4Q21 Earnings Supplement - JPMorgan Chase
EARNINGS RELEASE FINANCIAL SUPPLEMENT FOURTH QUARTER 2021
JPMORGAN CHASE & CO. TABLE OF CONTENTS
Consolidated Results Consolidated Financial Highlights Consolidated Statements of Income Consolidated Balance Sheets Condensed Average Balance Sheets and Annualized Yields Reconciliation from Reported to Managed Basis Segment Results - Managed Basis Capital and Other Selected Balance Sheet Items Earnings Per Share and Related Information
Business Segment Results Consumer & Community Banking ("CCB") Corporate & Investment Bank ("CIB") Commercial Banking ("CB") Asset & Wealth Management ("AWM") Corporate
Credit-Related Information
Non-GAAP Financial Measures Glossary of Terms and Acronyms (a)
Page(s)
2?3 4 5 6 7 8 9 10
11?14 15?17 18?19 20?22
23
24?27
28
(a) Refer to the Glossary of Terms and Acronyms on pages 305?311 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K") and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 185-190 and pages 191-193, respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021.
JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
SELECTED INCOME STATEMENT DATA Reported Basis Total net revenue (a) Total noninterest expense Pre-provision profit (b) Provision for credit losses
NET INCOME
Managed Basis (c) Total net revenue Total noninterest expense Pre-provision profit (b) Provision for credit losses
NET INCOME
EARNINGS PER SHARE DATA
Net income:
Basic
Diluted
Average shares: Basic
Diluted
MARKET AND PER COMMON SHARE DATA Market capitalization Common shares at period-end Book value per share Tangible book value per share ("TBVPS") (b) Cash dividends declared per share
FINANCIAL RATIOS (d) Return on common equity ("ROE") Return on tangible common equity ("ROTCE") (b) Return on assets
CAPITAL RATIOS (e) Common equity Tier 1 ("CET1") capital ratio Tier 1 capital ratio Total capital ratio Tier 1 leverage ratio Supplementary leverage ratio ("SLR")
4Q21
$ 29,257 17,888 11,369 (1,288) 10,399
3Q21
$ 29,647 17,063 12,584 (1,527) 11,687
QUARTERLY TRENDS
2Q21
1Q21
4Q20
$ 30,479 17,667 12,812 (2,285) 11,948
$ 32,266 18,725 13,541 (4,156) 14,300
$ 29,335 16,048 13,287 (1,889) 12,136
30,349 17,888 12,461 (1,288) 10,399
30,441 17,063 13,378 (1,527) 11,687
31,395 17,667 13,728 (2,285) 11,948
33,119 18,725 14,394 (4,156) 14,300
30,161 16,048 14,113 (1,889) 12,136
$ 3.33 3.33
2,977.3 2,981.8
$ 3.74 3.74
2,999.9 3,005.1
$ 3.79 3.78
3,036.6 3,041.9
$ 4.51 4.50
3,073.5 3,078.9
$ 3.80 3.79
3,079.7 3,085.1
$ 466,206 2,944.1 88.07 71.53 1.00
$ 483,748 2,955.3 86.36 69.87 1.00
$ 464,778
2,988.2
84.85
68.91
(f)
0.90
$ 460,820 3,027.1 82.31 66.56 0.90
$ 387,492 3,049.4 81.75 66.11 0.90
16 % 19 1.08
13.0 % (g) 15.0 (g) 16.8 (g)
6.5 (g) 5.4 (g)
18 % 22 1.24
12.9 % 15.0 16.9
6.6 5.5
18 % 23 1.29
13.0 % 15.1 17.1
6.6 5.4
23 % 29 1.61
13.1 % 15.0 17.2
6.7 6.7
19 % 24 1.42
13.1 % 15.0 17.3
7.0 6.9
4Q21 Change
3Q21
4Q20
(1)% 5 (10) 16 (11)
-- % 11 (14) 32 (14)
--
1
5
11
(7)
(12)
16
32
(11)
(14)
(11)
(12)
(11)
(12)
(1)
(3)
(1)
(3)
(4)
20
--
(3)
2
8
2
8
--
11
2021
$ 121,649 71,343 50,306 (9,256) 48,334
FULL YEAR
2020
$ 119,951 66,656 53,295 17,480 29,131
2021 Change 2020
1 % 7 (6) NM 66
125,304 71,343 53,961 (9,256) 48,334
122,929 66,656 56,273 17,480 29,131
2 7 (4) NM 66
$ 15.39
$ 8.89
73
15.36
8.88
73
3,021.5
3,082.4
(2)
3,026.6
3,087.4
(2)
$ 466,206
$ 387,492
20
2,944.1
3,049.4
(3)
88.07
81.75
8
71.53
66.11
8
3.80
3.60
6
19 % 23 1.30
13.0 % (g) 15.0 (g) 16.8 (g)
6.5 (g) 5.4 (g)
12 % 14 0.91
13.1 % 15.0 17.3
7.0 6.9
(a) In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm's effective income tax rate. The reclassification did not change the Firm's results of operations on a managed basis.
