (271)
Retail banking                                                0.83           0.89           1.27            1.02           1.01       (6)       (18)           0.83             1.01         (18)
Total consumer banking                                        3.62           3.16           5.12            6.63           6.23       46        (261)          3.62             6.23         (261)
Nonperforming Loans and Nonperforming Assets Rates(3)(4)
Credit card:
International card businesses                                 0.25    %      0.29    %      0.29    %       0.26    %      0.25    %  (4)  bps  --             0.25    %        0.25    %    --
Total credit card                                             0.02           0.02           0.02            0.02           0.02       --        --             0.02             0.02         --
Consumer banking:
Auto                                                          0.36           0.41           0.62            0.81           0.73       (5)       (37)  bps      0.36             0.73         (37)  bps
Retail banking                                                0.77           0.70           0.88            0.87           0.91       7         (14)           0.77             0.91         (14)
Total consumer banking                                        0.38           0.43           0.63            0.81           0.74       (5)       (36)           0.38             0.74         (36)
Commercial banking:
Commercial and multifamily real estate                        0.58           0.54           0.22            0.12           0.12       4         46             0.58             0.12         46
Commercial and industrial                                     1.31           1.06           0.87            0.93           0.95       25        36             1.31             0.95         36
Total commercial banking                                      1.01           0.85           0.61            0.60           0.61       16        40             1.01             0.61         40
Total nonperforming loans                                     0.42           0.38           0.35            0.37           0.37       4         5              0.42             0.37         5
Total nonperforming assets                                    0.44           0.39           0.37            0.39           0.40       5         4              0.44             0.40         4
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
                                                                               Three Months Ended September 30, 2020
                                                                               Credit Card                               Consumer Banking
(Dollars in millions)                                                          Domestic     International  Total Credit  Auto        Retail   Total       Commercial  Total
                                                                               Card         Card           Card                      Banking  Consumer    Banking
                                                                                            Businesses                                        Banking
Allowance for credit losses:
Balance as of June 30, 2020                                                    $   11,569   $    522       $    12,091   $   2,726   $  112   $   2,838   $   1,903   $   16,832
Charge-offs                                                                    (1,198)      (98)           (1,296)       (280)       (15)     (295)       (88)        (1,679)
Recoveries                                                                     313          40             353           244         3        247         6           606
Net charge-offs                                                                (885)        (58)           (943)         (36)        (12)     (48)        (82)        (1,073)
Provision (benefit) for credit losses                                          378          72             450           (43)        --       (43)        (51)        356
Allowance build (release) for credit losses                                    (507)        14             (493)         (79)        (12)     (91)        (133)       (717)
Other changes(5)                                                               --           14             14            --          --       --          --          14
Balance as of September 30, 2020                                               11,062       550            11,612        2,647       100      2,747       1,770       16,129
Reserve for unfunded lending commitments:
Balance as of June 30, 2020                                                    --           --             --            --          --       --          218         218
Benefit for losses on unfunded lending commitments                             --           --             --            --          --       --          (23)        (23)
Balance as of September 30, 2020                                               --           --             --            --          --       --          195         195
Combined allowance and reserve as of September 30, 2020                        $   11,062   $    550       $    11,612   $   2,647   $  100   $   2,747   $   1,965   $   16,324
                                                                               Nine Months Ended September 30, 2020
                                                                               Credit Card                               Consumer Banking
(Dollars in millions)                                                          Domestic     International  Total Credit  Auto        Retail   Total       Commercial  Total
                                                                               Card         Card           Card                      Banking  Consumer    Banking
                                                                                            Businesses                                        Banking
Allowance for credit losses:
Balance as of December 31, 2019                                                $   4,997    $    398       $    5,395    $   984     $  54    $   1,038   $   775     $   7,208
Cumulative effects from adoption of the current expected credit loss ("CECL")  2,237        4              2,241         477         25       502         102         2,845
standard
Finance charge and fee reserve reclassification(1)                             439          23             462           --          --       --          --          462
Balance as of January 1, 2020                                                  7,673        425            8,098         1,461       79       1,540       877         10,515
Charge-offs                                                                    (4,406)      (351)          (4,757)       (1,155)     (52)     (1,207)     (303)       (6,267)
Recoveries                                                                     1,047        120            1,167         710         11       721         10          1,898
Net charge-offs                                                                (3,359)      (231)          (3,590)       (445)       (41)     (486)       (293)       (4,369)
