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美國

證券交易委員會

華盛頓特區20549

____________________________________

形式 10-Q

___________________________________

☒			根據1934年《證券交易法》第13或15(D)條規定的季度報告

截至本季度末2024年9月30日

或

☐			根據1934年證券交易法第13或15（d）條提交的過渡報告

的過渡期             到             

委員會檔案號：001-13300

____________________________________

第一資本金融公司演講

(註冊人的確切姓名載於其章程) 

____________________________________

特拉華州									54-1719854
(註冊成立或組織的國家或其他司法管轄區)									(國際稅務局僱主身分證號碼)
Capital One Drive 1680號
麥克萊恩，			維吉尼亞						22102
（主要行政辦公室地址）									(郵政編碼)

註冊人的電話號碼，包括區號：(703) 720-1000
(Not適用）
(前姓名、前地址和前財政年度，如果自上次報告以來發生變化)
____________________________________

根據該法第12(B)條登記的證券：

每個班級的標題			交易代碼			註冊的每個交易所的名稱
普通股（每股面值0.01美元）			cof			紐約證券交易所
存托股份，每股代表固定利率非累積永久優先股股份的1/40權益，系列I			COF PRI			紐約證券交易所
存托股份，每股代表固定利率非累積永久優先股股份的1/40權益，系列J			COF PRJ			紐約證券交易所
存托股份，每股代表固定利率非累積永久優先股股份的1/40權益，系列K			COF			紐約證券交易所
存托股份，每股代表固定利率非累積永久優先股股份的1/40權益，系列L			COF SPL			紐約證券交易所
存托股份，每股代表固定利率非累積永久優先股股份的1/40權益，系列N			COF PRI			紐約證券交易所
1.650% 2029年到期的優先票據			COF29			紐約證券交易所

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短時間內)提交了1934年《證券交易法》第13或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。是 沒有

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。是 沒有

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。

大型加速文件服務器

☒

加速的文件管理器

☐

非加速文件服務器

☐

規模較小的新聞報道公司

☐

新興成長型公司

☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否選擇不使用延長的過渡期來遵守根據《交易法》第13(A)節提供的任何新的或修訂的財務會計準則. ☐

用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。是☐ 沒有預設

截至2024年9月30日，已有 381,510,336 註冊人的流通普通股股份。

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目錄

						頁面
第一部分-財務信息						4
第1項。			財務報表			76
			合併損益表			77
			綜合全面收益表			78
			合併資產負債表			79
			合併股東權益變動表			80
			合併現金流量表			82
			合併財務報表附註			84
			注1-重要會計政策摘要			84
			注2-業務合併			86
			注3-投資證券			87
			注4-貸款			90
			注5-信貸損失備抵和無準備金貸款承諾準備金			105
			注6-可變利益實體和證券化			110
			注7-善意和其他無形資產			114
			注8-存款和借款			115
			注9-衍生工具和對沖活動			116
			注10-股東權益			126
			注11-每股普通股收益			130
			注12-公允價值計量			131
			注13-業務部門和來自客戶合同的收入			139
			注14-承諾、或有事項、擔保和其他			143
第二項。			管理層對財務狀況和經營業績的討論和分析（「MD & A」）			4
			引言			4
			選定的財務數據			6
			執行摘要			9
			綜合經營成果			10
			合併資產負債表分析			18
			表外安排			21
			業務部門財務表現			22
			關鍵會計政策和估算			32
			會計變化和發展			33
			資本管理			34
			風險管理			39
			信用風險概況			41
			流動性風險概況			55
			市場風險概況			60
			監督和監管			63
			前瞻性陳述			64
			補充表			67
			詞彙和縮寫			69

			1			第一資本金融公司（COF）

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第三項。			關於市場風險的定量和定性披露			147
第四項。			控制和程序			147
第二部分--其他資料						148
第1項。			法律訴訟			148
第1A項。			風險因素			148
第二項。			未登記的股權證券銷售和收益的使用			148
第三項。			高級證券違約			148
第四項。			煤礦安全信息披露			148
第5項。			其他信息			148
第6項。			陳列品			149
展品索引						150
簽名						151

			2			第一資本金融公司（COF）

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MD & A索引和補充表

MD & A表：						頁面
1			綜合財務亮點			6
2			平均餘額、淨利息收入和淨息差			11
3			淨利息收入的利率/量分析			14
4			非利息收入			15
5			非利息支出			17
6			爲投資而持有的貸款			19
7			資金來源構成			19
8			業務細分結果			23
9			信用卡業務業績			24
9.1			國內卡業務業績			26
10			消費者銀行業務業績			27
11			商業銀行業務業績			29
12			其他類別結果			31
13			巴塞爾協議III下的資本比率			36
14			基於監管風險的資本成分和監管資本指標			37
15			每股支付的優先股股息			38
16			持有投資性貸款的投資組合構成			41
17			按地理區域劃分的信用卡投資組合			42
18			按地理區域劃分的消費者銀行投資組合			43
19			按地區劃分的商業房地產投資組合			44
20			按行業分類的商業貸款			45
21			信用評分分佈			46
22			超過30天的延誤			47
23			30天以上拖欠貸款的老齡化和地理位置			48
24			90天以上逾期貸款應計利息			49
25			不良貸款和其他不良資產			50
26			淨沖銷			51
27			信貸損失備抵和無資金貸款承諾活動準備金			53
28			流動性儲備			55
29			存款構成和平均存款利率			57
30			長期債務融資活動			58
31			高級無擔保長期債務信用評級			59
32			利率敏感度分析			62
補充表:
A			非公認會計准則計量的對賬			67

			3			第一資本金融公司（COF）

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目錄

第一部分—財務信息

項目2.管理層對財務狀況和經營業績的討論和分析（「MD & A」）

這一討論包含基於管理層當前預期的前瞻性陳述，可能會受到重大不確定性和環境變化的影響。有關本季度報告(以下簡稱「本報告」)中有關前瞻性陳述的更多信息，請查閱「前瞻性陳述」。所有涉及我們預期或預期在未來發生的經營業績、事件或發展的陳述均爲前瞻性陳述。由於各種因素的影響，我們的實際結果可能與這些前瞻性陳述中包含的結果大不相同，這些因素包括但不限於「第一部分--第1A項」中描述的那些因素。2023年的風險因素 關於表格10-K(「2023年表格10-K」)和「第二部分--第1A項」的年度報告。風險因素“在這份報告中。除非另有說明，否則對我們合併財務報表的附註是指本報告中包含的截至2024年9月30日的綜合財務報表附註。

管理層監控各種關鍵指標以評估我們的業務業績和財務狀況。以下MD & A是對我們的合併財務報表和本報告中的相關注釋以及2023年表格10-k中包含的更詳細信息的補充，並應與它們一起閱讀。

引言

Capital One Financial Corporation是一家特拉華州公司，成立於1994年，總部位於弗吉尼亞州麥克萊恩，是一家多元化金融服務控股公司，擁有銀行和非銀行子公司。Capital One Financial Corporation及其子公司（「公司」或「Capital One」）通過數字渠道、分支機構、咖啡館和其他分銷渠道向消費者、小企業和商業客戶提供廣泛的金融產品和服務。

截至2024年9月30日，Capital One Financial Corporation的主要運營子公司是Capital One，National Association（「CONA」）。公司下文統稱爲「我們」、「我們」或「我們的」。CONA被稱爲「銀行」。

我們的綜合淨收入總額主要來自向消費者和商業客戶的貸款，扣除與我們的存款、長期債務和其他借款相關的融資成本。我們還賺取非利息收入，主要包括交換收入，扣除獎勵費用、服務費和其他客戶相關費用。我們的費用主要包括信用損失撥備、運營費用、營銷費用和所得稅。

我們的主要業務出於管理報告的目的被組織爲三個主要業務部門，主要根據所提供的產品和服務或所服務的客戶類型來定義：信用卡、個人銀行和商業銀行。被收購業務的運營已整合到我們現有的業務部門中，或作爲其一部分進行管理。不屬於業務部門的某些活動被包括在其他類別中，例如由我們的中央企業財務部門執行的對我們的公司投資組合和資產/負債頭寸的管理，以及爲達到綜合有效稅率而對我們的業務部門評估之外的任何剩餘稅費或收益。另一類別亦包括不直接支持業務分部營運或業務分部在評估業績時不被視爲在財務上負責的未分配企業開支，例如與收購Discover協議有關的若干重組費用及整合開支。

•信用卡： 包括我們的國內消費者和小額名片貸款以及英國（「英國」）的國際卡業務和加拿大

•個人銀行業務： 包括我們針對消費者和小企業的存款收集和貸款活動以及全國汽車貸款。

•商業銀行： 包括我們爲商業房地產以及商業和工業客戶提供的貸款、存款收集、資本市場和資金管理服務。我們的客戶通常包括年收入在2000萬美元至20億美元之間的公司。

			4			第一資本金融公司（COF）

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目錄

業務發展

作爲我們增長戰略的一部分，我們定期探索和評估收購金融產品和服務以及金融資產（包括信用卡和其他貸款組合）的機會，並建立戰略合作伙伴關係。我們還探索收購科技公司和相關資產的機會，以改善我們的信息技術基礎設施並實現我們的數字戰略。我們可能會發行股權或債務來資助我們的收購。此外，我們還會定期考慮某些資產、分支機構、合作伙伴協議或業務線的潛在處置。

同意收購Discover

於2024年2月19日，本公司由Capital One、Discover Financial Services、特拉華州一家公司(「Discover」)與特拉華州一家公司及本公司的直接全資附屬公司Vega Merge Sub，Inc.訂立合併協議及計劃(「合併協議」)，根據該協議，(A)合併子公司將與Discover合併並併入Discover，Discover爲合併中尚存的實體(「合併」)；(B)緊接合並後，Discover作爲尚存實體將與Capital One合併並併入Capital One，Capital One將作爲第二步合併中的倖存實體(「第二步合併」)；及(C)緊隨第二步合併後，Discover Bank(位於特拉華州註冊的全資子公司)將與Cona合併並併入Cona，Cona將成爲合併中的倖存實體(「Cona Bank合併」，並與合併和第二步合併統稱爲「交易」)。這項合併協議得到了Capital One和Discover各自董事會的一致批准。

在合併生效時，除發現或第一資本公司持有的某些股份外，在緊接合並生效時間之前已發行的每股發現公司普通股將轉換爲獲得第一資本公司1.0192股普通股的權利。Discover普通股的持有者將獲得現金，而不是零碎的股票。於第二步合併生效時，每股固定利率至浮動利率非累積永久優先股(C系列)和每股6.125%固定利率重置非累積永久優先股(D系列)，在緊接第二步合併生效時間之前均已發行，將被轉換爲獲得新設立的第一資本系列優先股的權利，這些優先股的條款並不比適用的發現優先股系列優惠多少。交易的完成取決於常規成交條件的滿足，包括收到所需的監管批准以及Capital One和Discover各自股東的批准。

沃爾瑪計劃協議終止

2024年5月21日，我們與沃爾瑪的信用卡計劃協議終止（「沃爾瑪計劃終止」）。根據終止條款，Capital One保留了現有信用卡投資組合約85億美元貸款的所有權和服務。2024年第三季度，該公司開始轉換符合條件的客戶並將這些帳戶整合到Capital One品牌卡產品中，這可能會導致該投資組合轉換爲品牌產品時運營和業績的不確定性增加。

消費者金融保護局最終規則

2024年3月5日，消費者金融保護局（「CFPB」）發佈了修訂Z法規的最終規則，如果該法規以目前發佈的方式生效，將大幅降低大型信用卡發行商（包括銀行）可以對消費者信用卡帳戶收取的逾期費用的安全港金額。由於正在進行的訴訟，最終規則目前被擱置。

最終規則如果按目前發佈的方式生效，將對我們的收入產生重大影響，並可能產生重大市場影響，包括對競爭、定價、消費者行爲、銷量和信貸的影響。爲了響應最終規則，我們制定了一些緩解行動，其中一些緩解行動已經實施。最終規則的結果可能會實施其他行動。

有關與此規則相關的風險的更多信息，請參閱「第一部分-第1A項」中列出的風險因素。我們2023年表格10-k中的風險因素”。

			5			第一資本金融公司（COF）

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目錄

選定的財務數據

下表列出了我們在2024年和2023年第三季度和前九個月的經營業績以及截至2024年9月30日和2023年12月31日的精選資產負債表數據中精選的綜合財務數據和業績。我們還提供在評估我們的業績時使用的選定關鍵指標，包括使用非GAAP指標計算的某些指標。我們認爲這些指標是管理層用來評估我們的經營業績、資本充足率和產生的回報水平的關鍵財務指標。我們相信，這些非GAAP指標爲投資者和我們財務信息的用戶提供了有用的洞察力，因爲它們爲我們的業績提供了另一種衡量標準，並有助於評估我們的資本充足率和產生的回報水平。這些非GAAP計量不應被視爲根據美國公認會計原則(「美國GAAP」)確定的報告結果的替代品，也不一定與其他公司可能提出的非GAAP計量相比較。

表1：合併財務摘要

						截至9月30日的三個月，																		截至9月30日的9個月，
（單位：百萬美元，每股數據除外）						2024						2023						變化						2024						2023																								變化
損益表
淨利息收入						$	8,076					$	7,423					9%						$	23,110					$	21,722																							6%
非利息收入						1,938						1,943						—						5,812						5,559																								5
淨收入合計						10,014						9,366						7						28,922						27,281																								6
信貸損失準備金						2,482						2,284						9						9,074						7,569																								20
非利息支出：
營銷						1,113						972						15						3,187						2,755																								16
運營費用						4,201						3,888						8						12,210						11,844																								3
非利息支出總額						5,314						4,860						9						15,397						14,599																								5
所得稅前持續經營所得						2,218						2,222						—						4,451						5,113																								(13)
所得稅撥備						441						432						2						797						932																								(14)
淨收入						1,777						1,790						(1)						3,654						4,181																								(13)
分配給參與證券的股息和未分配收益						(28)						(28)						—						(60)						(67)																								(10)
優先股股息						(57)						(57)						—						(171)						(171)																								—
普通股股東可獲得的淨收入						$	1,692					$	1,705					(1)						$	3,423					$	3,943																							(13)
普通股統計
普通股基本每股收益：
每股基本普通股淨利潤						$	4.42					$	4.46					(1)%						$	8.94					$	10.31																							(13)%
稀釋後每股普通股收益：
每股攤薄普通股淨收益						$	4.41					$	4.45					(1)%						$	8.92					$	10.28																							(13)%
加權平均已發行普通股(百萬股)：
基本信息						383.0						382.5						—						382.8						382.7																								—
稀釋						383.7						383.3						—						383.7						383.6																								—
已發行普通股（期末，單位：百萬）						381.5						381.0						—						381.5						381.0																								—
每股普通股申報和支付的股息						$	0.60					$	0.60					—						$	1.80					$	1.80																							—
每股普通股有形的賬面價值（期末）(1)						112.36						87.97						28%						112.36						87.97																								28%

			6			第一資本金融公司（COF）

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目錄

						截至9月30日的三個月，																		截至9月30日的9個月，
（單位：百萬美元，每股數據除外）						2024						2023						變化						2024						2023																								變化
資產負債表（平均餘額）
投資貸款						$	318,255					$	312,759					2%						$	315,927					$	310,075																							2%
生息資產						454,484						443,532						2						451,078						439,321																								3
總資產						481,219						469,860						2						477,816						466,279																								2
計息存款						324,509						316,032						3						321,856						312,702																								3
總存款						351,125						345,013						2						348,765						342,956																								2
借貸						48,274						49,736						(3)						49,194						48,746																								1
普通股權益						56,443						50,166						13						54,293						50,202																								8
股東權益總額						61,289						55,012						11						59,139						55,048																								7
選定的績效指標
採購量						$	166,203					$	158,640					5%						$	481,517					$	458,235																							5%
總淨收入利潤率(2)						8.81%						8.45%						36個點子						8.55%						8.28%																								27個點子
淨息差						7.11						6.69						42						6.83						6.59																								24
平均資產回報率(3)						1.48						1.52						(4)						1.02						1.20																								(18)
平均有形資產回報率(4)						1.53						1.58						(5)						1.05						1.24																								(19)
平均普通股權益回報率(5)						11.99						13.59						(160)						8.41						10.47																								(206)
平均有形普通股權益回報率(6)						16.42						19.59						(317)						11.69						15.01																								(332)
股權與資產比率(7)						12.74						11.71						103						12.38						11.81																								57
效率比(8)						53.07						51.89						118						53.24						53.51																								(27)
運營效率比(9)						41.95						41.51						44						42.22						43.41																								(119)
調整後的運營效率比(10)						41.41						41.51						(10)						41.71						43.41																								(170)
持續經營的有效所得稅率						19.9						19.4						50						17.9						18.2																								(30)
淨沖銷						$	2,604					$	1,999					30%						$	7,864					$	5,881																							34%
淨沖銷率						3.27		%				2.56		%				71個點子						3.32		%				2.53		%																						79個點子

    

(除特別註明外，以百萬美元計)																								2024年9月30日						2023年12月31日																								變化
資產負債表（期末）
投資貸款																								$	320,243					$	320,472																							—
生息資產																								458,189						449,701																								2%
總資產																								486,433						478,464																								2
計息存款																								327,253						320,389																								2
總存款																								353,631						348,413																								1
借貸																								49,336						49,856																								(1)
普通股權益																								58,080						53,244																								9
股東權益總額																								62,925						58,089																								8
信用質量指標
信貸損失準備																								$	16,534					$	15,296																							8%
撥備覆蓋率																								5.16		%				4.77		%																						39個點子
30天以上違約率																								3.58						3.71																								(13)
30天以上拖欠率																								3.89						3.99																								(10)

			7			第一資本金融公司（COF）

---

目錄

(除特別註明外，以百萬美元計)																								2024年9月30日						2023年12月31日																								變化
資本比率
普通股一級資本(11)																								13.6		%				12.9		%																						70個點子
一級資本(11)																								14.9						14.2																								70
總資本(11)																								16.6						16.0																								60
第1級槓桿(11)																								11.6						11.2																								40
有形普通股權益(12)																								9.1						8.2																								90
補充槓桿(11)																								9.9						9.6																								30
其他
員工（期末，單位：千人）																								52.5						52.0																								1%

__________

(1)每股普通股有形賬面價值是一種非GAAP衡量標準，根據有形普通股（「TCE」）除以已發行普通股計算。有關非GAAP指標的更多信息，請參閱「補充表-表A-非GAAP指標的對賬」。

(2)總淨收入利潤率是根據本期年化總淨收入除以本期平均生息資產計算的。

(3)平均資產回報率是根據本期持續經營的年化收入（扣除稅後）除以本期平均總資產計算的。

(4)平均有形資產回報率是一種非GAAP衡量標準，根據本期持續經營的年化收入（扣除稅後）除以本期平均有形資產計算。有關非GAAP指標的更多信息，請參閱「補充表-表A-非GAAP指標的對賬」。

(5)平均普通股回報率的計算依據是普通股股東可獲得的年化淨收入（損失）減去本期已終止業務的年化收入（損失）（扣除稅後），再除以平均普通股。我們對平均普通股回報率的計算可能無法與其他公司報告的類似標題的指標相比。

(6)平均有形普通股回報率是一種非GAAP衡量標準，計算方法是普通股股東可獲得的年化淨利潤（損失）減去本期已終止業務的年化收入（損失）（扣除稅後），再除以平均TCE。我們對平均TCE回報率的計算可能無法與其他公司報告的類似標題的指標進行比較。有關非GAAP指標的更多信息，請參閱「補充表-表A-非GAAP指標的對賬」。

(7)權益與資產比率是根據本期平均股東權益除以本期平均總資產計算的。

(8)效率比是根據本期非利息費用總額除以本期淨收入總額計算的。

(9)運營效率率按本期運營費用除以本期淨收入總額計算。

(10)調整後的運營效率比是非GAAP衡量標準。請參閱「補充表-表A-非GAAP指標的對賬」，了解我們調整後的運營效率比（非GAAP）與運營效率比（GAAP）的對賬。

(11)資本比率根據巴塞爾協議III標準化方法框架計算。有關更多信息，請參閱「資本管理」。

(12)有形普通股權益比率是一種非GAAP衡量標準，根據TCE除以有形資產計算。有關該指標的計算以及與美國GAAP比較指標的對賬，請參閱「補充表-表A-非GAAP指標的對賬」。

			8			第一資本金融公司（COF）

---

目錄

執行摘要

財務摘要

我們報告稱，2024年第三季度和前9個月，總淨收入爲100億美元，淨利潤爲18億美元（每股稀釋普通股4.41美元），總淨收入爲289億美元，淨利潤爲37億美元（每股稀釋普通股8.92美元）。相比之下，我們報告的淨利潤爲18億美元（每股稀釋普通股4.45美元），總淨收入爲94億美元，淨利潤爲42億美元（每股稀釋普通股10.28美元），2023年前9個月的總淨收入爲273億美元。

根據《巴塞爾協議III》標準化方法計算，我們的普通股一級（「CET 1」）資本比率爲13.6%， 截至12.9% 分別爲2024年9月30日和2023年12月31日。有關更多信息，請參閱「資本管理」。

2024年第三季度，我們宣佈並支付了2.33億美元的普通股股息，並回購了1.5億美元的普通股。2024年前9個月，我們宣佈並支付了7.05億美元的普通股股息 並回購了價值4.03億美元的我們普通股。有關更多信息，請參閱「資本管理-股息政策和股票購買」。

以下是我們2024年第三季度和前9個月業績的其他亮點。除非另有說明，這些亮點是基於2024年和2023年第三季度與前九個月業績的比較。我們的財務狀況和信用表現的變化通常基於我們截至2024年9月30日與2023年12月31日的財務狀況和信用表現。我們在本「執行摘要」後面的章節中對我們的財務業績進行了更詳細的討論。

公司總體績效

•收益：

與2023年第三季度相比，2024年第三季度我們的淨利潤減少了1300萬美元至18億美元，主要原因是：

◦2024年第三季度信用損失撥備增加主要是由於淨沖銷增加，包括因沃爾瑪計劃終止而取消損失分擔撥備的影響，但與淨撥備增加相比，撥備釋放部分抵消了這一影響。2023年第三季度。

◦非利息費用增加主要是由於信用卡業務的增長和營銷支出的增加。

這些驅動因素被部分抵消：

◦淨利息收入增加主要是由於我們信用卡貸款組合中平均貸款餘額和利潤率增加，包括因沃爾瑪計劃終止而取消收入分成條款的影響。

與2023年前9個月相比，2024年前9個月我們的淨利潤減少了5.27億美元，至37億美元，主要原因是：

◦2024年前9個月信用損失撥備增加，主要是由於國內卡淨沖銷增加，但部分被淨備抵額減少所抵消。

◦非利息費用增加主要是由於信用卡業務的增長和營銷支出的增加。

這些驅動因素被部分抵消：

◦淨利息收入增加主要是由於我們信用卡貸款組合中平均貸款餘額和利潤率增加，包括沃爾瑪計劃終止導致取消收入分成撥備的影響，部分被生息存款支付的較高利率所抵消。

•持有投資貸款：

			9			第一資本金融公司（COF）

---

目錄

◦截至2024年9月30日，用於投資的期末貸款從2023年12月31日減少了2.29億美元，至3，202億美元，主要是由於客戶付款超過我們商業貸款組合的發放，部分被我們信用卡和汽車貸款組合的增長所抵消。

◦與2023年第三季度相比，2024年第三季度投資平均貸款增加了55億美元，達到3183億美元，與2023年前9個月相比，2024年前9個月增加了59億美元，達到3159億美元，主要是由於我們信用卡貸款組合的增長，部分被客戶付款超過我們商業貸款組合中的貸款發放所抵消。

•淨沖銷和違約金額：

◦我們的淨沖銷率與2023年第三季度相比，2024年第三季度增加了71個點子（「點子」）至3.27%，與2023年前9個月相比，2024年前9個月增加了79個點子，至3.32%，這主要是由於我們信用卡貸款組合中淨沖銷率上升。

◦截至2024年9月30日，我們的30天以上拖欠率從2023年12月31日下降了10個點子至3.89%，主要是由於我們汽車貸款組合的拖欠庫存減少。

•信貸損失準備： 截至2024年9月30日，我們的信用損失撥備增加了12億美元至165億美元，與2023年12月31日相比，我們的撥備覆蓋率增加了39個點子至5.16%，主要是由於沃爾瑪計劃於2024年第二季度終止而增加的撥備。

綜合經營成果

下節比較討論了我們2024年和2023年第三季度以及前九個月的綜合財務表現。我們在以下部分「業務分部財務表現」中討論了業務分部業績。本節應與我們的「執行摘要」一起閱讀，其中我們討論了我們預計將影響我們未來運營結果的趨勢和其他因素。

淨利息收入

淨利息收入是指從我們的生息資產賺取的利息收入(包括某些費用)與我們的計息負債產生的利息支出之間的差額。我們的生息資產包括貸款、投資證券和其他生息資產，而我們的計息負債包括有息存款、證券化債務債券、優先和次級票據、其他借款和其他計息負債。一般來說，我們在利息收入中計入任何逾期的費用，扣除沖銷後，我們認爲可以收回的貸款。我們的淨息差以我們的綜合業績爲基礎，代表我們的有息資產的收益率與有息負債的成本之間的差額，包括無息資金的名義影響。我們預計淨利息收入和淨息差將根據利率的變化以及我們的計息資產和計息負債的數量和組成的變化而波動。

			10			第一資本金融公司（COF）

---

目錄

下表2列出了2024年和2023年第三季度和前9個月我們每個主要類別的生息資產和生息負債的平均未償餘額、賺取的利息收入、發生的利息支出和平均收益率。不良貸款包括在下面的平均貸款餘額中。

表2：平均餘額、淨利息收入和淨利差

						截至9月30日的三個月，
						2024																		2023
(百萬美元)						平均 平衡						利息收入/ 費用						平均產量/ 率(1)						平均 平衡						利息收入/ 費用						平均產量/ 率(1)
資產：
生息資產：
貸款：(2)
信用卡						$	154,160					$	7,578					19.66		%				$	144,053					$	6,850					19.02		%
消費者銀行						76,182						1,692						8.88						77,154						1,537						7.97
商業銀行業務(3)						88,373						1,601						7.24						92,254						1,642						7.12
其他(4)						—						(324)						**						—						(333)						**
貸款總額，包括待售貸款						318,715						10,547						13.24						313,461						9,696						12.37
投資證券						90,644						733						3.24						87,845						627						2.86
現金等值物和其他生息資產						45,125						580						5.14						42,226						550						5.21
生息資產總額						454,484						11,860						10.44						443,532						10,873						9.81
現金和銀行到期款項						3,815																		3,580
信貸損失準備						(16,654)																		(14,649)
房舍和設備，淨額						4,414																		4,380
其他資產						35,160																		33,017
總資產						$	481,219																	$	469,860
負債和股東權益：
計息負債：
計息存款						$	324,509					$	2,945					3.63		%				$	316,032					$	2,611					3.30		%
證券化債務義務						15,833						234						5.93						17,649						249						5.63
高級票據和次級票據						32,041						596						7.43						31,522						579						7.36
其他借款和生息負債(5)						2,389						9						1.50						2,473						11						1.79
計息負債總額						374,772						3,784						4.04						367,676						3,450						3.75
無息存款						26,616																		28,981
其他負債						18,542																		18,191
總負債						419,930																		414,848
股東權益						61,289																		55,012
總負債和股東權益						$	481,219																	$	469,860
淨利息收入/利差												$	8,076					6.40												$	7,423					6.05
無息融資的影響																		0.71																		0.64
淨息差(6)																		7.11		%																6.69%

			11			第一資本金融公司（COF）

---

目錄

						截至9月30日的9個月，
						2024																		2023
(百萬美元)						平均 平衡						利息收入/ 費用						平均產量/ 率(1)						平均 平衡						利息收入/ 費用						平均產量/ 率(1)
資產：
生息資產：
貸款：(2)
信用卡						$	151,700					$	21,733					19.10		%				$	139,196					$	19,205					18.40		%
消費者銀行						75,555						4,867						8.59						77,944						4,484						7.67
商業銀行業務(3)						89,452						4,829						7.20						93,517						4,710						6.72
其他(4)						—						(969)						**						—						(923)						**
貸款總額，包括待售貸款						316,707						30,460						12.82						310,657						27,476						11.79
投資證券						89,580						2,120						3.16						89,259						1,881						2.81
現金等值物和其他生息資產						44,791						1,737						5.17						39,405						1,436						4.86
生息資產總額						451,078						34,317						10.14						439,321						30,793						9.35
現金和銀行到期款項						3,775																		3,876
信貸損失準備						(15,783)																		(14,064)
房舍和設備，淨額						4,396																		4,366
其他資產						34,350																		32,780
總資產						$	477,816																	$	466,279
負債和股東權益：
計息負債：
計息存款						$	321,856					$	8,631					3.58		%				$	312,702					$	6,744					2.88%
證券化債務義務						17,036						753						5.90						17,558						696						5.28
高級票據和次級票據						31,744						1,793						7.53						30,611						1,596						6.95
其他借款和生息負債(5)						2,422						30						1.67						2,410						35						1.94
計息負債總額						373,058						11,207						4.01						363,281						9,071						3.33
無息存款						26,909																		30,254
其他負債						18,710																		17,696
總負債						418,677																		411,231
股東權益						59,139																		55,048
總負債和股東權益						$	477,816																	$	466,279
淨利息收入/利差												$	23,110					6.14												$	21,722					6.02
無息融資的影響																		0.69																		0.57
淨息差(6)																		6.83		%																6.59%

__________

(1)平均收益率是根據本期年化利息收入除以本期平均貸款計算的。年化利息收入不包括任何分配，例如資金轉移定價。平均收益率是使用平均餘額和利息收入/費用的整美元價值計算的。

(2)扣除轉回後，利息收入中包括的逾期費用在2024年第三季度和前9個月分別總計約爲62600萬美元和17億美元，在2023年第三季度和前9個月分別爲5.93億美元和16億美元, 分別進行了分析。

(3)我們的一些商業投資產生免稅收入、稅收抵免或其他稅收優惠。因此，我們以應稅等值的方式呈現我們的商業銀行收入和收益率，使用21%的聯邦法定稅率和適用的州稅計算，並對其他類別進行抵消。我們商業貸款的利息收入和收益率計算中包含的應稅等值調整在2024年第三季度和前9個月分別總計約爲2000萬美元和5900萬美元，在2023年第三季度和前9個月分別爲1800萬美元和5500萬美元，其他類別也相應減少。

(4)其他類別中的利息收入/費用代表對沖會計對我們的貸款組合的影響，以及如上所述我們商業貸款的應稅等值調整的抵消減少。

			12			第一資本金融公司（COF）

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目錄

(5)包括與2024年第三季度和前9個月向低收入和農村社區提供資本的實體相關金額分別爲20億美元和200億美元，以及2023年第三季度和前9個月分別爲19億美元和18億美元。2024年第三季度和前9個月的相關利息費用分別爲700萬美元和2300萬美元，2023年第三季度和前9個月的相關利息費用分別爲800萬美元和2400萬美元。

(6) 沃爾瑪計劃終止使2024年第三季度和前9個月的淨息差增加了22個點子和11個點子。

** 沒有意義。

與2023年第三季度相比，2024年第三季度淨利息收入增加了6.53億美元，達到81億美元，主要是由於我們信用卡貸款組合中平均貸款餘額和利潤率上升，包括因沃爾瑪計劃終止而取消收入分成條款的影響。與2023年前9個月相比，2024年前9個月的淨利息收入增加了14億美元，達到231億美元，主要是由於我們信用卡貸款組合中平均貸款餘額和利潤率增加，包括因沃爾瑪計劃終止而取消收入分成撥備的影響，部分被生息存款支付的利率提高所抵消。

2024年第三季度淨息差較2023年第三季度增加42個點子至7.11%，2024年前9個月比2023年前9個月增加24個點子至6.83%，主要受資產收益率上升和信用卡貸款組合增長的推動，部分被生息存款支付的較高利率所抵消。

截至2024年6月30日，我們的公司累計生息存款Beta值爲62%，此前聯儲局在2024年第三季度降低了目標聯邦基金利率，這標誌着新利率週期的開始。

			13			第一資本金融公司（COF）

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目錄

表3顯示了不同時期淨利息收入的變化以及差異歸因於以下因素的程度：

•我們的生息資產和生息負債數量的變化;或

•與這些資產和負債相關的利率變化。

表3：淨利息收入的利率/量分析(1)

						截至9月30日的三個月，																		截至9月30日的9個月，
						2024年與2023年																		2024年與2023年
(百萬美元)						總方差						卷						率						總方差						卷						率
利息收入：
貸款：
信用卡						$	728					$	491					$	237					$	2,528					$	1,770					$	758
消費者銀行						155						(19)						174						383						(137)						520
商業銀行業務(2)						(41)						(69)						28						119						(205)						324
其他(3)						9						—						9						(46)						—						(46)
貸款總額，包括待售貸款						851						403						448						2,984						1,428						1,556
投資證券						106						20						86						239						7						232
現金等值物和其他生息資產						30						37						(7)						301						204						97
利息收入總額						987						460						527						3,524						1,639						1,885
利息支出：
計息存款						334						71						263						1,887						202						1,685
證券化債務義務						(15)						(26)						11						57						(21)						78
高級票據和次級票據						17						10						7						197						61						136
其他借款和負債						(2)						—						(2)						(5)						—						(5)
總利息支出						334						55						279						2,136						242						1,894
淨利息收入						$	653					$	405					$	248					$	1,388					$	1,397					$	(9)

__________

(1)我們分別計算每個項目的利息收入和利息費用的變化。當計算結果爲正值時，歸因於量和利率的利息收入或利息支出部分按比例分配。當利息收入或利息支出中歸因於交易量和利率的部分均爲負值時，總額將分配給交易量或利率，具體取決於哪個金額爲正值。

(2)我們的一些商業投資產生免稅收入、稅收抵免或其他稅收優惠。因此，我們以應稅等值的方式呈現我們的商業銀行收入和收益率，使用21%的聯邦法定稅率和適用的州稅計算，並對其他類別進行抵消。

(3)其他類別中的利息收入/費用代表對沖會計對我們的貸款組合的影響，以及如上所述我們商業貸款的應稅等值調整的抵消減少。

			14			第一資本金融公司（COF）

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目錄

非利息收入

表4顯示了2024年和2023年第三季度和前9個月非利息收入的組成部分。

表4：非利息收入

						截至9月30日的三個月，												截至9月30日的9個月，
(百萬美元)						2024						2023						2024						2023
交換費，淨						$	1,228					$	1,234					$	3,622					$	3,586
服務費和其他客戶相關費用						501						453						1,422						1,243
證券收益（損失）淨額						(35)						—						(35)						—
其他(1)(2)						244						256						803						730
非利息收入總額						$	1,938					$	1,943					$	5,812					$	5,559

________

(1)主要包括Capital One Shopping的收入、國庫和其他投資收入、我們的信用卡合作協議和商業抵押貸款銀行收入。

(2)包括2024年第三季度和前9個月遞延薪酬計劃投資的收益分別爲3600萬美元和8900萬美元，以及2023年第三季度和前9個月遞延薪酬計劃投資的損失分別爲1300萬美元和收益3600萬美元。這些金額在非利息費用中有相應的抵消。

與2023年第三季度相比，2024年第三季度的非利息收入基本持平，爲19億美元。與2023年前9個月相比，2024年前9個月的非利息收入增加了2.53億美元，達到58億美元，主要是由於信用卡業務的增長和商業銀行業務資本市場活動的增加。

