Capital One Reports Third Quarter 2024 Net Income of $1.8 billion, or $4.41 per share

By: Capital One Financial Corporation via Business Wire

October 24, 2024 at 16:05 PM EDT

Net of adjusting items, Third Quarter 2024 Net Income of $4.51 per share⁽¹⁾

Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2024 of $1.8 billion, or $4.41 per diluted common share, compared with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024, and with net income of $1.8 billion, or $4.45 per diluted common share in the third quarter of 2023. Adjusted net income⁽¹⁾ for the third quarter of 2024 was $4.51 per diluted common share.

"Strong third quarter results included top-line growth in our domestic card and auto businesses and stable consumer credit results," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “On the Discover acquisition, we continue to work through the regulatory approval process, and we’re fully mobilized to plan and deliver a successful integration.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax

Diluted EPS

Impact

Discover integration expenses

0.12

FDIC special assessment

)

(0.02

)

All comparisons below are for the third quarter of 2024 compared with the second quarter of 2024 unless otherwise noted.

Third Quarter 2024 Income Statement Summary:

Total net revenue increased 5 percent to $10.0 billion.
Total non-interest expense increased 7 percent to $5.3 billion:
- 5 percent increase in marketing.
- 8 percent increase in operating expenses.
Pre-provision earnings⁽²⁾ increased 3 percent to $4.7 billion.
Provision for credit losses decreased $1.4 billion to $2.5 billion:
- Net charge-offs of $2.6 billion.
- $134 million loan reserve release.
Net interest margin of 7.11 percent, an increase of 41 basis point.
Efficiency ratio of 53.07 percent.
- Adjusted efficiency ratio⁽¹⁾ of 52.53 percent.
Operating efficiency ratio of 41.95 percent.
- Adjusted operating efficiency ratio⁽¹⁾of 41.41 percent.

Third Quarter 2024 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 13.6 percent at September 30, 2024.
Period-end loans held for investment in the quarter increased $2.1 billion, or 1 percent, to $320.2 billion.
- Credit Card period-end loans increased $2.8 billion, or 2 percent, to $156.7 billion.
  - Domestic Card period-end loans increased $2.3 billion, or 2 percent, to $149.4 billion.
- Consumer Banking period-end loans increased $1.1 billion, or 1 percent, to $76.8 billion.
  - Auto period-end loans increased $1.1 billion, or 2 percent, to $75.5 billion.
- Commercial Banking period-end loans decreased $1.8 billion, or 2 percent, to $86.8 billion.
Average loans held for investment in the quarter increased $3.4 billion, or 1 percent, to $318.3 billion.
- Credit Card average loans increased $3.5 billion, or 2 percent, to $154.0 billion.
  - Domestic Card average loans increased $3.3 billion, or 2 percent, to $147.0 billion.
- Consumer Banking average loans increased $796 million, or 1 percent, to $76.2 billion.
  - Auto average loans increased $822 million, or 1 percent, to $74.9 billion.
- Commercial Banking average loans decreased $934 million, or 1 percent, to $88.1 billion.
Period-end total deposits increased $2.2 billion, or 1 percent, to $353.6 billion, while average deposits increased $1.6 billion, or less than 1 percent, to $351.1 billion.
Interest-bearing deposits rate paid increased 7 basis points to 3.63 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 24, 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 November 7, 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 $353.6 billion in deposits and $486.4 billion in total assets as of September 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 October 24, 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 October 24, 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 September 30, 2024 are preliminary and therefore subject to change.

Exhibit 99.2

Capital One Financial Corporation Financial Supplement⁽¹⁾⁽²⁾ Third Quarter2024 Table of Contents
Capital One Financial Corporation Consolidated Results		Page
Table 1:	Financial Summary—Consolidated	1
Table 2:	Selected Metrics—Consolidated	3
Table 3:	Consolidated Statements of Income	4
Table 4:	Consolidated Balance Sheets	6
Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	8
Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
Table 7:	Loan Information and Performance Statistics	10
Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	12
Business Segment Results
Table 9:	Financial Summary—Business Segment Results	13
Table 10:	Financial & Statistical Summary—Credit Card Business	14
Table 11:	Financial & Statistical Summary—Consumer Banking Business	16
Table 12:	Financial & Statistical Summary—Commercial Banking Business	17
Table 13:	Financial & Statistical Summary—Other and Total	18
Other
Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	19
Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	20

__________
⁽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 September 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 Q3				Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	2024			2024			2024			2023			2023			2024		2023								2024 vs.
(Dollars in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2024			2023			2023
Income Statement
Net interest income	$	8,076		$	7,546		$	7,488		$	7,519		$	7,423		7	%	9	%	$	23,110		$	21,722		6	%
Non-interest income		1,938			1,960			1,914			1,987			1,943		(1	)	—			5,812			5,559		5
Total net revenue⁽¹⁾		10,014			9,506			9,402			9,506			9,366		5		7			28,922			27,281		6
Provision for credit losses		2,482			3,909			2,683			2,857			2,284		(37	)	9			9,074			7,569		20
Non-interest expense:
Marketing		1,113			1,064			1,010			1,254			972		5		15			3,187			2,755		16
Operating expense		4,201			3,882			4,127			4,463			3,888		8		8			12,210			11,844		3
Total non-interest expense		5,314			4,946			5,137			5,717			4,860		7		9			15,397			14,599		5
Income from continuing operations before income taxes		2,218			651			1,582			932			2,222		**		—			4,451			5,113		(13	)
Income tax provision		441			54			302			226			432		**		2			797			932		(14	)
Net income		1,777			597			1,280			706			1,790		198		(1	)		3,654			4,181		(13	)
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(28	)		(9	)		(23	)		(10	)		(28	)	**		—			(60	)		(67	)	(10	)
Preferred stock dividends		(57	)		(57	)		(57	)		(57	)		(57	)	—		—			(171	)		(171	)	—
Net income available to common stockholders	$	1,692		$	531		$	1,200		$	639		$	1,705		**		(1	)	$	3,423		$	3,943		(13	)
Common Share Statistics
Basic earnings per common share:⁽²⁾
Net income per basic common share	$	4.42		$	1.39		$	3.14		$	1.67		$	4.46		**		(1	)%	$	8.94		$	10.31		(13	)%
Diluted earnings per common share:⁽²⁾
Net income per diluted common share	$	4.41		$	1.38		$	3.13		$	1.67		$	4.45		**		(1	)%	$	8.92		$	10.28		(13	)%
Weighted-average common shares outstanding (in millions):
Basic		383.0			383.1			382.2			381.9			382.5		—		—			382.8			382.7		—
Diluted		383.7			383.9			383.4			382.8			383.3		—		—			383.7			383.6		—
Common shares outstanding (period-end, in millions)		381.5			381.9			382.1			380.4			381.0		—		—			381.5			381.0		—
Dividends declared and paid per common share	$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		—		—		$	1.80		$	1.80		—
Tangible book value per common share (period-end)⁽³⁾		112.36			99.28			98.67			99.78			87.97		13	%	28	%		112.36			87.97		28	%

