Breadcrumb

Home Page > About Capital One > Investor Relations > FIRST AND FINAL ADD -- DCTH009 -- Capital One Financial Corporation

Release Details

FIRST AND FINAL ADD -- DCTH009 -- Capital One Financial Corporation

April 13, 2000 at 5:02 AM EDT
                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                       FINANCIAL & STATISTICAL SUMMARY

                                                           2000          1999
    (in millions, except per share data and as noted)       Q1            Q4

    Earnings (Managed Basis)
    Net Interest Income                              $    618.9    $    574.8
    Non-Interest Income                                   489.3         473.6
    Total Revenue                                       1,108.2       1,048.4
    Provision for Loan Losses                             226.1         218.0
    Marketing Expenses                                    201.9         202.4
    Operating Expenses                                    508.0         478.8
    Income Before Taxes                                   172.1         149.2
    Tax Rate                                               38.0%         34.4%
    Net Income                                       $    106.7    $     97.9

    Common Share Statistics(1)
    Basic EPS                                        $     0.54    $     0.50
    Diluted EPS                                      $     0.51    $     0.47
    Dividends Per Share                              $     0.03    $     0.03
    Book Value Per Share (period end)                $     7.93    $     7.69
    Stock Price Per Share (period end)               $    47.94    $    48.19
    Total Market Capitalization (period end)         $  9,376.5    $  9,495.2
    Shares Outstanding (period end)                       195.6         197.0
    Shares Used to Compute Basic EPS                      196.6         197.3
    Shares Used to Compute Diluted EPS                    208.7         210.3

    Managed Loan Statistics (period avg.)
    Average Loans                                    $   20,181    $   18,974
    Average Earning Assets                           $   22,038    $   21,323
    Average Assets                                   $   23,497    $   22,714
    Average Equity                                   $    1,567    $    1,493
    Net Interest Margin                                   11.23%        10.78%
    Risk Adjusted Margin(2)                               16.57%        16.24%
    Return on Average Assets (ROA)                         1.82%         1.72%
    Return on Average Equity (ROE)                        27.24%        26.22%
    Net Charge-Off Rate                                    3.87%         3.86%
    Net Charge-Offs                                  $    195.3    $    182.9

    Managed Loan Statistics (period end)
    Reported Loans                                   $    9,449    $    9,914
    Securitized Loans                                    10,850        10,323
    Total Loans                                      $   20,299    $   20,237
    Delinquency Rate (30+ days)                            5.26%         5.23%
    Number of Accounts (000's)                           25,302        23,705
    Total Assets                                     $   23,361    $   23,638
    Capital, Including Preferred Interests           $  1,649.3    $  1,613.7
    Capital to Managed Assets Ratio                        7.06%         6.83%

(1) All periods have been restated to reflect the Company's

three-for-one stock split effective June 1, 1999.

(2) Risk adjusted margin is total revenue less net charge-offs as a

         percentage of average earning assets.


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                       FINANCIAL & STATISTICAL SUMMARY

                                                           1999          1999
    (in millions, except per share data and as noted)       Q3            Q2

    Earnings (Managed Basis)
    Net Interest Income                              $    558.9   $     527.1
    Non-Interest Income                                   438.6         398.5
    Total Revenue                                         997.5         925.6
    Provision for Loan Losses                             214.3         178.3
    Marketing Expenses                                    175.2         178.2
    Operating Expenses                                    454.3         427.9
    Income Before Taxes                                   153.8         141.1
    Tax Rate                                               38.0%         38.0%
    Net Income                                       $     95.4   $      87.5

    Common Share Statistics(1)
    Basic EPS                                        $     0.48   $      0.44
    Diluted EPS                                      $     0.45   $      0.41
    Dividends Per Share                              $     0.03   $      0.03
    Book Value Per Share (period end)                $     7.29   $      7.11
    Stock Price Per Share (period end)               $    39.00   $     55.69
    Total Market Capitalization (period end)         $  7,686.9   $  10,991.3
    Shares Outstanding (period end)                       197.1         197.4
    Shares Used to Compute Basic EPS                      197.4         197.6
    Shares Used to Compute Diluted EPS                    210.1         211.5

    Managed Loan Statistics (period avg.)
    Average Loans                                    $   18,162   $    17,598
    Average Earning Assets                           $   20,060   $    19,428
    Average Assets                                   $   21,563   $    20,714
    Average Equity                                   $    1,461   $     1,374
    Net Interest Margin                                   11.14%        10.85%
    Risk Adjusted Margin(2)                               16.38%        15.68%
    Return on Average Assets (ROA)                         1.77%         1.69%
    Return on Average Equity (ROE)                        26.12%        25.47%
    Net Charge-Off Rate                                    3.88%         3.73%
    Net Charge-Offs                                  $    176.0   $     164.0

