Contract
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 X.X. Xxxxxx Xxxxx & Co. and for Xxxxxx Guaranty as of the dates and for the periods indicated. The information presented for the years ended December 31, 2014, 2013, 2012, 2011, and 2010 in accordance with generally accepted accounting principles.
Five-year summary of consolidated financial highlights
As of or for the year ended December 31,
(unaudited)
(in millions, except per share, ratio, headcount data and where otherwise noted) | 2014 | 0000 | 0000 | 0000 | 0000 | |||||||||||
Selected income statement data | ||||||||||||||||
Total net revenue | $ | 94,205 | $ | 96,606 | $ | 97,031 | $ | 97,234 | $ | 102,694 | ||||||
Total noninterest expense | 61,274 | 70,467 | 64,729 | 62,911 | 61,196 | |||||||||||
Pre-provision profit | 32,931 | 26,139 | 32,302 | 34,323 | 41,498 | |||||||||||
Provision for credit losses | 3,139 | 225 | 3,385 | 7,574 | 16,639 | |||||||||||
Income before income tax expense | 29,792 | 25,914 | 28,917 | 26,749 | 24,859 | |||||||||||
Income tax expense | 8,030 | 7,991 | 7,633 | 7,773 | 7,489 | |||||||||||
Net income | $ | 21,762 | $ | 17,923 | $ | 21,284 | $ | 18,976 | $ | 17,370 | ||||||
Earnings per share data | ||||||||||||||||
Net income: Basic | $ | 5.34 | $ | 4.39 | $ | 5.22 | $ | 4.50 | $ | 3.98 | ||||||
Diluted | 5.29 | 4.35 | 5.20 | 4.48 | 3.96 | |||||||||||
Average shares: Basic | 3,763.5 | 3,782.4 | 3,809.4 | 3,900.4 | 3,956.3 | |||||||||||
Diluted | 3,797.5 | 3,814.9 | 3,822.2 | 3,920.3 | 3,976.9 | |||||||||||
Market and per common share data | ||||||||||||||||
Market capitalization | $ | 232,472 | $ | 219,657 | $ | 167,260 | $ | 125,442 | $ | 165,875 | ||||||
Common shares at period-end | 3,714.8 | 3,756.1 | 3,804.0 | 3,772.7 | 3,910.3 | |||||||||||
Share price(a) | ||||||||||||||||
High | $ | 63.49 | $ | 58.55 | $ | 46.49 | $ | 48.36 | $ | 48.20 | ||||||
Low | 52.97 | 44.20 | 30.83 | 27.85 | 35.16 | |||||||||||
Close | 62.58 | 58.48 | 43.97 | 33.25 | 42.42 | |||||||||||
Book value per share | 57.07 | 53.25 | 51.27 | 46.59 | 43.04 | |||||||||||
Tangible book value per share (“TBVPS”)(b) | 44.69 | 40.81 | 38.75 | 33.69 | 30.18 | |||||||||||
Cash dividends declared per share | 1.58 | 1.44 | 1.20 | 1.00 | 0.20 | |||||||||||
Selected ratios and metrics | |||||||||||||||||||||
Return on common equity (“XXX”) | 10 | % | 9 | % | 11 | % | 11 | % | 10 | % | |||||||||||
Return on tangible common equity (“ROTCE”)(b) | 13 | 11 | 15 | 15 | 15 | ||||||||||||||||
Return on assets (“ROA”) | 0.89 | 0.75 | 0.94 | 0.86 | 0.85 | ||||||||||||||||
Overhead ratio | 65 | 73 | 67 | 65 | 60 | ||||||||||||||||
Loans-to-deposits ratio | 56 | 57 | 61 | 64 | 74 | ||||||||||||||||
High quality liquid assets (“HQLA“) (in billions)(c) | $ | 600 | $ | 522 | $ | 341 | NA | NA | |||||||||||||
Common equity tier 1 (“CET1”) capital ratio(d) | 10.2 | % | 10.7 | % | 11.0 | % | 10.1 | % | 9.8 | % | |||||||||||
Tier 1 capital ratio (d) | 11.6 | 11.9 | 12.6 | 12.3 | 12.1 | ||||||||||||||||
Total capital ratio(d) | 13.1 | 14.4 | 15.3 | 15.4 | 15.5 | ||||||||||||||||
Tier 1 leverage ratio(d) | 7.6 | 7.1 | 7.1 | 6.8 | 7.0 | ||||||||||||||||
Selected balance sheet data (period-end) | |||||||||||||||||||||
