FORM 8-K

CAPITAL ONE FINANCIAL CORPORATION

Dated: July 18, 2013

/s/ Stephen S. Crawford

Stephen S. Crawford

Chief Financial Officer

0001193125-13-294331.txt : 20130718 0001193125-13-294331.hdr.sgml : 20130718 20130718161737 ACCESSION NUMBER: 0001193125-13-294331 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130718 DATE AS OF CHANGE: 20130718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL ONE FINANCIAL CORP CENTRAL INDEX KEY: 0000927628 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541719854 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13300 FILM NUMBER: 13975058 BUSINESS ADDRESS: STREET 1: 1680 CAPITAL ONE DRIVE STREET 2: SUITE 1400 CITY: MCLEAN STATE: VA ZIP: 22102 BUSINESS PHONE: 7037201000 MAIL ADDRESS: STREET 1: 1680 CAPITAL ONE DRIVE STREET 2: SUITE 1400 CITY: MCLEAN STATE: VA ZIP: 22102 FORMER COMPANY: FORMER CONFORMED NAME: OAKSTONE FINANCIAL CORP DATE OF NAME CHANGE: 19940728 8-K 1 d570277d8k.htm FORM 8-K FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

July 18, 2013

Date of Report (Date of earliest event reported)

Commission File No. 1-13300

CAPITAL ONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		54-1719854
*(State or Other Jurisdiction of Incorporation or Organization)*		*(I.R.S. Employer Identification No.)*

1680 Capital One Drive McLean, Virginia		22102
*(Address of Principal Executive Offices)*		*(Zip Code)*

Registrant’s telephone number, including area code: (703) 720-1000

(Former name or former address, if changed since last report)

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):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.

Results of Operations and Financial Condition.

On July 18, 2013, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2013. Copies of the Company’s press release and financial supplement are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.

Note: Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 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.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description of Exhibit
99.1		Press Release, dated July 18, 2013 – Second Quarter 2013
99.2		Financial Supplement – Second Quarter 2013

Earnings Conference Call Webcast Information.

The Company will hold an earnings conference call on July 18, 2013 at 5:00 p.m. 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). Choose “About Us”, then 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 Web site through August 8, 2013 at 5:00 p.m. Eastern Time.

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.

EX-99.1 2 d570277dex991.htm EX-99.1 EX-99.1

Exhibit 99.1


News Release
Contacts: Investor Relations		Media Relations
Jeff Norris 703.720.2455	Danielle Dietz 703.720.2455	Julie Rakes 804.284.5800	Tatiana Stead 703.720.2352

FOR IMMEDIATE RELEASE: July 18, 2013

Capital One Reports Second Quarter 2013 Net Income of $1.1 billion, or $1.87 per share

McLean, Va. (July 18, 2013) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2013 of $1.1 billion, or $1.87 per diluted common share, compared with net income of $1.1 billion, or $1.79 per diluted common share, for the first quarter of 2013 and net income of $93 million, or $0.16 per diluted common share, for the second quarter of 2012.

“We delivered solid performance across each of our businesses during the quarter, and we continue to generate significant capital,” said Richard D. Fairbank, Chairman and CEO. “We will continue to tightly manage costs and credit quality, drive resilient growth in businesses we are emphasizing, and focus on returning capital to our investors to deliver sustained shareholder value.”

All comparisons below are for the second quarter of 2013 compared with the first quarter of 2013 unless otherwise noted.

Second Quarter 2013 Income Highlights:

•

Total net revenue increased 2 percent to $5.6 billion

•

Total non-interest expense increased 1 percent to $3.1 billion

•

Pre-provision earnings increased 2 percent to $2.6 billion

•

Provision for credit losses decreased 14 percent to $762 million

Capital One Second Quarter 2013 Earnings

Page 2

•

$183 million charge for mortgage representation & warranty expenses, primarily in discontinued operations

Second Quarter 2013 Balance Sheet Highlights:

•

Tier 1 common ratio of 12.1 percent, up 30 basis points

•

Net interest margin of 6.83 percent, up 12 basis points

•

Period-end loans held for investment increased $179 million, or less than 1 percent, to $191.5 billion

•

Domestic Card period-end loans increased $129 million, or less than 1 percent, to $70.5 billion

•

Commercial Banking period-end loans increased $1.7 billion, or 4 percent, to $40.8 billion

•

Auto Finance period-end loans increased $1.4 billion, or 5 percent, to $29.4 billion

•

Home loans period-end loans decreased $2.8 billion, or 7 percent, to $39.2 billion, driven by run-off of acquired portfolios

•

Average loans held for investment in the quarter decreased $5.4 billion, or 3 percent, to $190.6 billion

•

Domestic Card average loans declined $4.7 billion, or 6 percent, primarily driven by the movement of a portfolio to held for sale

•

Commercial Banking average loans increased $936 million, or 2 percent, to $39.5 billion

•

Auto Finance average loans increased $1.2 billion, or 4 percent, to $28.7 billion

•

Home loans decreased by $2.5 billion, or 6 percent, to $40.5 billion, driven by run-off of acquired portfolios

•

Period-end total deposits decreased $2.5 billion, or 1 percent, to $209.9 billion, while average deposits declined $905 million, or less than 1 percent, to $210.7 billion.

•

Deposit interest rates declined 1 basis point to 0.67 percent.

Detailed segment information will be available in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 18, 2013 at 5:00 PM, Eastern Daylight 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). Choose “About Us”, then choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation to GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 8, 2013 at 5:00 PM.

Capital One Second Quarter 2013 Earnings

Page 3

Forward Looking Statements

Certain statements in this release are 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, 2012.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $209.9 billion in deposits and $296.5 billion in total assets as of June 30, 2013. 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 more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia 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.

###

EX-99.2 3 d570277dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement

Second Quarter 2013^(1)(2)(3)

Table of Contents


		Page
Capital One Financial Corporation Consolidated

Table 1:	Financial Summary—Consolidated	1

Table 2:	Selected Metrics—Consolidated	2

Table 3:	Consolidated Statements of Income	3

Table 4:	Consolidated Balance Sheets	4

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

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

Table 7:	Loan Information and Performance Statistics	7

Business Segment Detail

Table 8:	Financial & Statistical Summary—Credit Card Business	8

Table 9:	Financial & Statistical Summary—Consumer Banking Business	9

Table 10:	Financial & Statistical Summary—Commercial Banking Business	10

Table 11:	Financial & Statistical Summary—Other and Total	11

Table 12:	Notes to Loan and Business Segment Disclosures (Tables 7 — 11)	12

Other

Table 13:	Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures Under Basel I	13

⁽¹⁾

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2013 once it is filed with the Securities and Exchange Commission.

