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JPM · JPMORGAN CHASE & CO

37 filings

10-K

JPM 10-K Annual Reports

JPMORGAN CHASE & CO - 37 annual reports

Filing record · 2016–202610-K1110-Q328-K336

2025
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2025
JPMorgan Chase & Co. (JPM) reported its 2025 fiscal year results, showcasing significant growth in assets to $4.4 trillion and stockholders' equity to $362.4 billion. The company operates across three main segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM), with Corporate activities comprising the remainder. The firm is subject to extensive global regulation, including capital and liquidity requirements consistent with Basel III. Recent regulatory proposals in the U.S. aim to amend risk-based capital frameworks, and the firm continues to monitor these developments. Supervisory stress testing, including CCAR, remains a key component of capital planning, with updated requirements expected in 2027 based on revised models. JPM's global workforce stands at 318,512 employees across 66 countries. The company emphasizes attracting and retaining talent through competitive compensation and robust benefit programs. The risk factor disclosures highlight a broad range of risks including legal, regulatory, market, credit, liquidity, operational, strategic, conduct, reputation, country, and people risks, underscoring the complex and dynamic environment in which the firm operates.
Feb 13, 2026
2024
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2024
JPMorgan Chase & Co. (JPM) reported strong financial performance for the fiscal year ending December 31, 2024, with net income increasing by 18% to $58.5 billion and diluted EPS reaching $19.75. The company's total net revenue grew by 12% to $177.6 billion, primarily driven by a significant 23% increase in noninterest revenue, bolstered by a $7.9 billion net gain from Visa shares and higher asset management and investment banking fees. Net interest income also saw a 4% increase to $92.6 billion, supported by balance sheet actions and higher revolving balances in Card Services, though partially offset by deposit margin compression. The firm maintained a robust capital position with a CET1 capital ratio of 15.7% and a Tier 1 leverage ratio of 7.2%. The Consumer & Community Banking segment reported a 32% ROE, while Commercial & Investment Bank and Asset & Wealth Management also demonstrated strong profitability with ROEs of 18% and 34%, respectively. The company also authorized a new $30 billion common share repurchase program. Despite the positive financial results, the Firm faces a complex operating environment characterized by extensive regulation. Significant risk factors include regulatory risks, market risks, and operational risks, including cybersecurity. The company is subject to ongoing regulatory scrutiny and is navigating proposed changes to U.S. risk-based capital frameworks. Furthermore, several recent CFPB rules related to late payment fees, data sharing, and overdraft fees are under legal challenge, which could impact future operations if enacted. The company also highlighted its commitment to human capital, reporting a global workforce of 317,233 employees, with efforts focused on talent attraction, development, and retention.
Feb 14, 2025
2023
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2023
JPMorgan Chase & Co. reported a strong financial performance for the year ended December 31, 2023, with net income of $49.6 billion, an increase of 32% compared to the prior year. This growth was primarily driven by a 23% increase in total net revenue, reaching $158.1 billion, fueled by a significant 34% rise in net interest income to $89.3 billion, largely due to higher interest rates and the impact of the First Republic acquisition. Noninterest revenue also saw a healthy 11% increase to $68.8 billion, boosted by the First Republic acquisition and strong performance in Asset & Wealth Management and Card Services. The Firm's balance sheet remains robust, with total assets of $3.9 trillion and stockholders' equity of $327.9 billion. Capital ratios, including a Common Equity Tier 1 (CET1) ratio of 15.0%, remain well above regulatory requirements. The company also successfully integrated the First Republic acquisition, which contributed positively to revenue and client assets, while managing associated expenses and integration costs. The company's outlook for 2024 anticipates continued strength in net interest income, albeit dependent on market conditions, and controlled expenses.
Feb 16, 2024
2022
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2022
JPMorgan Chase & Co. reported total net revenue of $128.7 billion for 2022, a 6% increase from the previous year, primarily driven by a 28% rise in net interest income to $66.7 billion, benefiting from higher interest rates and loan growth. However, noninterest revenue declined 11% to $62.0 billion, mainly due to lower investment banking fees. Net income for the year was $37.7 billion, a 22% decrease, and diluted earnings per share were $12.09, reflecting a provision for credit losses of $6.4 billion compared to a net benefit of $9.3 billion in the prior year. The firm maintained strong capital ratios, with a CET1 capital ratio of 13.2% as of December 31, 2022. The firm's outlook for 2023 anticipates net interest income of approximately $73 billion, market dependent, and adjusted expenses of approximately $81 billion. Despite the decrease in net income, JPMorgan Chase demonstrated resilience through a robust net interest income growth, supported by a strong net interest margin. The firm's diversified business segments, including Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM), all contributed to the financial performance, though CIB saw a decline in net revenue due to market volatility impacting investment banking fees. The firm's commitment to capital management and risk oversight remains a priority, as evidenced by its strong capital ratios and adherence to regulatory requirements.
Feb 21, 2023
2021
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2021
JPMorgan Chase & Co. (JPM) reported strong financial performance for the fiscal year ended December 31, 2021, with net income of $48.3 billion, a significant increase of 66% compared to the prior year. This robust performance was largely driven by a substantial net benefit of $9.3 billion from the provision for credit losses, a stark contrast to the expense recorded in 2020, reflecting an improved macroeconomic outlook. Total net revenue saw a modest 1% increase to $121.6 billion, fueled by a 6% rise in noninterest revenue, primarily from higher Investment Banking fees and asset management fees, which helped offset a 4% decrease in net interest income. Noninterest expense increased by 7% to $71.3 billion, largely due to higher compensation and continued investments in technology and business growth. The firm maintained strong capital ratios, with CET1 capital at 13.1%, and reported significant growth in tangible book value per share. JPM's diversified business segments contributed positively, with notable performance in Consumer & Community Banking (ROE of 41%), Corporate & Investment Bank (ROE of 25%), Commercial Banking (ROE of 21%), and Asset & Wealth Management (ROE of 33%). The firm also highlighted its commitment to supporting consumers and businesses, providing $3.2 trillion in total credit and capital raised during 2021, including significant support through the Paycheck Protection Program.