											2024 Q3				Nine Months Ended September 30,
(Dollars in millions)	2024		2024		2024		2023		2023		2024		2023						2024 vs.
(Dollars in millions)	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2024		2023		2023
Balance Sheet (Period-End)
Loans held for investment	$	320,243	$	318,186	$	315,154	$	320,472	$	314,780	1	%	2	%	$	320,243	$	314,780	2	%
Interest-earning assets		458,189		452,547		453,557		449,701		445,428	1		3			458,189		445,428	3
Total assets		486,433		480,018		481,720		478,464		471,435	1		3			486,433		471,435	3
Interest-bearing deposits		327,253		324,437		323,352		320,389		317,217	1		3			327,253		317,217	3
Total deposits		353,631		351,442		350,969		348,413		346,011	1		2			353,631		346,011	2
Borrowings		49,336		47,956		50,361		49,856		49,247	3		—			49,336		49,247	—
Common equity		58,080		53,135		52,955		53,244		48,823	9		19			58,080		48,823	19
Total stockholders’ equity		62,925		57,981		57,801		58,089		53,668	9		17			62,925		53,668	17
Balance Sheet (Average Balances)
Loans held for investment	$	318,255	$	314,888	$	314,614	$	315,890	$	312,759	1	%	2	%	$	315,927	$	310,075	2	%
Interest-earning assets		454,484		450,908		447,803		446,929		443,532	1		2			451,078		439,321	3
Total assets		481,219		477,285		474,995		472,594		469,860	1		2			477,816		466,279	2
Interest-bearing deposits		324,509		322,581		318,450		316,808		316,032	1		3			321,856		312,702	3
Total deposits		351,125		349,488		345,657		345,328		345,013	—		2			348,765		342,956	2
Borrowings		48,274		48,842		50,474		51,070		49,736	(1	)	(3	)		49,194		48,746	1
Common equity		56,443		53,262		53,152		50,786		50,166	6		13			54,293		50,202	8
Total stockholders’ equity		61,289		58,107		57,998		55,632		55,012	5		11			59,139		55,048	7

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated

																2024 Q3				Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024			2024			2024			2023			2023		2024		2023								2024 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2024			2023		2023
Performance Metrics
Net interest income growth (period over period)		7	%		1	%		—			1	%		4	%	**		**			6	%		9	%	**
Non-interest income growth (period over period)		(1	)		2			(4	)%		2			2		**		**			5			5		**
Total net revenue growth (period over period)		5			1			(1	)		1			4		**		**			6			8		**
Total net revenue margin⁽⁴⁾		8.81			8.43			8.40			8.51			8.45		38 bps		36 bps			8.55			8.28		27 bps
Net interest margin⁽⁵⁾		7.11			6.70			6.69			6.73			6.69		41		42			6.83			6.59		24
Return on average assets		1.48			0.50			1.08			0.60			1.52		98		(4	)		1.02			1.20		(18	)
Return on average tangible assets⁽⁶⁾		1.53			0.52			1.11			0.62			1.58		101		(5	)		1.05			1.24		(19	)
Return on average common equity⁽⁷⁾		11.99			3.99			9.03			5.03			13.59		800		(160	)		8.41			10.47		(206	)
Return on average tangible common equity⁽⁸⁾		16.42			5.59			12.67			7.20			19.59		1,083		(317	)		11.69			15.01		(332	)
Efficiency ratio⁽⁹⁾		53.07			52.03			54.64			60.14			51.89		104		118			53.24			53.51		(27	)
Operating efficiency ratio⁽¹⁰⁾		41.95			40.84			43.89			46.95			41.51		111		44			42.22			43.41		(119	)
Effective income tax rate for continuing operations		19.9			8.3			19.1			24.2			19.4		1,160		50			17.9			18.2		(30	)
Employees (period-end, in thousands)		52.5			52.1			51.3			52.0			54.2		1	%	(3	)%		52.5			54.2		(3	)%
Credit Quality Metrics
Allowance for credit losses	$	16,534		$	16,649		$	15,380		$	15,296		$	14,955		(1	)%	11	%	$	16,534		$	14,955		11	%
Allowance coverage ratio		5.16	%		5.23	%		4.88	%		4.77	%		4.75	%	(7) bps		41 bps			5.16	%		4.75	%	41 bps
Net charge-offs	$	2,604		$	2,644		$	2,616		$	2,533		$	1,999		(2	)%	30	%	$	7,864		$	5,881		34	%
Net charge-off rate⁽¹¹⁾		3.27	%		3.36	%		3.33	%		3.21	%		2.56	%	(9) bps		71 bps			3.32	%		2.53	%	79 bps
30+ day performing delinquency rate		3.58			3.36			3.40			3.71			3.42		22		16			3.58			3.42		16
30+ day delinquency rate		3.89			3.63			3.67			3.99			3.71		26		18			3.89			3.71		18
Capital Ratios⁽¹²⁾
Common equity Tier 1 capital		13.6	%		13.2	%		13.1	%		12.9	%		13.0	%	40 bps		60 bps			13.6	%		13.0	%	60 bps
Tier 1 capital		14.9			14.5			14.4			14.2			14.3		40		60			14.9			14.3		60
Total capital		16.6			16.3			16.3			16.0			16.2		30		40			16.6			16.2		40
Tier 1 leverage		11.6			11.3			11.3			11.2			11.2		30		40			11.6			11.2		40
Tangible common equity (“TCE”)⁽¹³⁾		9.1			8.2			8.1			8.2			7.3		90		180			9.1			7.3		180

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income

																2024 Q3				Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024			2024			2024			2023			2023		2024		2023								2024 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2024			2023		2023
Interest income:
Loans, including loans held for sale	$	10,547		$	9,993		$	9,920		$	9,934		$	9,696		6	%	9	%	$	30,460		$	27,476		11	%
Investment securities		733			700			687			669			627		5		17			2,120			1,881		13
Other		580			587			570			542			550		(1	)	5			1,737			1,436		21
Total interest income		11,860			11,280			11,177			11,145			10,873		5		9			34,317			30,793		11
Interest expense:
Deposits		2,945			2,874			2,812			2,745			2,611		2		13			8,631			6,744		28
Securitized debt obligations		234			258			261			263			249		(9	)	(6	)		753			696		8
Senior and subordinated notes		596			591			606			608			579		1		3			1,793			1,596		12
Other borrowings		9			11			10			10			11		(18	)	(18	)		30			35		(14	)
Total interest expense		3,784			3,734			3,689			3,626			3,450		1		10			11,207			9,071		24
Net interest income		8,076			7,546			7,488			7,519			7,423		7		9			23,110			21,722		6
Provision for credit losses		2,482			3,909			2,683			2,857			2,284		(37	)	9			9,074			7,569		20
Net interest income after provision for credit losses		5,594			3,637			4,805			4,662			5,139		54		9			14,036			14,153		(1	)
Non-interest income:
Interchange fees, net		1,228			1,249			1,145			1,207			1,234		(2	)	—			3,622			3,586		1
Service charges and other customer-related fees		501			459			462			424			453		9		11			1,422			1,243		14
Net securities gains (losses)		(35	)		—			—			(34	)		—		**		**			(35	)		—		**
Other		244			252			307			390			256		(3	)	(5	)		803			730		10
Total non-interest income		1,938			1,960			1,914			1,987			1,943		(1	)	—			5,812			5,559		5
Non-interest expense:
Salaries and associate benefits		2,391			2,200			2,478			2,284			2,274		9		5			7,069			7,018		1
Occupancy and equipment		587			551			554			628			518		7		13			1,692			1,532		10
Marketing		1,113			1,064			1,010			1,254			972		5		15			3,187			2,755		16
Professional services		402			316			262			359			295		27		36			980			909		8
Communications and data processing		358			355			351			345			344		1		4			1,064			1,038		3
Amortization of intangibles		20			19			19			22			24		5		(17	)		58			60		(3	)
Other		443			441			463			825			433		—		2			1,347			1,287		5
Total non-interest expense		5,314			4,946			5,137			5,717			4,860		7		9			15,397			14,599		5
Income from continuing operations before income taxes		2,218			651			1,582			932			2,222		**		—			4,451			5,113		(13	)
Income tax provision		441			54			302			226			432		**		2			797			932		(14	)
Net income		1,777			597			1,280			706			1,790		198		(1	)		3,654			4,181		(13	)
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(28	)		(9	)		(23	)		(10	)		(28	)	**		—			(60	)		(67	)	(10	)
Preferred stock dividends		(57	)		(57	)		(57	)		(57	)		(57	)	—		—			(171	)		(171	)	—
Net income available to common stockholders	$	1,692		$	531		$	1,200		$	639		$	1,705		**		(1	)	$	3,423		$	3,943		(13	)