⁽²⁾

References to ING Direct refer to the business and assets acquired and liabilities assumed in the February 17, 2012 acquisition. References to the 2012 U.S. card acquisition refer to the May 1, 2012 transaction in which we acquired substantially all of HSBC’s credit card and private-label credit card business in the United States.

⁽³⁾

We use the term “acquired loans” to refer to a limited portion of the credit card loans acquired in the 2012 U.S. card acquisition and the substantial majority of loans acquired in the ING Direct and Chevy Chase Bank (“CCB”) acquisitions, which were recorded at fair value at acquisition and subsequently accounted for based on estimated cash flows expected to be collected over the life of the loans (under the accounting standard formerly known as “SOP 03-3”). Because SOP 03-3 takes into consideration future credit losses expected to be incurred over the life of the loans, there are no charge-offs or an allowance associated with these loans unless the estimated cash flows expected to be collected decrease subsequent to acquisition. In addition, these loans are not classified as delinquent or nonperforming even though the customer may be contractually past due because we expect that we will fully collect the carrying value of these loans. The accounting and classification of these loans may significantly alter some of our reported credit quality metrics. We therefore supplement certain reported credit quality metrics with metrics adjusted to exclude the impact of these acquired loans.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated ⁽¹⁾⁽²⁾


(Dollars in millions, except per share data and as noted) (unaudited)	2013 Q2			2013 Q1			2012 Q4			2012 Q3			2012 Q2
Earnings
Net interest income	$	4,553		$	4,570		$	4,528		$	4,646		$	4,001
Non-interest income⁽³⁾		1,085			981			1,096			1,136			1,054

Total net revenue⁽⁴⁾		5,638			5,551			5,624			5,782			5,055

Provision for credit losses		762			885			1,151			1,014			1,677
Non-interest expense:
Marketing		330			317			393			316			334
Amortization of intangibles⁽⁵⁾		167			177			191			199			157
Acquisition-related⁽⁶⁾		50			46			69			48			133
Operating expenses		2,512			2,488			2,602			2,482			2,518

Total non-interest expense		3,059			3,028			3,255			3,045			3,142

Income from continuing operations before income taxes		1,817			1,638			1,218			1,723			236
Income tax provision		581			494			370			535			43

Income from continuing operations, net of tax		1,236			1,144			848			1,188			193
Loss from discontinued operations, net of tax⁽³⁾		(119	)		(78	)		(5	)		(10	)		(100	)

Net income		1,117			1,066			843			1,178			93
Dividends and undistributed earnings allocated to participating securities⁽⁷⁾		(4	)		(5	)		(3	)		(5	)		(1	)
Preferred stock dividends		(13	)		(13	)		(15	)		—			—

Net income available to common stockholders	$	1,100		$	1,048		$	825		$	1,173		$	92

Common Share Statistics
Basic EPS:⁽⁷⁾
Income from continuing operations, net of tax	$	2.09		$	1.94		$	1.43		$	2.05		$	0.33
Loss from discontinued operations, net of tax		(0.20	)		(0.13	)		(0.01	)		(0.02	)		(0.17	)

Net income per common share	$	1.89		$	1.81		$	1.42		$	2.03		$	0.16

Diluted EPS:⁽⁷⁾
Income from continuing operations, net of tax	$	2.07		$	1.92		$	1.42		$	2.03		$	0.33
Loss from discontinued operations, net of tax		(0.20	)		(0.13	)		(0.01	)		(0.02	)		(0.17	)

Net income per common share	$	1.87		$	1.79		$	1.41		$	2.01		$	0.16

Weighted average common shares outstanding (in millions) for:
Basic EPS		581.5			580.5			579.2			578.3			577.7
Diluted EPS		588.8			586.3			585.6			584.1			582.8
Common shares outstanding (period end, in millions)		584.9			584.0			582.2			581.3			580.7
Dividends per common share	$	0.30		$	0.05		$	0.05		$	0.05		$	0.05
Tangible book value per common share (period end)⁽⁸⁾		41.57			41.87			40.23			38.70			35.67
Balance Sheet (Period End)
Loans held for investment⁽⁹⁾	$	191,512		$	191,333		$	205,889		$	203,132		$	202,749
Interest-earning assets		265,693			268,479			280,096			270,661			264,331
Total assets		296,542			300,163			312,918			301,989			296,572
Interest-bearing deposits		187,768			191,093			190,018			192,488			193,859
Total deposits		209,865			212,410			212,485			213,255			213,931
Borrowings		36,231			37,492			49,910			38,377			35,874
Common equity		40,188			40,443			39,646			38,819			37,192
Total stockholders’ equity		41,041			41,296			40,499			39,672			37,192
Balance Sheet (Quarterly Average Balances)
Loans held for investment⁽⁹⁾	$	190,562		$	195,997		$	202,944		$	202,856		$	192,632
Interest-earning assets		266,544			272,345			277,886			266,803			265,019
Total assets		297,766			303,223			308,096			297,154			295,306
Interest-bearing deposits		189,311			190,612			192,122			193,700			195,597
Total deposits		210,650			211,555			213,494			213,323			214,914
Borrowings		36,915			41,574			44,189			36,451			35,418
Common equity		40,726			40,107			39,359			38,079			37,533
Total stockholders’ equity		41,579			40,960			40,212			38,535			37,533

Page 1

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated ⁽¹⁾⁽²⁾


(Dollars in millions, except per share data and as noted) (unaudited)	2013 Q2			2013 Q1			2012 Q4			2012 Q3			2012 Q2
Performance Metrics
Net interest income growth (quarter over quarter)		—	%		1	%		(3	)%		16	%		17	%
Non-interest income growth (quarter over quarter)		11			(10	)		(4	)		8			(31	)
Total net revenue growth (quarter over quarter)		2			(1	)		(3	)		14			2
Total net revenue margin⁽¹⁰⁾		8.46			8.15			8.10			8.67			7.63
Net interest margin⁽¹¹⁾		6.83			6.71			6.52			6.97			6.04
Return on average assets⁽¹²⁾		1.66			1.51			1.10			1.60			0.26
Return on average common equity⁽¹³⁾		11.97			11.23			8.44			12.43			2.05
Return on average tangible common equity⁽¹⁴⁾		19.70			18.79			14.42			21.84			3.52
Non-interest expense as a % of average loans held for investment⁽¹⁵⁾		6.42			6.18			6.42			6.00			6.52
Efficiency ratio⁽¹⁶⁾		54.26			54.55			57.88			52.66			62.16
Effective income tax rate		32.0			30.2			30.4			31.1			18.2
Full-time equivalent employees (in thousands), period end		39.6			39.3			39.6			37.6			37.4
Credit Quality Metrics^(9)(17)
Allowance for loan and lease losses	$	4,407		$	4,606		$	5,156		$	5,154		$	4,998
Allowance as a % of loans held for investment		2.30	%		2.41	%		2.50	%		2.54	%		2.47	%
Allowance as a % of loans held for investment (excluding acquired loans)		2.74			2.91			3.02			3.11			3.08
Net charge-offs	$	969		$	1,079		$	1,150		$	887		$	738
Net charge-off rate⁽¹⁸⁾		2.03	%		2.20	%		2.26	%		1.75	%		1.53	%
Net charge-off rate (excluding acquired loans)⁽¹⁸⁾		2.46			2.69			2.78			2.18			1.96
30+ day performing delinquency rate		2.35			2.37			2.70			2.54			2.06
30+ day performing delinquency rate (excluding acquired loans)		2.83			2.90			3.29			3.15			2.59
30+ day delinquency rate⁽¹⁹⁾		**			2.74			3.09			2.92			2.43
30+ day delinquency rate (excluding acquired loans)⁽¹⁹⁾		**			3.35			3.77			3.62			3.06
Capital Ratios ⁽²⁰⁾
Tier 1 common ratio		12.1	%		11.8	%		11.0	%		10.7	%		9.9	%
Tier 1 risk-based capital ratio		12.4			12.2			11.3			12.7			11.6
Total risk-based capital ratio		14.7			14.4			13.6			15.0			14.0
Tangible common equity (“TCE”) ratio		8.7			8.6			7.9			7.9			7.4