Feb 22, 2022
2020
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2020
JPMorgan Chase & Co.'s (JPM) 2020 10-K filing reveals a resilient financial performance amidst the challenging economic landscape shaped by the COVID-19 pandemic. The company reported net income of $29.1 billion, a decrease of 20% from the prior year, primarily due to a significant increase in the provision for credit losses, which rose to $17.5 billion from $5.6 billion in 2019, reflecting deteriorating macroeconomic conditions. Despite this, total net revenue saw a 4% increase to $119.5 billion, driven by strong performance in the Corporate & Investment Bank (CIB) segment, particularly in Markets revenue, which surged by 41%. The company also demonstrated robust deposit growth of 25%, indicating strong client confidence and liquidity positioning. JPM maintained strong capital ratios, with a CET1 capital ratio of 13.1%, and returned capital to shareholders through dividends while temporarily suspending share repurchases due to pandemic-related economic disruptions, with plans to resume in Q1 2021. The report highlights the company's strategic focus on digital growth, evidenced by a 10% increase in active mobile customers. JPM also made strategic acquisitions, including cxLoyalty's Global Loyalty business and the fintech company 55ip, to enhance its offerings. Management expressed optimism for 2021, expecting net interest income to stabilize and continuing investments in business growth.
Feb 23, 2021
2019
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2019
JPMorgan Chase & Co. (JPM) ended 2019 with record results: net income of $36.4 billion (up 12%), total net revenue of $115.6 billion (up 6%), and diluted EPS of $10.72 (up 19%). Return on common equity was 15% and return on tangible common equity was 19%. The Firm had $2.7 trillion in assets and $261.3 billion in stockholders' equity at year-end. Growth was driven by record revenue in Consumer & Community Banking and the Corporate & Investment Bank, offset by higher noninterest expense (up 3% to $65.5 billion) and a higher provision for credit losses ($5.6 billion, up 15%), reflecting wholesale downgrades and credit card growth. Capital and liquidity remained strong. The CET1 ratio (Standardized) was 12.4%, the supplementary leverage ratio was 6.3%, and the average LCR was 116%. The Firm returned capital through $24.1 billion of common stock repurchases and $10.9 billion of common dividends declared, with the quarterly dividend raised to $0.90 per share. Management guided to roughly $57 billion of 2020 net interest income, adjusted expense near $67 billion, and net charge-offs just over $6 billion, with the CECL adoption on January 1, 2020 reducing retained earnings by $2.7 billion. Key risks flagged in the filing include Brexit uncertainty affecting the European operating model, the expected LIBOR discontinuation after 2021, heightened regulatory and litigation exposure (including the Nigeria, FX, and metals investigations), and cybersecurity threats. Overall, the filing presents a highly profitable, well-capitalized institution whose 2020 outlook is tempered by lower interest rates and rising credit costs.
Feb 25, 2020
2018
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2018
JPMorgan Chase reported record 2018 results, with net income of $32.5 billion (up 33%), diluted EPS of $9.00 (up 43%), and net revenue of $109.0 billion (up 8%). Return on common equity was 13% and return on tangible common equity 17%. Growth was driven by higher net interest income of $55.1 billion (up 10%) from rising rates, loan growth and card margin expansion, and by a strong CIB Markets franchise. Noninterest expense rose 7% to $63.4 billion on technology, marketing, headcount and auto lease investments, and the provision for credit losses fell to $4.9 billion, reflecting lower consumer provisions and recoveries in residential real estate. Capital and shareholder returns remained strong. The Firm's Basel III Standardized CET1 ratio was 12.0% and its supplementary leverage ratio was 6.4%. JPMorgan repurchased $20.0 billion of common stock in 2018, raised its quarterly dividend to $0.80 from $0.56, and expects to operate at an 11-12% CET1 ratio over the medium term. Total assets were $2.6 trillion and stockholders' equity was $256.5 billion. The 2019 outlook calls for net interest income above $58 billion and net charge-offs below $5.5 billion, with expenses below $66 billion. Key risks flagged in the filing include the U.K.'s expected departure from the EU, which management says could occur in March 2019 without a deal and would leave the Firm with a more fragmented and costly European structure. The filing also highlights the transition away from LIBOR after 2021, the phase-in of CECL on January 1, 2020 (which management estimates will increase the allowance by $4-6 billion, mainly in Card), and continuing regulatory and legal exposure, with reasonably possible losses in excess of reserves estimated at up to about $1.5 billion.
Feb 26, 2019
2017
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2017
JPMorgan Chase closed 2017 with $2.5 trillion in assets, $255.7 billion in stockholders' equity, and net income of $24.4 billion, or $6.31 per diluted share, on net revenue of $99.6 billion. Net income was down 1% year over year, held back by higher noninterest expense and a $2.4 billion net income reduction from the Tax Cuts and Jobs Act (TCJA). Net revenue rose 4%, led by net interest income and investment banking fees, while Fixed Income Markets and Home Lending noninterest revenue declined. ROE was 10% and ROTCE 12%, and tangible book value per share grew 4% to $53.56. Capital and liquidity remained strong. The Basel III Standardized Fully Phased-In CET1 ratio was 12.1%, the Fully Phased-In supplementary leverage ratio was 6.5%, and the average liquidity coverage ratio was 119%. The Firm returned capital through $15.4 billion of common stock repurchases and $9.0 billion of dividends paid, and the Board raised the quarterly common dividend to $0.56 per share. Credit quality was stable overall: the wholesale provision fell on improvement in Oil & Gas and Metals & Mining, while the consumer provision rose on credit card growth, with the card net charge-off rate guided up to about 3.25% for 2018. Management's 2018 outlook calls for full-year net interest income of $54 to $55 billion, adjusted expense below $62 billion excluding the revenue recognition change, and an effective tax rate of 19% to 20%. Key risks flagged in the filing include the uncertain outcome of U.K. withdrawal from the EU, ongoing regulatory and litigation exposure (including the Interchange and FX matters), the LIBOR phase-out after 2021, and cybersecurity threats.
Feb 27, 2018
2016
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2016
JPMorgan Chase reported 2016 net income of $24.7 billion, or $6.19 per diluted share, on net revenue of $95.7 billion, up 2% year over year. Net income rose 1%, driven by a 5% decline in noninterest expense to $55.8 billion, mainly from lower legal expense, partly offset by a $1.5 billion increase in the provision for credit losses to $5.4 billion. Return on common equity was 10% and return on tangible common equity was 13%. Balance sheet strength improved. Total assets reached $2.49 trillion and stockholders' equity $254.2 billion. The CET1 capital ratio on a Basel III transitional basis rose to 12.4% from 11.8%, and tangible book value per share grew 7% to $51.44. The firm returned capital through $9.1 billion of common stock repurchases and $8.5 billion of dividends paid, and the common dividend was raised to $0.48 per quarter. Average core loans grew 15%, led by consumer growth in CCB and commercial real estate in CB. Management guides to 2017 net interest income about $3 billion higher than 2016, roughly 10% average core loan growth, net charge-offs near $5 billion, and firmwide adjusted expense near $58 billion excluding legal. Key risks include the U.K.'s planned exit from the EU, the Resolution Plan process with the Federal Reserve and FDIC, ongoing legal and regulatory matters (including FX, LIBOR and mortgage-related investigations), and credit deterioration in the Oil & Gas and Natural Gas Pipelines portfolios.
