JP Morgan Chase 2003 Annual Report Download - page 130

128 J.P. Morgan Chase & Co. / 2003 Annual Report
Supplementary information
Selected quarterly financial data
(unaudited)
As of or for the period ended 2003 2002
(in millions, except per share and ratio data) 4th 3rd 2nd 1st 4th 3rd 2nd 1st
REPORTED BASIS
Revenue $8,068 $ 7,748 $ 9,034 $ 8,406 $7,495 $ 6,947 $ 7,574 $ 7,598
Noninterest expense
(excluding merger and restructuring costs) 5,220 5,095 5,832 5,541 6,768(a) 4,718 4,965 5,103
Merger and restructuring costs — — — — 393 333 229 255
Provision for credit losses 139 223 435 743 921 1,836 821 753
Income tax expense (benefit) 845 802 940 722 (200) 20 531 505
Net income (loss) $1,864 $ 1,628 $ 1,827 $ 1,400 $(387) $ 40 $ 1,028 $ 982
Per Common Share:
Net income (loss) per share:
Basic $0.92 $ 0.80 $ 0.90 $ 0.69 $(0.20) $ 0.01 $ 0.51 $ 0.49
Diluted 0.89 0.78 0.89 0.69 (0.20) 0.01 0.50 0.48
Cash dividends declared 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34
Book value at period-end 22.10 21.55 21.53 20.73 20.66 21.26 20.93 20.16
Performance Rat ios:
Return on average assets 0.95% 0.83% 0.96% 0.73% NM 0.02% 0.56% 0.55%
Return on average common equity 17 15 17 13 NM NM 10 10
Capit al Rat ios:
Tier 1 capital ratio 8.5% 8.7% 8.4% 8.4% 8.2% 8.7% 8.8% 8.6%
Total capital ratio 11.8 12.1 12.0 12.2 12.0 12.4 12.7 12.5
Tier 1 leverage ratio 5.6 5.5 5.5 5.0 5.1 5.4 5.4 5.4
Selected Balance Sheet It ems:
Net loans $214,995 $231,448 $222,307 $212,256 $211,014 $ 206,215 $ 207,080 $209,541
Total assets 770,912 792,700 802,603 755,156 758,800 741,759 740,546 712,508
Deposits 326,492 313,626 318,248 300,667 304,753 292,171 293,829 282,037
Long-term debt (b) 54,782 50,661 49,918 48,290 45,190 44,552 47,802 42,761
Common stockholders’ equity 45,145 43,948 43,812 42,075 41,297 42,428 41,727 40,122
Total stockholders’ equity 46,154 44,957 44,821 43,084 42,306 43,437 42,736 41,131
Share price (c)
High $36.99 $ 38.26 $ 36.52 $ 28.29 $26.14 $ 33.68 $ 38.75 $ 39.68
Low 34.45 32.40 23.75 20.13 15.26 17.86 30.15 26.70
Close 36.73 34.33 34.18 23.71 24.00 18.99 33.92 35.65
OPERATING BASIS(d)
Revenue $8,530 $ 8,219 $ 9,514 $ 8,863 $7,925 $ 7,301 $ 7,908 $ 7,919
Expense 5,220 5,095 5,832 5,541 5,468 4,620 4,965 5,103
Operating margin 3,310 3,124 3,682 3,322 2,457 2,681 2,943 2,816
Credit costs 601 694 915 1,200 1,351 2,190 1,155 1,074
Earnings $1,864 $ 1,628 $ 1,827 $ 1,400 $730 $ 325 $ 1,179 $ 1,150
Operat ing Perform ance:
Shareholder value added $514 $ 311 $ 536 $ 148 $(551) $ (964) $ (57) $ (59)
Return on average common equity 17% 15% 17% 13% 7% 3% 11% 11%
Overhead ratio 61 62 61 63 69 63 63 64
Common dividend payout ratio 38 44 40 50 96 222 59 60
(a) Includes a $1.3 billion charge in connection with the settlement of the Enron-related surety litigation and the establishment of a reserve related to certain material litigations, proceedings and investigations.
(b) Includes Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities and Guaranteed preferred beneficial interests in capital debt securities issued
by consolidated trusts. Excludes $2.4 billion and $3.1 billion of FIN 46 long-term beneficial interests at December 31, 2003 and September 30, 2003, respectively, included in Beneficial interests issued by
consolidated variable interest entities on the Consolidated balance sheet.
(c) JPMorgan Chase’s common stock is listed and traded on the New York Stock Exchange, the London Stock Exchange Limited and the Tokyo Stock Exchange. The high, low and closing prices of JPMorgan
Chase’s common stock are from the New York Stock Exchange Composite Transaction Tape.
(d) Includes credit card receivables that had been securitized. Amounts shown in 2002 exclude merger and restructuring costs, and special items. For a description of special items, see Glossary of terms on
page 131 of this Annual Report.