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Previous: J P MORGAN CHASE & CO, 8-K, EX-99.1, 2001-01-04 |
Next: J P MORGAN CHASE & CO, 8-K, EX-99.3, 2001-01-04 |
<PAGE> 1
EXHIBIT 99.2
J.P. MORGAN CHASE & CO.
UNAUDITED PRO FORMA COMBINED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Third Second First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter Quarter Quarter
2000 2000 2000 1999 1999 1999 1999
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans $ 4,495 $4,119 $ 3,941 $ 3,872 $ 3,703 $ 3,569 $3,639
Securities 1,093 1,081 1,152 1,194 1,164 1,152 1,294
Trading Assets 1,855 1,753 1,517 1,441 1,369 1,343 1,279
Federal Funds Sold and Securities Purchased
Under Resale Agreements 1,070 1,065 948 737 746 734 799
Securities Borrowed 607 528 528 472 469 480 456
Deposits With Banks 180 176 212 245 256 240 265
Other Sources 123 136 142 97 72 68 52
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Total Interest Income $ 9,423 $8,858 $ 8,440 $ 8,058 $ 7,779 $ 7,586 $7,784
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INTEREST EXPENSE
Deposits $ 2,765 $2,644 $ 2,507 $ 2,316 $ 2,198 $ 2,117 $2,214
Short-Term and Other Liabilities 3,458 3,147 2,784 2,492 2,336 2,209 2,286
Long-Term Debt 857 773 735 687 686 690 691
---------------------------------------------------------------------------------
Total Interest Expense $ 7,080 $6,564 $ 6,026 $ 5,495 $ 5,220 $ 5,016 $5,191
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NET INTEREST INCOME $ 2,343 $2,294 $ 2,414 $ 2,563 $ 2,559 $ 2,570 $2,593
Provision for Loan Losses 298 328 342 429 353 283 381
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NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES $ 2,045 $1,966 $ 2,072 $ 2,134 $ 2,206 $ 2,287 $2,212
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NONINTEREST REVENUE
Trading Revenue $ 1,455 $1,730 $ 1,971 $ 1,285 $ 886 $ 1,329 $1,752
Investment Banking Fees 1,013 1,107 1,191 884 884 1,042 707
Trust, Custody and Investment Management Fees 963 859 798 736 735 729 668
Credit Card Revenue 471 443 397 440 441 438 379
Other Fees and Commissions 993 916 1,002 946 835 770 759
Private Equity Gains (Losses) (20) 459 674 1,614 698 525 310
Securities Gains (Losses) 90 24 (3) (235) (51) (36) 130
Other Revenue 415 67 325 205 152 343 345
---------------------------------------------------------------------------------
Total Noninterest Revenue $ 5,380 $5,605 $ 6,355 $ 5,875 $ 4,580 $ 5,140 $5,050
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NONINTEREST EXPENSE
Salaries $ 2,740 $2,543 $ 2,910 $ 2,257 $ 2,183 $ 2,255 $2,354
Employee Benefits 395 420 430 374 361 369 381
Occupancy 338 297 308 304 300 286 300
Technology and Communications 632 574 580 579 538 529 533
Professional Services 275 281 282 291 245 238 238
Amortization of Intangibles 157 92 93 86 78 84 81
Restructuring Costs 79 50 0 23 0 0 0
Other Expense 736 818 750 738 625 732 633
---------------------------------------------------------------------------------
Total Noninterest Expense $ 5,352 $5,075 $ 5,353 $ 4,652 $ 4,330 $ 4,493 $4,520
---------------------------------------------------------------------------------
INCOME BEFORE INCOME TAX EXPENSE $ 2,073 $2,496 $ 3,074 $ 3,357 $ 2,456 $ 2,934 $2,742
Income Tax Expense 675 863 1,086 1,155 827 1,037 969
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NET INCOME $ 1,398 $1,633 $ 1,988 $ 2,202 $ 1,629 $ 1,897 $1,773
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NET INCOME APPLICABLE TO COMMON STOCK $ 1,374 $1,607 $ 1,963 $ 2,177 $ 1,602 $ 1,870 $1,746
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NET INCOME PER COMMON SHARE:
Basic $ 0.73 $ 0.87 $ 1.06 $ 1.16 $ 0.84 $ 0.97 $ 0.90
Diluted 0.69 0.83 1.01 1.10 0.80 0.93 0.86
Average Common Shares Outstanding
Basic 1,893.3 1,853.1 1,853.0 1,880.1 1,903.9 1,926.4 1,941.4
Diluted 1,983.4 1,939.2 1,945.1 1,971.4 1,994.9 2,019.1 2,034.6
</TABLE>
<TABLE>
<CAPTION>
Full Full Full
Year Year Year
1999 1998 1997
-------------------------------------
<S> <C> <C> <C>
INTEREST INCOME
Loans $ 14,783 $15,498 $14,950
Securities 4,804 5,072 4,585
Trading Assets 5,432 6,775 7,045
Federal Funds Sold and Securities Purchased
Under Resale Agreements 3,016 4,201 4,636
Securities Borrowed 1,877 2,129 1,814
Deposits With Banks 1,006 936 724
Other Sources 289 319 450
-------------------------------------
Total Interest Income $ 31,207 $34,930 $34,204
-------------------------------------
INTEREST EXPENSE
Deposits $ 8,845 $ 9,663 $ 9,314
Short-Term and Other Liabilities 9,323 12,612 12,534
Long-Term Debt 2,754 2,808 2,231
-------------------------------------
Total Interest Expense $ 20,922 $25,083 $24,079
-------------------------------------
NET INTEREST INCOME $ 10,285 $ 9,847 $10,125
Provision for Loan Losses 1,446 1,453 804
-------------------------------------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES $ 8,839 $ 8,394 $ 9,321
-------------------------------------
NONINTEREST REVENUE
Trading Revenue $ 5,252 $ 3,600 $ 3,460
Investment Banking Fees 3,517 2,903 2,259
Trust, Custody and Investment Management Fees 2,868 2,473 2,164
Credit Card Revenue 1,698 1,474 1,088
Other Fees and Commissions 3,310 2,792 2,565
Private Equity Gains (Losses) 3,147 1,312 1,238
Securities Gains (Losses) (192) 469 314
Other Revenue 1,045 883 815
-------------------------------------
Total Noninterest Revenue $ 20,645 $15,906 $13,903
-------------------------------------
NONINTEREST EXPENSE
Salaries $ 9,049 $ 7,402 $ 7,028
Employee Benefits 1,485 1,469 1,436
Occupancy 1,190 1,123 1,100
Technology and Communications 2,179 2,172 1,984
Professional Services 1,012 1,045 850
Amortization of Intangibles 329 293 172
Restructuring Costs 23 887 192
Other Expense 2,728 2,562 2,398
-------------------------------------
Total Noninterest Expense $ 17,995 $16,953 $15,160
-------------------------------------
INCOME BEFORE INCOME TAX EXPENSE $ 11,489 $ 7,347 $ 8,064
Income Tax Expense 3,988 2,602 2,891
-------------------------------------
NET INCOME $ 7,501 $ 4,745 $ 5,173
-------------------------------------
NET INCOME APPLICABLE TO COMMON STOCK $ 7,395 $ 4,612 $ 4,955
-------------------------------------
NET INCOME PER COMMON SHARE:
Basic $ 3.87 $ 2.37 $ 2.53
Diluted 3.69 2.27 2.41
Average Common Shares Outstanding
Basic 1,912.9 1,944.1 1,959.0
Diluted 2,004.8 2,033.5 2,055.0
</TABLE>
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