			15			第一資本金融公司（COF）

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目錄

信貸損失準備

我們每個時期的信用損失撥備是由淨沖銷、信用損失撥備變化和無資金貸款承諾準備金變化推動的。2024年第三季度，我們的信用損失撥備增加了1.98億美元，達到25億美元，主要是由於淨沖銷增加，包括因沃爾瑪計劃終止而取消損失分擔撥備的影響，部分被撥備釋放所抵消，而與2023年第三季度的撥備相比，撥備釋放。2024年前9個月，我們的信用損失撥備增加了15億美元至91億美元，主要是由於國內卡淨沖銷增加，但部分被淨備抵額減少所抵消。

我們在「信用風險概況」和「第一部分-第1項」中提供有關信用損失撥備和信用損失撥備變化的額外信息。財務報表-註釋5-信貸損失備抵和無資金貸款承諾準備金。”有關我們每個貸款類別的津貼方法的信息，請參閱「第II部分-第8項。財務報表-注1-重要會計政策摘要」，請參閱我們2023年表格10-k。

			16			第一資本金融公司（COF）

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目錄

非利息支出

表5顯示了2024年和2023年第三季度和前9個月的非利息費用組成。

表5：無息發票

						截至9月30日的三個月，												截至9月30日的9個月，
(百萬美元)						2024						2023						2024						2023
操作時間表：
工資和相關福利(1)						$	2,391					$	2,274					$	7,069					$	7,018
職業和設備						587						518						1,692						1,532
專業服務						402						295						980						909
通信和數據處理						358						344						1,064						1,038
無形資產攤銷						20						24						58						60
其他非利息費用：
銀行卡、監管和其他費用評估						59						62						257						197
收藏						89						89						259						261
中國和其他國家						295						282						831						829
其他非利息費用總額						443						433						1,347						1,287
總運營費用						$	4,201					$	3,888					$	12,210					$	11,844
營銷						1,113						972						3,187						2,755
非利息支出總額						$	5,314					$	4,860					$	15,397					$	14,599

_________

(1)包括以下費用 與我們的延期補償計劃相關的3600萬美元和8900萬美元 的投資 2024年第三季度及前9個月，分別和受益者 1300萬美元，費用3600萬美元 分別與我們2023年第三季度和前9個月的遞延薪酬計劃投資有關。這些金額從其他非利息收入的投資中得到了相應的抵消。

與2023年第三季度相比，2024年第三季度非利息費用增加了4.54億美元，達到53億美元，與2023年前9個月相比，2024年前9個月增加了7.98億美元，達到154億美元，主要是由於信用卡業務的增長和營銷支出的增加。

截至2024年9月30日的三個月和九個月，我們發生了與收購Discover協議相關的6300萬美元和9400萬美元整合費用，這些費用計入我們合併利潤表的運營發票中。

			17			第一資本金融公司（COF）

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目錄

所得稅

我們記錄了4.41億美元的所得稅撥備（19.9%有效所得稅率）和7.97億美元2024年第三季度和前9個月（17.9%有效所得稅率），相比之下，所得稅撥備爲4.32億美元2023年第三季度和前9個月分別爲9.32億美元（有效所得稅率19.4%）和9.32億美元（有效所得稅率18.2%）。我們對持續經營業務收入的有效稅率在不同時期有所不同，部分原因是稅前收入變化以及相對於稅前收入的稅收抵免、免稅收入和不可扣除費用變化的影響。

我們在「第二部分-第8項」中提供了有關影響所得稅和有效稅率的項目的更多信息。財務報表和補充數據-註釋15-所得稅”，請參閱我們2023年表格10-k。

綜合資產負債表分析

截至2024年9月30日，總資產從2023年12月31日增加了80億美元至4，864億美元，主要是由於我們可供出售的現金和證券餘額增加，部分被沃爾瑪計劃終止而增加的備抵所抵消。2024年第二季度。

截至2024年9月30日，總負債比2023年12月31日增加了31億美元，達到4235億美元，主要是由於我們的國家消費銀行戰略導致的存款增長，部分被我們證券化債務債務的淨到期日所抵消。我們的國家消費者銀行戰略包括我們的國家品牌和營銷戰略、咖啡館和技術/數字投資，這使我們能夠深化和擴大我們的整體客戶群。

截至2024年9月30日，股東權益從2023年12月31日增加了48億美元至629億美元，主要受淨利潤37億美元的推動。

以下是2024年前9個月我們資產和負債主要組成部分的重大變化的討論。由於旨在支持我們的資本和流動性狀況、我們的市場風險狀況以及客戶需求的正常資產負債表管理活動的時間，期末資產負債表金額可能與平均資產負債表金額有所不同。

投資證券

我們的投資證券組合包括以下內容：美國政府贊助的企業或機構（「GSE」或「機構」）和非機構住宅抵押貸款支持證券（「RMBS」）、機構商業抵押貸款支持證券（「CMBS」）、美國國債和其他證券。代理證券包括政府國民抵押貸款協會（「Ginnie Mae」）擔保證券、聯邦國民抵押貸款協會（「Fannie Mae」）和聯邦住房貸款抵押公司（「Freddie Mac」）發行的證券。截至2024年9月30日和2023年12月31日，我們對機構和美國國債的投資的公允價值分別佔我們投資證券組合總額的96%和97%。

截至2024年9月30日，我們的可供出售證券投資組合的公允價值從2023年12月31日增加了44億美元至835億美元，主要是受淨購買和相關基準利率下降的推動。請參閱「第一部分-第1項。財務報表-注3-投資證券」了解更多信息。

			18			第一資本金融公司（COF）

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目錄

爲投資而持有的貸款

爲投資而持有的貸款總額包括非證券化貸款和合並信託中持有的貸款。表6按投資組合分部總結了截至2024年9月30日和2023年12月31日我們持作投資的貸款的公允價值、信用損失撥備和淨貸款餘額。

表6：投資貸款

						2024年9月30日																		2023年12月31日
(百萬美元)						貸款						津貼						淨貸款						貸款						津貼						淨貸款
信用卡						$	156,651					$	(12,989)					$	143,662					$	154,547					$	(11,709)					$	142,838
個人銀行業務						76,758						(2,015)						74,743						75,437						(2,042)						73,395
商業銀行業務						86,834						(1,530)						85,304						90,488						(1,545)						88,943
總						$	320,243					$	(16,534)					$	303,709					$	320,472					$	(15,296)					$	305,176

截至2024年9月30日，與2023年12月31日相比，持投資貸款減少了2.29億美元，至3，202億美元，主要是由於客戶付款超過我們商業貸款組合的發放速度，部分被我們信用卡和汽車貸款組合的增長所抵消。

我們在「信用風險概況」、「合併經營業績」和「第一部分-第1項」中提供了有關我們貸款組合組成和信用質量的更多信息。財務報表-注4-貸款。”

資金來源

我們的主要資金來源來自有保險的零售存款，因爲它們是相對穩定且成本較低的資金來源。除了存款外，我們還通過發行優先和次級票據、證券化債務債券、購買的聯邦基金、根據回購協議借出或出售的證券以及由我們貸款和證券投資組合的某些部分擔保的聯邦住房貸款銀行（「FHLB」）預付款籌集資金。

表7提供了截至2024年9月30日和2023年12月31日我們主要資金來源的構成。

表7：資金來源構成

						2024年9月30日												2023年12月31日
(百萬美元)						量						佔總數的%						量						佔總數的%
存款：
個人銀行業務						$	309,569					77		%				$	296,171					74		%
商業銀行業務						30,598						8						32,712						8
其他(1)						13,464						3						19,530						5
總存款						353,631						88						348,413						87
證券化債務義務						15,881						4						18,043						5
其他債務						33,455						8						31,813						8
總資金來源						$	402,967					100		%				$	398,269					100		%

__________

(1)包括截至2024年9月30日和2023年12月31日的經紀存款分別爲124億美元和185億美元。

截至2024年9月30日，存款總額從2023年12月31日增加了52億美元，達到3536億美元，主要是受我們的國家消費銀行戰略的推動，但部分被經紀存款的到期日所抵消。

截至2024年9月30日和2023年12月31日，我們分別持有621億美元和642億美元的估計未保險存款。這些金額主要包括 支票和儲蓄存款其.截至2024年9月30日和2023年12月31日，這些估計未保險存款約佔我們總存款的18%。 我們根據向聯邦銀行機構提交的「狀況和收入綜合報告」（聯邦金融機構審查委員會（「FFIEC」）031）中使用的方法和假設來估計我們的未保險金額，並調整爲 不包括我們綜合資產負債表存款中未呈列的某些項目，包括公司間餘額和某些衍生品合同收到的現金抵押品.

			19			第一資本金融公司（COF）

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目錄

截至2024年9月30日，證券化債務債務從2023年12月31日減少了22億美元至159億美元，主要是由於我們證券化計劃的淨到期日和償還。

截至2024年9月30日，其他債務從2023年12月31日增加16億美元至335億美元，主要原因是 無擔保優先債務的淨髮行。

我們在「流動性風險概況」和「第一部分-第1項」中提供了有關我們資金來源的更多信息。財務報表-註釋8-存款和借款。”

			20			第一資本金融公司（COF）

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目錄

表外安排

在正常業務過程中，我們從事某些未反映在合併資產負債表中的活動，通常稱爲表外安排。這些活動通常涉及與未合併可變利息實體（「VIE」）的交易以及其他安排，例如信用證、貸款承諾和擔保，以滿足客戶的融資需求並支持他們的持續運營。我們在「第一部分-第1項」中提供了有關這些類型活動的更多信息。財務報表-注6-可變利益實體和證券化”和「第一部分-第1項。財務報表-注14-承諾、或有事項、擔保和其他。」

			21			第一資本金融公司（COF）

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目錄

業務部分財務表現

我們的主要業務出於管理報告的目的被組織爲三個主要業務部門，主要根據所提供的產品和服務或所服務的客戶類型來定義：信用卡、個人銀行和商業銀行。被收購業務的運營已整合到我們現有的業務部門中，或作爲其一部分進行管理。不屬於業務部門的某些活動被包括在其他類別中，例如由我們的中央企業財務部門執行的對我們的公司投資組合和資產/負債頭寸的管理，以及爲達到綜合有效稅率而對我們的業務部門評估之外的任何剩餘稅費或收益。另一類別亦包括不直接支持業務分部營運或業務分部在評估業績時不被視爲在財務上負責的未分配企業開支，例如與收購Discover協議有關的若干重組費用及整合開支。

我們在持續運營的基礎上報告的個別業務的結果，反映了管理層評估業績和做出有關爲我們的運營提供資金和分配資源的決策的方式。我們可能會根據對管理報告方法的修改和組織一致性的變化，定期更改我們的業務部門或對業務部門結果進行重新分類。我們的業務部門業績旨在反映每個部門，就好像它是一項獨立的業務一樣。我們使用內部管理和報告流程來得出我們的業務部門結果。我們的內部管理和報告流程採用各種分配方法，包括資金轉移定價，以分配某些資產負債表資產、存款和其他負債及其直接或間接應歸屬於每個業務部門的相關收入和費用。利息收入和非利息收入總額直接歸因於它們所報告的分部。每一部門的淨利息收入反映了我們的資金轉移定價過程的結果，該過程主要基於考慮市場利率的匹配資金概念。我們的資金轉移定價過程由我們的中央企業財務組管理，併爲資金來源提供資金信用，例如我們的個人銀行和商業銀行業務產生的存款，以及每個部門使用資金的費用。分配對每個業務部門和收購的業務是唯一的，並基於資產和負債的構成。資金轉移定價過程考慮了資產負債和表外產品的利率和流動性風險特徵。定期調整資金轉移定價過程中使用的方法和假設，以反映經濟狀況和其他因素，這些因素可能會影響淨利息收入分配給業務部門。我們定期評估用於分部報告的假設、方法和報告分類，這可能導致在未來期間實施改進或變化。我們在2023 Form 10-k的「Part II-Item」8.「財務報表和補充數據--附註17--業務部門和與客戶簽訂的合同收入」中提供了用於得出我們的業務部門結果的分配方法的更多信息。

我們將源自內部管理會計和報告流程的業務分部業績稱爲我們的「託管」演示，在某些情況下與我們根據美國公認會計原則編制的報告業績不同。沒有相當於美國公認會計原則的全面權威管理會計指導體系;因此，我們業務部門業績的管理呈現可能無法與其他金融服務公司提供的類似信息進行比較。此外，我們的個別業務部門業績不應用作根據美國公認會計原則確定的可比業績的替代品。

我們總結了2024年和2023年第三季度和前9個月的業務部門業績，並對這些結果進行了比較討論，以及截至2024年9月30日財務狀況和信用績效指標與2023年12月31日相比的變化。我們在「第一部分-第1項」中提供了我們的總業務分部業績與我們報告的合併業績的對賬。財務報表-注13-業務部門和客戶合同收入。”

			22			第一資本金融公司（COF）

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目錄

業務部門財務表現

表8總結了我們的業務部門業績，我們根據2024年和2023年第三季度以及前9個月的淨收入（虧損）和持續經營淨利潤（虧損）進行報告。

表格8：業務部門業績

						截至9月30日的三個月，
						2024																								2023
						總淨 收入（損失）(1)												淨收入 (虧損)(2)												總淨 收入（損失）(1)												淨收入 (虧損)(2)
(百萬美元)						量						% 總						量						% 總						量						% 總						量						% 總
信用卡						$	7,252					72%						$	1,374					77%						$	6,627					71%						$	1,266					71%
個人銀行業務						2,210						22						403						23						2,275						24						611						34
商業銀行業務(3)						888						9						263						15						909						10						214						12
其他(3)						(336)						(3)						(263)						(15)						(445)						(5)						(301)						(17)
總						$	10,014					100%						$	1,777					100%						$	9,366					100%						$	1,790					100%

						截至9月30日的9個月，
						2024																								2023
						總淨 收入（損失）(1)												淨收入 (虧損)(2)												總淨 收入（損失）(1)												淨收入 (虧損)(2)
(百萬美元)						量						% 總						量						% 總						量						% 總						量						% 總
信用卡						$	20,800					72%						$	2,426					66%						$	18,873					69%						$	2,672					64%
個人銀行業務						6,577						23						1,255						34						7,188						26						2,036						49
商業銀行業務(3)						2,648						9						821						22						2,658						10						468						11
其他(3)						(1,103)						(4)						(848)						(22)						(1,438)						(5)						(995)						(24)
總						$	28,922					100%						$	3,654					100%						$	27,281					100%						$	4,181					100%

__________

(1)淨收入（損失）總額包括淨利息收入和非利息收入。

(2)我們業務部門和其他類別的淨收入（虧損）基於持續經營業務的收入（虧損）（扣除稅後）。

(3)我們的一些商業投資產生免稅收入、稅收抵免或其他稅收優惠。因此，我們以應稅等值的方式呈現我們的商業銀行收入和收益率，使用21%的聯邦法定稅率和適用的州稅計算，並對其他類別進行抵消。

			23			第一資本金融公司（COF）

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目錄

信用卡業務

我們信用卡業務的主要收入來源是淨利息收入、淨互換收入和向客戶收取的費用。費用主要包括信用損失撥備、運營成本和營銷費用。

我們的信用卡業務在2024年第三季度和前9個月的持續運營淨利潤分別爲14億美元和24億美元，在2023年第三季度和前9個月分別爲13億美元和27億美元。

表9總結了我們信用卡業務的財務業績，並顯示了所示期間的選定關鍵指標。

表9：信用卡業務業績

						截至9月30日的三個月，																		截至9月30日的9個月，
(除特別註明外，以百萬美元計)						2024						2023						變化						2024						2023												變化
精選利潤表數據：
淨利息收入						$	5,743					$	5,114					12%						$	16,309					$	14,498											12%
非利息收入						1,509						1,513						—						4,491						4,375												3
淨收入合計(1)						7,252						6,627						9						20,800						18,873												10
信貸損失準備金						2,084						1,953						7						7,888						6,298												25
非利息支出						3,367						3,015						12						9,730						9,073												7
所得稅前持續經營所得						1,801						1,659						9						3,182						3,502												(9)
所得稅撥備						427						393						9						756						830												(9)
持續經營收入，扣除稅款						$	1,374					$	1,266					9						$	2,426					$	2,672											(9)
選定的績效指標：
平均投資貸款						$	153,972					$	144,049					7						$	151,371					$	139,195											9
平均貸款收益率(2)						19.66		%				19.02		%				64個點子						19.10		%				18.40		%										70個點子
總淨收入利潤率(3)						18.82						18.40						42						18.28						18.08												20
淨沖銷						$	2,154					$	1,592					35%						$	6,619					$	4,489											47%
淨沖銷率						5.60		%				4.42		%				118個點子						5.83		%				4.30		%										153個點子
採購量						$	166,203					$	158,640					5%						$	481,517					$	458,235											5%
(除特別註明外，以百萬美元計)						2024年9月30日						2023年12月31日						變化
選定的期末數據：
投資貸款						$	156,651					$	154,547					1%
30天以上違約率						4.53		%				4.61		%				（8）位點
30天以上拖欠率						4.54						4.62						(8)
不良貸款率(4)						0.01						0.01						—
信貸損失準備						$	12,989					$	11,709					11%
撥備覆蓋率						8.29%						7.58		%				71個點子

__________

(1)我們根據信貸安排的合同條款確認無固定期限貸款的融資費用和手續費收入，並註銷任何無法收回的金額。2024年第三季度和前九個月的總淨收入分別減少了6.24億美元和19億美元，而2023年第三季度和前九個月的財務費用和作爲無法收回的費用註銷的費用分別爲44900美元萬和13美元億。

(2)平均收益率是根據該期間的年化利息收入除以該期間的平均貸款計算的，不包括任何分配，如資金轉移定價。

(3)總淨收入差額是根據該期間的年化淨收入總額除以該期間的平均貸款計算得出的。

(4)在我們的信用卡貸款組合中，只有我們國際卡業務中的某些貸款被歸類爲不良貸款。有關更多信息，請參閱「不良貸款和其他不良資產」。

			24			第一資本金融公司（COF）

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目錄

2024年第三季度和前九個月與2023年第三季度和前九個月相比，影響我們信用卡業務業績的主要因素包括：2024年9月30日至2023年12月31日期間財務狀況和信貸表現的變化：

•淨利息收入：2024年第三季度淨利息收入增加62900美元萬至57億，2024年前9個月增加18億至163億，主要是由於平均貸款餘額和利潤率上升，包括沃爾瑪計劃終止導致取消收入分享撥備的影響。

•非利息收入：與2023年第三季度相比，2024年第三季度的非利息收入基本持平，爲15美元億。由於信用卡業務的增長，2024年前9個月的非利息收入增加了11600美元萬，達到45億。

•計提信貸損失準備：2024年第三季度信貸損失撥備增加了13100美元萬，達到21億美元，原因是淨沖銷增加，包括沃爾瑪計劃終止導致損失分擔撥備取消的影響，但與2023年第三季度的撥備相比，撥備的發放部分抵消了這一影響。2024年前9個月，信貸損失準備金增加了16億美元，達到79億美元，主要是由於淨沖銷增加，部分被較低的撥備建立所抵消。

•非利息支出：2024年第三季度，非利息支出增加了35200美元萬，達到34美元億，2024年前9個月增加了65700美元萬，達到97美元億，這主要是由於我們信用卡業務的增長和營銷支出的增加。

持有投資貸款：

•截至2024年9月30日，持有的用於投資的期末貸款比2023年12月31日增加了21億，達到1,567美元億，這主要是由我們投資組合的增長推動的。

•與2023年第三季度相比，2024年第三季度平均持有的投資貸款增加了99美元億，達到154.0美元；與2023年前9個月相比，2024年前9個月增加了122美元億，達到1,514美元億，這主要是由於我們投資組合的增長。

淨沖銷和違約金額：

•與2023年第三季度相比，2024年第三季度的淨撇賬率增加118個點子至5.60%，與2023年前9個月相比，2024年前9個月的淨撇賬率增加153個點子至5.83%，這主要是由於我們的國內信用卡貸款組合本金沖銷增加所致。

•截至2024年9月30日，30天以上的違約率比2023年12月31日下降了8個點子，降至4.54%，主要是由於期末貸款餘額增加。

			25			第一資本金融公司（COF）

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目錄

國內卡業務

國內卡業務2024年第三季度和前9個月的持續經營淨利潤分別爲13億美元和23億美元，2023年第三季度和前9個月的淨利潤分別爲12億美元和26億美元。2024年第三季度和2023年前9個月，國內卡業務佔信用卡業務總淨收入的90%以上。

表9.1總結了我們國內卡業務的財務業績，並顯示了所示期間的選定關鍵指標。

表9.1：國內卡業務業績

						截至9月30日的三個月，																		截至9月30日的9個月，
(除特別註明外，以百萬美元計)						2024						2023						變化						2024						2023												變化
精選利潤表數據：
淨利息收入						$	5,434					$	4,827					13%						$	15,407					$	13,670											13%
非利息收入						1,438						1,445						—						4,289						4,174												3
淨收入合計(1)						6,872						6,272						10						19,696						17,844												10
信貸損失準備金						1,997						1,861						7						7,589						6,030												26
非利息支出						3,149						2,810						12						9,120						8,462												8
所得稅前持續經營所得						1,726						1,601						8						2,987						3,352												(11)
所得稅撥備						407						378						8						705						791												(11)
持續經營收入，扣除稅款						$	1,319					$	1,223					8						$	2,282					$	2,561											(11)
選定的績效指標：
平均投資貸款						$	147,021					$	137,500					7						$	144,560					$	132,889											9
平均貸款收益率(2)						19.62		%				18.96%						66個點子						19.04		%				18.31		%										73個點子
總淨收入利潤率(3)(4)						18.67						18.24						43						18.12						17.90												22
淨沖銷						$	2,063					$	1,512					36%						$	6,356					$	4,262											49%
淨沖銷率(5)						5.61%						4.40%						121個點子						5.86		%				4.28		%										158個點子
採購量						$	162,281					$	154,880					5%						$	470,347					$	447,374											5%
(除特別註明外，以百萬美元計)						2024年9月30日						2023年12月31日						變化
選定的期末數據：
投資貸款						$	149,400					$	147,666					1%
30天以上違約率						4.53		%				4.61		%				（8）位點
信貸損失準備						$	12,494					$	11,261					11%
撥備覆蓋率(6)						8.36		%				7.63		%				73個點子

__________

(1)我們根據信貸安排的合同規定確認開放式貸款的財務費用和手續費收入，並沖銷任何無法收回的金額。財務費用和無法收回的費用反映爲總淨收入的減少。

(2)平均收益率是根據本期年化利息收入除以本期平均貸款計算的，不包括任何分配，例如資金轉移定價。

(3)總淨收入差額是根據該期間的年化淨收入總額除以該期間的平均貸款計算得出的。

(4)沃爾瑪計劃終止使截至2024年9月30日的第三季度和9個月的收入利潤率分別提高了51個點子和21個點子。

(5)沃爾瑪計劃終止使截至2024年9月30日的第三季度和9個月的國內卡淨沖銷率分別提高了38個點子和19個點子。

(6)沃爾瑪計劃終止導致2024年第二季度國內卡中累積的信用損失備抵爲82600萬美元。

由於我們的國內卡業務佔我們信用卡業務的絕大部分，因此推動業績的關鍵因素與影響我們總體信用卡業務的關鍵因素相似。與2023年第三季度相比，2024年第三季度國內卡業務的淨利潤有所增長，主要原因是：

			26			第一資本金融公司（COF）

---

目錄

•淨利息收入增加主要是由於平均貸款餘額和利潤率增加，包括沃爾瑪計劃終止而取消收入分成條款的影響。

這些驅動因素被部分抵消：

•非利息費用增加主要是由於信用卡業務的增長和營銷支出的增加。

•淨沖銷增加導致信用損失撥備增加，包括因沃爾瑪計劃終止而取消損失分擔撥備的影響，但與2023年第三季度的撥備相比，撥備釋放部分抵消了這一增加。

與2023年前9個月相比，2024年前9個月國內卡業務的淨利潤下降，主要原因是：

•信用損失撥備增加主要是由淨沖銷增加推動的，但部分被撥備減少所抵消。

•非利息費用增加主要是由於信用卡業務的增長和營銷支出的增加。

這些驅動因素被部分抵消：

•淨利息收入增加主要是由於平均貸款餘額和利潤率增加，包括沃爾瑪計劃終止而取消收入分成條款的影響。

消費者銀行業務

我們消費銀行業務的主要收入來源是貸款和存款的淨利息收入以及服務費和客戶相關費用。費用主要包括信用損失撥備、運營成本和營銷費用。

我們的消費者銀行業務在2024年第三季度和前9個月的持續經營業務中分別產生了40300萬美元和13億美元的淨利潤，在2023年第三季度和前9個月分別產生了6.11億美元和20億美元。

表10總結了我們消費者銀行業務的財務業績，並顯示了所示期間的選定關鍵指標。

表10：消費者銀行業務業績

						截至9月30日的三個月，																		截至9月30日的9個月，
(除特別註明外，以百萬美元計)						2024						2023						變化						2024						2023												變化
精選利潤表數據：
淨利息收入						$	2,028					$	2,133					(5)%						$	6,064					$	6,762											(10)%
非利息收入						182						142						28						513						426												20
淨收入合計						2,210						2,275						(3)						6,577						7,188												(9)
信貸損失準備金						351						213						65						1,107						747												48
非利息支出						1,331						1,262						5						3,827						3,776												1
所得稅前持續經營所得						528						800						(34)						1,643						2,665												(38)
所得稅撥備						125						189						(34)						388						629												(38)
持續經營收入，扣除稅款						$	403					$	611					(34)						$	1,255					$	2,036											(38)

			27			第一資本金融公司（COF）

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目錄

選定的績效指標：
平均投資貸款：
自動						$	74,920					$	75,740					(1)						$	74,264					$	76,473											(3)
零售銀行業務						1,262						1,414						(11)						1,291						1,469												(12)
消費者銀行業務總額						$	76,182					$	77,154					(1)						$	75,555					$	77,942											(3)
投資貸款平均收益率(1)						8.88		%				7.97%						91個點子						8.59		%				7.67%												92個點子
平均存款						$	306,121					$	287,457					6%						$	300,475					$	283,991											6%
平均存款利率						3.33		%				2.85		%				48個點子						3.23		%				2.43		%										80個點子
淨沖銷						$	401					$	349					15%						$	1,134					$	935											21%
淨沖銷率						2.11		%				1.81		%				30個點子						2.00		%				1.60		%										40個點子
汽車貸款發放						$	9,158					$	7,452					23%						$	25,143					$	20,823											21%
(除特別註明外，以百萬美元計)						2024年9月30日						2023年12月31日						變化
選定的期末數據：
爲投資而持有的貸款：
自動						$	75,505					$	74,075					2%
零售銀行業務						1,253						1,362						(8)
消費者銀行業務總額						$	76,758					$	75,437					2
30天以上違約率						5.53		%				6.25		%				（72）位點
30天以上拖欠率						6.31						7.08						(77)
不良貸款率						0.93						1.00						(7)
不良資產率(2)						1.01						1.09						(8)
信貸損失準備						$	2,015					$	2,042					(1)%
撥備覆蓋率						2.63		%				2.71		%				（8）位點
存款						$	309,569					$	296,171					5%

_________

(1)平均收益率是根據本期年化利息收入除以本期平均貸款計算的，不包括任何分配，例如資金轉移定價。

(2)不良資產主要包括不良貸款和收回資產。不良資產總率按不良資產總額除以期末投資貸款總額和收回資產總和計算。

與2023年第三季度和前9個月相比，影響我們2024年第三季度和前9個月消費者銀行業務業績的關鍵因素，以及2024年9月30日至2023年12月31日期間財務狀況和信貸表現的變化包括以下內容：

•淨利息收入： 2024年第三季度淨利息收入減少10500萬美元至20億美元，2024年前9個月減少69800萬美元至61億美元，主要是由於我們零售銀行業務的利潤率下降，部分被我們零售銀行業務的存款增加所抵消。

•非利息收入：2024年第三季度非利息收入增加了4000萬美元至18200萬美元，2024年前9個月增加了8700萬美元至51300萬美元，主要是由於借記卡購買量和汽車行業服務收入增加帶來的互換收入增加。

•計提信貸損失準備：2024年第三季度信用損失撥備增加了13800萬美元至35100萬美元，2024年前9個月增加了36000萬美元至11億美元，主要是由於淨沖銷增加和汽車貸款組合中撥備減少。

•非利息支出： 與2023年第三季度相比，2024年第三季度的非利息費用基本持平，爲13億美元，與2023年前9個月相比，2024年前9個月爲38億美元。

			28			第一資本金融公司（COF）

---

目錄

持有投資貸款： 

•截至2024年9月30日，用於投資的期末貸款從2023年12月31日增加了13億美元，達到768億美元，主要是由於我們的汽車貸款組合的增長。

•與2023年第三季度相比，2024年第三季度用於投資的平均貸款減少97200萬美元至762億美元，減少24億美元至美元與2023年前9個月相比，2024年前9個月爲756億，主要受2022年下半年及全年汽車首發量下降的影響推動2023.

按金：

•截至2024年9月30日，期末存款從2023年12月31日增加了134億美元，達到3096億美元，主要是由於我們國家消費銀行戰略的持續增長。

淨沖銷和違約金額： 

•2024年第三季度的淨沖銷率較2023年第三季度上升30個點子至2.11%，2024年前9個月比2023年前9個月上升40個點子至2.00%，主要是由於我們汽車貸款組合的淨沖銷率上升。

•截至2024年9月30日，30+天拖欠率與2023年12月31日相比下降了77個點子，至6.31%，主要是由於汽車拖欠庫存下降。

商業銀行業務

我們商業銀行業務的主要收入來源是貸款和存款的淨利息收入以及向客戶提供的產品和服務（例如諮詢服務、資本市場和金庫管理）賺取的非利息收入。由於我們的商業銀行業務擁有可產生免稅收入、稅收抵免或其他稅收優惠的貸款和投資，因此我們以應稅等值的方式呈現收入。費用主要包括信用損失撥備和運營成本。

我們的商業銀行業務在2024年第三季度和前9個月的持續經營淨收入分別爲26300萬美元和82100萬美元，在2023年第三季度和前9個月分別爲2.14億美元和4.68億美元。

			29			第一資本金融公司（COF）

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目錄

表11總結了我們商業銀行業務的財務業績，並顯示了所示期間的選定關鍵指標。

表11：商業銀行業務業績

						截至9月30日的三個月，																		截至9月30日的9個月，
(除特別註明外，以百萬美元計)						2024						2023						變化						2024						2023												變化
精選利潤表數據：
淨利息收入						$	596					$	621					(4)%						$	1,804					$	1,901											(5)%
非利息收入						292						288						1						844						757												11
淨收入合計(1)						888						909						(2)						2,648						2,658												—
信貸損失準備金(2)						48						116						(59)						80						521												(85)
非利息支出						495						512						(3)						1,493						1,524												(2)
所得稅前持續經營所得						345						281						23						1,075						613												75
所得稅撥備						82						67						22						254						145												75
持續經營收入，扣除稅款						$	263					$	214					23						$	821					$	468											75
選定的績效指標：
平均投資貸款：
商業和多戶房地產						$	32,416					$	35,964					(10)						$	33,505					$	36,796											(9)
工商業						55,685						55,592						—						55,496						56,142												(1)
商業銀行總額						$	88,101					$	91,556					(4)						$	89,001					$	92,938											(4)
投資貸款平均收益率(1)(3)						7.25		%				7.16		%				9個點子						7.21		%				6.73		%										48個點子
平均存款						$	30,365					$	37,279					(19)%						$	31,004					$	38,383											(19)%
平均存款利率						2.55		%				2.93		%				（38）位點						2.58		%				2.65		%										（7）位點
淨沖銷						$	49					$	58					(16)%						$	111					$	457											(76)%
淨沖銷率						0.22		%				0.25		%				（3）每秒						0.17		%				0.66		%										（49）位點
(除特別註明外，以百萬美元計)						2024年9月30日						2023年12月31日						變化
選定的期末數據：
爲投資而持有的貸款：
商業和多戶房地產						$	32,199					$	34,446					(7)%
工商業						54,635						56,042						(3)
商業銀行總額						$	86,834					$	90,488					(4)
不良貸款率						1.55		%				0.84		%				71個點子
不良資產率(4)						1.55						0.84						71
信貸損失準備(2)						$	1,530					$	1,545					(1)%
撥備覆蓋率						1.76		%				1.71		%				5個點子
存款						$	30,598					$	32,712					(6)%
爲他人提供貸款						53,162						52,341						2

__________

(1)我們的一些商業投資產生免稅收入、稅收抵免或其他稅收優惠。因此，我們以應稅等值的方式呈現我們的商業銀行收入和收益率，使用21%的聯邦法定稅率和適用的州稅計算，並對其他類別進行抵消。

(2)無資金貸款承諾損失撥備計入綜合損益表的信貸損失撥備，相關準備金計入綜合資產負債表的其他負債。截至2024年9月30日和2023年12月31日，我們的無資金貸款承諾準備金總額分別爲14200萬美元和15800萬美元。

(3)平均收益率是根據本期年化利息收入除以本期平均貸款計算的，不包括任何分配，例如資金轉移定價。

(4)不良資產包括不良貸款和其他止贖資產。不良資產總率是根據不良資產總額除以期末持有的投資貸款和其他止贖資產的合併貸款總額計算的。

			30			第一資本金融公司（COF）

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目錄

與2023年第三季度和前9個月相比，影響我們2024年第三季度和前9個月商業銀行業務業績的關鍵因素，以及2024年9月30日至2023年12月31日期間財務狀況和信貸表現的變化包括以下內容：

•淨利息收入： 2024年第三季度淨利息收入減少2500萬美元至59600萬美元，2024年前9個月減少9700萬美元至18億美元，主要是由於平均貸款餘額下降。

•非利息收入：與2023年第三季度相比，2024年第三季度的非利息收入基本持平，爲29200萬美元。2024年前9個月非利息收入增加8700萬美元至84400萬美元，主要受資本市場業務的推動。

•計提信貸損失準備： 2024年第三季度信貸損失撥備減少6800萬美元至4800萬美元，主要是由於與2023年第三季度的撥備增加相比，撥備釋放。2024年前9個月，信貸損失撥備減少了44100萬美元至8000萬美元，主要是由於我們辦公房地產投資組合的淨沖銷減少。

•無息發票： 與2023年第三季度相比，2024年第三季度的非利息費用基本持平，爲49500萬美元，與2023年前9個月相比，2024年前9個月爲15億美元。

持有投資貸款：

•截至2024年9月30日，用於投資的期末貸款較2023年12月31日減少了37億美元至868億美元，主要是由於客戶付款超過了發放。

•2024年第三季度，用於投資的平均貸款減少了35億美元，至881億美元，2024年前9個月減少了39億美元，至890億美元，主要是由於客戶付款超過了貸款發放。

存款：

•截至2024年9月30日，期末存款較2023年12月31日減少21億美元至306億美元，主要是由於有意減少較低按金存款餘額。

淨沖銷和不良貸款：

•2024年第三季度淨沖銷率基本持平，爲0.22%。2024年前9個月的淨沖銷率下降49個點子至0.17%，主要是由於我們辦公房地產投資組合的淨沖銷率下降。

•截至2024年9月30日，不良貸款率較2023年12月31日上升71個點子，達到1.55%，主要是由於信貸評級下調。

其他類別

其他包括與我們的集中企業金庫集團活動相關的未分配金額，例如我們的企業投資證券組合的管理、資產/負債管理以及對我們的資金轉移定價流程的監督。其他還包括：

•不直接支持業務分部運營或業務分部在評估其業績時不被視爲財務責任的未分配企業收入和費用，例如與收購Discover協議相關的某些重組費用和整合費用;

