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Capital One Financial Corp.$84.97$1.321.58%

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 Capital One Reports Fourth Quarter 2015 Net Income of $920 million, or $1.58 per share
   Tuesday, January 26, 2016 4:05:00 PM ET

Capital One Financial Corporation (COF ) today announced net income for the fourth quarter of 2015 of $920 million, or $1.58 per diluted common share, compared to the third quarter of 2015 with net income of $1.1 billion, or $1.98 per diluted common share, and the fourth quarter of 2014 with net income of $999 million, or $1.73 per diluted common share.

Net income, excluding adjustments(1) for the fourth quarter of 2015 was $966 million or $1.67 per diluted common share. Adjustments are comprised of charges totaling $72 million associated with (i) closing the GE Healthcare acquisition and establishing an initial allowance and reserve related to the loans acquired; (ii) certain planned site closures; and (iii) revisions to the restructuring charges recorded in Q2 2015 to reflect updated information.

"The headline for 2015 was industry-leading growth in Domestic Card loans and purchase volumes," said Richard D. Fairbank, Chairman and Chief Executive Officer. "Our 2015 results and the choices that drove them have put us in a strong position to deliver attractive shareholder returns, driven by growth and sustainable returns at the higher end of banks, as well as significant capital distribution, subject to regulatory approval."

All comparisons below are for the full year of 2015 compared to the full year of 2014 unless otherwise noted.

2015 Full Year Income Statement Summary:

-- Total net revenue increased 5 percent to $23.4 billion, including ($86) million of contra-revenue from a build in the U.K. Payment Protection Insurance customer refund reserve ("U.K. PPI Reserve").

-- Total non-interest expense increased 7 percent to $13.0 billion:

-- 12 percent increase in marketing.

-- 7 percent increase in operating expenses, including $150 million in restructuring and related site closure charges, $61 million build in the U.K. PPI Reserve, and $20 million of charges associated with closing the GE Healthcare acquisition.

-- Pre-provision earnings increased 3 percent to $10.4 billion.

-- Provision for credit losses increased 28 percent to $4.5 billion.

-- Efficiency ratio of 55.51 percent; Efficiency ratio excluding restructuring and site closure charges, the build in the U.K. PPI Reserve and charges associated with the closing of the GE Healthcare acquisition was 54.32 percent.

All comparisons below are for the fourth quarter of 2015 compared to the third quarter of 2015 unless otherwise noted.

Fourth Quarter 2015 Income Statement Summary:

-- Total net revenue increased 5 percent to $6.2 billion.

-- Total non-interest expense increased 10 percent to $3.5 billion:

-- 35 percent increase in marketing.

-- 7 percent increase in operating expenses.

-- Pre-provision earnings decreased 1 percent to $2.7 billion.

-- Provision for credit losses increased 26 percent to $1.4 billion.

-- Net interest margin of 6.79 percent, up 6 basis points.

All comparisons below are as of December 31, 2015 as compared to December 31, 2014 unless otherwise noted.

Fourth Quarter 2015 Balance Sheet Summary:

-- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 11.1 percent at December 31, 2015.

-- Period-end loans held for investment in the quarter increased $16.5 billion, or 8 percent, to $229.9 billion.

-- Domestic Card period-end loans increased $5.8 billion, or 7 percent, to $87.9 billion.

-- Consumer Banking period-end loans decreased $618 million, or less than 1 percent, to $70.4 billion:

-- Auto period-end loans increased $497 million, or 1 percent, to $41.5 billion.

-- Home loans period-end loans decreased $1.1 billion, or 4 percent, to $25.2 billion, driven by run-off of acquired portfolios.

-- Commercial Banking period-end loans increased $11.2 billion, or 21 percent, to $63.3 billion, including the acquired GE Healthcare loans.

-- Average loans held for investment in the quarter increased $8.8 billion, or 4 percent, to $220.1 billion.

-- Domestic Card average loans increased $3.4 billion, or 4 percent, to $83.8 billion.

-- Consumer Banking average loans decreased $393 million, or less than 1 percent, to $70.7 billion:

-- Auto average loans increased $773 million, or 2 percent, to $41.3 billion.

-- Home loans average loans decreased by $1.2 billion, or 4 percent, to $25.8 billion, driven by run-off of acquired portfolios.

-- Commercial Banking average loans increased $5.8 billion, or 11 percent, to $57.4 billion, including the acquired GE Healthcare loans.

-- Period-end total deposits increased $4.8 billion, or 2 percent, to $217.7 billion, while average deposits increased $4.9 billion, or 2 percent to $215.9 billion.

-- Interest-bearing deposit rate remained flat at 0.58 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 26, 2016 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). Choose "About Us," then choose "Investors" to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through February 9, 2016 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. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2014.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $217.7 billion in deposits and $334.0 billion in total assets as of December 31, 2015. 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 located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

(1) Net income excluding adjustments is a non-GAAP measure, which we believe is helpful for investors to understand the effect of the excluded items on our reported results. See Table 5 in Exhibit 99.2 for a reconciliation to the reported results on a GAAP basis.