																2024 Q3				Nine Months Ended September 30,
		2024			2024			2024			2023			2023		2024		2023								2024 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2024			2023		2023
Basic earnings per common share:⁽²⁾
Net income per basic common share	$	4.42		$	1.39		$	3.14		$	1.67		$	4.46		**		(1	)%	$	8.94		$	10.31		(13	)%
Diluted earnings per common share:⁽²⁾
Net income per diluted common share	$	4.41		$	1.38		$	3.13		$	1.67		$	4.45		**		(1	)%	$	8.92		$	10.28		(13	)%
Weighted-average common shares outstanding (in millions):
Basic common shares		383.0			383.1			382.2			381.9			382.5		—		—			382.8			382.7		—
Diluted common shares		383.7			383.9			383.4			382.8			383.3		—		—			383.7			383.6		—

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets

																2024 Q3
		2024			2024			2024			2023			2023		2024		2023
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3			Q2		Q3
Assets:
Cash and cash equivalents:
Cash and due from banks	$	3,976		$	5,298		$	4,671		$	4,903		$	4,620		(25	)%	(14	)%
Interest-bearing deposits and other short-term investments		45,322			40,116			46,357			38,394			40,249		13		13
Total cash and cash equivalents		49,298			45,414			51,028			43,297			44,869		9		10
Restricted cash for securitization investors		421			2,415			474			458			435		(83	)	(3	)
Securities available for sale		83,500			79,250			78,398			79,117			74,837		5		12
Loans held for investment:
Unsecuritized loans held for investment		292,061			289,124			285,577			289,229			284,953		1		2
Loans held in consolidated trusts		28,182			29,062			29,577			31,243			29,827		(3	)	(6	)
Total loans held for investment		320,243			318,186			315,154			320,472			314,780		1		2
Allowance for credit losses		(16,534	)		(16,649	)		(15,380	)		(15,296	)		(14,955	)	(1	)	11
Net loans held for investment		303,709			301,537			299,774			305,176			299,825		1		1
Loans held for sale		96			808			1,631			854			742		(88	)	(87	)
Premises and equipment, net		4,440			4,396			4,366			4,375			4,378		1		1
Interest receivable		2,577			2,494			2,514			2,478			2,469		3		4
Goodwill		15,083			15,062			15,062			15,065			15,048		—		—
Other assets		27,309			28,642			28,473			27,644			28,832		(5	)	(5	)
Total assets	$	486,433		$	480,018		$	481,720		$	478,464		$	471,435		1		3

																2024 Q3
		2024			2024			2024			2023			2023		2024		2023
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3			Q2		Q3
Liabilities:
Interest payable	$	705		$	668		$	762		$	649		$	685		6	%	3	%
Deposits:
Non-interest-bearing deposits		26,378			27,005			27,617			28,024			28,794		(2	)	(8	)
Interest-bearing deposits		327,253			324,437			323,352			320,389			317,217		1		3
Total deposits		353,631			351,442			350,969			348,413			346,011		1		2
Securitized debt obligations		15,881			17,291			17,661			18,043			17,417		(8	)	(9	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		520			715			568			538			522		(27	)	—
Senior and subordinated notes		32,911			29,925			32,108			31,248			31,283		10		5
Other borrowings		24			25			24			27			25		(4	)	(4	)
Total other debt		33,455			30,665			32,700			31,813			31,830		9		5
Other liabilities		19,836			21,971			21,827			21,457			21,824		(10	)	(9	)
Total liabilities		423,508			422,037			423,919			420,375			417,767		—		1

Stockholders’ equity:
Preferred stock		0			0			0			0			0		—		—
Common stock		7			7			7			7			7		—		—
Additional paid-in capital, net		36,216			36,012			35,808			35,541			35,334		1		2
Retained earnings		63,698			62,211			61,905			60,945			60,529		2		5
Accumulated other comprehensive loss		(6,287	)		(9,701	)		(9,534	)		(8,268	)		(12,224	)	(35	)	(49	)
Treasury stock, at cost		(30,709	)		(30,548	)		(30,385	)		(30,136	)		(29,978	)	1		2
Total stockholders’ equity		62,925			57,981			57,801			58,089			53,668		9		17
Total liabilities and stockholders’ equity	$	486,433		$	480,018		$	481,720		$	478,464		$	471,435		1		3

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 $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023 and $449 million in Q3 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 Q3 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.

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 6: Average Balances, Net Interest Income and Net Interest Margin

	2024 Q3						2024 Q2						2023 Q3
(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	$	318,715	$	10,547	13.24	%	$	315,823	$	9,993	12.66	%	$	313,461	$	9,696	12.37	%
Investment securities		90,644		733	3.24			89,501		700	3.13			87,845		627	2.86
Cash equivalents and other		45,125		580	5.14			45,584		587	5.16			42,226		550	5.21
Total interest-earning assets	$	454,484	$	11,860	10.44		$	450,908	$	11,280	10.01		$	443,532	$	10,873	9.81
Interest-bearing liabilities:
Interest-bearing deposits	$	324,509	$	2,945	3.63		$	322,581	$	2,874	3.56		$	316,032	$	2,611	3.30
Securitized debt obligations		15,833		234	5.93			17,452		258	5.91			17,649		249	5.63
Senior and subordinated notes		32,041		596	7.43			30,978		591	7.64			31,522		579	7.36
Other borrowings and liabilities⁽²⁾		2,389		9	1.50			2,502		11	1.73			2,473		11	1.79
Total interest-bearing liabilities	$	374,772	$	3,784	4.04		$	373,513	$	3,734	4.00		$	367,676	$	3,450	3.75
Net interest income/spread			$	8,076	6.40				$	7,546	6.01				$	7,423	6.05
Impact of non-interest-bearing funding					0.71						0.69						0.64
Net interest margin⁽³⁾					7.11	%					6.70	%					6.69	%

