Cision PR Newswire

Capital One Reports Fourth Quarter 2022 Net Income of $1.2 billion, or $3.03 per share

Net of adjusting items, Fourth Quarter 2022 Net Income of $2.82 per share(1)

MCLEAN, Va., Jan. 24, 2023  /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2022 of $1.2 billion, or $3.03 per diluted common share, compared with net income of $1.7 billion, or $4.20 per diluted common share in the third quarter of 2022, and with net income of $2.4 billion, or $5.41 per diluted common share in the fourth quarter of 2021. Adjusted net income(1) for the Fourth Quarter of 2022 was $2.82 per diluted common share.

Capital One Financial (PRNewsfoto/Capital One Financial Corporation)

"We posted strong top line growth throughout 2022," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "As a result of our investments to transform our technology and to drive resilient growth, we're in a strong position to deliver compelling long-term shareholder value and thrive in a broad range of possible economic scenarios."

The quarter included the following adjusting items that increase/(decrease) earnings:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax
Diluted EPS

Impact



Insurance recoveries and legal reserve activity

$                 (177)

$                 (0.35)


Restructuring Charges

$                     72

$                   0.14


All comparisons below are for the fourth quarter of 2022 compared with the third quarter of 2022 unless otherwise noted.

(1) This is a non-GAAP measure. We believe non-GAAP measures 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.

Fourth Quarter 2022 Income Statement Summary:

  • Total net revenue increased 3 percent to $9.0 billion.
  • Total non-interest expense increased 3 percent to $5.1 billion:
    • 14 percent increase in marketing.
    • less than 1 percent decrease in operating expenses.
  • Pre-provision earnings(1) increased 3 percent to $4.0 billion.
  • Provision for credit losses increased $747 million to $2.4 billion:
    • Net charge-offs of $1.4 billion.
    • $1.0 billion loan reserve build.
  • Net interest margin of 6.84 percent, an increase of 4 basis points.
  • Efficiency ratio of 56.19 percent.
    • Adjusted efficiency ratio(2) of 57.36 percent.
  • Operating efficiency ratio of 43.83 percent.
    • Adjusted operating efficiency ratio(2) of 44.99 percent.

Fourth Quarter 2022 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at December 31, 2022.
  • Period-end loans held for investment in the quarter increased $8.4 billion, or 3 percent, to $312.3 billion.
    • Credit Card period-end loans increased $10.8 billion, or 9 percent, to $137.7 billion.
      • Domestic Card period-end loans increased $10.3 billion, or 8 percent, to $131.6 billion.
    • Consumer Banking period-end loans decreased $1.3 billion, or 2 percent, to $79.9 billion.
      • Auto period-end loans decreased $1.2 billion, or 2 percent, to $78.4 billion.
    • Commercial Banking period-end loans decreased $1.2 billion, or 1 percent, to $94.7 billion.
  • Average loans held for investment in the quarter increased $6.7 billion, or 2 percent, to $306.9 billion.
    • Credit Card average loans increased $7.3 billion, or 6 percent, to $130.7 billion.
      • Domestic Card average loans increased $7.3 billion, or 6 percent, to $124.8 billion.
    • Consumer Banking average loans decreased $639 million, or 1 percent, to $80.7 billion.
      • Auto average loans decreased $633 million, or 1 percent, to $79.1 billion.
    • Commercial Banking average loans increased $39 million, or less than 1 percent, to $95.5 billion.
  • Period-end total deposits increased $15.8 billion, or 5 percent, to $333.0 billion, while average deposits increased $14.6 billion, or 5 percent, to $326.6 billion.
  • Interest-bearing deposits rate paid increased 82 basis points to 1.82 percent.

2022 Full Year Income Statement Summary:

  • Total net revenue increased 13% to $34.3 billion.
  • Total non-interest expense increased 16 percent to $19.2 billion:
    • 40 percent increase in marketing.
    • 11 percent increase in operating expenses.
  • Pre-provision earnings(1) increased 9 percent to $15.1 billion.
  • Provision for credit losses increased $7.8 billion to $5.8 billion.
  • Net interest margin of 6.67 percent, an increase of 46 basis points.
  • Efficiency ratio of 55.95 percent.
    • Adjusted efficiency ratio(2) of 56.26 percent.
  • Operating efficiency ratio of 44.22 percent.
    • Adjusted operating efficiency ratio(2) of 44.53 percent.

 


(1) Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company's ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

(2) This is a non-GAAP measure. We believe non-GAAP measures 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.


Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 24, 2023 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 February 7, 2023 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, 2021.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $333.0 billion in deposits and $455.2 billion in total assets as of December 31, 2022. 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)

Fourth Quarter 2022

Table of Contents

 






Capital One Financial Corporation Consolidated Results

Page






Table 1:

Financial Summary—Consolidated

1








Table 2:

Selected Metrics—Consolidated

3








Table 3:

Consolidated Statements of Income

4








Table 4:

Consolidated Balance Sheets

6








Table 5:

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

8








Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9








Table 7:

Loan Information and Performance Statistics

10








Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

12







Business Segment Results







Table 9:

Financial Summary—Business Segment Results

13








Table 10:

Financial & Statistical Summary—Credit Card Business

14








Table 11:

Financial & Statistical Summary—Consumer Banking Business

16








Table 12:

Financial & Statistical Summary—Commercial Banking Business

17








Table 13:

Financial & Statistical Summary—Other and Total

18







Other







Table 14:

Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

19








Table 15:

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

20


__________

(1)

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2022 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. See "Table 15 - Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation of any non-GAAP financial measures.