Exhibit 99.2
Capital One Financial Corporation
Financial Supplement
Fourth Quarter 2015(1)
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                                    10
                   Table 7:           Loan Information and Performance Statistics                                                      11
Business Segment Results
                   Table 8:           Financial Summary--Business Segment Results                                                      13
                   Table 9:           Financial & Statistical Summary--Credit Card Business                                            14
                   Table 10:          Financial & Statistical Summary--Consumer Banking Business                                       16
                   Table 11:          Financial & Statistical Summary--Commercial Banking Business                                     17
                   Table 12:          Financial & Statistical Summary--Other and Total                                                 18
                   Table 13:          Notes to Loan and Business Segments Disclosures (Tables 7--12)                                   19
Other
                   Table 14:          Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital 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 Annual Report on Form 10-K for the period ended December 31, 2015 once it is filed with the Securities and Exchange Commission.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary--Consolidated(1)
                                                                                                                                                     2015 Q4 vs.    Year Ended
(Dollars in millions, except per share data and as noted) (unaudited)          2015          2015          2015          2015          2014          2015    2014                               2015 vs.
                                                                               Q4            Q3            Q2            Q1            Q4            Q3      Q4     2015          2014          2014
Income Statement
Net interest income                                                            $   4,961     $   4,760     $   4,537     $   4,576     $   4,656     4%      7%     $   18,834    $   17,818    6%
Non-interest income                                                            1,233         1,140         1,135         1,071         1,157         8       7      4,579         4,472         2
Total net revenue(2)                                                           6,194         5,900         5,672         5,647         5,813         5       7      23,413        22,290        5
Provision for credit losses                                                    1,380         1,092         1,129         935           1,109         26      24     4,536         3,541         28
Non-interest expense:
Marketing                                                                      564           418           387           375           509           35      11     1,744         1,561         12
Amortization of intangibles                                                    103           106           111           110           123           (3)     (16)   430           532           (19)
Operating expenses                                                             2,813         2,636         2,809         2,564         2,652         7       6      10,822        10,087        7
Total non-interest expense                                                     3,480         3,160         3,307         3,049         3,284         10      6      12,996        12,180        7
Income from continuing operations before income taxes                          1,334         1,648         1,236         1,663         1,420         (19)    (6)    5,881         6,569         (10)
Income tax provision                                                           426           530           384           529           450           (20)    (5)    1,869         2,146         (13)
Income from continuing operations, net of tax                                  908           1,118         852           1,134         970           (19)    (6)    4,012         4,423         (9)
Income (loss) from discontinued operations, net of tax(3)                      12            (4)           11            19            29            **      (59)   38            5             **
Net income                                                                     920           1,114         863           1,153         999           (17)    (8)    4,050         4,428         (9)
Dividends and undistributed earnings allocated to participating securities(4)  (4)           (6)           (4)           (6)           (4)           (33)    --     (20)          (18)          11
Preferred stock dividends(4)                                                   (68)          (29)          (29)          (32)          (21)          134     224    (158)         (67)          136
Net income available to common stockholders                                    $   848       $   1,079     $   830       $   1,115     $   974       (21)    (13)   $   3,872     $   4,343     (11)
Common Share Statistics
Basic earnings per common share:(4)
Net income from continuing operations                                          $   1.58      $   2.01      $   1.50      $   2.00      $   1.71      (21)%   (8)%   $   7.08      $   7.70      (8)%
Income (loss) from discontinued operations                                     0.02          (0.01)        0.02          0.03          0.05          **      (60)   0.07          0.01          **
Net income per basic common share                                              $   1.60      $   2.00      $   1.52      $   2.03      $   1.76      (20)    (9)    $   7.15      $   7.71      (7)
Diluted earnings per common share:(4)
Net income from continuing operations                                          $   1.56      $   1.99      $   1.48      $   1.97      $   1.68      (22)    (7)    $   7.00      $   7.58      (8)
Income (loss) from discontinued operations                                     0.02          (0.01)        0.02          0.03          0.05          **      (60)   0.07          0.01          **
Net income per diluted common share(5)                                         $   1.58      $   1.98      $   1.50      $   2.00      $   1.73      (20)    (9)    $   7.07      $   7.59      (7)
Weighted-average common shares outstanding (in millions):
Basic                                                                          530.8         540.6         545.6         550.2         554.3         (2)     (4)    541.8         563.1         (4)
Diluted                                                                        536.3         546.3         552.0         557.2         561.8         (2)     (5)    548.0         571.9         (4)
Common shares outstanding (period end, in millions)                            527.3         534.9         542.5         548.0         553.4         (1)     (5)    527.3         553.4         (5)
Dividends paid per common share                                                $   0.40      $   0.40      $   0.40      $   0.30      $   0.30      --      33     $   1.50      $   1.20      25
Tangible book value per common share (period end)(6)                           53.65         54.66         52.74         52.19         50.32         (2)     7      53.65         50.32         7
                                                                                                                                                     2015 Q4 vs.    Year Ended
(Dollars in millions) (unaudited)                                              2015          2015          2015          2015          2014          2015    2014                               2015 vs.
                                                                               Q4            Q3            Q2            Q1            Q4            Q3      Q4     2015          2014          2014
Balance Sheet (Period End)
Loans held for investment(7)                                                   $   229,851   $   213,329   $   209,705   $   203,978   $   208,316   8%      10%    $   229,851   $   208,316   10%
Interest-earning assets                                                        302,007       283,073       280,137       275,837       277,849       7       9      302,007       277,849       9
Total assets                                                                   334,048       313,700       310,510       306,224       308,167       6       8      334,048       308,167       8
Interest-bearing deposits                                                      191,874       187,848       183,657       185,208       180,467       2       6      191,874       180,467       6
Total deposits                                                                 217,721       212,903       208,780       210,440       205,548       2       6      217,721       205,548       6
Borrowings                                                                     59,115        42,778        45,766        41,029        48,457        38      22     59,115        48,457        22
Common equity                                                                  43,990        44,391        43,849        43,908        43,231        (1)     2      43,990        43,231        2
Total stockholders’ equity                                                     47,284        47,685        46,659        45,730        45,053        (1)     5      47,284        45,053        5
Balance Sheet (Average Balances)
Loans held for investment(7)                                                   $   220,052   $   211,227   $   206,337   $   205,194   $   203,436   4%      8%     $   210,745   $   197,925   6%
Interest-earning assets                                                        292,054       283,082       276,585       278,427       273,436       3       7      282,581       267,174       6
Total assets                                                                   323,354       313,822       307,206       309,401       304,153       3       6      313,474       297,659       5
Interest-bearing deposits                                                      189,885       185,800       183,946       182,998       179,401       2       6      185,677       181,036       3
Total deposits                                                                 215,899       210,974       209,143       207,851       205,355       2       5      210,989       205,675       3
Borrowings                                                                     48,850        45,070        41,650        46,082        43,479        8       12     45,420        38,882        17
Common equity                                                                  45,418        45,407        44,878        44,575        43,895        --      3      45,072        43,055        5
Total stockholders’ equity                                                     48,712        48,456        47,255        46,397        45,576        1       7      47,713        44,268        8
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics--Consolidated(1)
                                                                                                                                  2015 Q4 vs.           Year Ended
(Dollars in millions except as noted) (unaudited)                          2015       2015       2015       2015       2014       2015       2014                             2015 vs.
                                                                           Q4         Q3         Q2         Q1         Q4         Q3         Q4         2015       2014       2014
Performance Metrics
Net interest income growth (period over period)                            4%         5%         (1)%       (2)%       4%         **         **         6%         (2)%       **
Non-interest income growth (period over period)                            8          --         6          (7)        1          **         **         2          5          **
Total net revenue growth (period over period)                              5          4          --         (3)        3          **         **         5          --         **
Total net revenue margin(8)                                                8.48       8.34       8.20       8.11       8.50       14    bps  (2)   bps  8.29       8.34       (5)   bps
Net interest margin(9)                                                     6.79       6.73       6.56       6.57       6.81       6          (2)        6.66       6.67       (1)
Return on average assets                                                   1.12       1.43       1.11       1.47       1.28       (31)       (16)       1.28       1.49       (21)
Return on average tangible assets(10)                                      1.18       1.50       1.17       1.54       1.34       (32)       (16)       1.35       1.57       (22)
Return on average common equity(11)                                        7.36       9.54       7.30       9.84       8.61       (218)      (125)      8.51       10.08      (157)
Return on average tangible common equity(12)                               11.11      14.33      11.06      15.00      13.28      (322)      (217)      12.87      15.79      (292)
Non-interest expense as a percentage of average loans held for investment  6.33       5.98       6.41       5.94       6.46       35         (13)       6.17       6.15       2
Efficiency ratio(13)                                                       56.18      53.56      58.30      53.99      56.49      262        (31)       55.51      54.64      87
Effective income tax rate for continuing operations                        31.9       32.2       31.1       31.8       31.7       (30)       20         31.8       32.7       (90)
Employees (in thousands), period end                                       45.4       46.9       47.5       47.0       46.0       (3)%       (1)%       45.4       46.0       (1)%
Credit Quality Metrics(7)
Allowance for loan and lease losses                                        $  5,130   $  4,847   $  4,676   $  4,405   $  4,383   6%         17%        $  5,130   $  4,383   17%
Allowance as a percentage of loans held for investment                     2.23%      2.27%      2.23%      2.16%      2.10%      (4)   bps  13    bps  2.23%      2.10%      13    bps
Net charge-offs                                                            $  1,078   $  890     $  846     $  881     $  915     21%        18%        $  3,695   $  3,414   8%
Net charge-off rate(14)                                                    1.96%      1.69%      1.64%      1.72%      1.80%      27    bps  16    bps  1.75%      1.72%      3     bps
