Capital One Financial Corp. reported a second-quarter loss that was attributed largely to the cost of exiting the Troubled Asset Relief Program.
The $171.9 billion-asset McLean, Va., company lost $275.5 million, or 65 cents per share.
Excluding the $461.7 million cost of buying back Tarp-related preferred stock, Capital One would have earned $230.2 million. The company lost $176.1 million in the first quarter, and earned $452.9 million a year earlier.
Analysts expected the company to lose 73 cents a share, according to Thomson Reuters.
Capital One exited the Tarp last month.
The loan-loss provision fell 27% from the first quarter, but rose 13% from a year earlier, to $934 million. Net chargeoffs rose 2% from the first quarter and 41% from a year earlier, to $1.12 billion.
Nonperforming loans were 2.35% of the loans on the balance sheet, compared with 1.77% a quarter earlier.