Capital One Reports First Quarter 2021 Net Income of $3.3 billion, or $7.03 per share

"Strikingly strong credit drove another quarter of record earnings per share, and our investments to transform our technology and how we work are paying off," said
The quarter included the following notable item:
(Dollars in millions, except per share data) |
Pre-Tax Impact |
Diluted EPS Impact |
||||
Equity investment loss |
$ |
(75) |
$ |
(0.12) |
All comparisons below are for the first quarter of 2021 compared with the fourth quarter of 2020 unless otherwise noted.
First Quarter 2021 Income Statement Summary:
- Total net revenue decreased 3 percent to
$7.1 billion . - Total non-interest expense decreased 7 percent to
$3.7 billion: - 11 percent decrease in marketing.
- 6 percent decrease in operating expenses.
- Pre-provision earnings increased 1 percent to
$3.4 billion (1). - Provision for credit losses decreased
$1.1 billion to$(823) million: - Net charge-offs of
$740 million . $1.6 billion loan reserve release.- Net interest margin of 5.99 percent, an decrease of 6 basis points.
- Efficiency ratio of 52.58 percent.
- Operating efficiency ratio of 45.54 percent.
First Quarter 2021 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 14.6 percent at
March 31, 2021 . - Period-end loans held for investment in the quarter decreased
$8.5 billion , or 3 percent, to$243.1 billion . - Credit Card period-end loans decreased
$7.8 billion , or 7 percent, to$99.1 billion . - Domestic Card period-end loans decreased
$7.4 billion , or 8 percent, to$91.1 billion . - Consumer Banking period-end loans increased
$1.3 billion , or 2 percent, to$70.2 billion . - Auto period-end loans increased
$1.3 billion , or 2 percent, to$67.1 billion . - Commercial Banking period-end loans decreased
$2.0 billion , or 3 percent, to$73.8 billion . - Average loans held for investment in the quarter decreased
$3.8 billion , or 2 percent, to$243.9 billion . - Credit Card average loans decreased
$3.0 billion , or 3 percent, to$100.5 billion . - Domestic Card average loans decreased
$2.9 billion , or 3 percent, to$92.6 billion . - Consumer Banking average loans increased
$426 million , or 1 percent, to$69.2 billion . - Auto average loans increased
$595 million , or 1 percent, to$66.2 billion . - Commercial Banking average loans decreased
$1.2 billion , or 2 percent, to$74.2 billion . - Period-end total deposits increased
$4.9 billion , or 2 percent, to$310.3 billion , while average deposits increased$543 million , or less than 1 percent, to$305.1 billion . - Interest-bearing deposits rate paid decreased 12 basis points to 0.39 percent.
(1) |
Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company's ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods. |
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
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
About Capital One
Exhibit 99.2 |
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Financial Supplement(1)(2) First Quarter 2021 Table of Contents |
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Capital One Financial Corporation Consolidated Results |
Page |
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Table 1: |
Financial Summary—Consolidated |
1 |
|
Table 2: |
Selected Metrics—Consolidated |
3 |
|
Table 3: |
Consolidated Statements of Income |
4 |
|
Table 4: |
Consolidated Balance Sheets |
7 |
|
Table 5: |
Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4) |