30+ day performing delinquency rate                                        2.69       2.63       2.33       2.32       2.62       6          7          2.69       2.62       7
30+ day delinquency rate                                                   3.00       2.95       2.65       2.58       2.91       5          9          3.00       2.91       9
Capital Ratios(15)
Common equity Tier 1 capital ratio                                         11.1%      12.1%      12.1%      12.5%      12.5%      (100) bps  (140) bps  11.1%      12.5%      (140) bps
Tier 1 capital ratio                                                       12.3       13.4       13.3       13.2       13.2       (110)      (90)       12.3       13.2       (90)
Total capital ratio                                                        14.6       15.1       15.1       15.1       15.1       (50)       (50)       14.6       15.1       (50)
Tier 1 leverage ratio                                                      10.6       11.1       11.1       10.7       10.8       (50)       (20)       10.6       10.8       (20)
Tangible common equity ("TCE") ratio(16)                                   8.9        9.8        9.7        9.8        9.5        (90)       (60)       8.9        9.5        (60)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
                                                                               Three Months Ended                2015 Q4 vs.    Year Ended
                                                                               2015       2015        2014       2015    2014                             2015 vs.
(Dollars in millions, except per share data and as noted) (unaudited)          Q4         Q3          Q4         Q3      Q4     2015         2014         2014
Interest income:
Loans, including loans held for sale                                           $  4,961   $   4,753   $  4,613   4%      8%     $   18,785   $   17,662   6%
Investment securities                                                          401        386         405        4       (1)    1,575        1,628        (3)
Other                                                                          22         25          27         (12)    (19)   99           107          (7)
Total interest income                                                          5,384      5,164       5,045      4       7      20,459       19,397       5
Interest expense:
Deposits                                                                       277        271         269        2       3      1,091        1,088        --
Securitized debt obligations                                                   43         39          36         10      19     151          145          4
Senior and subordinated notes                                                  89         82          73         9       22     330          299          10
Other borrowings                                                               14         12          11         17      27     53           47           13
Total interest expense                                                         423        404         389        5       9      1,625        1,579        3
Net interest income                                                            4,961      4,760       4,656      4       7      18,834       17,818       6
Provision for credit losses                                                    1,380      1,092       1,109      26      24     4,536        3,541        28
Net interest income after provision for credit losses                          3,581      3,668       3,547      (2)     1      14,298       14,277       --
Non-interest income:
Service charges and other customer-related fees                                426        423         462        1       (8)    1,715        1,867        (8)
Interchange fees, net                                                          617        555         523        11      18     2,235        2,021        11
Net other-than-temporary impairment recognized in earnings                     (3)        (5)         (9)        (40)    (67)   (30)         (24)         25
Other                                                                          193        167         181        16      7      659          608          8
Total non-interest income                                                      1,233      1,140       1,157      8       7      4,579        4,472        2
Non-interest expense:
Salaries and associate benefits                                                1,215      1,189       1,179      2       3      4,975        4,593        8
Occupancy and equipment                                                        511        444         474        15      8      1,829        1,745        5
Marketing                                                                      564        418         509        35      11     1,744        1,561        12
Professional services                                                          349        313         329        12      6      1,292        1,216        6
Communications and data processing                                             247        226         203        9       22     883          798          11
Amortization of intangibles                                                    103        106         123        (3)     (16)   430          532          (19)
Other                                                                          491        464         467        6       5      1,843        1,735        6
Total non-interest expense                                                     3,480      3,160       3,284      10      6      12,996       12,180       7
Income from continuing operations before income taxes                          1,334      1,648       1,420      (19)    (6)    5,881        6,569        (10)
Income tax provision                                                           426        530         450        (20)    (5)    1,869        2,146        (13)
Income from continuing operations, net of tax                                  908        1,118       970        (19)    (6)    4,012        4,423        (9)
Income (loss) from discontinued operations, net of tax(3)                      12         (4)         29         **      (59)   38           5            **
Net income                                                                     920        1,114       999        (17)    (8)    4,050        4,428        (9)
Dividends and undistributed earnings allocated to participating securities(4)  (4)        (6)         (4)        (33)    --     (20)         (18)         11
Preferred stock dividends(4)                                                   (68)       (29)        (21)       134     224    (158)        (67)         136
Net income available to common stockholders                                    $  848     $   1,079   $  974     (21)    (13)   $   3,872    $   4,343    (11)
                                                                               Three Months Ended                2015 Q4 vs.    Year Ended
                                                                               2015       2015        2014       2015    2014                             2015 vs.
(Dollars in millions, except per share data and as noted) (unaudited)          Q4         Q3          Q4         Q3      Q4     2015         2014         2014
Basic earnings per common share:(4)
Net income from continuing operations                                          $  1.58    $   2.01    $  1.71    (21)%   (8)%   $   7.08     $   7.70     (8)%
Income (loss) from discontinued operations                                     0.02       (0.01)      0.05       **      (60)   0.07         0.01         **
Net income per basic common share                                              $  1.60    $   2.00    $  1.76    (20)    (9)    $   7.15     $   7.71     (7)
Diluted earnings per common share:(4)
Net income from continuing operations                                          $  1.56    $   1.99    $  1.68    (22)    (7)    $   7.00     $   7.58     (8)
Income (loss) from discontinued operations                                     0.02       (0.01)      0.05       **      (60)   0.07         0.01         **
Net income per diluted common share(5)                                         $  1.58    $   1.98    $  1.73    (20)    (9)    $   7.07     $   7.59     (7)
Weighted average common shares outstanding (in millions):
Basic common shares                                                            530.8      540.6       554.3      (2)     (4)    541.8        563.1        (4)
Diluted common shares                                                          536.3      546.3       561.8      (2)     (5)    548.0        571.9        (4)
Dividends paid per common share                                                $  0.40    $   0.40    $  0.30    --      33     $   1.50     $   1.20     25
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets(1)
                                                                                                                                   December 31, 2015 vs.
(Dollars in millions) (unaudited)                                                     December 31,   September 30,  December 31,   September 30,  December 31,
                                                                                      2015           2015           2014           2015           2014
Assets:
Cash and cash equivalents:
Cash and due from banks                                                               $    3,407     $    2,701     $    3,147     26%            8%
Interest-bearing deposits with banks                                                  4,577          3,952          4,095          16             12
Federal funds sold and securities purchased under agreements to resell                39             184            0              (79)           **
Total cash and cash equivalents                                                       8,023          6,837          7,242          17             11
Restricted cash for securitization investors                                          1,017          586            234            74             **
Securities available for sale, at fair value                                          39,061         39,431         39,508         (1)            (1)
Securities held to maturity, at carrying value                                        24,619         23,711         22,500         4              9
Loans held for investment:(7)
Unsecuritized loans held for investment                                               196,068        179,748        171,771        9              14
Restricted loans for securitization investors                                         33,783         33,581         36,545         1              (8)
Total loans held for investment                                                       229,851        213,329        208,316        8              10
Allowance for loan and lease losses                                                   (5,130)        (4,847)        (4,383)        6              17
Net loans held for investment                                                         224,721        208,482        203,933        8              10
Loans held for sale, at lower of cost or fair value                                   904            566            626            60             44
Premises and equipment, net                                                           3,584          3,629          3,685          (1)            (3)
Interest receivable                                                                   1,189          1,101          1,079          8              10
Goodwill                                                                              14,480         13,983         13,978         4              4
Other assets                                                                          16,450         15,374         15,382         7              7
Total assets                                                                          $    334,048   $    313,700   $    308,167   6              8
                                                                                                                                   December 31, 2015 vs.
(Dollars in millions) (unaudited)                                                     December 31,   September 30,  December 31,   September 30,  December 31,
                                                                                      2015           2015           2014           2015           2014
Liabilities:
Interest payable                                                                      $    299       $    198       $    254       51%            18%
Deposits:
Non-interest bearing deposits                                                         25,847         25,055         25,081         3              3
Interest-bearing deposits                                                             191,874        187,848        180,467        2              6
Total deposits                                                                        217,721        212,903        205,548        2              6
Securitized debt obligations                                                          16,166         15,656         11,624         3              39
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase  981            1,021          880            (4)            11
Senior and subordinated notes                                                         21,837         21,773         18,684         --             17
Other borrowings                                                                      20,131         4,328          17,269         **             17
Total other debt                                                                      42,949         27,122         36,833         58             17
Other liabilities                                                                     9,629          10,136         8,855          (5)            9
Total liabilities                                                                     286,764        266,015        263,114        8              9
Stockholders’ equity:
Preferred stock                                                                       0              0              0              --             --
Common stock                                                                          6              6              6              --             --
Additional paid-in capital, net                                                       29,655         29,594         27,869         --             6
Retained earnings                                                                     27,045         26,407         23,973         2              13
