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88 JPMorgan Chase & Co. /2005 Annual Report
Consolidated balance sheets
JPMorgan Chase & Co.
At December 31, (in millions, except share data) 2005 2004
Assets
Cash and due from banks $ 36,670 $ 35,168
Deposits with banks 21,661 21,680
Federal funds sold and securities purchased under resale agreements 133,981 101,354
Securities borrowed 74,604 47,428
Trading assets (including assets pledged of $79,657 at December 31, 2005, and $77,266 at December 31, 2004) 298,377 288,814
Securities:
Available-for-sale (including assets pledged of $17,614 at December 31, 2005, and $26,881 at December 31, 2004) 47,523 94,402
Held-to-maturity (fair value: $80 at December 31, 2005, and $117 at December 31, 2004) 77 110
Interests in purchased receivables 29,740 31,722
Loans 419,148 402,114
Allowance for loan losses (7,090) (7,320)
Loans, net of Allowance for loan losses 412,058 394,794
Private equity investments 6,374 7,735
Accrued interest and accounts receivable 22,421 21,409
Premises and equipment 9,081 9,145
Goodwill 43,621 43,203
Other intangible assets:
Mortgage servicing rights 6,452 5,080
Purchased credit card relationships 3,275 3,878
All other intangibles 4,832 5,726
Other assets 48,195 45,600
Total assets $ 1,198,942 $1,157,248
Liabilities
Deposits:
U.S. offices:
Noninterest-bearing $ 135,599 $ 129,257
Interest-bearing 287,774 261,673
Non-U.S. offices:
Noninterest-bearing 7,476 6,931
Interest-bearing 124,142 123,595
Total deposits 554,991 521,456
Federal funds purchased and securities sold under repurchase agreements 125,925 127,787
Commercial paper 13,863 12,605
Other borrowed funds 10,479 9,039
Trading liabilities 145,930 151,207
Accounts payable, accrued expenses and other liabilities (including the Allowance for lending-related
commitments of $400 at December 31, 2005, and $492 at December 31, 2004) 78,460 75,722
Beneficial interests issued by consolidated VIEs 42,197 48,061
Long-term debt 108,357 95,422
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities 11,529 10,296
Total liabilities 1,091,731 1,051,595
Commitments and contingencies (see Note 25 of this Annual Report)
Stockholders’ equity
Preferred stock 139 339
Common stock (authorized 9,000,000,000 shares
at December 31, 2005 and 2004; issued 3,618,189,597 shares and
3,584,747,502 shares at December 31, 2005 and 2004, respectively) 3,618 3,585
Capital surplus 74,994 72,801
Retained earnings 33,848 30,209
Accumulated other comprehensive income (loss) (626) (208)
Treasury stock, at cost (131,500,350 shares at December 31, 2005, and 28,556,534 shares at December 31, 2004) (4,762) (1,073)
Total stockholders’ equity 107,211 105,653
Total liabilities and stockholders’ equity $ 1,198,942 $1,157,248
The Notes to consolidated financial statements are an integral part of these statements.