JPMORGAN CHASE & CO
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
JPM$342.07-0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Financial Statements
| Year ended December 31, (in millions, except per share data) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenue | |||
| Investment banking fees | $6,519 | $6,686 | $13,216 |
| Principal transactions | 24,460 | 19,912 | 16,304 |
| Lending- and deposit-related fees | 7,413 | 7,098 | 7,032 |
| Asset management fees | 15,220 | 14,096 | 14,405 |
| Commissions and other fees | 6,836 | 6,581 | 6,624 |
| Investment securities losses | (3,180) | (2,380) | (345) |
| Mortgage fees and related income | 1,176 | 1,250 | 2,170 |
| Card income | 4,784 | 4,420 | 5,102 |
| Other income | 5,609 | 4,322 | 4,830 |
| Noninterest revenue | 68,837 | 61,985 | 69,338 |
| Interest income | 170,588 | 92,807 | 57,864 |
| Interest expense | 81,321 | 26,097 | 5,553 |
| Net interest income | 89,267 | 66,710 | 52,311 |
| Total net revenue | 158,104 | 128,695 | 121,649 |
| Provision for credit losses | 9,320 | 6,389 | (9,256) |
| Noninterest expense | |||
| Compensation expense | 46,465 | 41,636 | 38,567 |
| Occupancy expense | 4,590 | 4,696 | 4,516 |
| Technology, communications and equipment expense | 9,246 | 9,358 | 9,941 |
| Professional and outside services | 10,235 | 10,174 | 9,814 |
| Marketing | 4,591 | 3,911 | 3,036 |
| Other expense | 12,045 | 6,365 | 5,469 |
| Total noninterest expense | 87,172 | 76,140 | 71,343 |
| Income before income tax expense | 61,612 | 46,166 | 59,562 |
| Income tax expense | 12,060 | 8,490 | 11,228 |
| Net income | $49,552 | $37,676 | $48,334 |
| Net income applicable to common stockholders | $47,760 | $35,892 | $46,503 |
| Net income per common share data | |||
| Basic earnings per share | $16.25 | $12.10 | $15.39 |
| Diluted earnings per share | 16.23 | 12.09 | 15.36 |
| Weighted-average basic shares | 2,938.6 | 2,965.8 | 3,021.5 |
| Weighted-average diluted shares | 2,943.1 | 2,970.0 | 3,026.6 |
| Year ended December 31, (in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Net income | $49,552 | $37,676 | $48,334 |
| Other comprehensive income/(loss), after–tax | |||
| Unrealized gains/(losses) on investment securities | 5,381 | (11,764) | (5,540) |
| Translation adjustments, net of hedges | 329 | (611) | (461) |
| Fair value hedges | (101) | 98 | (19) |
| Cash flow hedges | 1,724 | (5,360) | (2,679) |
| Defined benefit pension and OPEB plans | 373 | (1,241) | 922 |
| DVA on fair value option elected liabilities | (808) | 1,621 | (293) |
| Total other comprehensive income/(loss), after–tax | 6,898 | (17,257) | (8,070) |
| Comprehensive income | $56,450 | $20,419 | $40,264 |
| December 31, (in millions, except share data) | 2023 | 2022 |
|---|---|---|
| Assets | ||
| Cash and due from banks | $29,066 | $27,697 |
| Deposits with banks | 595,085 | 539,537 |
| Federal funds sold and securities purchased under resale agreements (included $259,813 and $311,883 at fair value) | 276,152 | 315,592 |
| Securities borrowed (included $70,086 and $70,041 at fair value) | 200,436 | 185,369 |
| Trading assets (included assets pledged of $128,994 and $93,687) | 540,607 | 453,799 |
| Available-for-sale securities (amortized cost of $205,456 and $216,188; included assets pledged of $9,219 and $9,158) | 201,704 | 205,857 |
| Held-to-maturity securities | 369,848 | 425,305 |
| Investment securities, net of allowance for credit losses | 571,552 | 631,162 |
| Loans (included $38,851 and $42,079 at fair value) | 1,323,706 | 1,135,647 |
| Allowance for loan losses | (22,420) | (19,726) |
| Loans, net of allowance for loan losses | 1,301,286 | 1,115,921 |
| Accrued interest and accounts receivable | 107,363 | 125,189 |
| Premises and equipment | 30,157 | 27,734 |
| Goodwill, MSRs and other intangible assets | 64,381 | 60,859 |
