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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 23, 2024
Date of Report (Date of earliest event reported)
____________________________________
CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 001-13300 54-1719854
(State or other jurisdiction of incorporation) (Commission File Number) (IRS 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
(Not applicable)
(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))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share) COF
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I COF PRI
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J COF PRJ
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K COF PRK
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L COF PRL
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N COF PRN
New York Stock Exchange
1.650% Senior Notes Due 2029 COF29
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 Results of Operations and Financial Condition.

On July 23, 2024, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024. 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. 
1




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No. Description
99.1
99.2
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

Earnings Conference Call Webcast Information.

The Company will hold an earnings conference call on July 23, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the Company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. A replay of the webcast will be archived on the Company’s website through August 6, 2024 at 5:00 PM Eastern Time.
2




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.
CAPITAL ONE FINANCIAL CORPORATION
Date: July 23, 2024
 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Controller and Principal Accounting Officer

3
EX-99.1 2 ex991q22024earningsrelease.htm EX-99.1 Document

Exhibit 99.1
News Release
earningsslidesvfinal1b58aa.jpg
Contacts:
Investor Relations Media Relations
Jeff Norris Danielle Dietz Sie Soheili
jeff.norris@capitalone.com danielle.dietz@capitalone.com sie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 23, 2024
Capital One Reports Second Quarter 2024 Net Income of $597 million,
or $1.38 per share
Net of adjusting items, Second Quarter 2024 Net Income of $3.14 per share(1)
McLean, Va. (July 23, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2024 of $597 million, or $1.38 per diluted common share, compared with net income of $1.3 billion, or $3.13 per diluted common share in the first quarter of 2024, and with net income of $1.4 billion, or $3.52 per diluted common share in the second quarter of 2023. Adjusted net income(1) for the second quarter of 2024 was $3.14 per diluted common share.
"We posted strong second quarter results while continuing to lean into opportunities to grow and further strengthen our domestic card and national consumer banking franchises," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "And we’re “all in” and working hard to complete the Discover acquisition, which will create a consumer banking and global payments platform with the potential to enhance competition, deliver compelling financial results, and create significant value for merchants, small businesses, and consumers."
The quarter included the following adjusting items:
(Dollars in millions, except per share data) Pre-Tax
Impact		 After-Tax Diluted EPS
Impact
Allowance build for Walmart program agreement loss sharing termination $ 826  $ 1.63 
Walmart program agreement termination contra revenue impact $ 27  $ 0.05 
Discover integration expenses $ 31  $ 0.06 
FDIC special assessment $ 8  $ 0.02 



Capital One Second Quarter 2024 Earnings
Page 2
All comparisons below are for the second quarter of 2024 compared with the first quarter of 2024 unless otherwise noted.
Second Quarter 2024 Income Statement Summary:
•Total net revenue increased 1 percent to $9.5 billion.
•Total non-interest expense decreased 4 percent to $4.9 billion:
◦5 percent increase in marketing.
◦6 percent decrease in operating expenses.
•Pre-provision earnings(2) increased 7 percent to $4.6 billion.
•Provision for credit losses increased $1.2 billion to $3.9 billion:
•Net charge-offs of $2.6 billion.
•$1.3 billion loan reserve build.
•Net interest margin of 6.70 percent, an increase of 1 basis point.
•Efficiency ratio of 52.03 percent.
◦Adjusted efficiency ratio(1) of 51.47 percent.
•Operating efficiency ratio of 40.84 percent.
◦Adjusted operating efficiency ratio(1) of 40.31 percent.
Second Quarter 2024 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.2 percent at June 30, 2024.
•Period-end loans held for investment in the quarter increased $3.0 billion, or 1 percent, to $318.2 billion.
◦Credit Card period-end loans increased $3.3 billion, or 2 percent, to $153.9 billion.
•Domestic Card period-end loans increased $3.2 billion, or 2 percent, to $147.1 billion.
◦Consumer Banking period-end loans increased $564 million, or 1 percent, to $75.7 billion.
•Auto period-end loans increased $584 million, or 1 percent, to $74.4 billion.
◦Commercial Banking period-end loans decreased $833 million, or 1 percent, to $88.6 billion.
•Average loans held for investment in the quarter increased $274 million, or less than 1 percent, to $314.9 billion.
◦Credit Card average loans increased $822 million, or 1 percent, to $150.5 billion.
•Domestic Card average loans increased $857 million, or 1 percent, to $143.7 billion.
◦Consumer Banking average loans increased $294 million, or less than 1 percent, to $75.4 billion.
•Auto average loans increased $330 million, or less than 1% percent, to $74.1 billion.
◦Commercial Banking average loans decreased $842 million, or 1 percent, to $89.0 billion.
•Period-end total deposits increased $473 million, or less than 1 percent, to $351.4 billion, while average deposits increased $3.8 billion, or 1 percent, to $349.5 billion.
•Interest-bearing deposits rate paid increased 3 basis points to 3.56 percent.

Capital One Second Quarter 2024 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 23, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 6, 2024 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $351.4 billion in deposits and $480.0 billion in total assets as of June 30, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, 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.
###


(1)    This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 23, 2024 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(2)    Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 23, 2024 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(3)    Regulatory capital metrics as of June 30, 2024 are preliminary and therefore subject to change.
EX-99.2 3 ex992q22024earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)
Second Quarter 2024
Table of Contents
Capital One Financial Corporation Consolidated Results Page
Business Segment Results
Other
__________
(1)The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2024 once it is filed with the Securities and Exchange Commission.
(2)This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated     
2024 Q2 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) 2024 2024 2023 2023 2023 2024 2023 2024 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Income Statement
Net interest income $ 7,546  $ 7,488  $ 7,519  $ 7,423  $ 7,113  1  % 6  % $ 15,034  $ 14,299  5  %
Non-interest income 1,960  1,914  1,987  1,943  1,899  2  3  3,874  3,616  7 
Total net revenue(1)
 9,506  9,402  9,506  9,366  9,012  1  5  18,908  17,915  6 
Provision for credit losses 3,909  2,683  2,857  2,284  2,490  46  57  6,592  5,285  25 
Non-interest expense:
Marketing 1,064  1,010  1,254  972  886  5  20  2,074  1,783  16 
Operating expense 3,882  4,127  4,463  3,888  3,908  (6) (1) 8,009  7,956  1 
Total non-interest expense 4,946  5,137  5,717  4,860  4,794  (4) 3  10,083  9,739  4 
Income from continuing operations before income taxes 651  1,582  932  2,222  1,728  (59) (62) 2,233  2,891  (23)
Income tax provision 54  302  226  432  297  (82) (82) 356  500  (29)
Net income 597  1,280  706  1,790  1,431  (53) (58) 1,877  2,391  (21)
Dividends and undistributed earnings allocated to participating securities(2)
 (9) (23) (10) (28) (23) (61) (61) (32) (39) (18)
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (114) (114) — 
Net income available to common stockholders $ 531  $ 1,200  $ 639  $ 1,705  $ 1,351  (56) (61) $ 1,731  $ 2,238  (23)
Common Share Statistics
Basic earnings per common share:(2)
Net income per basic common share $ 1.39  $ 3.14  $ 1.67  $ 4.46  $ 3.53  (56) % (61) % $ 4.52  $ 5.85  (23) %
Diluted earnings per common share:(2)
Net income per diluted common share $ 1.38  $ 3.13  $ 1.67  $ 4.45  $ 3.52  (56) % (61) % $ 4.51  $ 5.83  (23) %
Weighted-average common shares outstanding (in millions):
Basic 383.1  382.2  381.9  382.5  382.8  —  —  382.7  382.7  — 
Diluted 383.9  383.4  382.8  383.3  383.7  —  —  383.7  383.8  — 
Common shares outstanding (period-end, in millions) 381.9  382.1  380.4  381.0  381.4  —  —  381.9  381.4  — 
Dividends declared and paid per common share $ 0.60  $ 0.60  $ 0.60  $ 0.60  $ 0.60  —  —  $ 1.20  $ 1.20  — 
Tangible book value per common share (period-end)(3)
 99.28  98.67  99.78  87.97  90.07  1  % 10  % 99.28  90.07  10  %
1

