EX-99.2 3 ex992q12025earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)
First Quarter 2025
Table of Contents
Capital One Financial Corporation Consolidated ResultsPage
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 March 31, 2025 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             
2025 Q1
(Dollars in millions, except per share data and as noted) 2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Income Statement
Net interest income$8,013 $8,098 $8,076 $7,546 $7,488 (1)%7 %
Non-interest income1,987 2,092 1,938 1,960 1,914 (5)4 
Total net revenue(1)
10,000 10,190 10,014 9,506 9,402 (2)6 
Provision for credit losses2,369 2,642 2,482 3,909 2,683 (10)(12)
Non-interest expense:
Marketing1,202 1,375 1,113 1,064 1,010 (13)19 
Operating expense4,700 4,714 4,201 3,882 4,127 — 14 
Total non-interest expense5,902 6,089 5,314 4,946 5,137 (3)15 
Income from continuing operations before income taxes1,729 1,459 2,218 651 1,582 19 9 
Income tax provision325 366 441 54 302 (11)8 
Income from continuing operations, net of tax1,404 1,093 1,777 597 1,280 28 10 
Income from discontinued operations, net of tax— 3 — — — **— 
Net income1,404 1,096 1,777 597 1,280 28 10 
Dividends and undistributed earnings allocated to participating securities(2)
(22)(17)(28)(9)(23)29 (4)
Preferred stock dividends(57)(57)(57)(57)(57)— — 
Net income available to common stockholders$1,325 $1,022 $1,692 $531 $1,200 30 10 
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations$3.46 $2.66 $4.42 $1.39 $3.14 30 %10 %
Income from discontinued operations— 0.01 — — — **—
Net income per basic common share$3.46 $2.67 $4.42 $1.39 $3.14 30 10 
Diluted earnings per common share:(2)
Net income from continuing operations$3.45 $2.66 $4.41 $1.38 $3.13 30 %10 %
Income from discontinued operations— 0.01 — — — **—
Net income per diluted common share$3.45 $2.67 $4.41 $1.38 $3.13 29 10 
Weighted-average common shares outstanding (in millions):
Basic383.1 382.4 383.0 383.1 382.2 — — 
Diluted384.0 383.4 383.7 383.9 383.4 — — 
Common shares outstanding (period-end, in millions)383.0 381.2 381.5 381.9 382.1 — — 
Dividends declared and paid per common share$0.60 $0.60 $0.60 $0.60 $0.60 — — 
Tangible book value per common share (period-end)(3)
113.74 106.97 112.36 99.28 98.67 6 %15 %
1

2025 Q1
(Dollars in millions)2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Balance Sheet (Period-End)
Loans held for investment$323,598 $327,775 $320,243 $318,186 $315,154 (1)%3 %
Interest-earning assets463,414 463,058 458,189 452,547 453,557 — 2 
Total assets493,604 490,144 486,433 480,018 481,720 1 2 
Interest-bearing deposits340,964 336,585 327,253 324,437 323,352 1 5 
Total deposits367,464 362,707 353,631 351,442 350,969 1 5 
Borrowings41,773 45,551 49,336 47,956 50,361 (8)(17)
Common equity58,697 55,938 58,080 53,135 52,955 5 11 
Total stockholders’ equity63,542 60,784 62,925 57,981 57,801 5 10 
Balance Sheet (Average Balances)
Loans held for investment$322,385 $321,871 $318,255 $314,888 $314,614 — 2 %
Interest-earning assets462,771 460,640 454,484 450,908 447,803 — 3 
Total assets491,817 488,300 481,219 477,285 474,995 1 %4 
Interest-bearing deposits337,840 331,564 324,509 322,581 318,450 2 6 
Total deposits364,078 358,323 351,125 349,488 345,657 2 5 
Borrowings44,448 46,293 48,274 48,842 50,474 (4)(12)
Common equity57,395 56,918 56,443 53,262 53,152 1 8 
Total stockholders’ equity62,240 61,764 61,289 58,107 57,998 1 7 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2025 Q1
(Dollars in millions, except as noted) 2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Performance Metrics
Net interest income growth (period over period)(1)%— 7 %1 %— ****
Non-interest income growth (period over period)(5)8 %(1)2 (4)%****
Total net revenue growth (period over period)(2)2 5 1 (1)****
Total net revenue margin(4)
8.64 8.85 8.81 8.43 8.40 (21)bps24 bps
Net interest margin(5)
6.93 7.03 7.11 6.70 6.69 (10)24 
Return on average assets1.14 0.90 1.48 0.50 1.08 24 6 
Return on average tangible assets(6)
1.18 0.92 1.53 0.52 1.11 26 7 
Return on average common equity(7)
9.23 7.16 11.99 3.99 9.03 207 20 
Return on average tangible common equity(8)
12.55 9.77 16.42 5.59 12.67 278 (12)
Efficiency ratio(9)
59.02 59.75 53.07 52.03 54.64 (73)438 
Operating efficiency ratio(10)
47.00 46.26 41.95 40.84 43.89 74 311 
Effective income tax rate for continuing operations 18.8 25.1 19.9 8.3 19.1 (630)(30)
Employees (period-end, in thousands)53.9 52.6 52.5 52.1 51.3 2%5%
Credit Quality Metrics
Allowance for credit losses$15,899$16,258$16,534$16,649$15,380(2)%3%
Allowance coverage ratio4.91 %4.96 %5.16 %5.23 %4.88 %(5)bps3 bps
Net charge-offs$2,736$2,884$2,604$2,644$2,616(5)%5%
Net charge-off rate(11)
3.40 %3.59 %3.27 %3.36 %3.33 %(19)bps7 bps
30+ day performing delinquency rate3.29 3.69 3.58 3.36 3.40 (40)(11)
30+ day delinquency rate3.51 3.98 3.89 3.63 3.67 (47)(16)
Capital Ratios(12)
Common equity Tier 1 capital
13.6 %13.5 %13.6 %13.2 %13.1 %10 bps50 bps
Tier 1 capital14.9 14.8 14.9 14.5 14.4 10 50 
Total capital17.0 16.4 16.6 16.3 16.2 60 80 
Tier 1 leverage11.6 11.6 11.6 11.3 11.3 — 30 
Tangible common equity (“TCE”)(13)
9.1 8.6 9.1 8.2 8.1 50 100 
    