Feb 28, 2017
2015
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2015
JPMorgan Chase reported record full-year 2015 net income of $24.4 billion and record diluted EPS of $6.00, on net revenue of $93.5 billion (down 2% year over year). Net income rose 12% from $21.7 billion, driven mainly by a lower effective tax rate (20.4% versus 29.2%, including $2.9 billion of tax benefits) and lower noninterest expense (down 4% to $59.0 billion), partly offset by lower revenue and a higher provision for credit losses ($3.8 billion, up 22%, largely from Oil & Gas downgrades). Return on common equity was 11%. Management attributes the revenue decline to lower Corporate private equity gains, business simplification in CIB, and lower CCB mortgage banking revenue. Capital and liquidity strengthened. The fully phased-in Basel III Advanced CET1 ratio reached 11.6% (about $173.2 billion of CET1 capital), above the approximately 11% target, and the estimated GSIB surcharge fell to 3.5%. Total stockholders' equity was $247.6 billion, tangible book value per share rose 8% to $48.13, and HQLA totaled $496 billion. The firm reduced wholesale non-operating deposits by about $200 billion, and the loans-to-deposits ratio rose to 65% from 56%. Credit quality remained favorable overall: net charge-offs fell to $4.1 billion (0.52% rate), and nonperforming assets declined to $7.0 billion, although the wholesale book was pressured by Oil & Gas. The filing also highlights ongoing regulatory and legal exposure. Management expects to remain subject to heightened regulatory scrutiny, Title I resolution-plan requirements, proposed TLAC rules that could force substantial new long-term debt issuance, and a range of litigation with reasonably possible losses estimated at $0 to about $3.6 billion above reserves. For 2016 management guided to net interest income about $2 billion higher, core loan growth of 10-15%, net charge-offs up to about $4.75 billion, and adjusted expense of about $56 billion.
Feb 23, 2016
2014
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2014
JPMorgan Chase reported record full-year 2014 net income of $21.8 billion, up 21% from $17.9 billion in 2013, with record diluted EPS of $5.29 (vs. $4.35) on net revenue of $94.2 billion, which fell 2%. ROE improved to 10% from 9%, and the Firm ended the year with $2.6 trillion in assets, $232.1 billion in stockholders' equity, and a Basel III Advanced Transitional CET1 ratio of 10.2%. The earnings gain was driven mainly by a 13% decline in noninterest expense, largely from lower legal costs ($2.9 billion vs. $11.1 billion in 2013), partially offset by a $2.9 billion increase in the provision for credit losses as the consumer loan-loss reserve release shrank. Credit quality continued to improve: firmwide net charge-offs fell 18% to $4.8 billion, nonperforming assets dropped 18% to $8.0 billion, and the allowance for credit losses declined to $14.8 billion. Segment results were mixed: Consumer & Community Banking net income fell 17% to $9.2 billion on spread compression and lower mortgage fees, while Corporate & Investment Bank income fell 22% to $6.9 billion and Asset Management rose 3%. Management guides to roughly 10% core loan growth and about $57 billion of 2015 adjusted expense, and expects its Basel III CET1 ratio to reach about 11% by end-2015 and 12% by 2018 under an assumed 4.5% G-SIB surcharge. The filing also highlights ongoing regulatory and legal overhang. The Firm faces a range of reasonably possible losses above reserves of $0 to approximately $5.8 billion, multiple open investigations (including FX, LIBOR, and mortgage-related matters), and a Title I resolution plan that regulators determined was not credible in 2013 and must be remediated in 2015 submissions. The Firm also disclosed a 2014 cyberattack that compromised certain customer contact information, though it reported no material operational disruption.
Feb 24, 2015
2013
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2013
JPMorgan Chase closed 2013 as the largest U.S. bank by assets ($2.4 trillion) with $211.2 billion of stockholders' equity, but reported a 16% drop in net income to $17.9 billion ($4.35 diluted EPS) from $21.3 billion in 2012. Net revenue was roughly flat at $96.6 billion, while noninterest expense rose 9% to $70.5 billion, driven mainly by $11.1 billion of firmwide legal expense. Return on common equity fell to 9% from 11%. Credit quality was the main positive. The provision for credit losses fell 93% to $225 million, helped by a $5.6 billion reduction in the allowance for credit losses as home prices and delinquencies improved. Net charge-offs fell 36% to $5.8 billion, and nonperforming assets declined 18% to $9.7 billion. Capital remained strong, with a Basel I Tier 1 common ratio of 10.7% and an estimated Basel III Advanced Tier 1 common ratio of 9.5% on a fully phased-in basis. The filing's central investor concern is regulatory and legal exposure. The firm entered multiple Consent Orders, a Deferred Prosecution Agreement tied to Madoff, and a $9 billion RMBS settlement, and it says regulatory scrutiny will continue. Management expects 2014 adjusted expense below $59 billion, excluding legal costs, and continued spread compression in cards. The S&P outlook on the parent was revised to negative, and Moody's downgraded the holding company in November 2013.
Feb 20, 2014
2012
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2012
JPMorgan Chase closed 2012 with record net income of $21.3 billion, or $5.20 per diluted share, up 12% from $19.0 billion in 2011, on net revenue of $97.0 billion that was roughly flat year over year. Total assets reached $2.4 trillion and stockholders' equity $204.1 billion. The earnings gain was driven by a $4.2 billion lower provision for credit losses ($3.4 billion versus $7.6 billion), partially offset by a 3% rise in noninterest expense to $64.7 billion, largely from higher compensation. Return on common equity held at 11%. The quality of the year is clouded by the Chief Investment Office (CIO) synthetic credit portfolio losses, which reduced principal transactions revenue by $5.8 billion for the first half of 2012 plus $449 million in the third quarter. The episode produced a restatement of Q1 2012 results (reducing net income by $459 million), a material weakness in internal control over financial reporting that was remediated by September 30, 2012, and January 2013 Consent Orders with the Federal Reserve and OCC. Separately, the Firm entered into January 2013 Consent Orders over Bank Secrecy Act/anti-money laundering controls, and it faces a long list of litigation, including a $6.05 billion interchange settlement (of which the Firm's share is roughly 20%) and a $1.1 billion mortgage-related settlement. Litigation expense was $5.0 billion in 2012. Capital and liquidity remain strong. The Basel I Tier 1 common ratio rose to 11.0% from 10.1%, while the estimated Basel III Tier 1 common ratio is about 8.7%, with a target of 9.5% by year-end 2013. Management guided to roughly flat 2013 net interest income, a target of about $1 billion lower expense, and a $3.0 billion common equity repurchase authorization for Q1 2013. Credit quality improved, with net charge-offs down 26% to $9.1 billion, though nonperforming assets rose 4% to $11.7 billion, partly due to regulatory guidance.
