JP Morgan Chase 2015 Annual Report Download - page 76

Financial
66 JPMorgan Chase & Co./2015 Annual Report
FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
As of or for the year ended December 31,
(in millions, except per share, ratio, headcount data and where otherwise noted) 2015 2014 2013 2012 2011
Selected income statement data
Total net revenue $ 93,543 $ 95,112 $ 97,367 $ 97,680 $ 97,843
Total noninterest expense 59,014 61,274 70,467 64,729 62,911
Pre-provision profit 34,529 33,838 26,900 32,951 34,932
Provision for credit losses 3,827 3,139 225 3,385 7,574
Income before income tax expense 30,702 30,699 26,675 29,566 27,358
Income tax expense 6,260 8,954 8,789 8,307 8,402
Net income $ 24,442 $ 21,745 $ 17,886 $ 21,259 $ 18,956
Earnings per share data
Net income: Basic $ 6.05 $ 5.33 $ 4.38 $ 5.21 $ 4.50
Diluted 6.00 5.29 4.34 5.19 4.48
Average shares: Basic 3,700.4 3,763.5 3,782.4 3,809.4 3,900.4
Diluted 3,732.8 3,797.5 3,814.9 3,822.2 3,920.3
Market and per common share data
Market capitalization $ 241,899 $ 232,472 $ 219,657 $ 167,260 $ 125,442
Common shares at period-end 3,663.5 3,714.8 3,756.1 3,804.0 3,772.7
Share price(a)
High $ 70.61 $ 63.49 $ 58.55 $ 46.49 $ 48.36
Low 50.07 52.97 44.20 30.83 27.85
Close 66.03 62.58 58.48 43.97 33.25
Book value per share 60.46 56.98 53.17 51.19 46.52
Tangible book value per share (“TBVPS”)(b) 48.13 44.60 40.72 38.68 33.62
Cash dividends declared per share 1.72 1.58 1.44 1.20 1.00
Selected ratios and metrics
Return on common equity (“ROE”) 11% 10% 9% 11% 11%
Return on tangible common equity (“ROTCE”)(b) 13 13 11 15 15
Return on assets (“ROA”) 0.99 0.89 0.75 0.94 0.86
Overhead ratio 63 64 72 66 64
Loans-to-deposits ratio 65 56 57 61 64
High quality liquid assets (“HQLA“) (in billions)(c) $ 496 $ 600 $ 522 341 NA
Common equity tier 1 (“CET1”) capital ratio(d) 11.8% 10.2% 10.7% 11.0% 10.0%
Tier 1 capital ratio(d) 13.5 11.6 11.9 12.6 12.3
Total capital ratio(d) 15.1 13.1 14.3 15.2 15.3
Tier 1 leverage ratio(d) 8.5 7.6 7.1 7.1 6.8
Selected balance sheet data (period-end)
Trading assets $ 343,839 $ 398,988 $ 374,664 $ 450,028 $ 443,963
Securities 290,827 348,004 354,003 371,152 364,793
Loans 837,299 757,336 738,418 733,796 723,720
Core Loans 732,093 628,785 583,751 555,351 518,095
Total assets 2,351,698 2,572,274 2,414,879 2,358,323 2,264,976
Deposits 1,279,715 1,363,427 1,287,765 1,193,593 1,127,806
Long-term debt(e) 288,651 276,379 267,446 248,521 255,962
Common stockholders’ equity 221,505 211,664 199,699 194,727 175,514
Total stockholders’ equity 247,573 231,727 210,857 203,785 183,314
Headcount 234,598 241,359 251,196 258,753 259,940
Credit quality metrics
Allowance for credit losses $ 14,341 $ 14,807 $ 16,969 $ 22,604 $ 28,282
Allowance for loan losses to total retained loans 1.63% 1.90% 2.25% 3.02% 3.84%
Allowance for loan losses to retained loans excluding purchased credit-impaired loans(f) 1.37 1.55 1.80 2.43 3.35
Nonperforming assets $ 7,034 $ 7,967 $ 9,706 $ 11,906 $ 11,315
Net charge-offs 4,086 4,759 5,802 9,063 12,237
Net charge-off rate 0.52% 0.65% 0.81% 1.26% 1.78%
Note: Effective October 1, 2015, and January 1, 2015, JPMorgan Chase & Co. adopted new accounting guidance, retrospectively, related to (1) the presentation of debt issuance costs, and (2) investments in
affordable housing projects that qualify for the low-income housing tax credit, respectively. For additional information, see Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on
pages 80–82, Accounting and Reporting Developments on page 170, and Note 1.
(a) Share prices shown for JPMorgan Chase’s common stock are from the New York Stock Exchange.
(b) TBVPS and ROTCE are non-GAAP financial measures. For further discussion of these measures, see Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 80–82.
(c) HQLA represents the amount of assets that qualify for inclusion in the liquidity coverage ratio under the final U.S. rule (“U.S. LCR”) for December 31, 2015 and the Firm’s estimated amount for December 31,
2014 prior to the effective date of the final rule, and under the Basel III liquidity coverage ratio (“Basel III LCR”) for prior periods. The Firm did not begin estimating HQLA until December 31, 2012. For
additional information, see HQLA on page 160.
(d) Basel III Transitional rules became effective on January 1, 2014; prior period data is based on Basel I rules. As of December 31, 2014 the ratios presented are calculated under the Basel III
Advanced Transitional Approach. CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital
under Basel I was a non-GAAP financial measure. See Capital Management on pages 149–158 for additional information on Basel III and non-GAAP financial measures of regulatory capital.
(e) Included unsecured long-term debt of $211.8 billion, $207.0 billion, $198.9 billion, $200.1 billion and $230.5 billion respectively, as of December 31, of each year presented.
(f) Excluded the impact of residential real estate purchased credit-impaired (“PCI”) loans, a non-GAAP financial measure. For further discussion of these measures, see Explanation and Reconciliation of the
Firm’s Use of Non-GAAP Financial Measures on pages 80–82. For further discussion, see Allowance for credit losses on pages 130–132.