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2025 Q1
(Dollars in millions, except as noted)2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Interest income:
Loans, including loans held for sale$10,157 $10,434 $10,547 $9,993 $9,920 (3)%2 %
Investment securities770 753 733 700 687 2 12 
Other491 530 580 587 570 (7)(14)
Total interest income11,418 11,717 11,860 11,280 11,177 (3)2 
Interest expense:
Deposits2,715 2,862 2,945 2,874 2,812 (5)(3)
Securitized debt obligations176 205 234 258 261 (14)(33)
Senior and subordinated notes505 540 596 591 606 (6)(17)
Other borrowings9 12 9 11 10 (25)(10)
Total interest expense3,405 3,619 3,784 3,734 3,689 (6)(8)
Net interest income8,013 8,098 8,076 7,546 7,488 (1)7 
Provision for credit losses2,369 2,642 2,482 3,909 2,683 (10)(12)
Net interest income after provision for credit losses5,644 5,456 5,594 3,637 4,805 3 17 
Non-interest income:
Interchange fees, net1,223 1,260 1,228 1,249 1,145 (3)7 
Service charges and other customer-related fees509 554 501 459 462 (8)10 
Net securities gains (losses)— — (35)— — — — 
Other255 278 244 252 307 (8)(17)
Total non-interest income1,987 2,092 1,938 1,960 1,914 (5)4 
Non-interest expense:
Salaries and associate benefits2,546 2,329 2,391 2,200 2,478 9 3 
Occupancy and equipment615 674 587 551 554 (9)11 
Marketing1,202 1,375 1,113 1,064 1,010 (13)19 
Professional services437 630 402 316 262 (31)67 
Communications and data processing399 398 358 355 351 — 14 
Amortization of intangibles16 19 20 19 19 (16)(16)
Other687 664 443 441 463 3 48 
Total non-interest expense5,902 6,089 5,314 4,946 5,137 (3)15 
Income from continuing operations before income taxes1,729 1,459 2,218 651 1,582 19 9 
Income tax provision325 366 441 54 302 (11)8 
Income from continuing operations, net of tax1,404 1,093 1,777 597 1,280 28 10 
Income from discontinued operations, net of tax— 3 — — — **— 
Net income1,404 1,096 1,777 597 1,280 28 10 
Dividends and undistributed earnings allocated to participating securities(2)
(22)(17)(28)(9)(23)29 (4)
Preferred stock dividends(57)(57)(57)(57)(57)— — 
Net income available to common stockholders$1,325 $1,022 $1,692 $531 $1,200 30 10 
4