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated














2022 Q4 vs


Year Ended December 31,

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


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Income Statement





















Net interest income


$     7,197


$     7,003


$     6,517


$     6,397


$     6,450


3 %


12 %


$    27,114


$    24,171


12 %

Non-interest income


1,843


1,802


1,715


1,776


1,668


2


10


7,136


6,264


14

Total net revenue(1)


9,040


8,805


8,232


8,173


8,118


3


11


34,250


30,435


13

Provision (benefit) for credit losses


2,416


1,669


1,085


677


381


45


**


5,847


(1,944)


**

Non-interest expense:





















Marketing


1,118


978


1,003


918


999


14


12


4,017


2,871


40

Operating expense


3,962


3,971


3,580


3,633


3,679



8


15,146


13,699


11

Total non-interest expense


5,080


4,949


4,583


4,551


4,678


3


9


19,163


16,570


16

Income from continuing operations before income taxes


1,544


2,187


2,564


2,945


3,059


(29)


(50)


9,240


15,809


(42)

Income tax provision


312


493


533


542


633


(37)


(51)


1,880


3,415


(45)

Income from continuing operations, net of tax


1,232


1,694


2,031


2,403


2,426


(27)


(49)


7,360


12,394


(41)

Income (loss) from discontinued operations, net of tax






(1)



**



(4)


**

Net income


1,232


1,694


2,031


2,403


2,425


(27)


(49)


7,360


12,390


(41)

Dividends and undistributed earnings allocated to participating securities(2)


(14)


(21)


(25)


(28)


(21)


(33)


(33)


(88)


(105)


(16)

Preferred stock dividends


(57)


(57)


(57)


(57)


(74)



(23)


(228)


(274)


(17)

Issuance cost for redeemed preferred stock(3)






(34)



**



(46)


**

Net income available to common stockholders


$     1,161


$     1,616


$     1,949


$     2,318


$     2,296


(28)


(49)


$      7,044


$    11,965


(41)

Common Share Statistics





















Basic earnings per common share:(2)





















Net income from continuing operations


$       3.03


$       4.21


$       4.98


$       5.65


$       5.43


(28) %


(44) %


$      17.98


$      27.05


(34) %

Income (loss) from discontinued operations










(0.01)


**

Net income per basic common share


$       3.03


$       4.21


$       4.98


$       5.65


$       5.43


(28)


(44)


$      17.98


$      27.04


(34)

Diluted earnings per common share:(2)





















Net income from continuing operations


$       3.03


$       4.20


$       4.96


$       5.62


$       5.41


(28) %


(44) %


$      17.91


$      26.95


(34) %

Income (loss) from discontinued operations










(0.01)


**

Net income per diluted common share


$       3.03


$       4.20


$       4.96


$       5.62


$       5.41


(28)


(44)


$      17.91


$      26.94


(34)

Weighted-average common shares outstanding (in millions):





















Basic


382.6


383.4


391.2


410.4


422.5



(9) %


391.8


442.5


(11) %

Diluted


383.7


384.6


392.6


412.2


424.3



(10)


393.2


444.2


(11)

Common shares outstanding (period-end, in millions)


381.3


382.0


383.8


399.0


413.9



(8)


381.3


413.9


(8)

Dividends declared and paid per common share


$        0.60


$        0.60


$       0.60


$       0.60


$       0.60




$        2.40


$        2.60


(8)

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


86.11


81.38


87.84


91.77


99.74


6 %


(14)


86.11


99.74


(14)














2022 Q4 vs


Year Ended December 31,

(Dollars in millions)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Balance Sheet (Period-End)





















Loans held for investment


$  312,331


$  303,943


$  296,384


$  280,466


$  277,340


3 %


13 %


$  312,331


$  277,340


13 %

Interest-earning assets


427,248


415,262


406,565


398,241


397,341


3


8


427,248


397,341


8

Total assets


455,249


444,232


440,288


434,195


432,381


2


5


455,249


432,381


5

Interest-bearing deposits


300,789


282,802


270,881


275,648


272,937


6


10


300,789


272,937


10

Total deposits


332,992


317,193


307,885


313,429


310,980


5


7


332,992


310,980


7

Borrowings


48,715


54,607


58,938


45,358


43,086


(11)


13


48,715


43,086


13

Common equity


47,737


46,015


48,564


51,499


56,184


4


(15)


47,737


56,184


(15)

Total stockholders' equity


52,582


50,861


53,410


56,345


61,029


3


(14)


52,582


61,029


(14)

Balance Sheet (Average Balances)





















Loans held for investment


$  306,881


$  300,186


$  286,110


$  275,342


$  267,159


2 %


15 %


$  292,238


$  252,730


16 %

Interest-earning assets


421,051


412,171


398,934


394,082


390,868


2


8


406,646


389,336


4

Total assets


449,659


447,088


435,327


430,372


427,845


1


5


440,538


424,521


4

Interest-bearing deposits


292,793


275,900


268,104


271,823


269,951


6


8


277,208


271,500


2

Total deposits


326,558


311,928


305,954


309,597


307,272


5


6


313,551


306,397


2

Borrowings


49,747


58,628


53,208


42,277


39,943


(15)