Accumulated other comprehensive loss                                                  (616)          (142)          (430)          **             43
Treasury stock, at cost                                                               (8,806)        (8,180)        (6,365)        8              38
Total stockholders’ equity                                                            47,284         47,685         45,053         (1)            5
Total liabilities and stockholders’ equity                                            $    334,048   $    313,700   $    308,167   6              8
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1--4)
**                                                   Not meaningful.
(1)                                                  As of January 1, 2015, we changed our accounting principle from a gross basis of presentation to a net basis, for presenting qualifying derivative assets and liabilities, as well as the related right to reclaim cash collateral or obligation to return cash collateral. Prior period results, excluding regulatory ratios, have been recast to conform to this presentation.
(2)                                                  Total net revenue was reduced by $222 million in Q4 2015, $195 million in Q3 2015, $168 million in Q2 2015, $147 million in Q1 2015 and $165 million in Q4 2014 for the estimated uncollectible amount of billed finance charges and fees.
(3)                                                  Historically, the majority of the (benefit) provision for representation and warranty losses is included net of tax in discontinued operations. The (benefit) provision for mortgage representation and warranty losses included the following activity:
                                                                                               2015      2015    2015      2015      2014
(Dollars in millions) (unaudited)                                                              Q4        Q3      Q2        Q1        Q4
(Benefit) provision for mortgage representation and warranty losses before income taxes:
Recorded in continuing operations                                                              $  (1)    $ (7)   $  (9)    $  1      $  (11)
Recorded in discontinued operations                                                            (21)      3       (27)      (19)      (41)
Total (benefit) provision for mortgage representation and warranty losses before income taxes  $  (22)   $ (4)   $  (36)   $  (18)   $  (52)
The mortgage representation and warranty reserve was $610 million as of December 31, 2015, $632 million as of September 30, 2015 and $731 million as of December 31, 2014.
(4)                                                                                   Dividends and undistributed earnings allocated to participating securities, earnings per share and preferred stock dividends are computed independently for each period. Accordingly, the sum of each quarter may not agree to the year-to-date total.
(5)                                                                                   On December 1, 2015, we completed the acquisition of Healthcare Financial Services business of General Electric Capital Corporation ("GE Healthcare acquisition"). In Q4 2015, we recorded charges totaling $72 million associated with (i) closing the acquisition of Healthcare Financial Services business of General Electric Capital Corporation ("GE Healthcare acquisition") and establishing an initial allowance and reserve related to the loans acquired; (ii) certain planned site closures; and (iii) revisions to the restructuring charges recorded in Q2 2015 to reflect updated information. We recorded a build in the U.K. Payment Protection Insurance customer refund reserve ("U.K. PPI Reserve") of $69 million in Q3 2015 and $78 million in Q2 2015. In Q2 2015, we also recorded restructuring charges of $147 million for severance and related benefits pursuant to our ongoing benefit programs, as a result of the realignment of our workforce. We report the following non-GAAP financial measures that we believe are helpful for investors to understand the effect of the excluded items on our reported results. The table below presents a reconciliation of our reported results to these non-GAAP financial measures:
                                                          2015 Q4                       2015 Q3                         2015 Q2                         Year Ended
                                                                                                                                                        December 31, 2015
(Dollars in millions, except per share data) (unaudited)  Pre-Tax    Net      Diluted   Pre-Tax    Net        Diluted   Pre-Tax    Net        Diluted   Pre-Tax    Net        Diluted
                                                          Income     Income   EPS       Income     Income     EPS       Income     Income     EPS       Income     Income     EPS
Reported results                                          $  1,334   $  920   $  1.58   $  1,648   $  1,114   $  1.98   $  1,236   $  863     $  1.50   $  5,881   $  4,050   $  7.07
Adjustments                                               72         46       0.09      69         69         0.12      225        155        0.28      366        270        0.49
Results excluding adjustments                             $  1,406   $  966   $  1.67   $  1,717   $  1,183   $  2.10   $  1,461   $  1,018   $  1.78   $  6,247   $  4,320   $  7.56
(6) Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital
    Measures" for additional information on tangible common equity.
(7) Included in loans held for investment are acquired loans recorded at fair value at acquisition and subsequently accounted for based on estimated cash flows expected to be collected over the life of the loans (under the accounting standard formerly known as "SOP 03-3," or Accounting Standard Codification 310-30). These include certain of our consumer and commercial loans that were acquired through business acquisitions. The table below presents amounts related to acquired loans accounted for under SOP 03-3:
                                              2015         2015         2015         2015         2014
(Dollars in millions) (unaudited)             Q4           Q3           Q2           Q1           Q4
Acquired loans accounted for under SOP 03-3:
Period-end unpaid principal balance           $   20,434   $   20,585   $   21,841   $   23,248   $   24,473
Period-end loans held for investment          19,518       19,743       20,970       22,334       23,500
Average loans held for investment             19,319       20,116       21,440       22,773       23,907
(8)  Calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(9)  Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(10) Calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. Return on average tangible assets is a non-GAAP measure. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
(11) Calculated based on the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity for the period. Our calculation of return on average common equity may not be comparable to similarly titled measures reported by other companies.
(12) Calculated based on the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity for the period. Return on average tangible common equity is a non-GAAP measure and our calculation may not be comparable to similarly titled measures reported by other companies. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
(13) Calculated based on total non-interest expense for the period divided by total net revenue for the period. The efficiency ratio, excluding the adjustments discussed above in Footnote 5, was 55.82% for Q4 2015, 52.78% for Q3 2015, 54.63% for Q2 2015 and 54.32% for the year ended December 31, 2015.
(14) Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(15) Ratios as of the end of Q4 2015 are preliminary and therefore subject to change. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.
(16) TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
                                        2015 Q4                            2015 Q3                             2014 Q4
(Dollars in millions) (unaudited)       Average      Interest     Yield/   Average      Interest      Yield/   Average      Interest      Yield/
                                        Balance      Income/      Rate(1)  Balance      Income/       Rate(1)  Balance      Income/       Rate(1)
                                                     Expense(1)                         Expense(1)                          Expense(1)
Interest-earning assets:
Loans, including loans held for sale    $   220,760  $     4,961  8.99%    $   212,076  $     4,753   8.96%    $   204,137  $     4,613   9.04%
Investment securities                   64,444       401          2.49         63,541   386           2.43         62,952         405     2.57
Cash equivalents and other              6,850        22           1.28         7,465    25            1.34         6,347          27      1.70
Total interest-earning assets           $   292,054  $     5,384  7.37     $   283,082  $     5,164   7.30     $   273,436  $     5,045   7.38
Interest-bearing liabilities:
Interest-bearing deposits               $   189,885  $     277    0.58%    $   185,800  $     271     0.58%    $   179,401  $     269     0.60%
Securitized debt obligations            15,993       43           1.08         14,881   39            1.05         11,479         36      1.25
Senior and subordinated notes           21,987       89           1.62         20,806   82            1.58         18,680         73      1.56
Other borrowings and liabilities        11,542       14           0.49         10,114   12            0.47         14,058         11      0.31
Total interest-bearing liabilities      $   239,407  $     423    0.71     $   231,601  $     404     0.70     $   223,618  $     389     0.70
Net interest income/spread                           $     4,961  6.66                  $     4,760   6.60                  $     4,656   6.68
Impact of non-interest bearing funding                            0.13                                0.13                                0.13
Net interest margin                                               6.79%                               6.73%                               6.81%
                                                                           Year Ended December 31,
                                                                           2015                                2014
(Dollars in millions) (unaudited)                                          Average      Interest      Yield/   Average      Interest      Yield/
                                                                           Balance      Income/       Rate(1)  Balance      Income/       Rate(1)
                                                                                        Expense(1)                          Expense(1)
Interest-earning assets:
Loans, including loans held for sale                                       $   211,549  $     18,785  8.88%    $   198,419  $     17,662  8.90%
Investment securities                                                      63,738       1,575         2.47         62,547         1,628   2.60
Cash equivalents and other                                                 7,294        99            1.36         6,208          107     1.72
Total interest-earning assets                                              $   282,581  $     20,459  7.24     $   267,174  $     19,397  7.26
Interest-bearing liabilities:
Interest-bearing deposits                                                  $   185,677  $     1,091   0.59%    $   181,036  $     1,088   0.60%
Securitized debt obligations                                               13,929       151           1.08         10,686         145     1.36
Senior and subordinated notes                                              20,935       330           1.58         16,543         299     1.81
Other borrowings and liabilities                                           11,297       53            0.47         12,325         47      0.38
Total interest-bearing liabilities                                         $   231,838  $     1,625   0.70     $   220,590  $     1,579   0.72
Net interest income/spread                                                              $     18,834  6.54                  $     17,818  6.54
Impact of non-interest bearing funding                                                                0.12                                0.13
Net interest margin                                                                                   6.66%                               6.67%
__________
(1)   Interest income and interest expense and the calculation of average yields on interest-earning assets and average rates on interest-bearing liabilities include the impact of hedge accounting.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
                                                                                                                                2015 Q4 vs.          Year Ended
(Dollars in millions) (unaudited)                         2015          2015          2015          2015          2014          2015      2014       2015          2014          2015 vs.
                                                          Q4            Q3            Q2            Q1            Q4            Q3        Q4                                     2014
Loans Held For Investment (Period End)
Credit card:
Domestic credit card                                      $   87,939    $   82,178    $   78,984    $   74,131    $   77,704    7%        13%        $   87,939    $   77,704    13%
International credit card                                 8,186         7,957         8,219         7,623         8,172         3         --         8,186         8,172         --
Total credit card                                         96,125        90,135        87,203        81,754        85,876        7         12         96,125        85,876        12
Consumer banking:
Auto                                                      41,549        41,052        39,991        38,937        37,824        1         10         41,549        37,824        10
Home loan                                                 25,227        26,340        27,595        28,905        30,035        (4)       (16)       25,227        30,035        (16)
Retail banking                                            3,596         3,598         3,590         3,537         3,580         --        --         3,596         3,580         --
Total consumer banking                                    70,372        70,990        71,176        71,379        71,439        (1)       (1)        70,372        71,439        (1)