    Managed Loan Statistics (period end)
    Reported Loans                                   $    8,286   $     7,427
    Securitized Loans                                    10,231        10,433
    Total Loans                                      $   18,517   $    17,860
    Delinquency Rate (30+ days)                            5.06%         4.72%
    Number of Accounts (000's)                           20,845        19,213
    Total Assets                                     $   21,577   $    20,985
    Capital, Including Preferred Interests           $  1,535.3   $   1,501.0
    Capital to Managed Assets Ratio                        7.12%         7.15%

(1) All periods have been restated to reflect the Company's

three-for-one stock split effective June 1, 1999.

(2) Risk adjusted margin is total revenue less net charge-offs as a

percentage of average earning assets.

                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                       FINANCIAL & STATISTICAL SUMMARY

                                                                      1999
    (in millions, except per share data and as noted)                  Q1

    Earnings (Managed Basis)
    Net Interest Income                                       $      513.9
    Non-Interest Income                                              357.6
    Total Revenue                                                    871.6
    Provision for Loan Losses                                        190.5
    Marketing Expenses                                               176.1
    Operating Expenses                                               372.2
    Income Before Taxes                                              132.9
    Tax Rate                                                          38.0%
    Net Income                                                $       82.4

    Common Share Statistics(1)
    Basic EPS                                                 $       0.42
    Diluted EPS                                               $       0.39
    Dividends Per Share                                       $       0.03
    Book Value Per Share (period end)                         $       6.69
    Stock Price Per Share (period end)                        $      50.33
    Total Market Capitalization (period end)                  $    9,929.1
    Shares Outstanding (period end)                                  197.3
    Shares Used to Compute Basic EPS                                 197.2
    Shares Used to Compute Diluted EPS                               210.0

    Managed Loan Statistics (period avg.)
    Average Loans                                             $     17,436
    Average Earning Assets                                    $     19,482
    Average Assets                                            $     20,722
    Average Equity                                            $      1,302
    Net Interest Margin                                              10.55%
    Risk Adjusted Margin(2)                                          14.38%
    Return on Average Assets (ROA)                                    1.59%
    Return on Average Equity (ROE)                                   25.32%
    Net Charge-Off Rate                                               3.93%
    Net Charge-Offs                                           $      171.1

    Managed Loan Statistics (period end)
    Reported Loans                                            $      7,246
    Securitized Loans                                               10,198
    Total Loans                                               $     17,444
    Delinquency Rate (30+ days)                                       4.56%
    Number of Accounts (000's)                                      18,022
    Total Assets                                              $     20,318
    Capital, Including Preferred Interests                    $    1,417.2
    Capital to Managed Assets Ratio                                   6.98%

(1) All periods have been restated to reflect the Company's

three-for-one stock split effective June 1, 1999.

(2) Risk adjusted margin is total revenue less net charge-offs as a

         percentage of average earning assets.


                      CAPITAL ONE FINANCIAL CORPORATION
                         Consolidated Balance Sheets
                          (in thousands)(unaudited)

                                                                     Mar 31
                                                                      2000

    Assets:
    Cash and due from banks                                   $      84,084
    Federal funds sold and resale agreements                         18,000
    Interest-bearing deposits at other banks                         96,491
      Cash and cash equivalents                                     198,575
    Securities available for sale                                 1,519,027
    Consumer loans                                                9,449,498
      Less:  Allowance for loan losses                             (372,000)
    Net loans                                                     9,077,498
    Premises and equipment, net                                     501,238
    Interest receivable                                              81,967
    Accounts receivable from securitizations                        666,972
    Other                                                           479,781
      Total assets                                            $  12,525,058


    Liabilities:
    Interest-bearing deposits                                 $   4,096,241
    Other borrowings                                              1,955,978
    Senior notes                                                  3,818,936
    Interest payable                                                 88,438
    Other                                                         1,014,384
      Total liabilities                                          10,973,977

    Stockholders' Equity:
    Common stock(1)                                                   1,997
    Paid-in capital, net(1)                                         598,012
    Retained earnings and cumulative
     other comprehensive income                                   1,092,021
      Less: Treasury stock, at cost                                (140,949)
      Total stockholders' equity                                  1,551,081
      Total liabilities and stockholders' equity              $  12,525,058

(1) All periods have been restated to reflect the Company's three-for-one

         stock split effective June 1, 1999.


