and MORGAN GUARANTY TRUST COMPANY OF NEW YORK
Exhibit 99
X. X. XXXXXX XXXXX & CO.
and
XXXXXX GUARANTY TRUST COMPANY OF NEW YORK
As of December 31, 2000, Xxxxxx Guaranty Trust Company of New York (“Xxxxxx Guaranty”) was a wholly owned bank subsidiary of X.X. Xxxxxx Xxxxx & Co., a Delaware corporation whose principal office is located in New York, New York. Xxxxxx Guaranty was a commercial bank offering a wide range of banking services to its customers both domestically and internationally. Its business was subject to examination and regulation by Federal and New York State banking authorities.
On November 10, 2001, X. X. Xxxxxx & Co. merged with The Chase Manhattan Bank. Upon consummation of the merger, The Chase Manhattan Bank changed its name to XX Xxxxxx Xxxxx & Co.
The following table sets forth certain summarized financial information of JPMorgan Chase & Co. as of the dates and for the periods indicated. This information was obtained from X.X. Xxxxxx Xxxxx & Co.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
Five-Year Summary of Consolidated Financial Highlights
As of or for the Year Ended December 31,
(unaudited)
(in millions, except per share, ratio and headcount data) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Selected income statement data | ||||||||||||||||||||
Total net revenue | $ | 96,606 | $ | 97,031 | $ | 97,234 | $ | 102,694 | $ | 100,434 | ||||||||||
Total noninterest expense | 70,467 | 64,729 | 62,911 | 61,196 | 52,352 | |||||||||||||||
Pre-provision profit | 26,139 | 32,302 | 34,323 | 41,498 | 48,082 | |||||||||||||||
Provision for credit losses | 225 | 3,385 | 7,574 | 16,639 | 32,015 | |||||||||||||||
Income before income tax expense and extraordinary gain | 25,914 | 28,917 | 26,749 | 24,859 | 16,067 | |||||||||||||||
Income tax expense | 7,991 | 7,633 | 7,773 | 7,489 | 4,415 | |||||||||||||||
Income before extraordinary gain | 17,923 | 21,284 | 18,976 | 17,370 | 11,652 | |||||||||||||||
Extraordinary gain | — | — | — | — | 76 | |||||||||||||||
Net income | $ | 17,923 | $ | 21,284 | $ | 18,976 | $ | 17,370 | $ | 11,728 | ||||||||||
Per common share data | ||||||||||||||||||||
Basic earnings | ||||||||||||||||||||
Income before extraordinary gain | $ | 4.39 | $ | 5.22 | $ | 4.50 | $ | 3.98 | $ | 2.25 | ||||||||||
Net income | 4.39 | 5.22 | 4.50 | 3.98 | 2.27 | |||||||||||||||
Diluted earnings | ||||||||||||||||||||
Income before extraordinary gain | $ | 4.35 | $ | 5.20 | $ | 4.48 | $ | 3.96 | $ | 2.24 | ||||||||||
Net income | 4.35 | 5.20 | 4.48 | 3.96 | 2.26 | |||||||||||||||
Cash dividends declared per share | 1.44 | 1.20 | 1.00 | 0.20 | 0.20 | |||||||||||||||
Book value per share | 53.25 | 51.27 | 46.59 | 43.04 | 39.88 | |||||||||||||||
Tangible book value per share (“TBVS”)(a) | 40.81 | 38.75 | 33.69 | 30.18 | 27.09 | |||||||||||||||
Common shares outstanding | ||||||||||||||||||||
Average: Basic | 3,782.4 | 3,809.4 | 3,900.4 | 3,956.3 | 3,862.8 | |||||||||||||||
Diluted | 3,814.9 | 3,822.2 | 3,920.3 | 3,976.9 | 3,879.7 | |||||||||||||||
Common shares at period-end | 3,756.1 | 3,804.0 | 3,772.7 | 3,910.3 | 3,942.0 | |||||||||||||||
Share price(b) | ||||||||||||||||||||
High | $ | 58.55 | $ | 46.49 | $ | 48.36 | $ | 48.20 | $ | 47.47 | ||||||||||
Low | 44.20 | 30.83 | 27.85 | 35.16 | 14.96 | |||||||||||||||
Close | 58.48 | 43.97 | 33.25 | 42.42 | 41.67 |
(in millions, except per share, ratio and headcount data) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Market capitalization | 219,657 | 167,260 | 125,442 | 165,875 | 164,261 | |||||||||||||||
Selected ratios | ||||||||||||||||||||
Return on common equity (“XXX”) | ||||||||||||||||||||
Income before extraordinary gain | 9 | % | 11 | % | 11 | % | 10 | % | 6 | % | ||||||||||
Net income | 9 | 11 | 11 | 10 | 6 | |||||||||||||||
Return on tangible common equity (“ROTCE”)(a) | ||||||||||||||||||||
Income before extraordinary gain | 11 | 15 | 15 | 15 | 10 | |||||||||||||||
Net income | 11 | 15 | 15 | 15 | 10 | |||||||||||||||
Return on assets (“ROA”) | ||||||||||||||||||||
Income before extraordinary gain | 0.75 | 0.94 | 0.86 | 0.85 | 0.58 | |||||||||||||||
Net income | 0.75 | 0.94 | 0.86 | 0.85 | 0.58 | |||||||||||||||
Return on risk-weighted assets(c)(d) | ||||||||||||||||||||
Income before extraordinary gain | 1.28 | 1.65 | 1.58 | 1.50 | 0.95 | |||||||||||||||
Net income | 1.28 | 1.65 | 1.58 | 1.50 | 0.95 | |||||||||||||||
Overhead ratio | 73 | 67 | 65 | 60 | 52 | |||||||||||||||