•與某些行項目重新分類相關的抵消;

•達到未評估到我們主要業務部門的綜合有效稅率的剩餘稅收費用或福利;以及

•外幣餘額的匯率波動。

			31			第一資本金融公司（COF）

---

目錄

表12總結了我們其他類別在所示期間的財務業績。

表12：其他類別結果

						截至9月30日的三個月，																		截至9月30日的9個月，
(百萬美元)						2024						2023						變化						2024						2023												變化
精選利潤表數據：
淨利息損失						$	(291)					$	(445)					(35)%						$	(1,067)					$	(1,439)											(26)%
非利息收入(虧損)						(45)						—						**						(36)						1												**
淨收入合計(1)						(336)						(445)						(24)						(1,103)						(1,438)												(23)
信貸損失準備金						(1)						2						**						(1)						3												**
非利息支出						121						71						70						347						226												54
所得稅前持續經營虧損						(456)						(518)						(12)						(1,449)						(1,667)												(13)
所得稅優惠						(193)						(217)						(11)						(601)						(672)												(11)
持續經營虧損，扣除稅款						$	(263)					$	(301)					(13)						$	(848)					$	(995)											(15)

__________

(1)我們的一些商業投資產生免稅收入、稅收抵免或其他稅收優惠。因此，我們以應稅等值的方式呈現我們的商業銀行收入和收益率，使用21%的聯邦法定稅率和適用的州稅計算，並對其他類別進行抵消。

** 沒有意義。

與2023年第三季度相比，2024年第三季度持續經營虧損減少3800萬美元，至虧損26300萬美元，與2023年前9個月相比，2024年前9個月減少14700萬美元，至虧損84800萬美元，主要是由於國庫收入增加。

關鍵會計政策和估算

根據美國公認會計原則編制財務報表需要管理層做出一系列影響合併財務報表資產、負債、收入和費用金額的判斷、估計和假設。了解我們的會計政策以及我們在應用這些政策時使用管理層判斷和估計的程度對於了解我們的財務報表至關重要。我們在「第二部分-第8項」中提供了重要會計政策的摘要。財務報表和補充數據-注1-重要會計政策摘要”，請參閱我們2023年表格10-k。

我們已將以下會計估計確定爲關鍵，因爲它們需要對高度複雜和本質上不確定的事項做出重大判斷和假設，並且使用合理不同的估計和假設可能會對我們的經營業績或財務狀況產生重大影響。我們的關鍵會計政策和估計如下：

•貸款損失準備金

•商譽

•公允價值

•客戶獎勵儲備

我們持續評估我們的關鍵會計估計和判斷，並根據不斷變化的條件在必要時更新它們。我們的2023年表格10-k「第II部分-第7項」中描述的關鍵會計政策和估計沒有發生任何變化。MD & A-Critical會計政策和估計。”

			32			第一資本金融公司（COF）

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目錄

會計變更和後果

截至2024年9月30日已發佈但尚未採用的會計準則

標準

指導

採用時機和 財務報表影響

所得稅披露 會計準則更新(「ASU」)第2023-09號，所得稅(主題740)：改進所得稅披露 2023年12月發佈

要求各實體每年在所得稅稅率對賬中提供更多信息，並對已支付的所得稅進行更多披露。

從我們的年度期間開始生效，截止日期爲2025年12月31日，允許及早採用。未來的申請是必須的，追溯申請也是允許的。 我們計劃在上述年度內採用這項標準，並預期會採用新的規定。我們預計這樣的採用將導致在我們的所得稅腳註和合並現金流量表中包含更多的信息。

分部報告披露 ASU編號2023-07，分部報告(主題280)： 改進可報告部門披露 2023年11月發佈

要求在年度和中期基礎上披露增量分部信息。

從2024年12月31日結束的年度期間開始生效，並在2025年1月1日開始的財政年度內的過渡期內生效，允許提前採用。需要追溯申請。 我們計劃在上述年度內採用這項標準，並追溯實施新規定。我們仍在評估採用我們的業務部門腳註中的披露的影響程度。

			33			第一資本金融公司（COF）

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目錄

資本管理

我們的資本水平和構成由多種因素決定，包括下文更詳細描述的綜合監管資本要求以及內部壓力測試等基於風險的資本評估。我們的資本水平和構成還可能受到評級機構指導方針、附屬資本要求、商業環境、金融市場狀況以及由於我們業務和市場環境不利變化而對潛在未來損失的評估的影響。

資本標準和及時糾正行動

公司和銀行分別遵守聯儲局理事會（「聯儲局」）和貨幣審計署（「BCC」）制定的監管資本要求（「巴塞爾III資本規則」）。巴塞爾III資本規則實施巴塞爾銀行監管委員會（「巴塞爾委員會」）發佈的某些資本要求，以及2010年多德-弗蘭克華爾街改革和消費者保護法案（「多德-弗蘭克法案」）的某些條款和其他資本條款。

作爲一家總合並資產至少爲2500億美元但低於7000億美元且不超過任何適用的風險門檻的銀行控股公司（「BHC」），該公司是《巴塞爾協議III》資本規則下的第三類機構。

該銀行作爲第三級機構的子公司，是第三級銀行。此外，該銀行作爲受保險存款機構，須遵守及時糾正行動（「PCA」）資本法規。

巴塞爾協議III和美國資本規則

根據《巴塞爾協議III》資本規則，我們必須將最低CET 1資本比率維持在4.5%，一級資本比率爲6.0%，總資本比率爲8.0%，每種情況都與風險加權資產相關。此外，還要保持4.0%的最低槓桿率和3.0%的最低補充槓桿率。我們還受到資本節約緩衝要求和反週期資本緩衝要求的約束，各自描述如下。我們的資本率和槓桿率是根據巴塞爾協議III標準化方法框架計算的。

我們已選擇將累計其他全面收益（「AOCI」）的某些要素從我們的監管資本中剔除，這是第三類機構允許的。有關根據巴塞爾協議III資本規則的擬議變更在監管資本中承認AOCI的信息，請參閱「第一部分-第1項。業務監督和監管-銀行業審慎監管-資本和壓力測試監管-巴塞爾III最終提案」在我們的2023年表格10-k中。

總部位於美國的全球系統重要性銀行（「G-SIB」）須遵守額外的CET 1資本要求，稱爲「G-SIB附加費」。根據最新的可用數據，我們不是G-SIb，因此我們不需要繳納G-SIb附加費。

強調資本緩衝規則

《巴塞爾協議III》資本規則要求銀行機構維持高於監管最低比率的資本節約緩衝，由CET 1資本組成。根據聯儲局實施壓力資本緩衝要求的最終規則（「壓力資本緩衝規則」），公司的「標準化方法資本節約緩衝」包括其壓力資本緩衝要求（如下所述）、任何G-SIb附加費（不適用於我們）和逆週期資本緩衝要求（目前設定爲0%）。任何增加反週期資本緩衝的決定通常將在宣佈增加後十二個月生效，除非聯儲局、OSC和聯邦存款保險公司（「FDIC」）（以下統稱爲「聯邦銀行機構」）設定更早的生效日期。

公司的壓力資本緩衝要求每年都會根據公司的監管壓力測試結果重新調整。特別是，公司的壓力資本緩衝要求等於，最低爲2.5%，（i）在聯儲局監管壓力測試的嚴重不利情況下，公司的初始CET 1資本比率與其最低預計CET 1資本比率之間的差異加上（ii）公司預計四個季度普通股股息的比率（規劃期限的第四至第七季度）至公司預計CET 1資本比率在監管壓力測試下達到最低值的季度的預計風險加權資產。

			34			第一資本金融公司（COF）

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目錄

根據公司2023年監管壓力測試結果，公司2023年10月1日至2024年9月30日期間的壓力資本緩衝要求爲4.8%。因此，2023年10月1日至2024年9月30日期間，公司壓力資本緩衝框架下CET一級資本、一級資本和總資本率的最低資本要求加上標準化方法資本節約緩衝分別爲9.3%、10.8%和12.8%。

根據公司2024年監管壓力測試結果，公司2024年10月1日至2025年9月30日期間的壓力資本緩衝要求爲5.5%。因此，2024年10月1日至2025年9月30日期間，公司壓力資本緩衝框架下CET一級資本、一級資本和總資本率的最低資本要求加上標準化方法資本節約緩衝分別爲10.0%、11.5%和13.5%。

壓力資本緩衝規則不適用於銀行。根據僅適用於銀行的BCC資本規定，銀行的資本節約緩衝繼續固定在2.5%。因此，銀行的最低資本要求加上CET 1資本、一級資本和總資本率的資本節約緩衝分別爲7.0%、8.5%和10.5%。

如果公司或銀行未能將其資本比率維持在最低資本要求和適用的資本節約緩衝要求之上，則將面臨越來越嚴格的資本分配和向某些高管支付酌情獎金的自動限制。

截至2024年9月30日和2023年12月31日，公司和銀行分別 每家公司都超過了適用於其的最低資本要求和資本節約緩衝要求， 公司和銀行各自”資本充足。“適用於公司的『資本充足』標準是在聯儲局的法規中制定的，適用於銀行的『資本充足』標準是在BCC的PCA資本要求中制定的。

CESL過渡規則

聯邦銀行機構通過了一項最終規則（「CESL過渡規則」），爲銀行機構提供了一個可選的五年過渡期，以分階段考慮當前預期信用損失（「CESL」）標準對其監管資本的影響（「CESL過渡選舉」）。我們於2020年1月1日開始採用CESL準則（出於會計目的），並於2020年第一季度進行了CESL過渡選舉（出於監管資本目的）。因此，本報告中列出的適用金額反映了此類選擇。

根據CECL過渡規則，銀行機構可以選擇將採用CECL對其監管資本的估計影響推遲到2021年12月31日，然後從2022年1月1日到2024年12月31日分階段實施估計的累積影響。對於CECL在最初兩年中的「第二天」持續影響，聯邦銀行機構使用統一的「比例係數」25%，作爲CECL標準下與先前發生的損失方法相比的撥備增加的近似值。因此，從2020年1月1日到2021年12月31日，當選的銀行機構被允許向其監管資本中追加相當於稅後第一天CECL採用影響的總和和自採用CECL標準以來津貼增加的25%。從2022年1月1日到2024年12月31日，稅後第一天採用CECL的影響和累積的第二天持續影響將以每年25%的速度分階段計入監管資本。下表彙總了2020年至2025年期間對我們監管資本的資本影響延遲和分階段。

資本影響延遲

階段

2020

2021

2022

2023

2024

2025

「第1天」CESL採用影響

資本影響推遲至2022年

25%逐步實施

50%逐步實施

75%逐步實施

完全分階段進入

累積「第二天」持續影響

25%的比例因子，作爲CMEL下津貼增加的近似值

截至2021年12月31日，我們根據CMEL過渡規則向監管資本增加了總計24億美元。根據該規則，截至2024年1月1日，我們已分階段投入該金額的75%。剩餘的60000萬美元將於2025年1月1日分階段投入。截至2024年9月30日，公司CET1資本比率，反映了

			35			第一資本金融公司（COF）

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目錄

CESL過渡規則，是 13.6% 而且本來是 13.4% 不包括CESL過渡規則的影響（或「完全分階段實施」）。

市場風險規則

「市場風險規則」補充了《巴塞爾協議III》資本規則，要求受該規則約束的機構調整其基於風險的資本比率，以反映其交易賬簿中的市場風險。市場風險規則通常適用於交易資產和負債總額等於總資產的10%或以上或10億美元或以上的機構。 截至2024年9月30日，公司和銀行均遵守《市場風險規則》。 有關更多信息，請參閱下面的「市場風險概況」。

有關我們所遵守的監管資本規則的描述，包括最近根據巴塞爾協議III最終提案對這些規則提出的修訂，請參閱「第一部分-第1項。我們2023年表格10-k中的業務監督和監管」。

表13提供了截至2024年9月30日和2023年12月31日《巴塞爾協議III》標準化方法下的監管資本率、監管最低資本充足率和適用的資本充足標準的比較。

表13：巴塞爾協議III下的資本比率(1)(2)

						2024年9月30日																		2023年12月31日
						比						最低要求 資本 充分性						好的- 大寫						比						最低要求 資本 充分性						好的- 大寫
Capital One Financial Corp：
普通股一級資本(3)						13.6		%				4.5		%				N/A						12.9		%				4.5		%				N/A
一級資本(4)						14.9						6.0						6.0		%				14.2						6.0						6.0		%
總資本(5)						16.6						8.0						10.0						16.0						8.0						10.0
第1級槓桿(6)						11.6						4.0						N/A						11.2						4.0						N/A
補充槓桿(7)						9.9						3.0						N/A						9.6						3.0						N/A
CONA：
普通股一級資本(3)						14.0						4.5						6.5						13.1						4.5						6.5
一級資本(4)						14.0						6.0						8.0						13.1						6.0						8.0
總資本(5)						15.6						8.0						10.0						14.3						8.0						10.0
第1級槓桿(6)						10.9						4.0						5.0						10.3						4.0						5.0
補充槓桿(7)						9.3						3.0						N/A						8.8						3.0						N/A

__________

(1)不適用的資本要求用「不適用」表示。

(2)截至2024年9月30日的比率是初步的，因此可能會發生變化，直到我們提交2024年9月30日的FR Y-9 C表格-控股公司合併財務報表和電話報告。

(3)普通股一級資本比率是一種監管資本衡量標準，根據普通股一級資本除以風險加權資產計算。

(4)一級資本比率是一種監管資本指標，根據一級資本除以風險加權資產計算。

(5)總資本比率是一種監管資本指標，根據總資本除以風險加權資產計算。

(6)一級槓桿率是一種監管資本指標，根據一級資本除以調整後的平均資產計算得出。

(7)補充槓桿率是一種監管資本指標，根據一級資本除以總槓桿風險敞口計算。

			36			第一資本金融公司（COF）

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目錄

表14列出了截至2024年9月30日和2023年12月31日《巴塞爾協議III》標準化方法下的監管資本和監管資本指標。

表14：基於監管風險的資本成分和監管資本指標

(百萬美元)						2024年9月30日						2023年12月31日
巴塞爾協議III標準化方法下的監管資本
普通股（不包括AOCI）						$	64,966					$	62,710
調整和扣除：
AOCI，稅後(1)						58						27
商譽，扣除相關遞延稅項負債後的淨額						(14,816)						(14,811)
其他無形和遞延所得稅資產，扣除遞延所得稅負債						(252)						(311)
普通股一級資本						49,956						47,615
一級資本工具						4,845						4,845
一級資本						54,801						52,460
二級資本工具						1,612						1,936
符合條件的信貸損失準備						4,738						4,728
二級資本						6,350						6,664
總資本						$	61,151					$	59,124
監管資本指標
風險加權資產						$	368,199					$	369,206
調整後平均資產(2)						473,146						467,553
總槓桿敞口(3)						553,624						546,909

__________

(1)根據適用於第三類機構的規則，排除AOCI的某些組成部分。請參閱本報告中的「資本管理-資本標準和及時糾正通知-巴塞爾協議III和美國資本規則」。

(2)包括根據《巴塞爾協議III》資本規則從一級資本中扣除的資產負債表內資產調整。

(3)反映《巴塞爾協議III》資本規則規定的補充槓桿率分母的表內和表外金額。

資本規劃和監管壓力測試

我們重新購買了 1.5億美元 2024年第三季度我們普通股的股份數量以及 4.03億美元 2024年前9個月我們普通股的股份數量。

2024年8月28日，聯儲局確認並宣佈了對包括該公司在內的所有大型銀行機構的個人壓力資本緩衝要求。 公司2024年10月1日至2025年9月30日期間的最終壓力資本緩衝要求爲5.5%。因此，2024年10月1日至2025年9月30日期間，公司壓力資本緩衝框架下CET一級資本、一級資本和總資本率的最低資本要求加上標準化方法資本節約緩衝分別爲10.0%、11.5%和13.5%。

有關我們所遵守的監管資本規劃規則和壓力測試要求的描述，請參閱「第一部分-第1項。我們2023年表格10-k中的業務監督和監管」。

聯儲局的資本計劃規則規定，如果BHC確定自上次提交資本計劃以來，其風險狀況、財務狀況或公司結構已經或將發生重大變化，則必須在30個日曆日內更新並重新提交其資本計劃，但可能會延長60天.我們確定我們對Discover的擬議收購構成重大變化，並根據資本計劃規則的要求提交了更新的資本計劃。資本計劃規則進一步規定，發生需要重新提交的事件後，BHC不得進行任何資本分配，除非獲得聯儲局的批准。因此，我們所有的資本分配現在都必須得到聯儲局的事先批准，等待聯儲局考慮我們重新提交的資本計劃。我們已獲得聯儲局事先批准進行某些資本分配。

			37			第一資本金融公司（COF）

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目錄

股息政策和股票購買

2024年前9個月，我們宣佈並支付了普通股股息 7.05億美元，或$1.80 每股以及優先股股息 17100萬美元.根據合併協議的條款，在交易完成或合併協議終止之前，我們不得向普通股支付季度超過每股0.60美元的季度現金股息。

下表總結了2024年前9個月我們各優先股系列支付的每股股息。

表15：每股支付的優先股股息

系列						描述						發行日期						每年 股息率						派息次數						2024
																														Q3						Q2						Q1
系列I						5.000% 非累計						9月11日， 2019						5.000%						季度						$12.50						$12.50						$12.50
J系列						4.800% 非累計						1月31日， 2020						4.800						季度						12.00						12.00						12.00
K系列						4.625% 非累計						9月17日， 2020						4.625						季度						11.56						11.56						11.56
L系列						4.375% 非累計						5月4日， 2021						4.375						季度						10.94						10.94						10.94
M輯						3.950%固定利率重置 非累計						6月10日， 2021						截至2026年8月31日爲3.950%; 2026年9月1日以及隨後每5週年重置5年期國債利率+3.157%						季度						9.88						9.88						9.88
系列N						4.250% 非累計						7月29日， 2021						4.250						季度						10.63						10.63						10.63

向股東宣佈和支付股息及其金額由董事會自行決定，並取決於我們的經營業績、財務狀況、資本水平、現金需求、未來前景、監管要求和董事會認爲相關的其他因素。有關因 資本計劃重新提交，請參閱“資本管理—資本規劃和監管壓力測試”。

作爲一家BHC，我們支付股息的能力在很大程度上取決於從我們的子公司收到股息或其他付款。該銀行受到監管限制，限制其向我們的BHC轉移資金的能力。截至2024年9月30日，世行可用於支付股息的資金爲92億美元。不能保證我們會宣佈並向股東支付任何股息。

我們重新購買了 1.5億美元 2024年第三季度我們普通股的股份數量以及 4.03億美元在2024年的前九個月，我們普通股的股票。未來任何普通股回購的時間和確切金額將取決於各種因素，包括監管部門的批准、市場狀況、增長機會、我們的資本狀況和留存收益金額。董事會授權的股票回購計劃不包括特定的價格目標，可以通過公開市場購買、投標報價或私下談判的交易執行，包括利用規則10b5-1計劃，沒有設定的到期日，可以隨時暫停。有關股息和股票回購的其他信息，請參閱本報告中的「資本管理--資本規劃和監管壓力測試」和「第二部分--股權證券的未登記銷售和收益的使用」，以及“第一部分--第一項--業務--監督和監管--對銀行業的審慎監管--來自附屬公司的資金和股息在我們的2023年Form 10-k中。

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目錄

風險管理

風險管理框架

我們的風險管理框架（「框架」）爲整個公司的風險管理設定了一致的預期。它還對我們的「三道防線」模型設定了期望，該模型定義了整個公司承擔和管理風險的角色、責任和問責。監督有效框架的責任由我們的董事會直接或通過其委員會承擔。

第一線 承擔並承擔風險

二線 一線建議與挑戰

三線 提供獨立保證

定義

對風險負責並負責：i）創造收入或減少費用; ii）支持業務向客戶提供產品或服務;或iii）爲一線提供技術服務。

獨立風險管理（「RST」）和支持職能（例如，人力資源、會計、法律）爲公司提供支持服務。

內部審計和信用審查。

主要職責

識別、評估、衡量、監控、控制和報告與其業務相關的風險。

警告：獨立監督和評估第一道防線的風險承擔活動。 支持職能：爲企業提供支持服務的專業知識中心。

向董事會和高級管理層提供獨立和客觀的保證，確保系統和治理流程按預期設計和運作。

			39			第一資本金融公司（COF）

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目錄

我們的框架爲整個公司的風險管理設定了一致的預期，由以下九個要素組成：

治理和問責

戰略和風險一致

風險識別

評估、測量 和響應

監測和測試

彙總、報告和升級

資本和流動性管理（包括壓力測試）

風險數據和使能技術

文化與人才管理

We provide additional discussion of our risk management principles, roles and responsibilities, framework and risk appetite under “Part II—Item 7. MD&A—Risk Management” in our 2023 Form 10-K.

Risk Categories

We apply our Framework to protect the Company from the major categories of risk that we are exposed to through our business activities. We have seven major categories of risk as noted below. We provide a description of these categories and how we manage them under “Part II—Item 7. MD&A—Risk Management” in our 2023 Form 10-K.

•Compliance risk

•Credit risk

•Liquidity risk

•Market risk

•Operational risk

•Reputation risk

•Strategic risk

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Table of Contents

CREDIT RISK PROFILE

Our loan portfolio accounts for the substantial majority of our credit risk exposure. Our lending activities are governed under our credit policies and are subject to independent review and approval. Below we provide information about the composition of our loan portfolio, key concentrations and credit performance metrics.

We also engage in certain non-lending activities that may give rise to ongoing credit and counterparty settlement risk, including purchasing securities for our investment securities portfolio, entering into derivative transactions to manage our market risk exposure and to accommodate customers, extending short-term advances on syndication activity including bridge financing transactions we have underwritten, depositing certain operational cash balances in other financial institutions, executing certain foreign exchange transactions and extending customer overdrafts. We provide additional information related to our investment securities portfolio under “Consolidated Balance Sheets Analysis—Investment Securities” and “Part I—Item 1. Financial Statements—Note 3—Investment Securities” as well as credit risk related to derivative transactions in “Part I— Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”

Portfolio and Geographic Composition of Loans Held for Investment

Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. The information presented in this section excludes loans held for sale, which totaled $96 million and $854 million as of September 30, 2024 and December 31, 2023, respectively.

Table 16 presents the composition of our portfolio of loans held for investment by portfolio segment as of September 30, 2024 and December 31, 2023.

Table 16: Portfolio Composition of Loans Held for Investment

						September 30, 2024												December 31, 2023
(Dollars in millions)						Loans						% of Total						Loans						% of Total
Credit Card:
Domestic credit card						$	149,400					46.6		%				$	147,666					46.1		%
International card businesses						7,251						2.3						6,881						2.1
Total credit card						156,651						48.9						154,547						48.2
Consumer Banking:
Auto						75,505						23.6						74,075						23.1
Retail banking						1,253						0.4						1,362						0.5
Total consumer banking						76,758						24.0						75,437						23.6
Commercial Banking:
Commercial and multifamily real estate						32,199						10.0						34,446						10.7
Commercial and industrial						54,635						17.1						56,042						17.5
Total commercial banking						86,834						27.1						90,488						28.2
Total loans held for investment						$	320,243					100.0		%				$	320,472					100.0		%

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Geographic Composition

We market our credit card products throughout the United States, the United Kingdom and Canada. Our credit card loan portfolio is geographically diversified due to our product and marketing approach. The table below presents the geographic profile of our credit card loan portfolio as of September 30, 2024 and December 31, 2023.

Table 17: Credit Card Portfolio by Geographic Region

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						% of Total						Amount						% of Total
Domestic credit card:
California						$	15,327					9.8		%				$	15,167					9.8%
Texas						12,879						8.2						12,318						8.0
Florida						11,481						7.3						11,148						7.2
New York						9,655						6.2						9,578						6.2
Pennsylvania						6,030						3.9						5,824						3.8
Illinois						5,710						3.6						5,581						3.6
Ohio						5,077						3.2						4,845						3.1
New Jersey						4,920						3.1						4,702						3.0
Georgia						4,789						3.1						4,606						3.0
North Carolina						4,283						2.7						4,088						2.6
Other						69,249						44.3						69,809						45.2
Total domestic credit card						149,400						95.4						147,666						95.5
International card businesses:
United Kingdom						4,109						2.6						3,639						2.4
Canada						3,142						2.0						3,242						2.1
Total international card businesses						7,251						4.6						6,881						4.5
Total credit card						$	156,651					100.0		%				$	154,547					100.0%

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Our auto loan portfolio is geographically diversified in the United States due to our product and marketing approach. Retail banking includes small business loans and other consumer lending products originated through our branch and café network. The table below presents the geographic profile of our auto loan and retail banking portfolios as of September 30, 2024 and December 31, 2023.

Table 18: Consumer Banking Portfolio by Geographic Region

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						% of Total						Amount						% of Total
Auto:
Texas						$	9,189					12.0		%				$	9,020					11.9		%
California						8,747						11.4						8,747						11.6
Florida						6,742						8.8						6,488						8.6
Pennsylvania						3,342						4.4						3,215						4.3
Ohio						3,316						4.3						3,130						4.1
Illinois						3,066						4.0						2,988						4.0
Georgia						2,917						3.8						2,971						3.9
New Jersey						2,657						3.5						2,626						3.5
Other						35,529						46.2						34,890						46.3
Total auto						75,505						98.4						74,075						98.2
Retail banking:
New York						380						0.5						417						0.6
Texas						281						0.4						297						0.4
Louisiana						202						0.2						234						0.3
New Jersey						84						0.1						94						0.1
Maryland						73						0.1						81						0.1
Virginia						53						0.1						54						0.1
Other						180						0.2						185						0.2
Total retail banking						1,253						1.6						1,362						1.8
Total consumer banking						$	76,758					100.0		%				$	75,437					100.0		%

    

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We originate commercial and multifamily real estate loans in most regions of the United States. The table below presents the geographic profile of our commercial real estate portfolio as of September 30, 2024 and December 31, 2023.

Table 19: Commercial Real Estate Portfolio by Region

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						% of Total						Amount						% of Total
Geographic concentration:(1)
Northeast						$	12,597					39.1		%				$	13,931					40.5		%
South						7,732						24.0						7,073						20.5
Pacific West						4,658						14.5						5,342						15.5
Mid-Atlantic						2,811						8.7						4,138						12.0
Mountain						2,248						7.0						1,910						5.5
Midwest						2,153						6.7						2,052						6.0
Total						$	32,199					100.0		%				$	34,446					100.0		%

__________

(1)Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA, RI and VT. South consists of AL, AR, FL, GA, KY, LA, MS, NC, OK, SC, TN and TX. Pacific West consists of: AK, CA, HI, OR and WA. Mid-Atlantic consists of DC, DE, MD, VA and WV. Midwest consists of: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD and WI. Mountain consists of: AZ, CO, ID, MT, NM, NV, UT and WY.

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Commercial Loans by Industry

Table 20 summarizes our commercial loans held for investment portfolio by industry classification as of September 30, 2024 and December 31, 2023. Industry classifications below are based on our interpretation of the Federal Loan Classification codes as they pertain to each individual loan.

Table 20: Commercial Loans by Industry

(Percentage of portfolio)						September 30, 2024						December 31, 2023
Industry Classification:
Finance						32%						31		%
Real Estate & Construction(1)						28						30
Government & Education						9						8
Health Care & Pharmaceuticals						6						6
Commercial Services						4						4
Technology, Telecommunications & Media						3						2
Oil, Gas & Pipelines						3						3
Other						15						16
Total						100		%				100		%

__________

(1)The funded balance for commercial office real estate held for investment totaled $2.0 billion, or 2.3% and $2.3 billion, or 2.5%, as of September 30, 2024 and December 31, 2023, respectively. Commercial office real estate exposure does not include loans in our healthcare real estate business secured by medical office properties and loans to office real estate investment trusts or real estate investment funds.

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Credit Risk Measurement

We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. Trends in delinquency rates are the key credit quality indicator for our credit card and retail banking loan portfolios as changes in delinquency rates can provide an early warning of changes in potential future credit losses. The key indicator we monitor when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they provide insight into borrower risk profiles, which give indications of potential future credit losses. The key credit quality indicator for our commercial loan portfolios is our internal risk ratings as we generally classify loans that have been delinquent for an extended period of time and other loans with significant risk of loss as nonperforming. In addition to these credit quality indicators, we also manage and monitor other credit quality metrics such as level of nonperforming loans and net charge-off rates.

We underwrite most consumer loans using proprietary models, which typically include credit bureau data, such as borrower credit scores, application information and, where applicable, collateral and deal structure data. We continuously adjust our management of credit lines and collection strategies based on customer behavior and risk profile changes. We also use borrower credit scores for subprime classification, for competitive benchmarking and, in some cases, to drive product segmentation decisions. 

Table 21 provides details on the credit scores of our domestic credit card and auto loan portfolios as of September 30, 2024 and December 31, 2023.

Table 21: Credit Score Distribution

(Percentage of portfolio)						September 30, 2024						December 31, 2023
Domestic credit card—Refreshed FICO scores:(1)
Greater than 660						69		%				68		%
660 or below						31						32
Total						100		%				100		%
Auto—At origination FICO scores:(2)
Greater than 660						53		%				53		%
621 - 660						20						20
620 or below						27						27
Total						100		%				100		%

__________

(1)Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent Fair Isaac Corporation (“FICO”) scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.

(2)Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

In our commercial loan portfolio, we assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends.

We present information in the section below on the credit performance of our loan portfolio, including the key metrics we use in tracking changes in the credit quality of our loan portfolio. See “Part I—Item 1. Financial Statements—Note 4—Loans” for additional credit quality information and see “Part II—Item 8. Financial Statements—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for information on our accounting policies for delinquent and nonperforming loans, charge-offs and loan modifications and restructurings for each of our loan categories.

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Delinquency Rates

We consider the entire balance of an account to be delinquent if the minimum required payment is not received by the customer’s due date, measured at each balance sheet date. Our 30+ day delinquency metrics include all loans held for investment that are 30 or more days past due, whereas our 30+ day performing delinquency metrics include all loans held for investment that are 30 or more days past due but are currently classified as performing and accruing interest. The 30+ day delinquency and 30+ day performing delinquency metrics are the same for domestic credit card loans, as we continue to classify these loans as performing until the account is charged off, typically when the account is 180 days past due. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for information on our policies for classifying loans as nonperforming for each of our loan categories. We provide additional information on our credit quality metrics in “Business Segment Financial Performance.”

Table 22 presents our 30+ day performing delinquency rates and 30+ day delinquency rates of our portfolio of loans held for investment, by portfolio segment, as of September 30, 2024 and December 31, 2023.

Table 22: 30+ Day Delinquencies

						September 30, 2024																								December 31, 2023
						30+ Day Performing Delinquencies												30+ Day Delinquencies												30+ Day Performing Delinquencies												30+ Day Delinquencies
(Dollars in millions)						Amount						Rate(1)						Amount						Rate(1)						Amount						Rate(1)						Amount						Rate(1)
Credit Card:
Domestic credit card						$	6,767					4.53		%				$	6,767					4.53		%				$	6,806					4.61		%				$	6,806					4.61		%
International card businesses						329						4.53						337						4.65						321						4.67						329						4.77
Total credit card						7,096						4.53						7,104						4.54						7,127						4.61						7,135						4.62
Consumer Banking:
Auto						4,237						5.61						4,823						6.39						4,696						6.34						5,307						7.16
Retail banking						11						0.95						24						1.92						17						1.19						33						2.40
Total consumer banking						4,248						5.53						4,847						6.31						4,713						6.25						5,340						7.08
Commercial Banking:
Commercial and multifamily real estate						1						—						183						0.57						—						—						121						0.35
Commercial and industrial						131						0.24						315						0.58						55						0.10						181						0.32
Total commercial banking						132						0.15						498						0.57						55						0.06						302						0.33
Total						$	11,476					3.58						$	12,449					3.89						$	11,895					3.71						$	12,777					3.99

__________

(1)Delinquency rates are calculated by dividing delinquency amounts by period-end loans held for investment for each specified loan category.

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Table 23 presents our 30+ day delinquent loans held for investment, by aging and geography, as of September 30, 2024 and December 31, 2023.

Table 23: Aging and Geography of 30+ Day Delinquent Loans

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						Rate(1)						Amount						Rate(1)
Delinquency status:
30 – 59 days						$	5,234					1.64		%				$	5,367					1.68		%
60 – 89 days						3,072						0.96						3,119						0.97
> 90 days						4,143						1.29						4,291						1.34
Total						$	12,449					3.89		%				$	12,777					3.99		%
Geographic region:
Domestic						$	12,112					3.78		%				$	12,448					3.89		%
International						337						0.11						329						0.10
Total						$	12,449					3.89		%				$	12,777					3.99		%

__________

(1)Delinquency rates are calculated by dividing delinquency amounts by total period-end loans held for investment.

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Table 24 summarizes loans that were 90+ days delinquent, in regards to interest or principal payments, and still accruing interest as of September 30, 2024 and December 31, 2023. These loans consist primarily of credit card accounts between 90 days and 179 days past due. As permitted by regulatory guidance issued by the FFIEC, we continue to accrue interest and fees on domestic credit card loans through the date of charge off, which is typically in the period the account becomes 180 days past due.

Table 24: 90+ Day Delinquent Loans Accruing Interest

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						Rate(1)						Amount						Rate(1)
Loan category:
Credit card						$	3,456					2.21		%				$	3,499					2.26		%
Commercial banking						—						—						55						0.06
Total						$	3,456					1.08						$	3,554					1.11
Geographic region:
Domestic						$	3,316					1.06		%				$	3,422					1.09		%
International						140						1.93						132						1.91
Total						$	3,456					1.08						$	3,554					1.11

__________

(1)Delinquency rates are calculated by dividing delinquency amounts by period-end loans held for investment for each specified loan category.

			49			Capital One Financial Corporation (COF)

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Nonperforming Loans and Nonperforming Assets

Nonperforming loans include loans that have been placed on nonaccrual status. Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for information on our policies for classifying loans as nonperforming for each of our loan categories.

Table 25 presents our nonperforming loans, by portfolio segment, and other nonperforming assets as of September 30, 2024 and December 31, 2023. We do not classify loans held for sale as nonperforming. We provide additional information on our credit quality metrics in “Business Segment Financial Performance.”

Table 25: Nonperforming Loans and Other Nonperforming Assets(1)

						September 30, 2024												December 31, 2023
(Dollars in millions)						Amount						Rate						Amount						Rate
Nonperforming loans held for investment:(2)
Credit Card:
International card businesses						$	11					0.15		%				$	9					0.13		%
Total credit card						11						0.01						9						0.01
Consumer Banking:
Auto						685						0.91						712						0.96
Retail banking						27						2.19						46						3.36
Total consumer banking						712						0.93						758						1.00
Commercial Banking:
Commercial and multifamily real estate						630						1.96						425						1.23
Commercial and industrial						718						1.32						336						0.60
Total commercial banking						1,348						1.55						761						0.84
Total nonperforming loans held for investment(3)						2,071						0.65						1,528						0.48
Other nonperforming assets(4)						67						0.02						62						0.02
Total nonperforming assets						$	2,138					0.67						$	1,590					0.50

__________

(1)We recognized interest income for loans classified as nonperforming of $70 million and $47 million in the first nine months of 2024 and 2023, respectively.

(2)Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category.

(3)Excluding the impact of domestic credit card loans, nonperforming loans as a percentage of total loans held for investment was 1.21% and 0.88% as of September 30, 2024 and December 31, 2023, respectively.

(4)The denominators used in calculating nonperforming asset rates consist of total loans held for investment and other nonperforming assets.

