JP Morgan Chase 2008 Annual Report Download - page 110
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Management’s discussion and analysis
108 JPMorgan Chase & Co./ 2008 Annual Report
Top 5 States Total Consumer Loans - Reported
(at December 31, 2008)
California
TexasTexas
New York
51.0%
18.7%
6.8%
Florida
11.7%
6.3%
5.5%
IllinoisIllinois
All other
Top 5 States Consumer Loans - Managed
(at December 31, 2008)
California
TexasTexas
New York
52.7%
17.9%
6.8%
Florida
11.0%
6.2%
5.4%
IllinoisIllinois
All other
Top 5 States Total Consumer Loans - Reported
(at December 31, 2007)
California
TexasTexas
New York
54.3%
14.8%
6.9%
Florida
12.0%
6.0%
6.0%
IllinoisIllinois
All other
Top 5 States Consumer Loans - Managed
(at December 31, 2007)
California
TexasTexas
New York
55.4%
14.5%
7.0%
Florida
11.2%
6.0%
5.9%
IllinoisIllinois
All other
(a)
(
a
)
(a) Excludin
g
the
p
urchased credit-im
p
aired loans ac
q
uired in the Washin
g
ton Mutual transaction.
ALLOWANCE FOR CREDIT LOSSES
JPMorgan Chase’s allowance for credit losses is intended to cover
probable credit losses, including losses where the asset is not specifi-
cally identified or the size of the loss has not been fully determined.
At least quarterly, the allowance for credit losses is reviewed by the
Chief Executive Officer, the Chief Risk Officer, the Chief Financial
Officer and the Controller of the Firm, and discussed with the Risk
Policy and Audit Committees of the Board of Directors of the Firm.
The allowance is reviewed relative to the risk profile of the Firm’s
credit portfolio and current economic conditions and is adjusted if,
in management’s judgment, changes are warranted. The allowance
includes an asset-specific and a formula-based component. For further
discussion of the components of the allowance for credit losses, see
Critical Accounting Estimates Used by the Firm on pages 119–123
and Note 15 on pages 178–180 of this Annual Report. At December
31, 2008, management deemed the allowance for credit losses to be
appropriate (i.e., sufficient to absorb losses that are inherent in the
portfolio, including losses that are not specifically identified or for
which the size of the loss has not yet been fully determined).