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

March 12, 2010

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 — February 2010, for the month ended February 28, 2010.

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 — February 2010

 

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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: March 12, 2010   By:  

/s/ GARY L. PERLIN

    Gary L. Perlin
    Chief Financial Officer

 

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EXHIBIT INDEX

 

99.1

   Monthly Charge-off and Delinquency Statistics — February 2010

 

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Monthly Charge-off and Delinquency Statistics

Exhibit 99.1

Capital One Financial Corporation

Monthly Charge-off and Delinquency Statistics

As of and for the month ended February 28, 2010

(dollars in thousands)

 

Domestic Card Metrics

   February 2010  

Net Principal Charge-Offs

   $ 493,806   

Average Loans Held for Investment

   $ 58,177,879   

Annualized Net Charge-Off Rate

     10.19

30 Days + Delinquencies

   $ 3,161,381   

Period-end Loans Held for Investment

   $ 57,425,887   

30 Days + Delinquency Rate

     5.51

Auto Finance Metrics

  

Net Principal Charge-Offs

   $ 36,920   

Average Loans Held for Investment

   $ 17,743,184   

Annualized Net Charge-Off Rate

     2.50

30 Days + Delinquencies

   $ 1,407,852   

Period-end Loans Held for Investment

   $ 17,619,465   

30 Days + Delinquency Rate

     7.99

International Card Metrics

  

Net Principal Charge-Offs

   $ 52,582   

Average Loans Held for Investment

   $ 7,818,488   

Annualized Net Charge-Off Rate

     8.07

30 Days + Delinquencies

   $ 508,848   

Period-end Loans Held for Investment

   $ 7,622,001   

30 Days + Delinquency Rate

     6.68

Net Charge-Off Rate

Average Loans Held for Investment used in the calculation of the Annualized Net Charge-Off Rate includes an estimate of the uncollectible portion of finance charge and fee receivables. We recognize earned finance charges and fee income on open ended loans according to the contractual provisions of the credit arrangements. When we do not expect full payment of finance charges and fees, we do not accrue the estimated uncollectible portion as income. The estimated uncollectible portion of finance charges and fees is adjusted quarterly.

Adoption of New Accounting Standard

In June 2009, the FASB issued Statement of Financial Accounting Standards No. 166, An Amendment of FASB Statement No. 140 (“SFAS 166”) and Statement of Financial Accounting Standards No. 167, Amendments to FASB Interpretation No. 46(R) (“SFAS 167”). SFAS 166 removes the concept of a qualifying special-purpose entity (“QSPE”) from SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities and removes the exception from applying FASB Interpretation No. 46, Consolidation of Variable Interest Entities (“ASC 810-10/FIN 46(R)”), to qualifying special-purpose entities. In December 2009, SFAS 166 was codified within the Codification under Section 860, Transfer and Servicing, and SFAS 167 was codified within Section 810, Consolidation. The adoption of the standard on January 1, 2010 did not result in a material difference in the monthly charge off and delinquency statistics in the current period as the Company has historically reported these statistics on a “managed” basis which was consistent with the new standard.

 

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