NEW YORK ( TheStreet) -- Capital One (COF) on Wednesday afternoon reported second-quarter earnings of $92 million, or 16 cents a share, missing the consensus estimate of a $1.30 profit, among analysts polled by Thomson Reuters.
Among the numerous one-time items affecting the second-quarter results were $60 million in civil penalties related to credit card settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which were both announced Wednesday and included $150 million in refunds to the company's credit card customers.
Capital One said "the total income statement impact of these expected refunds is approximately $116 million, including a $75 million reserve accrued in the first quarter to reverse previously recognized revenues and an additional $41 million additional reserve this quarter to reflect the final agreements with the company's regulators," and that the company was "no longer recognizing revenue for any amounts billed for these products," including "approximately $24 million of billed amounts in the second quarter."
Second-quarter results also included "charges related to the HSBC U.S. Card acquisition
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