2025 Q1
2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Basic earnings per common share:(2)
Net income from continuing operations$3.46 $2.66 $4.42 $1.39 $3.14 30 %10 %
Income from discontinued operations— 0.01 — — — **—
Net income per basic common share$3.46 $2.67 $4.42 $1.39 $3.14 30 10 
Diluted earnings per common share:(2)
Net income from continuing operations$3.45 $2.66 $4.41 $1.38 $3.13 30 %10 %
Income from discontinued operations— 0.01 — — — **—
Net income per diluted common share$3.45 $2.67 $4.41 $1.38 $3.13 29 10 
Weighted-average common shares outstanding (in millions):
Basic common shares383.1 382.4 383.0 383.1 382.2 — — 
Diluted common shares384.0 383.4 383.7 383.9 383.4 — — 
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2025 Q1
2025202420242024202420242024
(Dollars in millions)Q1Q4Q3Q2Q1Q4Q1
Assets:
Cash and cash equivalents:
Cash and due from banks$4,108 $3,028 $3,976 $5,298 $4,671 36 %(12)%
Interest-bearing deposits and other short-term investments44,465 40,202 45,322 40,116 46,357 11 (4)
Total cash and cash equivalents48,573 43,230 49,298 45,414 51,028 12 (5)
Restricted cash for securitization investors392 441 421 2,415 474 (11)(17)
Securities available for sale84,362 83,013 83,500 79,250 78,398 2 8 
Loans held for investment:
Unsecuritized loans held for investment295,939 298,241 292,061 289,124 285,577 (1)4 
Loans held in consolidated trusts27,659 29,534 28,182 29,062 29,577 (6)(6)
Total loans held for investment323,598 327,775 320,243 318,186 315,154 (1)3 
Allowance for credit losses(15,899)(16,258)(16,534)(16,649)(15,380)(2)3 
Net loans held for investment307,699 311,517 303,709 301,537 299,774 (1)3 
Loans held for sale686 202 96 808 1,631 **(58)
Premises and equipment, net4,579 4,511 4,440 4,396 4,366 2 5 
Interest receivable2,599 2,532 2,577 2,494 2,514 3 3 
Goodwill15,070 15,059 15,083 15,062 15,062 — — 
Other assets29,644 29,639 27,309 28,642 28,473 — 4 
Total assets$493,604 $490,144 $486,433 $480,018 $481,720 1 2 
6

2025 Q1
2025202420242024202420242024
(Dollars in millions) Q1Q4Q3Q2Q1Q4Q1
Liabilities:
Interest payable$646 $666 $705 $668 $762 (3)%(15)%
Deposits:
Non-interest-bearing deposits26,500 26,122 26,378 27,005 27,617 1 (4)
Interest-bearing deposits340,964 336,585 327,253 324,437 323,352 1 5 
Total deposits367,464 362,707 353,631 351,442 350,969 1 5 
Securitized debt obligations11,716 14,264 15,881 17,291 17,661 (18)(34)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase573 562 520 715 568 2 1 
Senior and subordinated notes29,459 30,696 32,911 29,925 32,108 (4)(8)
Other borrowings25 29 24 25 24 (14)4 
Total other debt30,057 31,287 33,455 30,665 32,700 (4)(8)
Other liabilities20,179 20,436 19,836 21,971 21,827 (1)(8)
Total liabilities430,062 429,360 423,508 422,037 423,919 — 1 
Stockholders’ equity:
Preferred stock0 0 0 0 0 — — 
Common stock7 7 7 7 7 — — 
Additional paid-in capital, net36,693 36,428 36,216 36,012 35,808 1 2 
Retained earnings65,616 64,505 63,698 62,211 61,905 2 6 
Accumulated other comprehensive loss(7,529)(9,286)(6,287)(9,701)(9,534)(19)(21)
Treasury stock, at cost(31,245)(30,870)(30,709)(30,548)(30,385)1 3 
Total stockholders’ equity63,542 60,784 62,925 57,981 57,801 5 10 
Total liabilities and stockholders’ equity$493,604 $490,144 $486,433 $480,018 $481,720 1 2 

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 $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024 and $630 million in Q1 2024 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 Q1 2025 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
2025 Q12024 Q42024 Q1
(Dollars in millions, except as noted)Average BalanceInterest Income/ Expense
Yield/Rate(1)
Average BalanceInterest Income/ Expense
Yield/Rate(1)
Average BalanceInterest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale$322,772 $10,157 12.59 %$322,231 $10,434 12.95 %$315,563 $9,920 12.57 %
Investment securities92,659 770 3.32 92,248 753 3.26 88,581 687 3.10 
Cash equivalents and other47,340 491 4.14 46,161 530 4.59 43,659 570 5.21 
Total interest-earning assets$462,771 $11,418 9.87 $460,640 $11,717 10.17 $447,803 $11,177 9.98 
Interest-bearing liabilities:
Interest-bearing deposits$337,840 $2,715 3.22 $331,564 $2,862 3.45 $318,450 $2,812 3.53 
Securitized debt obligations13,731 176 5.11 14,931 205 5.47 17,836 261 5.85 
Senior and subordinated notes30,331 505 6.66 30,888 540 7.00 32,211 606 7.52 
Other borrowings and liabilities(2)
2,312 9 1.57 2,434 12 1.85 2,373 10 1.78 
Total interest-bearing liabilities$384,214 $3,405 3.54 $379,817 $3,619 3.81 $370,870 $3,689 3.98 
Net interest income/spread$8,013 6.32 $8,098 6.36 $7,488 6.00 
Impact of non-interest-bearing funding0.61 0.67 0.69 
Net interest margin(3)
6.93 %7.03 %6.69 %
                                                                                                                                                                                                                            