Page 2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income⁽¹⁾⁽²⁾


	Three Months Ended									Six Months Ended June 30,
	June 30, 2013			March 31, 2013			June 30, 2012			Six Months Ended June 30,
(Dollars in millions, except per share data) (unaudited)	June 30, 2013			March 31, 2013			June 30, 2012			2013			2012
Interest income:
Loans, including loans held for sale	$	4,596		$	4,649		$	4,257		$	9,245		$	7,914
Investment securities		391			374			335			765			633
Other		23			28			24			51			48

Total interest income		5,010			5,051			4,616			10,061			8,595


Interest expense:
Deposits		318			326			373			644			684
Securitized debt obligations		45			56			69			101			149
Senior and subordinated notes		82			82			87			164			175
Other borrowings		12			17			86			29			172

Total interest expense		457			481			615			938			1,180


Net interest income		4,553			4,570			4,001			9,123			7,415
Provision for credit losses		762			885			1,677			1,647			2,250

Net interest income after provision for credit losses		3,791			3,685			2,324			7,476			5,165


Non-interest income:
Service charges and other customer-related fees		534			550			539			1,084			954
Interchange fees, net		486			445			408			931			736
Net other-than-temporary impairment losses recognized in earnings		(4	)		(25	)		(13	)		(29	)		(27	)
Bargain purchase gain⁽²¹⁾		—			—			—			—			594
Other		69			11			120			80			318

Total non-interest income		1,085			981			1,054			2,066			2,575


Non-interest expense:
Salaries and associate benefits		1,104			1,080			971			2,184			1,835
Occupancy and equipment		356			350			323			706			593
Marketing		330			317			334			647			655
Professional services		329			307			313			636			606
Communications and data processing		233			210			203			443			375
Amortization of intangibles⁽⁵⁾		167			177			157			344			219
Acquisition-related⁽⁶⁾		50			46			133			96			219
Other		490			541			708			1,031			1,144

Total non-interest expense		3,059			3,028			3,142			6,087			5,646

Income from continuing operations before income taxes		1,817			1,638			236			3,455			2,094
Income tax provision		581			494			43			1,075			396

Income from continuing operations, net of tax		1,236			1,144			193			2,380			1,698
Loss from discontinued operations, net of tax⁽³⁾		(119	)		(78	)		(100	)		(197	)		(202	)

Net income		1,117			1,066			93			2,183			1,496
Dividends and undistributed earnings allocated to participating securities⁽⁷⁾		(4	)		(5	)		(1	)		(9	)		(8	)
Preferred stock dividends		(13	)		(13	)		—			(26	)		—

Net income available to common stockholders	$	1,100		$	1,048		$	92		$	2,148		$	1,488


Basic earnings per common share:⁽⁷⁾
Income from continuing operations	$	2.09		$	1.94		$	0.33		$	4.04		$	3.11
Loss from discontinued operations		(0.20	)		(0.13	)		(0.17	)		(0.34	)		(0.37	)

Net income per basic common share	$	1.89		$	1.81		$	0.16		$	3.70		$	2.74


Diluted earnings per common share:⁽⁷⁾
Income from continuing operations	$	2.07		$	1.92		$	0.33		$	3.99		$	3.09
Loss from discontinued operations		(0.20	)		(0.13	)		(0.17	)		(0.34	)		(0.37	)

Net income per diluted common share	$	1.87		$	1.79		$	0.16		$	3.65		$	2.72


Weighted average common shares outstanding (in millions) for:
Basic EPS		581.5			580.5			577.7			581.0			543.3
Diluted EPS		588.8			586.3			582.8			587.9			548.0

Dividends paid per common share	$	0.30		$	0.05		$	0.05		$	0.35		$	0.10

Page 3

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets


(Dollars in millions)(unaudited)	June 30, 2013			December 31, 2012			June 30, 2012
Assets:
Cash and cash equivalents:
Cash and due from banks	$	2,176		$	3,440		$	2,297
Interest-bearing deposits with banks		2,279			7,617			3,352
Federal funds sold and securities purchased under agreements to resell		198			1			330

Total cash and cash equivalents		4,653			11,058			5,979
Restricted cash for securitization investors		377			428			370
Securities available for sale, at fair value		62,602			63,979			55,289
Loans held for investment:
Unsecuritized loans held for investment		151,231			162,059			158,680
Restricted loans for securitization investors		40,281			43,830			44,069

Total loans held for investment		191,512			205,889			202,749
Less: Allowance for loan and lease losses		(4,407	)		(5,156	)		(4,998	)

Net loans held for investment		187,105			200,733			197,751
Loans held for sale, at lower of cost or fair value		6,248			201			1,047
Premises and equipment, net		3,766			3,587			3,556
Interest receivable		1,454			1,694			1,623
Goodwill		13,900			13,904			13,864
Other		16,437			17,334			17,093

Total assets	$	296,542		$	312,918		$	296,572


Liabilities:
Interest payable	$	324		$	450		$	462
Customer deposits:
Non-interest bearing deposits		22,097			22,467			20,072
Interest-bearing deposits		187,768			190,018			193,859

Total customer deposits		209,865			212,485			213,931
Securitized debt obligations		10,831			11,398			13,608
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		1,766			1,248			1,101
Senior and subordinated notes		12,406			12,686			12,079
Other borrowings		11,228			24,578			9,086

Total other debt		25,400			38,512			22,266
Other liabilities		9,081			9,574			9,113

Total liabilities		255,501			272,419			259,380


Stockholders’ equity:
Preferred stock		—			—			—
Common stock		6			6			6
Additional paid-in capital, net		26,339			26,188			25,217
Retained earnings		18,804			16,853			14,905
Accumulated other comprehensive income (“AOCI”)		(792	)		739			350
Treasury stock, at cost		(3,316	)		(3,287	)		(3,286	)

Total stockholders’ equity		41,041			40,499			37,192

Total liabilities and stockholders’ equity	$	296,542		$	312,918		$	296,572

Page 4

CAPITAL ONE FINANCIAL CORPORATION (COF)

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

⁽¹⁾	Certain prior period amounts have been reclassified to conform to the current period presentation.