	Nine Months Ended September 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	$	316,707	$	30,460	12.82	%	$	310,657	$	27,476	11.79	%
Investment securities		89,580		2,120	3.16			89,259		1,881	2.81
Cash equivalents and other		44,791		1,737	5.17			39,405		1,436	4.86
Total interest-earning assets	$	451,078	$	34,317	10.14		$	439,321	$	30,793	9.35
Interest-bearing liabilities:
Interest-bearing deposits	$	321,856	$	8,631	3.58		$	312,702	$	6,744	2.88
Securitized debt obligations		17,036		753	5.90			17,558		696	5.28
Senior and subordinated notes		31,744		1,793	7.53			30,611		1,596	6.95
Other borrowings and liabilities⁽²⁾		2,422		30	1.67			2,410		35	1.94
Total interest-bearing liabilities	$	373,058	$	11,207	4.01		$	363,281	$	9,071	3.33
Net interest income/spread			$	23,110	6.14				$	21,722	6.02
Impact of non-interest-bearing funding					0.69						0.57
Net interest margin					6.83	%					6.59	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics

												2024 Q3				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2024 Q3			2024 Q2		2024 Q1		2023 Q4		2023 Q3		2024 Q2		2023 Q3		2024		2023		2024 vs. 2023
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	149,400		$	147,065	$	143,861	$	147,666	$	140,320	2	%	6	%	$	149,400	$	140,320	6	%
International card businesses		7,251			6,830		6,733		6,881		6,463	6		12			7,251		6,463	12
Total credit card		156,651			153,895		150,594		154,547		146,783	2		7			156,651		146,783	7
Consumer banking:
Auto		75,505			74,385		73,801		74,075		75,456	2		—			75,505		75,456	—
Retail banking		1,253			1,278		1,298		1,362		1,388	(2	)	(10	)		1,253		1,388	(10	)
Total consumer banking		76,758			75,663		75,099		75,437		76,844	1		—			76,758		76,844	—
Commercial banking:
Commercial and multifamily real estate		32,199			32,832		34,272		34,446		35,622	(2	)	(10	)		32,199		35,622	(10	)
Commercial and industrial		54,635			55,796		55,189		56,042		55,531	(2	)	(2	)		54,635		55,531	(2	)
Total commercial banking		86,834			88,628		89,461		90,488		91,153	(2	)	(5	)		86,834		91,153	(5	)
Total loans held for investment	$	320,243		$	318,186	$	315,154	$	320,472	$	314,780	1		2		$	320,243	$	314,780	2
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	147,021		$	143,744	$	142,887	$	142,112	$	137,500	2	%	7	%	$	144,560	$	132,889	9	%
International card businesses		6,951			6,723		6,758		6,515		6,549	3		6			6,811		6,306	8
Total credit card		153,972			150,467		149,645		148,627		144,049	2		7			151,371		139,195	9
Consumer banking:
Auto		74,920	��		74,098		73,768		74,861		75,740	1		(1	)		74,264		76,473	(3	)
Retail banking		1,262			1,288		1,324		1,377		1,414	(2	)	(11	)		1,291		1,469	(12	)
Total consumer banking		76,182			75,386		75,092		76,238		77,154	1		(1	)		75,555		77,942	(3	)
Commercial banking:
Commercial and multifamily real estate		32,416			33,801		34,310		35,414		35,964	(4	)	(10	)		33,505		36,796	(9	)
Commercial and industrial		55,685			55,234		55,567		55,611		55,592	1		—			55,496		56,142	(1	)
Total commercial banking		88,101			89,035		89,877		91,025		91,556	(1	)	(4	)		89,001		92,938	(4	)
Total average loans held for investment	$	318,255		$	314,888	$	314,614	$	315,890	$	312,759	1		2		$	315,927	$	310,075	2

											2024 Q3				Nine Months Ended September 30,
	2024 Q3		2024 Q2		2024 Q1		2023 Q4		2023 Q3		2024 Q2		2023 Q3		2024		2023		2024 vs. 2023
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card⁽⁴⁾⁽⁵⁾	5.61	%	6.05	%	5.94	%	5.35	%	4.40	%	(44) bps		121 bps		5.86	%	4.28	%	158 bps
International card businesses	5.23		5.03		5.16		4.94		4.87		20		36		5.14		4.80		34
Total credit card	5.60		6.00		5.90		5.33		4.42		(40	)	118		5.83		4.30		153
Consumer banking:
Auto	2.05		1.81		1.99		2.19		1.77		24		28		1.95		1.57		38
Retail banking	5.43		5.38		4.04		5.68		3.80		5		163		4.94		3.33		161
Total consumer banking	2.11		1.87		2.03		2.25		1.81		24		30		2.00		1.60		40
Commercial banking:
Commercial and multifamily real estate	0.26		0.11		0.20		0.96		0.27		15		(1	)	0.19		1.46		(127	)
Commercial and industrial	0.20		0.17		0.08		0.26		0.24		3		(4	)	0.15		0.13		2
Total commercial banking	0.22		0.15		0.13		0.53		0.25		7		(3	)	0.17		0.66		(49	)
Total net charge-offs	3.27		3.36		3.33		3.21		2.56		(9	)	71		3.32		2.53		79
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	4.53	%	4.14	%	4.48	%	4.61	%	4.31	%	39 bps		22 bps		4.53	%	4.31	%	22 bps
International card businesses	4.53		4.63		4.83		4.67		4.43		(10	)	10		4.53		4.43		10
Total credit card	4.53		4.16		4.50		4.61		4.32		37		21		4.53		4.32		21
Consumer banking:
Auto	5.61		5.67		5.28		6.34		5.64		(6	)	(3	)	5.61		5.64		(3	)
Retail banking	0.95		1.57		0.95		1.19		1.07		(62	)	(12	)	0.95		1.07		(12	)
Total consumer banking	5.53		5.60		5.21		6.25		5.55		(7	)	(2	)	5.53		5.55		(2	)
Nonperforming Loans and Nonperforming Assets Rates⁽⁶⁾⁽⁷⁾
Credit card:
International card businesses	0.15	%	0.15	%	0.13	%	0.13	%	0.14	%	—		1 bps		0.15	%	0.14	%	1 bps
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—		0.01		0.01		—
Consumer banking:
Auto	0.91		0.88		0.79		0.96		0.85		3 bps		6		0.91		0.85		6
Retail banking	2.19		2.81		3.21		3.36		3.28		(62	)	(109	)	2.19		3.28		(109	)
Total consumer banking	0.93		0.92		0.83		1.00		0.89		1		4		0.93		0.89		4
Commercial banking:
Commercial and multifamily real estate	1.96		1.28		1.58		1.23		1.29		68		67		1.96		1.29		67
Commercial and industrial	1.32		1.56		1.10		0.60		0.65		(24	)	67		1.32		0.65		67
Total commercial banking	1.55		1.46		1.28		0.84		0.90		9		65		1.55		0.90		65
Total nonperforming loans	0.65		0.63		0.57		0.48		0.48		2		17		0.65		0.48		17
Total nonperforming assets	0.67		0.64		0.58		0.50		0.50		3		17		0.67		0.50		17