25


51,006


38,590


32

Common equity


47,594


49,696


49,319


54,591


56,946


(4)


(16)


50,279


56,966


(12)

Total stockholders' equity


52,439


54,541


54,165


59,437


62,498


(4)


(16)


55,125


62,556


(12)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated














2022 Q4 vs


Year Ended December 31,

(Dollars in millions, except as noted)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Performance Metrics



















Net interest income growth (period over period)


3 %


7 %


2 %


(1 %)


5 %


**


**


12 %


5 %


**

Non-interest income growth (period over period)


2


5


(3)


6



**


**


14


12


**

Total net revenue growth (period over period)


3


7


1


1


4


**


**


13


7


**

Total net revenue margin(5)


8.59


8.55


8.25


8.30


8.31


4 bps


28 bps


8.42


7.82


60 bps

Net interest margin(6)


6.84


6.80


6.54


6.49


6.60


4


24


6.67


6.21


46

Return on average assets


1.10


1.52


1.87


2.23


2.27


(42)


(117)


1.67


2.92


(125)

Return on average tangible assets(7)


1.13


1.57


1.93


2.31


2.35


(44)


(122)


1.73


3.03


(130)

Return on average common equity(8)


9.76


13.01


15.81


16.98


16.13


(325)


(6) %


14.01


21.01


(7) %

Return on average tangible common equity(9)


14.22


18.59


22.63


23.36


21.82


(4) %


(8)


19.91


28.39


(8)

Efficiency ratio(10)


56.19


56.21


55.67


55.68


57.63


(2) bps


(144) bps


55.95


54.44


151 bps

Operating efficiency ratio(11)


43.83


45.10


43.49


44.45


45.32


(127)


(149)


44.22


45.01


(79)

Effective income tax rate for continuing operations


20.2


22.5


20.8


18.4


20.7


(230)


(50)


20.3


21.6


(130)

Employees (period-end, in thousands)


56.0


55.1


53.6


51.5


50.8


2 %


10 %


56.0


50.8


10 %

Credit Quality Metrics





















Allowance for credit losses


$    13,240


$    12,209


$    11,491


$    11,308


$    11,430


8 %


16 %


$    13,240


$    11,430


16 %

Allowance coverage ratio


4.24 %


4.02 %


3.88 %


4.03 %


4.12 %


22 bps


12 bps


4.24 %


4.12 %


12 bps

Net charge-offs


$      1,430


$         931


$         845


$         767


$         527


54 %


171 %


$      3,973


$      2,234


78 %

Net charge-off rate(12)


1.86 %


1.24 %


1.18 %


1.11 %


0.79 %


62 bps


107 bps


1.36 %


0.88 %


48 bps

30+ day performing delinquency rate


2.96


2.58


2.36


2.08


2.25


38


71


2.96


2.25


71

30+ day delinquency rate


3.21


2.78


2.54


2.21


2.41


43


80


3.21


2.41


80

Capital Ratios(13)





















Common equity Tier 1 capital 


12.5 %


12.2 %


12.1 %


12.7 %


13.1 %


30 bps


(60) bps


12.5 %


13.1 %


(60) bps

Tier 1 capital


13.9


13.6


13.5


14.1


14.5


30


(60)


13.9


14.5


(60)

Total capital


15.8


15.7


15.7


16.4


16.9


10


(110)


15.8


16.9


(110)

Tier 1 leverage


11.1


11.0


11.1


11.3


11.6


10


(50)


11.1


11.6


(50)

Tangible common equity ("TCE")(14)


7.5


7.2


7.9


8.7


9.9


30


(240)


7.5


9.9


(240)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income














2022 Q4 vs


Year Ended December 31,

(Dollars in millions, except as noted)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Interest income:




















Loans, including loans held for sale


$      8,360


$      7,578


$      6,605


$      6,367


$      6,451


10 %


30 %


$   28,910


$   24,263


19 %

Investment securities


548


499


435


402


368


10


49


1,884


1,446


30

Other


250


123


55


15


12


103


**


443


60


**

Total interest income


9,158


8,200


7,095


6,784


6,831


12


34


31,237


25,769


21

Interest expense:





















Deposits


1,335


689


293


218


222


94


**


2,535


956


165

Securitized debt obligations


170


120


65


29


30


42


**


384


119


**

Senior and subordinated notes


430


319


194


131


121


35


**


1,074


488


120

Other borrowings


26


69


26


9


8


(62)


**


130


35


**

Total interest expense


1,961


1,197


578


387


381


64


**


4,123


1,598


158

Net interest income


7,197


7,003


6,517


6,397


6,450


3


12


27,114


24,171


12

Provision (benefit) for credit losses


2,416


1,669


1,085


677


381


45


**


5,847


(1,944)


**

Net interest income after provision for credit losses


4,781


5,334


5,432


5,720


6,069


(10)


(21)


21,267


26,115


(19)

Non-interest income:





















Interchange fees, net


1,177


1,195


1,201


1,033


1,005


(2)


17


4,606


3,860


19

Service charges and other customer-related fees


395


415


415


400


435


(5)


(9)


1,625


1,578


3

Other


271


192


99


343


228


41


19


905


826


10

Total non-interest income


1,843


1,802


1,715


1,776


1,668


2


10


7,136


6,264


14

Non-interest expense:





