(b) Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity ("TCE") is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders' equity to TCE. Refer to page 28 for a further discussion of these measures.
(c) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis. (d) Quarterly ratios are based upon annualized amounts. (e) The capital metrics reflect the relief provided by the Federal Reserve Board (the "Federal Reserve") in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020 and
expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 48-53 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm's capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm's 2020 Form 10-K for additional information. (f) On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share. (g) Estimated.
Page 2
JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
SELECTED BALANCE SHEET DATA (period-end) Total assets (a) Loans:
Consumer, excluding credit card loans Credit card loans Wholesale loans
Total Loans
Deposits: U.S. offices: Noninterest-bearing Interest-bearing Non-U.S. offices: Noninterest-bearing Interest-bearing Total deposits
Long-term debt Common stockholders' equity Total stockholders' equity
Loans-to-deposits ratio
Headcount
95% CONFIDENCE LEVEL - TOTAL VaR Average VaR
LINE OF BUSINESS NET REVENUE (b) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate
TOTAL NET REVENUE
LINE OF BUSINESS NET INCOME/(LOSS) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate
NET INCOME
4Q21
$3,743,567
323,306 154,296 600,112 1,077,714
638,879 1,432,578
26,229 364,617 2,462,303
301,005 259,289 294,127
44 %
271,025
$
37
$ 12,275 11,534 2,612 4,473 (545)
$ 30,349
$ 4,227 4,847 1,251 1,146 (1,072)
$ 10,399
3Q21
$3,757,576
328,164 143,166 573,285 1,044,615
QUARTERLY TRENDS
2Q21
1Q21
4Q20
$3,684,256
$3,689,336
$3,384,757
329,685 141,802 569,467 1,040,954
324,908 132,493 553,906 1,011,307
318,579 144,216 550,058 1,012,853
656,438 1,344,092
28,589 373,234 2,402,353
298,465 255,203 290,041
43 %
265,790
639,114 1,281,432
24,723 359,948 2,305,217
299,926 253,548 286,386
45 %
260,110
629,139 1,266,856
22,661 359,456 2,278,112
279,427 249,151 280,714
44 %
259,350
572,711 1,197,032
23,435 351,079 2,144,257
281,685 249,291 279,354
47 %
255,351
$
36 (c) $
43
$
106
$
96
$ 12,521 12,396 2,520 4,300 (1,296)
$ 30,441
$ 12,760 13,214 2,483 4,107 (1,169)
$ 31,395
$ 12,517 14,605 2,393 4,077 (473)
$ 33,119
$ 12,728 11,352 2,463 3,867 (249)
$ 30,161
$ 4,341 5,562 1,407 1,194 (817)
$ 11,687
$ 5,634 4,985 1,420 1,153 (1,244)
$ 11,948
$ 6,728 5,740 1,168 1,244 (580)
$ 14,300
$ 4,325 5,349 2,034 786 (358)
$ 12,136
4Q21 Change
3Q21
4Q20
-- %
11 %
(1)
1
8
7
5
9
3
6
(3)
12
7
20
(8)
12
(2)
4
2
15
1
7
2
4
1
5
2
6
3
(61)
(2)
(4)
(7)
2
4
6
4
16
58
(119)
--
1
(3)
(2)
(13)
(9)
(11)
(38)
(4)
46
(31)
(199)
(11)
(14)
2021
$3,743,567
323,306 154,296 600,112 1,077,714
FULL YEAR
2020
$3,384,757
318,579 144,216 550,058 1,012,853
2021 Change 2020
11 %
1 7 9 6
638,879
572,711
12
1,432,578
1,197,032
20
26,229
23,435
12
364,617
351,079
4
2,462,303
2,144,257
15
301,005
281,685
7
259,289
249,291
4
294,127
279,354
5
44 %
47 %
271,025
255,351
6
$ 50,073 51,749 10,008 16,957 (3,483)
$ 125,304
$ 20,930 21,134 5,246 4,737 (3,713)
$ 48,334
$ 51,268 49,284 9,313 14,240 (1,176)
$ 122,929
$ 8,217 17,094 2,578 2,992 (1,750)
$ 29,131
(2) 5 7 19 (196) 2
155 24
103 58
(112) 66
(a) In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information. (b) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis. (c) Prior-period amount has been revised to conform with the current presentation.