			50			Capital One Financial Corporation (COF)

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Net Charge-Offs

Net charge-offs consist of the amortized cost basis, excluding accrued interest, of loans held for investment that we determine to be uncollectible, net of recovered amounts. We charge off loans as a reduction to the allowance for credit losses when we determine the loan is uncollectible and record subsequent recoveries of previously charged off amounts as increases to the allowance for credit losses. Uncollectible finance charges and fees are reversed through revenue and certain fraud losses are recorded in other non-interest expense. Generally, costs to recover charged off loans are recorded as collection expenses as incurred and are included in our consolidated statements of income as a component of other non-interest expense. Our charge-off policy for loans varies based on the loan type. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for information on our charge-off policy for each of our loan categories.

Table 26 presents our net charge-off amounts and rates, by portfolio segment, in the third quarter and first nine months of 2024 and 2023.

Table 26: Net Charge-Offs

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2024												2023												2024												2023
(Dollars in millions)						Amount						Rate(1)						Amount						Rate(1)						Amount						Rate(1)						Amount						Rate(1)
Credit Card:
Domestic credit card(2)						$	2,063					5.61		%				$	1,512					4.40		%				$	6,356					5.86		%				$	4,262					4.28		%
International card businesses						91						5.23						80						4.87						263						5.14						227						4.80
Total credit card						2,154						5.60						1,592						4.42						6,619						5.83						4,489						4.30
Consumer Banking:
Auto						384						2.05						335						1.77						1,086						1.95						898						1.57
Retail banking						17						5.43						14						3.80						48						4.94						37						3.33
Total consumer banking						401						2.11						349						1.81						1,134						2.00						935						1.60
Commercial Banking:
Commercial and multifamily real estate						20						0.26						24						0.27						47						0.19						404						1.46
Commercial and industrial						29						0.20						34						0.24						64						0.15						53						0.13
Total commercial banking						49						0.22						58						0.25						111						0.17						457						0.66
Total net charge-offs						$	2,604					3.27						$	1,999					2.56						$	7,864					3.32						$	5,881					2.53
Average loans held for investment						$	318,255											$	312,759											$	315,927											$	310,075

__________

(1)Net charge-off rates are calculated by dividing annualized net charge-offs by average loans held for investment for the period for each loan category.

(2)The Walmart Program Termination increased the Domestic Card net charge-off rate by 38 bps and 19 bps in the third quarter and nine months ended September 30, 2024, respectively.

			51			Capital One Financial Corporation (COF)

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Financial Difficulty Modifications to Borrowers

A financial difficulty modification (“FDM”) occurs when a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of these modifications is granted to a borrower experiencing financial difficulty.

As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for repossession or foreclosure of collateral.

We consider the impact of all loan modifications, including FDMs, when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.

In our Credit Card business, the majority of our FDMs receive an interest rate reduction and are placed on a fixed payment plan not exceeding 60 months. If the customer does not comply with the modified payment terms, then the credit card loan agreement may revert to its original payment terms, generally resulting in any loan outstanding being reflected in the appropriate delinquency category and charged off in accordance with our standard charge-off policy.

In our Consumer Banking business, the majority of our FDMs receive an extension, an interest rate reduction, principal reduction, or a combination of these modifications.

In our Commercial Banking business, the majority of our FDMs receive an extension. A portion of FDMs receive an interest rate reduction, principal reduction, or a combination of modifications.

For more information on FDMs, see “Item 1. Financial Statements—Note 4—Loans.”

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments

Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. We also estimate expected credit losses related to unfunded lending commitments that are not unconditionally cancellable. The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. We provide additional information on the methodologies and key assumptions used in determining our allowance for credit losses in “Part II—Item 8.Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.

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Table 27 presents changes in our allowance for credit losses and reserve for unfunded lending commitments for the third quarter and first nine months of 2024 and 2023, and details by portfolio segment for the provision for credit losses, charge-offs and recoveries.

Table 27: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

						Three Months Ended September 30, 2024
						Credit Card																		Consumer Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial Banking						Total
Allowance for credit losses:
Balance as of June 30, 2024						$	12,560					$	480					$	13,040					$	2,037					$	28					$	2,065					$	1,544					$	16,649
Charge-offs						(2,501)						(131)						(2,632)						(684)						(23)						(707)						(88)						(3,427)
Recoveries(1)						438						40						478						300						6						306						39						823
Net charge-offs						(2,063)						(91)						(2,154)						(384)						(17)						(401)						(49)						(2,604)
Provision for credit losses						1,997						87						2,084						335						16						351						35						2,470
Allowance release for credit losses						(66)						(4)						(70)						(49)						(1)						(50)						(14)						(134)
Other changes(2)						—						19						19						—						—						—						—						19
Balance as of September 30, 2024						12,494						495						12,989						1,988						27						2,015						1,530						16,534
Reserve for unfunded lending commitments:
Balance as of June 30, 2024						—						—						—						—						—						—						129						129
Provision for losses on unfunded lending commitments						—						—						—						—						—						—						13						13
Balance as of September 30, 2024						—						—						—						—						—						—						142						142
Combined allowance and reserve as of September 30, 2024						$	12,494					$	495					$	12,989					$	1,988					$	27					$	2,015					$	1,672					$	16,676

						Nine Months Ended September 30, 2024
						Credit Card																		Consumer Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial Banking						Total
Allowance for credit losses:
Balance as of December 31, 2023						$	11,261					$	448					$	11,709					$	2,002					$	40					$	2,042					$	1,545					$	15,296
Charge-offs						(7,509)						(383)						(7,892)						(1,941)						(62)						(2,003)						(166)						(10,061)
Recoveries(1)						1,153						120						1,273						855						14						869						55						2,197
Net charge-offs						(6,356)						(263)						(6,619)						(1,086)						(48)						(1,134)						(111)						(7,864)
Provision for credit losses						7,589						299						7,888						1,072						35						1,107						96						9,091
Allowance build (release) for credit losses(3)						1,233						36						1,269						(14)						(13)						(27)						(15)						1,227
Other changes(2)						—						11						11						—						—						—						—						11
Balance as of September 30, 2024						12,494						495						12,989						1,988						27						2,015						1,530						16,534
Reserve for unfunded lending commitments:
Balance as of December 31, 2023						—						—						—						—						—						—						158						158
Provision (benefit) for losses on unfunded lending commitments						—						—						—						—						—						—						(16)						(16)
Balance as of September 30, 2024						—						—						—						—						—						—						142						142
Combined allowance and reserve as of September 30, 2024						$	12,494					$	495					$	12,989					$	1,988					$	27					$	2,015					$	1,672					$	16,676

			53			Capital One Financial Corporation (COF)

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						Three Months Ended September 30, 2023
						Credit Card																		Consumer Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial Banking						Total
Allowance for credit losses:
Balance as of June 30, 2023						$	10,576					$	400					$	10,976					$	2,150					$	35					$	2,185					$	1,485					$	14,646
Charge-offs						(1,811)						(114)						(1,925)						(579)						(17)						(596)						(60)						(2,581)
Recoveries(1)						299						34						333						244						3						247						2						582
Net charge-offs						(1,512)						(80)						(1,592)						(335)						(14)						(349)						(58)						(1,999)
Provision for credit losses						1,861						92						1,953						198						15						213						155						2,321
Allowance build (release) for credit losses						349						12						361						(137)						1						(136)						97						322
Other changes(2)						—						(13)						(13)						—						—						—						—						(13)
Balance as of September 30, 2023						10,925						399						11,324						2,013						36						2,049						1,582						14,955
Reserve for unfunded lending commitments:
Balance as of June 30, 2023						—						—						—						—						—						—						197						197
Provision (benefit) for losses on unfunded lending commitments						—						—						—						—						—						—						(39)						(39)
Balance as of September 30, 2023						—						—						—						—						—						—						158						158
Combined allowance and reserve as of September 30, 2023						$	10,925					$	399					$	11,324					$	2,013					$	36					$	2,049					$	1,740					$	15,113

						Nine Months Ended September 30, 2023
						Credit Card																		Consumer Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial Banking						Total
Allowance for credit losses:
Balance as of December 31, 2022						$	9,165					$	380					$	9,545					$	2,187					$	50					$	2,237					$	1,458					$	13,240
Cumulative effects of accounting standards adoption(4)						(40)						(23)						(63)						—						—						—						—						(63)
Balance as of January 1, 2023						9,125						357						9,482						2,187						50						2,237						1,458						13,177
Charge-offs						(5,156)						(325)						(5,481)						(1,602)						(51)						(1,653)						(462)						(7,596)
Recoveries(1)						894						98						992						704						14						718						5						1,715
Net charge-offs						(4,262)						(227)						(4,489)						(898)						(37)						(935)						(457)						(5,881)
Provision for credit losses						6,030						268						6,298						724						23						747						581						7,626
Allowance build (release) for credit losses						1,768						41						1,809						(174)						(14)						(188)						124						1,745
Other changes(2)						32						1						33						—						—						—						—						33
Balance as of September 30, 2023						10,925						399						11,324						2,013						36						2,049						1,582						14,955
Reserve for unfunded lending commitments:
Balance as of December 31, 2022						—						—						—						—						—						—						218						218
Provision (benefit) for losses on unfunded lending commitments						—						—						—						—						—						—						(60)						(60)
Balance as of September 30, 2023						—						—						—						—						—						—						158						158
Combined allowance and reserve as of September 30, 2023						$	10,925					$	399					$	11,324					$	2,013					$	36					$	2,049					$	1,740					$	15,113

________

(1)The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation.

(2)Primarily represents foreign currency translation adjustments in the three and nine months ended September 30, 2024 as well as the three months ended September 30, 2023. Primarily represents the initial allowance for purchased credit-deteriorated (“PCD”) loans in the nine months ended September 30, 2023. The initial allowance of PCD loans was $0 million and $32 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.

(4)Impact from the adoption of ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.

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LIQUIDITY RISK PROFILE

We manage our funding and liquidity risk in an integrated manner in support of the current and future cash flow needs of our business. We maintained liquidity reserves of $131.6 billion and $120.7 billion as of September 30, 2024 and December 31, 2023, respectively, as shown in Table 28 below. Included in liquidity reserves are cash and cash equivalents, investment securities and FHLB borrowing capacity secured by loans.

As of September 30, 2024, we had available issuance capacity of $41.0 billion under shelf registrations associated with our credit card and auto loan securitization programs. We also maintain a shelf registration that enables us to issue an indeterminate amount of senior or subordinated debt securities, preferred stock, depositary shares, common stock, purchase contracts, warrants and units. Our ability to issue under each shelf registration is subject to market conditions.

Finally, as of September 30, 2024, we had access to available contingent liquidity sources totaling $105.8 billion through the prepositioning of collateral, including a portion of the investment securities included in the liquidity reserve amount, at the Federal Reserve Discount Window, the Standing Repo Facility, FHLB and the Fixed Income Clearing Corporation—Government Securities Division (“FICC—GSD”).

As of September 30, 2024 and December 31, 2023, our funding sources totaled $403.0 billion and $398.3 billion, respectively, primarily composed of consumer deposits, as shown in “Consolidated Balance Sheets Analysis—Funding Sources Composition.”

Our liquidity reserves, borrowing capacity, contingent liquidity sources and total funding sources are all discussed in more detail in the following sections.

Table 28 below presents the composition of our liquidity reserves as of September 30, 2024 and December 31, 2023.

Table 28: Liquidity Reserves

(Dollars in millions)						September 30, 2024						December 31, 2023
Cash and cash equivalents						$	49,298					$	43,297
Securities available for sale(1)						83,500						79,117
FHLB borrowing capacity secured by loans						4,818						5,205
Outstanding FHLB advances and letters of credit secured by loans and investment securities						(48)						(50)
Other encumbrances of investment securities						(5,946)						(6,917)
Total liquidity reserves						$	131,622					$	120,652

________

(1)    Includes securities that have been pledged or otherwise encumbered within the above Liquidity Reserves line items “Outstanding FHLB advances and letters of credit secured by loans and investment securities” and “Other encumbrances of investment securities.”

Our liquidity reserves increased by $11.0 billion to $131.6 billion as of September 30, 2024 from December 31, 2023, primarily due to increases in cash and cash equivalents. In addition to these liquidity reserves, we maintain access to a diversified mix of funding sources as discussed in the “Borrowing Capacity” and “Funding” sections below. See “Part II—Item 7. MD&A—Risk Management” in our 2023 Form 10-K for additional information on our management of liquidity risk.

Liquidity Coverage Ratio

We are subject to the final rules published by the Basel Committee and as implemented by the Federal Reserve and the OCC for the Basel III Liquidity Coverage Ratio (“LCR”) in the United States (the “LCR Rule”). The LCR Rule requires each of the Company and the Bank to calculate its respective LCR daily. It also requires the Company to publicly disclose, on a quarterly basis, its LCR, certain related quantitative liquidity metrics, and a qualitative discussion of its LCR. Our average LCR during the third quarter of 2024 was 163%, which exceeded the LCR Rule requirement of 100%. The calculation and the underlying components are based on our interpretations, expectations and assumptions of relevant regulations, as well as interpretations provided by our regulators, and are subject to change based on changes to future regulations and interpretations. See “Part I—Item 1. Business—Supervision and Regulation” in our 2023 Form 10-K for additional information.

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Net Stable Funding Ratio

We are subject to the final rules published by the Basel Committee and as implemented by the Federal Reserve and the OCC for the Basel III Net Stable Funding Ratio (“NSFR”) in the United States (the “NSFR Rule”). The NSFR Rule requires each of the Company and the Bank to maintain an NSFR of 100% on an ongoing basis. It also requires the Company to publicly disclose, on a semi-annual basis each second and fourth quarter, its NSFR, certain related quantitative liquidity metrics and qualitative discussion of its NSFR. Our average NSFR for the third quarter of 2024 exceeded the NSFR Rule requirement of 100%. The calculation and the underlying components are based on our interpretations, expectations and assumptions of the relevant regulations, as well as interpretations provided by our regulators, and are subject to change based on changes to future regulations and interpretations. See “Part I—Item 1. Business—Supervision and Regulation” in our 2023 Form 10-K for additional information.

Borrowing Capacity

We maintain a shelf registration with the U.S. Securities and Exchange Commission (“SEC”) so that we may periodically offer and sell an indeterminate aggregate amount of senior or subordinated debt securities, preferred stock, depositary shares, common stock, purchase contracts, warrants and units. There is no limit under this shelf registration to the amount or number of such securities that we may offer and sell, subject to market conditions. In addition, we also maintain a shelf registration associated with our credit card securitization trust that allows us to periodically offer and sell up to $30.0 billion of securitized debt obligations and a shelf registration associated with our auto loan securitization trusts that allows us to periodically offer and sell up to $25.0 billion of securitized debt obligations. The registered amounts under these shelf registration statements are subject to continuing review and change in the future, including as part of the routine renewal process. As of September 30, 2024, we had $21.6 billion and $19.4 billion of available issuance capacity in our credit card and auto loan securitization programs, respectively.

In addition to our issuance capacity under the shelf registration statements, we also have collateral pledged to support our access to FHLB advances, the Federal Reserve Discount Window, the Standing Repo Facility and FICC—GSD general collateral financing repurchase agreement service. For each of these programs, the ability to borrow utilizing these sources is dependent on meeting the respective membership requirements. Our borrowing capacity in each program is a function of the collateral the Bank has posted with each counterparty, including any respective haircuts applied to that collateral.

As of September 30, 2024, we pledged loans and securities to the FHLB to secure a maximum borrowing capacity of $37.0 billion, of which $48 million was used. Our FHLB membership is supported by our investment in FHLB stock of $18 million as of both September 30, 2024 and December 31, 2023.

As a member of FICC—GSD, we had $21.9 billion of readily available borrowing capacity secured by securities from our investment portfolio as of September 30, 2024. Our FICC—GSD membership is supported by our investment in Depository Trust and Clearing Corporation (“DTCC”) common stock of $412 thousand and $375 thousand as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024, we pledged loans to secure a borrowing capacity of $46.9 billion under the Federal Reserve Discount Window. Our membership with the Federal Reserve is supported by our investment in Federal Reserve stock, which totaled $1.3 billion as of both September 30, 2024 and December 31, 2023.

			56			Capital One Financial Corporation (COF)

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Deposits

Table 29 provides a comparison of average balances, interest expense and average deposits interest rates for the third quarter and first nine months of 2024 and 2023.

Table 29: Deposits Composition and Average Deposits Interest Rates

						Three Months Ended September 30,
						2024																		2023
(Dollars in millions)						Average Balance						Interest Expense						Average Deposits Interest Rate						Average Balance						Interest Expense						Average Deposits Interest Rate
Interest-bearing checking accounts(1)						$	33,936					$	135					1.59		%				$	40,833					$	215					2.10		%
Saving deposits(2)						211,608						1,825						3.45						196,030						1,479						3.02
Time deposits						78,965						985						4.99						79,169						917						4.64
Total interest-bearing deposits						$	324,509					$	2,945					3.63						$	316,032					$	2,611					3.30

						Nine Months Ended September 30,
						2024																		2023
(Dollars in millions)						Average Balance						Interest Expense						Average Deposits Interest Rate						Average Balance						Interest Expense						Average Deposits Interest Rate
Interest-bearing checking accounts(1)						$	34,829					$	421					1.61		%				$	42,855					$	620					1.93		%
Saving deposits(2)						209,030						5,299						3.38						197,819						3,762						2.54
Time deposits						77,997						2,911						4.98						72,028						2,362						4.37
Total interest-bearing deposits						$	321,856					$	8,631					3.58						$	312,702					$	6,744					2.88

__________

(1)Includes negotiable order of withdrawal accounts.

(2)Includes money market deposit accounts.

The FDIC limits the acceptance of brokered deposits to well-capitalized insured depository institutions and, with a waiver from the FDIC, to adequately-capitalized institutions. The Bank was well-capitalized, as defined under the federal banking regulatory guidelines, as of both September 30, 2024 and December 31, 2023. See “Part I—Item 1. Business—Supervision and Regulation” in our 2023 Form 10-K for additional information. We provide additional information on the composition of deposits in “Consolidated Balance Sheets Analysis—Funding Sources Composition” and in “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”

Funding

Our primary source of funding comes from insured retail deposits, as they are a relatively stable and lower cost source of funding. In addition to deposits, we raise funding through the issuance of senior and subordinated notes and securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances secured by certain portions of our loan and securities portfolios. A key objective in our use of these markets is to maintain access to a diversified mix of wholesale funding sources. See “Consolidated Balance Sheets Analysis—Funding Sources Composition” for additional information on our primary sources of funding.

In the normal course of business, we enter into various contractual obligations that may require future cash payments that affect our short-term and long-term liquidity and capital resource needs. Our future cash outflows primarily relate to deposits, borrowings and operating leases. The actual timing and amounts of future cash payments may vary over time due to a number of factors, such as early debt redemptions and changes in deposit balances.

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Short-Term Borrowings and Long-Term Debt

We access the capital markets to meet our funding needs through the issuance of senior and subordinated notes, securitized debt obligations and federal funds purchased and securities loaned or sold under agreements to repurchase. In addition, we have access to short-term and long-term FHLB advances secured by certain investment securities, multifamily real estate loans and commercial real estate loans.

Our short-term borrowings, which include those borrowings with an original contractual maturity of one year or less, typically consist of federal funds purchased, securities loaned or sold under agreements to repurchase or short-term FHLB advances, and do not include the current portion of long-term debt. Our short-term borrowings decreased by $18 million to $520 million as of September 30, 2024 from December 31, 2023 driven by a decrease in repurchase agreements.

Our long-term funding, which primarily consists of securitized debt obligations and senior and subordinated notes, decreased by $502 million to $48.8 billion as of September 30, 2024 from December 31, 2023 primarily driven by net maturities and paydowns of securitized debt obligations, partially offset by net issuances of unsecured senior debt. We provide more information on our securitization activity in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations” and on our borrowings in “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”

The following table summarizes issuances of securitized debt obligations, and senior and subordinated notes, and their respective maturities or redemptions for the third quarter and first nine months of 2024 and 2023.

Table 30: Long-Term Debt Funding Activities

						Issuances												Maturities/Redemptions
						Three Months Ended September 30,												Three Months Ended September 30,
(Dollars in millions)						2024						2023												2024						2023
Securitized debt obligations						$	1,000					$	—											$	2,622					$	452
Senior and subordinated notes						2,000						—												—						—
Total						$	3,000					$	—											$	2,622					$	452

						Issuances												Maturities/Redemptions
						Nine Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)						2024						2023												2024						2023
Securitized debt obligations						$	1,000					$	2,450											$	3,434					$	2,003
Senior and subordinated notes						4,000						5,750												2,911						4,886
Total						$	5,000					$	8,200											$	6,345					$	6,889

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Credit Ratings

Our credit ratings impact our ability to access capital markets and our borrowing costs. For more information, see “Part I—Item 1A. Risk Factors” under the heading in our 2023 Form 10-K “A downgrade in our credit ratings could significantly impact our liquidity, funding costs and access to the capital markets.”

Table 31 provides a summary of the credit ratings for the senior unsecured long-term debt of Capital One Financial Corporation and CONA as of September 30, 2024 and December 31, 2023.

Table 31: Senior Unsecured Long-Term Debt Credit Ratings

September 30, 2024

December 31, 2023

Capital One Financial Corporation

CONA

Capital One Financial Corporation

CONA

Moody’s

Baa1

A3

Baa1

A3

S&P

BBB

BBB+

BBB

BBB+

Fitch

A-

A

A-

A

As of October 25, 2024 Standard & Poor’s (“S&P”) and Fitch Ratings (“Fitch”) have our credit ratings on a stable outlook. Following the Company’s February 19, 2024 announcement to acquire Discover, Moody’s Investors Service (“Moody’s”) placed our credit ratings on review for a downgrade. Moody’s said its review for downgrade may continue until the transaction has been completed.

Other Commitments

In the normal course of business, we enter into other contractual obligations that may require future cash payments that affect our short-term and long-term liquidity and capital resource needs. Our other contractual obligations include lending commitments, leases, purchase obligations and other contractual arrangements.

As of September 30, 2024 and December 31, 2023, our total unfunded lending commitments were $458.9 billion and $441.3 billion, respectively, primarily consisting of credit card lines and loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities. For additional information, refer to “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report.

Our primary involvement with leases is in the capacity as a lessee where we lease premises to support our business. The majority of our leases are operating leases of office space, retail bank branches and cafés. Our operating leases expire at various dates through 2071, although some have extension or termination options. As of both September 30, 2024 and December 31, 2023, we had $1.5 billion, in aggregate operating lease obligations. We provide more information on our lease activity in “Part II—Item 8. Financial Statements and Supplementary Data—Note 7—Premises, Equipment and Leases” in our 2023 Form 10-K.

We have purchase obligations that represent substantial agreements to purchase goods or receive services such as data management, media and other software and third-party services that are enforceable and legally binding and specify significant terms. As of September 30, 2024 and December 31, 2023, we had $3.8 billion and $789 million, respectively, in aggregate purchase obligations. This increase is mainly due to recently renewed commitments for certain long term purchase obligations for goods and services.

We also enter into various contractual arrangements that may require future cash payments, including short-term obligations such as trade payables, commitments to fund certain equity investments, obligations for pension and post-retirement benefit plans, and representation and warranty reserves. These arrangements are discussed in more detail in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations,” and “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report and “Part II—Item 8. Financial Statements and Supplementary Data—Note 14—Employee Benefit Plans” in our 2023 Form 10-K.

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MARKET RISK PROFILE

Our primary market risk exposures include interest rate risk, foreign exchange risk and commodity pricing risk. We are exposed to market risk primarily from the following operations and activities:

•Traditional banking activities of deposit gathering and lending;

•Asset/liability management activities including the management of investment securities, short-term and long-term borrowings and derivatives;

•Foreign operations in the U.K. and Canada within our Credit Card business; and

•Customer accommodation activities within our Commercial Banking business.

We have enterprise-wide risk management policies and limits, approved by our Board of Directors, which govern our market risk management activities. Our objective is to manage our exposure to market risk in accordance with these policies and limits based on prevailing market conditions and long-term expectations. We provide additional information below about our primary sources of market risk, our market risk management strategies and the measures that we use to evaluate these exposures.

Interest Rate Risk

Interest rate risk represents exposure to financial instruments whose values vary with the level or volatility of interest rates. We are exposed to interest rate risk primarily from the differences in the timing between the maturities or repricing of assets and liabilities. We manage our interest rate risk primarily by entering into interest rate swaps and other derivative instruments which could include caps, floors, options, futures and forward contracts.

We use various industry standard market risk measurement techniques and analyses to measure, assess and manage the impact of changes in interest rates on our net interest income and our economic value of equity and changes in foreign exchange rates on our non-dollar-denominated funding and non-dollar equity investments in foreign operations.

Net Interest Income Sensitivity

Our net interest income sensitivity measure estimates the impact of hypothetical instantaneous movements in interest rates relative to our baseline interest rate forecast on our projected 12-month net interest income. Net interest income sensitivity metrics are derived using the following key assumptions:

•As of September 30, 2024, our metrics assume a market implied baseline interest rate projection for the upper limit of the Federal Funds Target Rate of 4.25% and 3.00% at December 31, 2024 and December 31, 2025, respectively.

•In addition to our existing assets, liabilities and derivative positions, we incorporate expected future business growth assumptions. These assumptions include loan and deposit growth, pricing, plans for projected changes in our funding mix and our securities and cash position from our internal corporate outlook that is used in our financial planning process.

•The analysis assumes this forecast of expected future business growth remains unchanged between the baseline rate forecast and rate shock scenarios, including no changes to our interest rate risk management activities like securities and hedging actions.

•We incorporate the dynamic nature of deposit re-pricing, which includes pricing lags and changes in deposit beta and mix as interest rates change, and the prepayment sensitivity of our mortgage securities to the level of interest rates. In our models, deposit betas and mortgage security prepayments vary dynamically based on the level of interest rates and by product type. In the contexts used in this section, “beta” refers to the change in deposit rate paid relative to the change in the federal funds rate.

•In instances where an interest rate scenario would result in a rate less than 0%, we assume a rate of 0% for that scenario. This assumption applies only to jurisdictions that do not have a practice of employing negative policy rates. In jurisdictions that have negative policy rates, we do not floor interest rates at 0%.

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At the current level of interest rates, our projected 12-month net interest income is expected to increase in higher rate scenarios and decrease in lower rate scenarios. The decrease in lower rate scenarios is driven by lower interest income from our assets, including floating rate credit card and commercial loans, being partially offset by lower interest expense from our deposits and other liabilities, net of our interest rate hedges. Our 12-month net interest income sensitivity increased modestly for the +/- 200 bps scenarios, while the remaining scenarios were largely unchanged as compared to December 31, 2023. Increased net interest income sensitivity to large rate shocks is mainly driven by lower interest rates.

Economic Value of Equity Sensitivity

Our economic value of equity sensitivity measure estimates the impact of hypothetical instantaneous movements in interest rates on the net present value of our assets and liabilities, including derivative exposures. Economic value of equity sensitivity metrics are derived using the following key assumptions:

•As of September 30, 2024, our metrics assume a market implied baseline interest rate projection for the upper limit of the Federal Funds Target Rate of 4.25% and 3.00% at December 31, 2024 and December 31, 2025, respectively.

•The analysis includes only existing assets, liabilities and derivative positions and does not incorporate business growth assumptions or projected balance sheet changes.

•Similar to our net interest income sensitivity measure, we incorporate the dynamic nature of deposit repricing and attrition, which includes pricing lags and changes in deposit beta as interest rates change and the prepayment sensitivity of our mortgage securities to the level of interest rates. In our models, deposit betas and mortgage security prepayments vary dynamically based on the level of interest rates and by product type.

•Balance attrition assumptions for loans, including credit card, auto and commercial loans, remain unchanged between the baseline interest rate forecast and interest rate shock scenarios as those loans are mainly floating rate or shorter duration fixed rate loans and hence paydowns have a low sensitivity to the level of interest rates.

•For assets and liabilities with embedded optionality, such as mortgage securities and deposit balances, we utilize monte carlo simulations to assess economic value with industry-standard term structure modeling of interest rates.

•Our calculations of net present value apply appropriate spreads over the benchmark yield curve for select assets and liabilities to capture the inherent risks (including credit risk) to discount expected interest and principal cash flows.

•In instances where an interest rate scenario would result in a rate less than 0%, we assume a rate of 0% for that scenario. This assumption applies only to jurisdictions that do not have a practice of employing negative policy rates. In jurisdictions that have negative policy rates, we do not floor interest rates at 0%.

Our current economic value of equity sensitivity profile demonstrates that our economic value of equity decreases in higher interest rate scenarios and increases in lower interest rate scenarios. The decrease in higher rate scenarios is due to the declines in the projected value of our fixed rate assets being only partially offset by corresponding movements in the projected value of our deposits and other liabilities. The pace of economic value of equity decrease is larger for the +200 bps scenario as our deposits are assumed to reprice more rapidly in higher interest rate environments. Our current economic value of equity sensitivity decreased modestly in both higher and lower rate scenarios as compared to December 31, 2023. The decrease in economic value of equity sensitivity is driven by lower interest rates.

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Table 32 shows the estimated percentage impact on our projected baseline net interest income and our current economic value of equity calculated under the methodology described above as of September 30, 2024 and December 31, 2023.

Table 32: Interest Rate Sensitivity Analysis

						September 30, 2024						December 31, 2023
Estimated impact on projected baseline net interest income:
+200 basis points						1.2		%				0.7		%
+100 basis points						0.9						0.8
+50 basis points						0.5						0.4
–50 basis points						(0.5)						(0.5)
–100 basis points						(1.0)						(0.9)
–200 basis points						(2.6)						(2.0)
Estimated impact on economic value of equity:
+200 basis points						(7.0)						(8.4)
+100 basis points						(3.0)						(3.7)
+50 basis points						(1.5)						(1.8)
–50 basis points						1.2						1.6
–100 basis points						2.2						2.9
–200 basis points						2.4						4.0

In addition to these industry standard measures, we also consider the potential impact of alternative interest rate scenarios, such as larger rate shocks, higher than +/- 200 bps, as well as steepening and flattening yield curve scenarios in our internal interest rate risk management decisions. We also regularly review the sensitivity of our interest rate risk metrics to changes in our key modeling assumptions, such as our loan and deposit balance forecasts, mortgage prepayments and deposit repricing.

Limitations of Market Risk Measures

The interest rate risk models that we use in deriving these measures incorporate contractual information, internally-developed assumptions and proprietary modeling methodologies, which project borrower and depositor behavior patterns in certain interest rate environments. Other market inputs, such as interest rates, market prices and interest rate volatility, are also critical components of our interest rate risk measures. We regularly evaluate, update and enhance these assumptions, models and analytical tools as we believe appropriate to reflect our best assessment of the market environment and the expected behavior patterns of our existing assets and liabilities.

There are inherent limitations in any methodology used to estimate the exposure to changes in market interest rates. The sensitivity analysis described above contemplates only certain movements in interest rates and is performed at a particular point in time based on our existing balance sheet and, in some cases, expected future business growth and funding mix assumptions. The strategic actions that management may take to manage our balance sheet may differ significantly from our projections, which could cause our actual earnings and economic value of equity sensitivities to differ substantially from the above sensitivity analysis.

For further information on our interest rate exposures, see “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”

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Foreign Exchange Risk

Foreign exchange risk represents exposure to changes in the values of current holdings and future cash flows denominated in other currencies. We are exposed to foreign exchange risk primarily from the intercompany funding denominated in pound sterling (“GBP”) and the Canadian dollar (“CAD”) that we provide to our businesses in the U.K. and Canada and net equity investments in those businesses. We are also exposed to foreign exchange risk due to changes in the dollar-denominated value of future earnings and cash flows from our foreign operations and from our Euro (“EUR”)-denominated borrowings.

Our non-dollar denominated intercompany funding and EUR-denominated borrowings expose our earnings to foreign exchange transaction risk. We manage these transaction risks by using forward foreign currency derivatives and cross-currency swaps to hedge our exposures. We measure our foreign exchange transaction risk exposures by applying a 1% U.S. dollar appreciation shock against the value of the non-dollar denominated intercompany funding and EUR-denominated borrowings and their related hedges, which shows the impact to our earnings from foreign exchange risk. Our nominal intercompany funding outstanding was 1.2 billion GBP and 973 million GBP as of September 30, 2024 and December 31, 2023, respectively, and 1.4 billion CAD and 1.6 billion CAD as of September 30, 2024 and December 31, 2023, respectively. Our nominal EUR-denominated borrowings outstanding were 502 million EUR and 1.3 billion EUR as of September 30, 2024 and December 31, 2023, respectively.

Our non-dollar equity investments in foreign operations expose our balance sheet and capital ratios to translation risk in AOCI. We manage our translation risk by entering into foreign currency derivatives designated as net investment hedges. We measure these exposures by applying a 30% U.S. dollar appreciation shock, which we believe approximates a significant adverse shock over a one-year time horizon, against the value of the equity invested in our foreign operations net of related net investment hedges where applicable. Our gross equity exposures in our U.K. and Canadian operations were 2.2 billion GBP as of both September 30, 2024 and December 31, 2023, and 2.5 billion CAD and 2.4 billion CAD as of September 30, 2024 and December 31, 2023, respectively.

As a result of our derivative management activities, we believe our net exposure to foreign exchange risk is minimal. For more information, see “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities” and “Part I—Item 1. Financial Statements—Note 10—Stockholders’ Equity.”

Risk related to Customer Accommodation Derivatives

We offer interest rate, commodity and foreign currency derivatives as an accommodation to our customers within our Commercial Banking business. We offset the majority of the market risk of these customer accommodation derivatives by entering into offsetting derivatives transactions with other counterparties. We use value-at-risk (“VaR”) as the primary method to measure the market risk in our customer accommodation derivative activities on a daily basis. VaR is a statistical risk measure used to estimate the potential loss from movements observed in the recent market environment. We employ a historical simulation approach using the most recent 500 business days and use a 99% confidence level and a holding period of one business day. As a result of offsetting our customer exposures with other counterparties, we believe that our net exposure to market risk in our customer accommodation derivatives is minimal. For further information on our risk related to customer accommodation derivatives, see “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”

SUPERVISION AND REGULATION

We provide information on our Supervision and Regulation in our 2023 Form 10-K under “Part I—Item 1. Business—Supervision and Regulation” and in our Quarterly Reports on Form 10-Q for the period ended March 31, 2024 and June 30, 2024 under “Part I—Item 2. MD&A—Supervision and Regulation.”

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FORWARD-LOOKING STATEMENTS

From time to time, we have made and will make forward-looking statements, including those that discuss, among other things: strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns, expenses, assets, liabilities, capital and liquidity measures, capital allocation plans, accruals for claims in litigation and for other claims against us; earnings per share, efficiency ratio, operating efficiency ratio or other financial measures for us; future financial and operating results; our plans, objectives, expectations and intentions; and the assumptions that underlie these matters.

To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995.

Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and we do not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. For additional information on factors that could materially influence forward-looking statements included in this Report, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in our 2023 Form 10-K. You should carefully consider the factors discussed below, and in our Risk Factors or other disclosures, in evaluating these forward-looking statements.