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2025 Q1
2025202420242024202420242024
(Dollars in millions, except as noted) Q1Q4Q3Q2Q1Q4Q1
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card$150,309 $155,618 $149,400 $147,065 $143,861 (3)%4 %
   International card businesses6,880 6,890 7,251 6,830 6,733 — 2 
Total credit card157,189 162,508 156,651 153,895 150,594 (3)4 
Consumer banking:
   Auto77,656 76,829 75,505 74,385 73,801 1 5 
   Retail banking1,240 1,263 1,253 1,278 1,298 (2)(4)
Total consumer banking78,896 78,092 76,758 75,663 75,099 1 5 
Commercial banking:
   Commercial and multifamily real estate31,971 31,903 32,199 32,832 34,272 — (7)
   Commercial and industrial55,542 55,272 54,635 55,796 55,189 — 1 
Total commercial banking87,513 87,175 86,834 88,628 89,461 — (2)
Total loans held for investment$323,598 $327,775 $320,243 $318,186 $315,154 (1)3 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card$149,639 $150,290 $147,021 $143,744 $142,887 — 5 %
   International card businesses6,768 7,036 6,951 6,723 6,758 (4)%— 
Total credit card156,407 157,326 153,972 150,467 149,645 (1)5 
Consumer banking:
   Auto77,228 75,968 74,920 74,098 73,768 2 5 
   Retail banking1,252 1,253 1,262 1,288 1,324 — (5)
Total consumer banking78,480 77,221 76,182 75,386 75,092 2 5 
Commercial banking:
   Commercial and multifamily real estate31,733 32,058 32,416 33,801 34,310 (1)(8)
   Commercial and industrial55,765 55,266 55,685 55,234 55,567 1 — 
Total commercial banking87,498 87,324 88,101 89,035 89,877 — (3)
Total average loans held for investment$322,385 $321,871 $318,255 $314,888 $314,614 — 2 
10

2025 Q1
2025202420242024202420242024
Q1Q4Q3Q2Q1Q4Q1
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card(4)
6.19 %6.06 %5.61 %6.05 %5.94 %13 bps25 bps
   International card businesses5.02 5.17 5.23 5.03 5.16 (15)(14)
Total credit card6.14 6.02 5.60 6.00 5.90 12 24 
Consumer banking:
   Auto1.55 2.32 2.05 1.81 1.99 (77)(44)
   Retail banking4.75 5.63 5.43 5.38 4.04 (88)71 
Total consumer banking1.60 2.38 2.11 1.87 2.03 (78)(43)
Commercial banking:
   Commercial and multifamily real estate0.09 0.50 0.26 0.11 0.20 (41)(11)
   Commercial and industrial0.12 0.13 0.20 0.17 0.08 (1)4 
Total commercial banking0.11 0.26 0.22 0.15 0.13 (15)(2)
Total net charge-offs3.40 3.59 3.27 3.36 3.33 (19)7 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card4.25 %4.53 %4.53 %4.14 %4.48 %(28)bps(23)bps
   International card businesses4.56 4.52 4.53 4.63 4.83 4 (27)
Total credit card4.26 4.53 4.53 4.16 4.50 (27)(24)
Consumer banking:
   Auto4.93 5.95 5.61 5.67 5.28 (102)(35)
   Retail banking1.13 1.12 0.95 1.57 0.95 1 18 
Total consumer banking4.87 5.87 5.53 5.60 5.21 (100)(34)
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
   International card businesses0.13 %0.15 %0.15 %0.15 %0.13 %(2)bps— 
Total credit card0.01 0.01 0.01 0.01 0.01 — — 
Consumer banking:
   Auto0.72 0.98 0.91 0.88 0.79 (26)(7)bps
   Retail banking1.89 1.94 2.19 2.81 3.21 (5)(132)
Total consumer banking0.74 0.99 0.93 0.92 0.83 (25)(9)
Commercial banking:
   Commercial and multifamily real estate1.23 1.60 1.96 1.28 1.58 (37)(35)
   Commercial and industrial1.50 1.27 1.32 1.56 1.10 23 40 
Total commercial banking1.40 1.39 1.55 1.46 1.28 1 12 
Total nonperforming loans0.56 0.61 0.65 0.63 0.57 (5)(1)
Total nonperforming assets0.58 0.63 0.67 0.64 0.58 (5)— 
11

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended March 31, 2025
Credit CardConsumer Banking
(Dollars in millions) Domestic CardInternational Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2024$12,494 $480 $12,974 $1,859 $25 $1,884 $1,400 $16,258 
Charge-offs(2,852)(126)(2,978)(656)(20)(676)(38)(3,692)
Recoveries538 41 579 357 6 363 14 956 
Net charge-offs(2,314)(85)(2,399)(299)(14)(313)(24)(2,736)
Provision for credit losses1,856 70 1,926 285 16 301 141 2,368 
Allowance build (release) for credit losses(458)(15)(473)(14)2 (12)117 (368)
Other changes(7)
— 9 9 — — — — 9 
Balance as of March 31, 202512,036 474 12,510 1,845 27 1,872 1,517 15,899 
Reserve for unfunded lending commitments:
Balance as of December 31, 2024————— — 143 143 
Provision for losses on unfunded lending commitments————— — 1 1 
Balance as of March 31, 2025————— — 144 144 
Combined allowance and reserve as of March 31, 2025$12,036 $474 $12,510 $1,845 $27 $1,872 $1,661 $16,043 
12