Provision for credit losses                                                    6,748        348            7,096         1,631       62       1,693       1,186       9,975
Allowance build for credit losses                                              3,389        117            3,506         1,186       21       1,207       893         5,606
Other changes(5)                                                               --           8              8             --          --       --          --          8
Balance as of September 30, 2020                                               11,062       550            11,612        2,647       100      2,747       1,770       16,129
Reserve for unfunded lending commitments:
Balance as of December 31, 2019                                                --           --             --            --          5        5           130         135
Cumulative effects from adoption of the CECL standard                          --           --             --            --          (5)      (5)         42          37
Balance as of January 1, 2020                                                  --           --             --            --          --       --          172         172
Provision for losses on unfunded lending commitments                           --           --             --            --          --       --          23          23
Balance as of September 30, 2020                                               --           --             --            --          --       --          195         195
Combined allowance and reserve as of September 30, 2020                        $   11,062   $    550       $    11,612   $   2,647   $  100   $   2,747   $   1,965   $   16,324
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary--Business Segment Results
                                                              Three Months Ended September 30, 2020                    Nine Months Ended September 30, 2020
(Dollars in millions)                                         Credit     Consumer   Commercial  Other(6)   Total       Credit       Consumer   Commercial  Other(6)   Total
                                                              Card       Banking    Banking(6)                         Card         Banking    Banking(6)
Net interest income (loss)                                    $  3,292   $  1,904   $   517     $  (158)   $   5,555   $   10,363   $  5,226   $   1,526   $  (75)    $   17,040
Non-interest income                                           1,013      107        237         469        1,826       2,769        330        655         392        4,146
Total net revenue                                             4,305      2,011      754         311        7,381       13,132       5,556      2,181       317        21,186
Provision (benefit) for credit losses                         450        (43)       (74)        (2)        331         7,096        1,693      1,209       2          10,000
Non-interest expense                                          2,003      1,011      424         110        3,548       6,180        3,038      1,261       568        11,047
Income (loss) from continuing operations before income taxes  1,852      1,043      404         203        3,502       (144)        825        (289)       (253)      139
Income tax provision (benefit)                                438        247        95          316        1,096       (34)         195        (69)        (102)      (10)
Income (loss) from continuing operations, net of tax          $  1,414   $  796     $   309     $  (113)   $   2,406   $   (110)    $  630     $   (220)   $  (151)   $   149
                                                              Three Months Ended June 30, 2020
(Dollars in millions)                                         Credit     Consumer   Commercial  Other(6)   Total
                                                              Card       Banking    Banking(6)
Net interest income (loss)                                    $  3,369   $  1,665   $   518     $  (92)    $   5,460
Non-interest income (loss)                                    845        97         180         (26)       1,096
Total net revenue (loss)                                      4,214      1,762      698         (118)      6,556
Provision (benefit) for credit losses                         2,944      876        427         (1)        4,246
Non-interest expense                                          1,969      1,036      425         340        3,770
Loss from continuing operations before income taxes           (699)      (150)      (154)       (457)      (1,460)
Income tax benefit                                            (166)      (36)       (36)        (305)      (543)
Loss from continuing operations, net of tax                   $  (533)   $  (114)   $   (118)   $  (152)   $   (917)
                                                              Three Months Ended September 30, 2019                    Nine Months Ended September 30, 2019
(Dollars in millions)                                         Credit     Consumer   Commercial  Other(6)   Total       Credit       Consumer   Commercial  Other(6)   Total
                                                              Card       Banking    Banking(6)                         Card         Banking    Banking(6)
Net interest income                                           $  3,546   $  1,682   $   486     $  23      $   5,737   $   10,667   $  5,070   $   1,489   $  48      $   17,274
Non-interest income (loss)                                    870        165        221         (34)       1,222       2,858        491        608         (65)       3,892
Total net revenue (loss)                                      4,416      1,847      707         (11)       6,959       13,525       5,561      2,097       (17)       21,166
Provision for credit losses                                   1,087      203        93          --         1,383       3,571        603        244         --         4,418
Non-interest expense                                          2,360      985        414         113        3,872       6,784        2,981      1,258       299        11,322
Income (loss) from continuing operations before income taxes  969        659        200         (124)      1,704       3,170        1,977      595         (316)      5,426
Income tax provision (benefit)                                235        154        46          (60)       375         747          461        138         (275)      1,071
Income (loss) from continuing operations, net of tax          $  734     $  505     $   154     $  (64)    $   1,329   $   2,423    $  1,516   $   457     $  (41)    $   4,355
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary--Credit Card Business
                                                                                                                                         2020 Q3 vs.          Nine Months Ended September 30,
                                                              2020           2020           2020           2019           2019           2020      2019                                         2020 vs.