Numerous factors could cause our actual results to differ materially from those described in such forward-looking statements, including, among other things:

•risks relating to the pending Transaction, including the risk that the cost savings and any revenue synergies and other anticipated benefits from the Transaction may not be fully realized or may take longer than anticipated to be realized; disruption to our business and to Discover’s business as a result of the announcement and pendency of the Transaction; the risk that the integration of Discover’s business and operations into ours, including into our compliance management program, will be materially delayed or will be more costly or difficult than expected, or that we are otherwise unable to successfully integrate Discover’s business into ours, including as a result of unexpected factors or events; the possibility that the requisite regulatory, stockholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that requisite regulatory approvals may result in the imposition of conditions that could adversely affect us or the expected benefits of the Transaction following the closing of the Transaction); reputational risk and the reaction of customers, suppliers, employees or other business partners of ours or of Discover to the Transaction; the failure of the closing conditions in the Merger Agreement to be satisfied, or any unexpected delay in completing the Transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the dilution caused by our issuance of additional shares of our common stock in connection with the Transaction; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; risks related to management and oversight of our expanded business and operations following the Transaction due to the increased size and complexity of our business; the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Transaction or the size, scope and complexity of our business operations following the Transaction; the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against us (before or after the Transaction) or against Discover; the risk that expectations regarding the timing, completion and accounting and tax treatments of the Transaction are not met; the risk that any announcements relating to the Transaction could have adverse effects on the market price of our common stock; certain restrictions during the pendency of the Transaction; the diversion of management’s attention from ongoing business operations and opportunities; the risk that revenues following the Transaction may be lower than expected and/or the risk that certain expenses, such as the provision for credit losses, of Discover or the surviving entity may be greater than expected; our and Discover’s success in executing their respective business plans and strategies and managing the risks involved in the foregoing; effects of the announcement, pendency or completion of the Transaction on our or Discover’s ability to retain customers and retain and hire key personnel and maintain relationships with our and Discover’s suppliers and other business partners, and on our and Discover’s operating results and businesses generally; and other factors that may affect our future results or the future results of Discover;

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•changes and instability in the macroeconomic environment, resulting from factors that include, but are not limited to monetary policy actions, geopolitical conflicts or instability, such as the war between Ukraine and Russia and the war between Israel and Hamas, labor shortages, government shutdowns, inflation and deflation, potential recessions, lower demand for credit, changes in deposit practices and payment patterns;

•increases or fluctuations in credit losses and delinquencies and the impact of incorrectly estimated expected losses, which could result in inadequate reserves;

•compliance with new and existing domestic and foreign laws, regulations and regulatory expectations;

•limitations on our ability to receive dividends from our subsidiaries;

•our ability to maintain adequate capital or liquidity levels or to comply with revised capital or liquidity requirements, which could have a negative impact on our financial results and our ability to return capital to our stockholders;

•the extensive use, reliability, and accuracy of the models, artificial intelligence, and data on which we rely;

•increased costs, reductions in revenue, reputational damage, legal exposure and business disruptions that can result from a cyber-attack or other security incident on us or third parties (including their supply chains) with which we conduct business, including an incident that results in the theft, loss, manipulation or misuse of information, or the disabling of systems and access to information critical to business operations;

•developments, changes or actions relating to any litigation, governmental investigation or regulatory enforcement action or matter involving us;

•the amount and rate of deposit growth and changes in deposit costs;

•our ability to execute on our strategic initiatives and operational plans;

•our response to competitive pressures;

•our business, financial condition and results of operations may be adversely affected by merchants’ efforts to reduce the fees charged by credit and debit card networks to facilitate card transactions, and by legislation and regulation impacting such fees;

•our success in integrating acquired businesses and loan portfolios, and our ability to realize anticipated benefits from announced transactions and strategic partnerships;

•our ability to develop, operate, and adapt our operational, technology and organizational infrastructure suitable for the nature of our business;

•the success of our marketing efforts in attracting and retaining customers;

•our risk management strategies;

•changes in the reputation of, or expectations regarding, us or the financial services industry with respect to practices, products, services or financial condition;

•fluctuations in interest rates or volatility in the capital markets;

•our ability to attract, develop, retain and motivate key senior leaders and skilled employees;

•climate change manifesting as physical or transition risks;

•our assumptions or estimates in our financial statements;

•the soundness of other financial institutions and other third parties, actual or perceived;

•our ability to invest successfully in and introduce digital and other technological developments across all our businesses;

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•a downgrade in our credit ratings;

•our ability to manage risks from catastrophic events;

•compliance with applicable laws and regulations related to privacy, data protection and data security, in addition to compliance with our own privacy policies and contractual obligations to third parties;

•our ability to protect our intellectual property; and

•other risk factors identified from time to time in our public disclosures, including in the reports that we file with the SEC.

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SUPPLEMENTAL TABLE

Reconciliation of Non-GAAP Measures

The following non-GAAP measure consists of our adjusted results that we believe helps investors and users of our financial information understand the effect of adjusting items on our selected reported results; however, it may not be comparable to similarly-titled measures reported by other companies. This adjusted result provides alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following table presents reconciliations of the non-GAAP measure to the applicable amounts measured in accordance with U.S. GAAP. The non-GAAP measure below should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.

Table A—Reconciliation of Non-GAAP Measures

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions, except as noted)						2024						2023						2024						2023
Adjusted operating efficiency ratio:
Operating expense (U.S. GAAP)						$	4,201					$	3,888					$	12,210					$	11,844
Discover integration expenses						(63)						—						(94)						—
FDIC special assessment						9						—						(41)						—
Adjusted operating expense (non-GAAP)						$	4,147					$	3,888					$	12,075					$	11,844
Total net revenue (loss) (U.S. GAAP)						$	10,014					$	9,366					$	28,922					$	27,281
Walmart program agreement termination contra revenue impact						—						—						27						—
Adjusted net revenue (non-GAAP)						$	10,014					$	9,366					$	28,949					$	27,281
Operating efficiency ratio (U.S. GAAP)						41.95%						41.51%						42.22%						43.41%
Impact of adjustments noted above						(54)		bps				—		bps				(51)		bps				—		bps
Adjusted operating efficiency ratio (non-GAAP)						41.41%						41.51%						41.71%						43.41%

The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with U.S. GAAP. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.

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						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions, except as noted)						2024						2023						2024						2023
Tangible Common Equity (Average):
Stockholders’ equity						$	61,289					$	55,012					$	59,139					$	55,048
Goodwill and other intangible assets(1)						(15,225)						(15,348)						(15,251)						(15,174)
Noncumulative perpetual preferred stock						(4,845)						(4,845)						(4,845)						(4,845)
Tangible common equity						$	41,219					$	34,819					$	39,043					$	35,029
Return on Tangible Common Equity (Average):
Net income available to common stockholders						$	1,692					$	1,705					$	3,423					$	3,943
Tangible common equity (Average)						41,219						34,819						39,043						35,029
Return on tangible common equity(2)						16.42%						19.59%						11.69%						15.01%
Tangible Assets (Average):
Total assets						$	481,219					$	469,860					$	477,816					$	466,279
Goodwill and other intangible assets(1)						(15,225)						(15,348)						(15,251)						(15,174)
Tangible assets						$	465,994					$	454,512					$	462,565					$	451,105
Return on Tangible Assets (Average):
Net income						$	1,777					$	1,790					$	3,654					$	4,181
Tangible assets (Average)						465,994						454,512						462,565						451,105
Return on tangible assets(3)						1.53%						1.58%						1.05%						1.24%

(Dollars in millions, except as noted)						September 30, 2024						September 30, 2023						December 31, 2023
Tangible Common Equity (Period-End):
Stockholders’ equity						$	62,925					$	53,668					$	58,089
Goodwill and other intangible assets(1)						(15,214)						(15,308)						(15,289)
Noncumulative perpetual preferred stock						(4,845)						(4,845)						(4,845)
Tangible common equity						$	42,866					$	33,515					$	37,955
Tangible Assets (Period-End):
Total assets						$	486,433					$	471,435					$	478,464
Goodwill and other intangible assets(1)						(15,214)						(15,308)						(15,289)
Tangible assets						$	471,219					$	456,127					$	463,175
Tangible Book Value per Common Share:
Tangible common equity (period-end)						$	42,866					$	33,515					$	37,955
Outstanding Common Shares						381.5						381.0						380.4
Tangible book value per common share						$	112.36					$	87.97					$	99.78
TCE Ratio
Tangible common equity (Period-end)						$	42,866					$	33,515					$	37,955
Tangible Assets (Period-end)						471,219						456,127						463,175
TCE Ratio(4)						9.1%						7.3%						8.2%

(1)Includes impact of related deferred taxes.

(2)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.

(3)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.

(4)TCE ratio is a non-GAAP measure calculated based on TCE divided by period-end tangible assets.

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Glossary and Acronyms

2019 Cybersecurity Incident: The unauthorized access by an outside individual who obtained certain types of personal information relating to people who had applied for our credit card products and to our credit card customers that we announced on July 29, 2019.

2022 Call Report: Consolidated Reports of Condition and Income as of December 31, 2022.

Allowance coverage ratio: Allowance as a percentage of loans held for investment.

Amortized cost: The amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion, or amortization of premium, discount, and net deferred fees or costs, collection of cash, write-offs, foreign exchange and fair value hedge accounting adjustments.

Annual Report: References to our “2023 Form 10-K” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Bank: CONA, Capital One Financial Corporation’s principal operating subsidiary.

Basel Committee: The Basel Committee on Banking Supervision.

Basel III Capital Rules: The regulatory capital requirements established by the Federal Banking Agencies in July 2013 to implement the Basel III capital framework developed by the Basel Committee as well as certain Dodd-Frank Act and other capital provisions.

Basel III Finalization Proposal: The notice of proposed rulemaking released by the Federal Banking Agencies on July 27, 2023 to revise the Basel III Capital Rules applicable to banking organizations with total assets of $100 billion or more and their subsidiary depository institutions.

Basel III standardized approach: The Basel III Capital Rules modified Basel I to create the Basel III standardized approach.

Capital One or the Company: Capital One Financial Corporation and its subsidiaries.

Carrying value (with respect to loans): The amount at which a loan is recorded on the consolidated balance sheets. For loans recorded at amortized cost, carrying value is the unpaid principal balance net of unamortized deferred loan origination fees and costs, and unamortized purchase premium or discount. For loans that are or have been on nonaccrual status, the carrying value is also reduced by any net charge-offs that have been recorded and the amount of interest payments applied as a reduction of principal under the cost recovery method. For credit card loans, the carrying value also includes interest that has been billed to the customer, net of any related reserves. Loans held for sale are recorded at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

CECL: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires an impairment model (known as the CECL model) that is based on expected rather than incurred losses, with an anticipated result of more timely loss recognition. This guidance was effective for us on January 1, 2020.

CECL Transition Election: The optional five-year transition period provided to banking institutions to phase in the impact of the CECL standard on their regulatory capital.

CECL Transition Rule: A rule adopted by the Federal Banking Agencies and effective in 2020 that provides banking institutions an optional five-year transition period to phase in the impact of the CECL standard on their regulatory capital.

Common equity Tier 1 (“CET1”) capital: CET1 capital primarily includes qualifying common shareholders’ equity, retained earnings and certain AOCI amounts less certain deductions for goodwill, intangible assets, and certain deferred tax assets.

CONA: Capital One, National Association, one of our wholly-owned subsidiaries, which offers a broad spectrum of banking products and financial services to consumers, small businesses and commercial clients.

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CONA Bank Merger: The merger of Discover Bank, a Delaware-chartered bank and wholly owned subsidiary of Discover, with and into CONA, with CONA as the surviving entity.

Credit risk: The risk to current or projected financial condition and resilience arising from an obligor’s failure to meet the terms of any contract with the Company or otherwise perform as agreed.

Deposit Insurance Fund (“DIF”): A fund maintained by the FDIC to provide insurance coverage for certain deposits. It is funded through assessments on banks.

Derivative: A contract or agreement whose value is derived from changes in interest rates, foreign exchange rates, prices of securities or commodities, credit worthiness for credit default swaps or financial or commodity indices.

Discontinued operations: The operating results of a component of an entity, as defined by Accounting Standards Codification 205, that are removed from continuing operations when that component has been disposed of or it is management’s intention to sell the component.

Discover: Discover Financial Services, a Delaware corporation.

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”): Regulatory reform legislation signed into law on July 21, 2010. This law broadly affects the financial services industry and contains numerous provisions aimed at strengthening the sound operation of the financial services sector.

Exchange Act: The Securities Exchange Act of 1934, as amended.

eXtensible Business Reporting Language (“XBRL”): A language for the electronic communication of business and financial data.

Federal Banking Agencies: The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.

Federal Deposit Insurance Corporation (“FDIC”): An independent U.S. governmental agency that administers the Deposit Insurance Fund.

Federal Reserve: The Board of Governors of the Federal Reserve System.

FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical modeling software created by FICO (formerly known as “Fair Isaac Corporation”) utilizing data collected by the credit bureaus.

Financial difficulty modification (“FDM”): A FDM is deemed to occur when a loan modification is made to a borrower experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination of these modifications in the current reporting period. FDMs became effective with the adoption of ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023.

Foreign exchange contracts: Contracts that provide for the future receipt or delivery of foreign currency at previously agreed-upon terms.

Framework: The Capital One enterprise-wide risk management framework.

GSE or Agency: A government-sponsored enterprise or agency is a financial services corporation created by the United States Congress. Examples of U.S. government agencies include Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”) and the Federal Home Loan Banks (“FHLB”).

Interest rate sensitivity: The exposure to interest rate movements.

Interest rate swaps: Contracts in which a series of interest rate flows in a single currency are exchanged over a prescribed period. Interest rate swaps are the most common type of derivative contract that we use in our asset/liability management activities.

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Investment grade: Represents a Moody’s long-term rating of Baa3 or better; and/or a S&P long-term rating of BBB- or better; and/or a Fitch long-term rating of BBB- or better; or if unrated, an equivalent rating using our internal risk ratings. Instruments that fall below these levels are considered to be non-investment grade.

Investor Entities: Entities that invest in community development entities (“CDE”) that provide debt financing to businesses and non-profit entities in low-income and rural communities.

LCR Rule: The final rules published by the Basel Committee and as implemented by the Federal Banking Agencies in 2014 for the Basel III Liquidity Coverage Ratio (“LCR”) in the United States. The LCR is calculated by dividing the amount of an institution’s high quality, unencumbered liquid assets by its estimated net cash outflow, as defined and calculated in accordance with the LCR Rule.

Leverage ratio: Tier 1 capital divided by average assets after certain adjustments, as defined by regulators.

Liquidity risk: The risk that the Company will not be able to meet its future financial obligations as they come due, or invest in future asset growth because of an inability to obtain funds at a reasonable price within a reasonable time.

Loan-to-value (“LTV”) ratio: The relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral securing the loan.

Loss severity: Loss given default.

Managed presentation: A non-GAAP presentation of business segment results derived from our internal management accounting and reporting process, which employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business segment. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources and are intended to reflect each segment as if it were a stand-alone business.

Market risk: The risk that an institution’s earnings or the economic value of equity could be adversely impacted by changes in interest rates, foreign exchange rates or other market factors.

Master netting agreement: An agreement between two counterparties that have multiple contracts with each other that provides for the net settlement of all contracts through a single payment in the event of default or termination of any one contract.

Merger Agreement: Agreement and Plan of Merger, dated as of February 19, 2024, by and among Discover, Capital One and Merger Sub.

Merger: The merger of Merger Sub with and into Discover, with Discover as the surviving entity, pursuant to the Merger Agreement.

Merger Sub: Vega Merger Sub, Inc.

Mortgage servicing rights (“MSRs”): The right to service a mortgage loan when the underlying loan is sold or securitized. Servicing includes collections for principal, interest and escrow payments from borrowers and accounting for and remitting principal and interest payments to investors.

Net charge-off rate: Represents (annualized) net charge-offs divided by average loans held for investment for the period. Negative net charge-offs and related rates are captioned as net recoveries.

Net interest margin: Represents (annualized) net interest income divided by average interest-earning assets for the period.

Nonperforming loans: Generally include loans that have been placed on nonaccrual status. We do not report loans classified as held for sale as nonperforming.

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NSFR Rule: The final rules published by the Basel Committee and as issued by the Federal Banking Agencies in October 2020 implementing the net stable funding ratio (“NSFR”) in the United States. The NSFR measures the stability of our funding profile and requires us to maintain minimum amounts of stable funding to support our assets, commitments and derivatives exposures over a one-year period.

PR Rules: The U.S. prudential regulators’ margin rules for uncleared derivatives.

Public Fund Deposits: Deposits that are derived from a variety of political subdivisions such as school districts and municipalities.

Purchase volume: Consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

Rating agency: An independent agency that assesses the credit quality and likelihood of default of an issue or issuer and assigns a rating to that issue or issuer.

Repurchase agreement: An instrument used to raise short-term funds whereby securities are sold with an agreement for the seller to buy back the securities at a later date.

Restructuring charges: Charges associated with the realignment of resources supporting various businesses, primarily consisting of severance and related benefits pursuant to our ongoing benefit programs and impairment of certain assets related to the business locations and/or activities being exited.

Risk-weighted assets: On- and off-balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default.

Second Step Merger: The merger of Discover with and into Capital One, with Capital One as the surviving entity.

Securitized debt obligations: A type of asset-backed security and structured credit product constructed from a portfolio of fixed-income assets.

Stress capital buffer requirement: A component of our standardized approach capital conservation buffer, which is recalibrated annually based on the results of our supervisory stress tests.

Stress Capital Buffer Rule: The final rule issued by the Federal Reserve in March 2020 to implement the stress capital buffer requirement.

Subprime: For purposes of lending in our Credit Card business, we generally consider FICO scores of 660 or below, or other equivalent risk scores, to be subprime. For purposes of auto lending in our Consumer Banking business, we generally consider FICO scores of 620 or below to be subprime.

Tangible common equity (“TCE”): A non-GAAP financial measure calculated as common equity less goodwill and other intangible assets inclusive of any related deferred tax liabilities.

This Report: Quarterly Report on Form 10-Q for the period ended September, 30 2024.

Transaction: On February 19, 2024, we entered into the Merger Agreement to acquire Discover in an all-stock transaction.

Unfunded lending commitments: Legally binding agreements to provide a defined level of financing until a specified future date.

U.S. GAAP: Accounting principles generally accepted in the United States of America. Accounting rules and conventions defining acceptable practices in preparing financial statements in the U.S.

U.S. Real Gross Domestic Product (“GDP”): An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year.

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Variable interest entity (“VIE”): An entity that, by design, either (i) lacks sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) has equity investors that do not have (a) the ability to make significant decisions relating to the entity’s operations through voting rights, (b) the obligation to absorb the expected losses, and/or (c) the right to receive the residual returns of the entity.

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Acronyms

ABS: Asset-backed securities

AOCI: Accumulated other comprehensive income

ASU: Accounting Standards Update

ATM: Automated teller machine

BHC: Bank holding company

bps: Basis points

CAD: Canadian dollar

CCP: Central Counterparty Clearinghouse, or Central Clearinghouse

CDE: Community development entities

CECL: Current expected credit loss

CEO: Chief Executive Officer

CET1: Common equity Tier 1 capital

CFO: Chief Financial Officer

CFPB: Consumer Financial Protection Bureau

CMBS: Commercial mortgage-backed securities

CME: Chicago Mercantile Exchange

COEP: Capital One (Europe) plc

COF: Capital One Financial Corporation

CONA: Capital One, National Association

CVA: Credit valuation adjustment

DCF: Discounted cash flow

DIF: Deposit Insurance Fund

DTCC: Depository Trust and Clearing Corporation

DVA: Debit valuation adjustment

EUR: Euro

Fannie Mae: Federal National Mortgage Association

FASB: Financial Accounting Standards Board

FCA: Financial Conduct Authority

FCM: Futures commission merchant

FDM: Financial difficulty modification

FDIC: Federal Deposit Insurance Corporation

FFIEC: Federal Financial Institutions Examination Council

FHLB: Federal Home Loan Banks

FICC - GSD: Fixed Income Clearing Corporation - Government Securities Division

FICO: Fair Isaac Corporation

Fitch: Fitch Ratings

Freddie Mac: Federal Home Loan Mortgage Corporation

GAAP: Generally accepted accounting principles in the U.S.

GBP: Pound sterling

GDP: U.S. Real Gross Domestic Product

Ginnie Mae: Government National Mortgage Association

G-SIB: Global systemically important banks

GSE or Agency: Government-sponsored enterprise

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ICE: Intercontinental Exchange

IRM: Independent Risk Management

LCH: LCH Group

LCR: Liquidity coverage ratio

LTV: Loan-to-Value

Moody’s: Moody’s Investors Service

MSRs: Mortgage servicing rights

NORA: Notice of Opportunity to Respond and Advise

NSFR: Net stable funding ratio

OCC: Office of the Comptroller of the Currency

OCI: Other comprehensive income

OPC: Canada’s Office of Privacy Commissioner

OTC: Over-the-counter

PCA: Prompt corrective action

PCCR: Purchased credit card relationship

PCD: Purchased Credit-Deteriorated

PPI: Payment protection insurance

RMBS: Residential mortgage-backed securities

S&P: Standard & Poor’s

SEC: U.S. Securities and Exchange Commission

SOFR: Secured Overnight Financing Rate

TCE: Tangible common equity

TDR: Troubled debt restructuring

U.K.: United Kingdom

U.S.: United States of America

VaR: Value-At-Risk

VIE: Variable interest entity

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Item 1. Financial Statements
			Page
Consolidated Financial Statements			77
Consolidated Statements of Income			77
Consolidated Statements of Comprehensive Income			78
Consolidated Balance Sheets			79
Consolidated Statements of Changes in Stockholders’ Equity			80
Consolidated Statements of Cash Flows			82
Notes to Consolidated Financial Statements			84
Note 1—Summary of Significant Accounting Policies			84
Note 2—Business Combinations			86
Note 3—Investment Securities			87
Note 4—Loans			90
Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments			105
Note 6—Variable Interest Entities and Securitizations			110
Note 7—Goodwill and Other Intangible Assets			114
Note 8—Deposits and Borrowings			115
Note 9—Derivative Instruments and Hedging Activities			116
Note 10—Stockholders’ Equity			126
Note 11—Earnings Per Common Share			130
Note 12—Fair Value Measurement			131
Note 13—Business Segments and Revenue from Contracts with Customers			139
Note 14—Commitments, Contingencies, Guarantees and Others			143

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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions, except per share-related data)						2024						2023						2024						2023
Interest income:
Loans, including loans held for sale						$	10,547					$	9,696					$	30,460					$	27,476
Investment securities						733						627						2,120						1,881
Other						580						550						1,737						1,436
Total interest income						11,860						10,873						34,317						30,793
Interest expense:
Deposits						2,945						2,611						8,631						6,744
Securitized debt obligations						234						249						753						696
Senior and subordinated notes						596						579						1,793						1,596
Other borrowings						9						11						30						35
Total interest expense						3,784						3,450						11,207						9,071
Net interest income						8,076						7,423						23,110						21,722
Provision for credit losses						2,482						2,284						9,074						7,569
Net interest income after provision for credit losses						5,594						5,139						14,036						14,153
Non-interest income:
Interchange fees, net						1,228						1,234						3,622						3,586
Service charges and other customer-related fees						501						453						1,422						1,243
Net securities gains (losses)						(35)						0						(35)						0
Other						244						256						803						730
Total non-interest income						1,938						1,943						5,812						5,559
Non-interest expense:
Salaries and associate benefits						2,391						2,274						7,069						7,018
Occupancy and equipment						587						518						1,692						1,532
Marketing						1,113						972						3,187						2,755
Professional services						402						295						980						909
Communications and data processing						358						344						1,064						1,038
Amortization of intangibles						20						24						58						60
Other						443						433						1,347						1,287
Total non-interest expense						5,314						4,860						15,397						14,599
Income from continuing operations before income taxes						2,218						2,222						4,451						5,113
Income tax provision						441						432						797						932
Net income						1,777						1,790						3,654						4,181
Dividends and undistributed earnings allocated to participating securities						(28)						(28)						(60)						(67)
Preferred stock dividends						(57)						(57)						(171)						(171)
Net income available to common stockholders						$	1,692					$	1,705					$	3,423					$	3,943
Basic earnings per common share:
Net income per basic common share						$	4.42					$	4.46					$	8.94					$	10.31
Diluted earnings per common share:
Net income per diluted common share						$	4.41					$	4.45					$	8.92					$	10.28

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)						2024						2023						2024						2023
Net income						$	1,777					$	1,790					$	3,654					$	4,181
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale						2,300						(2,108)						1,272						(2,034)
Net unrealized gains (losses) on hedging relationships						1,069						(259)						677						(282)
Foreign currency translation adjustments						45						(39)						31						8
Other						0						0						1						0
Other comprehensive income (loss), net of tax						3,414						(2,406)						1,981						(2,308)
Comprehensive income (loss)						$	5,191					$	(616)					$	5,635					$	1,873

    

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in millions, except per share-related data)						September 30, 2024						December 31, 2023
Assets:
Cash and cash equivalents:
Cash and due from banks						$	3,976					$	4,903
Interest-bearing deposits and other short-term investments						45,322						38,394
Total cash and cash equivalents						49,298						43,297
Restricted cash for securitization investors						421						458
Securities available for sale (amortized cost of $90.8 billion and $88.1 billion and allowance for credit losses of $3 million and $4 million as of September 30, 2024 and December 31, 2023, respectively)						83,500						79,117
Loans held for investment:
Unsecuritized loans held for investment						292,061						289,229
Loans held in consolidated trusts						28,182						31,243
Total loans held for investment						320,243						320,472
Allowance for credit losses						(16,534)						(15,296)
Net loans held for investment						303,709						305,176
Loans held for sale ($77 million and $347 million carried at fair value as of September 30, 2024 and December 31, 2023, respectively)						96						854
Premises and equipment, net						4,440						4,375
Interest receivable						2,577						2,478
Goodwill						15,083						15,065
Other assets						27,309						27,644
Total assets						$	486,433					$	478,464
Liabilities:
Interest payable						$	705					$	649
Deposits:
Non-interest-bearing deposits						26,378						28,024
Interest-bearing deposits						327,253						320,389
Total deposits						353,631						348,413
Securitized debt obligations						15,881						18,043
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase						520						538
Senior and subordinated notes						32,911						31,248
Other borrowings						24						27
Total other debt						33,455						31,813
Other liabilities						19,836						21,457
Total liabilities						423,508						420,375
Commitments, contingencies and guarantees (see Note 14)
Stockholders’ equity:
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 4,975,000 shares issued and outstanding as of both September 30, 2024 and December 31, 2023)						0						0
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 701,557,753 and 696,242,668 shares issued as of September 30, 2024 and December 31, 2023, respectively; 381,510,336 and 380,389,609 shares outstanding as of September 30, 2024 and December 31, 2023, respectively)						7						7
Additional paid-in capital, net						36,216						35,541
Retained earnings						63,698						60,945
Accumulated other comprehensive loss						(6,287)						(8,268)
Treasury stock, at cost (par value $0.01 per share; 320,047,417 and 315,853,059 shares as of September 30, 2024 and December 31, 2023, respectively)						(30,709)						(30,136)
Total stockholders’ equity						62,925						58,089
Total liabilities and stockholders’ equity						$	486,433					$	478,464

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in millions)						Preferred Stock												Common Stock												Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Treasury Stock						Total Stockholders’ Equity
						Shares						Amount						Shares						Amount
Balance as of December 31, 2023						4,975,000						$	0					696,242,668						$	7					$	35,541					$	60,945					$	(8,268)					$	(30,136)					$	58,089
Cumulative effects of accounting standards adoption(1)																																				(25)																		(25)
Comprehensive income (loss)																																				1,280						(1,266)												14
Dividends—common stock(2)																		24,969						0						3						(238)																		(235)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(249)						(249)
Issuances of common stock and restricted stock, net of forfeitures																		3,470,983						0						80																								80
Exercises of stock options																		15,000						0						1																								1
Compensation expense for restricted stock units																														183																								183
Balance as of March 31, 2024						4,975,000						$	0					699,753,620						$	7					$	35,808					$	61,905					$	(9,534)					$	(30,385)					$	57,801
Comprehensive income (loss)																																				597						(167)												430
Dividends—common stock(2)																		8,354						0						2						(234)																		(232)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(163)						(163)
Issuances of common stock and restricted stock, net of forfeitures																		941,120						0						95																								95
Compensation expense for restricted stock units																														107																								107
Balance as of June 30, 2024						4,975,000						$	0					700,703,094						$	7					$	36,012					$	62,211					$	(9,701)					$	(30,548)					$	57,981
Comprehensive income																																				1,777						3,414												5,191
Dividends—common stock(2)																		2,846						0						0						(233)																		(233)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(161)						(161)
Issuances of common stock and restricted stock, net of forfeitures																		691,072						0						76																								76
Exercises of stock options																		160,741						0						3																								3
Compensation expense for restricted stock units																														125																								125
Balance as of September 30, 2024						4,975,000						$	0					701,557,753						$	7					$	36,216					$	63,698					$	(6,287)					$	(30,709)					$	62,925

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in millions)						Preferred Stock												Common Stock												Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Treasury Stock						Total Stockholders’ Equity
						Shares						Amount						Shares						Amount
Balance as of December 31, 2022						4,975,000						$	0					690,334,422						$	7					$	34,725					$	57,184					$	(9,916)					$	(29,418)					$	52,582
Cumulative effects of accounting standards adoption(3)																																				48																		48
Comprehensive income																																				960						1,376												2,336
Dividends—common stock(2)																		26,635						0						3						(237)																		(234)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(246)						(246)
Issuances of common stock and restricted stock, net of forfeitures																		2,972,149						0						76																								76
Compensation expense for restricted stock units																														148																								148
Balance as of March 31, 2023						4,975,000						$	0					693,333,206						$	7					$	34,952					$	57,898					$	(8,540)					$	(29,664)					$	54,653
Cumulative effects of accounting standards adoption(4)																																				(11)																		(11)
Comprehensive income (loss)																																				1,431						(1,278)												153
Dividends—common stock(2)																		4,745						0						1						(233)																		(232)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(157)						(157)
Issuances of common stock and restricted stock, net of forfeitures																		989,004						0						88																								88
Compensation expense for restricted stock units																														122																								122
Balance as of June 30, 2023						4,975,000						$	0					694,326,955						$	7					$	35,163					$	59,028					$	(9,818)					$	(29,821)					$	54,559
Comprehensive income (loss)																																				1,790						(2,406)												(616)
Dividends—common stock(2)																		4,078						0						0						(232)																		(232)
Dividends—preferred stock																																				(57)																		(57)
Purchases of treasury stock																																																(157)						(157)
Issuances of common stock and restricted stock, net of forfeitures																		943,409						0						71																								71
Exercises of stock options																		62,256						0						4																								4
Compensation expense for restricted stock units																														96																								96
Balance as of September 30, 2023						4,975,000						$	0					695,336,698						$	7					$	35,334					$	60,529					$	(12,224)					$	(29,978)					$	53,668

________

(1)Impact from the adoption of Accounting Standards Update (“ASU”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method as of January 1, 2024.

(2)We declared dividends per share on our common stock of $0.60 in the third quarter of 2024 and 2023, and $1.80 in the first nine months of 2024 and 2023.

(3)Impact from the adoption of ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.

(4)We have equity method investments in certain non-public entities which adopted ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) as of January 1, 2023. The impact to retained earnings was recorded in the second quarter of 2023, on a one quarter lag consistent with our standard operating procedures for equity method investments.

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

						Nine Months Ended September 30,
(Dollars in millions)						2024						2023
Operating activities:
Income from continuing operations, net of tax						$	3,654					$	4,181
Net income						3,654						4,181
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses						9,074						7,569
Depreciation and amortization, net						2,423						2,428
Deferred tax benefit						(501)						(513)
Net securities losses						35						0
Loss on sales of loans						27						1
Stock-based compensation expense						425						372
Other						37						(46)
Loans held for sale:
Originations and purchases						(2,603)						(3,990)
Proceeds from sales and paydowns						2,887						3,847
Changes in operating assets and liabilities:
Changes in interest receivable						(99)						(350)
Changes in other assets						913						(483)
Changes in interest payable						56						158
Changes in other liabilities						(617)						301
Net cash from operating activities						15,711						13,475
Investing activities:
Securities available for sale:
Purchases						(11,677)						(7,334)
Proceeds from paydowns and maturities						8,732						6,663
Proceeds from sales						175						0
Loans:
Net changes in loans originated as held for investment						(9,984)						(8,827)
Principal recoveries of loans previously charged off						2,197						1,715
Changes in premises and equipment						(848)						(700)
Net cash used in acquisitions						0						(2,785)
Net cash used in other investing activities						(756)						(962)
Net cash used in investing activities						$	(12,161)					$	(12,230)

See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

						Nine Months Ended September 30,
(Dollars in millions)						2024						2023
Financing activities:
Deposits and borrowings:
Changes in deposits						$	4,987					$	13,080
Issuance of securitized debt obligations						997						2,443
Maturities and paydowns of securitized debt obligations						(3,434)						(2,003)
Issuance of senior and subordinated notes						3,985						5,728
Maturities and paydowns of senior and subordinated notes						(2,911)						(4,886)
Changes in other borrowings						(21)						(369)
Common stock:
Net proceeds from issuances						251						235
Dividends paid						(700)						(698)
Preferred stock:
Dividends paid						(171)						(171)
Purchases of treasury stock						(573)						(560)
Proceeds from share-based payment activities						4						4
Net cash from financing activities						2,414						12,803
Changes in cash, cash equivalents and restricted cash for securitization investors						5,964						14,048
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period						43,755						31,256
Cash, cash equivalents and restricted cash for securitization investors, end of the period						$	49,719					$	45,304
Supplemental cash flow information:
Non-cash items:
Interest paid						9,831						10,196
Income tax paid						563						871

See Notes to Consolidated Financial Statements.
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NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.

As of September 30, 2024, Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”

We also offer products outside of the United States of America (“U.S.”) principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans.

Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of any recent material acquisitions into our business segments, and the allocation methodologies and accounting policies used to derive our business segment results in “Note 13—Business Segments and Revenue from Contracts with Customers.”

Basis of Presentation and Use of Estimates

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.

These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in Capital One Financial Corporation’s 2023 Annual Report on Form 10-K (“2023 Form 10-K”).

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Newly Adopted Accounting Standards During the Nine Months Ended September 30, 2024

Standard

Guidance

Adoption Timing and Financial Statement Impacts

Tax Credit Investments ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued March 2023

Permits entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, if certain criteria are met. Previously, only Low-Income Housing Tax Credit investments were eligible for application of the proportional amortization method.

We adopted this standard on its effective date of January 1, 2024 using a modified retrospective transition method, which results in a cumulative-effect adjustment to retained earnings in the period of adoption. Our adoption of this standard did not have a material impact on our consolidated financial statements. See “Consolidated Statements of Changes in Stockholders’ Equity” and “Note 6—Variable Interest Entities and Securitizations” for additional disclosures.

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NOTE 2—BUSINESS COMBINATIONS

On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover Financial Services, a Delaware corporation (“Discover”) and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which (a) Merger Sub will merge with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (b) immediately following the Merger, Discover, as the surviving entity, will merge with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (c) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, will merge with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and the Second Step Merger, the “Transaction”). The Merger Agreement was unanimously approved by the Boards of Directors of each of Capital One and Discover.

At the effective time of the Merger, each share of common stock of Discover outstanding immediately prior to the effective time of the Merger, other than certain shares held by Discover or Capital One, will be converted into the right to receive 1.0192 shares of common stock of Capital One. Holders of Discover common stock will receive cash in lieu of fractional shares. At the effective time of the Second Step Merger, each share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, of Discover, and each share of 6.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, of Discover, in each case outstanding immediately prior to the effective time of the Second Step Merger, will be converted into the right to receive a share of newly created series of preferred stock of Capital One having terms that are not materially less favorable than the applicable series of Discover preferred stock. The closing of the Transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the stockholders of each of Capital One and Discover.

