Capital One Reports Fourth Quarter 2022 Net Income of $1.2 billion, or $3.03 per share
Net of adjusting items, Fourth Quarter 2022 Net Income of
"We posted strong top line growth throughout 2022," said
The quarter included the following adjusting items that increase/(decrease) earnings:
(Dollars in millions, except per share data) |
Pre-Tax Impact |
After-Tax Impact |
|
Insurance recoveries and legal reserve activity |
$ (177) |
$ (0.35) |
|
Restructuring Charges |
$ 72 |
$ 0.14 |
All comparisons below are for the fourth quarter of 2022 compared with the third quarter of 2022 unless otherwise noted.
(1) This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures. |
Fourth Quarter 2022 Income Statement Summary:
- Total net revenue increased 3 percent to
$9.0 billion . - Total non-interest expense increased 3 percent to
$5.1 billion: - 14 percent increase in marketing.
- less than 1 percent decrease in operating expenses.
- Pre-provision earnings(1) increased 3 percent to
$4.0 billion . - Provision for credit losses increased
$747 million to$2.4 billion: - Net charge-offs of
$1.4 billion . $1.0 billion loan reserve build.- Net interest margin of 6.84 percent, an increase of 4 basis points.
- Efficiency ratio of 56.19 percent.
- Adjusted efficiency ratio(2) of 57.36 percent.
- Operating efficiency ratio of 43.83 percent.
- Adjusted operating efficiency ratio(2) of 44.99 percent.
Fourth Quarter 2022 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at
December 31, 2022 . - Period-end loans held for investment in the quarter increased
$8.4 billion , or 3 percent, to$312.3 billion . - Credit Card period-end loans increased
$10.8 billion , or 9 percent, to$137.7 billion . - Domestic Card period-end loans increased
$10.3 billion , or 8 percent, to$131.6 billion . - Consumer Banking period-end loans decreased
$1.3 billion , or 2 percent, to$79.9 billion . - Auto period-end loans decreased
$1.2 billion , or 2 percent, to$78.4 billion . - Commercial Banking period-end loans decreased
$1.2 billion , or 1 percent, to$94.7 billion . - Average loans held for investment in the quarter increased
$6.7 billion , or 2 percent, to$306.9 billion . - Credit Card average loans increased
$7.3 billion , or 6 percent, to$130.7 billion . - Domestic Card average loans increased
$7.3 billion , or 6 percent, to$124.8 billion . - Consumer Banking average loans decreased
$639 million , or 1 percent, to$80.7 billion . - Auto average loans decreased
$633 million , or 1 percent, to$79.1 billion . - Commercial Banking average loans increased
$39 million , or less than 1 percent, to$95.5 billion . - Period-end total deposits increased
$15.8 billion , or 5 percent, to$333.0 billion , while average deposits increased$14.6 billion , or 5 percent, to$326.6 billion . - Interest-bearing deposits rate paid increased 82 basis points to 1.82 percent.
2022 Full Year Income Statement Summary:
- Total net revenue increased 13% to
$34.3 billion . - Total non-interest expense increased 16 percent to
$19.2 billion: - 40 percent increase in marketing.
- 11 percent increase in operating expenses.
- Pre-provision earnings(1) increased 9 percent to
$15.1 billion . - Provision for credit losses increased
$7.8 billion to$5.8 billion . - Net interest margin of 6.67 percent, an increase of 46 basis points.
- Efficiency ratio of 55.95 percent.
- Adjusted efficiency ratio(2) of 56.26 percent.
- Operating efficiency ratio of 44.22 percent.