                      CAPITAL ONE FINANCIAL CORPORATION
                         Consolidated Balance Sheets
                          (in thousands)(unaudited)

                                                                     Dec 31
                                                                      1999

    Assets:
    Cash and due from banks                                  $      134,065
    Federal funds sold and resale agreements
    Interest-bearing deposits at other banks                        112,432
      Cash and cash equivalents                                     246,497
    Securities available for sale                                 1,856,421
    Consumer loans                                                9,913,549
      Less:  Allowance for loan losses                             (342,000)
    Net loans                                                     9,571,549
    Premises and equipment, net                                     470,732
    Interest receivable                                              64,637
    Accounts receivable from securitizations                        661,922
    Other                                                           464,685
      Total assets                                           $   13,336,443


    Liabilities:
    Interest-bearing deposits                                $    3,783,809
    Other borrowings                                              2,780,466
    Senior notes                                                  4,180,548
    Interest payable                                                116,405
    Other                                                           959,608
      Total liabilities                                          11,820,836

    Stockholders' Equity:
    Common stock(1)                                                   1,997
    Paid-in capital, net(1)                                         613,590
    Retained earnings and cumulative
     other comprehensive income                                     991,034
      Less:  Treasury stock, at cost                                (91,014)
      Total stockholders' equity                                  1,515,607
      Total liabilities and stockholders' equity             $   13,336,443

(1) All periods have been restated to reflect the Company's three-for-one

         stock split effective June 1, 1999.


                      CAPITAL ONE FINANCIAL CORPORATION
                         Consolidated Balance Sheets
                          (in thousands)(unaudited)

                                                                     Mar 31
                                                                      1999

    Assets:
    Cash and due from banks                                 $        13,276
    Federal funds sold and resale agreements
    Interest-bearing deposits at other banks                         34,041
      Cash and cash equivalents                                      47,317
    Securities available for sale                                 1,770,398
    Consumer loans                                                7,245,847
      Less:  Allowance for loan losses                             (251,000)
    Net loans                                                     6,994,847
    Premises and equipment, net                                     283,159
    Interest receivable                                              66,184
    Accounts receivable from securitizations                        637,563
    Other                                                           352,159
      Total assets                                          $    10,151,627

    Liabilities:
    Interest-bearing deposits                               $     2,204,162
    Other borrowings                                              1,269,424
    Senior notes                                                  4,610,049
    Interest payable                                                 87,501
    Other                                                           661,279
      Total liabilities                                           8,832,415

    Stockholders' Equity:
    Common stock(1)                                                   1,997
    Paid-in capital, net(1)                                         605,598
    Retained earnings and cumulative
     other comprehensive income                                     779,625
      Less: Treasury stock, at cost                                 (68,008)
      Total stockholders' equity                                  1,319,212
      Total liabilities and stockholders' equity            $    10,151,627

(1) All periods have been restated to reflect the Company's three-for-one

         stock split effective June 1, 1999.

                      CAPITAL ONE FINANCIAL CORPORATION
                      Consolidated Statements of Income
               (in thousands, except per share data)(unaudited)

                                                      Three Months Ended
                                                   Mar 31           Dec 31
                                                    2000             1999

    Interest Income:
    Consumer loans, including fees            $   488,937      $   417,384
    Securities available for sale                  24,734           31,437
    Other                                           1,776            1,783
      Total interest income                       515,447          450,604

    Interest Expense:
    Deposits                                       52,120           49,409
    Other borrowings                               41,454           32,820
    Senior and deposit notes                       68,376           72,569
      Total interest expense                      161,950          154,798
    Net interest income                           353,497          295,806
    Provision for loan losses                     126,525          120,000
    Net interest income after provision
      for loan losses                             226,972          175,806

    Non-Interest Income:
    Servicing and securitizations                 270,758          310,321
    Service charges and other fees                341,232          297,717
    Interchange                                    43,070           46,585
      Total non-interest income                   655,060          654,623

    Non-Interest Expense:
    Salaries and associate benefits               234,836          207,457
    Marketing                                     201,938          202,405
    Communications and data processing             70,822           75,592
    Supplies and equipment                         52,274           54,580
    Occupancy                                      25,292           22,863
    Other                                         124,758          118,288
      Total non-interest expense                  709,920          681,185
    Income before income taxes                    172,112          149,244
    Income taxes                                   65,403           51,372
    Net income                                $   106,709      $    97,872

    Basic earnings per share(1)               $      0.54      $      0.50
    Diluted earnings per share(1)             $      0.51      $      0.47
    Dividends paid per share(1)               $      0.03      $      0.03

(1) All periods have been restated to reflect the Company's three-for-one

         stock split effective June 1, 1999.