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

Three Months Ended March 31, 2025
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(8)
Other(8)
Total
Net interest income (loss)$5,654 $1,943 $572 $(156)$8,013 
Non-interest income (loss)1,511 183 312 (19)1,987 
Total net revenue (loss)7,165 2,126 884 (175)10,000 
Provision (benefit) for credit losses1,926 301 142 — 2,369 
Non-interest expense3,638 1,581 486 197 5,902 
Income (loss) from continuing operations before income taxes1,601 244 256 (372)1,729 
Income tax provision (benefit)382 58 61 (176)325 
Income (loss) from continuing operations, net of tax$1,219 $186 $195 $(196)$1,404 
Three Months Ended December 31, 2024
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(8)
Other(8)
Total
Net interest income (loss)$5,779 $1,959 $587 $(227)$8,098 
Non-interest income (loss)1,585 182 366 (41)2,092 
Total net revenue (loss)7,364 2,141 953 (268)10,190 
Provision (benefit) for credit losses2,384 328 (72)2 2,642 
Non-interest expense3,846 1,545 518 180 6,089 
Income (loss) from continuing operations before income taxes1,134 268 507 (450)1,459 
Income tax provision (benefit)268 63 119 (84)366 
Income (loss) from continuing operations, net of tax$866 $205 $388 $(366)$1,093 
Three Months Ended March 31, 2024
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(8)
Other(8)
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 losses2,259 426 (2)— 2,683 
Non-interest expense3,229 1,246 515 147 5,137 
Income (loss) from continuing operations before income taxes1,260 498 367 (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 

13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2025 Q1 vs.
2025202420242024202420242024
(Dollars in millions, except as noted) Q1Q4Q3Q2Q1Q4Q1
Credit Card
Earnings:
Net interest income$5,654 $5,779 $5,743 $5,294 $5,272 (2)%7%
Non-interest income1,511 1,585 1,509 1,506 1,476 (5)2 
Total net revenue7,165 7,364 7,252 6,800 6,748 (3)6 
Provision for credit losses1,926 2,384 2,084 3,545 2,259 (19)(15)
Non-interest expense3,638 3,846 3,367 3,134 3,229 (5)13 
Income from continuing operations before income taxes1,601 1,134 1,801 121 1,260 4127 
Income tax provision382 268 427 30 299 4328 
Income from continuing operations, net of tax$1,219 $866 $1,374 $91 $961 4127 
Selected performance metrics:
Period-end loans held for investment$157,189$162,508$156,651$153,895$150,594(3)4 
Average loans held for investment156,407157,326153,972150,467149,645(1)5 
Average yield on loans outstanding(1)
18.54 %19.05 %19.66 %18.79 %18.84 %(51)bps(30)bps
Total net revenue margin(9)
18.32 18.72 18.82 18.03 17.99 (40)33 
Net charge-off rate6.14 6.02 5.60 6.00 5.90 12 24 
30+ day performing delinquency rate4.26 4.53 4.53 4.16 4.50 (27)(24)
30+ day delinquency rate4.27 4.54 4.54 4.17 4.50 (27)(23)
Nonperforming loan rate(5)
0.01 0.01 0.01 0.01 0.01 — — 
Purchase volume(10)
$157,948$172,919$166,203$165,143$150,171(9)%5%
14

2025 Q1 vs.
2025202420242024202420242024
(Dollars in millions, except as noted)Q1Q4Q3Q2Q1Q4Q1
Domestic Card
Earnings:
Net interest income$5,343 $5,474 $5,434 $5,001 $4,972 (2)%7%
Non-interest income1,460 1,522 1,438 1,440 1,411 (4)3 
Total net revenue6,803 6,996 6,872 6,441 6,383 (3)7 
Provision for credit losses1,856 2,278 1,997 3,435 2,157 (19)(14)
Non-interest expense3,422 3,607 3,149 2,946 3,025 (5)13 
Income from continuing operations before income taxes1,525 1,111 1,726 60 1,201 3727 
Income tax provision363 262 407 15 283 3928 
Income from continuing operations, net of tax$1,162 $849 $1,319 $45 $918 3727 
Selected performance metrics:
Period-end loans held for investment$150,309$155,618$149,400$147,065$143,861(3)4 
Average loans held for investment149,639150,290147,021143,744142,887— 5 
Average yield on loans outstanding(1)
18.42 %19.00 %19.62 %18.73 %18.76 %(58)bps(34)bps
Total net revenue margin(9)(11)
18.19 18.62 18.67 17.87 17.82 (43)37 
Net charge-off rate(4)
6.19 6.06 5.61 6.05 5.94 13 25 
30+ day performing delinquency rate4.25 4.53 4.53 4.14 4.48 (28)(23)
Purchase volume(10)
$154,391$168,994$162,281$161,370$146,696(9)%5%
Refreshed FICO scores:(12)
Greater than 66069 %69 %69 %69 %68 %— 1 
660 or below31 31 31 31 32 — (1)
Total100 %100 %100 %100 %100 %
    