- Adjusted operating efficiency ratio(2) of 44.53 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. |
(2) This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures. |
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) Fourth Quarter 2022 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 |
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 |
9 |
||
Table 7: |
Loan Information and Performance Statistics |
10 |
||
Table 8: |
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity |
12 |
||
Business Segment Results |
||||
Table 9: |
Financial Summary—Business Segment Results |
13 |
||
Table 10: |
Financial & Statistical Summary—Credit Card Business |
14 |
||
Table 11: |
Financial & Statistical Summary—Consumer Banking Business |
16 |
||
Table 12: |
Financial & Statistical Summary—Commercial Banking Business |
17 |
||
Table 13: |
Financial & Statistical Summary—Other and Total |
18 |
||
Other |
||||
Table 14: |
Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13) |
19 |
||
Table 15: |
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP 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 |
(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 |
||||||||||||||||||||
2022 Q4 vs |
Year Ended |
|||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2022 Q3 |
2021 Q4 |
2022 |
2021 |
2022 vs. 2021 |
||||||||||
Income Statement |
||||||||||||||||||||
Net interest income |
$ 7,197 |
$ 7,003 |
$ 6,517 |
$ 6,397 |
$ 6,450 |
3 % |
12 % |
$ 27,114 |
$ 24,171 |
12 % |
||||||||||
Non-interest income |
1,843 |
1,802 |
1,715 |
1,776 |
1,668 |
2 |
10 |
7,136 |
6,264 |
14 |
||||||||||
Total net revenue(1) |
9,040 |
8,805 |
8,232 |
8,173 |
8,118 |
3 |
11 |
34,250 |
30,435 |
13 |
||||||||||
Provision (benefit) for credit losses |
2,416 |
1,669 |
1,085 |
677 |
381 |
45 |
** |
5,847 |
(1,944) |
** |
||||||||||
Non-interest expense: |
||||||||||||||||||||
Marketing |
1,118 |
978 |
1,003 |
918 |
999 |
14 |
12 |
4,017 |
2,871 |
40 |
||||||||||
Operating expense |
3,962 |
3,971 |
3,580 |
3,633 |
3,679 |
— |
8 |
15,146 |
13,699 |
11 |
||||||||||
Total non-interest expense |
5,080 |
4,949 |
4,583 |
4,551 |
4,678 |
3 |
9 |
19,163 |
16,570 |
16 |
||||||||||
Income from continuing operations before income taxes |
1,544 |
2,187 |
2,564 |
2,945 |
3,059 |
(29) |
(50) |
9,240 |
15,809 |
(42) |
||||||||||
Income tax provision |
312 |
493 |
533 |
542 |
633 |
(37) |
(51) |
1,880 |
3,415 |
(45) |
||||||||||
Income from continuing operations, net of tax |
1,232 |
1,694 |
2,031 |
2,403 |
2,426 |
(27) |
(49) |
7,360 |
12,394 |
(41) |
||||||||||
Income (loss) from discontinued operations, net of tax |
— |
— |
— |
— |
(1) |
— |
** |
— |
(4) |
** |
||||||||||
Net income |
1,232 |
1,694 |
2,031 |
2,403 |
2,425 |
(27) |
(49) |
7,360 |
12,390 |
(41) |
||||||||||
Dividends and undistributed earnings allocated to participating securities(2) |
(14) |
(21) |
(25) |
(28) |
(21) |
(33) |
(33) |
(88) |
(105) |
(16) |
||||||||||
Preferred stock dividends |