(Dollars in millions, except as noted)                        Q3             Q2             Q1             Q4             Q3             Q2        Q3         2020             2019             2019
Credit Card
Earnings:
Net interest income                                           $   3,292      $   3,369      $   3,702      $   3,794      $   3,546      (2)  %    (7)   %    $   10,363       $   10,667       (3)   %
Non-interest income                                           1,013          845            911            1,030          870            20        16         2,769            2,858            (3)
Total net revenue                                             4,305          4,214          4,613          4,824          4,416          2         (3)        13,132           13,525           (3)
Provision for credit losses                                   450            2,944          3,702          1,421          1,087          (85)      (59)       7,096            3,571            99
Non-interest expense                                          2,003          1,969          2,208          2,487          2,360          2         (15)       6,180            6,784            (9)
Income (loss) from continuing operations before income taxes  1,852          (699)          (1,297)        916            969            **        91         (144)            3,170            **
Income tax provision (benefit)                                438            (166)          (306)          212            235            **        86         (34)             747              **
Income (loss) from continuing operations, net of tax          $   1,414      $   (533)      $   (991)      $   704        $   734        **        93         $   (110)        $   2,423        **
Selected performance metrics:
Period-end loans held for investment(1)(7)                    $   103,641    $   107,310    $   117,797    $   128,236    $   113,681    (3)       (9)        $   103,641      $   113,681      (9)
Average loans held for investment(1)                          105,367        108,748        122,776        122,085        112,371        (3)       (6)        112,272          111,545          1
Average yield on loans held for investment(8)                 13.83       %  13.72       %  14.46       %  15.02       %  15.55       %  11   bps  (172) bps  14.03       %    15.66       %    (163) bps
Total net revenue margin(9)                                   16.34          15.50          15.03          15.80          15.72          84        62         15.59            16.17            (58)
Net charge-off rate                                           3.58           4.46           4.68           4.31           4.09           (88)      (51)       4.26             4.58             (32)
30+ day performing delinquency rate                           2.20           2.74           3.69           3.89           3.69           (54)      (149)      2.20             3.69             (149)
30+ day delinquency rate                                      2.21           2.75           3.70           3.91           3.71           (54)      (150)      2.21             3.71             (150)
Nonperforming loan rate(3)                                    0.02           0.02           0.02           0.02           0.02           --        --         0.02             0.02             --
Purchase volume(10)                                           $   107,102    $   90,149     $   99,920     $   116,631    $   108,034    19   %    (1)   %    $   297,171      $   308,134      (4)   %
                                                                                                                                         2020 Q3 vs.          Nine Months Ended September 30,
                                                              2020           2020           2020           2019           2019           2020      2019                                         2020 vs.
(Dollars in millions, except as noted)                        Q3             Q2             Q1             Q4             Q3             Q2        Q3         2020             2019             2019
Domestic Card
Earnings:
Net interest income                                           $   2,995      $   3,094      $   3,381      $   3,473      $   3,299      (3)  %    (9)   %    $   9,470        $   9,792        (3)   %
Non-interest income                                           952            795            842            962            878            20        8          2,589            2,722            (5)
Total net revenue                                             3,947          3,889          4,223          4,435          4,177          1         (6)        12,059           12,514           (4)
Provision for credit losses                                   378            2,906          3,464          1,346          1,010          (87)      (63)       6,748            3,325            103
Non-interest expense                                          1,802          1,776          1,984          2,249          2,076          1         (13)       5,562            6,059            (8)
Income (loss) from continuing operations before income taxes  1,767          (793)          (1,225)        840            1,091          **        62         (251)            3,130            **
Income tax provision (benefit)                                419            (188)          (290)          196            254            **        65         (59)             729              **
Income (loss) from continuing operations, net of tax          $   1,348      $   (605)      $   (935)      $   644        $   837        **        61         $   (192)        $   2,401        **
Selected performance metrics:
Period-end loans held for investment(1)(7)                    $   95,541     $   99,390     $   109,549    $   118,606    $   104,664    (4)       (9)        $   95,541       $   104,664      (9)
Average loans held for investment(1)                          97,306         100,996        113,711        112,965        103,426        (4)       (6)        103,980          102,677          1
Average yield on loans held for investment(8)                 13.57       %  13.52       %  14.30       %  14.91       %  15.74       %  5    bps  (217) bps  13.82       %    15.67       %    (185) bps
Total net revenue margin(9)                                   16.22          15.40          14.86          15.70          16.15          82        7          15.46            16.25            (79)
Net charge-off rate                                           3.64           4.53           4.68           4.32           4.12           (89)      (48)       4.31             4.67             (36)
30+ day performing delinquency rate                           2.21           2.74           3.69           3.93           3.71           (53)      (150)      2.21             3.71             (150)
Purchase volume(10)                                           $   98,107     $   82,860     $   92,248     $   107,154    $   99,087     18   %    (1)   %    $   273,215      $   282,878      (3)   %
Refreshed FICO scores:(11)
Greater than 660                                              69          %  67          %  65          %  67          %  68          %  2         1          69          %    68          %    1
660 or below                                                  31             33             35             33             32             (2)       (1)        31               32               (1)
Total                                                         100         %  100         %  100         %  100         %  100         %                       100         %    100         %
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary--Consumer Banking Business
                                                                                                                                         2020 Q3 vs.          Nine Months Ended September 30,
                                                              2020           2020           2020           2019           2019           2020      2019                                             2020 vs.
