Capital One Reports First Quarter 2023 Net Income of $960 million, or $2.31 per share

MCLEAN, Va., April 27, 2023 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2023 of $960 million, or $2.31 per diluted common share, compared with net income of $1.2 billion, or $3.03 per diluted common share in the fourth quarter of 2022, and with net income of $2.4 billion, or $5.62 per diluted common share in the first quarter of 2022.

Capital One Financial

"In the first quarter, we built additional balance sheet strength as we grew retail deposits, and maintained or increased strong levels of capital and liquidity," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "At the same time, we continue to see attractive growth opportunities in our domestic card business and our "digital first" national retail bank, and our investments to transform our technology and to drive resilient growth put us in a strong position to capture opportunities and deliver compelling long-term shareholder value."

All comparisons below are for the first quarter of 2023 compared with the fourth quarter of 2022 unless otherwise noted.

First Quarter 2023 Income Statement Summary:

  • Total net revenue decreased 2 percent to $8.9 billion.
  • Total non-interest expense decreased 3 percent to $4.9 billion:
    • 20 percent decrease in marketing.
    • 2 percent increase in operating expenses.
  • Pre-provision earnings(1) remained flat at $4.0 billion.
  • Provision for credit losses increased $379 million to $2.8 billion:
    • Net charge-offs of $1.7 billion.
    • $1.1 billion loan reserve build.
  • Net interest margin of 6.60 percent, a decrease of 24 basis points.
  • Efficiency ratio of 55.54 percent.
  • Operating efficiency ratio of 45.47 percent.

First Quarter 2023 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at March 31, 2023.
  • Period-end loans held for investment in the quarter decreased $3.5 billion, or 1 percent, to $308.8 billion.
    • Credit Card period-end loans decreased $588 million, or less than 1 percent, to $137.1 billion.
      • Domestic Card period-end loans decreased $601 million, or less than 1 percent, to $131.0 billion.
    • Consumer Banking period-end loans decreased $1.8 billion, or 2 percent, to $78.2 billion.
      • Auto period-end loans decreased $1.7 billion, or 2 percent, to $76.7 billion.
    • Commercial Banking period-end loans decreased $1.1 billion, or 1 percent, to $93.5 billion.
  • Average loans held for investment in the quarter increased $875 million, or less than 1 percent, to $307.8 billion.
    • Credit Card average loans increased $4.0 billion, or 3 percent, to $134.7 billion.
      • Domestic Card average loans increased $3.7 billion, or 3 percent, to $128.6 billion.
    • Consumer Banking average loans decreased $1.7 billion, or 2 percent, to $79.0 billion.
      • Auto average loans decreased $1.6 billion, or 2 percent, to $77.5 billion.
    • Commercial Banking average loans decreased $1.4 billion, or 2 percent, to $94.1 billion.
  • Period-end total deposits increased $16.8 billion, or 5 percent, to $349.8 billion, while average deposits increased $13.6 billion, or 4 percent, to $340.1 billion.
  • Interest-bearing deposits rate paid increased 58 basis points to 2.40 percent.

(1)

Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on From 8-K on April 27, 2023 with the Securities and Exchange Commission (the "SEC"), "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation and additional information on non-GAAP measures.

 

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 27, 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 May 11, 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. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "think," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook" or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. 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. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under "Part I—Item 1A. Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $349.8 billion in deposits and $471.7 billion in total assets as of March 31, 2023. 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)

First Quarter 2023

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 Quarterly Report on Form 10-Q for the period ended March 31, 2023 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














2023 Q1 vs

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


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Income Statement















Net interest income


$     7,186


$     7,197


$     7,003


$     6,517


$     6,397



12 %

Non-interest income


1,717


1,843


1,802


1,715


1,776


(7) %


(3)

Total net revenue(1)


8,903


9,040


8,805


8,232


8,173


(2)


9

Provision for credit losses


2,795


2,416


1,669


1,085


677


16


**

Non-interest expense:















Marketing


897


1,118


978


1,003


918


(20)


(2)

Operating expense


4,048


3,962


3,971


3,580


3,633


2


11

Total non-interest expense


4,945


5,080


4,949


4,583


4,551


(3)


9

Income from continuing operations before income taxes


1,163


1,544


2,187


2,564


2,945


(25)


(61)

Income tax provision


203


312


493


533


542


(35)