2024 Q2 Six Months Ended June 30,
(Dollars in millions) 2024 2024 2023 2023 2023 2024 2023 2024 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Balance Sheet (Period-End)
Loans held for investment $ 318,186  $ 315,154  $ 320,472  $ 314,780  $ 311,323  1  % 2  % $ 318,186  $ 311,323  2  %
Interest-earning assets 452,547  453,557  449,701  445,428  441,250  —  3  452,547  441,250  3 
Total assets 480,018  481,720  478,464  471,435  467,800  —  3  480,018  467,800  3 
Interest-bearing deposits 324,437  323,352  320,389  317,217  314,393  —  3  324,437  314,393  3 
Total deposits 351,442  350,969  348,413  346,011  343,705  —  2  351,442  343,705  2 
Borrowings 47,956  50,361  49,856  49,247  50,258  (5) (5) 47,956  50,258  (5)
Common equity 53,135  52,955  53,244  48,823  49,713  —  7  53,135  49,713  7 
Total stockholders’ equity 57,981  57,801  58,089  53,668  54,559  —  6  57,981  54,559  6 
Balance Sheet (Average Balances)
Loans held for investment $ 314,888  $ 314,614  $ 315,890  $ 312,759  $ 309,655  —  2  % $ 314,751  $ 308,711  2  %
Interest-earning assets 450,908  447,803  446,929  443,532  439,139  1  % 3  449,356  437,180  3 
Total assets 477,285  474,995  472,594  469,860  466,652  —  2  476,140  464,459  3 
Interest-bearing deposits 322,581  318,450  316,808  316,032  313,207  1  3  320,515  311,010  3 
Total deposits 349,488  345,657  345,328  345,013  343,678  1  2  347,572  341,910  2 
Borrowings 48,842  50,474  51,070  49,736  48,468  (3) 1  49,658  48,243  3 
Common equity 53,262  53,152  50,786  50,166  50,511  —  5  53,207  50,221  6 
Total stockholders’ equity 58,107  57,998  55,632  55,012  55,357  —  5  58,052  55,066  5 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2024 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2024 2024 2023 2023 2023 2024 2023 2024 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Performance Metrics
Net interest income growth (period over period) 1  % —  1  % 4  % (1) % ** ** 5  % 11  % **
Non-interest income growth (period over period) 2  (4) % 2  2  11  ** ** 7  4  **
Total net revenue growth (period over period) 1  (1) 1  4  1  ** ** 6  9  **
Total net revenue margin(4)
 8.43  8.40  8.51  8.45  8.21  3  bps 22  bps 8.42  8.20  22  bps
Net interest margin(5)
 6.70  6.69  6.73  6.69  6.48  1  22  6.69  6.54  15 
Return on average assets 0.50  1.08  0.60  1.52  1.23  (58) (73) 0.79  1.03  (24)
Return on average tangible assets(6)
 0.52  1.11  0.62  1.58  1.27  (59) (75) 0.81  1.06  (25)
Return on average common equity(7)
 3.99  9.03  5.03  13.59  10.70  (504) (671) 6.51  8.91  (240)
Return on average tangible common equity(8)
 5.59  12.67  7.20  19.59  15.30  (708) (971) 9.12  12.74  (362)
Efficiency ratio(9)
 52.03  54.64  60.14  51.89  53.20  (261) (117) 53.33  54.36  (103)
Operating efficiency ratio(10)
 40.84  43.89  46.95  41.51  43.36  (305) (252) 42.36  44.41  (205)
Effective income tax rate for continuing operations 8.3  19.1  24.2  19.4  17.2  (1,080) (890) 15.9  17.3  (140)
Employees (period-end, in thousands) 52.1  51.3  52.0  54.2  55.6  2% (6)% 52.1  55.6  (6)%
Credit Quality Metrics
Allowance for credit losses $ 16,649 $ 15,380 $ 15,296 $ 14,955 $ 14,646 8% 14% $ 16,649 $ 14,646 14%
Allowance coverage ratio 5.23  % 4.88  % 4.77  % 4.75  % 4.70  % 35  bps 53  bps 5.23  % 4.70  % 53  bps
Net charge-offs $ 2,644 $ 2,616 $ 2,533 $ 1,999 $ 2,185 1% 21% $ 5,260 $ 3,882 35%
Net charge-off rate(11)
 3.36  % 3.33  % 3.21  % 2.56  % 2.82  % 3  bps 54  bps 3.34  % 2.52  % 82  bps
30+ day performing delinquency rate 3.36  3.40  3.71  3.42  3.08  (4) 28  3.36  3.08  28 
30+ day delinquency rate 3.63  3.67  3.99  3.71  3.36  (4) 27  3.63  3.36  27 
Capital Ratios(12)
Common equity Tier 1 capital
13.2  % 13.1  % 12.9  % 13.0  % 12.7  % 10  bps 50  bps 13.2  % 12.7  % 50  bps
Tier 1 capital 14.5  14.4  14.2  14.3  14.0  10  50  14.5  14.0  50 
Total capital 16.3  16.3  16.0  16.2  16.0  —  30  16.3  16.0  30 
Tier 1 leverage 11.3  11.3  11.2  11.2  11.0  —  30  11.3  11.0  30 
Tangible common equity (“TCE”)(13)
 8.2  8.1  8.2  7.3  7.6  10  60  8.2  7.6  60 
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2024 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2024 2024 2023 2023 2023 2024 2023 2024 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Interest income:
Loans, including loans held for sale $ 9,993  $ 9,920  $ 9,934  $ 9,696  $ 9,057  1  % 10  % $ 19,913  $ 17,780  12  %
Investment securities 700  687  669  627  639  2  10  1,387  1,254  11 
Other 587  570  542  550  470  3  25  1,157  886  31 
Total interest income 11,280  11,177  11,145  10,873  10,166  1  11  22,457  19,920  13 
Interest expense:
Deposits 2,874  2,812  2,745  2,611  2,277  2  26  5,686  4,133  38 
Securitized debt obligations 258  261  263  249  236  (1) 9  519  447  16 
Senior and subordinated notes 591  606  608  579  528  (2) 12  1,197  1,017  18 
Other borrowings 11  10  10  11  12  10  (8) 21  24  (13)
Total interest expense 3,734  3,689  3,626  3,450  3,053  1  22  7,423  5,621  32 
Net interest income 7,546  7,488  7,519  7,423  7,113  1  6  15,034  14,299  5 
Provision for credit losses 3,909  2,683  2,857  2,284  2,490  46  57  6,592  5,285  25 
Net interest income after provision for credit losses 3,637  4,805  4,662  5,139  4,623  (24) (21) 8,442  9,014  (6)
Non-interest income:
Interchange fees, net 1,249  1,145  1,207  1,234  1,213  9  3  2,394  2,352  2 
Service charges and other customer-related fees 459  462  424  453  411  (1) 12  921  790  17 
Net securities gains (losses) —  —  (34) —  —  —  —  —  —  —
Other 252  307  390  256  275  (18) (8) 559  474  18 
Total non-interest income 1,960  1,914  1,987  1,943  1,899  2  3  3,874  3,616  7 
Non-interest expense:
Salaries and associate benefits 2,200  2,478  2,284  2,274  2,317  (11) (5) 4,678  4,744  (1)
Occupancy and equipment 551  554  628  518  506  (1) 9  1,105  1,014  9 
Marketing 1,064  1,010  1,254  972  886  5  20  2,074  1,783  16 
Professional services 316  262  359  295  290  21  9  578  614  (6)
Communications and data processing 355  351  345  344  344  1  3  706  694  2 
Amortization of intangibles 19  19  22  24  22  —  (14) 38  36  6 
Other 441  463  825  433  429  (5) 3  904  854  6 
Total non-interest expense 4,946  5,137  5,717  4,860  4,794  (4) 3  10,083  9,739  4 
Income from continuing operations before income taxes 651  1,582  932  2,222  1,728  (59) (62) 2,233  2,891  (23)
Income tax provision 54  302  226  432  297  (82) (82) 356  500  (29)
Net income 597  1,280  706  1,790  1,431  (53) (58) 1,877  2,391  (21)
Dividends and undistributed earnings allocated to participating securities(2)
 (9) (23) (10) (28) (23) (61) (61) (32) (39) (18)
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (114) (114) — 
Net income available to common stockholders $ 531  $ 1,200  $ 639  $ 1,705  $ 1,351  (56) (61) $ 1,731  $ 2,238  (23)
4