| Other assets (included $12,306 and $14,921 at fair value and assets pledged of $6,764 and $7,998) | 159,308 | 182,884 |
| Total assets(a) | $3,875,393 | $3,665,743 |
| Liabilities | ||
| Deposits (included $78,384 and $28,620 at fair value) | $2,400,688 | $2,340,179 |
| Federal funds purchased and securities loaned or sold under repurchase agreements (included $169,003 and $151,999 at fair value) | 216,535 | 202,613 |
| Short-term borrowings (included $20,042 and $15,792 at fair value) | 44,712 | 44,027 |
| Trading liabilities | 180,428 | 177,976 |
| Accounts payable and other liabilities (included $5,637 and $7,038 at fair value) | 290,307 | 300,141 |
| Beneficial interests issued by consolidated VIEs (included $1 and $5 at fair value) | 23,020 | 12,610 |
| Long-term debt (included $87,924 and $72,281 at fair value) | 391,825 | 295,865 |
| Total liabilities(a) | 3,547,515 | 3,373,411 |
| Commitments and contingencies (refer to Notes 28, 29 and 30) | ||
| Stockholders’ equity | ||
| Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,740,375 and 2,740,375 shares) | 27,404 | 27,404 |
| Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | 4,105 |
| Additional paid-in capital | 90,128 | 89,044 |
| Retained earnings | 332,901 | 296,456 |
| Accumulated other comprehensive losses | (10,443) | (17,341) |
| Treasury stock, at cost (1,228,275,301 and 1,170,676,094 shares) | (116,217) | (107,336) |
| Total stockholders’ equity | 327,878 | 292,332 |
| Total liabilities and stockholders’ equity | $3,875,393 | $3,665,743 |
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion.
| December 31, (in millions) | 2023 | 2022 |
|---|---|---|
| Assets | ||
| Trading assets | $2,170 | $2,151 |
| Loans | 37,611 | 34,411 |
| All other assets | 591 | 550 |
| Total assets | $40,372 | $37,112 |
| Liabilities | ||
| Beneficial interests issued by consolidated VIEs | $23,020 | $12,610 |
| All other liabilities | 263 | 279 |
| Total liabilities | $23,283 | $12,889 |
Consolidated statements of changes in stockholders’ equity
| Year ended December 31, (in millions, except per share data) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Preferred stock | |||
| Balance at January 1 | $27,404 | $34,838 | $30,063 |
| Issuance | — | — | 7,350 |
| Redemption | — | (7,434) | (2,575) |
| Balance at December 31 | 27,404 | 27,404 | 34,838 |
| Common stock | |||
| Balance at January 1 and December 31 | 4,105 | 4,105 | 4,105 |
| Additional paid-in capital | |||
| Balance at January 1 | 89,044 | 88,415 | 88,394 |
| Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 1,084 | 629 | 152 |
| Other | — | — | (131) |
| Balance at December 31 | 90,128 | 89,044 | 88,415 |
| Retained earnings | |||
| Balance at January 1 | 296,456 | 272,268 | 236,990 |
| Cumulative effect of change in accounting principles | 449 | — | — |
| Net income | 49,552 | 37,676 | 48,334 |
| Dividends declared: | |||
| Preferred stock | (1,501) | (1,595) | (1,600) |
| Common stock ($4.10, $4.00 and $3.80 per share for 2023, 2022 and 2021, respectively) | (12,055) | (11,893) | (11,456) |
| Balance at December 31 | 332,901 | 296,456 | 272,268 |
| Accumulated other comprehensive income/(loss) | |||
| Balance at January 1 | (17,341) | (84) | 7,986 |
| Other comprehensive income/(loss), after-tax | 6,898 | (17,257) | (8,070) |
| Balance at December 31 | (10,443) | (17,341) | (84) |
| Treasury stock, at cost | |||
| Balance at January 1 | (107,336) | (105,415) | (88,184) |
| Repurchase | (9,980) | (3,122) | (18,448) |
| Reissuance | 1,099 | 1,201 | 1,217 |
| Balance at December 31 | (116,217) | (107,336) | (105,415) |
| Total stockholders’ equity | $327,878 | $292,332 | $294,127 |
Effective January 1, 2023, the Firm adopted the Financial Instruments – Credit Losses: Troubled Debt Restructurings and Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method accounting guidance. Refer to Note 1 for further information.