(Dollars in millions, except as noted)                        Q3             Q2             Q1             Q4             Q3             Q2        Q3         2020               2019               2019
Consumer Banking
Earnings:
Net interest income                                           $   1,904      $   1,665      $   1,657      $   1,662      $   1,682      14   %    13    %    $   5,226          $   5,070          3     %
Non-interest income                                           107            97             126            152            165            10        (35)       330                491                (33)
Total net revenue                                             2,011          1,762          1,783          1,814          1,847          14        9          5,556              5,561              --
Provision (benefit) for credit losses                         (43)           876            860            335            203            **        **         1,693              603                181
Non-interest expense                                          1,011          1,036          991            1,110          985            (2)       3          3,038              2,981              2
Income (loss) from continuing operations before income taxes  1,043          (150)          (68)           369            659            **        58         825                1,977              (58)
Income tax provision (benefit)                                247            (36)           (16)           86             154            **        60         195                461                (58)
Income (loss) from continuing operations, net of tax          $   796        $   (114)      $   (52)       $   283        $   505        **        58         $   630            $   1,516          (58)
Selected performance metrics:
Period-end loans held for investment                          $   68,688     $   66,712     $   64,033     $   63,065     $   62,015     3         11         $   68,688         $   62,015         11
Average loans held for investment                             67,822         64,851         63,671         62,596         61,269         5         11         65,457             60,072             9
Average yield on loans held for investment(8)                 8.36       %   8.41       %   8.46       %   8.51       %   8.47       %   (5)  bps  (11)  bps  8.41       %       8.33       %       8     bps
Auto loan originations                                        $   8,979      $   8,292      $   7,640      $   7,527      $   8,175      8    %    10    %    $   24,910         $   21,723         15    %
Period-end deposits                                           249,684        246,804        217,607        213,099        206,423        1         21         249,684            206,423            21
Average deposits                                              248,418        232,293        215,071        209,783        204,933        7         21         231,988            203,404            14
Average deposits interest rate                                0.66       %   0.89       %   1.06       %   1.20       %   1.31       %   (23) bps  (65)  bps  0.86       %       1.25       %       (39)  bps
Net charge-off rate                                           0.28           1.19           1.54           1.93           1.64           (91)      (136)      0.99               1.43               (44)
30+ day performing delinquency rate                           3.62           3.16           5.12           6.63           6.23           46        (261)      3.62               6.23               (261)
30+ day delinquency rate                                      3.90           3.48           5.65           7.34           6.86           42        (296)      3.90               6.86               (296)
Nonperforming loan rate(3)                                    0.38           0.43           0.63           0.81           0.74           (5)       (36)       0.38               0.74               (36)
Nonperforming asset rate(4)                                   0.43           0.46           0.71           0.91           0.83           (3)       (40)       0.43               0.83               (40)
Auto--At origination FICO scores:(12)
Greater than 660                                              46         %   46         %   47         %   48         %   48         %   --        (2)   %    46         %       48         %       (2)   %
621 - 660                                                     20             20             20             20             20             --        --         20                 20                 --
620 or below                                                  34             34             33             32             32             --        2          34                 32                 2
Total                                                         100        %   100        %   100        %   100        %   100        %                        100        %       100        %
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary--Commercial Banking Business
                                                                                                                                                  2020 Q3 vs.           Nine Months Ended September 30,
                                                              2020                 2020                 2020          2019          2019          2020       2019                                       2020 vs.
