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61 JPM Financial Statements

- The document provides consolidated financial statements for JPMorgan Chase & Co. for the years ended December 31, 2009, 2008 and 2007 including statements of income, balance sheets, changes in stockholders' equity and comprehensive income, and cash flows. - For 2009, JPMorgan reported net income of $11.7 billion on total net revenue of $100.4 billion compared to net income of $5.6 billion on total net revenue of $67.3 billion in 2008. - As of December 31, 2009, JPMorgan had total assets of $2.03 trillion and total stockholders' equity of $165.4 billion.

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71 views4 pages

61 JPM Financial Statements

- The document provides consolidated financial statements for JPMorgan Chase & Co. for the years ended December 31, 2009, 2008 and 2007 including statements of income, balance sheets, changes in stockholders' equity and comprehensive income, and cash flows. - For 2009, JPMorgan reported net income of $11.7 billion on total net revenue of $100.4 billion compared to net income of $5.6 billion on total net revenue of $67.3 billion in 2008. - As of December 31, 2009, JPMorgan had total assets of $2.03 trillion and total stockholders' equity of $165.4 billion.

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Oladipupo Mayowa Paul
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Consolidated statements of income

Year ended December 31, (in millions, except per share data) Revenue Investment banking fees Principal transactions Lending- and deposit-related fees Asset management, administration and commissions Securities gains(a) Mortgage fees and related income Credit card income Other income Noninterest revenue Interest income Interest expense Net interest income Total net revenue Provision for credit losses Noninterest expense Compensation expense Occupancy expense Technology, communications and equipment expense Professional and outside services Marketing Other expense Amortization of intangibles Merger costs Total noninterest expense Income before income tax expense/(benefit) and extraordinary gain Income tax expense/(benefit) Income before extraordinary gain Extraordinary gain Net income Net income applicable to common stockholders Per common share data Basic earnings per share Income before extraordinary gain Net income Diluted earnings per share Income before extraordinary gain Net income Weighted-average basic shares Weighted-average diluted shares Cash dividends declared per common share $ 2009 $ 7,087 9,796 7,045 12,540 1,110 3,678 7,110 916 49,282 66,350 15,198 51,152 100,434 32,015 26,928 3,666 4,624 6,232 1,777 7,594 1,050 481 52,352 16,067 4,415 11,652 76 $ 11,728 $ 8,774 2008 $ 5,526 (10,699) 5,088 13,943 1,560 3,467 7,419 2,169 28,473 73,018 34,239 38,779 67,252 20,979 22,746 3,038 4,315 6,053 1,913 3,740 1,263 432 43,500 2,773 (926) 3,699 1,906 $ 5,605 $ 4,742 2007 $ 6,635 9,015 3,938 14,356 164 2,118 6,911 1,829 44,966 71,387 44,981 26,406 71,372 6,864 22,689 2,608 3,779 5,140 2,070 3,814 1,394 209 41,703 22,805 7,440 15,365 $ 15,365 $ 14,927

2.25 2.27 2.24 2.26 3,863 3,880 0.20

$ 0.81 1.35 0.81 1.35 3,501 3,522 $ 1.52

4.38 4.38 4.33 4.33 3,404 3,445

1.48

(a) Securities gains for the year ended December 31, 2009, included credit losses of $578 million, consisting of $946 million of total other-than-temporary impairment losses, net of $368 million of other-than-temporary impairment losses recorded in other comprehensive income.

The Notes to Consolidated Financial Statements are an integral part of these statements.

