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 14, 2011
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 — As of and for the month ended March 31, 2011.
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. Furthermore, the information provided in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(c) Exhibits
|
Exhibit
|
Description
|
|
|
99.1
|
Monthly Charge-off and Delinquency Statistics — As of and for the month ended March 31, 2011
|
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 14, 2011
|
By:
|
/s/ Gary Perlin
|
|
Gary L. Perlin
|
||
|
Chief Financial Officer
|
||
3
EXHIBIT INDEX
99.1 Monthly Charge-off and Delinquency Statistics — As of and for the month ended March 31, 2011
4
Exhibit 99.1
Capital One Financial Corporation
Monthly Charge-off and Delinquency Statistics
As of and for the month ended March 31, 2011
(Dollars in millions)
|
Domestic Card Metrics (1)
|
March 2011
|
|||
|
Net Principal Charge-Offs
|
$ | 248 | ||
|
Average Loans Held for Investment
|
$ | 50,579 | ||
|
Annualized Net Charge-Off Rate
|
5.87 | % | ||
|
30+ Day Delinquencies
|
$ | 1,814 | ||
|
Period-end Loans Held for Investment
|
$ | 50,570 | ||
|
30+ Day Delinquency Rate
|
3.59 | % | ||
|
International Card Metrics(1)
|
||||
|
Net Principal Charge-Offs
|
$ | 44 | ||
|
Average Loans Held for Investment
|
$ | 8,731 | ||
|
Annualized Net Charge-Off Rate
|
6.07 | % | ||
|
30+ Day Delinquencies
|
$ | 485 | ||
|
Period-end Loans Held for Investment
|
$ | 8,735 | ||
|
30+ Day Delinquency Rate
|
5.55 | % | ||
|
Auto Finance Metrics(1)(2)
|
||||
|
Net Principal Charge-Offs
|
$ | 21 | ||
|
Average Loans Held for Investment
|
$ | 18,170 | ||
|
Annualized Net Charge-Off Rate
|
1.36 | % | ||
|
30+ Day Delinquencies
|
$ | 1,121 | ||
|
Period-end Loans Held for Investment
|
$ | 18,341 | ||
|
30+ Day Delinquency Rate
|
6.11 | % | ||
|
(1)
|
Period-end Loans Held for Investment and Average Loans Held for Investment include accrued finance charges and fees, net of the estimated uncollectible amount. We recognize billed finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and estimate the uncollectible amount on a quarterly basis. The estimated uncollectible amount of billed finance charges and fees is reflected as a reduction in revenue and is not included in our net charge-offs.
|
|
(2)
|
Effective March 1, 2011, we prospectively revised our treatment of modified auto loans so that charge-offs occur when we determine that the loan is uncollectible under the modified terms rather than at the date of modification. If we had not made this change, our auto net charge-off rate would have been 1.50% in March 2011. This change did not have an impact on the 30+ day auto delinquency rate as of March 31, 2011.
|
5