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FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

April 20, 2005

Date of Report (Date of earliest event reported)

 

 

CAPITAL ONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its chapter)

 

Delaware    1-13300   54-1719854

(State or other jurisdiction

of incorporation)

    (Commission
File Number)		   (IRS Employer
Identification No.)

 

1680 Capital One Drive,

McLean, Virginia

   22102
(Address of principal executive offices)   (Zip Code)

 

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

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 7.01   Regulation FD Disclosure.

 

The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly Charge-off and Delinquency Statistics — March 2005, for the month ended March 31, 2005.

 

Note: Information in this report (including the exhibit) furnished pursuant to Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

 

Item 9.01   Financial Statements and Exhibits.

 

(c) Exhibits

 

Exhibit
   

Description

99.1    Monthly Charge-off and Delinquency Statistics — March 2005

 

2

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

       

CAPITAL ONE FINANCIAL CORPORATION

Dated: April 20, 2005       By:  

/s/    GARY L. PERLIN

                Gary L. Perlin
                Executive Vice President and
                Chief Financial Officer

 

 

3

EXHIBIT INDEX

 

99.1    Monthly Charge-off and Delinquency Statistics — March 2005

 

 

4

EXHIBIT 99.1

Exhibit 99.1

 

Capital One Financial Corporation

Monthly Charge-off and Delinquency Statistics

As of and for the month ended March 31, 2005

 

Summary Metrics

 

     Reported
     Managed
  

Net Charge-Off Rate

    3.52 %   4.35 %

30 Days + Delinquency Rate

    3.47 %   3.45 %

 

Reconciliation to GAAP Measures:

 

The Company’s consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) are referred to as its “reported” financial statements. Loans included in securitization transactions which qualified as sales under GAAP have been removed from the Company’s “reported” balance sheet. However, servicing fees, finance charges, and other fees, net of charge-offs, and interest paid to investors of securitizations are recognized as servicing and securitizations income on the “reported” income statement.

 

The Company’s “managed” consolidated financial statements reflect adjustments made related to effects of securitization transactions qualifying as sales under GAAP. The Company generates earnings from its “managed” loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans. The Company’s “managed” income statement takes the components of the servicing and securitizations income generated from the securitized portfolio and distributes the revenue and expense to appropriate income statement line items from which it originated. For this reason, the Company believes the “managed” consolidated financial statements and related managed metrics to be useful to stakeholders.

 

Metric Calculation Details

 

(dollars in thousands)

 

     Reported
     Adjustments (1)
    Managed (2)
  

Net Principal Charge-Offs

    $ 110,791     $ 184,367    $ 295,158  

Average Loans Outstanding

    $ 37,727,491     $ 43,728,107    $ 81,455,598  

Annualized Net Charge-Off Rate

      3.52 %            4.35 %

30 Days + Delinquencies

    $ 1,318,958     $ 1,493,153    $ 2,812,111  

Period-end Loans Outstanding

    $ 37,959,203     $ 43,632,789    $ 81,591,992  

30 Days + Delinquency Rate

      3.47 %            3.45 %

 

(1) Includes adjustments made related to the effects of securitization transactions qualifying as sales under GAAP and adjustments made to reclassify to “managed” loans outstanding the collectible portion of billed finance charge and fee income on the investors’ interest in securitized loans excluded from loans outstanding on the “reported” balance sheet in accordance with Financial Accounting Standards Board Staff Position, “ Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under FASB Statement 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” issued April 2003.

 

(2) The managed loan portfolio does not include auto loans which have been sold in whole loan sale transactions where the Company has retained servicing rights.