(63)

Net income


960


1,232


1,694


2,031


2,403


(22)


(60)

Dividends and undistributed earnings allocated to participating securities(2)


(16)


(14)


(21)


(25)


(28)


14


(43)

Preferred stock dividends


(57)


(57)


(57)


(57)


(57)



Net income available to common stockholders


$        887


$     1,161


$     1,616


$     1,949


$     2,318


(24)


(62)

Common Share Statistics















Basic earnings per common share:(2)















Net income per basic common share


$       2.32


$       3.03


$       4.21


$       4.98


$       5.65


(23) %


(59) %

Diluted earnings per common share:(2)















Net income per diluted common share


$       2.31


$       3.03


$       4.20


$       4.96


$       5.62


(24) %


(59) %

Weighted-average common shares outstanding (in millions):















Basic


382.6


382.6


383.4


391.2


410.4



(7) %

Diluted


383.8


383.7


384.6


392.6


412.2



(7)

Common shares outstanding (period-end, in millions)


382.0


381.3


382.0


383.8


399.0



(4)

Dividends declared and paid per common share


$       0.60


$       0.60


$       0.60


$       0.60


$       0.60



Tangible book value per common share (period-end)(3)


90.86


86.11


81.38


87.84


91.77


6 %


(1)














2023 Q1 vs

(Dollars in millions)


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Balance Sheet (Period-End)















Loans held for investment


$  308,836


$  312,331


$  303,943


$  296,384


$  280,466


(1) %


10 %

Interest-earning assets


445,166


427,248


415,262


406,565


398,241


4


12

Total assets


471,660


455,249


444,232


440,288


434,195


4


9

Interest-bearing deposits


318,641


300,789


282,802


270,881


275,648


6


16

Total deposits


349,827


332,992


317,193


307,885


313,429


5


12

Borrowings


48,777


48,715


54,607


58,938


45,358



8

Common equity


49,807


47,737


46,015


48,564


51,499


4


(3)

Total stockholders' equity


54,653


52,582


50,861


53,410


56,345


4


(3)

Balance Sheet (Average Balances)















Loans held for investment


$  307,756


$  306,881


$  300,186


$  286,110


$  275,342



12 %

Interest-earning assets


435,199


421,051


412,171


398,934


394,082


3 %


10

Total assets


462,324


449,659


447,088


435,327


430,372


3


7

Interest-bearing deposits


308,788


292,793


275,900


268,104


271,823


5


14

Total deposits


340,123


326,558


311,928


305,954


309,597


4


10

Borrowings


48,016


49,747


58,628


53,208


42,277


(3)


14

Common equity


49,927


47,594


49,696


49,319


54,591


5


(9)

Total stockholders' equity


54,773


52,439


54,541


54,165


59,437


4


(8)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated














2023 Q1 vs

(Dollars in millions, except as noted)


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Performance Metrics















Net interest income growth (period over period)



3 %


7 %


2 %


(1) %


**


**

Non-interest income growth (period over period)


(7) %


2


5


(3)


6


**


**

Total net revenue growth (period over period)


(2)


3


7


1


1


**


**

Total net revenue margin(4)


8.18


8.59


8.55


8.25


8.30


(41) bps


(12) bps

Net interest margin(5)


6.60


6.84


6.80


6.54


6.49


(24)


11

Return on average assets


0.83


1.10


1.52


1.87


2.23


(27)


(140)

Return on average tangible assets(6)


0.86


1.13


1.57


1.93


2.31


(27)


(145)

Return on average common equity(7)


7.11


9.76


13.01


15.81


16.98


(265)


(987)

Return on average tangible common equity(8)


10.15


14.22


18.59


22.63


23.36


(407)


(1,321)

Efficiency ratio(9)


55.54


56.19


56.21


55.67


55.68


(65)


(14)

Operating efficiency ratio(10)


45.47


43.83


45.10


43.49


44.45


164


102

Effective income tax rate for continuing operations


17.5


20.2


22.5


20.8


18.4


(270)


(90)

Employees (period-end, in thousands)


56.1


56.0


55.1


53.6


51.5



9 %

Credit Quality Metrics















Allowance for credit losses


$    14,318


$    13,240


$    12,209


$    11,491


$    11,308


8 %


27 %

Allowance coverage ratio


4.64 %


4.24 %


4.02 %


3.88 %


4.03 %


40 bps


61 bps

Net charge-offs


$      1,697


$      1,430


$         931


$         845


$         767


19 %


121 %

Net charge-off rate(11)