⁽²⁾	Results for Q2 2012 and thereafter include the impact of the May 1, 2012 closing of the 2012 U.S. card acquisition, which resulted in the addition of $28.2 billion in credit card receivables at closing.

⁽³⁾

We recorded a provision for mortgage representation and warranty losses of $183 million in Q2 2013, $97 million in Q1 2013 and $180 million in Q2 2012. We did not record a provision for mortgage representation and warranty losses in Q4 2012 or Q3 2012. The majority of the provision for representation and warranty losses is generally included net of tax in discontinued operations, with the remaining amount included pre-tax in non-interest income. The mortgage representation and warranty reserve increased to $1.2 billion as of June 30, 2013, from $994 million as of March 31, 2013 and $899 million as of December 31, 2012.

⁽⁴⁾	Total net revenue was reduced by $192 million in Q2 2013, $265 million in Q1 2013, $318 million in Q4 2012, $185 million in Q3 2012 and $311 million in Q2 2012 for the estimated uncollectible amount of billed finance charges and fees.

⁽⁵⁾

Includes purchased credit card relationship (“PCCR”) intangible amortization of $110 million in Q2 2013, $116 million in Q1 2013, $127 million in Q4 2012, $131 million in Q3 2012 and $88 million in Q2 2012, the substantial majority of which is attributable to the 2012 U.S. card acquisition. Includes core deposit intangible amortization of $43 million in Q2 2013, $44 million in Q1 2013, $47 million in Q4 2012, $49 million in Q3 2012 and $51 million in Q2 2012.

⁽⁶⁾	Acquisition-related costs include transaction costs, legal and other professional or consulting fees, restructuring costs, and integration expense.

⁽⁷⁾	Dividends and undistributed earnings allocated to participating securities and EPS are computed independently for each period. Accordingly, the sum of each quarter may not agree to the year-to-date total.

⁽⁸⁾	Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures Under Basel I” for additional information.

⁽⁹⁾	Loans held for investment includes acquired loans accounted for based on cash flows expected to be collected. See “Table 12: Notes to Loan and Business Segment Disclosures (Tables 7 — 11)” for information on the amount of acquired loans for each of the periods presented.

⁽¹⁰⁾	Calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

⁽¹¹⁾	Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

⁽¹²⁾	Calculated based on annualized income from continuing operations, net of tax, for the period divided by average total assets for the period.

⁽¹³⁾

Prior to Q2 2013, we disclosed return on average total stockholders’ equity, which we calculated based on annualized income from continuing operations, net of tax, for the period divided by average stockholders’ equity for the period. Effective Q2 2013, we began disclosing return on average common equity (“ROCE”), which is calculated based on the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity. We believe ROCE is a more useful measure to assess operating performance and capital adequacy because ROCE better reflects income available to common equity holders after taking into account consideration paid on securities senior to our common equity. Our calculation of ROCE may not be comparable to similarly titled measures reported by other companies.

⁽¹⁴⁾

Prior to Q2 2013, we calculated return on average tangible common equity (“ROTCE”), a non-GAAP measure, based on annualized income from continuing operations, net of tax, for the period divided by average tangible common equity for the period. Effective Q2 2013, we revised our method of calculating ROTCE to reflect the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity. We believe our revised calculation of ROTCE is a more useful measure to assess operating performance and capital adequacy because the revised calculation better reflects income available to common equity holders after taking into account consideration paid on securities senior to our common equity. Our calculation of ROTCE may not be comparable to similarly titled measures reported by other companies. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures Under Basel I” for additional information.

⁽¹⁵⁾	Calculated based on annualized non-interest expense for the period divided by average loans held for investment for the period.

⁽¹⁶⁾	Calculated based on non-interest expense, excluding goodwill impairment charges, for the period divided by total net revenue for the period.

⁽¹⁷⁾

Loans acquired as part of the 2012 U.S. card, ING Direct and CCB acquisitions classified as held for investment are included in the denominator used in calculating our reported credit quality metrics. We supplement certain reported credit quality metrics with metrics adjusted to exclude from the denominator acquired loans accounted for based on estimated expected cash flows to be collected (formerly SOP 03-3).

⁽¹⁸⁾	Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

⁽¹⁹⁾	The 30+ day delinquency rate as of the end of Q2 2013 will be provided in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.

⁽²⁰⁾

Capital ratios are calculated under Basel I. Ratios as of the end of Q2 2013 are preliminary and therefore subject to change. TCE ratio is a non-GAAP capital ratio. See “Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures Under Basel I” for information on the calculation of each of these ratios.

⁽²¹⁾

A bargain purchase gain of $594 million was recognized in earnings in Q1 2012 attributable to the February 17, 2012 acquisition of ING Direct. The bargain purchase gain represents the excess of the fair value of the net assets acquired in the ING Direct acquisition as of the acquisition date of February 17, 2012 over the consideration transferred.

Page 5

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin ⁽¹⁾


	2013 Q2							2013 Q1							2012 Q2
	Average		Interest Income/		Yield/			Average		Interest Income/		Yield/			Average		Interest Income/		Yield/
(Dollars in millions)(unaudited)	Balance		Expense⁽²⁾		Rate⁽²⁾			Balance		Expense⁽²⁾		Rate⁽²⁾			Balance		Expense⁽²⁾		Rate⁽²⁾
Interest-earning assets:
Loans, including loans held for sale	$	196,874	$	4,596		9.34	%	$	200,441	$	4,649		9.28	%	$	193,610	$	4,257		8.80	%
Investment securities⁽³⁾		63,907		391		2.45			64,798		374		2.31			56,972		335		2.35
Cash equivalents and other		5,763		23		1.60			7,106		28		1.58			14,437		24		0.66

Total interest-earning assets	$	266,544	$	5,010		7.52	%	$	272,345	$	5,051		7.42	%	$	265,019	$	4,616		6.97	%