(Dollars in millions, except as noted)                        Q3                   Q2                   Q1            Q4            Q3            Q2         Q3         2020            2019            2019
Commercial Banking
Earnings:
Net interest income                                           $        517         $        518         $   491       $   494       $   486       --         6     %    $   1,526       $   1,489       2     %
Non-interest income                                           237                  180                  238           223           221           32    %    7          655             608             8
Total net revenue(6)                                          754                  698                  729           717           707           8          7          2,181           2,097           4
Provision (benefit) for credit losses                         (74)                 427                  856           62            93            **         **         1,209           244             **
Non-interest expense                                          424                  425                  412           441           414           --         2          1,261           1,258           --
Income (loss) from continuing operations before income taxes  404                  (154)                (539)         214           200           **         102        (289)           595             **
Income tax provision (benefit)                                95                   (36)                 (128)         50            46            **         107        (69)            138             **
Income (loss) from continuing operations, net of tax          $        309         $        (118)       $   (411)     $   164       $   154       **         101        $   (220)       $   457         **
Selected performance metrics:
Period-end loans held for investment                          $        75,894      $        77,490      $   81,160    $   74,508    $   73,659    (2)        3          $   75,894      $   73,659      3
Average loans held for investment                             76,322               79,759               76,442        74,189        72,507        (4)        5          77,503          71,985          8
Average yield on loans held for investment(6)(8)              2.82              %  3.00              %  3.88       %  4.22       %  4.45       %  (18)  bps  (163) bps  3.23       %    4.61       %    (138) bps
Period-end deposits                                           $        36,783      $        35,669      $   32,822    $   32,134    $   30,923    3     %    19    %    $   36,783      $   30,923      19    %
Average deposits                                              36,278               34,635               32,238        32,034        30,693        5          18         34,391          30,957          11
Average deposits interest rate                                0.25              %  0.30              %  0.89       %  1.10       %  1.25       %  (5)   bps  (100) bps  0.47       %    1.21       %    (74)  bps
Net charge-off rate                                           0.43                 0.51                 0.57          0.35          0.33          (8)        10         0.50            0.17            33
Nonperforming loan rate(3)                                    1.01                 0.85                 0.61          0.60          0.61          16         40         1.01            0.61            40
Nonperforming asset rate(4)                                   1.01                 0.85                 0.61          0.60          0.61          16         40         1.01            0.61            40
Risk category:(13)
Noncriticized                                                 $        68,533      $        70,881      $   77,714    $   71,848    $   71,144    (3)   %    (4)   %    $   68,533      $   71,144      (4)   %
Criticized performing                                         6,593                5,949                2,952         2,181         2,035         11         **         6,593           2,035           **
Criticized nonperforming                                      768                  660                  494           448           449           16         71         768             449             71
PCI loans                                                     --                   --                   --            31            31            --         **         --              31              **
Total commercial banking loans                                $        75,894      $        77,490      $   81,160    $   74,508    $   73,659    (2)        3          $   75,894      $   73,659      3
Risk category as a percentage of period-end loans held for investment:(13)
Noncriticized                                                 90.3              %  91.4              %  95.8       %  96.5       %  96.6       %  (110) bps  (630) bps  90.3       %    96.6       %    (630) bps
Criticized performing                                         8.7                  7.7                  3.6           2.9           2.8           100        590        8.7             2.8             590
Criticized nonperforming                                      1.0                  0.9                  0.6           0.6           0.6           10         40         1.0             0.6             40
Total commercial banking 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
                                                                                                                                    2020 Q3 vs.       Nine Months Ended September 30,
                                                              2020          2020          2020          2019          2019          2020     2019                                 2020 vs.
(Dollars in millions)                                         Q3            Q2            Q1            Q4            Q3            Q2       Q3       2020          2019          2019
Other
Earnings:
Net interest income (loss)                                    $   (158)     $   (92)      $   175       $   116       $   23        72   %   **       $   (75)      $   48        **
Non-interest income (loss)                                    469           (26)          (51)          (44)          (34)          **       **       392           (65)          **
Total net revenue (loss)(6)                                   311           (118)         124           72            (11)          **       **       317           (17)          **
Provision (benefit) for credit losses                         (2)           (1)           5             --            --            100      **       2             --            **
Non-interest expense(14)(15)                                  110           340           118           123           113           (68)     (3)  %   568           299           90   %
Income (loss) from continuing operations before income taxes  203           (457)         1             (51)          (124)         **       **       (253)         (316)         (20)
Income tax provision (benefit)                                316           (305)         (113)         (78)          (60)          **       **       (102)         (275)         (63)
Income (loss) from continuing operations, net of tax          $   (113)     $   (152)     $   114       $   27        $   (64)      (26)     77       $   (151)     $   (41)      **
Selected performance metrics:
Period-end deposits                                           $   19,258    $   21,765    $   19,260    $   17,464    $   19,802    (12)     (3)      $   19,258    $   19,802    (3)
Average deposits                                              20,820        21,416        17,344        18,223        19,456        (3)      7        19,863        19,028        4
Total
Earnings:
Net interest income                                           $   5,555     $   5,460     $   6,025     $   6,066     $   5,737     2    %   (3)  %   $   17,040    $   17,274    (1)  %
Non-interest income                                           1,826         1,096         1,224         1,361         1,222         67       49       4,146         3,892         7
Total net revenue                                             7,381         6,556         7,249         7,427         6,959         13       6        21,186        21,166        --
Provision for credit losses                                   331           4,246         5,423         1,818         1,383         (92)     (76)     10,000        4,418         126
Non-interest expense                                          3,548         3,770         3,729         4,161         3,872         (6)      (8)      11,047        11,322        (2)
Income (loss) from continuing operations before income taxes  3,502         (1,460)       (1,903)       1,448         1,704         **       106      139           5,426         (97)
Income tax provision (benefit)                                1,096         (543)         (563)         270           375           **       192      (10)          1,071         **
Income (loss) from continuing operations, net of tax          $   2,406     $   (917)     $   (1,340)   $   1,178     $   1,329     **       81       $   149       $   4,355     (97)
Selected performance metrics:
Period-end loans held for investment                          $   248,223   $   251,512   $   262,990   $   265,809   $   249,355   (1)      --       $   248,223   $   249,355   --
Average loans held for investment                             249,511       253,358       262,889       258,870       246,147       (2)      1        255,232       243,602       5
Period-end deposits                                           305,725       304,238       269,689       262,697       257,148       --       19       305,725       257,148       19
Average deposits                                              305,516       288,344       264,653       260,040       255,082       6        20       286,242       253,389       13
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Notes to Loan, Allowance and Business Segment Disclosures (Tables 7--13)
(1)                                       Concurrent with our adoption of the CECL standard in the first quarter of 2020, we reclassified our finance charge and fee reserve to our allowance for credit losses, with a corresponding increase to credit card loans held for investment.