Feb 28, 2013
2011
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2011
JPMorgan Chase reported record 2011 net income of $19.0 billion, or $4.48 per diluted share, on net revenue of $97.2 billion, up 9% from $17.4 billion in 2010. Return on common equity was 11%, versus 10% in 2010. The improvement was driven by a $9.1 billion reduction in the provision for credit losses to $7.6 billion, which more than offset a 5% decline in total net revenue and a 3% increase in noninterest expense to $62.9 billion. The firm ended the year with $2.27 trillion in assets and $183.6 billion in stockholders' equity, and Basel I Tier 1 common ratio of 10.1% (estimated Basel III Tier 1 common ratio of 7.9%). Credit quality continued to improve. Firmwide net charge-offs fell 48% to $12.2 billion, nonperforming assets declined 33% to $11.0 billion, and the allowance for credit losses was reduced to $28.3 billion. Deposits grew 21% to $1.13 trillion, reflecting wholesale client inflows, and the deposits-to-loans ratio rose to 156%. Management repurchased $8.95 billion of common stock and warrants in 2011 and raised the quarterly common dividend from $0.05 to $0.25 per share. Key risks flagged in the filing include the Dodd-Frank Act rulemaking that remains incomplete, the Durbin debit interchange cap (estimated at roughly $600 million of annual net income reduction), the proposed Volcker Rule, capital changes under Basel III, elevated mortgage repurchase and foreclosure-related costs, and substantial litigation exposure, with $4.9 billion of litigation expense in 2011. Subsequent to year-end, the firm agreed in principle to a global mortgage servicing settlement involving about $1.1 billion in cash payments and roughly $4.2 billion of borrower relief, which management expects will not be material to 2012 results.
Feb 29, 2012
2010
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2010
JPMorgan Chase reported record full-year 2010 net income of $17.4 billion, or $3.96 per diluted share, on total net revenue of $102.7 billion, up 48% from 2009 net income of $11.7 billion. Return on common equity rose to 10% from 6%. The improvement was driven mainly by a $15.4 billion decline in the provision for credit losses to $16.6 billion, partly offset by higher noninterest expense, which rose 17% to $61.2 billion largely on $7.4 billion of litigation expense, including mortgage-related matters. The balance sheet strengthened over the year. Total assets reached $2.1 trillion and stockholders' equity was $176.1 billion. The Tier 1 common ratio ended at 9.8%, and the Tier 1 capital ratio at 12.1%. Consolidating certain securitization vehicles under new VIE accounting on January 1, 2010 added $87.7 billion of assets and reduced equity by $4.5 billion. Credit quality improved across most businesses, with lower net charge-offs and reserve releases in Card Services and wholesale, though mortgage and home equity losses stayed elevated. The firm also resumed buybacks, repurchasing $3.0 billion of common stock in 2010, and kept the quarterly dividend at $0.05. Management flagged several risks for 2011. Mortgage repurchase demands from the GSEs rose sharply, with realized repurchase losses estimated at about $1.2 billion for 2011. A temporary halt to foreclosures in many states over affidavit practices may bring fines, penalties and added costs. The filing also describes the Dodd-Frank Act, Basel III and the CARD Act as potential drags on revenue and capital. Legal exposure is significant, with more than 10,000 proceedings and a reasonably possible aggregate loss range of $0 to about $4.5 billion.
Feb 28, 2011
2009
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2009
JPMorgan Chase & Co. reported 2009 net income of $11.7 billion, or $2.26 per diluted share, up sharply from $5.6 billion ($1.35) in 2008, on total net revenue of $100.4 billion (up 49%). The rebound was driven by record Investment Bank revenue, including Fixed Income Markets of $17.6 billion, and by the absence of the large 2008 markdowns on mortgage and leveraged lending positions. Results also reflected the Washington Mutual and Bear Stearns acquisitions, which added scale in consumer banking, cards and prime brokerage. Credit costs remained the key pressure point. The provision for credit losses rose to $32.0 billion from $21.0 billion, driven by consumer home lending and credit card losses, and nonperforming assets climbed to $19.7 billion. The total allowance for credit losses reached $32.5 billion, or 5.51% of loans excluding purchased credit-impaired loans. Management said the consumer credit outlook remained cautious and that quarterly charge-offs could stay elevated over the next several quarters. Capital and liquidity improved. The firm repaid the $25 billion of TARP Series K preferred stock in June 2009, funded in part by a $5.8 billion common stock issuance, and cut the quarterly dividend to $0.05 per share. Tier 1 capital was 11.1% and Tier 1 common was 8.8%. Investors should weigh the strong earnings and capital position against ongoing credit normalization, the planned consolidation of about $88 billion of previously off-balance-sheet VIE assets in 2010, and continuing litigation and regulatory exposure.
Feb 24, 2010
2008
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2008
JPMorgan Chase's 2008 annual report reflects a sharply weaker year driven by the financial crisis, with net income falling to $5.6 billion ($1.37 diluted EPS) from $15.4 billion in 2007 and return on common equity dropping to 4%. Total net revenue declined 6% to $67.3 billion, weighed down by over $10 billion of markdowns on mortgage-related positions and leveraged lending in the Investment Bank, along with a $13.7 billion increase in the allowance for credit losses. The provision for credit losses roughly tripled to $21.0 billion, reflecting deterioration in home equity, mortgage and credit card portfolios as well as a weakening wholesale credit environment. The year was also transformative for the franchise. The Bear Stearns merger (May 30, 2008) and the acquisition of Washington Mutual's banking operations (September 25, 2008) expanded the balance sheet to $2.2 trillion in assets and created the nation's third-largest branch network. The Firm took $25 billion of Series K preferred stock and a warrant under the Treasury's Capital Purchase Program, and issued $11.5 billion of common equity. Capital remained strong, with a Tier 1 capital ratio of 10.9% and a Tier 1 leverage ratio of 6.9%, and the Firm characterized its liquidity as strong. For investors, the key negative development is the February 23, 2009 cut in the quarterly common dividend from $0.38 to $0.05 per share, which management said will retain about $5.0 billion of common equity annually. Management guided to continued credit deterioration in consumer portfolios and elevated wholesale charge-offs in 2009, and it disclosed material ongoing litigation, including Bear Stearns, Enron, IPO allocation, mortgage-backed securities and auction-rate securities matters. The filing also notes that S&P and Moody's downgraded the Firm's senior debt one notch in December 2008 and January 2009, respectively.