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

	Three Months Ended September 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 June 30, 2024	$	12,560		$	480		$	13,040		$	2,037		$	28		$	2,065		$	1,544		$	16,649
Charge-offs		(2,501	)		(131	)		(2,632	)		(684	)		(23	)		(707	)		(88	)		(3,427	)
Recoveries		438			40			478			300			6			306			39			823
Net charge-offs		(2,063	)		(91	)		(2,154	)		(384	)		(17	)		(401	)		(49	)		(2,604	)
Provision for credit losses		1,997			87			2,084			335			16			351			35			2,470
Allowance release for credit losses		(66	)		(4	)		(70	)		(49	)		(1	)		(50	)		(14	)		(134	)
Other changes⁽⁸⁾		—			19			19			—			—			—			—			19
Balance as of September 30, 2024		12,494			495			12,989			1,988			27			2,015			1,530			16,534
Reserve for unfunded lending commitments:
Balance as of June 30, 2024		—			—			—			—			—			—			129			129
Provision (benefit) for losses on unfunded lending commitments		—			—			—			—			—			—			13			13
Balance as of September 30, 2024		—			—			—			—			—			—			142			142
Combined allowance and reserve as of September 30, 2024	$	12,494		$	495		$	12,989		$	1,988		$	27		$	2,015		$	1,672		$	16,676


	Nine Months Ended September 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		(7,509	)		(383	)		(7,892	)		(1,941	)		(62	)		(2,003	)		(166	)		(10,061	)
Recoveries		1,153			120			1,273			855			14			869			55			2,197
Net charge-offs		(6,356	)		(263	)		(6,619	)		(1,086	)		(48	)		(1,134	)		(111	)		(7,864	)
Provision for credit losses		7,589			299			7,888			1,072			35			1,107			96			9,091
Allowance build (release) for credit losses⁽⁹⁾		1,233			36			1,269			(14	)		(13	)		(27	)		(15	)		1,227
Other changes⁽⁸⁾		—			11			11			—			—			—			—			11
Balance as of September 30, 2024		12,494			495			12,989			1,988			27			2,015			1,530			16,534
Reserve for unfunded lending commitments:
Balance as of December 31, 2023		—			—			—			—			—			—			158			158
Provision (benefit) for losses on unfunded lending commitments		—			—			—			—			—			—			(16	)		(16	)
Balance as of September 30, 2024		—			—			—			—			—			—			142			142
Combined allowance and reserve as of September 30, 2024	$	12,494		$	495		$	12,989		$	1,988		$	27		$	2,015		$	1,672		$	16,676

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

	Three Months Ended September 30, 2024											Nine Months Ended September 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total		Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total
Net interest income (loss)	$	5,743	$	2,028	$	596	$	(291	)	$	8,076	$	16,309	$	6,064	$	1,804	$	(1,067	)	$	23,110
Non-interest income (loss)		1,509		182		292		(45	)		1,938		4,491		513		844		(36	)		5,812
Total net revenue (loss)		7,252		2,210		888		(336	)		10,014		20,800		6,577		2,648		(1,103	)		28,922
Provision (benefit) for credit losses		2,084		351		48		(1	)		2,482		7,888		1,107		80		(1	)		9,074
Non-interest expense		3,367		1,331		495		121			5,314		9,730		3,827		1,493		347			15,397
Income (loss) from continuing operations before income taxes		1,801		528		345		(456	)		2,218		3,182		1,643		1,075		(1,449	)		4,451
Income tax provision (benefit)		427		125		82		(193	)		441		756		388		254		(601	)		797
Income (loss) from continuing operations, net of tax	$	1,374	$	403	$	263	$	(263	)	$	1,777	$	2,426	$	1,255	$	821	$	(848	)	$	3,654

	Three Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total
Net interest income (loss)	$	5,294	$	2,025	$	609	$	(382	)	$	7,546
Non-interest income		1,506		172		271		11			1,960
Total net revenue (loss)		6,800		2,197		880		(371	)		9,506
Provision for credit losses		3,545		330		34		—			3,909
Non-interest expense		3,134		1,250		483		79			4,946
Income (loss) from continuing operations before income taxes		121		617		363		(450	)		651
Income tax provision (benefit)		30		146		85		(207	)		54
Income (loss) from continuing operations, net of tax	$	91	$	471	$	278	$	(243	)	$	597

	Three Months Ended September 30, 2023											Nine Months Ended September 30, 2023
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total		Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total
Net interest income (loss)	$	5,114	$	2,133	$	621	$	(445	)	$	7,423	$	14,498	$	6,762	$	1,901	$	(1,439	)	$	21,722
Non-interest income (loss)		1,513		142		288		—			1,943		4,375		426		757		1			5,559
Total net revenue (loss)		6,627		2,275		909		(445	)		9,366		18,873		7,188		2,658		(1,438	)		27,281
Provision for credit losses		1,953		213		116		2			2,284		6,298		747		521		3			7,569
Non-interest expense		3,015		1,262		512		71			4,860		9,073		3,776		1,524		226			14,599
Income (loss) from continuing operations before income taxes		1,659		800		281		(518	)		2,222		3,502		2,665		613		(1,667	)		5,113
Income tax provision (benefit)		393		189		67		(217	)		432		830		629		145		(672	)		932
Income (loss) from continuing operations, net of tax	$	1,266	$	611	$	214	$	(301	)	$	1,790	$	2,672	$	2,036	$	468	$	(995	)	$	4,181

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business

																2024 Q3 vs.				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2		2023 Q3		2024			2023			2024 vs 2023
Credit Card
Earnings:
Net interest income	$	5,743		$	5,294		$	5,272		$	5,231		$	5,114		8	%	12	%	$	16,309		$	14,498		12	%
Non-interest income		1,509			1,506			1,476			1,565			1,513		—		—			4,491			4,375		3
Total net revenue		7,252			6,800			6,748			6,796			6,627		7		9			20,800			18,873		10
Provision for credit losses		2,084			3,545			2,259			2,353			1,953		(41	)	7			7,888			6,298		25
Non-interest expense		3,367			3,134			3,229			3,417			3,015		7		12			9,730			9,073		7
Income from continuing operations before income taxes		1,801			121			1,260			1,026			1,659		**		9			3,182			3,502		(9	)
Income tax provision		427			30			299			241			393		**		9			756			830		(9	)
Income from continuing operations, net of tax	$	1,374		$	91		$	961		$	785		$	1,266		**		9		$	2,426		$	2,672		(9	)
Selected performance metrics:
Period-end loans held for investment	$	156,651		$	153,895		$	150,594		$	154,547		$	146,783		2		7		$	156,651		$	146,783		7
Average loans held for investment		153,972			150,467			149,645			148,627			144,049		2		7			151,371			139,195		9
Average yield on loans outstanding⁽¹⁾		19.66	%		18.79	%		18.84	%		18.96	%		19.02	%	87 bps		64 bps			19.10	%		18.40	%	70 bps
Total net revenue margin⁽¹¹⁾		18.82			18.03			17.99			18.24			18.40		79		42			18.28			18.08		20
Net charge-off rate		5.60			6.00			5.90			5.33			4.42		(40	)	118			5.83			4.30		153
30+ day performing delinquency rate		4.53			4.16			4.50			4.61			4.32		37		21			4.53			4.32		21
30+ day delinquency rate		4.54			4.17			4.50			4.62			4.32		37		22			4.54			4.32		22
Nonperforming loan rate⁽⁶⁾		0.01			0.01			0.01			0.01			0.01		—		—			0.01			0.01		—
Purchase volume⁽¹²⁾	$	166,203		$	165,143		$	150,171		$	162,055		$	158,640		1	%	5	%	$	481,517		$	458,235		5	%
																2024 Q3 vs.				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2		2023 Q3		2024			2023			2024 vs. 2023
Domestic Card
Earnings:
Net interest income	$	5,434		$	5,001		$	4,972		$	4,940		$	4,827		9	%	13	%	$	15,407		$	13,670		13	%
Non-interest income		1,438			1,440			1,411			1,498			1,445		—		—			4,289			4,174		3
Total net revenue⁽¹³⁾		6,872			6,441			6,383			6,438			6,272		7		10			19,696			17,844		10
Provision for credit losses		1,997			3,435			2,157			2,238			1,861		(42	)	7			7,589			6,030		26
Non-interest expense		3,149			2,946			3,025			3,186			2,810		7		12			9,120			8,462		8
Income from continuing operations before income taxes		1,726			60			1,201			1,014			1,601		**		8			2,987			3,352		(11	)
Income tax provision		407			15			283			239			378		**		8			705			791		(11	)
Income from continuing operations, net of tax	$	1,319		$	45		$	918		$	775		$	1,223		**		8		$	2,282		$	2,561		(11	)
Selected performance metrics:
Period-end loans held for investment	$	149,400		$	147,065		$	143,861		$	147,666		$	140,320		2		6		$	149,400		$	140,320		6
Average loans held for investment		147,021			143,744			142,887			142,112			137,500		2		7			144,560			132,889		9
Average yield on loans outstanding⁽¹⁾		19.62	%		18.73	%		18.76	%		18.88	%		18.96	%	89 bps		66 bps			19.04	%		18.31	%	73 bps
Total net revenue margin^(11)(13)		18.67			17.87			17.82			18.07			18.24		80		43			18.12			17.90		22
Net charge-off rate⁽⁴⁾⁽⁵⁾		5.61			6.05			5.94			5.35			4.40		(44	)	121			5.86			4.28		158
30+ day performing delinquency rate		4.53			4.14			4.48			4.61			4.31		39		22			4.53			4.31		22
Purchase volume⁽¹²⁾	$	162,281		$	161,370		$	146,696		$	158,290		$	154,880		1	%	5	%	$	470,347		$	447,374		5	%
Refreshed FICO scores:⁽¹⁴⁾
Greater than 660		69	%		69	%		68	%		68	%		69	%	—		—			69	%		69	%	—
660 or below		31			31			32			32			31		—		—			31			31		—
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business