Interest-bearing liabilities:
Interest-bearing deposits	$	189,311	$	318		0.67	%	$	190,612	$	326		0.68	%	$	195,597	$	373		0.76	%
Securitized debt obligations		10,942		45		1.65			11,758		56		1.91			14,948		69		1.85
Senior and subordinated notes		12,692		82		2.58			11,984		82		2.74			11,213		87		3.10
Other borrowings		13,281		12		0.36			17,832		17		0.38			9,257		86		3.72

Total interest-bearing liabilities	$	226,226	$	457		0.81	%	$	232,186	$	481		0.83	%	$	231,015	$	615		1.06	%

Net interest income/spread			$	4,553		6.71	%			$	4,570		6.59	%			$	4,001		5.90	%

Impact of non-interest bearing funding						0.12							0.12							0.14

Net interest margin						6.83	%						6.71	%						6.04	%


	Six Months Ended June 30,
	2013							2012
	Average		Interest Income/		Yield/			Average		Interest Income/		Yield/
(Dollars in millions)(unaudited)	Balance		Expense⁽²⁾		Rate⁽²⁾			Balance		Expense⁽²⁾		Rate⁽²⁾
Interest-earning assets:
Loans, including loans held for sale	$	198,648	$	9,245		9.31	%	$	173,472	$	7,914		9.12	%
Investment securities⁽³⁾		63,930		765		2.39			53,757		633		2.36
Cash equivalents and other		6,430		51		1.59			10,438		48		0.92

Total interest-earning assets	$	269,008	$	10,061		7.48	%	$	237,667	$	8,595		7.23	%


Interest-bearing liabilities:
Interest-bearing deposits	$	189,958	$	644		0.68	%	$	173,611	$	684		0.79	%
Securitized debt obligations		11,348		101		1.78			15,567		149		1.91
Senior and subordinated notes		12,340		164		2.66			10,740		175		3.26
Other borrowings		15,544		29		0.37			9,399		172		3.66

Total interest-bearing liabilities	$	229,190	$	938		0.82	%	$	209,317	$	1,180		1.13	%

Net interest income/spread			$	9,123		6.66	%			$	7,415		6.11	%

Impact of non-interest bearing funding						0.12							0.13

Net interest margin						6.78	%						6.24	%

⁽¹⁾	Certain prior period amounts have been reclassified to conform to the current period presentation.

⁽²⁾	Interest income and interest expense and the calculation of average yields on interest-earning assets and average rates on interest-bearing liabilities include the impact of hedge accounting.

⁽³⁾	Prior to Q2 2013, average balances for investment securities were calculated based on fair value amounts. Effective Q2 2013, average balances are calculated based on the amortized cost of investment securities. The impact of this change on prior period yields is not material.

Page 6

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics^(1)(2)(3)


	2013			2013			2012			2012			2012
(Dollars in millions)(unaudited)	Q2			Q1			Q4			Q3			Q2
Period-end Loans Held For Investment
Credit card:
Domestic credit card	$	70,490		$	70,361		$	83,141		$	80,621		$	80,798
International credit card		7,820			8,036			8,614			8,412			8,116

Total credit card		78,310			78,397			91,755			89,033			88,914

Consumer banking:
Automobile		29,369			27,940			27,123			26,434			25,251
Home loan		39,163			41,931			44,100			46,275			48,224
Retail banking		3,686			3,742			3,904			4,029			4,140

Total consumer banking		72,218			73,613			75,127			76,738			77,615

Commercial banking:
Commercial and multifamily real estate		18,570			17,878			17,732			16,963			16,254
Commercial and industrial		21,170			20,127			19,892			18,965			18,467

Total commercial lending		39,740			38,005			37,624			35,928			34,721
Small-ticket commercial real estate		1,065			1,145			1,196			1,281			1,335

Total commercial banking		40,805			39,150			38,820			37,209			36,056

Other loans		179			173			187			152			164

Total	$	191,512		$	191,333		$	205,889		$	203,132		$	202,749

Average Loans Held For Investment
Credit card:
Domestic credit card	$	69,966		$	74,714		$	80,718		$	80,502		$	71,468
International credit card		7,980			8,238			8,372			8,154			8,194

Total credit card		77,946			82,952			89,090			88,656			79,662

Consumer banking:
Automobile		28,677			27,477			26,881			25,923			24,487
Home loan		40,532			43,023			45,250			47,262			48,966
Retail banking		3,721			3,786			3,967			4,086			4,153

Total consumer banking		72,930			74,286			76,098			77,271			77,606

Commercial banking:
Commercial and multifamily real estate		18,084			17,454			17,005			16,654			15,838
Commercial and industrial		20,332			19,949			19,344			18,817			18,001

Total commercial lending		38,416			37,403			36,349			35,471			33,839
Small-ticket commercial real estate		1,096			1,173			1,249			1,296			1,388

Total commercial banking		39,512			38,576			37,598			36,767			35,227

Other loans		174			183			158			162			137

Total	$	190,562		$	195,997		$	202,944		$	202,856		$	192,632

Net Charge-off Rates
Credit card:
Domestic credit card		4.28	%		4.43	%		4.35	%		3.04	%		2.86	%
International credit card		5.08			4.59			3.99			4.95			5.49

Total credit card		4.36			4.45			4.32			3.22			3.13

Consumer banking:
Automobile		1.28			1.78			2.24			1.79			1.11
Home loan		0.03			0.04			(0.06	)		0.28			0.09
Retail banking		1.50			1.85			2.45			1.20			1.27

Total consumer banking		0.60			0.78			0.88			0.83			0.48

Commercial banking:
Commercial and multifamily real estate		0.04			0.01			(0.08	)		(0.05	)		0.18
Commercial and industrial		0.03			0.04			0.13			—			0.10

Total commercial lending		0.03			0.03			0.03			(0.03	)		0.14
Small-ticket commercial real estate		0.45			1.41			2.02			0.79			1.46

Total commercial banking		0.04			0.07			0.10			—			0.19

Other loans		13.10			14.53			24.23			30.11			18.04

Total		2.03	%		2.20	%		2.26	%		1.75	%		1.53	%

30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card		3.05	%		3.37	%		3.61	%		3.52	%		2.79	%
International credit card		3.84			4.04			3.58			4.92			4.84

Total credit card		3.13	%		3.44	%		3.61	%		3.65	%		2.97	%

Consumer banking:
Automobile		6.03	%		5.58	%		7.00	%		6.12	%		5.20	%
Home loan		0.12			0.14			0.13			0.15			0.15
Retail banking		0.68			0.83			0.76			0.73			0.69

Total consumer banking		2.55	%		2.24	%		2.65	%		2.23	%		1.82	%

Nonperforming Asset Rates⁽⁴⁾
Credit card:
International credit card		1.20	%		1.13	%		1.16	%		—	%		—	%

