UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
October 14, 2010
Date of Report (Date of earliest event reported)
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CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its chapter)
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Delaware
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1-13300
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54-1719854
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1680 Capital One Drive,
McLean, Virginia
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22102
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (703) 720-1000
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure.
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The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly Charge-off and Delinquency Statistics — As of and for the month ended September 30, 2010.
Note: Information in this report (including the exhibit) furnished pursuant to Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. Furthermore, the information provided in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.
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Item 9.01
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Financial Statements and Exhibits.
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(c) Exhibits
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Exhibit
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Description
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99.1
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Monthly Charge-off and Delinquency Statistics — As of and for the month ended September 30, 2010
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
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CAPITAL ONE FINANCIAL CORPORATION
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Dated: October 14, 2010
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By:
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/s/ GARY L. PERLIN
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Gary L. Perlin
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Chief Financial Officer
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EXHIBIT INDEX
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Monthly Charge-off and Delinquency Statistics — As of and for the month ended September 30, 2010
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Exhibit 99.1
Capital One Financial Corporation
Monthly Charge-off and Delinquency Statistics
As of and for the month ended September 30, 2010
(dollars in millions)
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Domestic Card Metrics (1)
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September 2010
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Net Principal Charge-Offs
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$ | 378 | ||
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Average Loans Held for Investment (2)
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$ | 54,119 | ||
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Annualized Net Charge-Off Rate
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8.38 | % | ||
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30 + Day Performing Delinquencies
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$ | 2,437 | ||
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Period-end Loans Held for Investment
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$ | 53,838 | ||
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30 + Day Performing Delinquency Rate
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4.53 | % | ||
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Auto Finance Metrics
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Net Principal Charge-Offs
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$ | 41 | ||
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Average Loans Held for Investment (2)
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$ | 17,557 | ||
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Annualized Net Charge-Off Rate
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2.77 | % | ||
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30 + Day Performing Delinquencies
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$ | 1,402 | ||
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Period-end Loans Held for Investment
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$ | 17,643 | ||
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30 + Day Performing Delinquency Rate
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7.95 | % | ||
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International Card Metrics
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Net Principal Charge-Offs
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$ | 44 | ||
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Average Loans Held for Investment (2)
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$ | 7,289 | ||
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Annualized Net Charge-Off Rate
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7.31 | % | ||
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30 + Day Performing Delinquencies
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$ | 437 | ||
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Period-end Loans Held for Investment
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$ | 7,487 | ||
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30 + Day Performing Delinquency Rate
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5.84 | % | ||
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(1)
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The statistics for September 2010 reflect the impact of the acquisition of the legacy portfolio associated with the Sony Card partnership announced on September 15, 2010, which resulted in an increase of $6 million in Net Principal Charge-Offs for September 2010 and increases of $731 million in Period-end Loans Held for Investment and $35 million in 30+ Day Performing Delinquencies as of September 30, 2010. The Annualized Net Charge-Off Rate for September and the 30+ Days Performing Delinquency Rate as of September 30, 2010, excluding the Sony Card legacy portfolio, was 8.38% and 4.53%, respectively.
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(2)
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Average Loans Held for Investment used in the calculation of the Annualized Net Charge-Off Rate includes an estimate of the uncollectible portion of finance charge and fee receivables. We recognize earned finance charges and fee income on open ended loans according to the contractual provisions of the credit arrangements. When we do not expect full payment of finance charges and fees, we do not accrue the estimated uncollectible portion as income. The estimated uncollectible portion of finance charges and fees is adjusted quarterly.
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