Salaries and associate benefits


2,266


2,187


1,946


2,026


1,941


4


17


8,425


7,421


14

Occupancy and equipment


554


502


481


513


527


10


5


2,050


2,003


2

Marketing


1,118


978


1,003


918


999


14


12


4,017


2,871


40

Professional services


481


471


458


397


449


2


7


1,807


1,440


25

Communications and data processing


352


349


339


339


326


1


8


1,379


1,262


9

Amortization of intangibles


25


17


14


14


13


47


92


70


29


141

Other


284


445


342


344


423


(36)


(33)


1,415


1,544


(8)

Total non-interest expense


5,080


4,949


4,583


4,551


4,678


3


9


19,163


16,570


16

Income from continuing operations before income taxes


1,544


2,187


2,564


2,945


3,059


(29)


(50)


9,240


15,809


(42)

Income tax provision


312


493


533


542


633


(37)


(51)


1,880


3,415


(45)

Income from continuing operations, net of tax


1,232


1,694


2,031


2,403


2,426


(27)


(49)


7,360


12,394


(41)

Income (loss) from discontinued operations, net of tax






(1)



**



(4)


**

Net income


1,232


1,694


2,031


2,403


2,425


(27)


(49)


7,360


12,390


(41)

Dividends and undistributed earnings allocated to participating securities(2)


(14)


(21)


(25)


(28)


(21)


(33)


(33)


(88)


(105)


(16)

Preferred stock dividends


(57)


(57)


(57)


(57)


(74)



(23)


(228)


(274)


(17)

Issuance cost for redeemed preferred stock(3)






(34)



**



(46)


**

Net income available to common stockholders


$      1,161


$      1,616


$      1,949


$      2,318


$      2,296


(28)


(49)


$    7,044


$   11,965


(41)












































































2022 Q4 vs


Year Ended December 31,



2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Basic earnings per common share:(2)





















Net income from continuing operations


$        3.03


$        4.21


$        4.98


$        5.65


$        5.43


(28) %


(44) %


$    17.98


$     27.05


(34) %

Income (loss) from discontinued operations










(0.01)


**

Net income per basic common share


$        3.03


$        4.21


$        4.98


$        5.65


$        5.43


(28)


(44)


$    17.98


$     27.04


(34)

Diluted earnings per common share:(2)





















Net income from continuing operations


$        3.03


$        4.20


$        4.96


$        5.62


$        5.41


(28)


(44)


$    17.91


$     26.95


(34)

Income (loss) from discontinued operations










(0.01)


**

Net income per diluted common share


$        3.03


$        4.20


$        4.96


$        5.62


$        5.41


(28)


(44)


$    17.91


$     26.94


(34)

Weighted-average common shares outstanding (in millions):





















Basic common shares


382.6


383.4


391.2


410.4


422.5



(9)


391.8


442.5


(11)

Diluted common shares


383.7


384.6


392.6


412.2


424.3



(10)


393.2


444.2


(11)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets














2022 Q4 vs

(Dollars in millions)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4

Assets:















Cash and cash equivalents:















Cash and due from banks


$     5,193


$     3,716


$     4,825


$     5,107


$     4,164


40 %


25 %

Interest-bearing deposits and other short-term investments


25,663


21,176


16,728


21,697


17,582


21


46

Total cash and cash equivalents


30,856


24,892


21,553


26,804


21,746


24


42

Restricted cash for securitization investors


400


399


697


281


308



30

Securities available for sale


76,919


75,303


83,022


89,076


95,261


2


(19)

Loans held for investment:















Unsecuritized loans held for investment


283,282


277,576


271,339


257,505


252,468


2


12

Loans held in consolidated trusts


29,049


26,367


25,045


22,961


24,872


10


17

Total loans held for investment


312,331


303,943


296,384


280,466


277,340


3


13

Allowance for credit losses


(13,240)


(12,209)


(11,491)


(11,308)


(11,430)


8


16

Net loans held for investment


299,091


291,734


284,893


269,158


265,910


3


12

Loans held for sale


203


1,729


875


1,155


5,888


(88)


(97)

Premises and equipment, net


4,351


4,265


4,238


4,238


4,210


2


3

Interest receivable


2,104


1,853


1,611


1,479


1,460


14


44

Goodwill


14,777


14,771


14,778


14,784


14,782



Other assets


26,548


29,286


28,621


27,220


22,816


(9)


16

Total assets


$ 455,249


$ 444,232


$ 440,288


$ 434,195


$ 432,381


2


5




























2022 Q4 vs

(Dollars in millions)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4









Liabilities:















Interest payable


$        527


$        433


$        333


$        261


$        281


22 %


88 %

Deposits:















Non-interest-bearing deposits


32,203


34,391


37,004


37,781


38,043


(6)


(15)

Interest-bearing deposits


300,789


282,802


270,881


275,648


272,937


6


10

Total deposits


332,992


317,193


307,885


313,429


310,980


5


7

Securitized debt obligations


16,973


15,926


17,466


13,740


14,994


7


13

Other debt:















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


883


528


440


594


820


67


8

Senior and subordinated notes


30,826


30,615


30,489


26,976


27,219


1


13

Other borrowings


33


7,538


10,543


4,048


53


(100)


(38)

Total other debt


31,742


38,681


41,472


31,618


28,092


(18)


13

Other liabilities


20,433


21,138


19,722


18,802


17,005


(3)


20

Total liabilities


402,667


393,371


386,878


377,850


371,352


2


8
















Stockholders' equity:















Preferred stock


0


0


0


0


0



Common stock


7


7


7


7


7



Additional paid-in capital, net


34,725


34,579


34,425


34,286


34,112



2

Retained earnings


57,184


56,240


54,836


53,099


51,006


2


12

Accumulated other comprehensive income (loss)


(9,916)


(10,704)


(6,916)


(4,093)


374


(7)


**

Treasury stock, at cost


(29,418)


(29,261)


(28,942)


(26,954)


(24,470)


1


20

Total stockholders' equity


52,582


50,861


53,410


56,345


61,029


3


(14)

Total liabilities and stockholders' equity


$ 455,249


$ 444,232


$ 440,288


$ 434,195


$ 432,381


2


5

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

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



(1)

Total net revenue was reduced by $321 million in Q4 2022, $222 million in Q3 2022, $211 million in Q2 2022, $192 million in Q1 2022 and $151 million in Q4 2021 for credit card finance charges and fees charged-off as uncollectible.

(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 September 1, 2021, we redeemed all outstanding shares of our fixed-to-floating rate non-cumulative perpetual preferred stock Series E, which reduced our net income available to common shareholders by $12 million in Q3 2021. On December 1, 2021, we redeemed all outstanding shares of our fixed rate 5.20% non-cumulative perpetual preferred stock Series G and our fixed rate 6.00% non-cumulative perpetual preferred stock Series H, which together reduced our net income available to common shareholders by $34 million in Q4 2021.

(4)

Tangible book value per common share is a non-GAAP measure calculated based on TCE 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 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 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 TCE. 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)

Capital ratios as of the end of Q4 2022 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.

(14)

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.

**

Not meaningful.

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

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




2022 Q4


2022 Q3


2021 Q4

(Dollars in millions, except as noted)


Average
Balance


Interest
Income/
Expense


Yield/Rate(1)


Average
Balance


Interest
Income/
Expense


Yield/Rate(1)


Average
Balance


Interest
Income/
Expense


Yield/Rate

Interest-earning assets:



















Loans, including loans held for sale


$   307,852


$      8,360


10.86 %


$   300,952


$      7,578


10.07 %


$   272,805


$      6,451


9.46 %

Investment securities


87,110


548


2.52


88,666


499


2.25


96,421


368


1.53

Cash equivalents and other


26,089


250


3.84


22,553


123


2.19


21,642


12


0.22

Total interest-earning assets


$   421,051


$      9,158


8.70


$   412,171


$      8,200


7.96


$   390,868


$      6,831


6.99

Interest-bearing liabilities:



















Interest-bearing deposits


$   292,793


$      1,335


1.82


$   275,900


$         689


1.00


$   269,951


$         222


0.33

Securitized debt obligations


16,478


170


4.13


17,108


120


2.81


13,775


30


0.87

Senior and subordinated notes


30,718


430


5.59


30,962


319


4.13


25,454


121


1.90

Other borrowings and liabilities


4,289


26


2.50


12,296


69


2.20


2,279


8


1.50

Total interest-bearing liabilities


$   344,278


$      1,961


2.28


$   336,266


$      1,197


1.42


$   311,459


$         381


0.49

Net interest income/spread




$      7,197


6.42




$      7,003


6.53




$      6,450


6.50

Impact of non-interest-bearing funding






0.42






0.27






0.10

Net interest margin






6.84 %






6.80 %






6.60 %










Year Ended December 31,









2022


2021

(Dollars in millions, except as noted)








Average
Balance


Interest
Income/
Expense


Yield/Rate(1)


Average
Balance


Interest
Income/
Expense


Yield/Rate

Interest-earning assets:



















Loans, including loans held for sale








$   293,839


$     28,910


9.84 %


$   257,328


$     24,263


9.43 %

Investment securities








90,608


1,884


2.08


98,394


1,446


1.47

Cash equivalents and other








22,199


443


2.00


33,614


60


0.18

Total interest-earning assets








$   406,646


$     31,237


7.68


$   389,336


$     25,769


6.62

Interest-bearing liabilities:



















Interest-bearing deposits








$   277,208


$       2,535


0.91


$   271,500


$          956


0.35

Securitized debt obligations








15,603


384


2.46


12,336


119


0.96

Senior and subordinated notes








29,286


1,074


3.67


25,530


488


1.91

Other borrowings and liabilities








7,800


130


1.67


2,261


35


1.57

Total interest-bearing liabilities








$   329,897


$       4,123


1.25


$   311,627


$       1,598


0.51

Net interest income/spread










$     27,114


6.43




$     24,171


6.11

Impact of non-interest-bearing funding












0.24






0.10

Net interest margin












6.67 %






6.21 %

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics














2022 Q4 vs


Year Ended December 31,

(Dollars in millions, except as noted)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.
2021

Loans Held for Investment (Period-End)





















Credit card:





















   Domestic credit card


$   131,581


$   121,279


$   115,004


$   107,987


$   108,723


8 %


21 %


$ 131,581


$ 108,723


21 %

   International card businesses


6,149


5,634


5,876


5,975


6,049


9


2


6,149


6,049


2

Total credit card


137,730


126,913


120,880


113,962


114,772


9


20


137,730


114,772


20

Consumer banking:





















   Auto


78,373


79,580


79,926


78,604


75,779


(2)


3


78,373


75,779


3

   Retail banking


1,552


1,619


1,605


1,726


1,867


(4)


