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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
December 9, 2004
Date of Report (Date of earliest event reported)
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CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its chapter)
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Delaware 1-13300 54-1719854
(State or other jurisdiction (Commission (IRS Employer
File Number) Identification No.)
of incorporation)
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1680 Capital One Drive, 22102
McLean, Virginia
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 720-1000
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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" Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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" Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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" Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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" Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly
Charge-off and Delinquency Statistics -- November 2004, for the month ended
November 30, 2004.
Note: Information in this report (including the exhibit) furnished pursuant to
Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of
the Securities Exchange Act of 1934 or otherwise subject to the liabilities of
that Section. This report will not be deemed an admission as to the materiality
of any information in the report that is required to be disclosed solely by
Regulation FD.
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Item 9.01 Financial Statements and Exhibits.
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(c) Exhibits
Exhibit Description
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99.1 Monthly Charge-off and Delinquency Statistics -- November 2004
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
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CAPITAL ONE FINANCIAL
CORPORATION
Dated: December 9, 2004 By: /s/ GARY L. PERLIN
Gary L. Perlin
Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
99.1 Monthly Charge-off and Delinquency Statistics -- November 2004
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Exhibit
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99.1
Capital One Financial Corporation
Monthly Charge-off and Delinquency Statistics
As of and for the month ended November 30, 2004
Summary Metrics
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Reported Managed
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Net Charge-Off Rate 3.65% 4.35%
30 Days + Delinquency Rate 3.89% 3.87%
Reconciliation to GAAP Measures:
The Company's consolidated financial statements prepared in accordance with
generally accepted accounting principles ("GAAP") are referred to as its
"reported" financial statements. Loans included in securitization transactions
which qualified as sales under GAAP have been removed from the Company's
"reported" balance sheet. However, servicing fees, finance charges, and other
fees, net of charge-offs, and interest paid to investors of securitizations are
recognized as servicing and securitizations income on the "reported" income
statement.
The Company's "managed" consolidated financial statements reflect adjustments
made related to effects of securitization transactions qualifying as sales
under GAAP. The Company generates earnings from its "managed" loan portfolio
which includes both the on-balance sheet loans and off-balance sheet loans. The
Company's "managed" income statement takes the components of the servicing and
securitizations income generated from the securitized portfolio and distributes
the revenue and expense to appropriate income statement line items from which
it originated. For this reason, the Company believes the "managed" consolidated
financial statements and related managed metrics to be useful to stakeholders.
Metric Calculation Details
(dollars in thousands)
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Reported Adjustments (1) Managed (2)
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Net Principal Charge-Offs $ 108,171 $ 168,849 $ 277,020
Average Loans Outstanding $ 35,581,053 $ 40,840,268 $ 76,421,321
Annualized Net Charge-Off Rate 3.65% 4.35%
30 Days + Delinquencies $ 1,395,648 $ 1,614,634 $ 3,010,282
Period-end Loans Outstanding $ 35,911,655 $ 41,804,653 $ 77,716,308
30 Days + Delinquency Rate 3.89% 3.87%
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(1) Includes adjustments made related to effects of securitization transactions
qualifying as sales under GAAP and adjustments made to reclassify to
"managed" loans outstanding the collectible portion of billed finance
charge and fee income on the investors' interest in securitized loans
excluded from loans outstanding on the "reported" balance sheet in
accordance with Financial Accounting Standards Board Staff Position,
"Accrued Interest Receivable", issued April 2003.
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(2) The managed loan portfolio does not include auto loans which have been sold
in whole loan sale transactions where the Company has retained servicing
rights.