                      CAPITAL ONE FINANCIAL CORPORATION
                      Consolidated Statements of Income
               (in thousands, except per share data)(unaudited)


                                                         Three Months Ended
                                                                     Mar 31
                                                                      1999

    Interest Income:
    Consumer loans, including fees                           $      325,067
    Securities available for sale                                    26,222
    Other                                                             1,782
      Total interest income                                         353,071

    Interest Expense:
    Deposits                                                         23,942
    Other borrowings                                                 25,552
    Senior and deposit notes                                         72,495
      Total interest expense                                        121,989
    Net interest income                                             231,082
    Provision for loan losses                                        74,586
    Net interest income after provision for loan losses             156,496

    Non-Interest Income:
    Servicing and securitizations                                   271,954
    Service charges and other fees                                  222,453
    Interchange                                                      30,219
      Total non-interest income                                     524,626

    Non-Interest Expense:
    Salaries and associate benefits                                 179,194
    Marketing                                                       176,088
    Communications and data processing                               58,072
    Supplies and equipment                                           36,704
    Occupancy                                                        13,914
    Other                                                            84,281
      Total non-interest expense                                    548,253
    Income before income taxes                                      132,869
    Income taxes                                                     50,490
    Net income                                               $       82,379

    Basic earnings per share(1)                              $         0.42
    Diluted earnings per share(1)                            $         0.39
    Dividends paid per share(1)                              $         0.03

(1) All periods have been restated to reflect the Company's three-for-one

stock split effective June 1, 1999.

                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

                                                 Quarter Ended 3/31/00
    Managed(1)                             Average        Income/       Yield/
                                           Balance        Expense        Rate
    Earning assets:
     Consumer loans                  $  20,181,373    $  911,418       18.06%
     Securities available for sale       1,681,537         24,734        5.88
     Other                                 174,658          1,776        4.07
    Total earning assets             $  22,037,568   $  937,928       17.02%

    Interest-bearing liabilities:
     Deposits                        $   3,894,250     $   52,120        5.35%
     Other borrowings                    2,504,724         41,454        6.62
     Senior and deposit notes            4,019,484         68,376        6.80
     Securitization liability           10,458,226        157,124        6.01
    Total interest-bearing
      liabilities                    $  20,876,684     $  319,074        6.11%

    Net interest spread                                                 10.91%

    Interest income to average earning assets                           17.02%
    Interest expense to average earning assets                           5.79
    Net interest margin                                                 11.23%

(1) The information in this table reflects the adjustment to add back the

         effect of securitized loans.


                      CAPITAL ONE FINANCIAL CORPORATION

Statements of Average Balances, Income and Expense, Yields and Rates

(dollars in thousands)(unaudited)

                                                 Quarter Ended 12/31/99
    Managed(1)                             Average        Income/      Yield/
                                           Balance        Expense       Rate
    Earning assets:
     Consumer loans                  $  18,974,409   $  848,176      17.88%
     Securities available for sale       2,175,963         31,437       5.78
     Other                                 172,370          2,557       5.93
    Total earning assets             $  21,322,742     $  882,170      16.55%

    Interest-bearing liabilities:
     Deposits                        $   3,648,919     $   49,409       5.42%
     Other borrowings                    2,037,805         32,820       6.44
     Senior and deposit notes            4,258,661         72,569       6.82
     Securitization liability           10,329,929        152,572       5.91
    Total interest-bearing
      liabilities                    $  20,275,314     $  307,370       6.06%

    Net interest spread                                                10.49%

    Interest income to average earning assets                          16.55%
    Interest expense to average earning assets                          5.77
    Net interest margin                                                10.78%

(1) The information in this table reflects the adjustment to add back the

effect of securitized loans.

                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

                                                 Quarter Ended 3/31/99
    Managed(1)                             Average        Income/      Yield/
                                           Balance        Expense       Rate

    Earning assets:
     Consumer loans                  $  17,435,530    $  745,643       17.11%
     Securities available for sale       1,876,636         26,222        5.59
     Other                                 170,048          1,782        4.19
    Total earning assets             $  19,482,214   $  773,647       15.88%

    Interest-bearing liabilities:
     Deposits                        $   2,101,086     $   23,942        4.56%
     Other borrowings                    1,777,980         25,552        5.75
     Senior and deposit notes            4,189,839         72,495        6.92
     Securitization liability           10,570,532        137,720        5.21
    Total interest-bearing
      liabilities                    $  18,639,437     $  259,709        5.57%

    Net interest spread                                                 10.31%

    Interest income to average earning assets                           15.88%
    Interest expense to average earning assets                           5.33
    Net interest margin                                                 10.55%

(1) The information in this table reflects the adjustment to add back the

effect of securitized loans. SOURCE Capital One Financial Corporation

-0- 04/13/2000 AA DCTH009

/PRNewswire -- April 13/

/END FIRST AND FINAL ADD/