Capital One (COF) official guidance

The operating expense synergies are more back-loaded, and as we mentioned earlier, we've realized about a third of the operating expense synergies to date, and we're on track to achieve the remaining operating expense synergies by the second half of 2027.

As you suggest, looking ahead, there should be a bit of a NIM catch up that happens in the third quarter as the average cash catches up to the ending cash.

We remain on track to deliver the full $2.5 billion of announced synergies.

As a reminder, the Brex transaction is expected to decrease the CET1 ratio by a little over 40 basis points in the second quarter.

Even though some individual variables in our deal model have moved since the announcement, and we have acquired Brex and the Hopper travel infrastructure, we still expect our earnings power on the other side of the Discover integration to be consistent with what we expected at the time we announced the deal.

The expense synergies happen more iteratively over the integration window and just are more back-loaded because they are highly dependent on those technology conversions. That said, we do make or are making some progress on the expense synergies along the way, but you should expect that we won't be fully at our expense synergies until the conversions are complete, and that will be in the first half of 2027.

If you look at the back half of the year, that, on a seasonally adjusted basis, is a pretty good indication of where you should expect NIM to structurally be.

We're seeing a meaningful portion of the revenue synergies already in our Q1 results, and at least full portion of the revenue synergies coming from debit will be in the Q2 results.

If we put those things together, we still feel very good about achieving the full $2.5 billion of synergies by the time we complete the integration in the middle of 2027.

In addition, we expect to increase our quarterly common stock dividend from $0.60 per share-$0.80 per share beginning in the fourth quarter, subject to board approval.