15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2025 Q1 vs.
2025202420242024202420242024
(Dollars in millions, except as noted)Q1Q4Q3Q2Q1Q4Q1
Consumer Banking
Earnings:
Net interest income$1,943 $1,959 $2,028 $2,025 $2,011 (1)%(3)%
Non-interest income183 182 182 172 159 1 15 
Total net revenue2,126 2,141 2,210 2,197 2,170 (1)(2)
Provision for credit losses301 328 351 330 426 (8)(29)
Non-interest expense1,581 1,545 1,331 1,250 1,246 2 27 
Income from continuing operations before income taxes244 268 528 617 498 (9)(51)
Income tax provision58 63 125 146 117 (8)(50)
Income from continuing operations, net of tax$186 $205 $403 $471 $381 (9)(51)
Selected performance metrics:
Period-end loans held for investment$78,896$78,092$76,758$75,663$75,0991 5 
Average loans held for investment78,48077,22176,18275,38675,0922 5 
Average yield on loans held for investment(1)
9.03 %9.04 %8.88 %8.54 %8.33 %(1)bps70 bps
Auto loan originations$9,210$9,399$9,158$8,463$7,522(2)%22%
Period-end deposits324,920318,329309,569305,422300,8062 8 
Average deposits319,950313,992306,121300,794294,4482 9 
Average deposits interest rate3.00 %3.21 %3.33 %3.22 %3.15 %(21)bps(15)bps
Net charge-off rate1.60 2.38 2.11 1.87 2.03 (78)(43)
30+ day performing delinquency rate4.87 5.87 5.53 5.60 5.21 (100)(34)
30+ day delinquency rate5.47 6.73 6.31 6.35 5.86 (126)(39)
Nonperforming loan rate(5)
0.74 0.99 0.93 0.92 0.83 (25)(9)
Nonperforming asset rate(6)
0.82 1.08 1.01 0.99 0.91 (26)(9)
Auto—At origination FICO scores:(13)
Greater than 66053 %54 %53 %53 %53 %(1)%— 
621 - 66019 19 20 20 20 — (1)%
620 or below28 27 27 27 27 1 1 
Total100 %100 %100 %100 %100 %
16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2025 Q1 vs.
2025202420242024202420242024
(Dollars in millions, except as noted) Q1Q4Q3Q2Q1Q4Q1
Commercial Banking
Earnings:
Net interest income$572 $587 $596 $609 $599 (3)%(5)%
Non-interest income312 366 292 271 281 (15)11 
Total net revenue(8)
884 953 888 880 880 (7)— 
Provision (benefit) for credit losses142 (72)48 34 (2)****
Non-interest expense486 518 495 483 515 (6)(6)
Income from continuing operations before income taxes256 507 345 363 367 (50)(30)
Income tax provision61 119 82 85 87 (49)(30)
Income from continuing operations, net of tax$195 $388 $263 $278 $280 (50)(30)
Selected performance metrics:
Period-end loans held for investment$87,513$87,175$86,834$88,628$89,461— (2)
Average loans held for investment 87,49887,32488,10189,03589,877— (3)
Average yield on loans held for investment(1)(8)
6.29 %6.72 %7.25 %7.23 %7.14 %(43)bps(85)bps
Period-end deposits$29,984$31,691$30,598$29,210$31,082(5)%(4)%
Average deposits31,65431,54530,36530,81031,844— (1)
Average deposits interest rate2.13 %2.28 %2.55 %2.55 %2.65 %(15)bps(52)bps
Net charge-off rate0.11 0.26 0.22 0.15 0.13 (15)(2)
Nonperforming loan rate(5)
1.40 1.39 1.55 1.46 1.28 1 12 
Nonperforming asset rate(6)
1.40 1.39 1.55 1.46 1.28 1 12 
Risk category:(14)
Noncriticized$80,677$80,431$78,835$79,695$80,804— — 
Criticized performing5,6125,5346,6517,6397,5091%(25)%
Criticized nonperforming1,2241,2101,3481,2941,1481 7 
Total commercial banking loans held for investment$87,513$87,175$86,834$88,628$89,461— (2)
Risk category as a percentage of period-end loans held for investment:(14)
Noncriticized92.19 %92.26 %90.79 %89.92 %90.33 %(7)bps186 bps
Criticized performing6.41 6.35 7.66 8.62 8.39 6 (198)
Criticized nonperforming1.40 1.39 1.55 1.46 1.28 1 12 
Total commercial banking loans100.00 %100.00 %100.00 %100.00 %100.00 %
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2025 Q1 vs.
2025202420242024202420242024
(Dollars in millions)Q1Q4Q3Q2Q1Q4Q1
Other
Earnings:
Net interest loss$(156)$(227)$(291)$(382)$(394)(31)%(60)%
Non-interest income (loss)(19)(41)(45)11(2)(54)**
Total net loss(8)
(175)(268)(336)(371)(396)(35)(56)
Provision (benefit) for credit losses—2(1)——**—
Non-interest expense(15)(16)
19718012179147934
Loss from continuing operations before income taxes(372)(450)(456)(450)(543)(17)(31)
Income tax benefit(176)(84)(193)(207)(201)110(12)
Loss from continuing operations, net of tax$(196)$(366)$(263)$(243)$(342)(46)(43)
Selected performance metrics:
Period-end deposits$12,560 $12,687 $13,464 $16,810 $19,081 (1)(34)
Average deposits12,474 12,786 14,639 17,884 19,365 (2)(36)
Total
Earnings:
Net interest income$8,013 $8,098 $8,076 $7,546 $7,488 (1)%7%
Non-interest income1,987 2,092 1,938 1,960 1,914 (5)4
Total net revenue10,000 10,190 10,014 9,506 9,402 (2)6
Provision for credit losses2,369 2,642 2,482 3,909 2,683 (10)(12)
Non-interest expense5,902 6,089 5,314 4,946 5,137 (3)15
Income from continuing operations before income taxes1,729 1,459 2,218 651 1,582 199
Income tax provision325 366 441 54 302 (11)8
Income from continuing operations, net of tax$1,404 $1,093 $1,777 $597 $1,280 2810
Selected performance metrics:
Period-end loans held for investment$323,598 $327,775 $320,243 $318,186 $315,154 (1)3
Average loans held for investment322,385 321,871 318,255 314,888 314,614 —2
Period-end deposits367,464 362,707 353,631 351,442 350,969 15
Average deposits364,078 358,323 351,125 349,488 345,657 25
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 $1.9 billion in Q1 2025, $2.0 billion in Q4 2024 and $1.9 billion in Q1 2024. Related interest expense was $7 million in Q1 2025, $8 million in Q4 2024 and $8 million in Q1 2024.
(3)The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased net interest margin by 20 basis points and 21 basis points in the first quarter of 2025 and fourth quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.73% and 6.82% in the first quarter of 2025 and fourth quarter of 2024, respectively.
(4)The Walmart Program Termination increased the Domestic Card net charge-off rate by 42 basis points, 40 basis points, 38 basis points and 19 basis points for Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.77%, 5.66%, 5.23% and 5.86% for Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively.
(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)Primarily represents foreign currency translation adjustments.
(8)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.
(9)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(10)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(11)The Walmart Program Termination increased Domestic Card net revenue margin by 52 basis points in Q1 2025, 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 17.67% in Q1 2025, 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024.
(12)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.
(13)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.
(14)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(15)Includes the impact of ($9 million), $8 million and $42 million FDIC special assessment in Q3 2024, Q2 2024 and Q1 2024, respectively.
(16)Includes the impact of $110 million, $140 million, $63 million and $31 million in Discover integration expenses in Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively, 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) March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Regulatory Capital Metrics
Common equity excluding AOCI$66,225$65,823$64,966$63,435$63,088
Adjustments:
AOCI, net of tax(2)
191581314
Goodwill, net of related deferred tax liabilities(14,792)(14,786)(14,816)(14,800)(14,804)
Other Intangible and deferred tax assets, net of deferred tax liabilities(247)(231)(252)(271)(291)
Common equity Tier 1 capital$51,205$50,807$49,956$48,377$48,007
Tier 1 capital$56,050$55,652$54,801$53,222$52,852
Total capital(3)
63,93061,80561,15159,87559,484
Risk-weighted assets375,874377,145368,199366,959366,161
Adjusted average assets(4)
483,888480,794473,146470,915468,030
Capital Ratios
Common equity Tier 1 capital(5)
13.6%13.5%13.6%13.2%13.1%
Tier 1 capital(6)
14.914.814.914.514.4
Total capital(7)
17.016.416.616.316.2
Tier 1 leverage(4)
11.611.611.611.311.3
TCE(8)
9.18.69.18.28.1