Commercial banking:
Commercial and multifamily real estate                    25,518        23,585        22,886        22,831        23,137        8         10         25,518        23,137        10
Commercial and industrial                                 37,135        27,873        27,660        27,172        26,972        33        38         37,135        26,972        38
Total commercial lending                                  62,653        51,458        50,546        50,003        50,109        22        25         62,653        50,109        25
Small-ticket commercial real estate                       613           654           685           738           781           (6)       (22)       613           781           (22)
Total commercial banking                                  63,266        52,112        51,231        50,741        50,890        21        24         63,266        50,890        24
Other loans                                               88            92            95            104           111           (4)       (21)       88            111           (21)
Total loans held for investment                           $   229,851   $   213,329   $   209,705   $   203,978   $   208,316   8         10         $   229,851   $   208,316   10
Loans Held For Investment (Average)
Credit card:
Domestic credit card                                      $   83,760    $   80,402    $   75,924    $   74,770    $   74,026    4%        13%        $   78,743    $   71,262    10%
International credit card                                 8,127         8,048         7,977         7,811         7,714         1         5          7,992         7,684         4
Total credit card                                         91,887        88,450        83,901        82,581        81,740        4         12         86,735        78,946        10
Consumer banking:
Auto                                                      41,333        40,560        39,546        38,387        37,072        2         11         39,967        34,769        15
Home loan                                                 25,776        26,934        28,251        29,493        30,604        (4)       (16)       27,601        32,589        (15)
Retail banking                                            3,595         3,603         3,570         3,561         3,578         --        --         3,582         3,606         (1)
Total consumer banking                                    70,704        71,097        71,367        71,441        71,254        (1)       (1)        71,150        70,964        --
Commercial banking:
Commercial and multifamily real estate                    25,613        23,305        22,853        23,120        23,129        10        11         23,728        22,003        8
Commercial and industrial                                 31,132        27,620        27,414        27,190        26,409        13        18         28,349        25,028        13
Total commercial lending                                  56,745        50,925        50,267        50,310        49,538        11        15         52,077        47,031        11
Small-ticket commercial real estate                       634           667           709           760           801           (5)       (21)       692           868           (20)
Total commercial banking                                  57,379        51,592        50,976        51,070        50,339        11        14         52,769        47,899        10
Other loans                                               82            88            93            102           103           (7)       (20)       91            116           (22)
Total average loans held for investment                   $   220,052   $   211,227   $   206,337   $   205,194   $   203,436   4         8          $   210,745   $   197,925   6
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card                                      3.75%         3.08%         3.42%         3.55%         3.39%         67   bps  36    bps  3.45%         3.43%         2     bps
International credit card                                 2.76          1.80          2.65          2.80          3.34          96        (58)       2.50          3.69          (119)
Total credit card                                         3.66          2.96          3.35          3.48          3.38          70        28         3.36          3.46          (10)
                                                                                                                                2015 Q4 vs.          Year Ended
(Dollars in millions) (unaudited)                         2015          2015          2015          2015          2014          2015      2014       2015          2014          2015 vs.
                                                          Q4            Q3            Q2            Q1            Q4            Q3        Q4                                     2014
Consumer banking:
Auto                                                      2.10%         1.85%         1.22%         1.55%         2.14%         25   bps  (4)   bps  1.69%         1.78%         (9)   bps
Home loan                                                 0.05          0.01          0.04          0.03          0.07          4         (2)        0.03          0.05          (2)
Retail banking                                            1.43          1.53          1.39          0.96          1.28          (10)      15         1.33          1.07          26
Total consumer banking                                    1.32          1.14          0.76          0.89          1.20          18        12         1.03          0.95          8
Commercial banking:
Commercial and multifamily real estate                    (0.03)        (0.15)        (0.04)        (0.03)        0.01          12        **         (0.06)        (0.02)        (4)
Commercial and industrial                                 0.07          0.61          0.13          0.05          0.10          (54)      (3)        0.21          0.04          17
Total commercial lending                                  0.02          0.26          0.05          0.01          0.06          (24)      (4)        0.09          0.01          8
Small-ticket commercial real estate                       0.34          0.50          0.15          0.47          0.80          (16)      (46)       0.36          0.52          (16)
Total commercial banking                                  0.03          0.26          0.05          0.02          0.07          (23)      (4)        0.09          0.02          7
Other loans                                               (2.53)        (5.50)        (0.79)        1.56          0.47          297       **         (1.66)        0.36          **
Total net charge-offs                                     1.96          1.69          1.64          1.72          1.80          27        16         1.75          1.72          3
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card                                      3.39%         3.28%         2.84%         2.92%         3.27%         11   bps  12    bps  3.39%         3.27%         12    bps
International credit card                                 2.98          2.81          2.65          2.81          2.94          17        4          2.98          2.94          4
Total credit card                                         3.36          3.24          2.82          2.91          3.24          12        12         3.36          3.24          12
Consumer banking:
Auto                                                      6.69          6.10          5.58          5.21          6.57          59        12         6.69          6.57          12
Home loan                                                 0.16          0.18          0.17          0.18          0.21          (2)       (5)        0.16          0.21          (5)
Retail banking                                            0.76          0.62          0.66          0.60          0.64          14        12         0.76          0.64          12
Total consumer banking                                    4.05          3.62          3.24          2.95          3.60          43        45         4.05          3.60          45
Nonperforming Loans and Nonperforming Assets Rates(1)(2)
Credit card:
International credit card                                 0.65%         0.77%         0.83%         0.84%         0.86%         (12) bps  (21)  bps  0.65%         0.86%         (21)  bps
Total credit card                                         0.06          0.07          0.08          0.08          0.08          (1)       (2)        0.06          0.08          (2)
Consumer banking:
Auto                                                      0.53          0.49          0.40          0.31          0.52          4         1          0.53          0.52          1
Home loan                                                 1.24          1.18          1.13          1.16          1.10          6         14         1.24          1.10          14
Retail banking                                            0.77          0.74          0.79          0.71          0.61          3         16         0.77          0.61          16
Total consumer banking                                    0.80          0.76          0.70          0.67          0.77          4         3          0.80          0.77          3
Commercial banking:
Commercial and multifamily real estate                    0.03          0.03          0.12          0.18          0.27          --        (24)       0.03          0.27          (24)
Commercial and industrial                                 1.45          1.58          1.56          0.39          0.39          (13)      106        1.45          0.39          106
Total commercial lending                                  0.87          0.87          0.91          0.29          0.33          --        54         0.87          0.33          54
Small-ticket commercial real estate                       0.83          0.65          0.47          1.62          0.96          18        (13)       0.83          0.96          (13)
Total commercial banking                                  0.87          0.87          0.90          0.31          0.34          --        53         0.87          0.34          53
Other loans                                               12.35         12.10         10.68         13.33         13.37         25        (102)      12.35         13.37         (102)
Total nonperforming loans                                 0.51          0.50          0.50          0.35          0.39          1         12         0.51          0.39          12
Total nonperforming assets                                0.65          0.64          0.64          0.50          0.54          1         11         0.65          0.54          11
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Financial Summary--Business Segment Results
                                                              Three Months Ended December 31, 2015                  Year Ended December 31, 2015
(Dollars in millions) (unaudited)                             Total      Credit     Consumer   Commercial  Other    Total        Credit       Consumer   Commercial  Other
                                                                         Card       Banking    Banking                           Card         Banking    Banking
Net interest income                                           $  4,961   $  2,996   $  1,434   $   484     $  47    $   18,834   $   11,161   $  5,755   $   1,865   $  53
Non-interest income                                           1,233      902        182        142         7        4,579        3,421        710        487         (39)
Total net revenue(3)                                          6,194      3,898      1,616      626         54       23,413       14,582       6,465      2,352       14
Provision (benefit) for credit losses                         1,380      1,022      240        118         --       4,536        3,417        819        302         (2)
Non-interest expense                                          3,480      2,021      1,057      342         60       12,996       7,502        4,026      1,156       312
Income (loss) from continuing operations before income taxes  1,334      855        319        166         (6)      5,881        3,663        1,620      894         (296)
Income tax provision (benefit)                                426        302        115        60          (51)     1,869        1,309        586        324         (350)
Income from continuing operations, net of tax                 $  908     $  553     $  204     $   106     $  45    $   4,012    $   2,354    $  1,034   $   570     $  54
                                                              Three Months Ended September 30, 2015
(Dollars in millions) (unaudited)                             Total      Credit     Consumer   Commercial  Other
                                                                         Card       Banking    Banking
Net interest income (expense)                                 $  4,760   $  2,866   $  1,443   $   454     $  (3)
Non-interest income                                           1,140      858        174        108         --
Total net revenue (loss)(3)                                   5,900      3,724      1,617      562         (3)
Provision (benefit) for credit losses                         1,092      831        188        75          (2)
Non-interest expense                                          3,160      1,848      1,001      272         39
Income (loss) from continuing operations before income taxes  1,648      1,045      428        215         (40)
Income tax provision (benefit)                                530        375        155        78          (78)
Income from continuing operations, net of tax                 $  1,118   $  670     $  273     $   137     $  38
                                                              Three Months Ended December 31, 2014                  Year Ended December 31, 2014
(Dollars in millions) (unaudited)                             Total      Credit     Consumer   Commercial  Other    Total        Credit       Consumer   Commercial  Other
                                                                         Card       Banking    Banking                           Card         Banking    Banking
Net interest income                                           $  4,656   $  2,697   $  1,459   $   455     $  45    $   17,818   $   10,310   $  5,748   $   1,751   $  9
Non-interest income                                           1,157      841        185        132         (1)      4,472        3,311        684        450         27