Total credit card		0.12	%		0.12	%		0.11	%		—	%		—	%

Consumer banking:
Automobile		0.50	%		0.40	%		0.63	%		0.52	%		0.41	%
Home loan		1.08			1.02			1.00			0.98			0.94
Retail banking		1.11			1.24			1.85			2.25			2.21

Total consumer banking		0.84	%		0.80	%		0.91	%		0.89	%		0.83	%

Commercial banking:
Commercial and multifamily real estate		0.56	%		0.76	%		0.82	%		1.04	%		1.28	%
Commercial and industrial		0.65			0.64			0.72			0.68			0.81

Total commercial lending		0.61	%		0.69	%		0.77	%		0.85	%		1.03	%
Small-ticket commercial real estate		1.11			2.42			0.97			1.49			1.25

Total commercial banking		0.62	%		0.74	%		0.77	%		0.87	%		1.04	%

Page 7

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Financial & Statistical Summary—Credit Card Business^(1)(2)(3)


	2013			2013			2012			2012			2012
(Dollars in millions) (unaudited)	Q2			Q1			Q4			Q3			Q2
Credit Card
Earnings:
Net interest income	$	2,804		$	2,830		$	2,849		$	2,991		$	2,350
Non-interest income		832			821			883			826			771

Total net revenue		3,636			3,651			3,732			3,817			3,121
Provision for credit losses		713			743			1,000			892			1,711
Non-interest expense		1,819			1,848			1,933			1,790			1,863

Income (loss) from continuing operations before taxes		1,104			1,060			799			1,135			(453	)
Income tax provision (benefit)		385			374			279			394			(156	)

Income (loss) from continuing operations, net of tax	$	719		$	686		$	520		$	741		$	(297	)

Selected performance metrics:
Period-end loans held for investment	$	78,310		$	78,397		$	91,755		$	89,033		$	88,914
Average loans held for investment		77,946			82,952			89,090			88,656			79,662
Average yield on loans held for investment⁽⁵⁾		15.94	%		15.16	%		14.33	%		15.03	%		13.42	%
Total net revenue margin⁽⁶⁾		18.66			17.61			16.76			17.22			15.67
Net charge-off rate		4.36			4.45			4.32			3.22			3.13
30+ day performing delinquency rate		3.13			3.44			3.61			3.65			2.97
30+ day delinquency rate⁽⁷⁾		**			3.53			3.69			3.65			2.97
Nonperforming loan rate⁽⁴⁾		0.12			0.12			0.11			—			—
Card loan premium amortization and other intangible accretion⁽⁸⁾	$	57		$	57		$	65		$	82		$	59
PCCR intangible amortization		110			116			127			131			88
Purchase volume⁽⁹⁾		50,788			45,098			52,853			48,020			45,228
Domestic Card
Earnings:
Net interest income	$	2,536		$	2,556		$	2,583		$	2,715		$	2,118
Non-interest income		737			724			798			722			708

Total net revenue		3,273			3,280			3,381			3,437			2,826
Provision for credit losses		647			647			911			811			1,600
Non-interest expense		1,635			1,633			1,727			1,584			1,634

Income (loss) from continuing operations before taxes		991			1,000			743			1,042			(408	)
Income tax provision (benefit)		353			356			263			369			(144	)

Income (loss) from continuing operations, net of tax	$	638		$	644		$	480		$	673		$	(264	)

Selected performance metrics:
Period-end loans held for investment	$	70,490		$	70,361		$	83,141		$	80,621		$	80,798
Average loans held for investment		69,966			74,714			80,718			80,502			71,468
Average yield on loans held for investment⁽⁵⁾		15.91	%		15.07	%		14.20	%		14.88	%		13.33	%
Total net revenue margin⁽⁶⁾		18.71			17.56			16.75			17.08			15.82
Net charge-off rate		4.28			4.43			4.35			3.04			2.86
30+ day performing delinquency rate		3.05			3.37			3.61			3.52			2.79
30+ day delinquency rate⁽⁷⁾		**			3.37			3.61			3.52			2.79
Purchase volume⁽⁹⁾	$	47,273		$	41,831		$	48,918		$	44,552		$	41,807
International Card
Earnings:
Net interest income	$	268		$	274		$	266		$	276		$	232
Non-interest income		95			97			85			104			63

Total net revenue		363			371			351			380			295
Provision for credit losses		66			96			89			81			111
Non-interest expense		184			215			206			206			229

Income (loss) from continuing operations before taxes		113			60			56			93			(45	)
Income tax provision (benefit)		32			18			16			25			(12	)

Income (loss) from continuing operations, net of tax	$	81		$	42		$	40		$	68		$	(33	)

Selected performance metrics:
Period-end loans held for investment	$	7,820		$	8,036		$	8,614		$	8,412		$	8,116
Average loans held for investment		7,980			8,238			8,372			8,154			8,194
Average yield on loans held for investment		16.19	%		15.97	%		15.59	%		16.47	%		14.18	%
Total net revenue margin		18.20			18.01			16.77			18.64			14.40
Net charge-off rate		5.08			4.59			3.99			4.95			5.49
30+ day performing delinquency rate		3.84			4.04			3.58			4.92			4.84
30+ day delinquency rate⁽⁷⁾		**			4.93			4.49			4.92			4.84
Nonperforming loan rate⁽⁴⁾		1.20			1.13			1.16			—			—
Purchase volume⁽⁹⁾	$	3,515		$	3,267		$	3,935		$	3,468		$	3,421

Page 8

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial & Statistical Summary—Consumer Banking Business⁽¹⁾⁽²⁾


(Dollars in millions) (unaudited)	2013 Q2			2013 Q1			2012 Q4			2012 Q3			2012 Q2
Consumer Banking
Earnings:
Net interest income	$	1,478		$	1,478		$	1,503		$	1,501		$	1,496
Non-interest income		189			181			161			260			185

Total net revenue		1,667			1,659			1,664			1,761			1,681
Provision for credit losses		67			175			169			202			44
Non-interest expense		910			890			992			977			959

Income from continuing operations before taxes		690			594			503			582			678
Income tax provision		246			211			178			206			240

Income from continuing operations, net of tax	$	444		$	383		$	325		$	376		$	438


Selected performance metrics:
Period-end loans held for investment	$	72,218		$	73,613		$	75,127		$	76,738		$	77,615
Average loans held for investment		72,930			74,286			76,098			77,271			77,606
Average yield on loans held for investment		5.99	%		5.93	%		5.94	%		6.05	%		6.17	%
Auto loan originations	$	4,525		$	3,789		$	3,479		$	3,905		$	4,306
Period-end deposits		169,789			172,605			172,396			173,100			173,966
Average deposits		170,733			171,089			172,654			173,334			174,416
Deposit interest expense rate		0.64	%		0.64	%		0.68	%		0.71	%		0.70	%
Core deposit intangible amortization	$	35		$	37		$	39		$	41		$	42
Net charge-off rate		0.60	%		0.78	%		0.88	%		0.83	%		0.48	%
30+ day performing delinquency rate		2.55			2.24			2.65			2.23			1.82
30+ day delinquency rate⁽⁷⁾		**			2.81			3.34			2.91			2.47
Nonperforming loan rate		0.78			0.74			0.85			0.84			0.79
Nonperforming asset rate⁽⁴⁾		0.84			0.80			0.91			0.89			0.83
Period-end loans serviced for others	$	14,313		$	14,869		$	15,333		$	15,659		$	16,108