(57) |
(57) |
(57) |
(57) |
(74) |
— |
(23) |
(228) |
(274) |
(17) |
||||||||||
Issuance cost for redeemed preferred stock(3) |
— |
— |
— |
— |
(34) |
— |
** |
— |
(46) |
** |
||||||||||
Net income available to common stockholders |
$ 1,161 |
$ 1,616 |
$ 1,949 |
$ 2,318 |
$ 2,296 |
(28) |
(49) |
$ 7,044 |
$ 11,965 |
(41) |
||||||||||
Common Share Statistics |
||||||||||||||||||||
Basic earnings per common share:(2) |
||||||||||||||||||||
Net income from continuing operations |
$ 3.03 |
$ 4.21 |
$ 4.98 |
$ 5.65 |
$ 5.43 |
(28) % |
(44) % |
$ 17.98 |
$ 27.05 |
(34) % |
||||||||||
Income (loss) from discontinued operations |
— |
— |
— |
— |
— |
— |
— |
— |
(0.01) |
** |
||||||||||
Net income per basic common share |
$ 3.03 |
$ 4.21 |
$ 4.98 |
$ 5.65 |
$ 5.43 |
(28) |
(44) |
$ 17.98 |
$ 27.04 |
(34) |
||||||||||
Diluted earnings per common share:(2) |
||||||||||||||||||||
Net income from continuing operations |
$ 3.03 |
$ 4.20 |
$ 4.96 |
$ 5.62 |
$ 5.41 |
(28) % |
(44) % |
$ 17.91 |
$ 26.95 |
(34) % |
||||||||||
Income (loss) from discontinued operations |
— |
— |
— |
— |
— |
— |
— |
— |
(0.01) |
** |
||||||||||
Net income per diluted common share |
$ 3.03 |
$ 4.20 |
$ 4.96 |
$ 5.62 |
$ 5.41 |
(28) |
(44) |
$ 17.91 |
$ 26.94 |
(34) |
||||||||||
Weighted-average common shares outstanding (in millions): |
||||||||||||||||||||
Basic |
382.6 |
383.4 |
391.2 |
410.4 |
422.5 |
— |
(9) % |
391.8 |
442.5 |
(11) % |
||||||||||
Diluted |
383.7 |
384.6 |
392.6 |
412.2 |
424.3 |
— |
(10) |
393.2 |
444.2 |
(11) |
||||||||||
Common shares outstanding (period-end, in millions) |
381.3 |
382.0 |
383.8 |
399.0 |
413.9 |
— |
(8) |
381.3 |
413.9 |
(8) |
||||||||||
Dividends declared and paid per common share |
$ 0.60 |
$ 0.60 |
$ 0.60 |
$ 0.60 |
$ 0.60 |
— |
— |
$ 2.40 |
$ 2.60 |
(8) |
||||||||||
Tangible book value per common share (period-end)(4) |
86.11 |
81.38 |
87.84 |
91.77 |
99.74 |
6 % |
(14) |
86.11 |
99.74 |
(14) |
||||||||||
2022 Q4 vs |
Year Ended |
|||||||||||||||||||
(Dollars in millions) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2022 Q3 |
2021 Q4 |
2022 |
2021 |
2022 vs. 2021 |
||||||||||
Balance Sheet (Period-End) |
||||||||||||||||||||
Loans held for investment |
$ 312,331 |
$ 303,943 |
$ 296,384 |
$ 280,466 |
$ 277,340 |
3 % |
13 % |
$ 312,331 |
$ 277,340 |
13 % |
||||||||||
Interest-earning assets |
427,248 |
415,262 |
406,565 |
398,241 |
397,341 |
3 |
8 |
427,248 |
397,341 |
8 |
||||||||||
Total assets |
455,249 |
444,232 |
440,288 |
434,195 |
432,381 |
2 |
5 |
455,249 |
432,381 |
5 |
||||||||||
Interest-bearing deposits |
300,789 |
282,802 |
270,881 |
275,648 |
272,937 |
6 |
10 |
300,789 |
272,937 |
10 |
||||||||||
Total deposits |
332,992 |
317,193 |
307,885 |
313,429 |
310,980 |
5 |
7 |
332,992 |
310,980 |
7 |
||||||||||
Borrowings |
48,715 |
54,607 |
58,938 |
45,358 |
43,086 |
(11) |
13 |
48,715 |
43,086 |
13 |
||||||||||
Common equity |
47,737 |
46,015 |
48,564 |
51,499 |
56,184 |
4 |
(15) |
47,737 |
56,184 |
(15) |