Mar 2, 2009
2007
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2007
JPMorgan Chase & Co. ended fiscal 2007 with record net income of $15.4 billion ($4.38 diluted EPS) on record total net revenue of $71.4 billion, up 15% year over year. Return on common equity held at 13%, and the Firm ended the year with $1.56 trillion in assets, $123.2 billion in stockholders' equity, and a Tier 1 capital ratio of 8.4%. Growth was broad-based: investment banking fees, asset management revenue, and Treasury & Securities Services and Asset Management posted records, while the Investment Bank's trading results were hit by roughly $2.7 billion of subprime and leveraged-loan markdowns. The filing's central investor concern is credit. The provision for credit losses more than doubled to $6.9 billion, driven by home equity, subprime mortgage, and credit card losses as U.S. housing prices declined. Management guided to a lower level of growth in 2008 and substantially higher consumer credit costs, with home equity losses potentially doubling from the first-quarter level of about $450 million by the fourth quarter and card net charge-off rates rising toward 5% by year-end 2008. The $10.1 billion total allowance for credit losses reflects this deterioration. For shareholders, the Firm returned about $13.4 billion through dividends and buybacks (168 million shares repurchased for $8.2 billion, with $6.2 billion of authorization remaining) and kept dividends at $0.38 per quarter. The 10-K also flags significant legal exposure, most notably the $2.2 billion pretax Enron securities class-action settlement and numerous IPO allocation, NCFE, and interchange cases, though management believes these should not have a material adverse effect on consolidated financial condition beyond current reserves.
Feb 29, 2008
2006
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2006
JPMorgan Chase closed 2006 with record net income of $14.4 billion, or $4.04 per diluted share, up 70% from $8.5 billion in 2005, and a return on common equity of 13% versus 8% a year earlier. Income from continuing operations was a record $13.6 billion ($3.82 per diluted share). Total net revenue rose 14% to $61.4 billion, driven by record investment banking fees, record trading and asset management revenue, and higher net interest income, while noninterest expense was roughly flat at $38.3 billion. The efficiency gains came from Bank One merger savings (about $2.5 billion cumulative realized in 2006, with a run-rate of approximately $2.8 billion entering 2007) and lower litigation charges versus 2005. Credit costs fell sharply as the provision for credit losses dropped to $3.3 billion from $3.5 billion, reflecting lower bankruptcy-related losses in Card Services after the October 2005 bankruptcy reform. Management guided that the 2007 provision will rise toward a more normal level, with consumer net charge-offs increasing as bankruptcy filings normalize. Capital remained strong, with a Tier 1 capital ratio of 8.7% and $5.2 billion of remaining buyback authority under an $8 billion program; the firm repurchased $3.9 billion of stock in 2006 and paid a $0.34 quarterly dividend. Investors should weigh the strong earnings momentum and capital return against several overhangs disclosed in the filing: continued net interest spread compression in Retail Financial Services, a rising 2007 credit cost outlook, and a long list of material legal matters, including the $2.2 billion Enron Newby settlement (on appeal), IPO allocation litigation, National Century Financial Enterprises claims, and interchange and American Express antitrust suits. Management nonetheless believes these matters should not materially affect consolidated financial condition beyond existing reserves.
Mar 1, 2007
2005-A2
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2005
JPMorgan Chase's Amendment No. 2 to its 2005 Form 10-K, filed August 3, 2006, does not change reported results. It restates only the Consolidated Statements of Cash Flows for 2003 through 2005 to reclassify cash flows from certain residential mortgages and other loans originated or purchased for sale. Under SFAS 102, those flows belong in operating activities rather than investing activities. Net income of $8,483 million, total assets of $1,198,942 million, stockholders' equity of $107,211 million, earnings per share, and regulatory capital (Tier 1 ratio 8.5%, total capital ratio 12.0%) are all unchanged. The net change in cash and due from banks is also unchanged. The restatement moves the 2005 operating cash flow from negative $24,227 million to negative $30,236 million. Investing cash flow moves from negative $18,953 million to negative $12,944 million. For 2004 and 2003, operating cash flow moves from negative $21,805 million to negative $15,147 million and from $14,601 million to $14,275 million, respectively. Investors should read the reclassification as a presentation change that makes operating cash flow look more negative, which mainly reflects the Firm's continued growth in held-for-sale mortgage activity, rather than as a change in earnings or balance sheet strength. The auditor, PricewaterhouseCoopers, dated its opinion on the cash flow restatement August 3, 2006, and management concluded that disclosure controls remained effective. The amendment is narrow in scope. Only Items 8 and 9A of Part II are amended, and the filing continues to speak as of the original February 24, 2006 filing date. Investors who rely on cash flow metrics, such as operating cash flow as a quality-of-earnings check, should use the restated figures. Those who focus on income, balance sheet, or capital should see no change from the original 10-K.
Aug 3, 2006
2005-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2005
This filing is an amendment (10-K/A) to JPMorgan Chase & Co.'s (JPM) 2005 annual report, filed on June 21, 2006, for the fiscal year ending December 31, 2005. The amendment primarily includes Exhibit 22.1, which is the Annual Report on Form 11-K for The JPMorgan Chase 401(k) Savings Plan. As a large accelerated filer, JPM is providing this supplementary information, indicating it has met all its filing requirements for the preceding 12 months and the last 90 days. For investors, this amendment itself does not contain new core financial performance data for JPM as a whole, but rather clarifies a filing related to employee benefits. The focus for investors remains on the original 10-K filing for detailed financial statements, management's discussion and analysis, and risk factors. This amendment serves to complete the historical record by including the employee savings plan report, a standard component for large public companies.