2024 Q2 Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Basic earnings per common share:(2)
Net income per basic common share $ 1.39  $ 3.14  $ 1.67  $ 4.46  $ 3.53  (56) % (61) % $ 4.52  $ 5.85  (23) %
Diluted earnings per common share:(2)
Net income per diluted common share $ 1.38  $ 3.13  $ 1.67  $ 4.45  $ 3.52  (56) % (61) % $ 4.51  $ 5.83  (23) %
Weighted-average common shares outstanding (in millions):
Basic common shares 383.1  382.2  381.9  382.5  382.8  —  —  382.7  382.7  — 
Diluted common shares 383.9  383.4  382.8  383.3  383.7  —  —  383.7  383.8  — 
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2024 Q2
2024 2024 2023 2023 2023 2024 2023
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Assets:
Cash and cash equivalents:
Cash and due from banks $ 5,298  $ 4,671  $ 4,903  $ 4,620  $ 3,360  13  % 58  %
Interest-bearing deposits and other short-term investments 40,116  46,357  38,394  40,249  38,236  (13) 5 
Total cash and cash equivalents 45,414  51,028  43,297  44,869  41,596  (11) 9 
Restricted cash for securitization investors 2,415  474  458  435  452  ** **
Securities available for sale 79,250  78,398  79,117  74,837  78,412  1  1 
Loans held for investment:
Unsecuritized loans held for investment 289,124  285,577  289,229  284,953  280,933  1  3 
Loans held in consolidated trusts 29,062  29,577  31,243  29,827  30,390  (2) (4)
Total loans held for investment 318,186  315,154  320,472  314,780  311,323  1  2 
Allowance for credit losses (16,649) (15,380) (15,296) (14,955) (14,646) 8  14 
Net loans held for investment 301,537  299,774  305,176  299,825  296,677  1  2 
Loans held for sale 808  1,631  854  742  1,211  (50) (33)
Premises and equipment, net 4,396  4,366  4,375  4,378  4,359  1  1 
Interest receivable 2,494  2,514  2,478  2,469  2,297  (1) 9 
Goodwill 15,062  15,062  15,065  15,048  15,060  —  — 
Other assets 28,642  28,473  27,644  28,832  27,736  1  3 
Total assets $ 480,018  $ 481,720  $ 478,464  $ 471,435  $ 467,800  —  3 
6

2024 Q2
2024 2024 2023 2023 2023 2024 2023
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Liabilities:
Interest payable $ 668  $ 762  $ 649  $ 685  $ 637  (12) % 5  %
Deposits:
Non-interest-bearing deposits 27,005  27,617  28,024  28,794  29,312  (2) (8)
Interest-bearing deposits 324,437  323,352  320,389  317,217  314,393  —  3 
Total deposits 351,442  350,969  348,413  346,011  343,705  —  2 
Securitized debt obligations 17,291  17,661  18,043  17,417  17,861  (2) (3)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 715  568  538  522  649  26  10 
Senior and subordinated notes 29,925  32,108  31,248  31,283  31,627  (7) (5)
Other borrowings 25  24  27  25  121  4  (79)
Total other debt 30,665  32,700  31,813  31,830  32,397  (6) (5)
Other liabilities 21,971  21,827  21,457  21,824  18,641  1  18 
Total liabilities 422,037  423,919  420,375  417,767  413,241  —  2 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 36,012  35,808  35,541  35,334  35,163  1  2 
Retained earnings 62,211  61,905  60,945  60,529  59,028  —  5 
Accumulated other comprehensive loss (9,701) (9,534) (8,268) (12,224) (9,818) 2  (1)
Treasury stock, at cost (30,548) (30,385) (30,136) (29,978) (29,821) 1  2 
Total stockholders’ equity 57,981  57,801  58,089  53,668  54,559  —  6 
Total liabilities and stockholders’ equity $ 480,018  $ 481,720  $ 478,464  $ 471,435  $ 467,800  —  3 

7

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

(1)Total net revenue was reduced by $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023, $449 million in Q3 2023 and $443 million in Q2 2023 for credit card finance charges and fees charged-off as uncollectible.
(2)Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(7)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(8)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(9)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(10)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)Capital ratios as of the end of Q2 2024 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(13)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
**    Not meaningful.
8