Trading assets | $ | 398,988 | $ | 374,664 | $ | 450,028 | $ | 443,963 | $ | 489,892 | |||||||||||
Securities(e) | 348,004 | 354,003 | 371,152 | 364,793 | 316,336 | ||||||||||||||||
Loans | 757,336 | 738,418 | 733,796 | 723,720 | 692,927 | ||||||||||||||||
Total assets | 2,573,126 | 2,415,689 | 2,359,141 | 2,265,792 | 2,117,605 | ||||||||||||||||
Deposits | 1,363,427 | 1,287,765 | 1,193,593 | 1,127,806 | 930,369 | ||||||||||||||||
Long-term debt(f) | 276,836 | 267,889 | 249,024 | 256,775 | 270,653 | ||||||||||||||||
Common stockholders’ equity | 212,002 | 200,020 | 195,011 | 175,773 | 168,306 | ||||||||||||||||
Total stockholders’ equity | 232,065 | 211,178 | 204,069 | 183,573 | 176,106 | ||||||||||||||||
Headcount | 241,359 | 251,196 | 258,753 | 259,940 | 239,515 | ||||||||||||||||
Credit quality metrics | |||||||||||||||||||||
Allowance for credit losses | $ | 14,807 | $ | 16,969 | $ | 22,604 | $ | 28,282 | $ | 32,983 | |||||||||||
Allowance for loan losses to total retained loans | 1.90 | % | 2.25 | % | 3.02 | % | 3.84 | % | 4.71 | % | |||||||||||
Allowance for loan losses to retained loans excluding purchased credit-impaired loans(g) | 1.55 | 1.80 | 2.43 | 3.35 | 4.46 | ||||||||||||||||
Nonperforming assets | $ | 7,967 | $ | 9,706 | $ | 11,906 | $ | 11,315 | $ | 16,682 | |||||||||||
Net charge-offs | 4,759 | 5,802 | 9,063 | 12,237 | 23,673 | ||||||||||||||||
Net charge-off rate | 0.65 | % | 0.81 | % | 1.26 | % | 1.78 | % | 3.39 | % | |||||||||||
(a) | 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. | |||
(b) | TBVPS and ROTCE are non-GAAP financial measures. TBVPS represents the Firm’s tangible common equity divided by common shares at period-end. 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 77-78. | |||
(c) | HQLA represents the Firm’s estimate of the amount of assets that qualify for inclusion in the liquidity coverage ratio under the final U.S. rule (“U.S. LCR”) as of December 31, 2014, and under the Basel III liquidity coverage ratio (“Basel III LCR”) for prior periods. The Firm did not begin estimating HQLA until December 31, 2012. For additional information, see HQLA on page 157. | |||
(d) | Basel III Transitional rules became effective on January 1, 2014; prior period data is based on Basel I rules. As of December 31, 2014 the ratios presented are calculated under the Basel III Advanced Transitional Approach. CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital under Basel I was a non-GAAP financial measure. See Regulatory capital on pages 146-153 for additional information on Basel III and non-GAAP financial measures of regulatory capital. | |||
(e) | Included held-to-maturity securities of $49.3 billion and $24.0 billion at December 31, 2014 and 2013, respectively. Held-to-maturity balances for the other periods were not material. | |||
(f) | Included unsecured long-term debt of $207.5 billion, $199.4 billion, $200.6 billion, $231.3 billion and $238.2 billion respectively, as of December 31, of each year presented. | |||
(g) | Excludes the impact of residential real estate purchased credit-impaired (“PCI”) loans. For further discussion, see Allowance for credit losses on pages 128-130. | |||
JPMorgan Chase & Co./2014 Annual Report | ||