For the three and nine months ended September 30, 2024, we have incurred $63 million and $94 million of integration expenses related to the agreement to acquire Discover, which are included in Operating Expense in our Consolidated Statements of Income.

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NOTE 3—INVESTMENT SECURITIES

Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of September 30, 2024 and December 31, 2023, respectively.

The table below presents the amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value aggregated by major security type as of September 30, 2024 and December 31, 2023. Accrued interest receivable of $264 million and $227 million as of September 30, 2024 and December 31, 2023, respectively, is not included in the table below.

Table 3.1: Investment Securities Available for Sale

						September 30, 2024
(Dollars in millions)						Amortized Cost						Allowance  for Credit  Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
U.S. Treasury securities						$	6,035					$	0					$	10					$	(13)					$	6,032
RMBS:
Agency						72,576						0						205						(7,130)						65,651
Non-agency						576						(3)						86						(3)						656
Total RMBS						73,152						(3)						291						(7,133)						66,307
Agency CMBS						8,613						0						35						(465)						8,183
Other securities(1)						2,971						0						7						0						2,978
Total investment securities available for sale						$	90,771					$	(3)					$	343					$	(7,611)					$	83,500

						December 31, 2023
(Dollars in millions)						Amortized Cost						Allowance  for Credit  Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Investment securities available for sale:
U.S. Treasury securities						$	5,330					$	0					$	1					$	(49)					$	5,282
RMBS:
Agency						71,294						0						104						(8,450)						62,948
Non-agency						610						(4)						89						(5)						690
Total RMBS						71,904						(4)						193						(8,455)						63,638
Agency CMBS						8,961						0						14						(652)						8,323
Other securities(1)						1,868						0						6						0						1,874
Total investment securities available for sale						$	88,063					$	(4)					$	214					$	(9,156)					$	79,117

__________    

(1)Includes $2.4 billion and $1.4 billion of asset-backed securities (“ABS”) as of September 30, 2024 and December 31, 2023, respectively. The remaining amount is primarily comprised of supranational bonds, foreign government bonds and U.S. agency debt bonds.

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Investment Securities in a Gross Unrealized Loss Position

The table below provides the gross unrealized losses and fair value of our securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023. The amounts include securities available for sale without an allowance for credit losses.

Table 3.2: Securities in a Gross Unrealized Loss Position

						September 30, 2024
						Less than 12 Months												12 Months or Longer												Total
(Dollars in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities						$	3,772					$	(4)					$	1,331					$	(9)					$	5,103					$	(13)
RMBS:
Agency						1,807						(10)						52,413						(7,120)						54,220						(7,130)
Non-agency						4						0						10						0						14						0
Total RMBS						1,811						(10)						52,423						(7,120)						54,234						(7,130)
Agency CMBS						192						(1)						5,966						(464)						6,158						(465)
Other securities						776						0						4						0						780						0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)						$	6,551					$	(15)					$	59,724					$	(7,593)					$	66,275					$	(7,608)

						December 31, 2023
						Less than 12 Months												12 Months or Longer												Total
(Dollars in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities						$	733					$	0					$	2,242					$	(49)					$	2,975					$	(49)
RMBS:
Agency						3,511						(43)						53,987						(8,407)						57,498						(8,450)
Non-agency						1						0						13						(1)						14						(1)
Total RMBS						3,512						(43)						54,000						(8,408)						57,512						(8,451)
Agency CMBS						547						(7)						6,465						(645)						7,012						(652)
Other securities						276						0						4						0						280						0
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)						$	5,068					$	(50)					$	62,711					$	(9,102)					$	67,779					$	(9,152)

__________

(1)    Consists of approximately 2,500 and 2,740 securities in gross unrealized loss positions as of September 30, 2024 and December 31, 2023, respectively.

Maturities and Yields of Investment Securities

The table below summarizes, as of September 30, 2024, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost and weighted-average yields of our investment securities by contractual maturity. Since borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average yield below represents the effective yield for the investment securities presented on a pre-tax basis and is calculated based on the amortized cost of each security, inclusive of the contractual coupon, the impact of any premium amortization or discount accretion and any hedge accounting relationships.

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Table 3.3: Contractual Maturities and Weighted-Average Yields of Securities

						September 30, 2024
(Dollars in millions)						Due in 1 Year or Less						Due > 1 Year through 5 Years						Due > 5 Years through 10 Years						Due > 10 Years						Total
Fair value of securities available for sale:
U.S. Treasury securities						$	3,334					$	1,254					$	1,444					$	0					$	6,032
RMBS(1):
Agency						1						74						1,099						64,477						65,651
Non-agency						0						0						12						644						656
Total RMBS						1						74						1,111						65,121						66,307
Agency CMBS(1)						515						2,930						2,758						1,980						8,183
Other securities						344						2,617						17						0						2,978
Total securities available for sale						$	4,194					$	6,875					$	5,330					$	67,101					$	83,500
Amortized cost of securities available for sale						$	4,204					$	6,980					$	5,569					$	74,018					$	90,771
Weighted-average yield for securities available for sale						4.74%						4.07%						3.89%						3.16%						3.35%

__________

(1)As of September 30, 2024, the weighted-average expected maturities of RMBS and Agency CMBS were 7.4 years and 4.9 years, respectively.

Net Securities Gains or Losses and Proceeds from Sales

For the three and nine months ended September 30, 2024, total proceeds from sales of our securities were $175 million with losses of $35 million. We had no sales of securities for the three and nine months ended September 30, 2023.

Securities Pledged and Received

We pledged investment securities totaling $40.1 billion and $45.1 billion as of September 30, 2024 and December 31, 2023, respectively. These securities are primarily pledged to support our access to FHLB advances and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately $11 million and $16 million as of September 30, 2024 and December 31, 2023, respectively, related to our derivative transactions.

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NOTE 4—LOANS

Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three portfolio segments: Credit Card, Consumer Banking and Commercial Banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in the tables in this note excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

Accrued interest receivable of $2.2 billion as of both September 30, 2024 and December 31, 2023, is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of September 30, 2024 and December 31, 2023. The delinquency aging includes all past due loans, both performing and nonperforming.

Table 4.1: Loan Portfolio Composition and Aging Analysis

						September 30, 2024
												Delinquent Loans
(Dollars in millions)						Current						30-59 Days						60-89 Days						> 90 Days						Total Delinquent Loans						Total Loans
Credit Card:
Domestic credit card						$	142,633					$	1,982					$	1,469					$	3,316					$	6,767					$	149,400
International card businesses						6,914						116						75						146						337						7,251
Total credit card						149,547						2,098						1,544						3,462						7,104						156,651
Consumer Banking:
Auto						70,682						2,895						1,452						476						4,823						75,505
Retail banking						1,229						13						2						9						24						1,253
Total consumer banking						71,911						2,908						1,454						485						4,847						76,758
Commercial Banking:
Commercial and multifamily real estate						32,016						114						20						49						183						32,199
Commercial and industrial						54,320						114						54						147						315						54,635
Total commercial banking						86,336						228						74						196						498						86,834
Total loans(1)						$	307,794					$	5,234					$	3,072					$	4,143					$	12,449					$	320,243
% of Total loans						96.11%						1.64%						0.96%						1.29%						3.89%						100.00%

    

						December 31, 2023
												Delinquent Loans
(Dollars in millions)						Current						30-59 Days						60-89 Days						> 90 Days						Total Delinquent Loans						Total Loans
Credit Card:
Domestic credit card						$	140,860					$	1,968					$	1,471					$	3,367					$	6,806					$	147,666
International card businesses						6,552						116						76						137						329						6,881
Total credit card						147,412						2,084						1,547						3,504						7,135						154,547
Consumer Banking:
Auto						68,768						3,268						1,555						484						5,307						74,075
Retail banking						1,329						15						3						15						33						1,362
Total consumer banking						70,097						3,283						1,558						499						5,340						75,437

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						December 31, 2023
												Delinquent Loans
(Dollars in millions)						Current						30-59 Days						60-89 Days						> 90 Days						Total Delinquent Loans						Total Loans
Commercial Banking:
Commercial and multifamily real estate						34,325						0						14						107						121						34,446
Commercial and industrial						55,861						0						0						181						181						56,042
Total commercial banking						90,186						0						14						288						302						90,488
Total loans(1)						$	307,695					$	5,367					$	3,119					$	4,291					$	12,777					$	320,472
% of Total loans						96.01%						1.68%						0.97%						1.34%						3.99%						100.00%

__________

(1)Loans include unamortized premiums, discounts, and deferred fees and costs totaling $1.3 billion and $1.4 billion as of September 30, 2024 and December 31, 2023, respectively.

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The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of September 30, 2024 and December 31, 2023. Nonperforming loans generally include loans that have been placed on nonaccrual status.

Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans

						September 30, 2024																		December 31, 2023
(Dollars in millions)						> 90 Days and Accruing						Nonperforming Loans(1)						Nonperforming  Loans Without an Allowance						> 90 Days and Accruing						Nonperforming Loans(1)						Nonperforming  Loans Without an Allowance
Credit Card:
Domestic credit card						$	3,316					N/A						$	0					$	3,367					N/A						$	0
International card businesses						140						$	11					0						132						$	9					0
Total credit card						3,456						11						0						3,499						9						0
Consumer Banking:
Auto						0						685						0						0						712						0
Retail banking						0						27						14						0						46						19
Total consumer banking						0						712						14						0						758						19
Commercial Banking:
Commercial and multifamily real estate						0						630						314						0						425						335
Commercial and industrial						0						718						552						55						336						193
Total commercial banking						0						1,348						866						55						761						528
Total						$	3,456					$	2,071					$	880					$	3,554					$	1,528					$	547
% of Total loans held for investment						1.08		%				0.65		%				0.27		%				1.11		%				0.48		%				0.17		%

__________

(1)We recognized interest income for loans classified as nonperforming of $6 million and $70 million for the three and nine months ended September 30, 2024, respectively, and $11 million and $47 million for the three and nine months ended September 30, 2023, respectively.

			92			Capital One Financial Corporation (COF)

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Table of Contents

Credit Quality Indicators

We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. We discuss these risks and our credit quality indicator for each portfolio segment below.

Credit Card

Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as the U.S. unemployment rate and U.S. Real Gross Domestic Product (“GDP”) growth rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our credit card loan portfolio is delinquency trends, including an analysis of loan migration between delinquency categories over time.

The table below presents our credit card portfolio by delinquency status as of September 30, 2024 and December 31, 2023.

Table 4.3: Credit Card Delinquency Status

												September 30, 2024																		December 31, 2023
(Dollars in millions)												Revolving Loans						Revolving Loans Converted to Term						Total						Revolving Loans						Revolving Loans Converted to Term						Total
Credit Card:
Domestic credit card:
Current												$	142,201					$	432					$	142,633					$	140,521					$	339					$	140,860
30-59 days												1,952						30						1,982						1,940						28						1,968
60-89 days												1,450						19						1,469						1,454						17						1,471
Greater than 90 days												3,289						27						3,316						3,339						28						3,367
Total domestic credit card												148,892						508						149,400						147,254						412						147,666
International card businesses:
Current												6,877						37						6,914						6,521						31						6,552
30-59 days												111						5						116						112						4						116
60-89 days												71						4						75						72						4						76
Greater than 90 days												142						4						146						132						5						137
Total international card businesses												7,201						50						7,251						6,837						44						6,881
Total credit card												$	156,093					$	558					$	156,651					$	154,091					$	456					$	154,547

			93			Capital One Financial Corporation (COF)

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Consumer Banking

Our consumer banking loan portfolio consists of auto and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we consider when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.

The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of September 30, 2024 and December 31, 2023. We present our auto loan portfolio by Fair Isaac Corporation (“FICO”) scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.

Table 4.4: Consumer Banking Portfolio by Vintage Year

						September 30, 2024
						Term Loans by Vintage Year
(Dollars in millions)						2024						2023						2022						2021						2020						Prior						Total Term Loans						Revolving Loans						Revolving Loans Converted to Term						Total
Auto—At origination FICO scores:(1)
Greater than 660						$	12,790					$	9,219					$	9,214					$	6,501					$	1,832					$	578					$	40,134					$	0					$	0					$	40,134
621-660						4,316						3,827						3,262						2,291						811						330						14,837						0						0						14,837
620 or below						6,045						5,331						4,071						2,935						1,453						699						20,534						0						0						20,534
Total auto						23,151						18,377						16,547						11,727						4,096						1,607						75,505						0						0						75,505
Retail banking—Delinquency status:
Current						113						78						92						52						54						494						883						342						4						1,229
30-59 days						0						0						0						0						0						2						2						11						0						13
60-89 days						0						0						0						0						0						0						0						2						0						2
Greater than 90 days						0						0						0						0						1						7						8						1						0						9
Total retail banking						113						78						92						52						55						503						893						356						4						1,253
Total consumer banking						$	23,264					$	18,455					$	16,639					$	11,779					$	4,151					$	2,110					$	76,398					$	356					$	4					$	76,758

			94			Capital One Financial Corporation (COF)

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						December 31, 2023
						Term Loans by Vintage Year
(Dollars in millions)						2023						2022						2021						2020						2019						Prior						Total Term Loans						Revolving Loans						Revolving Loans Converted to Term						Total
Auto—At origination FICO scores:(1)
Greater than 660						$	12,219					$	12,593					$	9,505					$	3,124					$	1,213					$	309					$	38,963					$	0					$	0					$	38,963
621-660						4,863						4,432						3,346						1,337						592						192						14,762						0						0						14,762
620 or below						6,647						5,539						4,283						2,349						1,131						401						20,350						0						0						20,350
Total auto						23,729						22,564						17,134						6,810						2,936						902						74,075						0						0						74,075
Retail banking—Delinquency status:
Current						98						157						57						65						117						468						962						363						4						1,329
30-59 days						1						0						1						1						0						1						4						11						0						15
60-89 days						0						0						0						0						0						1						1						2						0						3
Greater than 90 days						0						0						0						0						0						8						8						6						1						15
Total retail banking						99						157						58						66						117						478						975						382						5						1,362
Total consumer banking						$	23,828					$	22,721					$	17,192					$	6,876					$	3,053					$	1,380					$	75,050					$	382					$	5					$	75,437

__________

(1)Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

			95			Capital One Financial Corporation (COF)

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Commercial Banking

The key credit quality indicator for our commercial loan portfolios is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:

•Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans.

•Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date.

•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.

We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are also generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.

The following table presents our commercial banking portfolio of loans held for investment by internal risk ratings as of September 30, 2024 and December 31, 2023. The internal risk rating status includes all past due loans, both performing and nonperforming.

Table 4.5: Commercial Banking Portfolio by Internal Risk Ratings

						September 30, 2024
						Term Loans by Vintage Year
(Dollars in millions)						2024						2023						2022						2021						2020						Prior						Total Term Loans						Revolving Loans						Revolving Loans Converted to Term						Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized						$	1,262					$	2,300					$	3,643					$	2,265					$	965					$	5,096					$	15,531					$	12,591					$	50					$	28,172
Criticized performing						53						91						1,525						294						128						1,048						3,139						161						97						3,397
Criticized nonperforming						23						0						14						141						83						341						602						28						0						630
Total commercial and multifamily real estate						1,338						2,391						5,182						2,700						1,176						6,485						19,272						12,780						147						32,199
Commercial and industrial
Noncriticized						4,106						6,046						10,197						5,770						2,762						7,001						35,882						14,637						144						50,663
Criticized performing						6						193						781						811						118						367						2,276						978						0						3,254
Criticized nonperforming						62						13						128						17						189						120						529						189						0						718
Total commercial and industrial						4,174						6,252						11,106						6,598						3,069						7,488						38,687						15,804						144						54,635
Total commercial banking						$	5,512					$	8,643					$	16,288					$	9,298					$	4,245					$	13,973					$	57,959					$	28,584					$	291					$	86,834

			96			Capital One Financial Corporation (COF)

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						December 31, 2023
						Term Loans by Vintage Year
(Dollars in millions)						2023						2022						2021						2020						2019						Prior						Total Term Loans						Revolving Loans						Revolving Loans Converted to Term						Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized						$	3,068					$	4,665					$	2,773					$	1,019					$	2,104					$	3,670					$	17,299					$	12,565					$	25					$	29,889
Criticized performing						148						1,494						706						284						463						904						3,999						133						0						4,132
Criticized nonperforming						65						26						124						0						47						163						425						0						0						425
Total commercial and multifamily real estate						3,281						6,185						3,603						1,303						2,614						4,737						21,723						12,698						25						34,446
Commercial and industrial
Noncriticized						6,909						11,935						6,994						3,566						2,359						5,117						36,880						14,822						167						51,869
Criticized performing						353						706						655						237						348						349						2,648						1,189						0						3,837
Criticized nonperforming						13						53						30						18						123						68						305						31						0						336
Total commercial and industrial						7,275						12,694						7,679						3,821						2,830						5,534						39,833						16,042						167						56,042
Total commercial banking						$	10,556					$	18,879					$	11,282					$	5,124					$	5,444					$	10,271					$	61,556					$	28,740					$	192					$	90,488

__________

(1)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

			97			Capital One Financial Corporation (COF)

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Financial Difficulty Modifications to Borrowers

As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for repossession or foreclosure of collateral.

We consider the impact of all loan modifications when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.

For additional information on Financial Difficulty Modifications (“FDMs”), see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.

The following tables present the major modification types, amortized cost amounts for each modification type and financial effects for all FDMs undertaken during the three and nine months ended September 30, 2024 and 2023.

Table 4.6: Financial Difficulty Modifications to Borrowers

						Three Months Ended September 30, 2024
						Credit Card																		Consumer Banking																		Commercial Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial and Multifamily Real Estate						Commercial and Industrial						Total Commercial Banking						Total
Interest rate reduction						$	173					$	60					$	233					—						—						—						—						$	9					$	9					$	242
Term extension						—						—						—						$	10					$	3					$	13					$	286					432						718						731
Principal balance reduction						—						—						—						9						—						9						—						—						—						9
Interest rate reduction and term extension						5						—						5						258						—						258						—						1						1						264
Other(1)						—						—						—						2						—						2						21						31						52						54
Total loans modified						$	178					$	60					$	238					$	279					$	3					$	282					$	307					$	473					$	780					$	1,300
% of total class of receivables						0.12		%				0.83		%				0.15		%				0.37		%				0.22		%				0.37		%				0.96		%				0.87		%				0.90		%				0.41		%

						Nine Months Ended September 30, 2024
						Credit Card																		Consumer Banking																		Commercial Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial and Multifamily Real Estate						Commercial and Industrial						Total Commercial Banking						Total
Interest rate reduction						$	472					$	113					$	585					—						—						—						—						$	9					$	9					$	594
Term extension						—						—						—						$	17					$	4					$	21					$	513					695						1,208						1,229
Principal balance reduction						—						—						—						19						—						19						—						15						15						34
Interest rate reduction and term extension						8						—						8						573						—						573						—						7						7						588
Other(1)						—						—						—						3						1						4						159						117						276						280
Total loans modified						$	480					$	113					$	593					$	612					$	5					$	617					$	672					$	843					$	1,515					$	2,725
% of total class of receivables						0.32		%				1.56		%				0.38		%				0.81		%				0.42		%				0.80		%				2.09		%				1.54		%				1.74		%				0.85		%

						Three Months Ended September 30, 2023
						Credit Card																		Consumer Banking																		Commercial Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial and Multifamily Real Estate						Commercial and Industrial						Total Commercial Banking						Total
Interest rate reduction						$	200					$	42					$	242					—						—						—						—						—						—						$	242
Term extension						—						—						—						$	14					$	2					$	16					$	128					$	147					$	275					291
Principal balance reduction						—						—						—						8						—						8						—						—						—						8
Interest rate reduction and term extension						7						—						7						248						—						248						—						26						26						281
Other(1)						—						—						—						2						7						9						—						56						56						65
Total loans modified						$	207					$	42					$	249					$	272					$	9					$	281					$	128					$	229					$	357					$	887
% of total class of receivables						0.15		%				0.65		%				0.17		%				0.36		%				0.62		%				0.36		%				0.36		%				0.41		%				0.39		%				0.28		%

			98			Capital One Financial Corporation (COF)

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						Nine Months Ended September 30, 2023
						Credit Card																		Consumer Banking																		Commercial Banking
(Dollars in millions)						Domestic Card						International Card Businesses						Total Credit Card						Auto						Retail Banking						Total Consumer Banking						Commercial and Multifamily Real Estate						Commercial and Industrial						Total Commercial Banking						Total
Interest rate reduction						$	437					$	76					$	513					—						—						—						—						—						—						$	513
Term extension						—						—						—						$	76					$	3					$	79					$	327					$	347					$	674					753
Principal balance reduction						—						—						—						17						—						17						—						—						—						17
Principal balance reduction and term extension						—						—						—						—						—						—						—						15						15						15
Interest rate reduction and term extension						10						—						10						504						—						504						—						26						26						540
Other(1)						—						—						—						3						7						10						54						151						205						215
Total loans modified						$	447					$	76					$	523					$	600					$	10					$	610					$	381					$	539					$	920					$	2,053
% of total class of receivables						0.32		%				1.17		%				0.36		%				0.79		%				0.75		%				0.79		%				1.07		%				0.97		%				1.01		%				0.65		%

__________

(1)Primarily consists of modifications or combinations of modifications not categorized above, such as increases in committed exposure, forbearances and other types of modifications in Commercial Banking.

Table 4.7: Financial Effects of Financial Difficulty Modifications to Borrowers

						Three Months Ended September 30, 2024
						Credit Card												Consumer Banking												Commercial Banking
(Dollars in millions)						Domestic Card						International Card Businesses												Auto						Retail Banking												Commercial and Multifamily Real Estate						Commercial and Industrial
Weighted-average interest rate reduction						20.49%						27.01%												8.83%						—%												—%						2.14%
Payment delay duration (in months)						12						—												6						25												18						18
Principal balance reduction						—						—												—						—												—						—

						Nine Months Ended September 30, 2024
						Credit Card															Consumer Banking																		Commercial Banking
						Domestic Card						International Card Businesses												Auto						Retail Banking												Commercial and Multifamily Real Estate						Commercial and Industrial
Weighted-average interest rate reduction						20.19%						26.76%												8.78%						3.48%												0.79%						1.90%
Payment delay duration (in months)						12						—												6						4												11						16
Principal balance reduction						—						—												—						—												—						$15

						Three Months Ended September 30, 2023
						Credit Card																		Consumer Banking																		Commercial Banking
						Domestic Card						International Card Businesses												Auto						Retail Banking												Commercial and Multifamily Real Estate						Commercial and Industrial
Weighted-average interest rate reduction						19.40%						27.41%												8.67%						—%												—%						0.25%
Payment delay duration (in months)						12						—												6						8												11						17
Principal balance reduction						—						—												—						—												—						—

						Nine Months Ended September 30, 2023
						Credit Card																		Consumer Banking																		Commercial Banking
						Domestic Card						International Card Businesses												Auto						Retail Banking												Commercial and Multifamily Real Estate						Commercial and Industrial
Weighted-average interest rate reduction						19.19%						27.08%												8.74%						2.00%												—%						0.25%
Payment delay duration (in months)						12						—												6						13												15						9
Principal balance reduction						—						—												$1						—												$20						$3

			99			Capital One Financial Corporation (COF)

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Performance of Financial Difficulty Modifications to Borrowers

We monitor loan performance trends, including FDMs, to assess and manage our exposure to credit risk. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information on how the allowance for modified loans is calculated for each portfolio segment. FDMs are accumulated and the performance of each loan that received an FDM is reported on a rolling twelve month basis.

For the interim reporting period ended September 30, 2024, the delinquency status as of this date is shown in the table below for FDMs entered into over the preceding twelve month period. For the interim reporting period ended September 30, 2023, the delinquency status as of this date is shown in the table below for FDMs entered into during the first nine months of 2023.

Table 4.8 Delinquency Status of Financial Difficulty Modifications to Borrowers(1)

						September 30, 2024
												Delinquent Loans
(Dollars in millions)						Current						30-59 Days						60-89 Days						> 90 Days						Total Delinquent Loans						Total Loans
Credit Card:
Domestic credit card						$	423					$	60					$	45					$	88					$	193					$	616
International card businesses						68						12						11						37						60						128
Total credit card						491						72						56						125						253						744
Consumer Banking:
Auto						560						112						71						28						211						771
Retail banking						10						0						0						0						0						10
Total consumer banking						570						112						71						28						211						781
Commercial Banking:
Commercial and multifamily real estate						646						0						0						28						28						674
Commercial and industrial						768						74						4						65						143						911
Total commercial banking						1,414						74						4						93						171						1,585
Total						$	2,475					$	258					$	131					$	246					$	635					$	3,110

			100			Capital One Financial Corporation (COF)

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						September 30, 2023
												Delinquent Loans
(Dollars in millions)						Current						30-59 Days						60-89 Days						> 90 Days						Total Delinquent Loans						Total Loans
Credit Card:
Domestic credit card						$	283					$	65					$	40					$	59					$	164					$	447
International card businesses						35						8						8						25						41						76
Total credit card						318						73						48						84						205						523
Consumer Banking:
Auto						457						79						46						18						143						600
Retail banking						10						0						0						0						0						10
Total consumer banking						467						79						46						18						143						610
Commercial Banking:
Commercial and multifamily real estate						318						0						0						63						63						381
Commercial and industrial						417						4						0						118						122						539
Total commercial banking						735						4						0						181						185						920
Total						$	1,520					$	156					$	94					$	283					$	533					$	2,053

__________

(1)Commitments to lend additional funds on FDMs totaled $263 million and $75 million as of September 30, 2024 and 2023, respectively.

Subsequent Defaults of Financial Difficulty Modifications to Borrowers

FDMs may subsequently enter default. A default occurs if a FDM is either 90 days or more delinquent, has been charged off, or has been reclassified from accrual to nonaccrual status. Loans that entered a modification program while in default are not considered to have subsequently defaulted for purposes of this disclosure. The allowance for any FDMs that have subsequently defaulted is measured using the same methodology as the allowance for loans held for investment. See “Part II—Item 8.—Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information.

			101			Capital One Financial Corporation (COF)

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The following table presents FDMs that entered subsequent default for the three and nine months ended September 30, 2024 and 2023.

Table 4.9 Subsequent Defaults of Financial Difficulty Modifications to Borrowers

						Three Months Ended September 30, 2024
(Dollars in millions)						Interest Rate Reduction						Term Extension												Interest Rate Reduction and Term Extension						Other Modifications						Total Loans
Credit Card:
Domestic credit card						$	52					$	0											$	0					$	0					$	52
International card businesses						21						0												0						0						21
Total credit card						73						0												0						0						73
Consumer Banking:
Auto						0						1												110						0						111
Retail banking						0						0												0						0						0
Total consumer banking						0						1												110						0						111
Commercial Banking:
Commercial and multifamily real estate						0						103												0						28						131
Commercial and industrial						0						0												0						0						0
Total commercial banking						0						103												0						28						131
Total						$	73					$	104											$	110					$	28					$	315

						Nine Months Ended September 30, 2024
(Dollars in millions)						Interest Rate Reduction						Term Extension												Interest Rate Reduction and Term Extension						Other Modifications						Total Loans
Credit Card:
Domestic credit card						$	179					$	0											$	2					$	0					$	181
International card businesses						56						0												0						0						56
Total credit card						235						0												2						0						237
Consumer Banking:
Auto						0						6												329						0						335
Retail banking						0						1												0						0						1
Total consumer banking						0						7												329						0						336
Commercial Banking:
Commercial and multifamily real estate						0						103												0						28						131
Commercial and industrial						0						125												0						255						380
Total commercial banking						0						228												0						283						511
Total						$	235					$	235											$	331					$	283					$	1,084

			102			Capital One Financial Corporation (COF)

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						Three Months Ended September 30, 2023
(Dollars in millions)						Interest Rate Reduction						Term Extension												Interest Rate Reduction and Term Extension												Total Loans
Credit Card:
Domestic credit card						$	17					$	0											$	0											$	17
International card businesses						6						0												0												6
Total credit card						23						0												0												23
Consumer Banking:
Auto						0						7												77												84
Total consumer banking						0						7												77												84
Commercial Banking:
Commercial and multifamily real estate						0						46												0												46
Commercial and industrial						0						51												0												51
Total commercial banking						0						97												0												97
Total						$	23					$	104											$	77											$	204

						Nine Months Ended September 30, 2023
(Dollars in millions)						Interest Rate Reduction						Term Extension												Interest Rate Reduction and Term Extension												Total Loans
Credit Card:
Domestic credit card						$	39					$	0											$	0											$	39
International card businesses						9						0												0												9
Total credit card						48						0												0												48
Consumer Banking:
Auto						0						9												129												138
Total consumer banking						0						9												129												138
Commercial Banking:
Commercial and multifamily real estate						0						46												0												46
Commercial and industrial						0						51												0												51
Total commercial banking						0						97												0												97
Total						$	48					$	106											$	129											$	283

			103			Capital One Financial Corporation (COF)

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Loans Pledged

We pledged loan collateral of $7.2 billion and $7.4 billion to secure a portion of our FHLB borrowing capacity of $37.0 billion and $32.1 billion as of September 30, 2024 and December 31, 2023, respectively. We also pledged loan collateral of $82.4 billion and $78.3 billion to secure our Federal Reserve Discount Window borrowing capacity of $46.9 billion and $41.4 billion as of September 30, 2024 and December 31, 2023, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 6—Variable Interest Entities and Securitizations” for additional information.

Revolving Loans Converted to Term Loans

For the three and nine months ended September 30, 2024, we converted $267 million and $588 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios. For the three and nine months ended September 30, 2023, we converted $101 million and $443 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios.

			104			Capital One Financial Corporation (COF)

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NOTE 5—ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS

Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. Significant judgment is applied in our estimation of lifetime credit losses. When developing an estimate of expected credit losses, we use both quantitative and qualitative methods in considering all available information relevant to assessing collectability. This may include internal information, external information, or a combination of both relating to past events, current conditions and reasonable and supportable forecasts. Our estimate of expected credit losses includes a reasonable and supportable forecast period of one year and then reverts over a one-year period to historical losses at each relevant loss component of the estimate. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management’s judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for credit losses.

We have unfunded lending commitments in our Commercial Banking business that are not unconditionally cancellable by us and for which we estimate expected credit losses in establishing a reserve. This reserve is measured using the same measurement objectives as the allowance for loans held for investment. We build or release the reserve for unfunded lending commitments through the provision for credit losses in our consolidated statements of income, and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets.

See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments.

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

The table below summarizes changes in the allowance for credit losses and reserve for unfunded lending commitments by portfolio segment for the three and nine months ended September 30, 2024 and 2023. Our allowance for credit losses increased by $1.2 billion to $16.5 billion as of September 30, 2024 from December 31, 2023.

Table 5.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

						Three Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking												Total
Allowance for credit losses:
Balance as of June 30, 2024						$	13,040					$	2,065					$	1,544											$	16,649
Charge-offs						(2,632)						(707)						(88)												(3,427)
Recoveries(1)						478						306						39												823
Net charge-offs						(2,154)						(401)						(49)												(2,604)
Provision for credit losses						2,084						351						35												2,470
Allowance release for credit losses						(70)						(50)						(14)												(134)
Other changes(2)						19						0						0												19
Balance as of September 30, 2024						12,989						2,015						1,530												16,534
Reserve for unfunded lending commitments:
Balance as of June 30, 2024						0						0						129												129
Provision for losses on unfunded lending commitments						0						0						13												13
Balance as of September 30, 2024						0						0						142												142
Combined allowance and reserve as of September 30, 2024						$	12,989					$	2,015					$	1,672											$	16,676

			105			Capital One Financial Corporation (COF)

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						Nine Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking												Total
Allowance for credit losses:
Balance as of December 31, 2023						$	11,709					$	2,042					$	1,545											$	15,296
Charge-offs						(7,892)						(2,003)						(166)												(10,061)
Recoveries(1)						1,273						869						55												2,197
Net charge-offs						(6,619)						(1,134)						(111)												(7,864)
Provision for credit losses						7,888						1,107						96												9,091
Allowance build (release) for credit losses(3)						1,269						(27)						(15)												1,227
Other changes(2)						11						0						0												11
Balance as of September 30, 2024						12,989						2,015						1,530												16,534
Reserve for unfunded lending commitments:
Balance as of December 31, 2023						0						0						158												158
Provision (benefit) for losses on unfunded lending commitments						0						0						(16)												(16)
Balance as of September 30, 2024						0						0						142												142
Combined allowance and reserve as of September 30, 2024						$	12,989					$	2,015					$	1,672											$	16,676

						Three Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking												Total
Allowance for credit losses:
Balance as of June 30, 2023						$	10,976					$	2,185					$	1,485											$	14,646
Charge-offs						(1,925)						(596)						(60)												(2,581)
Recoveries(1)						333						247						2												582
Net charge-offs						(1,592)						(349)						(58)												(1,999)
Provision for credit losses						1,953						213						155												2,321
Allowance build (release) for credit losses						361						(136)						97												322
Other changes(2)						(13)						0						0												(13)
Balance as of September 30, 2023						11,324						2,049						1,582												14,955
Reserve for unfunded lending commitments:
Balance as of June 30, 2023						0						0						197												197
Provision (benefit) for losses on unfunded lending commitments						0						0						(39)												(39)
Balance as of September 30, 2023						0						0						158												158
Combined allowance and reserve as of September 30, 2023						$	11,324					$	2,049					$	1,740											$	15,113

			106			Capital One Financial Corporation (COF)

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						Nine Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking												Total
Allowance for credit losses:
Balance as of December 31, 2022						$	9,545					$	2,237					$	1,458											$	13,240
Cumulative effects of accounting standards adoption(4)						(63)						0						0												(63)
Balance as of January 1, 2023						9,482						2,237						1,458												13,177
Charge-offs						(5,481)						(1,653)						(462)												(7,596)
Recoveries(1)						992						718						5												1,715
Net charge-offs						(4,489)						(935)						(457)												(5,881)
Provision for credit losses						6,298						747						581												7,626
Allowance build (release) for credit losses						1,809						(188)						124												1,745
Other changes(2)						33						0						0												33
Balance as of September 30, 2023						11,324						2,049						1,582												14,955
Reserve for unfunded lending commitments:
Balance as of December 31, 2022						0						0						218												218
Provision (benefit) for losses on unfunded lending commitments						0						0						(60)												(60)
Balance as of September 30, 2023						0						0						158												158
Combined allowance and reserve as of September 30, 2023						$	11,324					$	2,049					$	1,740											$	15,113

________

(1)The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation.

(2)Primarily represents foreign currency translation adjustments in the three and nine months ended September 30, 2024 as well as the three months ended September 30, 2023. Primarily represents the initial allowance for purchased credit-deteriorated (“PCD”) loans in the nine months ended September 30, 2023. The initial allowance of PCD loans was $0 million and $32 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.

(4)Impact from the adoption of ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.

We charge off loans when we determine that the loan is uncollectible. The amortized cost basis, excluding accrued interest, is charged off as a reduction to the allowance for credit losses in accordance with our accounting policies. For more information, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.

Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance, with a corresponding reduction to our provision for credit losses.

			107			Capital One Financial Corporation (COF)

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The table below presents gross charge-offs for loans held for investment by vintage year during the nine months ended September 30, 2024.