Page 9

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Commercial Banking Business⁽¹⁾⁽²⁾


	2013			2013			2012			2012			2012
(Dollars in millions) (unaudited)	Q2			Q1			Q4			Q3			Q2
Commercial Banking
Earnings:
Net interest income	$	457		$	454		$	450		$	432		$	427
Non-interest income		93			84			86			87			82

Total net revenue⁽¹⁰⁾		550			538			536			519			509
Provision for credit losses		(14	)		(35	)		(20	)		(87	)		(94	)
Non-interest expense		269			258			294			253			251

Income from continuing operations before taxes		295			315			262			353			352
Income tax provision		105			112			93			125			124

Income from continuing operations, net of tax	$	190		$	203		$	169		$	228		$	228


Selected performance metrics:
Period-end loans held for investment	$	40,805		$	39,150		$	38,820		$	37,209		$	36,056
Average loans held for investment		39,512			38,576			37,598			36,767			35,227
Average yield on loans held for investment		3.84	%		3.91	%		4.15	%		4.14	%		4.27	%
Period-end deposits	$	30,869		$	30,275		$	29,866		$	28,670		$	27,784
Average deposits		30,746			30,335			29,476			28,063			27,943
Deposit interest expense rate		0.26	%		0.28	%		0.28	%		0.31	%		0.33	%
Core deposit intangible amortization	$	8		$	7		$	8		$	8		$	9
Net charge-off rate		0.04	%		0.07	%		0.10	%		—	%		0.19	%
Nonperforming loan rate		0.60			0.71			0.73			0.82			0.99
Nonperforming asset rate⁽⁴⁾		0.62			0.74			0.77			0.87			1.04

Risk category:⁽¹¹⁾
Noncriticized	$	39,168		$	37,359		$	36,839		$	35,112		$	33,745
Criticized performing		1,087			1,191			1,340			1,394			1,524
Criticized nonperforming		244			277			282			305			356

Total risk-rated loans		40,499			38,827			38,461			36,811			35,625
Acquired commercial loans		306			323			359			398			431

Total commercial loans	$	40,805		$	39,150		$	38,820		$	37,209		$	36,056


% of period-end commercial loans held for investment:
Noncriticized		96.0	%		95.4	%		94.9	%		94.4	%		93.6	%
Criticized performing		2.7			3.1			3.5			3.7			4.2
Criticized nonperforming		0.6			0.7			0.7			0.8			1.0

Total risk-rated loans		99.3			99.2			99.1			98.9			98.8
Acquired commercial loans		0.7			0.8			0.9			1.1			1.2

Total commercial loans		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Page 10

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Other and Total⁽¹⁾⁽²⁾


	2013			2013			2012			2012			2012
(Dollars in millions) (unaudited)	Q2			Q1			Q4			Q3			Q2
Other
Earnings:
Net interest expense	$	(186	)	$	(192	)	$	(274	)	$	(278	)	$	(272	)
Non-interest income		(29	)		(105	)		(34	)		(37	)		16

Total net revenue		(215	)		(297	)		(308	)		(315	)		(256	)
Provision for credit losses		(4	)		2			2			7			16
Non-interest expense		61			32			36			25			69

Income (loss) from continuing operations before taxes		(272	)		(331	)		(346	)		(347	)		(341	)
Income tax benefit		(155	)		(203	)		(180	)		(190	)		(165	)

Income (loss) from continuing operations, net of tax	$	(117	)	$	(128	)	$	(166	)	$	(157	)	$	(176	)


Selected performance metrics:
Period-end loans held for investment	$	179		$	173		$	187		$	152		$	164
Average loans held for investment		174			183			158			162			137
Period-end deposits		9,207			9,530			10,223			11,485			12,181
Average deposits		9,171			10,131			11,364			11,926			12,555
Total
Earnings:
Net interest income	$	4,553		$	4,570		$	4,528		$	4,646		$	4,001
Non-interest income		1,085			981			1,096			1,136			1,054

Total net revenue		5,638			5,551			5,624			5,782			5,055
Provision for credit losses		762			885			1,151			1,014			1,677
Non-interest expense		3,059			3,028			3,255			3,045			3,142

Income from continuing operations before taxes		1,817			1,638			1,218			1,723			236
Income tax provision		581			494			370			535			43

Income from continuing operations, net of tax	$	1,236		$	1,144		$	848		$	1,188		$	193


Selected performance metrics:
Period-end loans held for investment	$	191,512		$	191,333		$	205,889		$	203,132		$	202,749
Average loans held for investment		190,562			195,997			202,944			202,856			192,632
Period-end deposits		209,865			212,410			212,485			213,255			213,931
Average deposits		210,650			211,555			213,494			213,323			214,914

Page 11

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Notes to Loan and Business Segment Disclosures (Tables 7 — 11)

⁽¹⁾	Certain prior period amounts have been reclassified to conform to the current period presentation.

⁽²⁾

Loans acquired as part of the 2012 U.S. card, ING Direct and CCB acquisitions are included in the denominator used in calculating our reported credit quality metrics. We therefore present certain reported credit quality metrics, adjusted to exclude from the denominator acquired loans accounted for based on estimated cash flows expected to be collected over the life of the loans (formerly SOP 03-3). The table below presents amounts related to acquired loans accounted for under SOP 03-3.


	2013		2013		2012		2012		2012
*(Dollars in millions) (unaudited)*	Q2		Q1		Q4		Q3		Q2
Acquired loans accounted for under SOP 03-3:
Period-end unpaid principal balance	$	33,620	$	36,216	$	38,477	$	40,749	$	43,333
Period-end loans held for investment		32,275		34,943		37,134		39,388		41,673
Average loans held for investment		33,144		35,706		37,899		40,158		42,182

⁽³⁾	Results for Q2 2012 and thereafter include the impact of the May 1, 2012 closing of the 2012 U.S. card acquisition, which resulted in the addition of approximately $28.2 billion in credit card receivables at closing.