10 |
|
Table 6: |
Average Balances, Net Interest Income and Net Interest Margin |
11 |
|
Table 7: |
Loan Information and Performance Statistics |
12 |
|
Table 8: |
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity |
15 |
|
Business Segment Results |
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Table 9: |
Financial Summary—Business Segment Results |
16 |
|
Table 10: |
Financial & Statistical Summary—Credit Card Business |
17 |
|
Table 11: |
Financial & Statistical Summary—Consumer Banking Business |
19 |
|
Table 12: |
Financial & Statistical Summary—Commercial Banking Business |
20 |
|
Table 13: |
Financial & Statistical Summary—Other and Total |
21 |
|
Other |
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Table 14: |
Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13) |
22 |
|
Table 15: |
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures |
23 |
__________ |
|
(1) |
The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended |
(2) |
This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the |
Table 1: Financial Summary—Consolidated |
||||||||||||||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
|||||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
||||||||||||||||||||
Income Statement |
||||||||||||||||||||||||||
Net interest income |
$ |
5,822 |
$ |
5,873 |
$ |
5,555 |
$ |
5,460 |
$ |
6,025 |
(1) |
% |
(3) |
% |
||||||||||||
Non-interest income |
1,291 |
1,464 |
1,826 |
1,096 |
1,224 |
(12) |
5 |
|||||||||||||||||||
Total net revenue(1) |
7,113 |
7,337 |
7,381 |
6,556 |
7,249 |
(3) |
(2) |
|||||||||||||||||||
Provision (benefit) for credit losses |
(823) |
264 |
331 |
4,246 |
5,423 |
** |
** |
|||||||||||||||||||
Non-interest expense: |
||||||||||||||||||||||||||
Marketing |
501 |
563 |
283 |
273 |
491 |
(11) |
2 |
|||||||||||||||||||
Operating expense |
3,239 |
3,446 |
3,265 |
3,497 |
3,238 |
(6) |
— |
|||||||||||||||||||
Total non-interest expense |
3,740 |
4,009 |
3,548 |
3,770 |
3,729 |
(7) |
— |
|||||||||||||||||||
Income (loss) from continuing operations before income taxes |
4,196 |
3,064 |
3,502 |
(1,460) |
(1,903) |
37 |
** |
|||||||||||||||||||
Income tax provision (benefit) |
869 |
496 |
1,096 |
(543) |
(563) |
75 |
** |
|||||||||||||||||||
Income (loss) from continuing operations, net of tax |
3,327 |
2,568 |
2,406 |
(917) |
(1,340) |
30 |
** |
|||||||||||||||||||
Loss from discontinued operations, net of tax |
(2) |
(2) |
— |
(1) |
— |
— |
** |
|||||||||||||||||||
Net income (loss) |
3,325 |
2,566 |
2,406 |
(918) |
(1,340) |
30 |
** |
|||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities(2) |
(28) |
(19) |
(20) |
(1) |
(3) |
47 |
** |
|||||||||||||||||||
Preferred stock dividends |
(61) |
(68) |
(67) |
(90) |
(55) |
(10) |
11 |
|||||||||||||||||||
Issuance cost for redeemed preferred stock(3) |
— |
(17) |
— |
— |
(22) |
** |
** |
|||||||||||||||||||
Net income (loss) available to common stockholders |
$ |
3,236 |
$ |
2,462 |
$ |
2,319 |
$ |
(1,009) |
$ |
(1,420) |
31 |
** |
||||||||||||||
Common Share Statistics |
||||||||||||||||||||||||||
Basic earnings per common share:(2) |
||||||||||||||||||||||||||
Net income (loss) from continuing operations |
$ |
7.06 |
$ |
5.36 |
$ |
5.07 |
$ |
(2.21) |
$ |
(3.10) |
32 |
% |
** |
|||||||||||||
Net income (loss) per basic common share |
$ |
7.06 |
$ |
5.36 |
$ |
5.07 |
$ |
(2.21) |
$ |
(3.10) |
32 |
** |
||||||||||||||
Diluted earnings per common share:(2) |
||||||||||||||||||||||||||