Jun 22, 2006
2005
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2005
JPMorgan Chase & Co. closed 2005 as its first full year after the July 2004 Bank One merger, earning $8.5 billion, or $2.38 per diluted share, versus $4.5 billion ($1.55) in 2004. Return on common equity was 8%, versus 6% in 2004. Results absorbed roughly $2.0 billion in after-tax charges (about $0.57 per share), mainly the $2.2 billion Enron class-action settlement and the $900 million WorldCom settlement. Excluding those charges and merger costs, operating earnings were $10.5 billion, or $2.95 per share, with operating ROE of 10%. Total net revenue rose 27% to $54.5 billion, driven largely by the Merger, while noninterest expense rose 13% to $38.8 billion. The balance sheet reached $1.2 trillion in assets, with $107 billion of stockholders' equity and a Tier 1 capital ratio of 8.5%. Loans grew 4% to $419 billion and deposits rose 6% to $555 billion. Management reported merger savings of about $1.5 billion in 2005 and an annualized run-rate of $2.2 billion entering 2006, targeting roughly $3.0 billion by end-2007. The Firm repurchased 93.5 million shares for $3.4 billion during the year. Looking ahead, management expects 2006 wholesale credit provisions to rise toward more normal levels, while consumer credit card charge-offs should be lower in the first half and higher in the second half as new FFIEC minimum-payment rules take effect. Key open risks include the IPO allocation antitrust and securities litigation, the National Century Financial Enterprises matters, and continued rate-driven pressure on loan and deposit spreads.
Mar 9, 2006
2004-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2004
JPMorgan Chase & Co. (JPM) submitted this Form 10-K/A (amended annual report) to the SEC on paper on June 28, 2005, covering the period ended December 31, 2004. For paper submissions, the SEC's EDGAR system keeps only an index record with a placeholder document, so the filing's contents are not available electronically and there is nothing to summarize. The record confirms that the filing was made and when. For JPMorgan Chase & Co.'s results and disclosures from this period, see its electronic filings from around June 2005.
Jun 28, 2005
2004
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2004
JPMorgan Chase's 2004 Form 10-K, filed March 2, 2005, centers on the July 1, 2004 merger with Bank One Corporation, a $58.5 billion purchase-accounting transaction that reshaped the Firm. Reported 2004 net income fell 34% to $4.5 billion ($1.55 diluted EPS) from $6.7 billion ($3.24) in 2003, and return on common equity dropped to 6% from 16%. The decline was driven by $3.7 billion in after-tax special charges: a $2.3 billion after-tax litigation reserve increase, $846 million of Merger costs, and $605 million of accounting-conformity charges. Excluding these items, operating earnings were $8.2 billion ($2.86 per share) and operating ROE was about 11%. Only six months of Bank One results are included in 2004, so year-over-year comparisons are distorted by the merger. The balance sheet expanded sharply, with total assets rising 50% to $1.16 trillion, loans up 87% to $402 billion, deposits up 60% to $521 billion, and stockholders' equity up 129% to $105.7 billion. Tier 1 capital ratio was 8.7% and total capital ratio 12.2%, both well above well-capitalized thresholds. Management outlined $3.0 billion in targeted pre-tax merger savings by end-2007, roughly $1.5 billion of which was expected in 2005, and guided to higher 2005 wholesale credit provisions and a 30-40% dividend payout of operating earnings. The filing also discloses significant litigation exposure, including Enron-related suits, WorldCom underwriting claims (about $15 billion in bonds, trial set for March 2005), Commercial Financial Services claims seeking about $1.8 billion, IPO allocation cases, and mutual fund market-timing matters. Management believes the outcomes should not have a material adverse effect on consolidated financial condition, but acknowledges results could significantly exceed current reserves.
Mar 2, 2005
2003-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2003
JPMorgan Chase & Co. (JPM) submitted this Form 10-K/A (amended annual report) to the SEC on paper on June 28, 2004, covering the period ended December 31, 2003. For paper submissions, the SEC's EDGAR system keeps only an index record with a placeholder document, so the filing's contents are not available electronically and there is nothing to summarize. The record confirms that the filing was made and when. For JPMorgan Chase & Co.'s results and disclosures from this period, see its electronic filings from around June 2004.
Jun 28, 2004
2003
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2003
JPMorgan Chase's 2003 10-K shows a sharp earnings recovery: net income rose to $6.7 billion ($3.24 diluted EPS) from $1.7 billion in 2002, with total revenue up 12% to $33.3 billion. Results were helped by a record Investment Bank ($3.7 billion operating earnings), record Chase Financial Services earnings ($2.5 billion, driven by the mortgage refinancing boom), and a 64% drop in the provision for credit losses to $1.5 billion as commercial credit quality improved. Noninterest expense fell 5% to $21.7 billion, though it included a $100 million Enron-related reserve addition in 2003 versus $1.3 billion of charges in 2002. The Firm ended 2003 with $771 billion in assets, $46 billion in stockholders' equity, a Tier 1 capital ratio of 8.5%, and all banking subsidiaries rated well-capitalized. Management flagged that 2004 earnings mix is expected to shift, with mortgage earnings likely to decline from record 2003 levels, and that the pending merger with Bank One (1.32 JPM shares per Bank One share, expected completion mid-2004, with $2.2 billion of targeted pre-tax cost savings and about $3 billion of merger costs) is subject to shareholder and regulatory approvals. Share repurchases were suspended in 2003 pending the merger, and the $0.34 quarterly dividend was maintained. Key investor considerations are the merger execution and integration risk, legal exposure from Enron, WorldCom, IPO allocation, and research analyst matters (with a $1 billion Enron-related reserve partly remaining at year-end), and the sensitivity of fee and trading revenue to market conditions. The 2003 results are record-level in several segments, so investors should weigh whether the 2004 outlook implies normalization.
Feb 18, 2004
2002-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2002
JPMorgan Chase & Co. (JPM) submitted this Form 10-K/A (amended annual report) to the SEC on paper on June 30, 2003, covering the period ended December 31, 2002. For paper submissions, the SEC's EDGAR system keeps only an index record with a placeholder document, so the filing's contents are not available electronically and there is nothing to summarize. The record confirms that the filing was made and when. For JPMorgan Chase & Co.'s results and disclosures from this period, see its electronic filings from around June 2003.