146

JPMorgan Chase & Co./2009 Annual Report

Consolidated balance sheets

December 31, (in millions, except share data) Assets Cash and due from banks Deposits with banks Federal funds sold and securities purchased under resale agreements (included $20,536 and $20,843 at fair value at December 31, 2009 and 2008, respectively) Securities borrowed (included $7,032 and $3,381 at fair value at December 31, 2009 and 2008, respectively) Trading assets (included assets pledged of $38,315 and $75,063 at December 31, 2009 and 2008, respectively) Securities (included $360,365 and $205,909 at fair value at December 31, 2009 and 2008, respectively, and assets pledged of $100,931 and $25,942 at December 31, 2009 and 2008, respectively) Loans (included $1,364 and $7,696 at fair value at December 31, 2009 and 2008, respectively) Allowance for loan losses Loans, net of allowance for loan losses Accrued interest and accounts receivable (included $5,012 and $3,099 at fair value at December 31, 2009 and 2008, respectively) Premises and equipment Goodwill Mortgage servicing rights Other intangible assets Other assets (included $19,165 and $29,199 at fair value at December 31, 2009 and 2008, respectively) Total assets Liabilities Deposits (included $4,455 and $5,605 at fair value at December 31, 2009 and 2008, respectively) Federal funds purchased and securities loaned or sold under repurchase agreements (included $3,396 and $2,993 at fair value at December 31, 2009 and 2008, respectively) Commercial paper Other borrowed funds (included $5,637 and $14,713 at fair value at December 31, 2009 and 2008, respectively) Trading liabilities Accounts payable and other liabilities (included the allowance for lending-related commitments of $939 and $659 at December 31, 2009 and 2008, respectively, and $357 and zero at fair value at December 31, 2009 and 2008, respectively) Beneficial interests issued by consolidated variable interest entities (included $1,410 and $1,735 at fair value at December 31, 2009 and 2008, respectively) Long-term debt (included $48,972 and $58,214 at fair value at December 31, 2009 and 2008, respectively) Total liabilities Commitments and contingencies (see Note 30 on page 238 of this Annual Report) Stockholders equity Preferred stock ($1 par value; authorized 200,000,000 shares at December 31, 2009 and 2008; issued 2,538,107 and 5,038,107 shares at December 31, 2009 and 2008, respectively) Common stock ($1 par value; authorized 9,000,000,000 shares at December 31, 2009 and 2008; issued 4,104,933,895 shares and 3,941,633,895 shares at December 31, 2009 and 2008, respectively) Capital surplus Retained earnings Accumulated other comprehensive income/(loss) Shares held in RSU Trust, at cost (1,526,944 shares and 4,794,723 shares at December 31, 2009 and 2008, respectively) Treasury stock, at cost (162,974,783 shares and 208,833,260 shares at December 31, 2009 and 2008, respectively) Total stockholders equity Total liabilities and stockholders equity $

2009 26,206 63,230 195,404 119,630 411,128 360,390 633,458 (31,602) 601,856 67,427 11,118 48,357 15,531 4,621 107,091 $ 2,031,989 $ 938,367 261,413 41,794 55,740 125,071 162,696 15,225 266,318 1,866,624 $

2008 26,895 138,139 203,115 124,000 509,983 205,943 744,898 (23,164) 721,734 60,987 10,045 48,027 9,403 5,581 111,200 $ 2,175,052 $ 1,009,277 192,546 37,845 132,400 166,878 187,978 10,561 270,683 2,008,168

8,152 4,105 97,982 62,481 (91) (68) (7,196) 165,365 $ 2,031,989

31,939 3,942 92,143 54,013 (5,687) (217) (9,249) 166,884 $ 2,175,052

The Notes to Consolidated Financial Statements are an integral part of these statements.

JPMorgan Chase & Co./2009 Annual Report

147

Consolidated statements of changes in stockholders equity and comprehensive income


Year ended December 31, (in millions, except per share data) Preferred stock Balance at January 1 Issuance of preferred stock Issuance of preferred stock conversion of the Bear Stearns preferred stock Accretion of preferred stock discount on issuance to the U.S. Treasury Redemption of preferred stock issued to the U.S. Treasury Balance at December 31 Common stock Balance at January 1 Issuance of common stock Balance at December 31 Capital surplus Balance at January 1 Issuance of common stock Warrant issued to U.S. Treasury in connection with issuance of preferred stock Preferred stock issue cost Shares issued and commitments to issue common stock for employee stock-based compensation awards and related tax effects Net change from the Bear Stearns merger: Reissuance of treasury stock and the Share Exchange agreement Employee stock awards Other Balance at December 31 Retained earnings Balance at January 1 Cumulative effect of change in accounting principles Balance at January 1, adjusted Net income Dividends declared: Preferred stock Accelerated amortization from redemption of preferred stock issued to the U.S. Treasury Common stock ($0.20, $1.52 and $1.48 per share for 2009, 2008 and 2007, respectively) Balance at December 31 Accumulated other comprehensive income/(loss) Balance at January 1 Cumulative effect of change in accounting principles Balance at January 1, adjusted Other comprehensive income/(loss) Balance at December 31 Shares held in RSU Trust Balance at January 1 Resulting from the Bear Stearns merger Reissuance from RSU Trust Balance at December 31 Treasury stock, at cost Balance at January 1 Purchase of treasury stock Reissuance from treasury stock Share repurchases related to employee stock-based compensation awards Net change from the Bear Stearns merger as a result of the reissuance of treasury stock and the Share Exchange agreement Balance at December 31 Total stockholders equity Comprehensive income Net income Other comprehensive income/(loss) Comprehensive income 2009 $ 31,939 1,213 (25,000) 8,152 3,942 163 4,105 92,143 5,593 474 (228) 97,982 54,013 54,013 11,728 (1,328) (1,112) (820) 62,481 (5,687) (5,687) 5,596 (91) (217) 149 (68) (9,249) 2,079 (26) (7,196) $ 165,365 $ $ 11,728 5,596 17,324 $ 2008 31,550 352 37 31,939 3,658 284 3,942 78,597 11,201 1,250 (54) 859 48 242 92,143 54,715 54,715 5,605 (674) (5,633) 54,013 (917) (917) (4,770) (5,687) (269) 52 (217) (12,832) 2,454 (21) 1,150 (9,249) $ 166,884 $ $ 5,605 (4,770) 835 $ 2007 3,658 3,658 77,807 790 78,597 43,600 915 44,515 15,365 (5,165) 54,715 (1,557) (1) (1,558) 641 (917) (7,718) (8,178) 3,199 (135) (12,832) $ 123,221 $ 15,365 641 $ 16,006

The Notes to Consolidated Financial Statements are an integral part of these statements.