Loans-to-deposits ratio | 57 | 61 | 64 | 74 | 68 | |||||||||||||||
High Quality Liquid Assets (“HQLA“) (in billions)(e) | $ | 522 | $ | 341 | NA | NA | NA | |||||||||||||
Tier 1 capital ratio (d) | 11.9 | % | 12.6 | % | 12.3 | % | 12.1 | % | 11.1 | % | ||||||||||
Total capital ratio(d) | 14.4 | 15.3 | 15.4 | 15.5 | 14.8 | |||||||||||||||
Tier 1 leverage ratio | 7.1 | 7.1 | 6.8 | 7.0 | 6.9 | |||||||||||||||
Tier 1 common capital ratio(d)(f) | 10.7 | 11.0 | 10.1 | 9.8 | 8.8 | |||||||||||||||
Selected balance sheet data (period-end) | ||||||||||||||||||||
Trading assets | $ | 374,664 | $ | 450,028 | $ | 443,963 | $ | 489,892 | $ | 411,128 | ||||||||||
Securities(g) | 354,003 | 371,152 | 364,793 | 316,336 | 360,390 | |||||||||||||||
Loans | 738,418 | 733,796 | 723,720 | 692,927 | 633,458 | |||||||||||||||
Total assets | 2,415,689 | 2,359,141 | 2,265,792 | 2,117,605 | 2,031,989 | |||||||||||||||
Deposits | 1,287,765 | 1,193,593 | 1,127,806 | 930,369 | 938,367 | |||||||||||||||
Long-term debt(h) | 267,889 | 249,024 | 256,775 | 270,653 | 289,165 | |||||||||||||||
Common stockholders’ equity | 200,020 | 195,011 | 175,773 | 168,306 | 157,213 | |||||||||||||||
Total stockholders’ equity | 211,178 | 204,069 | 183,573 | 176,106 | 165,365 | |||||||||||||||
Headcount(i) | 251,196 | 258,753 | 259,940 | 239,515 | 221,200 | |||||||||||||||
Credit quality metrics | ||||||||||||||||||||
Allowance for credit losses | $ | 16,969 | $ | 22,604 | $ | 28,282 | $ | 32,983 | $ | 32,541 | ||||||||||
Allowance for loan losses to total retained loans | 2.25 | % | 3.02 | % | 3.84 | % | 4.71 | % | 5.04 | % | ||||||||||
Allowance for loan losses to retained loans excluding purchased credit-impaired loans(j) | 1.80 | 2.43 | 3.35 | 4.46 | 5.51 | |||||||||||||||
Nonperforming assets | $ | 9,706 | $ | 11,906 | $ | 11,315 | $ | 16,682 | $ | 19,948 | ||||||||||
Net charge-offs | 5,802 | 9,063 | 12,237 | 23,673 | 22,965 | |||||||||||||||
Net charge-off rate | 0.81 | % | 1.26 | % | 1.78 | % | 3.39 | % | 3.42 | % |
(a) | TBVS and ROTCE are non-GAAP financial measures. TBVS represents the Firm’s tangible common equity divided by period-end common shares. ROTCE measures the Firm’s annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 82–83 of this Annual Report. |
(b) | Share prices shown for JPMorgan Chase’s common stock are from the New York Stock Exchange. JPMorgan Chase’s common stock is also listed and traded on the London Stock Exchange and the Tokyo Stock Exchange. |
(c) | Return on Basel I risk-weighted assets is the annualized earnings of the Firm divided by its average risk-weighted assets (“RWA”). |
(d) | Basel 2.5 rules became effective for the Firm on January 1, 2013. The implementation of these rules in the first quarter of 2013 resulted in an increase of approximately $150 billion in RWA compared with the Basel I rules. The implementation of these rules also resulted in decreases of the Firm’s Tier 1 capital, Total capital and Tier 1 common capital ratios by 140 basis points, 160 basis points and 120 basis points, respectively, at March 31, 2013. For further discussion of Basel 2.5, see Regulatory capital on pages 160–167 of this Annual Report. |
(e) | The Firm began estimating its total HQLA as of December 31, 2012, based on its current understanding of the Basel III LCR rules. For further discussion about HQLA, including its components, see Liquidity Risk on page 172 of this Annual Report. |
(f) | Basel I Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1 common capital (“Tier 1 common”) divided by RWA. The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. For further discussion of the Tier 1 common capital ratio, see Regulatory capital on pages 161–165 of this Annual Report. |
(g) | Included held-to-maturity balances of $24.0 billion at December 31, 2013. Held-to-maturity balances for the other periods were not material. |
(h) | Included unsecured long-term debt of $199.4 billion, $200.6 billion, $231.3 billion, $238.2 billion and $258.1 billion, respectively, as of December 31, of each year presented. |
(i) | Effective January 1, 2013, interns are excluded from the firmwide and business segment headcount metrics. Prior periods were revised to conform with this presentation. |
(j) | Excludes the impact of residential real estate purchased credit-impaired (“PCI”) loans. For further discussion, see Allowance for credit losses on pages 139–141 of this Annual Report. |
Source: JPMorgan Chase & Co./2013 Annual Report