CAPITAL ONE FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Funding Sources Composition
Funding Sources
Our primary source of funding comes from insured retail deposits, as they are a relatively stable and lower cost source of funding. In addition to deposits, we raise funding through the issuance of senior and subordinated notes, securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase, and Federal Home Loan Bank (“FHLB”) advances secured by certain portions of our loan and securities portfolios.
Table 7 provides the composition of our primary sources of funding as of March 31, 2024 and December 31, 2023.
Table 7: Funding Sources Composition
| March 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| (Dollars in millions) | Amount | % of Total | Amount | % of Total |
| Deposits: | ||||
| Consumer Banking | $300,806 | 75% | $296,171 | 74% |
| Commercial Banking | 31,082 | 8 | 32,712 | 8 |
| Other(1) | 19,081 | 5 | 19,530 | 5 |
| Total deposits | 350,969 | 88 | 348,413 | 87 |
| Securitized debt obligations | 17,661 | 4 | 18,043 | 5 |
| Other debt | 32,700 | 8 | 31,813 | 8 |
| Total funding sources | $401,330 | 100% | $398,269 | 100% |
(1)Includes brokered deposits of $18.0 billion and $18.5 billion as of March 31, 2024 and December 31, 2023, respectively.
Total deposits increased by $2.6 billion to $351.0 billion as of March 31, 2024 from December 31, 2023 primarily driven by our national consumer banking strategy.
As of March 31, 2024 and December 31, 2023, we held $62.3 billion and $64.2 billion, respectively, of estimated uninsured deposits excluding any intercompany balances. These amounts were primarily comprised of checking and savings deposits. These estimated uninsured deposits comprised approximately 18% of our total deposits as of both March 31, 2024 and December 31, 2023. We estimate our uninsured amounts based on methodologies and assumptions used for our “Consolidated Reports of Condition and Income” (Federal Financial Institutions Examination Council (“FFIEC”) 031) filed with the Federal Banking Agencies.
| 17 | Capital One Financial Corporation (COF) |
Securitized debt obligations decreased by $382 million to $17.7 billion as of March 31, 2024 from December 31, 2023 primarily driven by paydowns in our auto securitization program.
Other debt increased by $887 million to $32.7 billion as of March 31, 2024 from December 31, 2023 primarily driven by net issuances of senior debt.
We provide additional information on our funding sources in “Liquidity Risk Profile” and “Part I—Item 1. Financial Statements and Supplementary Data—Note 8—Deposits and Borrowings.”
| 18 | Capital One Financial Corporation (COF) |
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