Total net revenue(3)                                          5,813      3,538      1,644      587         44       22,290       13,621       6,432      2,201       36
Provision (benefit) for credit losses                         1,109      856        222        32          (1)      3,541        2,750        703        93          (5)
Non-interest expense                                          3,284      1,888      1,045      293         58       12,180       7,063        3,869      1,083       165
Income (loss) from continuing operations before income taxes  1,420      794        377        262         (13)     6,569        3,808        1,860      1,025       (124)
Income tax provision (benefit)                                450        275        135        93          (53)     2,146        1,329        665        366         (214)
Income from continuing operations, net of tax                 $  970     $  519     $  242     $   169     $  40    $   4,423    $   2,479    $  1,195   $   659     $  90
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial & Statistical Summary--Credit Card Business
                                                                                                                                   2015 Q4 vs.          Year Ended
                                                                  2015         2015         2015         2015         2014         2015      2014                                   2015 vs.
(Dollars in millions) (unaudited)                                 Q4           Q3           Q2           Q1           Q4           Q3        Q4         2015          2014          2014
Credit Card(4)
Earnings:
Net interest income                                               $   2,996    $   2,866    $   2,633    $   2,666    $   2,697    5%        11%        $   11,161    $   10,310    8%
Non-interest income                                               902          858          845          816          841          5         7          3,421         3,311         3
Total net revenue                                                 3,898        3,724        3,478        3,482        3,538        5         10         14,582        13,621        7
Provision for credit losses                                       1,022        831          895          669          856          23        19         3,417         2,750         24
Non-interest expense                                              2,021        1,848        1,857        1,776        1,888        9         7          7,502         7,063         6
Income from continuing operations before income taxes             855          1,045        726          1,037        794          (18)      8          3,663         3,808         (4)
Income tax provision                                              302          375          263          369          275          (19)      10         1,309         1,329         (2)
Income from continuing operations, net of tax                     $   553      $   670      $   463      $   668      $   519      (17)      7          $   2,354     $   2,479     (5)
Selected performance metrics:
Period-end loans held for investment                              $   96,125   $   90,135   $   87,203   $   81,754   $   85,876   7%        12%        $   96,125    $   85,876    12%
Average loans held for investment                                 91,887       88,450       83,901       82,581       81,740       4         12         86,735        78,946        10
Average yield on loans held for investment(5)                     14.45%       14.39%       13.98%       14.30%       14.61%       6    bps  (16)  bps  14.28%        14.48%        (20)  bps
Total net revenue margin(6)                                       16.97        16.84        16.58        16.87        17.31        13        (34)       16.81         17.25         (44)
Net charge-off rate                                               3.66         2.96         3.35         3.48         3.38         70        28         3.36          3.46          (10)
30+ day performing delinquency rate                               3.36         3.24         2.82         2.91         3.24         12        12         3.36          3.24          12
30+ day delinquency rate                                          3.40         3.29         2.88         2.97         3.30         11        10         3.40          3.30          10
Nonperforming loan rate(1)                                        0.06         0.07         0.08         0.08         0.08         (1)       (2)        0.06          0.08          (2)
Card loan premium amortization and other intangible accretion(7)  $   5        $   5        $   7        $   11       $   11       --        (55)%      $   28        $   97        (71)%
PCCR intangible amortization                                      74           78           80           84           87           (5)%      (15)       316           369           (14)
Purchase volume(8)                                                75,350       69,875       68,559       57,383       63,484       8         19         271,167       224,750       21
                                                                                                                                   2015 Q4 vs.          Year Ended
                                                                  2015         2015         2015         2015         2014         2015      2014                                   2015 vs.
(Dollars in millions) (unaudited)                                 Q4           Q3           Q2           Q1           Q4           Q3        Q4         2015          2014          2014
Domestic Card
Earnings:
Net interest income                                               $   2,718    $   2,613    $   2,395    $   2,421    $   2,432    4%        12%        $   10,147    $   9,241     10%
Non-interest income                                               830          814          796          743          768          2         8          3,183         3,001         6
Total net revenue                                                 3,548        3,427        3,191        3,164        3,200        4         11         13,330        12,242        9
Provision for credit losses                                       945          796          853          610          765          19        24         3,204         2,493         29
Non-interest expense                                              1,796        1,630        1,621        1,580        1,676        10        7          6,627         6,264         6
Income from continuing operations before income taxes             807          1,001        717          974          759          (19)      6          3,499         3,485         --
Income tax provision                                              293          362          259          353          272          (19)      8          1,267         1,246         2
Income from continuing operations, net of tax                     $   514      $   639      $   458      $   621      $   487      (20)      6          $   2,232     $   2,239     --
Selected performance metrics:
Period-end loans held for investment                              $   87,939   $   82,178   $   78,984   $   74,131   $   77,704   7%        13%        $   87,939    $   77,704    13%
Average loans held for investment                                 83,760       80,402       75,924       74,770       74,026       4         13         78,743        71,262        10
Average yield on loans held for investment(5)                     14.31%       14.35%       13.95%       14.23%       14.43%       (4)  bps  (12)  bps  14.21%        14.26%        (5)   bps
Total net revenue margin(6)                                       16.95        17.05        16.81        16.93        17.29        (10)      (34)       16.93         17.18         (25)
Net charge-off rate                                               3.75         3.08         3.42         3.55         3.39         67        36         3.45          3.43          2
30+ day performing delinquency rate                               3.39         3.28         2.84         2.92         3.27         11        12         3.39          3.27          12
30+ day delinquency rate                                          3.39         3.28         2.84         2.92         3.27         11        12         3.39          3.27          12
Purchase volume(8)                                                $   68,740   $   63,777   $   62,198   $   52,025   $   58,234   8%        18%        $   246,740   $   208,716   18%
International Card(4)
Earnings:
Net interest income                                               $   278      $   253      $   238      $   245      $   265      10%       5%         $   1,014     $   1,069     (5)%
Non-interest income                                               72           44           49           73           73           64        (1)        238           310           (23)
Total net revenue                                                 350          297          287          318          338          18        4          1,252         1,379         (9)
Provision for credit losses                                       77           35           42           59           91           120       (15)       213           257           (17)
Non-interest expense                                              225          218          236          196          212          3         6          875           799           10
Income from continuing operations before income taxes             48           44           9            63           35           9         37         164           323           (49)
Income tax provision                                              9            13           4            16           3            (31)      200        42            83            (49)
Income from continuing operations, net of tax                     $   39       $   31       $   5        $   47       $   32       26        22         $   122       $   240       (49)
Selected performance metrics:
Period-end loans held for investment                              $   8,186    $   7,957    $   8,219    $   7,623    $   8,172    3%        --         $   8,186     $   8,172     --
Average loans held for investment                                 8,127        8,048        7,977        7,811        7,714        1         5%         7,992         7,684         4%
Average yield on loans held for investment(5)                     15.96%       14.88%       14.29%       14.93%       16.31%       108  bps  (35)  bps  15.02%        16.53%        (151) bps
Total net revenue margin(6)                                       17.21        14.77        14.36        16.31        17.55        244       (34)       15.66         17.95         (229)
Net charge-off rate                                               2.76         1.80         2.65         2.80         3.34         96        (58)       2.50          3.69          (119)
30+ day performing delinquency rate                               2.98         2.81         2.65         2.81         2.94         17        4          2.98          2.94          4
30+ day delinquency rate                                          3.46         3.39         3.29         3.44         3.60         7         (14)       3.46          3.60          (14)
Nonperforming loan rate(1)                                        0.65         0.77         0.83         0.84         0.86         (12)      (21)       0.65          0.86          (21)
Purchase volume(8)                                                $   6,610    $   6,098    $   6,361    $   5,358    $   5,250    8%        26%        $   24,427    $   16,034    52%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary--Consumer Banking Business
                                                                                                                        2015 Q4 vs.           Year Ended
                                                       2015         2015         2015         2015         2014         2015       2014                                 2015 vs.
(Dollars in millions) (unaudited)                      Q4           Q3           Q2           Q1           Q4           Q3         Q4         2015         2014         2014
Consumer Banking
Earnings:
Net interest income                                    $   1,434    $   1,443    $   1,444    $   1,434    $   1,459    (1)%       (2)%       $   5,755    $   5,748    --
Non-interest income                                    182          174          196          158          185          5          (2)        710          684          4%
Total net revenue                                      1,616        1,617        1,640        1,592        1,644        --         (2)        6,465        6,432        1
Provision for credit losses                            240          188          185          206          222          28         8          819          703          17
Non-interest expense                                   1,057        1,001        998          970          1,045        6          1          4,026        3,869        4
Income from continuing operations before income taxes  319          428          457          416          377          (25)       (15)       1,620        1,860        (13)
Income tax provision                                   115          155          166          150          135          (26)       (15)       586          665          (12)
Income from continuing operations, net of tax          $   204      $   273      $   291      $   266      $   242      (25)       (16)       $   1,034    $   1,195    (13)
Selected performance metrics:
Period-end loans held for investment                   $   70,372   $   70,990   $   71,176   $   71,379   $   71,439   (1)%       (1)%       $   70,372   $   71,439   (1)%
Average loans held for investment                      70,704       71,097       71,367       71,441       71,254       (1)        (1)        71,150       70,964       --
Average yield on loans held for investment(5)          6.25%        6.25%        6.27%        6.26%        6.45%        --         (20)  bps  6.26%        6.26%        --
Auto loan originations                                 $   4,977    $   5,590    $   5,433    $   5,185    $   5,390    (11)%      (8)%       $   21,185   $   20,903   1%
Period-end deposits                                    172,702      170,866      170,321      172,502      168,078      1          3          172,702      168,078      3
Average deposits                                       171,521      170,816      171,076      169,593      167,727      --         2          170,757      168,623      1
