Capital One Files 8-K with Financial Updates
Ticker: COF-PN · Form: 8-K · Filed: May 24, 2024 · CIK: 927628
| Field | Detail |
|---|---|
| Company | Capital One Financial Corp (COF-PN) |
| Form Type | 8-K |
| Filed Date | May 24, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $8.5 billion, $850 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-statements, exhibits, sec-filing
Related Tickers: COF
TL;DR
COF filed an 8-K on 5/24. Mostly financial exhibits, no major news yet.
AI Summary
On May 24, 2024, Capital One Financial Corp. filed an 8-K report. The filing primarily concerns financial statements and exhibits, indicating updates or disclosures related to the company's financial health and operations. No specific new material events or transactions were detailed in the provided excerpt.
Why It Matters
This filing provides updated financial information for Capital One, which is crucial for investors and analysts to assess the company's performance and make informed decisions.
Risk Assessment
Risk Level: low — The filing is a routine 8-K for financial statements and exhibits, not indicating any immediate new risks or significant events.
Key Players & Entities
- Capital One Financial Corp. (company) — Filer of the 8-K report
- 0000927628-24-000222 (document_id) — Accession number for the filing
- May 24, 2024 (date) — Date of report and earliest event
FAQ
What is the primary purpose of this 8-K filing by Capital One Financial Corp.?
The primary purpose of this 8-K filing, as indicated by the 'ITEM INFORMATION: Financial Statements and Exhibits', is to report financial statements and exhibits.
What is the accession number for this filing?
The accession number for this filing is 0000927628-24-000222.
On what date was this 8-K report filed?
This 8-K report was filed on May 24, 2024.
What is Capital One Financial Corp.'s IRS number?
Capital One Financial Corp.'s IRS number is 541719854.
What is the state of incorporation for Capital One Financial Corp.?
The state of incorporation for Capital One Financial Corp. is Delaware (DE).
Filing Stats: 943 words · 4 min read · ~3 pages · Grade level 13.1 · Accepted 2024-05-24 09:25:59
Key Financial Figures
- $8.5 billion — credit card portfolio of approximately $8.5 billion of loans. Approximately 40% of the cred
- $850 million — it losses would have been approximately $850 million higher. If the revenue sharing arrangem
Filing Documents
- cof-20240524.htm (8-K) — 40KB
- exhibit991-pressreleasedat.htm (EX-99.1) — 9KB
- coflogo.jpg (GRAPHIC) — 123KB
- wmta.jpg (GRAPHIC) — 7KB
- 0000927628-24-000222.txt ( ) — 443KB
- cof-20240524.xsd (EX-101.SCH) — 5KB
- cof-20240524_def.xml (EX-101.DEF) — 19KB
- cof-20240524_lab.xml (EX-101.LAB) — 38KB
- cof-20240524_pre.xml (EX-101.PRE) — 20KB
- cof-20240524_htm.xml (XML) — 9KB
01 Other Events
Item 8.01 Other Events. On May 24, 2024, Capital One Financial Corporation (the "Company") announced that the credit card partnership agreement (the "CCPA") under which Capital One had been the exclusive issuer of Walmart's private label and co-branded credit card program in the U.S. (the "Card Program") has ended. Pursuant to the terms of the CCPA, Capital One will retain ownership and servicing of the existing credit card portfolio of approximately $8.5 billion of loans. Approximately 40% of the credit card loan balances were originated and underwritten by Capital One. The Company expects to begin converting eligible customers and integrating the accounts into Capital One branded card products. The CCPA included terms and conditions related to revenue sharing and loss sharing associated with the Card Program. As part of the termination, the revenue sharing and loss sharing arrangements also terminated. If the loss sharing arrangement had not been in place for the first quarter of 2024, the Domestic Card net charge-off rate would have been approximately 45 basis points higher and our allowance for credit losses would have been approximately $850 million higher. If the revenue sharing arrangement had not been in place for the first quarter of 2024, Domestic Card revenue margin would have been approximately 45 basis points higher. A copy of the joint press release issued by the Company and Walmart is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Cautionary Statements Regarding Forward Looking Statements The information provided in this Form 8-K contains forward-looking statements, which involve a number of risks and uncertainties. The Company cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that t
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release, dated May 24, 2024 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. CAPITAL ONE FINANCIAL CORPORATION Date: May 24, 2024 By: /s/ Matthew W. Cooper Matthew W. Cooper General Counsel and Corporate Secretary 2