(2)                                       Metrics for Q3 2020, Q2 2020 and Q1 2020 include the impact of COVID-19 customer assistance programs where applicable.
(3)                                       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.
(4)                                       Nonperforming assets consist of nonperforming loans, repossessed assets 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, repossessed assets and other foreclosed assets.
(5)                                       Represents foreign currency translation adjustments.
(6)                                       Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(7)                                       We reclassified $2.1 billion in partnership loans to held for sale as of September 30, 2020.
(8)                                       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.
(9)                                       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.
(10)                                      Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(11)                                      Percentages represent period-end loans held for investment in each credit score category. Domestic card 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.
(12)                                      Percentages represent period-end loans held for investment in each credit score category. Auto 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.
(13)                                      Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.
(14)                                      Includes charges incurred as a result of restructuring activities.
(15)                                      Includes net Cybersecurity Incident expenses of $6 million in Q3 2020, $11 million in Q2 2020, $4 million in Q1 2020, $16 million in Q4 2019 and $22 million in Q3 2019, respectively.
**                                        Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
                                                            Basel III Standardized Approach
(Dollars in millions, except as noted)                      September 30,     June 30,          March 31,         December 31,      September 30,
                                                            2020              2020              2020              2019              2019
Regulatory Capital Metrics
Common equity excluding AOCI                                $    52,839       $    50,614       $    51,018       $    52,001       $    51,959
Adjustments:
AOCI, net of tax(2)                                         (122)             (145)             (170)             1,156             453
Goodwill, net of related deferred tax liabilities           (14,448)          (14,449)          (14,453)          (14,465)          (14,439)
Intangible assets, net of related deferred tax liabilities  (95)              (135)             (151)             (170)             (180)
Other(2)                                                    --                --                --                (360)             (588)
Common equity Tier 1 capital                                $    38,174       $    35,885       $    36,244       $    38,162       $    37,205
Tier 1 capital                                              $    43,505       $    41,094       $    41,453       $    43,015       $    43,028
Total capital(3)                                            50,954            48,508            48,775            50,350            50,174
Risk-weighted assets                                        293,790           290,222           302,871           313,155           298,130
Adjusted average assets(4)                                  409,602           398,062           377,360           368,511           360,266
Capital Ratios
Common equity Tier 1 capital(5)                             13.0        %     12.4        %     12.0        %     12.2        %     12.5        %
Tier 1 capital(6)                                           14.8              14.2              13.7              13.7              14.4
Total capital(7)                                            17.3              16.7              16.1              16.1              16.8
Tier 1 leverage(4)                                          10.6              10.3              11.0              11.7              11.9
Tangible common equity ("TCE")(8)                           9.4               8.8               9.6               10.2              10.3
Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
                                                           2020                                                                  2020                                                                  2020                                                                  Nine Months Ended
                                                           Q3                                                                    Q2                                                                    Q1                                                                    September 30, 2020
(Dollars in millions, except per share data and as noted)  Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted
                                                           Results                                          Results              Results                                          Results              Results                                          Results              Results                                          Results
Selected income statement data:
Net interest income                                        $        5,555       $        (18)               $        5,537       $        5,460       --                          $        5,460       $        6,025       --                          $        6,025       $        17,040      $        (18)               $        17,022
Non-interest income                                        1,826                (18)                        1,808                1,096                --                          1,096                1,224                --                          1,224                4,146                (18)                        4,128
Total net revenue                                          7,381                (36)                        7,345                6,556                --                          6,556                7,249                --                          7,249                21,186               (36)                        21,150
Provision for credit losses                                331                  --                          331                  4,246                --                          4,246                5,423                --                          5,423                10,000               --                          10,000
Non-interest expense                                       3,548                (46)                        3,502                3,770                $        (276)              3,494                3,729                $        (49)               3,680                11,047               (371)                       10,676
Income (loss) from continuing operations before            3,502                10                          3,512                (1,460)              276                         (1,184)              (1,903)              49                          (1,854)              139                  335                         474
income taxes
Income tax provision (benefit)                             1,096                12                          1,108                (543)                3                           (540)                (563)                12                          (551)                (10)                 27                          17
Income (loss) from continuing operations, net of tax       2,406                (2)                         2,404                (917)                273                         (644)                (1,340)              37                          (1,303)              149                  308                         457
Income (loss) from discontinued operations, net of tax     --                   --                          --                   (1)                  --                          (1)                  --                   --                          --                   (1)                  --                          (1)
Net income (loss)                                          2,406                (2)                         2,404                (918)                273                         (645)                (1,340)              37                          (1,303)              148                  308                         456
Dividends and undistributed earnings allocated to          (20)                 --                          (20)                 (1)                  --                          (1)                  (3)                  --                          (3)                  (5)                  --                          (5)