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2024 Q2 2024 Q1 2023 Q2
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale $ 315,823  $ 9,993  12.66  % $ 315,563  $ 9,920  12.57  % $ 310,335  $ 9,057  11.67  %
Investment securities 89,501  700  3.13  88,581  687  3.10  89,994  639  2.84 
Cash equivalents and other 45,584  587  5.16  43,659  570  5.21  38,810  470  4.84 
Total interest-earning assets $ 450,908  $ 11,280  10.01  $ 447,803  $ 11,177  9.98  $ 439,139  $ 10,166  9.26 
Interest-bearing liabilities:
Interest-bearing deposits $ 322,581  $ 2,874  3.56  $ 318,450  $ 2,812  3.53  $ 313,207  $ 2,277  2.91 
Securitized debt obligations 17,452  258  5.91  17,836  261  5.85  17,771  236  5.31 
Senior and subordinated notes 30,978  591  7.64  32,211  606  7.52  30,161  528  7.00 
Other borrowings and liabilities(2)
 2,502  11  1.73  2,373  10  1.78  2,419  12  1.95 
Total interest-bearing liabilities $ 373,513  $ 3,734  4.00  $ 370,870  $ 3,689  3.98  $ 363,558  $ 3,053  3.36 
Net interest income/spread $ 7,546  6.01  $ 7,488  6.00  $ 7,113  5.90 
Impact of non-interest-bearing funding 0.69  0.69  0.58 
Net interest margin 6.70  % 6.69  % 6.48  %
                                                                                                                                                                                                                            
Six Months Ended June 30,
2024 2023
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale $ 315,693  $ 19,913  12.62  % $ 309,231  $ 17,780  11.50  %
Investment securities 89,041  1,387  3.12  89,977  1,254  2.79 
Cash equivalents and other 44,622  1,157  5.19  37,972  886  4.67 
Total interest-earning assets $ 449,356  $ 22,457  10.00  $ 437,180  $ 19,920  9.11 
Interest-bearing liabilities:
Interest-bearing deposits $ 320,515  $ 5,686  3.55  $ 311,010  $ 4,133  2.66 
Securitized debt obligations 17,644  519  5.88  17,512  447  5.10 
Senior and subordinated notes 31,594  1,197  7.58  30,149  1,017  6.75 
Other borrowings and liabilities(2)
 2,438  21  1.75  2,377  24  2.01 
Total interest-bearing liabilities $ 372,191  $ 7,423  3.99  $ 361,048  $ 5,621  3.11 
Net interest income/spread $ 15,034  6.01  $ 14,299  6.00 
Impact of non-interest-bearing funding 0.68  0.54 
Net interest margin 6.69  % 6.54  %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2024 Q2 Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 2023 2024 vs. 2023
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 147,065  $ 143,861  $ 147,666  $ 140,320  $ 135,975  2  % 8  % $ 147,065  $ 135,975  8  %
   International card businesses 6,830  6,733  6,881  6,463  6,516  1  5  6,830  6,516  5 
Total credit card 153,895  150,594  154,547  146,783  142,491  2  8  153,895  142,491  8 
Consumer banking:
   Auto 74,385  73,801  74,075  75,456  75,841  1  (2) 74,385  75,841  (2)
   Retail banking 1,278  1,298  1,362  1,388  1,439  (2) (11) 1,278  1,439  (11)
Total consumer banking 75,663  75,099  75,437  76,844  77,280  1  (2) 75,663  77,280  (2)
Commercial banking:
   Commercial and multifamily real estate 32,832  34,272  34,446  35,622  36,041  (4) (9) 32,832  36,041  (9)
   Commercial and industrial 55,796  55,189  56,042  55,531  55,511  1  1  55,796  55,511  1 
Total commercial banking 88,628  89,461  90,488  91,153  91,552  (1) (3) 88,628  91,552  (3)
Total loans held for investment $ 318,186  $ 315,154  $ 320,472  $ 314,780  $ 311,323  1  2  $ 318,186  $ 311,323  2 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 143,744  $ 142,887  $ 142,112  $ 137,500  $ 132,505  1  % 8  % $ 143,316  $ 130,544  10  %
   International card businesses 6,723  6,758  6,515  6,549  6,257  (1) 7  6,740  6,183  9 
Total credit card 150,467  149,645  148,627  144,049  138,762  1  8  150,056  136,727  10 
Consumer banking:
   Auto 74,098  73,768  74,861  75,740  76,233  —  (3) 73,933  76,846  (4)
   Retail banking 1,288  1,324  1,377  1,414  1,465  (3) (12) 1,306  1,497  (13)
Total consumer banking 75,386  75,092  76,238  77,154  77,698  —  (3) 75,239  78,343  (4)
Commercial banking:
   Commercial and multifamily real estate 33,801  34,310  35,414  35,964  37,068  (1) (9) 34,055  37,220  (9)
   Commercial and industrial 55,234  55,567  55,611  55,592  56,127  (1) (2) 55,401  56,421  (2)
Total commercial banking 89,035  89,877  91,025  91,556  93,195  (1) (4) 89,456  93,641  (4)
Total average loans held for investment $ 314,888  $ 314,614  $ 315,890  $ 312,759  $ 309,655  —  2  $ 314,751  $ 308,711  2 
10

2024 Q2 Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 2023 2024 vs. 2023
Q2 Q1 Q4 Q3 Q2 Q1 Q2
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card(3)(4)
 6.05  % 5.94  % 5.35  % 4.40  % 4.38  % 11  bps 167  bps 5.99  % 4.21  % 178  bps
   International card businesses 5.03  5.16  4.94  4.87  4.98  (13) 5  5.10  4.77  33 
Total credit card 6.00  5.90  5.33  4.42  4.41  10  159  5.95  4.24  171 
Consumer banking:
   Auto 1.81  1.99  2.19  1.77  1.40  (18) 41  1.90  1.46  44 
   Retail banking 5.38  4.04  5.68  3.80  3.25  134  213  4.70  3.10  160 
Total consumer banking 1.87  2.03  2.25  1.81  1.43  (16) 44  1.95  1.50  45 
Commercial banking:
   Commercial and multifamily real estate 0.11  0.20  0.96  0.27  3.91  (9) (380) 0.16  2.04  (188)
   Commercial and industrial 0.17  0.08  0.26  0.24  0.11  9  6  0.13  0.07  6 
Total commercial banking 0.15  0.13  0.53  0.25  1.62  2  (147) 0.14  0.85  (71)
Total net charge-offs 3.36  3.33  3.21  2.56  2.82  3  54  3.34  2.52  82 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card 4.14  % 4.48  % 4.61  % 4.31  % 3.74  % (34) bps 40  bps 4.14  % 3.74  % 40  bps
   International card businesses 4.63  4.83  4.67  4.43  4.24  (20) 39  4.63  4.24  39 
Total credit card 4.16  4.50  4.61  4.32  3.77  (34) 39  4.16  3.77  39 
Consumer banking:
   Auto 5.67  5.28  6.34  5.64  5.38  39  29  5.67  5.38  29 
   Retail banking 1.57  0.95  1.19  1.07  1.19  62  38  1.57  1.19  38 
Total consumer banking 5.60  5.21  6.25  5.55  5.30  39  30  5.60  5.30  30 
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
   International card businesses 0.15  % 0.13  % 0.13  % 0.14  % 0.16  % 2  bps (1) bps 0.15  % 0.16  % (1) bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.88  0.79  0.96  0.85  0.77  9  11  0.88  0.77  11 
   Retail banking 2.81  3.21  3.36  3.28  2.99  (40) (18) 2.81  2.99  (18)
Total consumer banking 0.92  0.83  1.00  0.89  0.82  9  10  0.92  0.82  10 
Commercial banking:
   Commercial and multifamily real estate 1.28  1.58  1.23  1.29  1.15  (30) 13  1.28  1.15  13 
   Commercial and industrial 1.56  1.10  0.60  0.65  0.71  46  85  1.56  0.71  85 
Total commercial banking 1.46  1.28  0.84  0.90  0.89  18  57  1.46  0.89  57 
Total nonperforming loans 0.63  0.57  0.48  0.48  0.47  6  16  0.63  0.47  16 
Total nonperforming assets 0.64  0.58  0.50  0.50  0.48  6  16  0.64  0.48  16 
11

