UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
May 13, 2011
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its chapter)
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Delaware
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1-13300
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54-1719854
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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1680 Capital One Drive,
McLean, Virginia
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22102
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (703) 720-1000
(Former name or former address, if changed since last report)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure.
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The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly Charge-off and Delinquency Statistics — As of and for the month ended April 30, 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.
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Item 9.01
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Financial Statements and Exhibits.
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(c) Exhibits
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Exhibit
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Description
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99.1
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Monthly Charge-off and Delinquency Statistics — As of and for the month ended April 30, 2011
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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.
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CAPITAL ONE FINANCIAL CORPORATION
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Dated: May 13, 2011
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By:
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/s/ Susan R. McFarland | |
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Susan R. McFarland
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Principal Accounting Officer
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EXHIBIT INDEX
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Monthly Charge-off and Delinquency Statistics — As of and for the month ended April 30, 2011
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Exhibit 99.1
Capital One Financial Corporation
Monthly Charge-off and Delinquency Statistics
As of and for the month ended April 30, 2011
(Dollars in millions)
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Domestic Card Metrics (1)(2)
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April 2011
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Net principal charge-offs(3)
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$ | 224 | ||
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Average loans held for investment
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$ | 54,094 | ||
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Annualized net charge-off rate(3) (4)
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4.97 | % | ||
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30+ day delinquencies
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$ | 1,848 | ||
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Period-end loans held for investment
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$ | 54,151 | ||
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30+ day delinquency rate(5)
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3.41 | % | ||
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International Card Metrics(1)
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Net principal charge-offs
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$ | 51 | ||
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Average loans held for investment
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$ | 8,729 | ||
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Annualized net charge-off rate(4)
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7.06 | % | ||
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30+ day delinquencies
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$ | 498 | ||
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Period-end loans held for investment
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$ | 9,039 | ||
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30+ day delinquency rate(5)
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5.51 | % | ||
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Auto Finance Metrics(1)
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Net principal charge-offs
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$ | 13 | ||
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Average loans held for investment
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$ | 18,431 | ||
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Annualized net charge-off rate(4)
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0.84 | % | ||
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30+ day delinquencies
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$ | 1,083 | ||
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Period-end loans held for investment
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$ | 18,542 | ||
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30+ day delinquency rate(5)
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5.84 | % | ||
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(1)
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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.
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(2)
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The statistics for April 2011 reflect the impact of the April 1, 2011 acquisition of the existing private-label credit card loan portfolio of Kohl’s Department Stores (“Kohl’s”), which had an outstanding principal and interest balance of approximately $3.7 billion at acquisition. In accordance with our loss share agreement with Kohl's, charge-offs for the portfolio are reported net of any reimbursement of credit losses from Kohl's, which has the impact of lowering the overall Domestic Card charge-off rate. The impact of the Kohl's portfolio contributed to, but did not represent the majority of, the month over month decline in the charge-off rate.
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(3)
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In April 2011, we experienced a three-day delay in the receipt of bankruptcy notifications due to third-party vendor processing issues. As a result, we estimate that Domestic Card net charge-offs for April 2011 were lower than they otherwise would have been by approximately $6 million to $8 million. These charge-offs will be reflected in our May 2011 net charge-offs. Although the timing of these charge-offs affects our April and May 2011 net charge-off amounts, it will have no impact on our total net charge-offs for the second quarter of 2011.
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(4)
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Calculated by loan category by dividing annualized net charge-offs for the period by average loans held for investment during the period for the specified loan category.
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(5)
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Calculated by loan category by dividing 30+ day delinquent loans as of the end of the period by period-end loans held for investment for the specified loan category.
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