2.21 %


1.86 %


1.24 %


1.18 %


1.11 %


35 bps


110 bps

30+ day performing delinquency rate


2.88


2.96


2.58


2.36


2.08


(8)


80

30+ day delinquency rate


3.09


3.21


2.78


2.54


2.21


(12)


88

Capital Ratios(12)















Common equity Tier 1 capital 


12.5 %


12.5 %


12.2 %


12.1 %


12.7 %



(20) bps

Tier 1 capital


13.9


13.9


13.6


13.5


14.1



(20)

Total capital


15.9


15.8


15.7


15.7


16.4


10 bps


(50)

Tier 1 leverage


10.9


11.1


11.0


11.1


11.3


(20)


(40)

Tangible common equity ("TCE")(13)


7.6


7.5


7.2


7.9


8.7


10


(110)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income














2023 Q1 vs

(Dollars in millions, except as noted)


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Interest income:















Loans, including loans held for sale


$      8,723


$      8,360


$      7,578


$      6,605


$      6,367


4 %


37 %

Investment securities


615


548


499


435


402


12


53

Other


416


250


123


55


15


66


**

Total interest income


9,754


9,158


8,200


7,095


6,784


7


44

Interest expense:















Deposits


1,856


1,335


689


293


218


39


**

Securitized debt obligations


211


170


120


65


29


24


**

Senior and subordinated notes


489


430


319


194


131


14


**

Other borrowings


12


26


69


26


9


(54)


33

Total interest expense


2,568


1,961


1,197


578


387


31


**

Net interest income


7,186


7,197


7,003


6,517


6,397



12

Provision for credit losses


2,795


2,416


1,669


1,085


677


16


**

Net interest income after provision for credit losses


4,391


4,781


5,334


5,432


5,720


(8)


(23)

Non-interest income:















Interchange fees, net


1,139


1,177


1,195


1,201


1,033


(3)


10

Service charges and other customer-related fees


379


395


415


415


400


(4)


(5)

Other


199


271


192


99


343


(27)


(42)

Total non-interest income


1,717


1,843


1,802


1,715


1,776


(7)


(3)

Non-interest expense:















Salaries and associate benefits


2,427


2,266


2,187


1,946


2,026


7


20

Occupancy and equipment


508


554


502


481


513


(8)


(1)

Marketing


897


1,118


978


1,003


918


(20)


(2)

Professional services


324


481


471


458


397


(33)


(18)

Communications and data processing


350


352


349


339


339


(1)


3

Amortization of intangibles


14


25


17


14


14


(44)


Other


425


284


445


342


344


50


24

Total non-interest expense


4,945


5,080


4,949


4,583


4,551


(3)


9

Income from continuing operations before income taxes


1,163


1,544


2,187


2,564


2,945


(25)


(61)

Income tax provision


203


312


493


533


542


(35)


(63)

Net income


960


1,232


1,694


2,031


2,403


(22)


(60)

Dividends and undistributed earnings allocated to participating securities(2)


(16)


(14)


(21)


(25)


(28)


14


(43)

Preferred stock dividends


(57)


(57)


(57)


(57)


(57)



Net income available to common stockholders


$         887


$      1,161


$      1,616


$      1,949


$      2,318


(24)


(62)
























































































2023 Q1 vs



2023

Q1 


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022
Q1

Basic earnings per common share:(2)















Net income per basic common share


$        2.32


$        3.03


$        4.21


$        4.98


$        5.65


(23) %


(59) %

Diluted earnings per common share:(2)















Net income per diluted common share


$        2.31


$        3.03


$        4.20


$        4.96


$        5.62


(24) %


(59) %

Weighted-average common shares outstanding (in millions):















Basic common shares


382.6


382.6


383.4


391.2


410.4



(7)

Diluted common shares


383.8


383.7


384.6


392.6


412.2



(7)

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets














2023 Q1 vs


(Dollars in millions)


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Assets:















Cash and cash equivalents:















