JP Morgan Chase 2006 Annual Report Download - page 146

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144 JPMorgan Chase & Co. / 2006 Annual Report
Selected annual financial data (unaudited)
(in millions, except per share, headcount and ratio data) Heritage JPMorgan Chase only
As of or for the year ended December 31, 2006 2005 2004(e) 2003 2002
Selected income statement data
Noninterest revenue $ 40,195 $ 34,193 $ 25,845 $ 19,996 $ 17,064
Net interest income 21,242 19,555 16,527 12,807 12,012
Total net revenue 61,437 53,748 42,372 32,803 29,076
Provision for credit losses 3,270 3,483 2,544 1,540 4,331
Total noninterest expense 38,281 38,426 33,972 21,490 22,471
Income from continuing operations before income tax expense 19,886 11,839 5,856 9,773 2,274
Income tax expense 6,237 3,585 1,596 3,209 760
Income from continuing operations 13,649 8,254 4,260 6,564 1,514
Income from discontinued operations(a) 795 229 206 155 149
Net income $ 14,444 $ 8,483 $ 4,466 $ 6,719 $ 1,663
Per common share
Basic earnings per share
Income from continuing operations $ 3.93 $ 2.36 $ 1.51 $ 3.24 $ 0.74
Net income 4.16 2.43 1.59 3.32 0.81
Diluted earnings per share
Income from continuing operations $ 3.82 $ 2.32 $ 1.48 $ 3.17 $ 0.73
Net income 4.04 2.38 1.55 3.24 0.80
Cash dividends declared per share 1.36 1.36 1.36 1.36 1.36
Book value per share 33.45 30.71 29.61 22.10 20.66
Common shares outstanding
Average: Basic 3,470 3,492 2,780 2,009 1,984
Diluted 3,574 3,557 2,851 2,055 2,009
Common shares at period-end 3,462 3,487 3,556 2,043 1,999
Selected ratios
Return on common equity (“ROE”):
Income from continuing operations 12% 8% 6% 15% 4%
Net income 13 86164
Return on assets (“ROA”):
Income from continuing operations 1.04 0.70 0.44 0.85 0.21
Net income 1.10 0.72 0.46 0.87 0.23
Tier 1 capital ratio 8.7 8.5 8.7 8.5 8.2
Total capital ratio 12.3 12.0 12.2 11.8 12.0
Overhead ratio 62 71 80 66 77
Selected balance sheet data (period-end)
Total assets $ 1,351,520 $ 1,198,942 $ 1,157,248 $ 770,912 $ 758,800
Securities 91,975 47,600 94,512 60,244 84,463
Loans 483,127 419,148 402,114 214,766 216,364
Deposits 638,788 554,991 521,456 326,492 304,753
Long-term debt 133,421 108,357 95,422 48,014 39,751
Common stockholders’ equity 115,790 107,072 105,314 45,145 41,297
Total stockholders’ equity 115,790 107,211 105,653 46,154 42,306
Credit quality metrics
Allowance for credit losses $ 7,803 $ 7,490 $ 7,812 $ 4,847 $ 5,713
Nonperforming assets(b) 2,341 2,590 3,231 3,161 4,821
Allowance for loan losses to total loans(c) 1.70% 1.84% 1.94% 2.33% 2.80%
Net charge-offs $ 3,042 $ 3,819 $ 3,099 $ 2,272 $ 3,676
Net charge-off rate(c) 0.73% 1.00% 1.08% 1.19% 1.90%
Wholesale net charge-off (recovery) rate(c) (0.01) (0.06) 0.18 0.97 NA
Managed Card net charge-off rate 3.33 5.21 5.27 5.90 5.90
Headcount 174,360 168,847 160,968 96,367 97,124
Share price(d)
High $ 49.00 $ 40.56 $ 43.84 $ 38.26 $ 39.68
Low 37.88 32.92 34.62 20.13 15.26
Close 48.30 39.69 39.01 36.73 24.00
Market capitalization 167,199 138,387 138,727 75,025 47,969
(a) On October 1, 2006, the Firm completed the exchange of selected corporate trust businesses including trustee, paying agent, loan agency and document management services for the consumer, business banking
and middle-market banking businesses of The Bank of New York. The results of operations of these corporate trust businesses are being reported as discontinued operations for each of the periods presented.
(b) Excludes wholesale held-for-sale (“HFS”) loans purchased as part of the Investment Bank’s proprietary activities.
(c) 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.
(d) 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.
(e) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
NA – Data for 2002 is not available on a comparable basis.
SUPPLEMENTARY INFORMATION