||||||||||
Total stockholders' equity |
52,582 |
50,861 |
53,410 |
56,345 |
61,029 |
3 |
(14) |
52,582 |
61,029 |
(14) |
||||||||||
Balance Sheet (Average Balances) |
||||||||||||||||||||
Loans held for investment |
$ 306,881 |
$ 300,186 |
$ 286,110 |
$ 275,342 |
$ 267,159 |
2 % |
15 % |
$ 292,238 |
$ 252,730 |
16 % |
||||||||||
Interest-earning assets |
421,051 |
412,171 |
398,934 |
394,082 |
390,868 |
2 |
8 |
406,646 |
389,336 |
4 |
||||||||||
Total assets |
449,659 |
447,088 |
435,327 |
430,372 |
427,845 |
1 |
5 |
440,538 |
424,521 |
4 |
||||||||||
Interest-bearing deposits |
292,793 |
275,900 |
268,104 |
271,823 |
269,951 |
6 |
8 |
277,208 |
271,500 |
2 |
||||||||||
Total deposits |
326,558 |
311,928 |
305,954 |
309,597 |
307,272 |
5 |
6 |
313,551 |
306,397 |
2 |
||||||||||
Borrowings |
49,747 |
58,628 |
53,208 |
42,277 |
39,943 |
(15) |
25 |
51,006 |
38,590 |
32 |
||||||||||
Common equity |
47,594 |
49,696 |
49,319 |
54,591 |
56,946 |
(4) |
(16) |
50,279 |
56,966 |
(12) |
||||||||||
Total stockholders' equity |
52,439 |
54,541 |
54,165 |
59,437 |
62,498 |
(4) |
(16) |
55,125 |
62,556 |
(12) |
Table 2: Selected Metrics—Consolidated |
||||||||||||||||||||
2022 Q4 vs |
Year Ended |
|||||||||||||||||||
(Dollars in millions, except as noted) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2022 Q3 |
2021 Q4 |
2022 |
2021 |
2022 vs. 2021 |
||||||||||
Performance Metrics |
||||||||||||||||||||
Net interest income growth (period over period) |
3 % |
7 % |
2 % |
(1 %) |
5 % |
** |
** |
12 % |
5 % |
** |
||||||||||
Non-interest income growth (period over period) |
2 |
5 |
(3) |
6 |
— |
** |
** |
14 |
12 |
** |
||||||||||
Total net revenue growth (period over period) |
3 |
7 |
1 |
1 |
4 |
** |
** |
13 |
7 |
** |
||||||||||
Total net revenue margin(5) |
8.59 |
8.55 |
8.25 |
8.30 |
8.31 |
4 bps |
28 bps |
8.42 |
7.82 |
60 bps |
||||||||||
Net interest margin(6) |
6.84 |
6.80 |
6.54 |
6.49 |
6.60 |
4 |
24 |
6.67 |
6.21 |
46 |
||||||||||
Return on average assets |
1.10 |
1.52 |
1.87 |
2.23 |
2.27 |
(42) |
(117) |
1.67 |
2.92 |
(125) |
||||||||||
Return on average tangible assets(7) |
1.13 |
1.57 |
1.93 |
2.31 |
2.35 |
(44) |
(122) |
1.73 |
3.03 |
(130) |
||||||||||
Return on average common equity(8) |
9.76 |
13.01 |
15.81 |
16.98 |
16.13 |
(325) |
(6) % |
14.01 |
21.01 |
(7) % |
||||||||||
Return on average tangible common equity(9) |
14.22 |
18.59 |
22.63 |
23.36 |
21.82 |
(4) % |
(8) |
19.91 |
28.39 |
(8) |
||||||||||
Efficiency ratio(10) |
56.19 |
56.21 |
55.67 |
55.68 |
57.63 |
(2) bps |
(144) bps |
55.95 |
54.44 |
151 bps |
||||||||||
Operating efficiency ratio(11) |
43.83 |
45.10 |
43.49 |
44.45 |
45.32 |
(127) |
(149) |
44.22 |
45.01 |
(79) |
||||||||||
Effective income tax rate for continuing operations |
20.2 |
22.5 |
20.8 |
18.4 |
20.7 |
(230) |
(50) |
20.3 |
21.6 |
(130) |
||||||||||
Employees (period-end, in thousands) |
56.0 |
55.1 |
53.6 |
51.5 |
50.8 |
2 % |
10 % |
56.0 |
50.8 |
10 % |
||||||||||
Credit Quality Metrics |