																2024 Q3 vs.				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2		2023 Q3			2024			2023		2024 vs. 2023
Consumer Banking
Earnings:
Net interest income	$	2,028		$	2,025		$	2,011		$	1,951		$	2,133		—		(5	)%	$	6,064		$	6,762		(10	)%
Non-interest income		182			172			159			163			142		6	%	28			513			426		20
Total net revenue		2,210			2,197			2,170			2,114			2,275		1		(3	)		6,577			7,188		(9	)
Provision for credit losses		351			330			426			422			213		6		65			1,107			747		48
Non-interest expense		1,331			1,250			1,246			1,402			1,262		6		5			3,827			3,776		1
Income from continuing operations before income taxes		528			617			498			290			800		(14	)	(34	)		1,643			2,665		(38	)
Income tax provision		125			146			117			68			189		(14	)	(34	)		388			629		(38	)
Income from continuing operations, net of tax	$	403		$	471		$	381		$	222		$	611		(14	)	(34	)	$	1,255		$	2,036		(38	)
Selected performance metrics:
Period-end loans held for investment	$	76,758		$	75,663		$	75,099		$	75,437		$	76,844		1		—		$	76,758		$	76,844		—
Average loans held for investment		76,182			75,386			75,092			76,238			77,154		1		(1	)		75,555			77,942		(3	)
Average yield on loans held for investment⁽¹⁾		8.88	%		8.54	%		8.33	%		8.17	%		7.97	%	34 bps		91 bps			8.59	%		7.67	%	92 bps
Auto loan originations	$	9,158		$	8,463		$	7,522		$	6,157		$	7,452		8	%	23	%	$	25,143		$	20,823		21	%
Period-end deposits		309,569			305,422			300,806			296,171			290,789		1		6			309,569			290,789		6
Average deposits		306,121			300,794			294,448			291,486			287,457		2		6			300,475			283,991		6
Average deposits interest rate		3.33	%		3.22	%		3.15	%		3.06	%		2.85	%	11 bps		48 bps			3.23	%		2.43	%	80 bps
Net charge-off rate		2.11			1.87			2.03			2.25			1.81		24		30			2.00			1.60		40
30+ day performing delinquency rate		5.53			5.60			5.21			6.25			5.55		(7	)	(2	)		5.53			5.55		(2	)
30+ day delinquency rate		6.31			6.35			5.86			7.08			6.27		(4	)	4			6.31			6.27		4
Nonperforming loan rate⁽⁶⁾		0.93			0.92			0.83			1.00			0.89		1		4			0.93			0.89		4
Nonperforming asset rate⁽⁷⁾		1.01			0.99			0.91			1.09			0.96		2		5			1.01			0.96		5
Auto—At origination FICO scores:⁽¹⁵⁾
Greater than 660		53	%		53	%		53	%		53	%		52	%	—		1	%		53	%		52	%	1	%
621 - 660		20			20			20			20			20		—		—			20			20		—
620 or below		27			27			27			27			28		—		(1	)		27			28		(1	)
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 12: Financial & Statistical Summary—Commercial Banking Business

																2024 Q3 vs.				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2		2023 Q3			2024			2023		2024 vs. 2023
Commercial Banking
Earnings:
Net interest income	$	596		$	609		$	599		$	617		$	621		(2	)%	(4	)%	$	1,804		$	1,901		(5	)%
Non-interest income		292			271			281			245			288		8		1			844			757		11
Total net revenue⁽¹⁰⁾		888			880			880			862			909		1		(2	)		2,648			2,658		—
Provision (benefit) for credit losses		48			34			(2	)		84			116		41		(59	)		80			521		(85	)
Non-interest expense		495			483			515			487			512		2		(3	)		1,493			1,524		(2	)
Income from continuing operations before income taxes		345			363			367			291			281		(5	)	23			1,075			613		75
Income tax provision		82			85			87			68			67		(4	)	22			254			145		75
Income from continuing operations, net of tax	$	263		$	278		$	280		$	223		$	214		(5	)	23		$	821		$	468		75
Selected performance metrics:
Period-end loans held for investment	$	86,834		$	88,628		$	89,461		$	90,488		$	91,153		(2	)	(5	)	$	86,834		$	91,153		(5	)
Average loans held for investment		88,101			89,035			89,877			91,025			91,556		(1	)	(4	)		89,001			92,938		(4	)
Average yield on loans held for investment^(1)(10)		7.25	%		7.23	%		7.14	%		7.24	%		7.16	%	2 bps		9 bps			7.21	%		6.73	%	48 bps
Period-end deposits	$	30,598		$	29,210		$	31,082		$	32,712		$	36,035		5	%	(15	)%	$	30,598		$	36,035		(15	)%
Average deposits		30,365			30,810			31,844			34,525			37,279		(1	)	(19	)		31,004			38,383		(19	)
Average deposits interest rate		2.55	%		2.55	%		2.65	%		2.79	%		2.93	%	—		(38) bps			2.58	%		2.65	%	(7) bps
Net charge-off rate		0.22			0.15			0.13			0.53			0.25		7 bps		(3	)		0.17			0.66		(49	)
Nonperforming loan rate⁽⁶⁾		1.55			1.46			1.28			0.84			0.90		9		65			1.55			0.90		65
Nonperforming asset rate⁽⁷⁾		1.55			1.46			1.28			0.84			0.90		9		65			1.55			0.90		65
Risk category:⁽¹⁶⁾
Noncriticized	$	78,835		$	79,695		$	80,804		$	81,758		$	82,968		(1	)%	(5	)%	$	78,835		$	82,968		(5	)%
Criticized performing		6,651			7,639			7,509			7,969			7,363		(13	)	(10	)		6,651			7,363		(10	)
Criticized nonperforming		1,348			1,294			1,148			761			822		4		64			1,348			822		64
Total commercial banking loans held for investment	$	86,834		$	88,628		$	89,461		$	90,488		$	91,153		(2	)	(5	)	$	86,834		$	91,153		(5	)
Risk category as a percentage of period-end loans held for investment:⁽¹⁶⁾
Noncriticized		90.79	%		89.92	%		90.33	%		90.35	%		91.02	%	87 bps		(23) bps			90.79	%		91.02	%	(23) bps
Criticized performing		7.66			8.62			8.39			8.81			8.08		(96	)	(42	)		7.66			8.08		(42	)
Criticized nonperforming		1.55			1.46			1.28			0.84			0.90		9		65			1.55			0.90		65
Total commercial banking loans		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%						100.00	%		100.00	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 13: Financial & Statistical Summary—Other and Total