(17)


1,552


1,867


(17)

Total consumer banking


79,925


81,199


81,531


80,330


77,646


(2)


3


79,925


77,646


3

Commercial banking:





















   Commercial and multifamily real estate


37,453


38,225


37,845


34,354


35,262


(2)


6


37,453


35,262


6

   Commercial and industrial


57,223


57,606


56,128


51,820


49,660


(1)


15


57,223


49,660


15

Total commercial banking


94,676


95,831


93,973


86,174


84,922


(1)


11


94,676


84,922


11

Total loans held for investment


$   312,331


$   303,943


$   296,384


$   280,466


$   277,340


3


13


$ 312,331


$ 277,340


13

Loans Held for Investment (Average)





















Credit card:





















   Domestic credit card


$   124,816


$   117,467


$   109,962


$   105,536


$   102,717


6 %


22 %


$ 114,506


$   95,818


20 %

   International card businesses


5,836


5,890


5,873


5,944


5,871


(1)


(1)


5,886


6,913


(15)

Total credit card


130,652


123,357


115,835


111,480


108,588


6


20


120,392


102,731


17

Consumer banking:





















   Auto


79,108


79,741


79,313


76,892


75,284


(1)


5


78,772


71,108


11

   Retail banking


1,592


1,598


1,668


1,797


2,160



(26)


1,663


2,765


(40)

Total consumer banking


80,700


81,339


80,981


78,689


77,444


(1)


4


80,435


73,873


9

Commercial banking:





















   Commercial and multifamily real estate


37,848


38,230


35,754


34,671


33,591


(1)


13


36,639


30,980


18

   Commercial and industrial


57,681


57,260


53,540


50,502


47,536


1


21


54,772


45,146


21

Total commercial banking


95,529


95,490


89,294


85,173


81,127



18


91,411


76,126


20

Total average loans held for investment


$   306,881


$   300,186


$   286,110


$   275,342


$   267,159


2


15


$ 292,238


$ 252,730


16























































2022 Q4 vs


Year Ended December 31,



2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.
2021

Net Charge-Off (Recovery) Rates





















Credit card:





















   Domestic credit card(2)


3.22 %


2.20 %


2.26 %


2.12 %


1.49 %


102 bps


173 bps


2.47 %


1.90 %


57 bps

   International card businesses


4.29


3.30


3.82


3.20


0.14


99


415


3.65


1.96


169

Total credit card


3.27


2.25


2.34


2.18


1.42


102


185


2.53


1.90


63

Consumer banking:





















   Auto


1.66


1.05


0.61


0.66


0.58


61


108


1.00


0.28


72

   Retail banking


5.15


3.89


3.62


4.31


6.69


126


(154)


4.24


2.77


147

Total consumer banking


1.73


1.10


0.67


0.75


0.75


63


98


1.06


0.37


69

Commercial banking:





















   Commercial and multifamily real estate


0.05


0.03


(0.08)




2


5



0.03


(3)

   Commercial and industrial


0.06


0.06


0.29


0.11


(0.03)



9


0.13


(0.01)


14

Total commercial banking


0.06


0.05


0.14


0.06


(0.02)


1


8


0.08



8

Total net charge-offs


1.86


1.24


1.18


1.11


0.79


62


107


1.36


0.88


48

30+ Day Performing Delinquency Rates





















Credit card:





















   Domestic credit card


3.43 %


2.97 %


2.35 %


2.32 %


2.22 %


46 bps


121 bps


3.43 %


2.22 %


121 bps

   International card businesses


4.03


3.90


3.67


3.58


3.42


13


61


4.03


3.42


61

Total credit card


3.46


3.01


2.42


2.38


2.28


45


118


3.46


2.28


118

Consumer banking:





















   Auto


5.62


4.85


4.47


3.85


4.32


77


130


5.62


4.32


130

   Retail banking


1.02


0.84


0.67


0.74


1.92


18


(90)


1.02


1.92


(90)

Total consumer banking


5.53


4.77


4.39


3.78


4.26


76


127


5.53


4.26


127

Nonperforming Loans and Nonperforming Assets Rates(3)(4)





















Credit card:





















   International card businesses


0.14 %


0.14 %


0.13 %


0.14 %


0.16 %



(2) bps


0.14 %


0.16 %


(2) bps

Total credit card


0.01


0.01


0.01


0.01


0.01




0.01


0.01


Consumer banking:





















   Auto


0.76


0.60


0.50


0.41


0.45


16 bps


31


0.76


0.45


31

   Retail banking


2.49


2.62


2.61


2.63


2.51


(13)


(2)


2.49


2.51


(2)

Total consumer banking


0.79


0.64


0.54


0.46


0.50


15


29


0.79


0.50


29

Commercial banking:





















   Commercial and multifamily real estate


0.72


0.64


0.78


0.98


1.09


8


(37)


0.72


1.09


(37)

   Commercial and industrial


0.75


0.53


0.64


0.69


0.64


22


11


0.75


0.64


11

Total commercial banking


0.74


0.57


0.70


0.81


0.82


17


(8)


0.74


0.82


(8)

Total nonperforming loans


0.43


0.35


0.37


0.38


0.40


8


3


0.43


0.40


3

Total nonperforming assets


0.45


0.37


0.39


0.40


0.41


8


4


0.45


0.41


4

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

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




Three Months Ended December 31, 2022



Credit Card


Consumer Banking





(Dollars in millions)


