JP Morgan Chase 2005 Annual Report Download - page 135

JPMorgan Chase & Co. /2005 Annual Report 133
Supplementary information
Selected quarterly financial data (unaudited)
(in millions, except per share, ratio and headcount data) 2005(f) 2004
As of or for the period ended 4th 3rd 2nd 1st 4th(f) 3rd(f) 2nd(h) 1st(h)
Selected income statement data
Noninterest revenue $ 8,925 $ 9,613 $ 7,742 $ 8,422 $ 7,621 $ 7,053 $ 5,637 $ 6,025
Net interest income 4,753 4,852 5,001 5,225 5,329 5,452 2,994 2,986
Total net revenue 13,678 14,465 12,743 13,647 12,950 12,505 8,631 9,011
Provision for credit losses 1,224 1,245(g) 587 427 1,157 1,169 203 15
Noninterest expense before Merger costs
and Litigation reserve charge 8,666 9,243 8,748 8,892 8,863 8,625 5,713 6,093
Merger costs 77 221 279 145 523 752 90 —
Litigation reserve charge (208) — 1,872 900 — — 3,700 —
Total noninterest expense 8,535 9,464 10,899 9,937 9,386 9,377 9,503 6,093
Income (loss) before income tax expense (benefit) 3,919 3,756 1,257 3,283 2,407 1,959 (1,075) 2,903
Income tax expense (benefit) 1,221 1,229 263 1,019 741 541 (527) 973
Net income (loss) $ 2,698 $ 2,527 $ 994 $ 2,264 $ 1,666 $ 1,418 $ (548) $ 1,930
Per common share
Net income (loss) per share: Basic $ 0.78 $ 0.72 $ 0.28 $ 0.64 $ 0.47 $ 0.40 $ (0.27) $ 0.94
Diluted 0.76 0.71 0.28 0.63 0.46 0.39 (0.27) 0.92
Cash dividends declared per share 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34
Book value per share 30.71 30.26 29.95 29.78 29.61 29.42 21.52 22.62
Common shares outstanding
Average: Basic 3,472 3,485 3,493 3,518 3,515 3,514 2,043 2,032
Diluted 3,564 3,548 3,548 3,570 3,602 3,592 2,043 2,093
Common shares at period end 3,487 3,503 3,514 3,525 3,556 3,564 2,088 2,082
Selected ratios
Return on common equity (“ROE”)(a) 10% 9% 4% 9% 6% 5% NM 17%
Return on assets (“ROA”)(a)(b) 0.89 0.84 0.34 0.79 0.57 0.50 NM 1.01
Tier 1 capital ratio 8.5 8.2 8.2 8.6 8.7 8.6 8.2% 8.4
Total capital ratio 12.0 11.3 11.3 11.9 12.2 12.0 11.2 11.4
Tier 1 leverage ratio 6.3 6.2 6.2 6.3 6.2 6.5 5.5 5.9
Selected balance sheet data (period-end)
Total assets $ 1,198,942 $1,203,033 $1,171,283 $1,178,305 $1,157,248 $1,138,469 $ 817,763 $ 801,078
Securities 47,600 68,697 58,573 75,251 94,512 92,816 64,915 70,747
Total loans 419,148 420,504 416,025 402,669 402,114 393,701 225,938 217,630
Deposits 554,991 535,123 534,640 531,379 521,456 496,454 346,539 336,886
Long-term debt 108,357 101,853 101,182 99,329 95,422 91,754 52,981 50,062
Common stockholders’ equity 107,072 105,996 105,246 105,001 105,314 104,844 44,932 47,092
Total stockholders’ equity 107,211 106,135 105,385 105,340 105,653 105,853 45,941 48,101
Credit quality metrics
Allowance for credit losses $ 7,490 $ 7,615 $ 7,233 $ 7,423 $ 7,812 $ 8,034 $ 4,227 $ 4,417
Nonperforming assets(c) 2,590 2,839 2,832 2,949 3,231 3,637 2,482 2,882
Allowance for loan losses to total loans(d) 1.84% 1.86% 1.76% 1.82% 1.94% 2.01% 1.92% 2.08%
Net charge-offs $ 1,360 $ 870 $ 773 $ 816 $ 1,398 $ 865 $ 392 $ 444
Net charge-off rate(a)(d) 1.39% 0.89% 0.82% 0.88% 1.46% 0.93% 0.78% 0.92%
Wholesale net charge-off (recovery) rate(a)(d) 0.07 (0.12) (0.16) (0.03) 0.21 (0.07) 0.29 0.50
Managed Card net charge-off rate(a) 6.39 4.70 4.87 4.83 5.24 4.88 5.85 5.81
Headcount 168,847 168,955 168,708 164,381 160,968 162,275 94,615 96,010
Share price(e)
High $ 40.56 $ 35.95 $ 36.50 $ 39.69 $ 40.45 $ 40.25 $ 42.57 $ 43.84
Low 32.92 33.31 33.35 34.32 36.32 35.50 34.62 36.30
Close 39.69 33.93 35.32 34.60 39.01 39.73 38.77 41.95
(a) Based upon annualized amounts.
(b) Represents Net income divided by Total average assets.
(c) Excludes wholesale purchased held-for-sale (“HFS”) loans purchased as part of the Investment Bank’s proprietary activities.
(d) Excluded from the allowance coverage ratios were end-of-period loans held-for-sale; and excluded from the net charge-off rates were average loans held-for-sale.
(e) 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.
(f) Quarterly results include three months of the combined Firm’s results.
(g) Includes a $400 million special provision related to Hurricane Katrina allocated as follows: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million,
Asset & Wealth Management $3 million and Corporate $12 million.
(h) Heritage JPMorgan Chase results only.
NM – Not meaningful due to net loss.