participating securities(10)
Preferred stock dividends                                  (67)                 --                          (67)                 (90)                 --                          (90)                 (55)                 --                          (55)                 (212)                --                          (212)
Issuance cost for redeemed preferred stock                 --                   --                          --                   --                   --                          --                   (22)                 --                          (22)                 (22)                 --                          (22)
Net income (loss) available to common stockholders         $        2,319       $        (2)                $        2,317       $        (1,009)     $        273                $        (736)       $        (1,420)     $        37                 $        (1,383)     $        (91)        $        308                $        217
Selected performance metrics:
Diluted EPS(10)                                            $        5.06        $        (0.01)             $        5.05        $        (2.21)      $        0.60               $        (1.61)      $        (3.10)      $        0.08               $        (3.02)      $        (0.20)      $        0.67               $        0.47
Efficiency ratio                                           48.07             %  (39)              bps       47.68             %  57.50             %  (421)             bps       53.29             %  51.44             %  (67)              bps       50.77             %  52.14             %  (166)             bps       50.48             %
Operating efficiency ratio                                 44.24                (41)                        43.83                53.34                (421)                       49.13                44.67                (68)                        43.99                47.20                (167)                       45.53
                                                           2019                                                                  2019                                                                  2019                                                                  Nine Months Ended
                                                           Q3                                                                    Q2                                                                    Q1                                                                    September 30, 2019
(Dollars in millions, except per share data and as noted)  Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted             Reported             Adj.(9)                     Adjusted
                                                           Results                                          Results              Results                                          Results              Results                                          Results              Results                                          Results
Selected income statement data:
Net interest income                                        $        5,737       $        67                 $        5,804       $        5,746       --                          $        5,746       $        5,791       --                          $        5,791       $        17,274      $        67                 $        17,341
Non-interest income                                        1,222                73                          1,295                1,378                $        1                  1,379                1,292                --                          1,292                3,892                74                          3,966
Total net revenue                                          6,959                140                         7,099                7,124                1                           7,125                7,083                --                          7,083                21,166               141                         21,307
Provision for credit losses                                1,383                --                          1,383                1,342                --                          1,342                1,693                --                          1,693                4,418                --                          4,418
Non-interest expense                                       3,872                (178)                       3,694                3,779                (81)                        3,698                3,671                $        (25)               3,646                11,322               (284)                       11,038
Income from continuing operations before income            1,704                318                         2,022                2,003                82                          2,085                1,719                25                          1,744                5,426                425                         5,851
taxes
Income tax provision                                       375                  21                          396                  387                  19                          406                  309                  6                           315                  1,071                46                          1,117
Income from continuing operations, net of tax              1,329                297                         1,626                1,616                63                          1,679                1,410                19                          1,429                4,355                379                         4,734
Income from discontinued operations, net of tax            4                    --                          4                    9                    --                          9                    2                    --                          2                    15                   --                          15
Net income                                                 1,333                297                         1,630                1,625                63                          1,688                1,412                19                          1,431                4,370                379                         4,749
Dividends and undistributed earnings allocated to          (10)                 (2)                         (12)                 (12)                 (1)                         (13)                 (12)                 --                          (12)                 (34)                 (3)                         (37)
participating securities(10)
Preferred stock dividends                                  (53)                 --                          (53)                 (80)                 --                          (80)                 (52)                 --                          (52)                 (185)                --                          (185)
Net income available to common stockholders                $        1,270       $        295                $        1,565       $        1,533       $        62                 $        1,595       $        1,348       $        19                 $        1,367       $        4,151       $        376                $        4,527
Selected performance metrics:
Diluted EPS(10)                                            $        2.69        $        0.63               $        3.32        $        3.24        $        0.13               $        3.37        $        2.86        $        0.04               $        2.90        $        8.79        $        0.80               $        9.59
Efficiency ratio                                           55.64             %  (360)             bps       52.04             %  53.05             %  (115)             bps       51.90             %  51.83             %  (35)              bps       51.48             %  53.49             %  (169)             bps       51.80             %
Operating efficiency ratio                                 48.44                (346)                       44.98                45.38                (114)                       44.24                44.53                (35)                        44.18                46.10                (164)                       44.46
Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of 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 to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. 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 following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
                                                                                 2020                                              2020                                              2020                                              2019                                              2019