Page 3
JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
REVENUE Investment banking fees Principal transactions Lending- and deposit-related fees Asset management, administration and commissions Investment securities gains/(losses) Mortgage fees and related income Card income Other income (a)
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 (b)
TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense (a) NET INCOME
4Q21 $ 3,494
2,182 1,784 5,549
52 315 1,100 1,180 15,656 15,019 1,418 13,601 29,257
(1,288)
9,065 1,202 2,461 2,703
947 1,510 17,888 12,657 2,258 $ 10,399
3Q21 $ 3,282
3,546 1,801 5,257 (256)
600 1,005 1,332 16,567 14,480 1,400 13,080 29,647
(1,527)
9,087 1,109 2,473 2,523
712 1,159 17,063 14,111 2,424 $ 11,687
QUARTERLY TRENDS
2Q21 $ 3,470
4,076 1,760 5,194 (155)
551 1,647 1,195 17,738 14,094 1,353 12,741 30,479
1Q21 $ 2,970
6,500 1,687 5,029
14 704 1,350 1,123 19,377 14,271 1,382 12,889 32,266
4Q20 $ 2,583
3,321 1,727 4,901
70 767 1,297 1,411 16,077 14,550 1,292 13,258 29,335
(2,285)
(4,156)
(1,889)
9,814 1,090 2,488 2,385
626 1,264 17,667 15,097 3,149 $ 11,948
10,601 1,115 2,519 2,203 751 1,536
18,725 17,697
3,397 $ 14,300
7,954 1,161 2,606 2,259
725 1,343 16,048 15,176 3,040 $ 12,136
4Q21 Change
3Q21
4Q20
6 %
35 %
(38)
(34)
(1)
3
6
13
NM
(26)
(48)
(59)
9
(15)
(11)
(16)
(5)
(3)
4
3
1
10
4
3
(1)
--
16
32
--
14
8
4
--
(6)
7
20
33
31
30
12
5
11
(10)
(17)
(7)
(26)
(11)
(14)
2021 $ 13,216
16,304 7,032
21,029 (345) 2,170 5,102 4,830
69,338 57,864
5,553 52,311 121,649
(9,256)
FULL YEAR
2020 $ 9,486
18,021 6,511
18,177 802
3,091 4,435 4,865 65,388 64,523 9,960 54,563 119,951
17,480
2021 Change 2020 39 % (10) 8 16 NM (30) 15 (1) 6 (10) (44) (4) 1
NM
38,567
34,988
10
4,516
4,449
2
9,941
10,338
(4)
9,814
8,464
16
3,036
2,476
23
5,469
5,941
(8)
71,343
66,656
7
59,562
35,815
66
11,228
6,684
68
$ 48,334
$ 29,131
66
NET INCOME PER COMMON SHARE DATA Basic earnings per share Diluted earnings per share
FINANCIAL RATIOS Return on common equity (c) Return on tangible common equity (c)(d) Return on assets (c) Effective income tax rate (a) Overhead ratio
$
3.33
$
3.74
$
3.79
$
4.51
$
3.80
(11)
(12)
$ 15.39
$
8.89
73
3.33
3.74
3.78
4.50
3.79
(11)
(12)
15.36
8.88
73
16 % 19 1.08 17.8 61
18 % 22 1.24 17.2 58
18 % 23 1.29 20.9 58
23 % 29 1.61 19.2 58
19 % 24 1.42 20.0 55
19 % 23 1.30 18.9 59
12 % 14 0.91 18.7 56
(a) In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information. (b) Included Firmwide legal expense of $137 million, $76 million, $185 million, $28 million and $276 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $426 million and $1.1 billion
for the full year 2021 and 2020 respectively. (c) Quarterly ratios are based upon annualized amounts. (d) Refer to page 28 for further discussion of ROTCE.
Page 4
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