Capital One posts first quarter loss as delinquencies grow

Capital One Financial Corp. (COF) reported a $111.9 million first-quarter loss as it added $124.1 million to reserves for sour loans. Shares of Capital One, which soared 12.5 percent earlier today, are declining some 9 percent in after-hours trading.

The per share loss was 45 cents, compared with last year's net income of $548.5 million, or $1.47 a share, and follows a net loss of $1.4 billion, or $3.74 per common share in the fourth quarter of 2008 on impaired-goodwill charges. Net loss from continuing operations for the first quarter was $86.9 million, or $0.39 per share, missing analyst estimates by four cents.