⁽⁴⁾

Nonperforming assets consist of nonperforming loans, real estate owned (“REO”) and other foreclosed assets. The nonperforming asset ratios are calculated based on nonperforming assets for each category divided by the combined period-end total of loans held for investment, REO and other foreclosed assets for each respective category. The nonperforming loan ratios are calculated based on nonperforming loans for each category divided by period-end loans held for investment for each respective category.

⁽⁵⁾	The transfer of the Best Buy Stores, L.P. (“Best Buy”) portfolio to held for sale resulted in an increase in the average yield for Domestic Card and Total Card of 168 basis points and 152 basis points, respectively, in Q2 2013 and 107 basis points and 97 basis points, respectively, in Q1 2013.

⁽⁶⁾	The transfer of the Best Buy portfolio to held for sale resulted in an increase in the net revenue margin for Domestic Card and Total Card of 188 basis points and 169 basis points, respectively, in Q2 2013 and 123 basis points and 112 basis points, respectively, in Q1 2013.

⁽⁷⁾	The 30+ day delinquency rate as of the end of Q2 2013 will be provided in our Quarterly Report on Form 10-Q for the period ended June 30, 2013.

⁽⁸⁾	Represents the net reduction in interest income attributable to non-SOP 03-3 card loan premium amortization and other intangible accretion associated with the 2012 U.S. card acquisition.

⁽⁹⁾	Includes credit card purchase transactions, net of returns. Excludes cash advance transactions.

⁽¹⁰⁾

Because some of our tax-related commercial investments generate tax-exempt income or tax credits, we make certain reclassifications within our Commercial Banking business results to present revenues on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35%.

⁽¹¹⁾	Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

Page 12

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures Under Basel I

In addition to disclosing regulatory capital measures under Basel I, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include average tangible common equity, tangible common equity (“TCE”) and TCE ratio. The table below provides the details of the calculation of our Basel I regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.


	2013			2013			2012			2012			2012
(Dollars in millions)(unaudited)	Q2			Q1			Q4			Q3			Q2
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders’ equity	$	41,579		$	40,960		$	40,212		$	38,535		$	37,533
Less: Average goodwill and other intangible assets⁽¹⁾		(15,974	)		(16,141	)		(16,340	)		(16,408	)		(15,689	)
Noncumulative perpetual preferred stock⁽²⁾		(853	)		(853	)		(853	)		(456	)		—

Average tangible common equity⁽³⁾	$	24,752		$	23,966		$	23,019		$	21,671		$	21,844


Stockholders’ Equity to Non-GAAP Tangible Common Equity
Total stockholders’ equity	$	41,041		$	41,296		$	40,499		$	39,672		$	37,192
Less: Goodwill and other intangible assets⁽¹⁾		(15,872	)		(15,992	)		(16,224	)		(16,323	)		(16,477	)
Noncumulative perpetual preferred stock⁽²⁾		(853	)		(853	)		(853	)		(853	)		—

Tangible common equity⁽³⁾	$	24,316		$	24,451		$	23,422		$	22,496		$	20,715


Total Assets to Tangible Assets
Total assets	$	296,542		$	300,163		$	312,918		$	301,989		$	296,572
Less: Assets from discontinued operations		(310	)		(309	)		(309	)		(309	)		(310	)

Total assets from continuing operations		296,232			299,854			312,609			301,680			296,262
Less: Goodwill and other intangible assets⁽¹⁾		(15,872	)		(15,992	)		(16,224	)		(16,323	)		(16,477	)

Tangible assets	$	280,360		$	283,862		$	296,385		$	285,357		$	279,785


Non-GAAP TCE Ratio
Tangible common equity⁽³⁾	$	24,316		$	24,451		$	23,422		$	22,496		$	20,715
Tangible assets		280,360			283,862			296,385			285,357			279,785
TCE ratio⁽³⁾		8.7	%		8.6	%		7.9	%		7.9	%		7.4	%
Regulatory Capital Ratios⁽⁴⁾
Total stockholders’ equity	$	41,041		$	41,296		$	40,499		$	39,672		$	37,192
Less: Net unrealized gains on AFS securities recorded in AOCI⁽⁵⁾		503			(583	)		(712	)		(752	)		(422	)
Net (gains) losses on cash flow hedges recorded in AOCI⁽⁵⁾		175			15			2			(6	)		34
Disallowed goodwill and other intangible assets		(14,309	)		(14,361	)		(14,428	)		(14,497	)		(14,563	)
Disallowed deferred tax assets		—			—			—			(221	)		(758	)
Noncumulative perpetual preferred stock⁽²⁾		(853	)		(853	)		(853	)		(853	)		—
Other		(5	)		(4	)		(12	)		(12	)		(12	)

Tier 1 common capital		26,552			25,510			24,496			23,331			21,471
Plus: Noncumulative perpetual preferred stock⁽²⁾		853			853			853			853			—
Tier 1 restricted core capital items⁽⁶⁾		2			1			2			3,636			3,636

Tier 1 capital		27,407			26,364			25,351			27,820			25,107

Plus: Long-term debt qualifying as Tier 2 capital		2,124			2,121			2,119			2,119			2,318
Qualifying allowance for loan and lease losses		2,781			2,738			2,830			2,767			2,740
Other Tier 2 components		12			11			13			17			15

Tier 2 capital		4,917			4,870			4,962			4,903			5,073

Total risk-based capital⁽⁷⁾	$	32,324		$	31,234		$	30,313		$	32,723		$	30,180

Risk-weighted assets⁽⁸⁾	$	220,204		$	216,458		$	223,472		$	218,390		$	216,341

Tier 1 common ratio⁽⁹⁾		12.1	%		11.8	%		11.0	%		10.7	%		9.9	%
Tier 1 risk-based capital ratio⁽¹⁰⁾		12.4			12.2			11.3			12.7			11.6
Total risk-based capital ratio⁽¹¹⁾		14.7			14.4			13.6			15.0			14.0

⁽¹⁾	Includes impact from related deferred taxes.

⁽²⁾	Noncumulative perpetual preferred stock qualifies for Tier 1 capital; however, it is not includable in Tier 1 common capital.

⁽³⁾	TCE ratio is a non-GAAP measure calculated based on tangible common equity divided by tangible assets.

⁽⁴⁾	Regulatory capital ratios as of the end of Q2 2013 are preliminary and therefore subject to change.

⁽⁵⁾	Amounts presented are net of tax.

⁽⁶⁾	Consists primarily of trust preferred securities.

⁽⁷⁾	Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital.

⁽⁸⁾	Calculated based on prescribed regulatory guidelines.

⁽⁹⁾	Tier 1 common ratio is a regulatory measure calculated based on Tier 1 common capital divided by risk-weighted assets.

⁽¹⁰⁾	Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

⁽¹¹⁾	Total risk-based capital ratio is a regulatory capital measure calculated based on total risk-based capital divided by risk-weighted assets.

Page 13

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