																2024 Q3 vs.			Nine Months Ended September 30,
(Dollars in millions)	2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2		2023 Q3		2024			2023		2024 vs. 2023
Other
Earnings:
Net interest loss	$	(291	)	$	(382	)	$	(394	)	$	(280	)	$	(445	)	(24	)%	(35)%	$	(1,067	)	$	(1,439	)	(26	)%
Non-interest income (loss)		(45	)		11			(2	)		14			—		**		**		(36	)		1		**
Total net loss⁽¹⁰⁾		(336	)		(371	)		(396	)		(266	)		(445	)	(9	)	(24)		(1,103	)		(1,438	)	(23	)
Provision (benefit) for credit losses		(1	)		—			—			(2	)		2		**		**		(1	)		3		**
Non-interest expense^(17)(18)		121			79			147			411			71		53		70		347			226		54
Loss from continuing operations before income taxes		(456	)		(450	)		(543	)		(675	)		(518	)	1		(12)		(1,449	)		(1,667	)	(13	)
Income tax benefit		(193	)		(207	)		(201	)		(151	)		(217	)	(7	)	(11)		(601	)		(672	)	(11	)
Loss from continuing operations, net of tax	$	(263	)	$	(243	)	$	(342	)	$	(524	)	$	(301	)	8		(13)	$	(848	)	$	(995	)	(15	)
Selected performance metrics:
Period-end deposits	$	13,464		$	16,810		$	19,081		$	19,530		$	19,187		(20	)	(30)	$	13,464		$	19,187		(30	)
Average deposits		14,639			17,884			19,365			19,317			20,277		(18	)	(28)		17,286			20,582		(16	)
Total
Earnings:
Net interest income	$	8,076		$	7,546		$	7,488		$	7,519		$	7,423		7	%	9%	$	23,110		$	21,722		6	%
Non-interest income		1,938			1,960			1,914			1,987			1,943		(1	)	—		5,812			5,559		5
Total net revenue		10,014			9,506			9,402			9,506			9,366		5		7		28,922			27,281		6
Provision for credit losses		2,482			3,909			2,683			2,857			2,284		(37	)	9		9,074			7,569		20
Non-interest expense		5,314			4,946			5,137			5,717			4,860		7		9		15,397			14,599		5
Income from continuing operations before income taxes		2,218			651			1,582			932			2,222		**		—		4,451			5,113		(13	)
Income tax provision		441			54			302			226			432		**		2		797			932		(14	)
Income from continuing operations, net of tax	$	1,777		$	597		$	1,280		$	706		$	1,790		198		(1)	$	3,654		$	4,181		(13	)
Selected performance metrics:
Period-end loans held for investment	$	320,243		$	318,186		$	315,154		$	320,472		$	314,780		1		2	$	320,243		$	314,780		2
Average loans held for investment		318,255			314,888			314,614			315,890			312,759		1		2		315,927			310,075		2
Period-end deposits		353,631			351,442			350,969			348,413			346,011		1		2		353,631			346,011		2
Average deposits		351,125			349,488			345,657			345,328			345,013		—		2		348,765			342,956		2

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 $2.0 billion, $2.1 billion and $2.0 billion for the third quarter, second quarter and first nine months of 2024, respectively, and $1.9 billion and $1.8 billion for the third quarter and first nine months of 2023, respectively. Related interest expense was $7 million, $8 million and $23 million for the third quarter, second quarter and first nine months of 2024, respectively, and $8 million and $24 million for the third quarter and first nine months of 2023, respectively.
⁽³⁾		The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased net interest margin by 22 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.89% and 6.60% in the third quarter and second quarter of 2024, respectively.
⁽⁴⁾		The Walmart Program Termination increased the Domestic Card net charge-off rate by 38 basis points and 19 basis points for Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.23% and 5.86% for Q3 2024 and Q2 2024, respectively.
⁽⁵⁾		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%.
⁽⁶⁾		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.
⁽⁷⁾		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.
⁽⁸⁾		Primarily represents foreign currency translation adjustments.
⁽⁹⁾		The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.
⁽¹⁰⁾		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.
⁽¹¹⁾		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
⁽¹²⁾		Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
⁽¹³⁾		The Walmart Program Termination increased Domestic Card net revenue margin by 51 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 18.16% and 17.77% in the third quarter and second quarter of 2024, respectively.
⁽¹⁴⁾		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.
⁽¹⁵⁾		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.
⁽¹⁶⁾		Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
⁽¹⁷⁾		Includes the impact of ($9 million), $8 million, $42 million and $289 million FDIC special assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023, respectively.
⁽¹⁸⁾		Includes the impact of $63 million and $31 million in Discover integration expenses in Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented.
**		Not meaningful.

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)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Regulatory Capital Metrics
Common equity excluding AOCI	$	64,966		$	63,435		$	63,088		$	62,710		$	62,245
Adjustments:
AOCI, net of tax⁽²⁾		58			13			14			27			(9	)
Goodwill, net of related deferred tax liabilities		(14,816	)		(14,800	)		(14,804	)		(14,811	)		(14,797	)
Other Intangible and deferred tax assets, net of deferred tax liabilities		(252	)		(271	)		(291	)		(311	)		(333	)
Common equity Tier 1 capital	$	49,956		$	48,377		$	48,007		$	47,615		$	47,106
Tier 1 capital	$	54,801		$	53,222		$	52,852		$	52,460		$	51,952
Total capital⁽³⁾		61,150			59,875			59,484			59,124			58,844
Risk-weighted assets		368,096			366,959			366,161			369,206			362,962
Adjusted average assets⁽⁴⁾		473,146			470,915			468,030			467,553			464,286
Capital Ratios
Common equity Tier 1 capital⁽⁵⁾		13.6	%		13.2	%		13.1	%		12.9	%		13.0	%
Tier 1 capital⁽⁶⁾		14.9			14.5			14.4			14.2			14.3
Total capital⁽⁷⁾		16.6			16.3			16.2			16.0			16.2
Tier 1 leverage⁽⁴⁾		11.6			11.3			11.3			11.2			11.2
TCE⁽⁸⁾		9.1			8.2			8.1			8.2			7.3