Net income (loss) from continuing operations |
$ |
7.03 |
$ |
5.35 |
$ |
5.06 |
$ |
(2.21) |
$ |
(3.10) |
31 |
** |
||||||||||||||
Net income (loss) per diluted common share |
$ |
7.03 |
$ |
5.35 |
$ |
5.06 |
$ |
(2.21) |
$ |
(3.10) |
31 |
** |
||||||||||||||
Weighted-average common shares outstanding (in millions): |
||||||||||||||||||||||||||
Basic |
458.6 |
459.1 |
457.8 |
456.7 |
457.6 |
— |
— |
|||||||||||||||||||
Diluted |
460.1 |
460.2 |
458.5 |
456.7 |
457.6 |
— |
1 |
% |
||||||||||||||||||
Common shares outstanding (period-end, in millions) |
456.8 |
459.0 |
457.4 |
456.3 |
455.3 |
— |
— |
|||||||||||||||||||
Dividends declared and paid per common share |
$ |
0.40 |
$ |
0.10 |
$ |
0.10 |
$ |
0.40 |
$ |
0.40 |
** |
— |
||||||||||||||
Tangible book value per common share (period-end)(4) |
90.96 |
88.34 |
83.67 |
78.82 |
80.68 |
3 |
13 |
|||||||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
(Dollars in millions) |
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
|||||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
||||||||||||||||||||
Balance Sheet (Period-End) |
||||||||||||||||||||||||||
Loans held for investment |
$ |
243,131 |
$ |
251,624 |
$ |
248,223 |
$ |
251,512 |
$ |
262,990 |
(3) |
% |
(8) |
% |
||||||||||||
Interest-earning assets |
392,485 |
388,917 |
390,040 |
389,829 |
364,472 |
1 |
8 |
|||||||||||||||||||
Total assets |
425,175 |
421,602 |
421,883 |
421,296 |
396,878 |
1 |
7 |
|||||||||||||||||||
Interest-bearing deposits |
276,325 |
274,300 |
276,092 |
275,183 |
245,142 |
1 |
13 |
|||||||||||||||||||
Total deposits |
310,328 |
305,442 |
305,725 |
304,238 |
269,689 |
2 |
15 |
|||||||||||||||||||
Borrowings |
38,450 |
40,539 |
42,795 |
44,900 |
55,681 |
(5) |
(31) |
|||||||||||||||||||
Common equity |
56,341 |
55,356 |
53,093 |
50,835 |
51,620 |
2 |
9 |
|||||||||||||||||||
Total stockholders' equity |
61,188 |
60,204 |
58,424 |
56,045 |
56,830 |
2 |
8 |
|||||||||||||||||||
Balance Sheet (Average Balances) |
||||||||||||||||||||||||||
Loans held for investment |
$ |
243,937 |
$ |
247,689 |
$ |
249,511 |
$ |
253,358 |
$ |
262,889 |
(2) |
% |
(7) |
% |
||||||||||||
Interest-earning assets |
388,572 |
388,252 |
391,451 |
378,145 |
355,347 |
— |
9 |
|||||||||||||||||||
Total assets |
421,808 |
420,011 |
422,854 |
411,075 |
390,380 |
— |
8 |
|||||||||||||||||||
Interest-bearing deposits |
273,358 |
274,142 |
276,339 |
261,256 |
241,115 |
— |
13 |
|||||||||||||||||||
Total deposits |
305,056 |
304,513 |
305,516 |
288,344 |
264,653 |
— |
15 |
|||||||||||||||||||
Borrowings |
39,911 |
40,662 |
44,161 |
49,827 |
51,795 |
(2) |
(23) |
|||||||||||||||||||
Common equity |
55,775 |
54,220 |
51,995 |
52,413 |
53,186 |
3 |
5 |
|||||||||||||||||||
Total stockholders' equity |
60,623 |
59,389 |
57,223 |
57,623 |
58,568 |
2 |
4 |
Table 2: Selected Metrics—Consolidated |
||||||||||||||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
(Dollars in millions, except as noted) |
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
|||||||||||||||||||
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
||||||||||||||||||||
Performance Metrics |
||||||||||||||||||||||||||
Net interest income growth (period over period) |
(1) |
% |
6 |
% |
2 |
% |
(9) |
% |
(1) |
% |
** |
** |
||||||||||||||
Non-interest income growth (period over period) |
(12) |
(20) |
67 |
(10) |
(10) |
** |
** |
|||||||||||||||||||
Total net revenue growth (period over period) |
(3) |
(1) |
13 |