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended June 30, 2024
Credit Card Consumer Banking
(Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of March 31, 2024 $ 11,298  $ 456  $ 11,754  $ 2,057  $ 31  $ 2,088  $ 1,538  $ 15,380 
Charge-offs (2,556) (130) (2,686) (615) (21) (636) (39) (3,361)
Recoveries 383  45  428  280  3  283  6  717 
Net charge-offs (2,173) (85) (2,258) (335) (18) (353) (33) (2,644)
Provision for credit losses 3,435  110  3,545  315  15  330  39  3,914 
Allowance build (release) for credit losses(7)
 1,262  25  1,287  (20) (3) (23) 6  1,270 
Other changes(8)
 —  (1) (1) — — — — (1)
Balance as of June 30, 2024 12,560  480  13,040  2,037  28  2,065  1,544  16,649 
Reserve for unfunded lending commitments:
Balance as of March 31, 2024 — — — — —  — 134  134 
Provision (benefit) for losses on unfunded lending commitments — — — — —  — (5) (5)
Balance as of June 30, 2024 — — — — —  — 129  129 
Combined allowance and reserve as of June 30, 2024 $ 12,560  $ 480  $ 13,040  $ 2,037  $ 28  $ 2,065  $ 1,673  $ 16,778 
Six Months Ended June 30, 2024
Credit Card Consumer Banking
(Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of December 31, 2023 $ 11,261  $ 448  $ 11,709  $ 2,002  $ 40  $ 2,042  $ 1,545  $ 15,296 
Charge-offs (5,008) (252) (5,260) (1,257) (39) (1,296) (78) (6,634)
Recoveries 715  80  795  555  8  563  16  1,374 
Net charge-offs (4,293) (172) (4,465) (702) (31) (733) (62) (5,260)
Provision for credit losses 5,592  212  5,804  737  19  756  61  6,621 
Allowance build (release) for credit losses(7)
 1,299  40  1,339  35  (12) 23  (1) 1,361 
Other changes(8)
 —  (8) (8) —  —  —  —  (8)
Balance as of June 30, 2024 12,560  480  13,040  2,037  28  2,065  1,544  16,649 
Reserve for unfunded lending commitments:
Balance as of December 31, 2023 — — — — —  —  158  158 
Provision (benefit) for losses on unfunded lending commitments — — — — —  —  (29) (29)
Balance as of June 30, 2024 — — — — —  —  129  129 
Combined allowance and reserve as of June 30, 2024 $ 12,560  $ 480  $ 13,040  $ 2,037  $ 28  $ 2,065  $ 1,673  $ 16,778 
12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results

Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
 Total Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
 Total
Net interest income (loss) $ 5,294  $ 2,025  $ 609  $ (382) $ 7,546  $ 10,566  $ 4,036  $ 1,208  $ (776) $ 15,034 
Non-interest income 1,506  172  271  11  1,960  2,982  331  552  9  3,874 
Total net revenue (loss) 6,800  2,197  880  (371) 9,506  13,548  4,367  1,760  (767) 18,908 
Provision for credit losses 3,545  330  34  —  3,909  5,804  756  32  —  6,592 
Non-interest expense 3,134  1,250  483  79  4,946  6,363  2,496  998  226  10,083 
Income (loss) from continuing operations before income taxes 121  617  363  (450) 651  1,381  1,115  730  (993) 2,233 
Income tax provision (benefit) 30  146  85  (207) 54  329  263  172  (408) 356 
Income (loss) from continuing operations, net of tax $ 91  $ 471  $ 278  $ (243) $ 597  $ 1,052  $ 852  $ 558  $ (585) $ 1,877 
Three Months Ended March 31, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
 Total
Net interest income (loss) $ 5,272  $ 2,011  $ 599  $ (394) $ 7,488 
Non-interest income (loss) 1,476  159  281  (2) 1,914 
Total net revenue (loss) 6,748  2,170  880  (396) 9,402 
Provision (benefit) for credit losses 2,259  426  (2) —  2,683 
Non-interest expense 3,229  1,246  515  147  5,137 
Income (loss) from continuing operations before income taxes 1,260  498  367  (543) 1,582 
Income tax provision (benefit) 299  117  87  (201) 302 
Income (loss) from continuing operations, net of tax $ 961  $ 381  $ 280  $ (342) $ 1,280 
Three Months Ended June 30, 2023 Six Months Ended June 30, 2023
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
 Total Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
 Total
Net interest income (loss) $ 4,727  $ 2,269  $ 632  $ (515) $ 7,113  $ 9,384  $ 4,629  $ 1,280  $ (994) $ 14,299 
Non-interest income (loss) 1,499  149  257  (6) 1,899  2,862  284  469  1  3,616 
Total net revenue (loss) 6,226  2,418  889  (521) 9,012  12,246  4,913  1,749  (993) 17,915 
Provision for credit losses 2,084  259  146  1  2,490  4,345  534  405  1  5,285 
Non-interest expense 3,020  1,231  482  61  4,794  6,058  2,514  1,012  155  9,739 
Income (loss) from continuing operations before income taxes 1,122  928  261  (583) 1,728  1,843  1,865  332  (1,149) 2,891 
Income tax provision (benefit) 265  219  61  (248) 297  437  440  78  (455) 500 
Income (loss) from continuing operations, net of tax $ 857  $ 709  $ 200  $ (335) $ 1,431  $ 1,406  $ 1,425  $ 254  $ (694) $ 2,391 

13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2024 Q2 vs. Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Credit Card
Earnings:
Net interest income $ 5,294  $ 5,272  $ 5,231  $ 5,114  $ 4,727  —  12% $ 10,566  $ 9,384  13%
Non-interest income 1,506  1,476  1,565  1,513  1,499  2% —  2,982  2,862  4 
Total net revenue 6,800  6,748  6,796  6,627  6,226  1  9  13,548  12,246  11 
Provision for credit losses 3,545  2,259  2,353  1,953  2,084  57  70 5,804  4,345  34
Non-interest expense 3,134  3,229  3,417  3,015  3,020  (3) 4  6,363  6,058  5 
Income from continuing operations before income taxes 121  1,260  1,026  1,659  1,122  (90) (89) 1,381  1,843  (25)
Income tax provision 30  299  241  393  265  (90) (89) 329  437  (25)
Income from continuing operations, net of tax $ 91  $ 961  $ 785  $ 1,266  $ 857  (91) (89) $ 1,052  $ 1,406  (25)
Selected performance metrics:
Period-end loans held for investment $ 153,895 $ 150,594 $ 154,547 $ 146,783 $ 142,491 2  8  $ 153,895 $ 142,491 8 
Average loans held for investment 150,467 149,645 148,627 144,049 138,762 1  8  150,056 136,727 10 
Average yield on loans outstanding(1)
 18.79  % 18.84  % 18.96  % 19.02  % 18.17  % (5) bps 62  bps 18.82  % 18.07  % 75  bps
Total net revenue margin(10)
 18.03  17.99  18.24  18.40  17.95  4  8  18.01  17.91  10 
Net charge-off rate 6.00  5.90  5.33  4.42  4.41  10  159  5.95  4.24  171 
30+ day performing delinquency rate 4.16  4.50  4.61  4.32  3.77  (34) 39  4.16  3.77  39 
30+ day delinquency rate 4.17  4.50  4.62  4.32  3.77  (33) 40  4.17  3.77  40 
Nonperforming loan rate(5)
 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(11)
 $ 165,143 $ 150,171 $ 162,055 $ 158,640 $ 157,937 10% 5% $ 315,314 $ 299,595 5%
14

