CAPITAL ONE FINANCIAL CORP

For the period ended Sep 30, 2024. Filed Oct 31, 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.

Sep 30, 2024 · Filed Oct 31, 2024

COF$201.87-1.0%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.001-13300

CAPITAL ONE FINANCIAL CORP ORATION

(Exact name of registrant as specified in its charter)

1680 Capital One Drive,
Delaware		54-1719854
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
McLean,	Virginia		22102
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (703)720-1000

(Not Applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)	COF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I	COF PRI	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J	COF PRJ	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K	COF PRK	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L	COF PRL	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N	COF PRN	New York Stock Exchange
1.650% Senior Notes Due 2029	COF29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒

As of September 30, 2024, there were 381,510,336 shares of the registrant’s Common Stock outstanding.

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION	4
Item 1.	Financial Statements	76
	Consolidated Statements of Income	77
	Consolidated Statements of Comprehensive Income	78
	Consolidated Balance Sheets	79
	Consolidated Statements of Changes in Stockholders’ Equity	80
	Consolidated Statements of Cash Flows	82
	Notes to Consolidated Financial Statements	84
	Note 1—Summary of Significant Accounting Policies	84
	Note 2—Business Combinations	86
	Note 3—Investment Securities	87
	Note 4—Loans	90
	Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments	105
	Note 6—Variable Interest Entities and Securitizations	110
	Note 7—Goodwill and Other Intangible Assets	114
	Note 8—Deposits and Borrowings	115
	Note 9—Derivative Instruments and Hedging Activities	116
	Note 10—Stockholders’ Equity	126
	Note 11—Earnings Per Common Share	130
	Note 12—Fair Value Measurement	131
	Note 13—Business Segments and Revenue from Contracts with Customers	139
	Note 14—Commitments, Contingencies, Guarantees and Others	143
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)	4
	Introduction	4
	Selected Financial Data	6
	Executive Summary	9
	Consolidated Results of Operations	10
	Consolidated Balance Sheets Analysis	18
	Off-Balance Sheet Arrangements	21
	Business Segment Financial Performance	22
	Critical Accounting Policies and Estimates	32
	Accounting Changes and Developments	33
	Capital Management	34
	Risk Management	39
	Credit Risk Profile	41
	Liquidity Risk Profile	55
	Market Risk Profile	60
	Supervision and Regulation	63
	Forward-Looking Statements	64
	Supplemental Table	67
	Glossary and Acronyms	69

1	Capital One Financial Corporation (COF)

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	147
Item 4.	Controls and Procedures	147
PART II—OTHER INFORMATION	148
Item 1.	Legal Proceedings	148
Item 1A.	Risk Factors	148
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	148
Item 3.	Defaults Upon Senior Securities	148
Item 4.	Mine Safety Disclosures	148
Item 5.	Other Information	148
Item 6.	Exhibits	149
EXHIBIT INDEX	150
SIGNATURES	151

2	Capital One Financial Corporation (COF)

INDEX OF MD&A AND SUPPLEMENTAL TABLE

MD&A Tables: · Page
1	Consolidated Financial Highlights	6
2	Average Balances, Net Interest Income and Net Interest Margin	11
3	Rate/Volume Analysis of Net Interest Income	14
4	Non-Interest Income	15
5	Non-Interest Expense	17
6	Loans Held for Investment	19
7	Funding Sources Composition	19
8	Business Segment Results	23
9	Credit Card Business Results	24
9.1	Domestic Card Business Results	26
10	Consumer Banking Business Results	27
11	Commercial Banking Business Results	29
12	Other Category Results	31
13	Capital Ratios Under Basel III	36
14	Regulatory Risk-Based Capital Components and Regulatory Capital Metrics	37
15	Preferred Stock Dividends Paid Per Share	38
16	Portfolio Composition of Loans Held for Investment	41
17	Credit Card Portfolio by Geographic Region	42
18	Consumer Banking Portfolio by Geographic Region	43
19	Commercial Real Estate Portfolio by Region	44
20	Commercial Loans by Industry	45
21	Credit Score Distribution	46
22	30+ Day Delinquencies	47
23	Aging and Geography of 30+ Day Delinquent Loans	48
24	90+ Day Delinquent Loans Accruing Interest	49
25	Nonperforming Loans and Other Nonperforming Assets	50
26	Net Charge-Offs	51
27	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	53
28	Liquidity Reserves	55
29	Deposits Composition and Average Deposits Interest Rates	57
30	Long-Term Debt Funding Activities	58
31	Senior Unsecured Long-Term Debt Credit Ratings	59
32	Interest Rate Sensitivity Analysis	62
Supplemental Table:
A	Reconciliation of Non-GAAP Measures	67

3	Capital One Financial Corporation (COF)

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