Table 5.2: Gross Charge-Offs by Vintage Year

						Nine Months Ended September 30, 2024
						Term Loans by Vintage Year
(Dollars in millions)						2024						2023						2022						2021						2020												Prior						Total Term Loans						Revolving Loans						Revolving Loans Converted to Term						Total
Credit Card
Domestic credit card						N/A						N/A						N/A						N/A						N/A												N/A						N/A						$	7,425					$	84					$	7,509
International card business						N/A						N/A						N/A						N/A						N/A												N/A						N/A						373						10						383
Total credit card						N/A						N/A						N/A						N/A						N/A												N/A						N/A						7,798						94						7,892
Consumer Banking
Auto						$	70					$	474					$	630					$	457					$	184											$	126					$	1,941					0						0						1,941
Retail banking						1						0						0						0						0												3						4						57						1						62
Total consumer banking						71						474						630						457						184												129						1,945						57						1						2,003
Commercial Banking
Commercial and multifamily real estate						0						0						5						31						0												49						85						0						0						85
Commercial and industrial						0						0						46						5						16												4						71						10						0						81
Total commercial banking						0						0						51						36						16												53						156						10						0						166
Total						$	71					$	474					$	681					$	493					$	200											$	182					$	2,101					$	7,865					$	95					$	10,061

			108			Capital One Financial Corporation (COF)

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Credit Card Partnership Loss Sharing Arrangements

We have certain credit card partnership agreements that are presented within our consolidated financial statements on a net basis, in which our partner agrees to share a portion of the credit losses on the underlying loan portfolio. The expected reimbursements from these partners are netted against our allowance for credit losses. Our methodology for estimating reimbursements is consistent with the methodology we use to estimate the allowance for credit losses on our credit card loan receivables. These expected reimbursements result in reductions in net charge-offs and the provision for credit losses. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K for further discussion of our credit card partnership agreements.

The table below summarizes the changes in the estimated reimbursements from these partners for the three and nine months ended September 30, 2024 and 2023.

Table 5.3: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts

						Three Months Ended September 30,
(Dollars in millions)						2024						2023
Estimated reimbursements from partners, beginning of period						$	1,210					$	1,908
Amounts due from partners for charged off loans						(157)						(249)
Change in estimated partner reimbursements that decreased provision for credit losses						102						319
Estimated reimbursements from partners, end of period						$	1,155					$	1,978

						Nine Months Ended September 30,
(Dollars in millions)						2024						2023
Estimated reimbursements from partners, beginning of period						$	2,014					$	1,558
Amounts due from partners for charged off loans						(734)						(681)
Change in estimated partner reimbursements that (increased) decreased provision for credit losses						(125)						1,101
Estimated reimbursements from partners, end of period						$	1,155					$	1,978

			109			Capital One Financial Corporation (COF)

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NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS

In the normal course of business, we enter into various types of transactions with entities that are considered to be variable interest entities (“VIEs”). Our primary involvement with VIEs is related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize credit card and auto loans, which provide a source of funding for us and enable us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties.

The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements.

Summary of Consolidated and Unconsolidated VIEs

The assets of our consolidated VIEs primarily consist of cash, loan receivables and the related allowance for credit losses, which we report on our consolidated balance sheets under restricted cash for securitization investors, loans held in consolidated trusts and allowance for credit losses, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs typically do not have recourse to our general credit. Liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations on our consolidated balance sheets. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet the maximum amount of any remaining funding obligations.

The tables below present a summary of VIEs in which we had continuing involvement or held a significant variable interest, aggregated based on VIEs with similar characteristics as of September 30, 2024 and December 31, 2023. We separately present information for consolidated and unconsolidated VIEs.

Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs

						September 30, 2024
						Consolidated												Unconsolidated
(Dollars in millions)						Carrying Amount of Assets						Carrying Amount of Liabilities						Carrying Amount of Assets						Carrying Amount of Liabilities						Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)						$	24,000					$	13,495					$	0					$	0					$	0
Auto loan securitizations						3,473						2,788						0						0						0
Total securitization-related VIEs						27,473						16,283						0						0						0
Other VIEs:(3)
Affordable housing entities						354						75						5,469						1,890						5,469
Entities that provide capital to low-income and rural communities						2,639						10						0						0						0
Other(4)						0						0						385						8						385
Total other VIEs						2,993						85						5,854						1,898						5,854
Total VIEs						$	30,466					$	16,368					$	5,854					$	1,898					$	5,854

			110			Capital One Financial Corporation (COF)

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						December 31, 2023
						Consolidated												Unconsolidated
(Dollars in millions)						Carrying Amount of Assets						Carrying Amount of Liabilities						Carrying Amount of Assets						Carrying Amount of Liabilities						Maximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)						$	25,474					$	14,692					$	0					$	0					$	0
Auto loan securitizations						5,019						4,021						0						0						0
Total securitization-related VIEs						30,493						18,713						0						0						0
Other VIEs:(3)
Affordable housing entities						297						23						5,726						2,085						5,726
Entities that provide capital to low-income and rural communities						2,498						10						0						0						0
Other(4)						0						0						449						0						449
Total other VIEs						2,795						33						6,175						2,085						6,175
Total VIEs						$	33,288					$	18,746					$	6,175					$	2,085					$	6,175

__________

(1)Excludes insignificant VIEs from previously exited businesses.

(2)Represents the carrying amount of assets and liabilities of the VIE, which includes the seller’s interest and repurchased notes held by other related parties.

(3)In certain investment structures, we consolidate a VIE which holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.6 billion of assets and $999 million of liabilities as of September 30, 2024, and $2.6 billion of assets and $989 million of liabilities as of December 31, 2023.

(4)Primarily consists of variable interests in companies that promote renewable energy sources and other equity method investments.

Securitization-Related VIEs

In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests.

In our multifamily agency business, we originate multifamily commercial real estate loans and transfer them to government-sponsored enterprises (“GSEs”) who may, in turn, securitize them. We retain the related mortgage servicing rights (“MSRs”) and service the transferred loans pursuant to the guidelines set forth by the GSEs. As an investor, we hold primarily RMBS, CMBS, and ABS in our investment securities portfolio, which represent variable interests in the respective securitization trusts from which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant as we either solely invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the VIE and ourselves. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets as well as our contractual obligations under loss sharing arrangements. See “Note 14—Commitments, Contingencies, Guarantees and Others” for information about the loss sharing agreements, “Note 7—Goodwill and Other Intangible Assets” for information related to our MSRs associated with these securitizations and “Note 3—Investment Securities” for more information on the securities held in our investment securities portfolio. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these VIEs from the tables presented in this note. See “Note 4—Loans” for additional information regarding our lending arrangements in the normal course of business.

			111			Capital One Financial Corporation (COF)

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The table below presents our continuing involvement in certain securitization-related VIEs as of September 30, 2024 and December 31, 2023.

Table 6.2: Continuing Involvement in Securitization-Related VIEs

(Dollars in millions)						Credit Card						Auto
September 30, 2024:
Securities held by third-party investors						$	13,098					$	2,783
Receivables in the trusts						24,867						3,315
Cash balance of spread or reserve accounts						0						19
Retained interests						Yes						Yes
Servicing retained						Yes						Yes
December 31, 2023:
Securities held by third-party investors						$	14,029					$	4,014
Receivables in the trusts						26,404						4,839
Cash balance of spread or reserve accounts						0						19
Retained interests						Yes						Yes
Servicing retained						Yes						Yes

Credit Card Securitizations

We securitize a portion of our credit card loans which provides a source of funding for us. Credit card securitizations involve the transfer of credit card receivables to securitization trusts. These trusts then issue debt securities collateralized by the transferred receivables to third-party investors. We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts.

Auto Securitizations

Similar to our credit card securitizations, we securitize a portion of our auto loans which provides a source of funding for us. Auto securitizations involve the transfer of auto loans to securitization trusts. These trusts then issue debt securities collateralized by the transferred loans to third-party investors. We hold certain retained interests and continue to service the loans in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts.

Other VIEs

Affordable Housing Entities

As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multifamily affordable housing properties, a majority of which are VIEs. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for our investments in qualified affordable housing projects using the proportional amortization method, where costs of the investment are amortized over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the nine months ended September 30, 2024 and 2023, we recognized amortization of $527 million and $522 million, respectively, and tax credits of $671 million and $652 million, respectively, associated with these investments within income tax provision. The carrying value of our equity investments in these qualified affordable housing projects was $5.3 billion and $5.5 billion as of September 30, 2024 and December 31, 2023, respectively. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $2.1 billion and $2.3 billion as of September 30, 2024 and December 31, 2023, respectively, and is largely expected to be paid from 2024 to 2027.

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For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our maximum exposure to these entities is limited to our variable interests in the entities which consisted of assets of approximately $5.5 billion and $5.7 billion as of September 30, 2024 and December 31, 2023, respectively. The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were approximately $18.7 billion and $18.6 billion as of September 30, 2024 and December 31, 2023, respectively.

Entities that Provide Capital to Low-Income and Rural Communities

We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. We consolidate other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $2.6 billion and $2.5 billion as of September 30, 2024 and December 31, 2023, respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.

Other

We hold variable interests in other VIEs, including companies that promote renewable energy sources and other equity method investments. We are not required to consolidate these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these VIEs is limited to the investments on our consolidated balance sheets of $385 million and $449 million as of September 30, 2024 and December 31, 2023, respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.

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NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The table below presents our goodwill, other intangible assets and MSRs as of September 30, 2024 and December 31, 2023. Goodwill is presented separately, while other intangible assets and MSRs are included in other assets on our consolidated balance sheets.

Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs

						September 30, 2024
(Dollars in millions)						Carrying Amount of Assets						Accumulated Amortization						Net Carrying Amount
Goodwill						$	15,083					N/A						$	15,083
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles						369						$	(147)					222
Other(1)						135						(104)						31
Total other intangible assets						504						(251)						253
Total goodwill and other intangible assets						$	15,587					$	(251)					$	15,336
Commercial MSRs(2)						$	658					$	(301)					$	357
						December 31, 2023
(Dollars in millions)						Carrying Amount of Assets						Accumulated Amortization						Net Carrying Amount
Goodwill						$	15,065					N/A						$	15,065
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles						369						$	(96)					273
Other(1)						171						(134)						37
Total other intangible assets						540						(230)						310
Total goodwill and other intangible assets						$	15,605					$	(230)					$	15,375
Commercial MSRs(2)						$	653					$	(263)					$	390

__________

(1)Primarily consists of intangibles for sponsorship, customer and merchant relationships, domain names and licenses.

(2)Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets.

Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $20 million and $58 million for the three and nine months ended September 30, 2024, respectively, and $24 million and $60 million for the three and nine months ended September 30, 2023, respectively.

Goodwill

The following table presents changes in the carrying amount of goodwill by each of our business segments as of September 30, 2024 and December 31, 2023.

Table 7.2: Goodwill by Business Segments

(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking						Total
Balance as of December 31, 2023						$	5,366					$	4,645					$	5,054					$	15,065
Other adjustments(1)						18						0						0						18
Balance as of September 30, 2024						$	5,384					$	4,645					$	5,054					$	15,083

__________

(1)Primarily represents foreign currency translation adjustments.

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NOTE 8—DEPOSITS AND BORROWINGS

Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits, represent our largest source of funding for our assets and operations. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.

Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of September 30, 2024 and December 31, 2023. The carrying value presented below for these borrowings includes any unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.

Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt

(Dollars in millions)						September 30, 2024						December 31, 2023
Deposits:
Non-interest-bearing deposits						$	26,378					$	28,024
Interest-bearing deposits(1)						327,253						320,389
Total deposits						$	353,631					$	348,413
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase						$	520					$	538
Total short-term borrowings						$	520					$	538

						September 30, 2024																								December 31, 2023
(Dollars in millions)						Maturity Dates						Stated Interest Rates						Weighted-Average Interest Rate						Carrying Value						Carrying Value
Long-term debt:
Securitized debt obligations						2024-2028						0.77% - 6.11%						3.13%						$	15,881					$	18,043
Senior and subordinated notes:
Fixed unsecured senior debt(2)						2024-2035						1.65 - 7.62						4.76						29,102						27,168
Floating unsecured senior debt						—						—						—						0						349
Total unsecured senior debt																		4.76						29,102						27,517
Fixed unsecured subordinated debt						2025-2032						2.36 - 4.20						3.57						3,809						3,731
Total senior and subordinated notes																								32,911						31,248
Other long-term borrowings						2024-2031						1.20 - 9.91						6.59						24						27
Total long-term debt																								$	48,816					$	49,318
Total short-term borrowings and long-term debt																								$	49,336					$	49,856

__________

(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of September 30, 2024, the total time deposit amount with some portion in excess of the insured amount was $14.7 billion and the portion of total time deposits estimated to be uninsured was $9.7 billion. As of December 31, 2023, the total time deposit amount with some portion in excess of the insured amount was $15.8 billion and the portion of total time deposits estimated to be uninsured was $9.0 billion.

(2)Includes $506 million and $1.3 billion of Euro (“EUR”) denominated unsecured notes as of September 30, 2024 and December 31, 2023, respectively.

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NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Use of Derivatives and Accounting for Derivatives

We regularly enter into derivative transactions to support our overall risk management activities. Our primary market risks stem from the impact on our earnings and economic value of equity due to changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We manage our interest rate sensitivity by employing several techniques, which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. We also use foreign currency derivatives to limit our earnings and capital exposures to foreign exchange risk by hedging certain exposures denominated in foreign currencies. We primarily use interest rate and foreign currency swaps to perform these hedging activities, but we may also use a variety of other derivative instruments, including caps, floors, options, futures and forward contracts, to manage our interest rate and foreign exchange risks. We designate these risk management derivatives as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are further designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives are economic hedges that do not qualify for hedge accounting.

We also offer interest rate, commodity, foreign currency derivatives and other contracts as an accommodation to our customers within our Commercial Banking business. We enter into these derivatives with our customers primarily to help them manage their interest rate risks, hedge their energy and other commodities exposures, and manage foreign currency fluctuations. We offset the substantial majority of the market risk exposure of our customer accommodation derivatives through derivative transactions with other counterparties.

See below for additional information on our use of derivatives and how we account for them:

•Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps to hedge changes in the fair value of outstanding fixed rate debt and deposits due to fluctuations in market interest rates. We also enter into pay-fixed, receive-float interest rate swaps to hedge changes in the fair value of fixed rate investment securities.

•Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (“AOCI”). Those amounts are reclassified into earnings in the same period during which the hedged forecasted transactions impact earnings and presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps and interest rate floors to modify the interest rate characteristics of designated credit card and commercial loans from floating to fixed in order to reduce the impact of changes in forecasted future cash flows due to fluctuations in market interest rates. We also enter into foreign currency forward contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currencies.

•Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign currency forward contracts to hedge the translation exposure of the net investment in our foreign operations under the forward method.

•Free-Standing Derivatives: Our free-standing derivatives primarily consist of our customer accommodation derivatives and other economic hedges. The customer accommodation derivatives and the related offsetting contracts are mainly interest rate, commodity and foreign currency contracts. The other free-standing derivatives are primarily used to economically hedge the risk of changes in the fair value of our commercial mortgage loan origination and purchase commitments as well as other interests held. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income.

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Derivatives Counterparty Credit Risk

Counterparty Types

Derivative instruments contain an element of credit risk that stems from the potential failure of a counterparty to perform according to the terms of the contract, including making payments due upon maturity of certain derivative instruments. We execute our derivative contracts primarily in “over-the-counter” (“OTC”) markets. We also execute interest rate and commodity futures in the exchange-traded derivative markets. Our OTC derivatives consist of both trades cleared through central counterparty clearinghouses (“CCPs”) and uncleared bilateral contracts. The Chicago Mercantile Exchange (“CME”), the Intercontinental Exchange (“ICE”) and the LCH Group (“LCH”) are our CCPs for our centrally cleared contracts. In our uncleared bilateral contracts, we enter into agreements directly with our derivative counterparties.

Counterparty Credit Risk Management

We manage the counterparty credit risk associated with derivative instruments by entering into legally enforceable master netting agreements, where applicable, and exchanging collateral with our counterparties, typically in the form of cash or high-quality liquid securities. We exchange collateral in two primary forms: variation margin, which accounts for changes in market value due to daily market movements, and initial margin, which offsets the potential future exposure of a derivative. We exchange variation margin and initial margin on bilateral derivatives in scope for uncleared margin rules.

The amount of collateral exchanged for variation margin is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral and will vary over time as market variables change. The amount of the initial margin exchanged is dependent upon 1) the calculation of initial margin exposure, as prescribed by 1(a) the U.S. prudential regulators’ margin rules for uncleared derivatives (“PR Rules”) or 1(b) the CCPs for cleared derivatives and 2) the fair value of the pledged collateral; it will vary over time as market variables change. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. Our exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on our balance sheet. The fair value of our derivatives is adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated collateral received or pledged. See Table 9.3 for our net exposure associated with derivatives.

The terms under which we collateralize our exposures differ between cleared exposures and uncleared bilateral exposures.

•CCPs: We clear eligible OTC derivatives with CCPs as part of our regulatory requirements. We also clear exchange-traded instruments, like futures, with CCPs. Futures commission merchants (“FCMs”) serve as the intermediary between CCPs and us. CCPs require that we post initial and variation margin through our FCMs to mitigate the risk of non-payment or default. Initial margin is required by CCPs as collateral against potential losses on our exchange-traded and cleared derivative contracts and variation margin is exchanged on a daily basis to account for mark-to-market changes in those derivative contracts. For CME, ICE and LCH-cleared OTC derivatives, variation margin cash payments are required to be characterized as settlements. Our FCM agreements governing these derivative transactions include provisions that may require us to post additional collateral under certain circumstances.

•Bilateral Counterparties: We enter into master netting agreements and collateral agreements with bilateral derivative counterparties, where applicable, to mitigate the risk of default. These bilateral agreements typically provide the right to offset exposure with the same counterparty and require the party in a net liability position to post collateral. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of uncleared derivatives exceed established exposure thresholds. Certain of these bilateral agreements include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our counterparties would have the right to terminate their derivative contract and close out existing positions.

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Credit Risk Valuation Adjustments

We record counterparty credit valuation adjustments (“CVAs”) on our derivative assets to reflect the credit quality of our counterparties. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining CVAs, which may be adjusted due to changes in the fair values of the derivative contracts, collateral, and creditworthiness of the counterparty. We also record debit valuation adjustments (“DVAs”) to adjust the fair values of our derivative liabilities to reflect the impact of our own credit quality.

Balance Sheet Presentation

The following table summarizes the notional amounts and fair values of our derivative instruments as of September 30, 2024 and December 31, 2023, which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets, and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows.

Table 9.1: Derivative Assets and Liabilities at Fair Value

						September 30, 2024																		December 31, 2023
						Notional or Contractual Amount						Derivative(1)												Notional or Contractual Amount						Derivative(1)
(Dollars in millions)												Assets						Liabilities												Assets						Liabilities
Derivatives designated as accounting hedges:
Interest rate contracts:
Fair value hedges						$	64,284					$	8					$	82					$	68,987					$	18					$	26
Cash flow hedges						93,050						307						80						70,350						216						23
Total interest rate contracts						157,334						315						162						139,337						234						49
Foreign exchange contracts:
Fair value hedges						557						0						66						1,380						0						113
Cash flow hedges						2,645						0						59						2,488						0						66
Net investment hedges						5,100						2						174						4,870						1						89
Total foreign exchange contracts						8,302						2						299						8,738						1						268
Total derivatives designated as accounting hedges						165,636						317						461						148,075						235						317
Derivatives not designated as accounting hedges:
Customer accommodation:
Interest rate contracts						103,279						844						929						103,489						1,188						1,382
Commodity contracts						35,647						1,177						1,182						33,495						1,161						1,147
Foreign exchange and other contracts						5,580						31						39						5,153						50						47
Total customer accommodation						144,506						2,052						2,150						142,137						2,399						2,576
Other interest rate exposures(2)						921						19						14						872						21						31
Other contracts						3,011						20						32						2,955						20						8
Total derivatives not designated as accounting hedges						148,438						2,091						2,196						145,964						2,440						2,615
Total derivatives						$	314,074					$	2,408					$	2,657					$	294,039					$	2,675					$	2,932
Less: netting adjustment(3)												(725)						(622)												(1,005)						(597)
Total derivative assets/liabilities												$	1,683					$	2,035											$	1,670					$	2,335

__________

(1)Does not reflect $3 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2024 and December 31, 2023, respectively. This net valuation allowance is included as part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income.

(2)Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps.

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(3)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty.

The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, excluding basis adjustments related to foreign currency risk, as of September 30, 2024 and December 31, 2023.

Table 9.2: Hedged Items in Fair Value Hedging Relationships

						September 30, 2024																		December 31, 2023
						Carrying Amount Assets/(Liabilities)						Cumulative Amount of Basis Adjustments Included in the Carrying Amount												Carrying Amount Assets/(Liabilities)						Cumulative Amount of Basis Adjustments Included in the Carrying Amount
(Dollars in millions)												Total Assets/(Liabilities)						Discontinued-Hedging Relationships												Total Assets/(Liabilities)						Discontinued-Hedging Relationships
Line item on our consolidated balance sheets in which the hedged item is included:
Investment securities available for sale(1)(2)						$	6,191					$	78					$	87					$	6,108					$	(8)					$	126
Interest-bearing deposits						(11,292)						64						0						(17,374)						277						0
Securitized debt obligations						(13,042)						242						0						(13,375)						503						0
Senior and subordinated notes						(31,410)						385						(258)						(30,899)						971						(372)

__________

(1)These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $1.4 billion and $2.2 billion as of September 30, 2024 and December 31, 2023, respectively. The amount of the designated hedged items was $1.0 billion and $1.5 billion as of September 30, 2024 and December 31, 2023, respectively. The cumulative basis adjustments associated with these hedges was $32 million and $33 million as of September 30, 2024 and December 31, 2023, respectively.

(2)Carrying value represents amortized cost.

Balance Sheet Offsetting of Financial Assets and Liabilities

Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting agreements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting agreements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting agreements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting agreements, we do not offset our derivative positions for balance sheet presentation.

The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of September 30, 2024 and December 31, 2023. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded.

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Table 9.3: Offsetting of Financial Assets and Financial Liabilities

						Gross Amounts						Gross Amounts Offset in the Balance Sheet												Net Amounts as Recognized						Securities Collateral Held Under Master Netting Agreements						Net Exposure
(Dollars in millions)												Financial Instruments						Cash Collateral Received
As of September 30, 2024
Derivative assets(1)						$	2,408					$	(474)					$	(251)					$	1,683					$	(11)					$	1,672
As of December 31, 2023
Derivative assets(1)						2,675						(433)						(572)						1,670						(22)						1,648

						Gross Amounts						Gross Amounts Offset in the Balance Sheet												Net Amounts as Recognized						Securities Collateral Pledged Under Master Netting Agreements						Net Exposure
(Dollars in millions)												Financial Instruments						Cash Collateral Pledged
As of September 30, 2024
Derivative liabilities(1)						$	2,657					$	(474)					$	(148)					$	2,035					$	(27)					$	2,008
Repurchase agreements(2)						520						0						0						520						(520)						0
As of December 31, 2023
Derivative liabilities(1)						2,932						(433)						(164)						2,335						(13)						2,322
Repurchase agreements(2)						538						0						0						538						(538)						0

__________

(1)We received cash collateral from derivative counterparties totaling $428 million and $858 million as of September 30, 2024 and December 31, 2023, respectively. We also received securities from derivative counterparties with a fair value of approximately $11 million and $16 million as of September 30, 2024 and December 31, 2023, respectively, which we have the ability to re-pledge. We posted $1.7 billion of cash collateral as of both September 30, 2024 and December 31, 2023.

(2)Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $531 million and $549 million as of September 30, 2024 and December 31, 2023, respectively, primarily consisting of agency RMBS securities.

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Income Statement and AOCI Presentation

Fair Value and Cash Flow Hedges

The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and nine months ended September 30, 2024 and 2023.

Table 9.4: Effects of Fair Value and Cash Flow Hedge Accounting

						Three Months Ended September 30, 2024
						Net Interest Income																																				Non-Interest Income
(Dollars in millions)						Investment Securities						Loans, Including Loans Held for Sale						Other						Interest-bearing Deposits						Securitized Debt Obligations						Senior and Subordinated Notes						Other
Total amounts presented in our consolidated statements of income						$	733					$	10,547					$	580					$	(2,945)					$	(234)					$	(596)					$	244
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives						$	39					$	0					$	0					$	(73)					$	(102)					$	(248)					$	0
Gains (losses) recognized on derivatives						(144)						0						0						247						210						1,010						21
Gains (losses) recognized on hedged items(1)						128						0						0						(246)						(210)						(973)						(21)
Excluded component of fair value hedges(2)						0						0						0						0						0						0						0
Net income (expense) recognized on fair value hedges						$	23					$	0					$	0					$	(72)					$	(102)					$	(211)					$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income						$	0					$	(314)					$	0					$	0					$	0					$	0					$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)						0						0						2						0						0						0						1
Net income (expense) recognized on cash flow hedges						$	0					$	(314)					$	2					$	0					$	0					$	0					$	1

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						Nine Months Ended September 30, 2024
						Net Interest Income																																				Non-Interest Income
(Dollars in millions)						Investment Securities						Loans, Including Loans Held for Sale						Other						Interest-bearing Deposits						Securitized Debt Obligations						Senior and Subordinated Notes						Other
Total amounts presented in our consolidated statements of income						$	2,120					$	30,460					$	1,737					$	(8,631)					$	(753)					$	(1,793)					$	803
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives						$	125					$	0					$	0					$	(277)					$	(339)					$	(771)					$	0
Gains (losses) recognized on derivatives						(137)						0						0						213						261						742						(18)
Gains (losses) recognized on hedged items(1)						86						0						0						(213)						(261)						(627)						18
Excluded component of fair value hedges(2)						0						0						0						0						0						7						0
Net income (expense) recognized on fair value hedges						$	74					$	0					$	0					$	(277)					$	(339)					$	(649)					$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income						$	0					$	(936)					$	0					$	0					$	0					$	0					$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)						0						0						7						0						0						0						1
Net income (expense) recognized on cash flow hedges						$	0					$	(936)					$	7					$	0					$	0					$	0					$	1

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						Three Months Ended September 30, 2023
						Net Interest Income																																				Non-Interest Income
(Dollars in millions)						Investment Securities						Loans, Including Loans Held for Sale						Other						Interest-bearing Deposits						Securitized Debt Obligations						Senior and Subordinated Notes						Other
Total amounts presented in our consolidated statements of income						$	627					$	9,696					$	550					$	(2,611)					$	(249)					$	(579)					$	256
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives						$	42					$	0					$	0					$	(104)					$	(112)					$	(275)					$	0
Gains (losses) recognized on derivatives						(15)						0						0						(38)						4						(273)						(42)
Gains (losses) recognized on hedged items(1)						(6)						0						0						38						(4)						313						42
Excluded component of fair value hedges(2)						0						0						0						0						0						(1)						0
Net income (expense) recognized on fair value hedges						$	21					$	0					$	0					$	(104)					$	(112)					$	(236)					$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income						$	0					$	(320)					$	0					$	0					$	0					$	0					$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)						0						0						3						0						0						0						1
Net income (expense) recognized on cash flow hedges						$	0					$	(320)					$	3					$	0					$	0					$	0					$	1

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						Nine Months Ended September 30, 2023
						Net Interest Income																																				Non-Interest Income
(Dollars in millions)						Investment Securities						Loans, Including Loans Held for Sale						Other						Interest-bearing Deposits						Securitized Debt Obligations						Senior and Subordinated Notes						Other
Total amounts presented in our consolidated statements of income						$	1,881					$	27,476					$	1,436					$	(6,744)					$	(696)					$	(1,596)					$	730
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives						$	113					$	0					$	0					$	(278)					$	(297)					$	(754)					$	0
Gains (losses) recognized on derivatives						(35)						0						0						(84)						(10)						(275)						(17)
Gains (losses) recognized on hedged items(1)						(22)						0						0						81						9						388						17
Excluded component of fair value hedges(2)						0						0						0						0						0						(2)						0
Net income (expense) recognized on fair value hedges						$	56					$	0					$	0					$	(281)					$	(298)					$	(643)					$	0
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains reclassified from AOCI into net income						$	0					$	(879)					$	0					$	0					$	0					$	0					$	0
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)						0						0						9						0						0						0						1
Net income (expense) recognized on cash flow hedges						$	0					$	(879)					$	9					$	0					$	0					$	0					$	1

_________

(1)Includes amortization benefit of $21 million and $62 million for the three and nine months ended September 30, 2024, respectively, and amortization benefit of $20 million and $56 million for the three and nine months ended September 30, 2023, respectively, related to basis adjustments on discontinued hedges.

(2)Changes in fair values of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income (“OCI”). The initial value of the excluded component is recognized in earnings over the life of the swap under the amortization approach.

(3)See “Note 10—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax.

(4)We recognized a loss of $56 million and $1 million for the three and nine months ended September 30, 2024, respectively, and gain of $100 million and $70 million for the three and nine months ended September 30, 2023, respectively, on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included in other non-interest income on our consolidated statements of income.

In the next 12 months, we expect to reclassify into earnings an after-tax loss of $526 million recorded in AOCI as of September 30, 2024 associated with cash flow hedges of forecasted transactions. This amount will largely offset the cash flows associated with the forecasted transactions hedged by these derivatives. The maximum length of time over which forecasted transactions were hedged was approximately 9.5 years as of September 30, 2024. The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy.

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Free-Standing Derivatives

The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and nine months ended September 30, 2024 and 2023. These gains or losses are recognized in other non-interest income on our consolidated statements of income.

Table 9.5: Gains (Losses) on Free-Standing Derivatives

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)						2024						2023						2024						2023
Gains (losses) recognized in other non-interest income:
Customer accommodation:
Interest rate contracts						$	3					$	7					$	20					$	26
Commodity contracts						5						11						13						28
Foreign exchange and other contracts						3						5						15						13
Total customer accommodation						11						23						48						67
Other interest rate exposures						48						81						206						199
Other contracts						(31)						(7)						(51)						(24)
Total						$	28					$	97					$	203					$	242

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NOTE 10—STOCKHOLDERS’ EQUITY

Preferred Stock

The following table summarizes our preferred stock outstanding as of September 30, 2024 and December 31, 2023.

Table 10.1: Preferred Stock Outstanding(1)

																		Redeemable by Issuer Beginning						Per Annum Dividend Rate						Dividend Frequency						Liquidation Preference per Share						Total Shares Outstanding as of September 30, 2024						Carrying Value (in millions)
Series						Description						Issuance Date																																				September 30, 2024						December 31, 2023
Series I						5.000% Non-Cumulative						September 11, 2019						December 1, 2024						5.000%						Quarterly						$	1,000					1,500,000						$	1,462					$	1,462
Series J						4.800% Non-Cumulative						January 31,  2020						June 1, 2025						4.800						Quarterly						1,000						1,250,000						1,209						1,209
Series K						4.625% Non-Cumulative						September 17, 2020						December 1, 2025						4.625						Quarterly						1,000						125,000						122						122
Series L						4.375% Non-Cumulative						May 4, 2021						September 1, 2026						4.375						Quarterly						1,000						675,000						652						652
Series M						3.950% Fixed Rate Reset Non-Cumulative						June 10, 2021						September 1, 2026						3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%						Quarterly						1,000						1,000,000						988						988
Series N						4.250% Non-Cumulative						July 29, 2021						September 1, 2026						4.250%						Quarterly						1,000						425,000						412						412
Total																																																$	4,845					$	4,845

__________

(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.

Accumulated Other Comprehensive Income

AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.

The following table presents the changes in AOCI by component for the three and nine months ended September 30, 2024 and 2023.

Table 10.2: AOCI

						Three Months Ended September 30, 2024
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of June 30, 2024						$	(7,797)					$	(1,885)					$	12											$	(31)					$	(9,701)
Other comprehensive income before reclassifications						2,274						791						45												0						3,110
Amounts reclassified from AOCI into earnings						26						278						0												0						304
Other comprehensive income, net of tax						2,300						1,069						45												0						3,414
AOCI as of September 30, 2024						$	(5,497)					$	(816)					$	57											$	(31)					$	(6,287)

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						Nine Months Ended September 30, 2024
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of December 31, 2023						$	(6,769)					$	(1,493)					$	26											$	(32)					$	(8,268)
Other comprehensive income (loss) before reclassifications						1,246						(21)						31												1						1,257
Amounts reclassified from AOCI into earnings						26						698						0												0						724
Other comprehensive income, net of tax						1,272						677						31												1						1,981
AOCI as of September 30, 2024						$	(5,497)					$	(816)					$	57											$	(31)					$	(6,287)

						Three Months Ended September 30, 2023
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of June 30, 2023						$	(7,602)					$	(2,205)					$	27											$	(38)					$	(9,818)
Other comprehensive income (loss) before reclassifications						(2,108)						(424)						(39)												0						(2,571)
Amounts reclassified from AOCI into earnings						0						165						0												0						165
Other comprehensive income (loss), net of tax						(2,108)						(259)						(39)												0						(2,406)
AOCI as of September 30, 2023						$	(9,710)					$	(2,464)					$	(12)											$	(38)					$	(12,224)

						Nine Months Ended September 30, 2023
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of December 31, 2022						$	(7,676)					$	(2,182)					$	(20)											$	(38)					$	(9,916)
Other comprehensive income (loss) before reclassifications						(2,034)						(890)						8												0						(2,916)
Amounts reclassified from AOCI into earnings						0						608						0												0						608
Other comprehensive income (loss), net of tax						(2,034)						(282)						8												0						(2,308)
AOCI as of September 30, 2023						$	(9,710)					$	(2,464)					$	(12)											$	(38)					$	(12,224)

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

(2)Includes other comprehensive losses of $134 million and $72 million for the three and nine months ended September 30, 2024, respectively, and other comprehensive gains of $115 million and losses of $1 million for the three and nine months ended September 30, 2023, respectively, from hedging instruments designated as net investment hedges.

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The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and nine months ended September 30, 2024 and 2023.

Table 10.3: Reclassifications from AOCI

(Dollars in millions)												Three Months Ended September 30,												Nine Months Ended September 30,
AOCI Components						Affected Income Statement Line Item						2024						2023						2024						2023
Securities available for sale:
						Non-interest income (expense)						$	(34)					$	0					$	(34)					$	0
						Income tax provision (benefit)						(8)						0						(8)						0
						Net income (loss)						(26)						0						(26)						0
Hedging relationships:
Interest rate contracts:						Interest income (expense)						(314)						(320)						(936)						(879)
Foreign exchange contracts:						Interest income						2						3						7						9
						Interest income (expense)						0						(1)						7						(2)
						Non-interest income (expense)						(56)						100						(1)						70
						Income (loss) from continuing operations before income taxes						(368)						(218)						(923)						(802)
						Income tax provision (benefit)						(90)						(53)						(225)						(194)
						Net income (loss)						(278)						(165)						(698)						(608)
Other:
						Non-interest income and non-interest expense						0						0						0						0
						Income tax provision (benefit)						0						0						0						0
						Net income (loss)						0						0						0						0
Total reclassifications												$	(304)					$	(165)					$	(724)					$	(608)

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CAPITAL ONE FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and nine months ended September 30, 2024 and 2023.

Table 10.4: Other Comprehensive Income (Loss)

						Three Months Ended September 30,
						2024																		2023
(Dollars in millions)						Before Tax						Provision (Benefit)						After Tax						Before Tax						Provision (Benefit)						After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale						$	3,033					$	733					$	2,300					$	(2,780)					$	(672)					$	(2,108)
Net unrealized gains (losses) on hedging relationships						1,412						343						1,069						(342)						(83)						(259)
Foreign currency translation adjustments(1)						2						(43)						45						(2)						37						(39)
Other comprehensive income (loss)						$	4,447					$	1,033					$	3,414					$	(3,124)					$	(718)					$	(2,406)

						Nine Months Ended September 30,
						2024																		2023
(Dollars in millions)						Before Tax						Provision (Benefit)						After Tax						Before Tax						Provision (Benefit)						After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale						$	1,674					$	402					$	1,272					$	(2,684)					$	(650)					$	(2,034)
Net unrealized gains (losses) on hedging relationships						894						217						677						(372)						(90)						(282)
Foreign currency translation adjustments(1)						8						(23)						31						8						0						8
Other						1						0						1						0						0						0
Other comprehensive income (loss)						$	2,577					$	596					$	1,981					$	(3,048)					$	(740)					$	(2,308)

__________

(1)Includes the impact of hedging instruments designated as net investment hedges.