| Year ended December 31, (in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities | |||
| Net income | $49,552 | $37,676 | $48,334 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 9,320 | 6,389 | (9,256) |
| Depreciation and amortization | 7,512 | 7,051 | 7,932 |
| Deferred tax (benefit)/expense | (4,534) | (2,738) | 3,748 |
| Bargain purchase gain associated with the First Republic acquisition | (2,775) | — | — |
| Other | 4,301 | 5,174 | 3,274 |
| Originations and purchases of loans held-for-sale | (115,245) | (149,167) | (347,864) |
| Proceeds from sales, securitizations and paydowns of loans held-for-sale | 116,430 | 167,709 | 336,413 |
| Net change in: | |||
| Trading assets | (74,091) | (31,449) | 85,710 |
| Securities borrowed | (14,902) | 20,203 | (45,635) |
| Accrued interest and accounts receivable | 19,928 | (22,970) | (12,401) |
| Other assets | 32,970 | (2,882) | (11,745) |
| Trading liabilities | 5,315 | 11,170 | (23,190) |
| Accounts payable and other liabilities | (25,388) | 58,614 | 43,162 |
| Other operating adjustments | 4,581 | 2,339 | (398) |
| Net cash provided by operating activities | 12,974 | 107,119 | 78,084 |
| Investing activities | |||
| Net change in: | |||
| Federal funds sold and securities purchased under resale agreements | 39,740 | (54,278) | 34,473 |
| Held-to-maturity securities: | |||
| Proceeds from paydowns and maturities | 53,056 | 48,626 | 50,897 |
| Purchases | (4,141) | (33,676) | (111,756) |
| Available-for-sale securities: | |||
| Proceeds from paydowns and maturities | 53,744 | 39,159 | 50,075 |
| Proceeds from sales | 108,434 | 84,616 | 162,748 |
| Purchases | (115,499) | (126,258) | (248,785) |
| Proceeds from sales and securitizations of loans held-for-investment | 47,312 | 44,892 | 35,845 |
| Other changes in loans, net | (88,343) | (128,968) | (91,797) |
| Net cash used in First Republic Acquisition | (9,920) | — | — |
| All other investing activities, net | (16,740) | (11,932) | (11,044) |
| Net cash provided by/(used in) investing activities | 67,643 | (137,819) | (129,344) |
| Financing activities | |||
| Net change in: | |||
| Deposits | (32,196) | (136,895) | 293,764 |
| Federal funds purchased and securities loaned or sold under repurchase agreements | 13,801 | 8,455 | (20,799) |
| Short-term borrowings | (1,934) | (8,984) | 7,773 |
| Beneficial interests issued by consolidated VIEs | 9,029 | 2,205 | (4,254) |
| Proceeds from long-term borrowings | 75,417 | 78,442 | 82,409 |
| Payments of long-term borrowings | (64,880) | (45,556) | (54,932) |
| Proceeds from issuance of preferred stock | — | — | 7,350 |
| Redemption of preferred stock | — | (7,434) | (2,575) |
| Treasury stock repurchased | (9,824) | (3,162) | (18,408) |
| Dividends paid | (13,463) | (13,562) | (12,858) |
| All other financing activities, net | (1,521) | 234 | (1,477) |
| Net cash provided by/(used in) financing activities | (25,571) | (126,257) | 275,993 |
| Effect of exchange rate changes on cash and due from banks and deposits with banks | 1,871 | (16,643) | (11,508) |
| Net increase/(decrease) in cash and due from banks and deposits with banks | 56,917 | (173,600) | 213,225 |
| Cash and due from banks and deposits with banks at the beginning of the period | 567,234 | 740,834 | 527,609 |
| Cash and due from banks and deposits with banks at the end of the period | $624,151 | $567,234 | $740,834 |
| Cash interest paid | $77,114 | $23,143 | $5,142 |
| Cash income taxes paid, net | 9,908 | 4,355 | 18,737 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.