Capital One 2006 Annual Report Download - page 10
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8
specialized, nonconforming mortgages to prime customers, selling virtually all of its
production to the wholesale markets. The mortgage industry is challenging, but we
plan to grow this business appropriately in light of industry cycles, the company’s
diversification needs, and sound risk management practices.
We’re Striving For Great Execution In Banking
We have made big moves in banking to change the bone structure of Capital One.
Now, our rallying cry internally is to “bring it home with great execution.” We
substantially completed the integration of Hibernia in 2006. Our bank continues to
perform well, despite the industry challenge of the current yield curve environment,
posting net income of $178.6 million in 2006. Deposits remained relatively flat at
$35.3 billion. As anticipated, the $4.5 billion deposited by customers following the
2005 Gulf Coast hurricanes began to run off, largely offset by deposit growth in
Texas and other areas of Louisiana. We maintained our market-leading position in
Louisiana, with a 22% share of deposits, and we opened 39 new branches in Texas
and Louisiana in 2006.
With the acquisition of North Fork, we’ll be more focused on great execution than
ever. Under John Kanas’ leadership, North Fork built a preeminent bank in the greater
New York region. John will continue to head up our consolidated banking operations
supported by a capable team from both North Fork and Hibernia.
Our imperative is to bring together the best of each of our businesses to create a winning
bank. We have a strong foundation to build on, with over 700 branches in New York,
New Jersey, Connecticut, Louisiana and Texas with $85.8 billion in total deposits. North
Fork and Hibernia have proven banking models. Both institutions are known for their
great people. And each of our banks has a deep appreciation for our customers and
our communities. Together, we’ll continue these traditions and bring the same level of
commitment to our customers, communities and associates in each of our banking markets.
We’re Living Our Brand
We’ve made great strides in enhancing our brand in 2006. Our national U.S. Card
advertising campaigns, featuring well-known icons such as our Visigoths, helped us
remain one of the most recognized brands in the nation. Wehave 98% total awareness
of the Capital One brand and continue to rank at or near the top of key brand equity
measures among our competitors.
Wecontinue to extend our brand across the spectrum of our businesses. Welaunched
the brand change in Hibernia’s footprint in Louisiana and Texas with great success as
the Visigoths promised to “bring banking out of the dark ages.” Awareness of the
Capital One brand among our banking customers in those markets is now higher than