Goldman Sachs 2015 Annual Report Download - page 221

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information
Quarterly Results (unaudited)
The tables below present the firm’s unaudited quarterly
results for 2015 and 2014. These quarterly results were
prepared in accordance with U.S. GAAP and reflect all
adjustments that are, in the opinion of management,
necessary for a fair statement of the results. These
adjustments are of a normal, recurring nature. The timing
and magnitude of changes in the firm’s discretionary
compensation accruals (included in operating expenses) can
have a significant effect on results in a given quarter.
Three Months Ended
in millions, except per
share data
December
2015
September
2015
June
2015
March
2015
Non-interest revenues $6,573 $6,019 $8,406 $ 9,758
Interest income 2,148 2,119 2,150 2,035
Interest expense 1,448 1,277 1,487 1,176
Net interest income 700 842 663 859
Net revenues, including
net interest income 7,273 6,861 9,069 10,617
Operating expenses 6,201 4,815 7,343 6,683
Pre-tax earnings 1,072 2,046 1,726 3,934
Provision for taxes 307 620 678 1,090
Net earnings 765 1,426 1,048 2,844
Preferred stock dividends 191 96 132 96
Net earnings applicable to
common shareholders $ 574 $1,330 $ 916 $ 2,748
Earnings per common share
Basic $ 1.28 $ 2.95 $ 2.01 $ 6.05
Diluted 1.27 2.90 1.98 5.94
Dividends declared per
common share 0.65 0.65 0.65 0.60
Three Months Ended
in millions, except per
share data
December
2014
September
2014
June
2014
March
2014
Non-interest revenues $ 6,727 $7,338 $8,125 $ 8,291
Interest income 2,134 2,297 2,579 2,594
Interest expense 1,173 1,248 1,579 1,557
Net interest income 961 1,049 1,000 1,037
Net revenues, including
net interest income 7,688 8,387 9,125 9,328
Operating expenses 4,478 5,082 6,304 6,307
Pre-tax earnings 3,210 3,305 2,821 3,021
Provision for taxes 1,044 1,064 784 988
Net earnings 2,166 2,241 2,037 2,033
Preferred stock dividends 134 98 84 84
Net earnings applicable to
common shareholders $ 2,032 $2,143 $1,953 $ 1,949
Earnings per common share
Basic $ 4.50 $ 4.69 $ 4.21 $ 4.15
Diluted 4.38 4.57 4.10 4.02
Dividends declared per
common share 0.60 0.55 0.55 0.55
Common Stock Price Range
The table below presents the high and low sales prices per
share of the firm’s common stock.
Year Ended December
2015 2014 2013
High Low High Low High Low
First quarter $195.73 $172.26 $181.13 $159.77 $159.00 $129.62
Second quarter 218.77 186.96 171.08 151.65 168.20 137.29
Third quarter 214.61 167.49 188.58 161.53 170.00 149.28
Fourth quarter 199.90 169.87 198.06 171.26 177.44 152.83
As of February 5, 2016, there were 9,307 holders of record
of the firm’s common stock.
On February 5, 2016, the last reported sales price for the
firm’s common stock on the New York Stock Exchange
was $156.47 per share.
Common Stock Performance
The following graph and table compare the performance of
an investment in the firm’s common stock from
December 31, 2010 (the last trading day before the firm’s
2011 fiscal year) through December 31, 2015, with the
S&P 500 Index and the S&P 500 Financials Index. The
graph and table assume $100 was invested on
December 31, 2010 in each of the firm’s common stock, the
S&P 500 Index and the S&P 500 Financials Index, and the
dividends were reinvested on the date of payment without
payment of any commissions. The performance shown
represents past performance and should not be considered
an indication of future performance.
Common Stock Performance
$0
$50
$100
$150
$200
$250
$300
The Goldman Sachs Group, Inc. S&P 500 Index S&P 500 Financials Index
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15Dec-10
As of December
2010 2011 2012 2013 2014 2015
The Goldman
Sachs Group, Inc. $100.00 $ 54.40 $ 77.99 $109.80 $121.64 $114.59
S&P 500 Index 100.00 102.11 118.44 156.78 178.22 180.66
S&P 500 Financials
Index 100.00 82.94 106.78 144.78 166.76 164.15
Goldman Sachs 2015 Form 10-K 209