(10) |
(2) |
** |
** |
|||||||||||||||||||
Total net revenue margin(5) |
7.32 |
7.56 |
7.54 |
6.93 |
8.16 |
(24) |
bps |
(84) |
bps |
|||||||||||||||||
Net interest margin(6) |
5.99 |
6.05 |
5.68 |
5.78 |
6.78 |
(6) |
(79) |
|||||||||||||||||||
Return on average assets |
3.16 |
2.45 |
2.28 |
(0.89) |
(1.37) |
71 |
** |
|||||||||||||||||||
Return on average tangible assets(7) |
3.27 |
2.54 |
2.36 |
(0.93) |
(1.43) |
73 |
** |
|||||||||||||||||||
Return on average common equity(8) |
23.22 |
18.18 |
17.84 |
(7.69) |
(10.68) |
5 |
% |
** |
||||||||||||||||||
Return on average tangible common equity(9) |
31.61 |
25.02 |
24.98 |
(10.74) |
(14.85) |
7 |
** |
|||||||||||||||||||
Non-interest expense as a percentage of average loans held for investment |
6.13 |
6.47 |
5.69 |
5.95 |
5.67 |
(34) |
bps |
46 |
bps |
|||||||||||||||||
Efficiency ratio(10) |
52.58 |
54.64 |
48.07 |
57.50 |
51.44 |
(206) |
114 |
|||||||||||||||||||
Operating efficiency ratio(11) |
45.54 |
46.97 |
44.24 |
53.34 |
44.67 |
(143) |
87 |
|||||||||||||||||||
Effective income tax rate for continuing operations |
20.7 |
16.2 |
31.3 |
37.2 |
29.6 |
5 |
% |
(9) |
% |
|||||||||||||||||
Employees (period-end, in thousands) |
51.7 |
52.0 |
52.5 |
53.1 |
52.1 |
(1) |
(1) |
|||||||||||||||||||
Credit Quality Metrics |
||||||||||||||||||||||||||
Allowance for credit losses |
$ |
14,017 |
$ |
15,564 |
$ |
16,129 |
$ |
16,832 |
$ |
14,073 |
(10) |
% |
— |
|||||||||||||
Allowance coverage ratio |
5.77 |
% |
6.19 |
% |
6.50 |
% |
6.69 |
% |
5.35 |
% |
(42) |
bps |
42 |
bps |
||||||||||||
Net charge-offs |
$ |
740 |
$ |
856 |
$ |
1,073 |
$ |
1,505 |
$ |
1,791 |
(14) |
% |
(59) |
% |
||||||||||||
Net charge-off rate(12) |
1.21 |
% |
1.38 |
% |
1.72 |
% |
2.38 |
% |
2.72 |
% |
(17) |
bps |
(151) |
bps |
||||||||||||
30+ day performing delinquency rate(13) |
1.82 |
2.41 |
1.97 |
2.09 |
2.95 |
(59) |
(113) |
|||||||||||||||||||
30+ day delinquency rate(13) |
1.98 |
2.61 |
2.22 |
2.30 |
3.16 |
(63) |
(118) |
|||||||||||||||||||
Capital Ratios(14) |
||||||||||||||||||||||||||
Common equity Tier 1 capital |
14.6 |
% |
13.7 |
% |
13.0 |
% |
12.4 |
% |
12.0 |
% |
90 |
bps |
260 |
bps |
||||||||||||
Tier 1 capital |
16.2 |
15.3 |
14.8 |
14.2 |
13.7 |
90 |
250 |
|||||||||||||||||||
Total capital |
18.6 |
17.7 |
17.3 |
16.7 |
16.1 |
90 |
250 |
|||||||||||||||||||
Tier 1 leverage |
11.7 |
11.2 |
10.6 |
10.3 |
11.0 |
50 |
70 |
|||||||||||||||||||
Tangible common equity ("TCE")(15) |
10.1 |
10.0 |
9.4 |
8.8 |
9.6 |
10 |
50 |
|
||||||||||||||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
|||||||||||||||||||
Interest income: |
||||||||||||||||||||||||||
Loans, including loans held for sale |
$ |
5,854 |
$ |
5,954 |
$ |
5,758 |
$ |
5,820 |
$ |
6,542 |
(2) |
% |
(11) |
% |
||||||||||||
Investment securities |
391 |
422 |
443 |
482 |
530 |
(7) |
(26) |
|||||||||||||||||||
Other |
16 |
15 |
14 |
16 |
37 |
7 |
(57) |
|||||||||||||||||||
Total interest income |
6,261 |
6,391 |
6,215 |
6,318 |
7,109 |
(2) |
(12) |
|||||||||||||||||||
Interest expense: |
||||||||||||||||||||||||||
Deposits |
269 |
347 |
476 |
611 |
731 |
(22) |
(63) |
|||||||||||||||||||
Securitized debt obligations |
32 |
34 |
43 |
56 |
99 |
(6) |
(68) |
|||||||||||||||||||
Senior and subordinated notes |
129 |
128 |
132 |
180 |
239 |
1 |
(46) |
|||||||||||||||||||
Other borrowings |
9 |
9 |
9 |
11 |
15 |
— |
(40) |
|||||||||||||||||||
Total interest expense |
439 |
518 |
660 |
858 |
1,084 |
(15) |