Domestic
Card


International
Card
Businesses


Total
Credit
Card


Auto


Retail
Banking


Total
Consumer
Banking


Commercial
Banking


Total

Allowance for credit losses:

















Balance as of September 30, 2022


$         8,370


$             346


$         8,716


$         2,057


$             51


$         2,108


$         1,385


$       12,209

Charge-offs


(1,257)


(94)


(1,351)


(499)


(25)


(524)


(15)


(1,890)

Recoveries


252


31


283


171


5


176


1


460

Net charge-offs


(1,005)


(63)


(1,068)


(328)


(20)


(348)


(14)


(1,430)

Provision for credit losses


1,800


78


1,878


458


19


477


87


2,442

Allowance build for credit losses


795


15


810


130


(1)


129


73


1,012

Other changes(5)



19


19






19

Balance as of December 31, 2022


9,165


380


9,545


2,187


50


2,237


1,458


13,240

Reserve for unfunded lending commitments:

















Balance as of September 30, 2022








243


243

Provision (benefit) for losses on unfunded lending commitments








(25)


(25)

Balance as of December 31, 2022








218


218

Combined allowance and reserve as of December 31, 2022


$         9,165


$             380


$         9,545


$         2,187


$             50


$         2,237


$         1,676


$       13,458






Year Ended December 31, 2022



Credit Card


Consumer Banking





(Dollars in millions)


Domestic
Card


International
Card
Businesses


Total
Credit
Card


Auto


Retail
Banking


Total
Consumer
Banking


Commercial
Banking


Total

Allowance for credit losses:

















Balance as of December 31, 2021


$         7,968


$             377


$         8,345


$         1,852


$             66


$         1,918


$         1,167


$       11,430

Charge-offs


(4,004)


(358)


(4,362)


(1,525)


(89)


(1,614)


(88)


(6,064)

Recoveries


1,171


143


1,314


741


19


760


17


2,091

Net charge-offs


(2,833)


(215)


(3,048)


(784)


(70)


(854)


(71)


(3,973)

Provision for credit losses


4,020


245


4,265


1,119


54


1,173


362


5,800

Allowance build (release) for credit losses


1,187


30


1,217


335


(16)


319


291


1,827

Other changes(5)


10


(27)


(17)






(17)

Balance as of December 31, 2022


9,165


380


9,545


2,187


50


2,237


1,458


13,240

Reserve for unfunded lending commitments:

















Balance as of December 31, 2021








165


165

Provision (benefit) for losses on unfunded lending commitments








53


53

Balance as of December 31, 2022








218


218

Combined allowance and reserve as of December 31, 2022


$         9,165


$             380


$         9,545


$         2,187


$             50


$         2,237


$         1,676


$       13,458

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results




Three Months Ended December 31, 2022


Year Ended December 31, 2022

(Dollars in millions)


Credit Card


Consumer
Banking


Commercial
Banking(6)


Other(6)


Total


Credit Card


Consumer
Banking


Commercial
Banking(6)


Other(6)


Total

Net interest income (loss)


$        4,533


$       2,394


$             520


$      (250)


$      7,197


$       16,584


$       8,965


$          2,461


$      (896)


$    27,114

Non-interest income (loss)


1,449


139


261


(6)


1,843


5,771


469


1,129


(233)


7,136

Total net revenue (loss)


5,982


2,533


781


(256)


9,040


22,355


9,434


3,590


(1,129)


34,250

Provision (benefit) for credit losses


1,878


477


62


(1)


2,416


4,265


1,173


415


(6)


5,847

Non-interest expense


3,069


1,450


555


6


5,080


11,627


5,312


2,070


154


19,163

Income (loss) from continuing operations before income taxes


1,035


606


164


(261)


1,544


6,463


2,949


1,105


(1,277)


9,240

Income tax provision (benefit)


245


144


39


(116)


312


1,536


699


262


(617)


1,880

Income (loss) from continuing operations, net of tax


$           790


$          462


$             125


$      (145)


$      1,232


$        4,927


$       2,250


$             843


$      (660)


$      7,360
























Three Months Ended September 30, 2022











(Dollars in millions)


Credit Card


Consumer
Banking


Commercial
Banking(6)


Other(6)


Total











Net interest income (loss)


$        4,313


$       2,311


$             699


$      (320)


$      7,003











Non-interest income (loss)


1,454


129


319


(100)


1,802











Total net revenue (loss)


5,767


2,440


1,018


(420)


8,805











Provision (benefit) for credit losses


1,261


285


123



1,669











Non-interest expense


3,004


1,340


542


63


4,949











Income (loss) from continuing operations before income taxes


1,502


815


353


(483)


2,187











Income tax provision (benefit)


356


193


83


(139)


493











Income (loss) from continuing operations, net of tax


$        1,146


$          622


$             270


$      (344)


$      1,694


































Three Months Ended December 31, 2021


Year Ended December 31, 2021

(Dollars in millions)


Credit Card


Consumer
Banking


Commercial
Banking(6)


Other(6)


Total


Credit Card


Consumer
Banking


Commercial
Banking(6)


Other(6)


Total

Net interest income (loss)


$        3,865


$       2,158


$             595


$      (168)


$      6,450


$       14,074


$       8,448


$          2,153


$      (504)


$    24,171

Non-interest income (loss)


1,261


142


345


(80)