Jun 30, 2003
2002
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 2002
J.P. Morgan Chase & Co. ended 2002 with $759 billion in assets and $42 billion in stockholders' equity, a year marked by weak capital markets, large litigation and merger charges, and sharp credit deterioration in commercial lending. Reported net income was $1.7 billion, or $0.80 per diluted share, flat with 2001, and reported return on average common equity was 3.9%. Revenue rose 1% to $29.6 billion, but noninterest expense fell 4% to $22.8 billion only after absorbing a $1.3 billion Enron-related surety settlement and litigation reserve charge, $1.2 billion in merger and restructuring costs, and $890 million in severance. Operating earnings, which exclude these items and credit card securitization effects, fell 11% to $3.4 billion, or $1.66 per share. Credit quality was the main pressure point. The provision for credit losses rose 36% to $4.3 billion, driven by telecommunications and cable exposures, and nonperforming assets rose 22% to $4.8 billion. Commercial net charge-offs roughly doubled to $1.9 billion. Investment Bank operating earnings fell 53%, while Chase Financial Services, the consumer franchise, set a record $2.5 billion, helped by mortgage hedging gains and Providian's credit card portfolio. The Firm's Tier 1 capital ratio was 8.2%, and all banking subsidiaries remained well-capitalized. For investors, the central questions are the sustainability of the dividend and the recovery path. The $0.34 quarterly dividend was maintained, but the common dividend payout ratio was 171% of reported net income, and management said it would continue the dividend only if capital ratios stayed strong and earnings exceeded the payout. Management guided to a cautious 2003, with expected IB improvement driven by lower credit costs and expenses, and said it would reduce private equity exposure from about 20% to about 10% of common equity. Debt ratings were cut one notch during 2002, and the Firm faces significant pending Enron, WorldCom, and IPO allocation litigation.
Mar 19, 2003
2001-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 2001
JPMorgan Chase & Co. (JPM) submitted this Form 10-K/A (amended annual report) to the SEC on paper on June 28, 2002, covering the period ended December 31, 2001. For paper submissions, the SEC's EDGAR system keeps only an index record with a placeholder document, so the filing's contents are not available electronically and there is nothing to summarize. The record confirms that the filing was made and when. For JPMorgan Chase & Co.'s results and disclosures from this period, see its electronic filings from around June 2002.
Jun 28, 2002
1999-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 1999
This Form 10-K/A, filed by The Chase Manhattan Corporation (the predecessor to JPMorgan Chase & Co., which the filing identifies as JPM in your request), is a limited amendment for fiscal year 1999. It does not contain the company's consolidated financial statements, business description, or risk disclosures. Instead, it adds the audited financial statements and supplemental schedules of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated Companies, as required for the plan's Form 11-K. For investors, the filing offers little information about the bank's operating performance or valuation. The plan's net assets available for benefits grew to $5.57 billion at December 31, 1999, up about 11% from $5.02 billion a year earlier. Growth came from $287 million in contributions and $597 million in net investment gains. Those gains were offset by $319 million in participant withdrawals. The plan had 57,088 participants or former participants at year-end, up from 54,483. Net unrealized depreciation was $185 million, while realized gains from sales totaled $637 million. The plan is heavily concentrated in its sponsor's stock. Chase Manhattan Corporation common stock was valued at $2.04 billion, roughly 36% of total plan investments of $5.60 billion. The Chase Common Stock unit value fell from $18.13 to $10.73 during 1999, a decline of about 41%. Investors interested in the company's financial health should instead review the parent company's full 10-K for fiscal 1999 and its subsequent filings.
Jun 28, 2000
1999
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 1999
This Form 10-K for fiscal 1999 from The Chase Manhattan Corporation (the filer; it was later merged into JPMorgan Chase) reports a strong year. Reported net income rose 44% to $5.45 billion, and diluted EPS rose 48% to $6.27. On an operating basis, which excludes credit card securitization effects, restructuring costs and special items, earnings rose 34% to $5.39 billion and diluted operating EPS rose 38% to $6.21. Operating revenue grew 17% to $22.98 billion. Growth came mainly from market-sensitive revenue, which rose 47% to $7.39 billion, driven by $2.52 billion of private equity gains from Chase Capital Partners and strong investment banking fees and trading revenue. Less market-sensitive revenue grew 7%. Capital was strong. The Tier 1 capital ratio was 8.4% and the total capital ratio 12.1%, with all bank subsidiaries rated well capitalized. Chase repurchased a net $2.3 billion of stock in 1999, raised the quarterly dividend 14% to $0.41, and authorized a new $5 billion buyback in January 2000. It also acquired Hambrecht & Quist for $1.46 billion in December 1999. Credit quality improved overall, though commercial net charge-offs rose on a single large Asian exposure, and the allowance for loan losses fell 3% to $3.46 billion. Investors should note several risks: a Sumitomo lawsuit seeking $532 million (subject to RICO trebling), claims of about $930 million against its Chase Securities unit in the CFS asset-backed securities litigation, and an SEC investigation tied to bond paying-agent recordkeeping deficiencies. Management says none of these is expected to have a material adverse effect on consolidated financial condition, though results could be affected in a given period. The company also expected to become a financial holding company under the Gramm-Leach-Bliley Act around March 13, 2000.
Mar 13, 2000
1998-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 1998
This filing is not a true 10-K annual report for JPMorgan Chase & Co. It is a Form 10-K/A amendment from The Chase Manhattan Corporation (the predecessor entity, CIK-era 1999, Commission File No. 1-5805) for fiscal year ended December 31, 1998, filed to add Exhibit 22.1, the Form 11-K annual report of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated Companies. The amendment contains no consolidated bank financial statements, earnings, capital ratios, segment results, or risk disclosures, so it provides little direct value for evaluating the bank's operating performance or investment merits. The content is limited to KPMG's audit opinion (dated June 18, 1999) on the employee plan's financial statements, plus detailed fund-level schedules. Plan net assets available for benefits were $5.02 billion at December 31, 1998, up from $4.18 billion a year earlier, an increase of roughly 20%. The growth was driven mainly by a rise in the value of Chase common stock held in the plan, which was valued at $2.02 billion at year-end 1998 versus $1.44 billion in 1997, and by net investment gains of about $838 million. Chase common stock was the largest single holding at roughly 40% of plan assets, a concentration investors may view as a risk for the employee plan rather than a signal about the parent company's core business. For investors, the key takeaway is that this filing is a procedural, supplementary disclosure. Anyone seeking JPMorgan Chase's current financial condition should consult the company's primary annual reports and filings, noting that the 1999 Chase Manhattan entity was later combined with J.P. Morgan & Co. in the December 2000 merger that created JPMorgan Chase & Co.