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NOTE 11—EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share.

Table 11.1: Computation of Basic and Diluted Earnings per Common Share

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars and shares in millions, except per share data)						2024						2023						2024						2023
Net income						$	1,777					$	1,790					$	3,654					$	4,181
Dividends and undistributed earnings allocated to participating securities						(28)						(28)						(60)						(67)
Preferred stock dividends						(57)						(57)						(171)						(171)
Net income available to common stockholders						$	1,692					$	1,705					$	3,423					$	3,943
Total weighted-average basic common shares outstanding						383.0						382.5						382.8						382.7
Effect of dilutive securities:(1)
Stock options						0.1						0.1						0.2						0.1
Other contingently issuable shares						0.6						0.7						0.7						0.8
Total effect of dilutive securities						0.7						0.8						0.9						0.9
Total weighted-average diluted common shares outstanding						383.7						383.3						383.7						383.6
Basic earnings per common share:
Net income per basic common share						$	4.42					$	4.46					$	8.94					$	10.31
Diluted earnings per common share:(1)
Net income per diluted common share						$	4.41					$	4.45					$	8.92					$	10.28

__________

(1)Excluded from the computation of diluted earnings per share were awards of 43 thousand shares and 13 thousand shares for the nine months ended September 30, 2024 and 2023, respectively, because their inclusion would be anti-dilutive. There were no awards excluded from the computation of dilutive earning per share for the three months ended September 30, 2024 and 2023.

,,

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NOTE 12—FAIR VALUE MEASUREMENT

Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below:

Level 1:						Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:						Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:						Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow (“DCF”) methodologies or similar techniques.

The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. We consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the observable or unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3. The process for determining fair value using unobservable inputs is generally more subjective and involves a high degree of management judgment and assumptions. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings.

The determination and classification of financial instruments in the fair value hierarchy is performed at the end of each reporting period. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring basis, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 16—Fair Value Measurement” in our 2023 Form 10-K.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis

						September 30, 2024
						Fair Value Measurements Using																		Netting Adjustments(1)
(Dollars in millions)						Level 1						Level 2						Level 3												Total
Assets:
Securities available for sale:
U.S. Treasury securities						$	6,032					$	0					$	0					$	0					$	6,032
RMBS						0						66,127						180						0						66,307
CMBS						0						8,181						2						0						8,183
Other securities						131						2,847						0						0						2,978
Total securities available for sale						6,163						77,155						182						0						83,500
Loans held for sale						0						77						0						0						77
Other assets:
Derivative assets(2)						866						929						613						(725)						1,683
Other(3)						675						0						34						0						709
Total assets						$	7,704					$	78,161					$	829					$	(725)					$	85,969
Liabilities:
Other liabilities:
Derivative liabilities(2)						$	574					$	1,515					$	568					$	(622)					$	2,035
Total liabilities						$	574					$	1,515					$	568					$	(622)					$	2,035

						December 31, 2023
						Fair Value Measurements Using																		Netting Adjustments(1)
(Dollars in millions)						Level 1						Level 2						Level 3												Total
Assets:
Securities available for sale:
U.S. Treasury securities						$	5,282					$	0					$	0					$	0					$	5,282
RMBS						0						63,492						146						0						63,638
CMBS						0						8,191						132						0						8,323
Other securities						126						1,748						0						0						1,874
Total securities available for sale						5,408						73,431						278						0						79,117
Loans held for sale						0						347						0						0						347
Other assets:
Derivative assets(2)						788						1,001						886						(1,005)						1,670
Other(3)						589						3						35						0						627
Total assets						$	6,785					$	74,782					$	1,199					$	(1,005)					$	81,761
Liabilities:
Other liabilities:
Derivative liabilities(2)						$	449					$	1,655					$	828					$	(597)					$	2,335
Total liabilities						$	449					$	1,655					$	828					$	(597)					$	2,335

__________

(1)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See “Note 9—Derivative Instruments and Hedging Activities” for additional information.

(2)Does not reflect approximately $3 million and $2 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2024 and December 31, 2023, respectively. Non-performance risk is included in the measurement of derivative assets and liabilities on our consolidated balance sheets, and is recorded through non-interest income in the consolidated statements of income.

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(3)As of September 30, 2024 and December 31, 2023, other includes retained interests in securitizations of $34 million and $35 million, deferred compensation plan assets of $670 million and $578 million and equity securities of $5 million (including unrealized gains of $5 million) and $14 million (including unrealized gains of $5 million), respectively.

Level 3 Recurring Fair Value Rollforward

The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2024 and 2023. Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources.

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Table 12.2: Level 3 Recurring Fair Value Rollforward

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Three Months Ended September 30, 2024
												Total Gains (Losses) (Realized/Unrealized)																																																						Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(1)
(Dollars in millions)						Balance, July 1, 2024						Included in Net Income(1)						Included in OCI						Purchases						Sales						Issuances						Settlements						Transfers Into Level 3						Transfers Out of Level 3						Balance, September 30, 2024
Securities available for sale:(2)
RMBS						$	304					$	2					$	11					$	0					$	0					$	0					$	(4)					$	2					$	(135)					$	180					$	2
CMBS						2						0						0						0						0						0						0						0						0						2						0
Total securities available for sale						306						2						11						0						0						0						(4)						2						(135)						182						2
Other assets:
Retained interests in securitizations						34						0						0						0						0						0						0						0						0						34						0
Net derivative assets (liabilities)(3)						69						(20)						0						0						0						4						(8)						0						0						45						(15)

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Nine Months Ended September 30, 2024
												Total Gains (Losses) (Realized/Unrealized)																																																						Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(1)
(Dollars in millions)						Balance, January 1, 2024						Included in Net Income(1)						Included in OCI						Purchases						Sales						Issuances						Settlements						Transfers Into Level 3						Transfers Out of Level 3						Balance, September 30, 2024
Securities available for sale:(2)
RMBS						$	146					$	6					$	8					$	0					$	0					$	0					$	(9)					$	187					$	(158)					$	180					$	5
CMBS						132						0						(3)						0						0						0						(3)						0						(124)						2						0
Total securities available for sale						278						6						5						0						0						0						(12)						187						(282)						182						5
Other assets:
Retained interests in securitizations						35						(1)						0						0						0						0						0						0						0						34						(1)
Net derivative assets (liabilities)(3)						58						(17)						0						0						0						1						3						0						0						45						(18)

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Three Months Ended September 30, 2023
												Total Gains (Losses) (Realized/Unrealized)																																																						Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(1)
(Dollars in millions)						Balance, July 1, 2023						Included in Net Income(1)						Included in OCI						Purchases						Sales						Issuances						Settlements						Transfers Into Level 3						Transfers Out of Level 3						Balance, September 30, 2023
Securities available for sale:(2)
RMBS						$	206					$	2					$	(5)					$	0					$	0					$	0					$	(6)					$	2					$	(50)					$	149					$	2
CMBS						133						0						(6)						0						0						0						(1)						0						0						126						0
Total securities available for sale						339						2						(11)						0						0						0						(7)						2						(50)						275						2
Other assets:
Retained interests in securitizations						36						(1)						0						0						0						0						0						0						0						35						(1)
Net derivative assets (liabilities)(3)						64						(2)						0						0						0						3						18						(15)						0						68						4

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						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Nine Months Ended September 30, 2023
												Total Gains (Losses) (Realized/Unrealized)																																																						Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(1)
(Dollars in millions)						Balance, January 1, 2023						Included in Net Income(1)						Included in OCI						Purchases						Sales						Issuances						Settlements						Transfers Into Level 3						Transfers Out of Level 3						Balance, September 30, 2023
Securities available for sale:(2)
RMBS						$	236					$	6					$	(4)					$	0					$	0					$	0					$	(17)					$	47					$	(119)					$	149					$	5
CMBS						142						0						(12)						0						0						0						(4)						0						0						126						0
Total securities available for sale						378						6						(16)						0						0						0						(21)						47						(119)						275						5
Other assets:
Retained interests in securitizations						36						(1)						0						0						0						0						0						0						0						35						(1)
Net derivative assets (liabilities)(3)(4)						5						(20)						0						0						0						176						75						(167)						(1)						68						71

_________

(1)Realized gains (losses) on securities available for sale are included in net securities gains (losses) and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income.

(2)For both the three and nine months ended September 30, 2024, included in OCI related to Level 3 securities available for sale still held as of September 30, 2024 were net unrealized losses of $2 million. For the three and nine months ended September 30, 2023, included in OCI related to Level 3 securities available for sale still held as of September 30, 2023 were net unrealized losses of $9 million and $14 million, respectively.

(3)Includes derivative assets and liabilities of $613 million and $568 million, respectively, as of September 30, 2024 and $1.3 billion and $1.3 billion, respectively, as of September 30, 2023.

(4)Transfers into Level 3 primarily consist of term Secured Overnight Financing Rate (“SOFR”)-indexed interest rate derivatives.

Significant Level 3 Fair Value Asset and Liability Inputs

Generally, uncertainties in fair value measurements of financial instruments, such as changes in unobservable inputs, may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity or credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads, and would lead to a decrease in the fair value measurement.

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Techniques and Inputs for Level 3 Fair Value Measurements

The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models.

Table 12.3: Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at September 30, 2024

Significant Valuation Techniques

Significant Unobservable Inputs

Range

Weighted Average(1)

Securities available for sale:

RMBS

$

180

Discounted cash flows (vendor pricing)

Yield Voluntary prepayment rate Default rate Loss severity

4-14% 0-12% 0-6% 25-80%

6% 7% 1% 61%

CMBS

2

Discounted cash flows (vendor pricing)

Yield

5-7%

7%

Other assets:

Retained interests in securitizations(2)

34

Discounted cash flows

Life of receivables (months) Voluntary prepayment rate Discount rate Default rate Loss severity

31-73 7-9% 5-14% 1-2% 46-155%

N/A

Net derivative assets (liabilities)

45

Discounted cash flows

Swap rates

3-5%

3%

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in millions)

Fair Value at December 31, 2023

Significant Valuation Techniques

Significant Unobservable Inputs

Range

Weighted Average(1)

Securities available for sale:

RMBS

$

146

Discounted cash flows (vendor pricing)

Yield Voluntary prepayment rate Default rate Loss severity

2-19% 0-12% 0-10% 30-80%

7% 7% 1% 61%

CMBS

132

Discounted cash flows (vendor pricing)

Yield

5-7%

5%

Other assets:

Retained interests in securitizations(2)

35

Discounted cash flows

Life of receivables (months) Voluntary prepayment rate Discount rate Default rate Loss severity

33-69 9% 5-14% 2% 53-163%

N/A

Net derivative assets (liabilities)

58

Discounted cash flows

Swap rates

3-5%

4%

__________

(1)Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments.

(2)Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs.

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Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

We are required to measure and recognize certain assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or fair value accounting or when we evaluate for impairment).

The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of September 30, 2024 and December 31, 2023, and for which a nonrecurring fair value measurement was recorded during the nine and twelve months then ended.

Table 12.4: Nonrecurring Fair Value Measurements

						September 30, 2024
						Estimated Fair Value Hierarchy												Total
(Dollars in millions)						Level 2						Level 3
Loans held for investment						$	0					$	738					$	738
Loans held for sale						10						0						10
Other assets(1)						0						100						100
Total						$	10					$	838					$	848

						December 31, 2023
						Estimated Fair Value Hierarchy												Total
(Dollars in millions)						Level 2						Level 3
Loans held for investment						$	0					$	545					$	545
Loans held for sale						37						0						37
Other assets(1)						0						214						214
Total						$	37					$	759					$	796

__________

(1)As of September 30, 2024, other assets includes investments accounted for under measurement alternative of $47 million, cost method investments of $1 million and repossessed assets of $52 million. As of December 31, 2023, other assets included investments accounted for under measurement alternative of $46 million, repossessed assets of $45 million and long-lived assets held for sale and right-of-use assets totaling $123 million.

In the above table, loans held for investment are generally valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. The non-recoverable rate ranged from 7% to 61%, with a weighted average of 19%, and from 0% to 100%, with a weighted average of 18%, as of September 30, 2024 and December 31, 2023, respectively. The weighted average non-recoverable rate is calculated based on the estimated market value of the underlying collateral. The significant unobservable inputs and related quantitative information related to fair value of the other assets are not meaningful to disclose as they vary significantly across properties and collateral.

The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at September 30, 2024 and 2023.

Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings

						Total Gains (Losses)
						Nine Months Ended September 30,
(Dollars in millions)						2024						2023
Loans held for investment						$	(224)					$	(315)
Loans held for sale						(6)						0
Other assets(1)						(64)						(52)
Total						$	(294)					$	(367)

__________

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(1)Other assets primarily include fair value adjustments related to repossessed assets and equity investments accounted for under the measurement alternative.

Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of September 30, 2024 and December 31, 2023.

Table 12.6: Fair Value of Financial Instruments

						September 30, 2024
						Carrying Value						Estimated Fair Value						Estimated Fair Value Hierarchy
(Dollars in millions)																		Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	49,298					$	49,298					$	3,976					$	45,322					$	0
Restricted cash for securitization investors						421						421						421						0						0
Net loans held for investment						303,709						308,901						0						0						308,901
Loans held for sale						19						19						0						19						0
Interest receivable						2,577						2,577						0						2,577						0
Other investments(1)						1,330						1,330						0						1,330						0
Financial liabilities:
Deposits with defined maturities						77,678						77,893						0						77,893						0
Securitized debt obligations						15,881						15,939						0						15,939						0
Senior and subordinated notes						32,911						33,694						0						33,694						0
Federal funds purchased and securities loaned or sold under agreements to repurchase						520						520						0						520						0
Interest payable						705						705						0						705						0

						December 31, 2023
						Carrying Value						Estimated Fair Value						Estimated Fair Value Hierarchy
(Dollars in millions)																		Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	43,297					$	43,297					$	4,903					$	38,394					$	0
Restricted cash for securitization investors						458						458						458						0						0
Net loans held for investment						305,176						308,044						0						0						308,044
Loans held for sale						507						515						0						515						0
Interest receivable						2,478						2,478						0						2,478						0
Other investments(1)						1,329						1,329						0						1,329						0
Financial liabilities:
Deposits with defined maturities						83,014						82,990						0						82,990						0
Securitized debt obligations						18,043						18,067						0						18,067						0
Senior and subordinated notes						31,248						31,524						0						31,524						0
Federal funds purchased and securities loaned or sold under agreements to repurchase						538						538						0						538						0
Interest payable						649						649						0						649						0

__________

(1)Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets.

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NOTE 13—BUSINESS SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS

Our principal operations are organized into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and integration expenses related to the agreement to acquire Discover.

Basis of Presentation

We report the results of each of our business segments on a continuing operations basis. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources.

Business Segment Reporting Methodology

The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business segment. Our funds transfer pricing process managed by our centralized Corporate Treasury group provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a charge for the use of funds by each segment. The allocation is unique to each business segment and acquired business and is based on the composition of assets and liabilities. The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the funds transfer pricing process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the business segments. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate market rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Part II—Item 8. Financial Statements and Supplementary Data—Note 17—Business Segments and Revenue from Contracts with Customers” in our 2023 Form 10-K.

Segment Results and Reconciliation

We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies or changes in organizational alignment. The following table presents our business segment results for the three and nine months ended September 30, 2024 and 2023, selected balance sheet data as of September 30, 2024 and 2023, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits.

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Table 13.1: Segment Results and Reconciliation

						Three Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Net interest income (loss)						$	5,743					$	2,028					$	596					$	(291)					$	8,076
Non-interest income (loss)						1,509						182						292						(45)						1,938
Total net revenue (loss)(2)						7,252						2,210						888						(336)						10,014
Provision (benefit) for credit losses						2,084						351						48						(1)						2,482
Non-interest expense						3,367						1,331						495						121						5,314
Income (loss) from continuing operations before income taxes						1,801						528						345						(456)						2,218
Income tax provision (benefit)						427						125						82						(193)						441
Income (loss) from continuing operations, net of tax						$	1,374					$	403					$	263					$	(263)					$	1,777
Loans held for investment						$	156,651					$	76,758					$	86,834					$	0					$	320,243
Deposits						0						309,569						30,598						13,464						353,631

						Nine Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Net interest income (loss)						$	16,309					$	6,064					$	1,804					$	(1,067)					$	23,110
Non-interest income (loss)						4,491						513						844						(36)						5,812
Total net revenue (loss)(2)						20,800						6,577						2,648						(1,103)						28,922
Provision (benefit) for credit losses						7,888						1,107						80						(1)						9,074
Non-interest expense						9,730						3,827						1,493						347						15,397
Income (loss) from continuing operations before income taxes						3,182						1,643						1,075						(1,449)						4,451
Income tax provision (benefit)						756						388						254						(601)						797
Income (loss) from continuing operations, net of tax						$	2,426					$	1,255					$	821					$	(848)					$	3,654
Loans held for investment						$	156,651					$	76,758					$	86,834					$	0					$	320,243
Deposits						0						309,569						30,598						13,464						353,631

						Three Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Net interest income (loss)						$	5,114					$	2,133					$	621					$	(445)					$	7,423
Non-interest income						1,513						142						288						0						1,943
Total net revenue (loss)(2)						6,627						2,275						909						(445)						9,366
Provision for credit losses						1,953						213						116						2						2,284
Non-interest expense						3,015						1,262						512						71						4,860
Income (loss) from continuing operations before income taxes						1,659						800						281						(518)						2,222
Income tax provision (benefit)						393						189						67						(217)						432
Income (loss) from continuing operations, net of tax						$	1,266					$	611					$	214					$	(301)					$	1,790
Loans held for investment						$	146,783					$	76,844					$	91,153					$	0					$	314,780
Deposits						0						290,789						36,035						19,187						346,011

                                                                                                                                                                                                                                                                                                                                                                                                                                    

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						Nine Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Net interest income (loss)						$	14,498					$	6,762					$	1,901					$	(1,439)					$	21,722
Non-interest income						4,375						426						757						1						5,559
Total net revenue (loss)(2)						18,873						7,188						2,658						(1,438)						27,281
Provision for credit losses						6,298						747						521						3						7,569
Non-interest expense						9,073						3,776						1,524						226						14,599
Income (loss) from continuing operations before income taxes						3,502						2,665						613						(1,667)						5,113
Income tax provision (benefit)						830						629						145						(672)						932
Income (loss) from continuing operations, net of tax						$	2,672					$	2,036					$	468					$	(995)					$	4,181
Loans held for investment						$	146,783					$	76,844					$	91,153					$	0					$	314,780
Deposits						0						290,789						36,035						19,187						346,011

_________

(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(2)Total net revenue was reduced by $624 million and $1.9 billion in the three and nine months ended September 30, 2024, respectively, and $449 million and $1.3 billion in the three and nine months ended September 30, 2023, respectively, for credit card finance charges and fees charged off as uncollectible.

Revenue from Contracts with Customers

The majority of our revenue from contracts with customers consists of interchange fees, service charges and other customer-related fees, and other contract revenue. Interchange fees are primarily from our Credit Card business and are recognized upon settlement with the interchange networks, net of rewards earned by customers. Service charges and other customer-related fees within our Consumer Banking business are primarily related to fees earned on consumer deposit accounts for account maintenance and various transaction-based services such as automated teller machine (“ATM”) usage. Service charges and other customer-related fees within our Commercial Banking business are mostly related to fees earned on treasury management and capital markets services. Other contract revenue in our Credit Card business consists primarily of revenue from our partnership arrangements. Other contract revenue in our Consumer Banking business consists primarily of revenue earned from services provided to auto industry participants. Revenue from contracts with customers is included in non-interest income in our consolidated statements of income.

The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and nine months ended September 30, 2024 and 2023.

Table 13.2: Revenue from Contracts with Customers and Reconciliation to Segment Results

						Three Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Contract revenue:
Interchange fees, net(2)						$	1,086					$	113					$	28					$	1					$	1,228
Service charges and other customer-related fees						0						23						92						0						115
Other						67						36						1						0						104
Total contract revenue						1,153						172						121						1						1,447
Revenue (reduction) from other sources						356						10						171						(46)						491
Total non-interest income (loss)						$	1,509					$	182					$	292					$	(45)					$	1,938

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						Nine Months Ended September 30, 2024
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Contract revenue:
Interchange fees, net(2)						$	3,222					$	318					$	81					$	1					$	3,622
Service charges and other customer-related fees						0						66						239						0						305
Other						271						101						6						0						378
Total contract revenue						3,493						485						326						1						4,305
Revenue (reduction) from other sources						998						28						518						(37)						1,507
Total non-interest income (loss)						$	4,491					$	513					$	844					$	(36)					$	5,812

						Three Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Contract revenue:
Interchange fees, net(2)						$	1,115					$	92					$	27					$	0					$	1,234
Service charges and other customer-related fees						0						21						78						0						99
Other						111						28						3						0						142
Total contract revenue						1,226						141						108						0						1,475
Revenue from other sources						287						1						180						0						468
Total non-interest income						$	1,513					$	142					$	288					$	0					$	1,943

						Nine Months Ended September 30, 2023
(Dollars in millions)						Credit Card						Consumer Banking						Commercial Banking(1)						Other(1)						Consolidated Total
Contract revenue:
Interchange fees, net(2)						$	3,251					$	270					$	64					$	1					$	3,586
Service charges and other customer-related fees						0						64						173						(1)						236
Other						257						74						16						0						347
Total contract revenue						3,508						408						253						0						4,169
Revenue from other sources						867						18						504						1						1,390
Total non-interest income						$	4,375					$	426					$	757					$	1					$	5,559

__________

(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(2)Interchange fees are presented net of customer reward expenses.    

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NOTE 14—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS

Commitments to Lend

Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines and certain other unconditionally cancellable lines of credit, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities.

For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value (“LTV”) ratios are the same as those for funded transactions and are established based on management’s credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements.

We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the customer. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and the results of these reviews are considered in assessing the adequacy of reserves for unfunded lending commitments.

The following table presents the contractual amount and carrying value of our unfunded lending commitments as of September 30, 2024 and December 31, 2023. The carrying value represents our reserve and deferred revenue on legally binding commitments.

Table 14.1: Unfunded Lending Commitments

						Contractual Amount												Carrying Value
(Dollars in millions)						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Credit card lines						$	412,905					$	392,867					N/A						N/A
Other loan commitments(1)						44,698						46,951						$	72					$	99
Standby letters of credit and commercial letters of credit(2)						1,266						1,465						27						23
Total unfunded lending commitments						$	458,869					$	441,283					$	99					$	122

__________

(1)Includes $5.0 billion and $4.7 billion of advised lines of credit as of September 30, 2024 and December 31, 2023, respectively.

(2)These financial guarantees have expiration dates that range from 2025 to 2027 as of September 30, 2024.

Loss Sharing Agreements

Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of these originated loans. Beginning January 1, 2020, we elected the fair value option on new loss sharing agreements entered into. Unrealized gains and losses are recorded in other non-interest income in our consolidated statements of income. For those loss sharing agreements entered into as of and prior to December 31, 2019, we amortize the liability recorded at inception into non-interest income as we are released from risk of having to make a payment and record our estimate of expected credit losses each period through the provision for credit losses in our consolidated statements of income. The liability recognized on our consolidated balance sheets for these loss sharing agreements was $145 million and $137 million as of September 30, 2024 and December 31, 2023, respectively. See “Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments” for information related to our credit card partnership loss sharing arrangements.

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Litigation

In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. None of the amounts we currently have recorded individually or in the aggregate are considered to be material to our financial condition. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of potentially material legal proceedings and claims.

For some of the matters disclosed below, we are able to estimate reasonably possible losses above existing reserves, and for other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible, management currently estimates the reasonably possible future losses beyond our reserves as of September 30, 2024 are approximately $400 million. Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is significant uncertainty regarding numerous factors that may impact the ultimate loss levels. Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some litigation matters based on current information, it is possible that actual future losses will exceed both the current accrual level and reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters and the very large or indeterminate damages sought in some of these, there is significant uncertainty as to the ultimate liability we may incur from these litigation matters and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period.

Interchange Litigation

In 2005, a putative class of retail merchants filed antitrust lawsuits against MasterCard and Visa and several issuing banks, including Capital One, seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees. The Visa and MasterCard payment networks and issuing banks entered into settlement and judgment sharing agreements allocating the liabilities of any judgment or settlement arising from all interchange-related cases.

The lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes and were settled in 2012. The class settlement, however, was invalidated by the United States Court of Appeals for the Second Circuit in June 2016, and the suit was bifurcated into separate class actions seeking injunctive and monetary relief, respectively. In addition, numerous merchant groups opted out of the 2012 settlement. 

The monetary relief class action settled for $5.5 billion and was approved by the District Court in December 2019. The Second Circuit affirmed the settlement in March 2023, and it is final. Some of the merchants that opted out of the monetary relief class have brought cases, and some of those cases have settled and some remain pending. Visa created a litigation escrow account following its initial public offering of stock in 2008 that funds the portion of these settlements attributable to Visa-allocated transactions. Any settlement amounts based on MasterCard-allocated transactions that have not already been paid are reflected in our reserves. Visa and MasterCard reached a settlement with the injunctive relief class and filed a motion for preliminary approval, which was denied by the District Court in June 2024. The parties will continue to litigate unless a settlement is reached and approved.

Cybersecurity Incident

On July 29, 2019, we announced that on March 22 and 23, 2019 an outside individual gained unauthorized access to our systems. This individual obtained certain types of personal information relating to people who had applied for our credit card products and to our credit card customers (the “2019 Cybersecurity Incident”). As a result of the 2019 Cybersecurity Incident, we have been subject to numerous legal proceedings and other inquiries and could be the subject of additional proceedings and inquiries in the future.

Consumer class actions. We are named as a defendant in 4 putative consumer class action cases in Canadian courts alleging harm from the 2019 Cybersecurity Incident and seeking various remedies, including monetary and injunctive relief. The lawsuits allege breach of contract, negligence, violations of various privacy laws and a variety of other legal causes of action. In the second quarter of 2022, a trial court in British Columbia preliminarily certified a class of all impacted Canadian consumers except those in Quebec. The preliminary certification decision in British Columbia was appealed, with both sides contesting portions of the ruling. On July 4, 2024, the British Columbia Court of Appeals denied both parties’ appeals. In the third quarter of 2023, a trial court in Quebec preliminarily authorized a class of all impacted consumers in Quebec. This

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decision also has been appealed. The final two putative class actions, both of which are pending in Alberta, are continuing in parallel, but currently remain at a preliminary stage. A fifth putative class action in Ontario was dismissed with prejudice and all appeals of that decision have now been exhausted.

Governmental inquiries. In August 2020, we entered into consent orders with the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Office of the Comptroller of the Currency (“OCC”) resulting from regulatory reviews of the 2019 Cybersecurity Incident and relating to ongoing enhancements of our cybersecurity and operational risk management processes. We paid an $80 million penalty to the U.S. Treasury as part of the OCC agreement. The Federal Reserve agreement did not contain a monetary penalty. The OCC lifted its consent order on August 31, 2022 and the Federal Reserve lifted its consent order on July 5, 2023. On August 12, 2019, Canada’s Office of Privacy Commissioner (“OPC”) also initiated an investigation into the 2019 Cybersecurity Incident. That investigation concluded in April 2024 with no further action required.

U.K. PPI Litigation

In the U.K., we previously sold payment protection insurance (“PPI”). For several years leading up to the claims submission deadline of August 29, 2019 (as set by the U.K. Financial Conduct Authority (“FCA”)), we received customer complaints and regulatory claims relating to PPI. COEP has materially resolved the PPI complaints and regulatory claims received prior to the deadline. Some of the claimants in the U.K. PPI regulatory claims process have subsequently initiated legal proceedings, seeking additional redress. We are responding to these proceedings as we receive them.

Savings Account Litigation and Related Government Investigation

On July 10, 2023, we were sued in a putative class action in the Eastern District of Virginia by savings account holders alleging breach of contract and a variety of other causes of action relating to our introduction of a new savings account product with a higher interest rate than existing savings account products (“Savings Account Litigation”). Since the original suit, we have also been sued in six similar putative class actions in federal courts in California, Illinois, Ohio, Virginia, New Jersey and New York. On March 20, 2024, we filed with the Judicial Panel on Multidistrict Litigation a motion to consolidate and transfer related actions to the Eastern District of Virginia. In June 2024, the Judicial Panel granted the motion and transferred the related actions to the Eastern District of Virginia. Plaintiffs filed a consolidated complaint on July 1, 2024 and the court set a trial date in July 2025. We filed a motion to dismiss the consolidated complaint, which is fully briefed and pending with the court.

In August 2024, we received a Civil Investigative Demand from the Consumer Financial Protection Bureau (“CFPB”) relating to the savings account products at issue in the litigation. In October 2024, the CFPB issued a Notice of Opportunity to Respond and Advise (“NORA”) letter indicating that the CFPB is considering an enforcement action against us on similar grounds as the claims in the Savings Account Litigation. We are responding to the NORA letter and it is possible the CFPB will pursue an enforcement action, including possible litigation, at the end of the NORA process.

Other Pending and Threatened Litigation

In addition, we are commonly subject to various pending and threatened legal actions relating to the conduct of our normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions is not expected to be material to our consolidated financial position or our results of operations.

Other Contingencies

Deposit Insurance Assessments

On November 16, 2023, the Federal Deposit Insurance Corporation (“FDIC”) finalized a rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors in connection with the systemic risk determination announced on March 12, 2023, following the closures of Silicon Valley Bank and Signature Bank. In December 2023, the FDIC provided notification that they would be collecting the special assessment at an annual rate of approximately 13.4 basis points (“bps”) over eight quarterly collection periods, beginning with the first quarter of 2024 with the first payment due on June 28, 2024. In June 2024, the FDIC provided notification that the collection period will be extended an additional two quarters beyond the initial eight quarterly collection periods at a lower annual rate. The special assessment base is equal to an insured depository institution’s estimated uninsured deposits reported on its Consolidated Reports of Condition and Income as of December 31, 2022 (“2022 Call Report”), adjusted to exclude the first $5 billion of uninsured deposits. We recognized $289 million in operating expense in the fourth quarter of 2023 associated with the special assessment

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based on our 2022 Call Report, which was revised and refiled during 2023. We recognized incremental operating expenses in 2024 as a result of updates from the FDIC related to our portion of the FDIC’s estimate of relevant DIF losses. We have recognized $330 million of operating expenses related to the special assessment as of September 30, 2024.

It is reasonably possible amendments will be needed to our 2022 Call Report due to future legal and regulatory developments, which could result in additional expenses associated with the special assessment. The ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank. The amount of reasonably possible additional special assessment fees beyond our existing accrual due to these factors is approximately $200 million.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

For a discussion of the quantitative and qualitative disclosures about market risk, see “Part I—Item 2. MD&A—Market Risk Profile.”

Item 4. Controls and Procedures

Overview

We are required under applicable laws and regulations to maintain controls and procedures, which include disclosure controls and procedures as well as internal control over financial reporting, as further described below. 

(a) Disclosure Controls and Procedures

Disclosure controls and procedures refer to controls and other procedures designed to provide reasonable assurance that information required to be disclosed in our financial reports is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding our required disclosure. In designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we must apply judgment in evaluating and implementing possible controls and procedures. 

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 of the Securities Exchange Act of 1934 (“Exchange Act”), our management, including the CEO and CFO, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of September 30, 2024, the end of the period covered by this Report. Based upon that evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2024, at a reasonable level of assurance, in recording, processing, summarizing and reporting information required to be disclosed within the time periods specified by the SEC rules and forms.

(b) Changes in Internal Control Over Financial Reporting

We regularly review our disclosure controls and procedures and make changes intended to ensure the quality of our financial reporting. There were no changes in internal control over financial reporting that occurred in the third quarter of 2024 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The information required by Item 103 of Regulation S-K is included in “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”

Item 1A. Risk Factors

We are not aware of any material changes from the risk factors set forth under “Part I—Item 1A. Risk Factors” in our 2023 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table presents information related to the repurchases of shares of our common stock for each calendar month in the third quarter of 2024. Commission costs are excluded from the amounts presented below.

						Total Number of Shares Purchased(1)						Average Price  per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans(1)						Maximum Amount That May Yet be Purchased Under the Plan or Program(1) (in millions)
July						402,507						$	143.69					402,507						$	4,276
August						560,748						124.28						421,674						4,217
September						237,214						141.29						237,214						4,184
Total						1,200,469						136.61						1,061,395

(1) In April 2022, our Board of Directors authorized the repurchase of up to $5.0 billion of shares of our common stock. There were 139,074 shares withheld in August to cover taxes on restricted stock awards whose restrictions lapsed. See “Part I—Item 2. MD&A—Capital Management—Dividend Policy and Stock Purchases” for more information.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, certain of our officers and directors adopted or terminated Rule 10b5-1 trading arrangements as follows:

Mark Daniel Mouadeb, our President, U.S. Card, entered into a pre-arranged stock trading plan on July 25, 2024. Mr. Mouadeb’s plan provides for the associated sale of up to 1,993.795 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and December 31, 2024.

Robert M. Alexander, our Chief Information Officer, entered into a pre-arranged stock trading plan on August 8, 2024. Mr. Alexander’s plan provides for the associated sale of up to 16,594 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and October 29, 2025.

Michael Zamsky, our Chief Credit and Financial Risk Officer, entered into a pre-arranged stock trading plan on August 13, 2024. Mr. Zamsky’s plan provides for the associated sale of up to 20,101 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and May 12, 2025.

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Each of the trading plans was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Capital One’s policies regarding transactions in its securities.

Item 6. Exhibits

An index to exhibits has been filed as part of this Report and is incorporated herein by reference.

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EXHIBIT INDEX

Exhibit No.						Description
2.1						Agreement and Plan of Merger, dated as of February 19, 2024, by and among Discover Financial Services, Capital One Financial Corporation and Vega Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed on February 22, 2024).
3.1						Restated Certificate of Incorporation of Capital One Financial Corporation (as restated July 26, 2023) (incorporated by reference to Exhibit 3.1 of the Quarterly Report on Form 10-Q, filed on July 27, 2023).
3.2						Amended and Restated Bylaws of Capital One Financial Corporation, dated September 23, 2021 (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed on September 29, 2021).
4.1						Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of instruments defining the rights of holders of long-term debt are not filed. The Company agrees to furnish a copy thereof to the SEC upon request.
31.1*						Certification of Richard D. Fairbank.
31.2*						Certification of Andrew M. Young.
32.1**						Certification of Richard D. Fairbank.
32.2**						Certification of Andrew M. Young.
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document.
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						The cover page of Capital One Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL (included within the Exhibit 101 attachments).

__________

+

Represents a management contract or compensatory plan or arrangement.

*

Indicates a document being filed with this Form 10-Q.

**

Indicates a document being furnished with this Form 10-Q. Information in this Form 10-Q furnished herewith shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such exhibit shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.

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SIGNATURES

Pursuant to the requirements of Section 13 of 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CAPITAL ONE FINANCIAL CORPORATION

Date: October 31, 2024

By:

/s/ ANDREW M. YOUNG

Andrew M. Young

Chief Financial Officer

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