148

JPMorgan Chase & Co./2009 Annual Report

Consolidated statements of cash flows


Year ended December 31, (in millions) Operating activities Net income Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for credit losses Depreciation and amortization Amortization of intangibles Deferred tax (benefit) expense Investment securities gains Proceeds on sale of investment Stock-based compensation Originations and purchases of loans held-for-sale Proceeds from sales, securitizations and paydowns of loans held-for-sale Net change in: Trading assets Securities borrowed Accrued interest and accounts receivable Other assets Trading liabilities Accounts payable and other liabilities Other operating adjustments Net cash provided by (used in) operating activities Investing activities Net change in: Deposits with banks Federal funds sold and securities purchased under resale agreements Held-to-maturity securities: Proceeds Available-for-sale securities: Proceeds from maturities Proceeds from sales Purchases Proceeds from sales and securitizations of loans held-for-investment Other changes in loans, net Net cash received (used) in business acquisitions or dispositions Proceeds from assets sale to the FRBNY Net maturities (purchases) of asset-backed commercial paper guaranteed by the FRBB All other investing activities, net Net cash provided by (used in) investing activities Financing activities Net change in: Deposits Federal funds purchased and securities loaned or sold under repurchase agreements Commercial paper and other borrowed funds Beneficial interests issued by consolidated variable interest entities Proceeds from issuance of long-term debt and trust preferred capital debt securities Repayments of long-term debt and trust preferred capital debt securities Proceeds from issuance of common stock Excess tax benefits related to stock-based compensation Proceeds from issuance of preferred stock and Warrant to the U.S. Treasury Proceeds from issuance of preferred stock Redemption of preferred stock issued to the U.S. Treasury Repurchases of treasury stock Dividends paid All other financing activities, net Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and due from banks Net decrease in cash and due from banks Cash and due from banks at the beginning of the year Cash and due from banks at the end of the year Cash interest paid Cash income taxes paid 2009 $ 11,728 32,015 2,783 1,050 (3,622) (1,110) 3,355 (22,417) 33,902 133,488 4,452 (6,312) 32,182 (79,314) (26,450) 6,167 121,897 2008 $ 5,605 20,979 3,143 1,263 (2,637) (1,560) (1,540) 2,637 (34,902) 38,036 (12,787) 15,408 10,221 (33,629) 24,061 1,012 (12,212) 23,098 $ 2007 15,365 6,864 2,427 1,394 1,307 (164 ) 2,025 (116,471 ) 107,350 (121,240 ) (10,496 ) (1,932 ) (21,628 ) 12,681 4,284 7,674 (110,560 )

74,829 7,082 9 87,712 114,041 (346,372) 30,434 51,251 (97) 11,228 (762) 29,355

(118,929) (44,597) 10 44,414 96,806 (248,599) 27,531 (59,123) 2,128 28,850 (11,228) (934) (283,671)

2,081 (29,814 ) 14 31,143 98,450 (122,507 ) 34,925 (83,437 ) (70 ) (4,973 ) (74,188 )

(107,700) 67,785 (76,727) (7,275) 51,324 (55,713) 5,756 17 (25,000) (3,422) (1,224) (152,179) 238 (689) 26,895 $ 26,206 $ 16,875 5,434

177,331 15,250 9,186 (2,675) 72,407 (62,691) 11,500 148 25,000 7,746 (5,911) 540 247,831 (507) (13,249) 40,144 $ 26,895 $ 37,267 2,280

113,512 (7,833 ) 41,412 1,070 95,141 (49,410 ) 365 (8,178 ) (5,051 ) 3,028 184,056 424 (268 ) 40,412 $ 40,144 $ 43,472 7,472

Note: In 2008, the fair values of noncash assets acquired and liabilities assumed in: (1) the merger with Bear Stearns were $288.2 billion and $287.7 billion, respectively (approximately 26 million shares of common stock valued at approximately $1.2 billion were issued in connection with the Bear Stearns merger); and (2) the Washington Mutual transaction were $260.3 billion and $260.1 billion, respectively.

The Notes to Consolidated Financial Statements are an integral part of these statements.

JPMorgan Chase & Co./2009 Annual Report

149

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