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			2024			2023			2023		Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3				2024			2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)	$	1,692		$	531		$	1,200		$	639		$	1,705		$	3,423		$	3,943
Allowance build for Walmart program agreement loss sharing termination		—			826			—			—			—			826			—
Walmart program agreement termination contra revenue impact		—			27			—			—			—			27			—
Discover integration expenses		63			31			—			—			—			94			—
FDIC special assessment		(9	)		8			42			289			—			41			—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)		1,746			1,423			1,242			928			1,705			4,411			3,943
Income tax impacts		(13	)		(218	)		(10	)		(70	)		—			(241	)		—
Adjusted net income available to common stockholders (non-GAAP)	$	1,733		$	1,205		$	1,232		$	858		$	1,705		$	4,170		$	3,943

Diluted weighted-average common shares outstanding (in millions) (GAAP)		383.7			383.9			383.4			382.8			383.3			383.7			383.6

Diluted EPS (GAAP)	$	4.41		$	1.38		$	3.13		$	1.67		$	4.45		$	8.92		$	10.28
Impact of adjustments noted above		0.10			1.76			0.08			0.57			—			1.94			—
Adjusted diluted EPS (non-GAAP)	$	4.51		$	3.14		$	3.21		$	2.24		$	4.45		$	10.86		$	10.28

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	5,314		$	4,946		$	5,137		$	5,717		$	4,860		$	15,397		$	14,599
Discover integration expenses		(63	)		(31	)		—			—			—			(94	)		—
FDIC special assessment		9			(8	)		(42	)		(289	)		—			(41	)		—
Adjusted non-interest expense (non-GAAP)	$	5,260		$	4,907		$	5,095		$	5,428		$	4,860		$	15,262		$	14,599

Total net revenue (GAAP)	$	10,014		$	9,506		$	9,402		$	9,506		$	9,366		$	28,922		$	27,281
Walmart program agreement termination contra revenue impact		—			27			—			—			—			27			—
Adjusted net revenue (non-GAAP)	$	10,014		$	9,533		$	9,402		$	9,506		$	9,366		$	28,949		$	27,281

Efficiency ratio (GAAP)		53.07	%		52.03	%		54.64	%		60.14	%		51.89	%		53.24	%		53.51	%
Impact of adjustments noted above	(54) bps			(56) bps			(45) bps			(304) bps				— bps		(52) bps				— bps
Adjusted efficiency ratio (non-GAAP)		52.53	%		51.47	%		54.19	%		57.10	%		51.89	%		52.72	%		53.51	%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	4,201		$	3,882		$	4,127		$	4,463		$	3,888		$	12,210		$	11,844
Discover integration expenses		(63	)		(31	)		—			—			—			(94	)		—
FDIC special assessment		9			(8	)		(42	)		(289	)		—			(41	)		—
Adjusted operating expense (non-GAAP)	$	4,147		$	3,843		$	4,085		$	4,174		$	3,888		$	12,075		$	11,844

Total net revenue (GAAP)		10,014		$	9,506		$	9,402		$	9,506		$	9,366		$	28,922		$	27,281
Walmart program agreement termination contra revenue impact		—			27			—			—			—			27			—
Adjusted net revenue (non-GAAP)	$	10,014		$	9,533		$	9,402		$	9,506		$	9,366		$	28,949		$	27,281

Operating efficiency ratio (GAAP)		41.95	%		40.84	%		43.89	%		46.95	%		41.51	%		42.22	%		43.41	%
Impact of adjustments noted above	(54) bps			(53) bps			(44) bps			(304) bps			— bps			(51) bps			— bps
Adjusted operating efficiency ratio (non-GAAP)		41.41	%		40.31	%		43.45	%		43.91	%		41.51	%		41.71	%		43.41	%

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			2024			2023			2023
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3
Pre- Provision Earnings
Total net revenue	$	10,014		$	9,506		$	9,402		$	9,506		$	9,366
Non-interest expense		(5,314	)		(4,946	)		(5,137	)		(5,717	)		(4,860	)
Pre-provision earnings⁽⁹⁾	$	4,700		$	4,560		$	4,265		$	3,789		$	4,506
Tangible Common Equity (Period-End)
Stockholders’ equity	$	62,925		$	57,981		$	57,801		$	58,089		$	53,668
Goodwill and other intangible assets⁽¹⁰⁾		(15,214	)		(15,226	)		(15,257	)		(15,289	)		(15,308	)
Noncumulative perpetual preferred stock		(4,845	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	42,866		$	37,910		$	37,699		$	37,955		$	33,515
Tangible Common Equity (Average)
Stockholders’ equity	$	61,289		$	58,107		$	57,998		$	55,632		$	55,012
Goodwill and other intangible assets⁽¹⁰⁾		(15,225	)		(15,249	)		(15,280	)		(15,304	)		(15,348	)
Noncumulative perpetual preferred stock		(4,845	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	41,219		$	38,013		$	37,873		$	35,483		$	34,819
Return on Tangible Common Equity (Average)
Net income available to common stockholders	$	1,692		$	531		$	1,200		$	639		$	1,705
Tangible common equity (Average)		41,219			38,013			37,873			35,483			34,819
Return on tangible common equity^(11)(12)		16.42	%		5.59	%		12.67	%		7.20	%		19.59	%
Tangible Assets (Period-End)
Total assets	$	486,433		$	480,018		$	481,720		$	478,464		$	471,435
Goodwill and other intangible assets⁽¹⁰⁾		(15,214	)		(15,226	)		(15,257	)		(15,289	)		(15,308	)
Tangible assets⁽¹¹⁾	$	471,219		$	464,792		$	466,463		$	463,175		$	456,127

		2024			2024			2024			2023			2023
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3
Tangible Assets (Average)
Total assets	$	481,219		$	477,285		$	474,995		$	472,594		$	469,860
Goodwill and other intangible assets⁽¹⁰⁾		(15,225	)		(15,249	)		(15,280	)		(15,304	)		(15,348	)
Tangible assets⁽¹¹⁾	$	465,994		$	462,036		$	459,715		$	457,290		$	454,512
Return on Tangible Assets (Average)
Net income	$	1,777		$	597		$	1,280		$	706		$	1,790
Tangible Assets (Average)		465,994			462,036			459,715			457,290			454,512
Return on tangible assets^(11)(13)		1.53	%		0.52	%		1.11	%		0.62	%		1.58	%
TCE Ratio
Tangible common equity (Period-end)	$	42,866		$	37,910		$	37,699		$	37,955		$	33,515
Tangible Assets (Period-end)		471,219			464,792			466,463			463,175			456,127
TCE Ratio⁽¹¹⁾		9.1	%		8.2	%		8.1	%		8.2	%		7.3	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	42,866		$	37,910		$	37,699		$	37,955		$	33,515
Outstanding Common Shares		381.5			381.9			382.1			380.4			381.0
Tangible book value per common share⁽¹¹⁾	$	112.36		$	99.28		$	98.67		$	99.78		$	87.97

__________
⁽¹⁾		Regulatory capital metrics and capital ratios as of September 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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