1,668


4,806


554


1,148


(244)


6,264

Total net revenue (loss)


5,126


2,300


940


(248)


8,118


18,880


9,002


3,301


(748)


30,435

Provision (benefit) for credit losses


423


2


(44)



381


(902)


(521)


(519)


(2)


(1,944)

Non-interest expense


2,799


1,285


520


74


4,678


9,621


4,711


1,815


423


16,570

Income (loss) from continuing operations before income taxes


1,904


1,013


464


(322)


3,059


10,161


4,812


2,005


(1,169)


15,809

Income tax provision (benefit)


451


239


109


(166)


633


2,403


1,136


473


(597)


3,415

Income (loss) from continuing operations, net of tax


$        1,453


$          774


$             355


$      (156)


$      2,426


$        7,758


$       3,676


$          1,532


$      (572)


$    12,394

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business














2022 Q4 vs


Year Ended December 31,

(Dollars in millions, except as noted)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021

Credit Card



















Earnings:





















Net interest income


$      4,533


$     4,313


$     3,899


$     3,839


$     3,865


5 %


17 %


$    16,584


$   14,074


18 %

Non-interest income


1,449


1,454


1,410


1,458


1,261



15


5,771


4,806


20

Total net revenue


5,982


5,767


5,309


5,297


5,126


4


17


22,355


18,880


18

Provision (benefit) for credit losses


1,878


1,261


581


545


423


49


**


4,265


(902)


**

Non-interest expense


3,069


3,004


2,771


2,783


2,799


2


10


11,627


9,621


21

Income from continuing operations before income taxes


1,035


1,502


1,957


1,969


1,904


(31)


(46)


6,463


10,161


(36)

Income tax provision


245


356


466


469


451


(31)


(46)


1,536


2,403


(36)

Income from continuing operations, net of tax


$         790


$     1,146


$     1,491


$     1,500


$     1,453


(31)


(46)


$      4,927


$     7,758


(36)

Selected performance metrics:





















Period-end loans held for investment


$  137,730


$ 126,913


$ 120,880


$ 113,962


$ 114,772


9


20


$  137,730


$ 114,772


20

Average loans held for investment


130,652


123,357


115,835


111,480


108,588


6


20


120,392


102,731


17

Average yield on loans outstanding(1)


17.69 %


16.74 %


15.24 %


14.97 %


14.94 %


95 bps


275 bps


16.21 %


14.60 %


161 bps

Total net revenue margin(7)


18.32


18.70


18.33


18.56


18.11


(38)


21


18.47


17.81


66

Net charge-off rate 


3.27


2.25


2.34


2.18


1.42


102


185


2.53


1.90


63

30+ day performing delinquency rate


3.46


3.01


2.42


2.38


2.28


45


118


3.46


2.28


118

30+ day delinquency rate


3.46


3.02


2.42


2.39


2.29


44


117


3.46


2.29


117

Nonperforming loan rate(3)


0.01


0.01


0.01


0.01


0.01




0.01


0.01


Purchase volume(8)


$  155,633


$ 149,497


$ 148,491


$ 133,662


$ 149,982


4 %


4 %


$  587,283


$ 527,605


11 %


































2022 Q4 vs


Year Ended December 31,

(Dollars in millions, except as noted)


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2021

Q4


2022

Q3


2021

Q4


2022


2021


2022 vs.

2021


Domestic Card



















Earnings:




















Net interest income


$      4,280


$     4,065


$     3,651


$     3,620


$     3,558


5 %


20 %


$    15,616


$  12,916


21 %

Non-interest income


1,392


1,383


1,340


1,248


1,190


1


17


5,363


4,532


18

Total net revenue


5,672


5,448


4,991


4,868


4,748


4


19


20,979


17,448


20

Provision (benefit) for credit losses


1,800


1,167


494


559


384


54


**


4,020


(868)


**

Non-interest expense


2,866


2,803


2,594


2,564


2,564


2


12


10,827


8,712


24

Income from continuing operations before income taxes


1,006


1,478


1,903


1,745


1,800


(32)


(44)


6,132


9,604


(36)

Income tax provision


238


351


450


414


424


(32)


(44)


1,453


2,266


(36)

Income from continuing operations, net of tax


$         768


$     1,127


$     1,453


$     1,331


$     1,376


(32)


(44)


$      4,679


$     7,338


(36)

Selected performance metrics:





















Period-end loans held for investment


$  131,581


$ 121,279


$ 115,004


$ 107,987


$ 108,723


8


21


$  131,581


$ 108,723


21

Average loans held for investment


124,816


117,467


109,962


105,536


102,717


6


22


114,506


95,818


20

Average yield on loans outstanding(1)


17.58 %


16.61 %


15.03 %


14.82 %


14.86 %


97 bps


272 bps


16.07 %


14.49 %


158 bps

Total net revenue margin(7)


18.18


18.55


18.16


18.28


18.14


(37)


4


18.28


17.85


43

Net charge-off rate(2)


3.22


2.20


2.26


2.12


1.49


102


173


2.47


1.90


57

30+ day performing delinquency rate


3.43


2.97


2.35


2.32


2.22


46


121


3.43


2.22


121

Purchase volume(8)


$  151,995


$ 145,805


$ 144,668


$ 126,284


$ 138,825


4 %


9 %


$  568,752


$ 487,297


17 %

Refreshed FICO scores:(9)





















Greater than 660