2024 Q2 vs. Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Domestic Card
Earnings:
Net interest income $ 5,001  $ 4,972  $ 4,940  $ 4,827  $ 4,453  1% 12% $ 9,973  $ 8,843  13%
Non-interest income 1,440  1,411  1,498  1,445  1,431  2  1  2,851  2,729  4 
Total net revenue(12)
 6,441  6,383  6,438  6,272  5,884  1  9  12,824  11,572  11 
Provision for credit losses 3,435  2,157  2,238  1,861  1,995  59  72 5,592  4,169  34
Non-interest expense 2,946  3,025  3,186  2,810  2,805  (3) 5  5,971  5,652  6 
Income from continuing operations before income taxes 60  1,201  1,014  1,601  1,084  (95) (94) 1,261  1,751  (28)
Income tax provision 15  283  239  378  256  (95) (94) 298  413  (28)
Income from continuing operations, net of tax $ 45  $ 918  $ 775  $ 1,223  $ 828  (95) (95) $ 963  $ 1,338  (28)
Selected performance metrics:
Period-end loans held for investment $ 147,065 $ 143,861 $ 147,666 $ 140,320 $ 135,975 2  8  $ 147,065 $ 135,975 8 
Average loans held for investment 143,744 142,887 142,112 137,500 132,505 1  8  143,316 130,544 10 
Average yield on loans outstanding(1)
 18.73  % 18.76  % 18.88  % 18.96  % 18.07  % (3) bps 66  bps 18.75  % 17.98  % 77  bps
Total net revenue margin(10)(12)
 17.87  17.82  18.07  18.24  17.76  5  11  17.85  17.73  12 
Net charge-off rate(3)(4)
 6.05  5.94  5.35  4.40  4.38  11  167  5.99  4.21  178 
30+ day performing delinquency rate 4.14  4.48  4.61  4.31  3.74  (34) 40  4.14  3.74  40 
Purchase volume(11)
 $ 161,370 $ 146,696 $ 158,290 $ 154,880 $ 154,184 10% 5% $ 308,066 $ 292,494 5%
Refreshed FICO scores:(13)
Greater than 660 69  % 68  % 68  % 69  % 69  % 1  —  69  % 69  % — 
660 or below 31  32  32  31  31  (1) —  31  31  — 
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
    