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.
20252024202420242024
(Dollars in millions, except per share data and as noted)Q1Q4Q3Q2Q1
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)$1,325$1,022$1,692$531$1,200
Allowance build for Walmart program agreement loss sharing termination———826—
Walmart program agreement termination contra revenue impact———27—
Legal reserve activities19875———
Discover integration expenses1101406331—
FDIC special assessment——(9)842
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)1,6331,2371,7461,4231,242
Income tax impacts(76)(52)(13)(218)(10)
Adjusted net income available to common stockholders (non-GAAP)$1,557$1,185$1,733$1,205$1,232
Diluted weighted-average common shares outstanding (in millions) (GAAP)384.0383.4383.7383.9383.4
Diluted EPS (GAAP)$3.45$2.67$4.41$1.38$3.13
Impact of adjustments noted above0.610.420.101.760.08
Adjusted diluted EPS (non-GAAP)$4.06$3.09$4.51$3.14$3.21
Adjusted efficiency ratio:
Non-interest expense (GAAP)$5,902$6,089$5,314$4,946 $5,137 
Legal reserve activities(198)(75)—— — 
Discover integration expenses(110)(140)(63)(31)— 
FDIC special assessment——9(8)(42)
Adjusted non-interest expense (non-GAAP)$5,594$5,874$5,260$4,907 $5,095 
Total net revenue (GAAP)$10,000$10,190$10,014$9,506$9,402
Walmart program agreement termination contra revenue impact———27—
Adjusted net revenue (non-GAAP)$10,000$10,190$10,014$9,533$9,402
Efficiency ratio (GAAP)59.02%59.75 %53.07 %52.03 %54.64 %
Impact of adjustments noted above(308)bps(211)bps(54)bps(56)bps(45)bps
Adjusted efficiency ratio (non-GAAP)55.94%57.64 %52.53 %51.47 %54.19 %
21