(60) |
|||||||||||||||||||
Net interest income |
5,822 |
5,873 |
5,555 |
5,460 |
6,025 |
(1) |
(3) |
|||||||||||||||||||
Provision (benefit) for credit losses |
(823) |
264 |
331 |
4,246 |
5,423 |
** |
** |
|||||||||||||||||||
Net interest income after provision for credit losses |
6,645 |
5,609 |
5,224 |
1,214 |
602 |
18 |
** |
|||||||||||||||||||
Non-interest income: |
||||||||||||||||||||||||||
Interchange fees, net |
817 |
818 |
775 |
672 |
752 |
— |
9 |
|||||||||||||||||||
Service charges and other customer-related fees |
352 |
338 |
320 |
258 |
327 |
4 |
8 |
|||||||||||||||||||
Net securities gains |
4 |
— |
25 |
— |
— |
** |
** |
|||||||||||||||||||
Other |
118 |
308 |
706 |
166 |
145 |
(62) |
(19) |
|||||||||||||||||||
Total non-interest income |
1,291 |
1,464 |
1,826 |
1,096 |
1,224 |
(12) |
5 |
|||||||||||||||||||
Non-interest expense: |
||||||||||||||||||||||||||
Salaries and associate benefits |
1,847 |
1,755 |
1,719 |
1,704 |
1,627 |
5 |
14 |
|||||||||||||||||||
Occupancy and equipment |
472 |
572 |
506 |
523 |
517 |
(17) |
(9) |
|||||||||||||||||||
Marketing |
501 |
563 |
283 |
273 |
491 |
(11) |
2 |
|||||||||||||||||||
Professional services |
292 |
394 |
327 |
304 |
287 |
(26) |
2 |
|||||||||||||||||||
Communications and data processing |
302 |
295 |
310 |
308 |
302 |
2 |
— |
|||||||||||||||||||
Amortization of intangibles |
6 |
8 |
14 |
16 |
22 |
(25) |
(73) |
|||||||||||||||||||
Other |
320 |
422 |
389 |
642 |
483 |
(24) |
(34) |
|||||||||||||||||||
Total non-interest expense |
3,740 |
4,009 |
3,548 |
3,770 |
3,729 |
(7) |
— |
|||||||||||||||||||
Income (loss) from continuing operations before income taxes |
4,196 |
3,064 |
3,502 |
(1,460) |
(1,903) |
37 |
** |
|||||||||||||||||||
Income tax provision (benefit) |
869 |
496 |
1,096 |
(543) |
(563) |
75 |
** |
|||||||||||||||||||
Income (loss) from continuing operations, net of tax |
3,327 |
2,568 |
2,406 |
(917) |
(1,340) |
30 |
** |
|||||||||||||||||||
Loss from discontinued operations, net of tax |
(2) |
(2) |
— |
(1) |
— |
— |
** |
|||||||||||||||||||
Net income (loss) |
3,325 |
2,566 |
2,406 |
(918) |
(1,340) |
30 |
** |
|||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities(2) |
(28) |
(19) |
(20) |
(1) |
(3) |
47 |
** |
|||||||||||||||||||
Preferred stock dividends |
(61) |
(68) |
(67) |
(90) |
(55) |
(10) |
11 |
|||||||||||||||||||
Issuance cost for redeemed preferred stock(3) |
— |
(17) |
— |
— |
(22) |
** |
** |
|||||||||||||||||||
Net income (loss) available to common stockholders |
$ |
3,236 |
$ |
2,462 |
$ |
2,319 |
$ |
(1,009) |
$ |
(1,420) |
31 |
** |
||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
|||||||||||||||||||
Basic earnings per common share:(2) |
||||||||||||||||||||||||||
Net income (loss) from continuing operations |
$ |
7.06 |
$ |
5.36 |
$ |
5.07 |
$ |
(2.21) |
$ |
(3.10) |
32 |
% |
** |
|||||||||||||
Net income (loss) per basic common share |
$ |
7.06 |
$ |
5.36 |
$ |
5.07 |
$ |
(2.21) |
$ |
(3.10) |
32 |
** |
||||||||||||||
Diluted earnings per common share:(2) |
||||||||||||||||||||||||||
Net income (loss) from continuing operations |
$ |
7.03 |
$ |
5.35 |
$ |
5.06 |
$ |
(2.21) |
$ |
(3.10) |
31 |
** |
||||||||||||||
Net income (loss) per diluted common share |
$ |
7.03 |
$ |
5.35 |
$ |
5.06 |
$ |
(2.21) |
$ |
(3.10) |
31 |
** |
||||||||||||||
Weighted-average common shares outstanding (in millions): |
||||||||||||||||||||||||||
Basic common shares |
458.6 |
459.1 |
457.8 |
456.7 |