Cash and due from banks


$     3,347


$      5,193


$      3,716


$     4,825


$     5,107


(36) %


(34) %

Interest-bearing deposits and other short-term investments


43,166


25,663


21,176


16,728


21,697


68


99

Total cash and cash equivalents


46,513


30,856


24,892


21,553


26,804


51


74

Restricted cash for securitization investors


460


400


399


697


281


15


64

Securities available for sale


81,925


76,919


75,303


83,022


89,076


7


(8)

Loans held for investment:















Unsecuritized loans held for investment


280,093


283,282


277,576


271,339


257,505


(1)


9

Loans held in consolidated trusts


28,743


29,049


26,367


25,045


22,961


(1)


25

Total loans held for investment


308,836


312,331


303,943


296,384


280,466


(1)


10

Allowance for credit losses


(14,318)


(13,240)


(12,209)


(11,491)


(11,308)


8


27

Net loans held for investment


294,518


299,091


291,734


284,893


269,158


(2)


9

Loans held for sale


363


203


1,729


875


1,155


79


(69)

Premises and equipment, net


4,365


4,351


4,265


4,238


4,238



3

Interest receivable


2,250


2,104


1,853


1,611


1,479


7


52

Goodwill


14,779


14,777


14,771


14,778


14,784



Other assets


26,487


26,548


29,286


28,621


27,220



(3)

Total assets


$  471,660


$  455,249


$  444,232


$ 440,288


$ 434,195


4


9




























2023 Q1 vs


(Dollars in millions)


2023

Q1


2022

Q4


2022

Q3


2022

Q2


2022

Q1


2022

Q4


2022

Q1

Liabilities:















Interest payable


$        621


$        527


$         433


$        333


$        261


18 %


138 %

Deposits:















Non-interest-bearing deposits


31,186


32,203


34,391


37,004


37,781


(3)


(17)

Interest-bearing deposits


318,641


300,789


282,802


270,881


275,648


6


16

Total deposits


349,827


332,992


317,193


307,885


313,429


5


12

Securitized debt obligations


17,813


16,973


15,926


17,466


13,740


5


30

Other debt:















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


542


883


528


440


594


(39)


(9)

Senior and subordinated notes


30,398


30,826


30,615


30,489


26,976


(1)


13

Other borrowings


24


33


7,538


10,543


4,048


(27)


(99)

Total other debt


30,964


31,742


38,681


41,472


31,618


(2)


(2)

Other liabilities


17,782


20,433


21,138


19,722


18,802


(13)


(5)

Total liabilities


417,007


402,667


393,371


386,878


377,850


4


10
















Stockholders' equity:















Preferred stock


0


0


0


0


0



Common stock


7


7


7


7


7



Additional paid-in capital, net


34,952


34,725


34,579


34,425


34,286


1


2

Retained earnings


57,898


57,184


56,240


54,836


53,099


1


9

Accumulated other comprehensive loss


(8,540)


(9,916)


(10,704)


(6,916)


(4,093)


(14)


109

Treasury stock, at cost


(29,664)


(29,418)


(29,261)


(28,942)


(26,954)


1


10

Total stockholders' equity


54,653


52,582


50,861


53,410


56,345


4


(3)

Total liabilities and stockholders' equity


$  471,660


$ 455,249


$ 444,232


$  440,288


$ 434,195


4


9

 


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 $405 million in Q1 2023, $321 million in Q4 2022, $222 million in Q3 2022, $211 million in Q2 2022 and $192 million in Q1 2022 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)

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.


(4)

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


(5)

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


(6)

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.


(7)

Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized 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.


(8)

Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized 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.


(9)

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.


(10)

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.


(11)

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.


(12)

Capital ratios as of the end of Q1 2023 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.


(13)

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




2023 Q1


2022 Q4


2022 Q1

(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


$   308,115


$      8,723


11.32 %


$   307,852


$      8,360


10.86 %


$   279,022


$      6,367


9.13 %

Investment securities


89,960


615


2.73


87,110


548


2.52


94,700


402


1.70

Cash equivalents and other


37,124


416


4.49


26,089


250


3.84


20,360


15


0.29

Total interest-earning assets


$   435,199


$      9,754


8.96


$   421,051


$      9,158


8.70


$   394,082


$      6,784


6.89

Interest-bearing liabilities:



















Interest-bearing deposits


$   308,788


$      1,856


2.40


$   292,793


$      1,335


1.82


$   271,823


$         218


0.32

Securitized debt obligations


17,251


211


4.90


16,478


170


4.13


13,740


29


0.84