||||||||||||||||||||
Allowance for credit losses |
$ 13,240 |
$ 12,209 |
$ 11,491 |
$ 11,308 |
$ 11,430 |
8 % |
16 % |
$ 13,240 |
$ 11,430 |
16 % |
||||||||||
Allowance coverage ratio |
4.24 % |
4.02 % |
3.88 % |
4.03 % |
4.12 % |
22 bps |
12 bps |
4.24 % |
4.12 % |
12 bps |
||||||||||
Net charge-offs |
$ 1,430 |
$ 931 |
$ 845 |
$ 767 |
$ 527 |
54 % |
171 % |
$ 3,973 |
$ 2,234 |
78 % |
||||||||||
Net charge-off rate(12) |
1.86 % |
1.24 % |
1.18 % |
1.11 % |
0.79 % |
62 bps |
107 bps |
1.36 % |
0.88 % |
48 bps |
||||||||||
30+ day performing delinquency rate |
2.96 |
2.58 |
2.36 |
2.08 |
2.25 |
38 |
71 |
2.96 |
2.25 |
71 |
||||||||||
30+ day delinquency rate |
3.21 |
2.78 |
2.54 |
2.21 |
2.41 |
43 |
80 |
3.21 |
2.41 |
80 |
||||||||||
Capital Ratios(13) |
||||||||||||||||||||
Common equity Tier 1 capital |
12.5 % |
12.2 % |
12.1 % |
12.7 % |
13.1 % |
30 bps |
(60) bps |
12.5 % |
13.1 % |
(60) bps |
||||||||||
Tier 1 capital |
13.9 |
13.6 |
13.5 |
14.1 |
14.5 |
30 |
(60) |
13.9 |
14.5 |
(60) |
||||||||||
Total capital |
15.8 |
15.7 |
15.7 |
16.4 |
16.9 |
10 |
(110) |
15.8 |
16.9 |
(110) |
||||||||||
Tier 1 leverage |
11.1 |
11.0 |
11.1 |
11.3 |
11.6 |
10 |
(50) |
11.1 |
11.6 |
(50) |
||||||||||
Tangible common equity ("TCE")(14) |
7.5 |
7.2 |
7.9 |
8.7 |
9.9 |
30 |
(240) |
7.5 |
9.9 |
(240) |
Table 3: Consolidated Statements of Income |
||||||||||||||||||||
2022 Q4 vs |
Year Ended |
|||||||||||||||||||
(Dollars in millions, except as noted) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2022 Q3 |
2021 Q4 |
2022 |
2021 |
2022 vs. 2021 |
||||||||||
Interest income: |
||||||||||||||||||||
Loans, including loans held for sale |
$ 8,360 |
$ 7,578 |
$ 6,605 |
$ 6,367 |
$ 6,451 |
10 % |
30 % |
$ 28,910 |
$ 24,263 |
19 % |
||||||||||
Investment securities |
548 |
499 |
435 |
402 |
368 |
10 |
49 |
1,884 |
1,446 |
30 |
||||||||||
Other |
250 |
123 |
55 |
15 |
12 |
103 |
** |
443 |
60 |
** |
||||||||||
Total interest income |
9,158 |
8,200 |
7,095 |
6,784 |
6,831 |
12 |
34 |
31,237 |
25,769 |
21 |
||||||||||
Interest expense: |
||||||||||||||||||||
Deposits |
1,335 |
689 |
293 |
218 |
222 |
94 |
** |
2,535 |
956 |
165 |
||||||||||
Securitized debt obligations |
170 |
120 |
65 |
29 |
30 |
42 |
** |
384 |
119 |
** |
||||||||||
Senior and subordinated notes |
430 |
319 |
194 |
131 |
121 |
35 |
** |
1,074 |
488 |
120 |
||||||||||
Other borrowings |
26 |
69 |
26 |
9 |
8 |
(62) |
** |
130 |
35 |
** |
||||||||||
Total interest expense |
1,961 |
1,197 |
578 |
387 |
381 |
64 |
** |
4,123 |
1,598 |
158 |
||||||||||
Net interest income |
7,197 |
7,003 |
6,517 |
6,397 |
6,450 |
3 |
12 |
27,114 |
24,171 |
12 |
||||||||||
Provision (benefit) for credit losses |
2,416 |
1,669 |
1,085 |
677 |
381 |
45 |
** |
5,847 |
(1,944) |
** |
||||||||||
Net interest income after provision for credit losses |
4,781 |
5,334 |
5,432 |
5,720 |
6,069 |
(10) |
(21) |
21,267 |
26,115 |
(19) |
||||||||||
Non-interest income: |
||||||||||||||||||||
Interchange fees, net |