20252024202420242024
(Dollars in millions, except per share data and as noted)Q1Q4Q3Q2Q1
Adjusted operating efficiency ratio:
Operating expense (GAAP)$4,700$4,714$4,201$3,882$4,127
Legal reserve activities(198)(75)———
Discover integration expenses(110)(140)(63)(31)—
FDIC special assessment——9(8)(42)
Adjusted operating expense (non-GAAP)$4,392$4,499$4,147$3,843$4,085
Total net revenue (GAAP)$10,000$10,190$10,014$9,506$9,402
Walmart program agreement termination contra revenue impact———27—
Adjusted net revenue (non-GAAP)$10,000$10,190$10,014$9,533$9,402
Operating efficiency ratio (GAAP)47.00%46.26 %41.95 %40.84 %43.89 %
Impact of adjustments noted above(308)bps(211)bps(54)bps(53)bps(44)bps
Adjusted operating efficiency ratio (non-GAAP)43.92%44.15 %41.41 %40.31 %43.45 %
        


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.

20252024202420242024
(Dollars in millions)Q1Q4Q3Q2Q1
Pre- Provision Earnings
Total net revenue$10,000 $10,190 $10,014$9,506$9,402
Non-interest expense(5,902)(6,089)(5,314)(4,946)(5,137)
Pre-provision earnings(9)
$4,098 $4,101 $4,700$4,560$4,265
Tangible Common Equity (Period-End)
Stockholders’ equity$63,542 $60,784 $62,925$57,981$57,801
Goodwill and other intangible assets(10)
(15,139)(15,157)(15,214)(15,226)(15,257)
Noncumulative perpetual preferred stock(4,845)(4,845)(4,845)(4,845)(4,845)
Tangible common equity(11)
$43,558 $40,782 $42,866$37,910$37,699
Tangible Common Equity (Average)
Stockholders’ equity$62,240 $61,764 $61,289$58,107$57,998
Goodwill and other intangible assets(10)
(15,149)(15,195)(15,225)(15,249)(15,280)
Noncumulative perpetual preferred stock(4,845)(4,845)(4,845)(4,845)(4,845)
Tangible common equity(11)
$42,246 $41,724 $41,219$38,013$37,873
Return on Tangible Common Equity (Average)
Net income available to common stockholders$1,325 $1,022 $1,692$531$1,200
Tangible common equity (Average)
42,246 41,724 41,21938,01337,873
Return on tangible common equity(11)(12)
12.55 %9.77 %16.42 %5.59 %12.67 %
Tangible Assets (Period-End)
Total assets$493,604 $490,144 $486,433$480,018$481,720
Goodwill and other intangible assets(10)
(15,139)(15,157)(15,214)(15,226)(15,257)
Tangible assets(11)
$478,465 $474,987 $471,219$464,792$466,463
23

20252024202420242024
(Dollars in millions)Q1Q4Q3Q2Q1
Tangible Assets (Average)
Total assets$491,817 $488,300 $481,219 $477,285 $474,995 
Goodwill and other intangible assets(10)
(15,149)(15,195)(15,225)(15,249)(15,280)
Tangible assets(11)
$476,668 $473,105 $465,994 $462,036 $459,715 
Return on Tangible Assets (Average)
Net income$1,404 $1,096 $1,777 $597 $1,280 
Tangible Assets (Average)476,668 473,105 465,994 462,036 459,715 
Return on tangible assets(11)(13)
1.18%0.92%1.53%0.52%1.11%
TCE Ratio
Tangible common equity (Period-end)$43,558 $40,782 $42,866 $37,910 $37,699 
Tangible Assets (Period-end)478,465 474,987 471,219 464,792 466,463 
TCE Ratio(11)
9.1%8.6%9.1%8.2%8.1%
Tangible Book Value per Common Share
Tangible common equity (Period-end)$43,558 $40,782 $42,866 $37,910 $37,699 
Outstanding Common Shares383.0 381.2 381.5 381.9 382.1 
Tangible book value per common share(11)
$113.74 $106.97 $112.36 $99.28 $98.67 
__________
(1)Regulatory capital metrics and capital ratios as of March 31, 2025 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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