15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2024 Q2 vs. Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Consumer Banking
Earnings:
Net interest income $ 2,025  $ 2,011  $ 1,951  $ 2,133  $ 2,269  1% (11)% $ 4,036  $ 4,629  (13)%
Non-interest income 172  159  163  142  149  8  15  331  284  17 
Total net revenue 2,197  2,170  2,114  2,275  2,418  1  (9) 4,367  4,913  (11)
Provision for credit losses 330  426  422  213  259  (23) 27 756  534  42
Non-interest expense 1,250  1,246  1,402  1,262  1,231  —  2  2,496  2,514  (1)
Income from continuing operations before income taxes 617  498  290  800  928  24  (34) 1,115  1,865  (40)
Income tax provision 146  117  68  189  219  25  (33) 263  440  (40)
Income from continuing operations, net of tax $ 471  $ 381  $ 222  $ 611  $ 709  24  (34) $ 852  $ 1,425  (40)
Selected performance metrics:
Period-end loans held for investment $ 75,663 $ 75,099 $ 75,437 $ 76,844 $ 77,280 1  (2) $ 75,663 $ 77,280 (2)
Average loans held for investment 75,386 75,092 76,238 77,154 77,698 —  (3) 75,239 78,343 (4)
Average yield on loans held for investment(1)
 8.54  % 8.33  % 8.17  % 7.97  % 7.65  % 21  bps 89  bps 8.44  % 7.52  % 92  bps
Auto loan originations $ 8,463 $ 7,522 $ 6,157 $ 7,452 $ 7,160 13% 18% $ 15,985 $ 13,371 20%
Period-end deposits 305,422 300,806 296,171 290,789 286,174 2  7  305,422 286,174 7 
Average deposits 300,794 294,448 291,486 287,457 285,647 2  5  297,621 282,229 5 
Average deposits interest rate 3.22  % 3.15  % 3.06  % 2.85  % 2.46  % 7  bps 76  bps 3.19  % 2.21  % 98  bps
Net charge-off rate 1.87  2.03  2.25  1.81  1.43  (16) 44  1.95  1.50  45 
30+ day performing delinquency rate 5.60  5.21  6.25  5.55  5.30  39  30  5.60  5.30  30 
30+ day delinquency rate 6.35  5.86  7.08  6.27  5.95  49  40  6.35  5.95  40 
Nonperforming loan rate(5)
 0.92  0.83  1.00  0.89  0.82  9  10  0.92  0.82  10 
Nonperforming asset rate(6)
 0.99  0.91  1.09  0.96  0.88  8  11  0.99  0.88  11 
Auto—At origination FICO scores:(14)
Greater than 660 53  % 53  % 53  % 52  % 52  % —  1% 53  % 52  % 1%
621 - 660 20  20  20  20  20  —  —  20  20  — 
620 or below 27  27  27  28  28  —  (1) 27  28  (1)
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2024 Q2 vs. Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Commercial Banking
Earnings:
Net interest income $ 609  $ 599  $ 617  $ 621  $ 632  2% (4)% $ 1,208 $ 1,280 (6)%
Non-interest income 271  281  245  288  257  (4) 5  552 469 18 
Total net revenue(9)
 880  880  862  909  889  —  (1) 1,760 1,749 1 
Provision (benefit) for credit losses 34  (2) 84  116  146  ** (77) 32 405 (92)
Non-interest expense 483  515  487  512  482  (6) —  998 1,012 (1)
Income from continuing operations before income taxes 363  367  291  281  261  (1) 39  730 332 120 
Income tax provision 85  87  68  67  61  (2) 39  172 78 121 
Income from continuing operations, net of tax $ 278  $ 280  $ 223  $ 214  $ 200  (1) 39  $ 558 $ 254 120 
Selected performance metrics:
Period-end loans held for investment $ 88,628 $ 89,461 $ 90,488 $ 91,153 $ 91,552 (1) (3) $ 88,628 $ 91,552 (3)
Average loans held for investment 89,035 89,877 91,025 91,556 93,195 (1) (4) 89,456 93,641 (4)
Average yield on loans held for investment(1)(9)
 7.23  % 7.14  % 7.24  % 7.16  % 6.75  % 9  bps 48  bps 7.18  % 6.53  % 65  bps
Period-end deposits $ 29,210 $ 31,082 $ 32,712 $ 36,035 $ 36,793 (6)% (21)% $ 29,210 $ 36,793 (21)%
Average deposits 30,810 31,844 34,525 37,279 37,960 (3) (19) 31,327 38,945 (20)
Average deposits interest rate 2.55  % 2.65  % 2.79  % 2.93  % 2.68  % (10) bps (13) bps 2.60  % 2.51  % 9  bps
Net charge-off rate 0.15  0.13  0.53  0.25  1.62  2  (147) 0.14  0.85  (71)
Nonperforming loan rate(5)
 1.46  1.28  0.84  0.90  0.89  18  57  1.46  0.89  57 
Nonperforming asset rate(6)
 1.46  1.28  0.84  0.90  0.89  18  57  1.46  0.89  57 
Risk category:(15)
Noncriticized $ 79,695 $ 80,804 $ 81,758 $ 82,968 $ 84,583 (1)% (6)% $ 79,695 $ 84,583 (6)%
Criticized performing 7,639 7,509 7,969 7,363 6,158 2  24  7,639 6,158 24 
Criticized nonperforming 1,294 1,148 761 822 811 13  60  1,294 811 60 
Total commercial banking loans held for investment $ 88,628 $ 89,461 $ 90,488 $ 91,153 $ 91,552 (1) (3) $ 88,628 $ 91,552 (3)
Risk category as a percentage of period-end loans held for investment:(15)
Noncriticized 89.92  % 90.33  % 90.35  % 91.02  % 92.38  % (41) bps (246) bps 89.92  % 92.38  % (246) bps
Criticized performing 8.62  8.39  8.81  8.08  6.73  23  189  8.62  6.73  189 
Criticized nonperforming 1.46  1.28  0.84  0.90  0.89  18  57  1.46  0.89  57 
Total commercial banking loans 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  %
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2024 Q2 vs. Six Months Ended June 30,
2024 2024 2023 2023 2023 2024 2023 2024 vs.
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2024 2023 2023
Other
Earnings:
Net interest loss $ (382) $ (394) $ (280) $ (445) $ (515) (3)% (26)% $ (776) $ (994) (22)%
Non-interest income (loss) 11 (2) 14 — (6) ** ** 9 1 **
Total net loss(9)
 (371) (396) (266) (445) (521) (6) (29) (767) (993) (23)
Provision (benefit) for credit losses — — (2) 2 1 — ** — 1 **
Non-interest expense(16)(17)
 79 147 411 71 61 (46) 30 226 155 46
Loss from continuing operations before income taxes (450) (543) (675) (518) (583) (17) (23) (993) (1,149) (14)
Income tax benefit (207) (201) (151) (217) (248) 3 (17) (408) (455) (10)
Loss from continuing operations, net of tax $ (243) $ (342) $ (524) $ (301) $ (335) (29) (27) $ (585) $ (694) (16)
Selected performance metrics:
Period-end deposits $ 16,810  $ 19,081  $ 19,530  $ 19,187  $ 20,738  (12) (19) $ 16,810  $ 20,738  (19)
Average deposits 17,884  19,365  19,317  20,277  20,071  (8) (11) 18,624  20,736  (10)
Total
Earnings:
Net interest income $ 7,546  $ 7,488  $ 7,519  $ 7,423  $ 7,113  1% 6% $ 15,034  $ 14,299  5%
Non-interest income 1,960  1,914  1,987  1,943  1,899  2 3 3,874  3,616  7
Total net revenue 9,506  9,402  9,506  9,366  9,012  1 5 18,908  17,915  6
Provision for credit losses 3,909  2,683  2,857  2,284  2,490  46 57 6,592  5,285  25
Non-interest expense 4,946  5,137  5,717  4,860  4,794  (4) 3 10,083  9,739  4
Income from continuing operations before income taxes 651  1,582  932  2,222  1,728  (59) (62) 2,233  2,891  (23)
Income tax provision 54  302  226  432  297  (82) (82) 356  500  (29)
Income from continuing operations, net of tax $ 597  $ 1,280  $ 706  $ 1,790  $ 1,431  (53) (58) $ 1,877  $ 2,391  (21)
Selected performance metrics:
Period-end loans held for investment $ 318,186  $ 315,154  $ 320,472  $ 314,780  $ 311,323  1 2 $ 318,186  $ 311,323  2
Average loans held for investment 314,888  314,614  315,890  312,759  309,655  — 2 314,751  308,711  2
Period-end deposits 351,442  350,969  348,413  346,011  343,705  — 2 351,442  343,705  2
Average deposits 349,488  345,657  345,328  345,013  343,678  1 2 347,572  341,910  2
18

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Annualized interest income does not include any allocations, such as funds transfer pricing. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.1 billion, $1.9 billion and $2.0 billion for the second quarter, first quarter and first six months of 2024, respectively, and $1.9 billion and $1.8 billion for the second quarter and first six months of 2023, respectively. Related interest expense was $8 million for the second and first quarters of 2024, and the second quarter of 2023, and $16 million for both the first six months of 2024 and 2023.
(3)The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased the Domestic Card net charge-off rate by 19 basis points for Q2 2024. Excluding this impact, the Domestic Card net charge-off rate would have been 5.86%.
(4)In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%.
(5)Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(6)Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(7)The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.
(8)Primarily represents foreign currency translation adjustments.
(9)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(10)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(11)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(12)The Walmart Program Termination decreased Domestic Card net revenue by $27 million and reduced revenue margin by 8 bps. This was more than offset by higher income from the partial quarter effect of the end of the Walmart revenue sharing provisions which increased revenue margin by 18 bps. The net impact of these items on revenue margin was an increase of 10 bps.
(13)Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.
(14)Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
(15)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(16)Includes the impact of $8 million, $42 million and $289 million FDIC special assessment in Q2 2024, Q1 2024 and Q4 2023, respectively.
(17)Includes the impact of $31 million in Discover integration expenses in Q2 2024, as well as any charges incurred as a result of restructuring activities for the periods presented.
**    Not meaningful.
19

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
Basel III Standardized Approach
(Dollars in millions, except as noted) June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 June 30,
2023
Regulatory Capital Metrics
Common equity excluding AOCI $ 63,435 $ 63,088 $ 62,710 $ 62,245 $ 60,729
Adjustments:
AOCI, net of tax(2)
 13 14 27 (9) 31
Goodwill, net of related deferred tax liabilities (14,800) (14,804) (14,811) (14,797) (14,813)
Other Intangible and deferred tax assets, net of deferred tax liabilities (271) (291) (311) (333) (358)
Common equity Tier 1 capital $ 48,377 $ 48,007 $ 47,615 $ 47,106 $ 45,589
Tier 1 capital $ 53,222 $ 52,852 $ 52,460 $ 51,952 $ 50,434
Total capital(3)
 59,876 59,484 59,124 58,844 57,607
Risk-weighted assets 367,068 366,161 369,206 362,962 359,613
Adjusted average assets(4)
 470,915 468,030 467,553 464,286 459,732
Capital Ratios
Common equity Tier 1 capital(5)
 13.2% 13.1% 12.9% 13.0% 12.7%
Tier 1 capital(6)
 14.5 14.4 14.2 14.3 14.0
Total capital(7)
 16.3 16.2 16.0 16.2 16.0
Tier 1 leverage(4)
 11.3 11.3 11.2 11.2 11.0
TCE(8)
 8.2 8.1 8.2 7.3 7.6