457.6 |
— |
— |
|||||||||||||||||||
Diluted common shares |
460.1 |
460.2 |
458.5 |
456.7 |
457.6 |
— |
1 |
% |
|
||||||||||||||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||||||||
(Dollars in millions) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
|||||||||||||||||||
Assets: |
||||||||||||||||||||||||||
Cash and cash equivalents: |
||||||||||||||||||||||||||
Cash and due from banks |
$ |
4,670 |
$ |
4,708 |
$ |
4,267 |
$ |
4,583 |
$ |
4,545 |
(1) |
% |
3 |
% |
||||||||||||
Interest-bearing deposits and other short-term investments |
45,825 |
35,801 |
39,839 |
51,235 |
20,391 |
28 |
125 |
|||||||||||||||||||
Total cash and cash equivalents |
50,495 |
40,509 |
44,106 |
55,818 |
24,936 |
25 |
102 |
|||||||||||||||||||
Restricted cash for securitization investors |
1,779 |
262 |
895 |
740 |
364 |
** |
** |
|||||||||||||||||||
Securities available for sale |
99,165 |
100,445 |
99,853 |
87,859 |
81,423 |
(1) |
22 |
|||||||||||||||||||
Loans held for investment: |
||||||||||||||||||||||||||
Unsecuritized loans held for investment |
219,182 |
225,698 |
217,878 |
222,310 |
231,318 |
(3) |
(5) |
|||||||||||||||||||
Loans held in consolidated trusts |
23,949 |
25,926 |
30,345 |
29,202 |
31,672 |
(8) |
(24) |
|||||||||||||||||||
Total loans held for investment |
243,131 |
251,624 |
248,223 |
251,512 |
262,990 |
(3) |
(8) |
|||||||||||||||||||
Allowance for credit losses |
(14,017) |
(15,564) |
(16,129) |
(16,832) |
(14,073) |
(10) |
— |
|||||||||||||||||||
Net loans held for investment |
229,114 |
236,060 |
232,094 |
234,680 |
248,917 |
(3) |
(8) |
|||||||||||||||||||
Loans held for sale |
2,896 |
2,710 |
3,433 |
711 |
1,056 |
7 |
174 |
|||||||||||||||||||
Premises and equipment, net |
4,277 |
4,287 |
4,333 |
4,324 |
4,336 |
— |
(1) |
|||||||||||||||||||
Interest receivable |
1,380 |
1,471 |
1,551 |
1,574 |
1,687 |
(6) |
(18) |
|||||||||||||||||||
|
14,654 |
14,653 |
14,648 |
14,645 |
14,645 |
— |
— |
|||||||||||||||||||
Other assets |
21,415 |
21,205 |
20,970 |
20,945 |
19,514 |
1 |
10 |
|||||||||||||||||||
Total assets |
$ |
425,175 |
$ |
421,602 |
$ |
421,883 |
$ |
421,296 |
$ |
396,878 |
1 |
7 |
||||||||||||||
2021 Q1 vs. |
||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
2020 |
||||||||||||||||||||
(Dollars in millions) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q1 |
|||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||
Interest payable |
$ |
288 |
$ |
352 |
$ |
332 |
$ |
380 |
$ |
359 |
(18) |
% |
(20) |
% |
||||||||||||
Deposits: |
||||||||||||||||||||||||||
Non-interest-bearing deposits |
34,003 |
31,142 |
29,633 |
29,055 |
24,547 |
9 |
39 |
|||||||||||||||||||
Interest-bearing deposits |
276,325 |
274,300 |
276,092 |
275,183 |
245,142 |
1 |
13 |
|||||||||||||||||||
Total deposits |
310,328 |
305,442 |
305,725 |
304,238 |
269,689 |
2 |
15 |
|||||||||||||||||||
Securitized debt obligations |
12,071 |
12,414 |
13,566 |
15,761 |
17,141 |
(3) |
(30) |
|||||||||||||||||||
Other debt: |
||||||||||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase |
842 |
668 |
702 |
573 |
399 |
26 |
111 |
|||||||||||||||||||
Senior and subordinated notes |
25,467 |
27,382 |
28,448 |
28,481 |
32,049 |
(7) |
(21) |
|||||||||||||||||||
Other borrowings |
70 |
75 |
79 |
85 |
6,092 |
(7) |
(99) |
|||||||||||||||||||
Total other debt |
26,379 |
28,125 |
29,229 |
29,139 |
38,540 |
(6) |
(32) |
|||||||||||||||||||
Other liabilities |
14,921 |
15,065 |
14,607 |
15,733 |
14,319 |
(1) |
4 |