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