(Dollars in millions)                                                            Q3                                                Q2                                                Q1                                                Q4                                                Q3
Tangible Common Equity (Period-End)
Stockholders' equity                                                             $                       58,424                    $                       56,045                    $                       56,830                    $                       58,011                    $                       58,235
Goodwill and intangible assets(11)                                               (14,825)                                          (14,869)                                          (14,888)                                          (14,932)                                          (14,940)
Noncumulative perpetual preferred stock                                          (5,330)                                           (5,209)                                           (5,209)                                           (4,853)                                           (5,823)
Tangible common equity                                                           $                       38,269                    $                       35,967                    $                       36,733                    $                       38,226                    $                       37,472
Tangible Common Equity (Average)
Stockholders' equity                                                             $                       57,223                    $                       57,623                    $                       58,568                    $                       58,148                    $                       57,245
Goodwill and intangible assets(11)                                               (14,867)                                          (14,880)                                          (14,930)                                          (14,967)                                          (14,908)
Noncumulative perpetual preferred stock                                          (5,228)                                           (5,209)                                           (5,382)                                           (5,506)                                           (4,678)
Tangible common equity                                                           $                       37,128                    $                       37,534                    $                       38,256                    $                       37,675                    $                       37,659
Tangible Assets (Period-End)
Total assets                                                                     $                       421,883                   $                       421,296                   $                       396,878                   $                       390,365                   $                       378,810
Goodwill and intangible assets(11)                                               (14,825)                                          (14,869)                                          (14,888)                                          (14,932)                                          (14,940)
Tangible assets                                                                  $                       407,058                   $                       406,427                   $                       381,990                   $                       375,433                   $                       363,870
Tangible Assets (Average)
Total assets                                                                     $                       422,854                   $                       411,075                   $                       390,380                   $                       383,162                   $                       374,905
Goodwill and intangible assets(11)                                               (14,867)                                          (14,880)                                          (14,930)                                          (14,967)                                          (14,908)
Tangible assets                                                                  $                       407,987                   $                       396,195                   $                       375,450                   $                       368,195                   $                       359,997
__________
(1)        Regulatory capital metrics and capital ratios as of September 30, 2020 are preliminary and therefore subject to change.
(2)        In the first quarter of 2020, we elected to exclude from our regulatory capital ratios certain components of AOCI as permitted under the Tailoring Rules. As such, we revised our presentation herein to only include
those components of AOCI that impact our regulatory capital ratios.
(3)        Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)        Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are 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.
(5)        Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)        Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)        Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)        TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.
(9)        The adjustments for the following periods consist of:
                                                 2020       2020       2020      Nine Months Ended                                 2019                                              2019                                              2019                                              Nine Months Ended
(Dollars in millions)                            Q3         Q2         Q1        September 30, 2020                                Q3                                                Q2                                                Q1                                                September 30, 2019
Legal reserve builds                             $    40    $    265   $    45   $                       350                       --                                                --                                                --                                                --
U.K. Payment Protection Insurance customer       (36)       --         --        (36)                                              $                       212                       --                                                --                                                $                       212
refund reserve ("U.K. PPI Reserve")
Cybersecurity Incident expenses, net of          6          11         4         21                                                22                                                --                                                --                                                22
insurance
Walmart launch and related integration expenses  --         --         --        --                                                84                                                $                       54                        $                       25                        163
Restructuring charges                            --         --         --        --                                                --                                                28                                                --                                                28
Total                                            10         276        49        335                                               318                                               82                                                25                                                425
Income tax provision                             12         3          12        27                                                21                                                19                                                6                                                 46
Net income (loss)                                $    (2)   $    273   $    37   $                       308                       $                       297                       $                       63                        $                       19                        $                       379
(10)       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.
(11)       Includes impact of related deferred taxes.

https://c212.net/c/img/favicon.png?sn=PH64573&sd=2020-10-22

View original content:http://www.prnewswire.com/news-releases/capital-one-reports-third-quarter-2020-net-income-of-2-4-billion-or-5-06-per-share-301158364.html

SOURCE Capital One Financial Corporation

https://rt.prnewswire.com/rt.gif?NewsItemId=PH64573&Transmission_Id=202010221605PR_NEWS_USPR_____PH64573&DateId=20201022

comtex tracking

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.