20

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2024 2024 2023 2023 2023 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2024 2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP) $ 531 $ 1,200 $ 639 $ 1,705 $ 1,351 $ 1,731 $ 2,238
Allowance build for Walmart program agreement loss sharing termination 826 — — — — 826 —
Walmart program agreement termination contra revenue impact 27 — — — — 27 —
Discover integration expenses 31 — — — — 31 —
FDIC special assessment 8 42 289 — — 50 —
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,423 1,242 928 1,705 1,351 2,665 2,238
Income tax impacts (218) (10) (70) — — (228) —
Adjusted net income available to common stockholders (non-GAAP) $ 1,205 $ 1,232 $ 858 $ 1,705 $ 1,351 $ 2,437 $ 2,238
Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.9 383.4 382.8 383.3 383.7 383.7 383.8
Diluted EPS (GAAP) $ 1.38 $ 3.13 $ 1.67 $ 4.45 $ 3.52 $ 4.51 $ 5.83
Impact of adjustments noted above 1.76 0.08 0.57 — — 1.84 —
Adjusted diluted EPS (non-GAAP) $ 3.14 $ 3.21 $ 2.24 $ 4.45 $ 3.52 $ 6.35 $ 5.83
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 4,946 $ 5,137 $ 5,717 $ 4,860 $ 4,794 $ 10,083 $ 9,739
Discover integration expenses (31) — — — — (31) —
FDIC special assessment (8) (42) (289) — — (50) —
Adjusted non-interest expense (non-GAAP) $ 4,907 $ 5,095 $ 5,428 $ 4,860 $ 4,794 $ 10,002 $ 9,739
Total net revenue (GAAP) $ 9,506 $ 9,402 $ 9,506 $ 9,366 $ 9,012 $ 18,908 $ 17,915
Walmart program agreement termination contra revenue impact 27 — — — — 27 —
Adjusted net revenue (non-GAAP) $ 9,533 $ 9,402 $ 9,506 $ 9,366 $ 9,012 $ 18,935 $ 17,915
Efficiency ratio (GAAP) 52.03% 54.64% 60.14% 51.89% 53.20% 53.33% 54.36%
Impact of adjustments noted above (56)bps (45)bps (304)bps — — (51)bps —
Adjusted efficiency ratio (non-GAAP) 51.47% 54.19% 57.10% 51.89% 53.20% 52.82% 54.36%
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 3,882 $ 4,127 $ 4,463 $ 3,888 $ 3,908 $ 8,009 $ 7,956
21

2024 2024 2023 2023 2023 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2024 2023
Discover integration expenses (31) — — — — (31) —
FDIC special assessment (8) (42) (289) — — (50) —
Adjusted operating expense (non-GAAP) $ 3,843 $ 4,085 $ 4,174 $ 3,888 $ 3,908 $ 7,928 $ 7,956
Total net revenue (GAAP) 9,506 $ 9,402 $ 9,506 $ 9,366 $ 9,012 $ 18,908 $ 17,915
Walmart program agreement termination revenue impact 27 — — — — 27 —
Adjusted net revenue (non-GAAP) $ 9,533 $ 9,402 $ 9,506 $ 9,366 $ 9,012 $ 18,935 $ 17,915
Operating efficiency ratio (GAAP) 40.84% 43.89% 46.95% 41.51% 43.36% 42.36% 44.41%
Impact of adjustments noted above (53)bps (44)bps (304)bps —bps —bps (49)bps —bps
Adjusted operating efficiency ratio (non-GAAP) 40.31% 43.45% 43.91% 41.51% 43.36% 41.87% 44.41%
        


22

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2024 2024 2023 2023 2023
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Pre- Provision Earnings
Total net revenue $ 9,506  $ 9,402  $ 9,506  $ 9,366  $ 9,012 
Non-interest expense (4,946) (5,137) (5,717) (4,860) (4,794)
Pre-provision earnings(9)
 $ 4,560  $ 4,265  $ 3,789  $ 4,506  $ 4,218 
Tangible Common Equity (Period-End)
Stockholders’ equity $ 57,981  $ 57,801  $ 58,089  $ 53,668  $ 54,559 
Goodwill and other intangible assets(10)
 (15,226) (15,257) (15,289) (15,308) (15,356)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 37,910  $ 37,699  $ 37,955  $ 33,515  $ 34,358 
Tangible Common Equity (Average)
Stockholders’ equity $ 58,107  $ 57,998  $ 55,632  $ 55,012  $ 55,357 
Goodwill and other intangible assets(10)
 (15,249) (15,280) (15,304) (15,348) (15,187)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 38,013  $ 37,873  $ 35,483  $ 34,819  $ 35,325 
Return on Tangible Common Equity (Average)
Net income available to common stockholders $ 531  $ 1,200  $ 639  $ 1,705  $ 1,351 
Tangible common equity (Average)
 38,013  37,873  35,483  34,819  35,325 
Return on tangible common equity(11)(12)
 5.59  % 12.67  % 7.20  % 19.59  % 15.30  %
Tangible Assets (Period-End)
Total assets $ 480,018  $ 481,720  $ 478,464  $ 471,435  $ 467,800 
Goodwill and other intangible assets(10)
 (15,226) (15,257) (15,289) (15,308) (15,356)
Tangible assets(11)
 $ 464,792  $ 466,463  $ 463,175  $ 456,127  $ 452,444 
23

2024 2024 2023 2023 2023
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Tangible Assets (Average)
Total assets $ 477,285  $ 474,995  $ 472,594  $ 469,860  $ 466,652 
Goodwill and other intangible assets(10)
 (15,249) (15,280) (15,304) (15,348) (15,187)
Tangible assets(11)
 $ 462,036  $ 459,715  $ 457,290  $ 454,512  $ 451,465 
Return on Tangible Assets (Average)
Net income $ 597  $ 1,280  $ 706  $ 1,790  $ 1,431 
Tangible Assets (Average) 462,036  459,715  457,290  454,512  451,465 
Return on tangible assets(11)(13)
 0.52% 1.11% 0.62% 1.58% 1.27%
TCE Ratio
Tangible common equity (Period-end) $ 37,910  $ 37,699  $ 37,955  $ 33,515  $ 34,358 
Tangible Assets (Period-end) 464,792  466,463  463,175  456,127  452,444 
TCE Ratio(11)
 8.2% 8.1% 8.2% 7.3% 7.6%
Tangible Book Value per Common Share
Tangible common equity (Period-end) $ 37,910  $ 37,699  $ 37,955  $ 33,515  $ 34,358 
Outstanding Common Shares 381.9  382.1  380.4  381.0  381.4 
Tangible book value per common share(11)
 $ 99.28  $ 98.67  $ 99.78  $ 87.97  $ 90.07 
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(1)Regulatory capital metrics and capital ratios as of June 30, 2024 are preliminary and therefore subject to change.    
(2)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(10)Includes impact of related deferred taxes.
(11)Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.
(12)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.
(13)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.
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