1,177 |
1,195 |
1,201 |
1,033 |
1,005 |
(2) |
17 |
4,606 |
3,860 |
19 |
||||||||||
Service charges and other customer-related fees |
395 |
415 |
415 |
400 |
435 |
(5) |
(9) |
1,625 |
1,578 |
3 |
||||||||||
Other |
271 |
192 |
99 |
343 |
228 |
41 |
19 |
905 |
826 |
10 |
||||||||||
Total non-interest income |
1,843 |
1,802 |
1,715 |
1,776 |
1,668 |
2 |
10 |
7,136 |
6,264 |
14 |
||||||||||
Non-interest expense: |
||||||||||||||||||||
Salaries and associate benefits |
2,266 |
2,187 |
1,946 |
2,026 |
1,941 |
4 |
17 |
8,425 |
7,421 |
14 |
||||||||||
Occupancy and equipment |
554 |
502 |
481 |
513 |
527 |
10 |
5 |
2,050 |
2,003 |
2 |
||||||||||
Marketing |
1,118 |
978 |
1,003 |
918 |
999 |
14 |
12 |
4,017 |
2,871 |
40 |
||||||||||
Professional services |
481 |
471 |
458 |
397 |
449 |
2 |
7 |
1,807 |
1,440 |
25 |
||||||||||
Communications and data processing |
352 |
349 |
339 |
339 |
326 |
1 |
8 |
1,379 |
1,262 |
9 |
||||||||||
Amortization of intangibles |
25 |
17 |
14 |
14 |
13 |
47 |
92 |
70 |
29 |
141 |
||||||||||
Other |
284 |
445 |
342 |
344 |
423 |
(36) |
(33) |
1,415 |
1,544 |
(8) |
||||||||||
Total non-interest expense |
5,080 |
4,949 |
4,583 |
4,551 |
4,678 |
3 |
9 |
19,163 |
16,570 |
16 |
||||||||||
Income from continuing operations before income taxes |
1,544 |
2,187 |
2,564 |
2,945 |
3,059 |
(29) |
(50) |
9,240 |
15,809 |
(42) |
||||||||||
Income tax provision |
312 |
493 |
533 |
542 |
633 |
(37) |
(51) |
1,880 |
3,415 |
(45) |
||||||||||
Income from continuing operations, net of tax |
1,232 |
1,694 |
2,031 |
2,403 |
2,426 |
(27) |
(49) |
7,360 |
12,394 |
(41) |
||||||||||
Income (loss) from discontinued operations, net of tax |
— |
— |
— |
— |
(1) |
— |
** |
— |
(4) |
** |
||||||||||
Net income |
1,232 |
1,694 |
2,031 |
2,403 |
2,425 |
(27) |
(49) |
7,360 |
12,390 |
(41) |
||||||||||
Dividends and undistributed earnings allocated to participating securities(2) |
(14) |
(21) |
(25) |
(28) |
(21) |
(33) |
(33) |
(88) |
(105) |
(16) |
||||||||||
Preferred stock dividends |
(57) |
(57) |
(57) |
(57) |
(74) |
— |
(23) |
(228) |
(274) |
(17) |
||||||||||
Issuance cost for redeemed preferred stock(3) |
— |
— |
— |
— |
(34) |
— |
** |
— |
(46) |
** |
||||||||||
Net income available to common stockholders |
$ 1,161 |
$ 1,616 |
$ 1,949 |
$ 2,318 |
$ 2,296 |
(28) |
(49) |
$ 7,044 |
$ 11,965 |
(41) |
||||||||||
2022 Q4 vs |
Year Ended |
|||||||||||||||||||
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2022 Q3 |
2021 Q4 |
2022 |
2021 |
2022 vs. 2021 |
|||||||||||
Basic earnings per common share:(2) |
||||||||||||||||||||
Net income from continuing operations |
$ 3.03 |
$ 4.21 |
$ 4.98 |
$ 5.65 |
$ 5.43 |
(28) % |
(44) % |
$ 17.98 |
$ 27.05 |
(34) % |
||||||||||
Income (loss) from discontinued operations |
— |
— |
— |
— |
— |
— |
— |
— |
(0.01) |
** |
||||||||||
Net income per basic common share |
$ 3.03 |
$ 4.21 |
$ 4.98 |
$ 5.65 |
$ 5.43 |
(28) |
(44) |
$ 17.98 |
$ 27.04 |
(34) |
||||||||||
Diluted earnings per common share:(2) |