Jun 29, 1999
1996
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 1996
The Chase Manhattan Corporation (the filer named in this 10-K, which later became part of JPMorgan Chase) reported 1996 reported net income of $2,461 million, down from $2,959 million in 1995, because of a $1,814 million merger restructuring charge and related expenses tied to its March 31, 1996 merger with Chemical Banking Corporation. Excluding these one-time costs, operating net income rose about 21% to $3,516 million, and fully diluted operating EPS grew 23% to $7.27, with a return on average common equity of 18.4% on an operating basis. Reported primary EPS was $5.02 versus $6.20 in 1995. Revenue growth on a managed basis was 9%, above the 5-7% target, and the operating efficiency ratio improved to 59% from 64%. The balance sheet grew to $336.1 billion in total assets, with $155.1 billion in loans, $180.9 billion in deposits and $21.0 billion in stockholders' equity. Credit quality improved, with nonperforming assets falling 31% to $1,151 million and the allowance for loan losses covering 348% of nonperforming loans. Net charge-offs rose modestly, driven by higher managed credit card losses and lower commercial recoveries, and management expects credit costs to be modestly higher in 1997. Capital remained strong, with Tier 1 risk-based capital at 8.15% and total risk-based capital at 11.78%, both well above regulatory minimums. Management raised the quarterly common dividend 12% to $0.56 and authorized up to $2.5 billion of share repurchases through December 1998, which it now expects to complete by late 1997 or early 1998. Management targets 1997 operating revenue growth of 6-8% on a managed basis and cumulative annual merger savings of about $1.2 billion by end-1997 and $1.7 billion by end-1998.
Mar 25, 1997
1995-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Jun 21, 1995
The document provided is not a JPMorgan Chase & Co. 10-K. It is a Form 10-K/A filed by Chemical Banking Corporation (270 Park Avenue, New York; IRS No. 13-2624428; Commission file number 1-5805) for the fiscal year ended December 31, 1994. The amendment adds one exhibit, Exhibit 22.1, which is the Form 11-K annual report for the Savings Incentive Plan of Chemical Bank and Certain Affiliated Companies. The document is dated June 21, 1995 and is signed by Joseph L. Sclafani, Controller, as principal accounting officer of the plan. Chemical Banking Corporation later merged with Chase Manhattan to form JPMorgan Chase in 1996, but this filing predates that merger and does not belong to JPMorgan Chase & Co. as filed. The excerpt contains no bank-level financial statements, earnings, balance sheet, capital ratios, or risk disclosures. Its content is limited to the cover page, the amendment statement, and the plan's administrative signature. It is a benefit-plan administrative filing, so it offers little direct insight into the bank's financial condition or investment merits. For JPMorgan Chase & Co. (JPM) analysis, investors should obtain the correct filing, such as the company's full 10-K for a relevant fiscal year, and review its audited financial statements, MD&A, and risk factors. This excerpt should not be used to draw conclusions about JPM's 1995 performance.
Jun 26, 1995
1994-A
JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended May 6, 1994
This document does not match the requested filing. It is not a JPMorgan Chase & Co. 10-K for fiscal 1993. It is a Form 10-K/A filed by Chemical Banking Corporation (Delaware, IRS No. 13-2624428, New York, NY) for the fiscal year ended December 31, 1993, dated May 1994. JPMorgan Chase & Co. was not formed until 2000, and Chemical Banking did not combine with it until 1996, so the JPM ticker in the request appears to be a labeling error. The amendment's sole purpose is to add Exhibit 22.1, the Form 11-K annual report for the Savings Incentive Plan of Chemical Bank and Certain Affiliated Companies for the year ended December 31, 1993. The 11-K was signed by Joseph L. Sclafani on May 6, 1994, and states that the plan's financial statements were filed separately under Form SE. The pages provided contain no income statement, balance sheet, capital ratios, loan data, segment results, or risk disclosures, so no assessment of Chemical Banking's financial performance, valuation, or outlook can be drawn from this text. The only substantive content is administrative: a plan identification, a signature block, and a reference to Form SE for financial statements. The 11-K's plan name and address fields, along with the issuer information in Item B, are blank in the text provided. For investment analysis, the full original 10-K for Chemical Banking Corporation for fiscal 1993, or the Form SE filing referenced here, should be reviewed. If the intent was to analyze JPMorgan Chase & Co.'s own filings, a different document is needed.
May 9, 1994
1993
JPMORGAN CHASE & CO Annual Report, Year Ended Dec 31, 1993
This Form 10-K, signed March 15, 1994, is filed by Chemical Banking Corporation, not JPMorgan Chase. Chemical Banking is a predecessor of today's JPMorgan Chase, which it merged with in 2000, so the figures below describe the 1993 fiscal year of Chemical Banking. The company reported record 1993 net income of $1,604 million, up 48% from $1,086 million in 1992, or $5.77 per common share versus $3.90. Results included a $35 million net benefit from adopting SFAS 106 and SFAS 109, and income before accounting changes rose 44% to $1,569 million ($5.63 per share). Return on average common equity was 16.66%, and total assets were $149.9 billion at year-end. Noninterest revenue rose 33% to $4,024 million, driven by record trading revenue of $1,073 million, $306 million in gains on refinancing-country securities, and $301 million of venture capital income. Credit quality improved markedly. Nonperforming assets fell 42% to $3.5 billion, or 2.4% of total assets, and the provision for losses declined 8% to $1,259 million. Management expects a significant reduction in the provision in 1994, and it projects net interest income roughly flat with 1993 as slightly lower yields offset growth in earning assets. Loans fell to $75.4 billion from $82.0 billion because of weak loan demand and a deliberate reduction in credit risk. Capital strengthened: the Tier 1 risk-based ratio rose to 8.12% and the total capital ratio to 12.22%, both well above requirements, and total stockholders' equity reached $11.2 billion. The Corporation also raised its quarterly common dividend to $0.38 per share, up 27% from the 1992 level. The filing also describes acquisitions that expanded Texas Commerce Bancshares, including First City Banks and Ameritrust Texas, and a 40% stake in CIT Group Holdings. Management identifies earnings pressure points for 1994, including higher noninterest operating expense, a lower Federal tax benefit contribution (the company is now fully taxed, with a 25.6% effective rate in 1993 that would have been 41.3% without tax benefits), and the Best Products bankruptcy litigation, which management believes will not have a material adverse effect.
Mar 25, 1994