Average deposit interest rate                          0.54%        0.56%        0.57%        0.57%        0.57%        (2)   bps  (3)   bps  0.56%        0.57%        (1)   bps
Core deposit intangible amortization                   $   17       $   19       $   21       $   22       $   24       (11)%      (29)%      $   79       $   108      (27)%
Net charge-off rate                                    1.32%        1.14%        0.76%        0.89%        1.20%        18    bps  12    bps  1.03%        0.95%        8     bps
30+ day performing delinquency rate                    4.05         3.62         3.24         2.95         3.60         43         45         4.05         3.60         45
30+ day delinquency rate                               4.67         4.22         3.80         3.46         4.23         45         44         4.67         4.23         44
Nonperforming loan rate(1)                             0.80         0.76         0.70         0.67         0.77         4          3          0.80         0.77         3
Nonperforming asset rate(2)                            1.10         1.05         0.98         0.95         1.06         5          4          1.10         1.06         4
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary--Commercial Banking Business
                                                                                                                                                        2015 Q4 vs.          Year Ended
                                                                                       2015         2015         2015         2015         2014         2015      2014                                 2015 vs.
(Dollars in millions) (unaudited)                                                      Q4           Q3           Q2           Q1           Q4           Q3        Q4         2015         2014         2014
Commercial Banking
Earnings:
Net interest income                                                                    $   484      $   454      $   466      $   461      $   455      7%        6%         $   1,865    $   1,751    7%
Non-interest income                                                                    142          108          123          114          132          31        8          487          450          8
Total net revenue(3)                                                                   626          562          589          575          587          11        7          2,352        2,201        7
Provision for credit losses                                                            118          75           49           60           32           57        269        302          93           225
Non-interest expense                                                                   342          272          270          272          293          26        17         1,156        1,083        7
Income from continuing operations before income taxes                                  166          215          270          243          262          (23)      (37)       894          1,025        (13)
Income tax provision                                                                   60           78           98           88           93           (23)      (35)       324          366          (11)
Income from continuing operations, net of tax                                          $   106      $   137      $   172      $   155      $   169      (23)      (37)       $   570      $   659      (14)
Selected performance metrics:
Period-end loans held for investment                                                   $   63,266   $   52,112   $   51,231   $   50,741   $   50,890   21%       24%        $   63,266   $   50,890   24%
Average loans held for investment                                                      57,379       51,592       50,976       51,070       50,339       11        14         52,769       47,899       10
Average yield on loans held for investment(3)(5)                                       3.18%        3.21%        3.26%        3.22%        3.33%        (3)  bps  (15)  bps  3.21%        3.42%        (21)  bps
Period-end deposits                                                                    $   34,257   $   32,751   $   32,909   $   32,575   $   31,954   5%        7%         $   34,257   $   31,954   7%
Average deposits                                                                       33,797       32,806       32,778       32,845       32,363       3         4          33,058       31,752       4
Average deposit interest rate                                                          0.26%        0.25%        0.25%        0.24%        0.24%        1    bps  2     bps  0.25%        0.24%        1     bps
Core deposit intangible amortization                                                   $   4        $   3        $   4        $   4        $   5        33%       (20)%      $   15       $   21       (29)%
Net charge-off rate                                                                    0.03%        0.26%        0.05%        0.02%        0.07%        (23) bps  (4)   bps  0.09%        0.02%        7     bps
Nonperforming loan rate(1)(10)                                                         0.87         0.87         0.90         0.31         0.34         --        53         0.87         0.34         53
Nonperforming asset rate(2)(10)                                                        0.87         0.87         0.91         0.31         0.36         --        51         0.87         0.36         51
Risk category:(9)(10)
Noncriticized                                                                          $   60,701   $   49,934   $   49,001   $   48,938   $   49,284   22%       23%        $   60,701   $   49,284   23%
Criticized performing                                                                  2,015        1,725        1,767        1,645        1,431        17        41         2,015        1,431        41
Criticized nonperforming                                                               550          453          463          158          175          21        **         550          175          **
Total commercial loans                                                                 $   63,266   $   52,112   $   51,231   $   50,741   $   50,890   21        24         $   63,266   $   50,890   24
Risk category as a percentage of period-end commercial loans held for investment:(10)
Noncriticized                                                                          95.9%        95.8%        95.7%        96.5%        96.9%        10   bps  (100) bps  95.9%        96.9%        (100) bps
Criticized performing                                                                  3.2          3.3          3.4          3.2          2.8          (10)      40         3.2          2.8          40
Criticized nonperforming                                                               0.9          0.9          0.9          0.3          0.3          --        60         0.9          0.3          60
Total commercial loans                                                                 100.0%       100.0%       100.0%       100.0%       100.0%                            100.0%       100.0%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary--Other and Total
                                                                                                                             2015 Q4 vs.    Year Ended
                                                       2015          2015          2015          2015          2014          2015   2014                                2015 vs.
(Dollars in millions) (unaudited)                      Q4            Q3            Q2            Q1            Q4            Q3     Q4      2015          2014          2014
Other
Earnings:
Net interest income (expense)                          $   47        $   (3)       $   (6)       $   15        $   45        **     4%      $   53        $   9         **
Non-interest income                                    7             --            (29)          (17)          (1)           **     **      (39)          27            **
Total net revenue (loss)(3)                            54            (3)           (35)          (2)           44            **     23      14            36            (61)%
Benefit for credit losses                              --            (2)           --            --            (1)           **     **      (2)           (5)           (60)
Non-interest expense(11)                               60            39            182           31            58            54%    3       312           165           89
Loss from continuing operations before income taxes    (6)           (40)          (217)         (33)          (13)          (85)   (54)    (296)         (124)         139
Income tax benefit                                     (51)          (78)          (143)         (78)          (53)          (35)   (4)     (350)         (214)         64
Income (loss) from continuing operations, net of tax   $   45        $   38        $   (74)      $   45        $   40        18     13      $   54        $   90        (40)
Selected performance metrics:
Period-end loans held for investment                   $   88        $   92        $   95        $   104       $   111       (4)%   (21)%   $   88        $   111       (21)%
Average loans held for investment                      82            88            93            102           103           (7)    (20)    91            116           (22)
Period-end deposits                                    10,762        9,286         5,550         5,363         5,516         16     95      10,762        5,516         95
Average deposits                                       10,581        7,352         5,289         5,413         5,265         44     101     7,174         5,300         35
Total
Earnings:
Net interest income                                    $   4,961     $   4,760     $   4,537     $   4,576     $   4,656     4%     7%      $   18,834    $   17,818    6%
Non-interest income                                    1,233         1,140         1,135         1,071         1,157         8      7       4,579         4,472         2
Total net revenue                                      6,194         5,900         5,672         5,647         5,813         5      7       23,413        22,290        5
Provision for credit losses                            1,380         1,092         1,129         935           1,109         26     24      4,536         3,541         28
Non-interest expense                                   3,480         3,160         3,307         3,049         3,284         10     6       12,996        12,180        7
Income from continuing operations before income taxes  1,334         1,648         1,236         1,663         1,420         (19)   (6)     5,881         6,569         (10)
Income tax provision                                   426           530           384           529           450           (20)   (5)     1,869         2,146         (13)
Income from continuing operations, net of tax          $   908       $   1,118     $   852       $   1,134     $   970       (19)   (6)     $   4,012     $   4,423     (9)
Selected performance metrics:
Period-end loans held for investment                   $   229,851   $   213,329   $   209,705   $   203,978   $   208,316   8%     10%     $   229,851   $   208,316   10%
Average loans held for investment                      220,052       211,227       206,337       205,194       203,436       4      8       210,745       197,925       6
Period-end deposits                                    217,721       212,903       208,780       210,440       205,548       2      6       217,721       205,548       6
Average deposits                                       215,899       210,974       209,143       207,851       205,355       2      5       210,989       205,675       3
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Notes to Loan and Business Segments Disclosures (Tables 7--12)
**                                   Not meaningful.
(1)                                  The nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment.
(2)                                  Nonperforming assets consist of nonperforming loans, real estate owned ("REO") and other foreclosed assets. The nonperforming asset rates are calculated based on nonperforming assets for each category divided by the combined period-end total of loans held for investment, REO and other foreclosed assets for each respective category. Calculation of nonperforming assets rates for our Consumer Banking and Commercial Banking businesses are adjusted to exclude the impact of acquired REO.
(3)                                  Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications within the Other category.
(4)                                  Includes a build in our U.K. PPI Reserve in Q3 2015 and Q2 2015, which impacted both revenue and non-interest expense within our International Card business.
(5)                                  Calculated based on annualized interest income for the period divided by average loans held for investment during the period for the specified loan category. Annualized interest income excludes various allocations including funds transfer pricing that assigns certain balance sheet assets, deposits and other liabilities and their related revenue and expenses attributable to each business segment.
(6)                                  Calculated based on annualized total net revenue for the period divided by average loans held for investment during the period for the specified loan category.
(7)                                  Represents the net reduction in interest income attributable to non-SOP 03-3 card loan premium amortization and other intangible accretion associated with the May 2012 transaction in which we acquired substantially all of HSBC’s credit card and private-label credit card business in the United States.
(8)                                  Includes credit card purchase transactions, net of returns for loans classified as held for investment and held for sale. Excludes cash advance and balance transfer transactions.
(9)                                  Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.
(10)                                 The GE Healthcare acquisition included $835 million of acquired loans that are being accounted for under ASC 310-30 30 (formerly "SOP 03-3") due to their deterioration in credit quality since origination. Because we expect to collect all of our recorded investments in these loans, they are classified and presented as performing and noncriticized in these tables. From a managed perspective, we evaluate loans based on their actual risk ratings, and accordingly we are also including our nonperforming and criticized ratios measured on that basis. Were these SOP 03-3 loans to be classified based on their risk ratings, both our nonperforming loan rate and nonperforming asset rate for Commercial Banking in Q4 2015 would be 0.93%; our Criticized performing balance and percentage would increase to $2.8 billion and 4.45%, respectively; Criticized nonperforming balance and percentage would increase to $587 million and 0.93%, respectively, with corresponding decreases to the balance and percentage of our Noncriticized category.
(11)                                 Includes restructuring charges for employee severance and related benefits pursuant to our ongoing benefit programs.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures(1)
                                                     Basel III Standardized Approach
(Dollars in millions) (unaudited)                    December 31,                                            September 30,                                           June 30,                                                March 31,                                               December 31,
                                                     2015                                                    2015                                                    2015                                                    2015                                                    2014
Regulatory Capital Metrics
Common equity Tier 1 capital                         $                          29,544                       $                          30,109                       $                          29,804                       $                          29,671                       $                          29,534
Tier 1 capital                                       32,838                                                  33,402                                                  32,614                                                  31,493                                                  31,355
Total capital(2)                                     38,846                                                  37,694                                                  37,115                                                  35,878                                                  35,879
Risk-weighted assets(3)                              266,408                                                 249,081                                                 246,106                                                 238,011                                                 236,944
Average assets for the leverage ratio                309,037                                                 300,010                                                 293,291                                                 295,556                                                 291,243
Capital Ratios
Common equity Tier 1 capital ratio(4)                11.1%                                                   12.1%                                                   12.1%                                                   12.5%                                                   12.5%
Tier 1 capital ratio(5)                              12.3                                                    13.4                                                    13.3                                                    13.2                                                    13.2
Total capital ratio(6)                               14.6                                                    15.1                                                    15.1                                                    15.1                                                    15.1
Tier 1 leverage ratio(7)                             10.6                                                    11.1                                                    11.1                                                    10.7                                                    10.8
Tangible common equity ("TCE") ratio(8)              8.9                                                     9.8                                                     9.7                                                     9.8                                                     9.5
Reconciliation of Non-GAAP Measures
We report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE") and tangible assets. The tables below provide the details of the calculation of our non-GAAP capital measures and regulatory capital. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
                                                     2015                                                    2015                                                    2015                                                    2015                                                    2014
(Dollars in millions) (unaudited)                    Q4                                                      Q3                                                      Q2                                                      Q1                                                      Q4
Tangible Common Equity (Period End)
Stockholders’ equity                                 $                          47,284                       $                          47,685                       $                          46,659                       $                          45,730                       $                          45,053
Goodwill and intangible assets(9)                    (15,701)                                                (15,153)                                                (15,240)                                                (15,307)                                                (15,383)
Noncumulative perpetual preferred stock(10)          (3,294)                                                 (3,294)                                                 (2,810)                                                 (1,822)                                                 (1,822)
Tangible common equity                               $                          28,289                       $                          29,238                       $                          28,609                       $                          28,601                       $                          27,848
Tangible Common Equity (Average)
Average stockholders’ equity                         $                          48,712                       $                          48,456                       $                          47,255                       $                          46,397                       $                          45,576
Average goodwill and intangible assets(9)            (15,316)                                                (15,183)                                                (15,256)                                                (15,339)                                                (15,437)
Average noncumulative perpetual preferred stock(10)  (3,294)                                                 (3,049)                                                 (2,377)                                                 (1,822)                                                 (1,681)
Average tangible common equity                       $                          30,102                       $                          30,224                       $                          29,622                       $                          29,236                       $                          28,458
                                                     2015                                                    2015                                                    2015                                                    2015                                                    2014
(Dollars in millions) (unaudited)                    Q4                                                      Q3                                                      Q2                                                      Q1                                                      Q4
Tangible Assets (Period End)
Total assets(11)                                     $                          334,048                      $                          313,700                      $                          310,510                      $                          306,224                      $                          308,167
Goodwill and intangible assets(9)                    (15,701)                                                (15,153)                                                (15,240)                                                (15,307)                                                (15,383)
Tangible assets(11)                                  $                          318,347                      $                          298,547                      $                          295,270                      $                          290,917                      $                          292,784
Tangible Assets (Average)
Average total assets(11)                             $                          323,354                      $                          313,822                      $                          307,206                      $                          309,401                      $                          304,153
Average goodwill and intangible assets(9)            (15,316)                                                (15,183)                                                (15,256)                                                (15,339)                                                (15,437)
Average tangible assets(11)                          $                          308,038                      $                          298,639                      $                          291,950                      $                          294,062                      $                          288,716
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
(Dollars in millions) (unaudited)                    December 31,                                            September 30,                                           June 30,                                                March 31,                                               December 31,
                                                     2015                                                    2015                                                    2015                                                    2015                                                    2014
Common equity excluding AOCI                         $                          44,606                       $                          44,533                       $                          44,246                       $                          44,120                       $                          43,661
Adjustments:
AOCI(12)(13)                                         (254)                                                   75                                                      (128)                                                   (26)                                                    (69)
Goodwill(9)                                          (14,296)                                                (13,805)                                                (13,809)                                                (13,801)                                                (13,805)
Intangible assets(9)(13)                             (393)                                                   (374)                                                   (413)                                                   (450)                                                   (243)
Other                                                (119)                                                   (320)                                                   (92)                                                    (172)                                                   (10)
Common equity Tier 1 capital                         $                          29,544                       $                          30,109                       $                          29,804                       $                          29,671                       $                          29,534
Risk-weighted assets(3)                              $                          266,408                      $                          249,081                      $                          246,106                      $                          238,011                      $                          236,944
Common equity Tier 1 capital ratio(4)                11.1%                                                   12.1%                                                   12.1%                                                   12.5%                                                   12.5%
__________
(1)   Regulatory capital metrics and capital ratios as of the end of Q4 2015 are preliminary and therefore subject to change.
(2)   Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(3)   As of January 1, 2015, risk-weighted assets are calculated under the Basel III Standardized Approach, subject to transition provisions. Prior to January 1, 2015 risk-weighted assets were calculated under Basel I.
(4)   Common equity Tier 1 capital ratio is a regulatory measure calculated based on Common equity Tier 1 capital divided by risk-weighted assets.
(5)   Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(6)   Total capital ratio is a regulatory capital measure calculated based on Total capital divided by risk-weighted assets.
(7)   Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by average assets, after certain adjustments.
(8)   TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.
(9)   Includes impact of related deferred taxes.
(10)  Includes related surplus.
(11)  As of January 1, 2015, we changed our accounting principle from a gross basis of presentation to a net basis, for presenting qualifying derivative assets and liabilities, as well as the related right to reclaim cash collateral or obligation to return cash collateral. Prior period results, excluding regulatory ratios, have been recast to conform to this presentation.
(12)  Amounts presented are net of tax.
(13)  Amounts based on transition provisions for regulatory capital deductions and adjustments of 20% for 2014 and 40% for 2015.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/capital-one-reports-fourth-quarter-2015-net-income-of-920-million-or-158-per-share-300210061.html

SOURCE Capital One Financial Corporation

http://rt.prnewswire.com/rt.gif?NewsItemId=NE05846&Transmission_Id=201601261605PR_NEWS_USPR_____NE05846&DateId=20160126



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