1
J. P. MORGAN & CO. INCORPORATED
CONSOLIDATED AVERAGE BALANCES & NET INTEREST EARNINGS
Interest and average rates on a taxable-equivalent basis
(Dollars in millions)
Three months ended December 31, 1999
-------------------------------------------------------
Average Average
Balance Interest Rate
---------------------- ---------------- -------------
Assets
- ------
Interest-earning deposits with banks,
mainly in offices outside the U.S. $2,257 $33 5.80 %
Debt investment securities in offices in the U.S.: (a)
U.S. Treasury 353 8 8.99
U.S. state and political subdivision 1,272 38 11.85
Other 17,150 252 5.83
Debt investment securities in offices outside
the U.S. (a) 3,482 41 4.67
Trading account assets:
In offices in the U.S. 33,643 555 6.54
In offices outside the U.S. 25,059 408 6.46
Securities purchased under agreements to resell and
federal funds sold:
In offices in the U.S. 21,877 308 5.59
In offices outside the U.S. 11,732 114 3.86
Securities borrowed, mainly in offices in the U.S. 34,364 458 5.29
Loans:
In offices in the U.S. 11,959 223 7.40
In offices outside the U.S. 13,543 201 5.89
Other interest-earning assets: (b)
In offices in the U.S. 3,074 49 *
In offices outside the U.S. 840 47 *
- -----------------------------------------------------------------------------------------------------------------
Total interest-earning assets 180,605 2,735 6.01
- -----------------------------------------------------------------------------------------------------------------
Cash and due from banks 949
Other noninterest-earning assets 66,060
- -----------------------------------------------------------------------------------------------------------------
Total assets 247,614
- -----------------------------------------------------------------------------------------------------------------
Three months ended December 31, 1998
----------------------------------------------------
Average Average
Balance Interest Rate
------------------ --------------- ---------------
Assets
- ------
Interest-earning deposits with banks,
mainly in offices outside the U.S. $2,472 $58 9.31%
Debt investment securities in offices in the U.S.: (a)
U.S. Treasury 664 15 8.96
U.S. state and political subdivision 1,916 51 10.56
Other 26,679 370 5.50
Debt investment securities in offices outside
the U.S. (a) 870 14 6.38
Trading account assets:
In offices in the U.S. 31,519 419 5.27
In offices outside the U.S. 30,117 488 6.43
Securities purchased under agreements to resell:
In offices in the U.S. 24,188 322 5.28
In offices outside the U.S. 15,493 216 5.53
Securities borrowed, mainly in offices in the U.S. 40,797 510 4.96
Loans:
In offices in the U.S. 5,931 107 7.16
In offices outside the U.S. 22,636 386 6.77
Other interest-earning assets: (b)
In offices in the U.S. 1,646 13 *
In offices outside the U.S. 775 80 *
- -----------------------------------------------------------------------------------------------------------
Total interest-earning assets 205,703 3,049 5.88
- -----------------------------------------------------------------------------------------------------------
Cash and due from banks 1,639
Other noninterest-earning assets 79,144
- -------------------------------------------------------------------------
Total assets 286,486
- -------------------------------------------------------------------------
Interest and average rates applying to the following asset categories have been
adjusted to a taxable-equivalent basis: Debt investment securities in offices
in the U.S.; Trading account assets in offices in the U.S.; and Loans in offices
in the U.S. The applicable tax rate used to determine these adjustments was
approximately 41% for the twelve months ended December 31, 1999 and 1998.
(a) For the twelve months ended Decmeber 31, 1999 and 1998, average debt
investment securities are computed based on historical amortized cost,
excluding the effects of SFAS No. 115 adjustments.
(b) Interest revenue includes the effect of certain off-balance-sheet
transactions.
* Not meaningful
2
J. P. MORGAN & CO. INCORPORATED
CONSOLIDATED AVERAGE BALANCES & NET INTEREST EARNINGS
Interest and average rates on a taxable-equivalent basis
(Dollars in millions)
Three months ended December 31, 1999
-------------------------------------------------------
Average Average
Balance Interest Rate
---------------------- ---------------- -------------
Liabilities and stockholders' equity
- ------------------------------------
Interest-bearing deposits:
In offices in the U.S. $4,590 $68 5.88 %
In offices outside the U.S. 38,971 462 4.70
Trading account liabilities:
In offices in the U.S. 7,834 119 6.03
In offices outside the U.S. 12,530 190 6.02
Securities sold under agreements to
repurchase and federal funds purchased,
mainly in offices in the U.S. 60,406 769 5.05
Commercial paper, mainly in offices
in the U.S. 11,298 163 5.72
Other interest-bearing liabilities:
In offices in the U.S. 7,201 178 9.81
In offices outside the U.S. 2,734 54 7.84
Long-term debt, mainly in offices in the U.S. 24,629 376 6.06
- -----------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 170,193 2,379 5.55
- -----------------------------------------------------------------------------------------------------------------
Noninterest-bearing deposits:
In offices in the U.S. 906
In offices outside the U.S. 407
Other noninterest-bearing liabilities 64,440
---------------------
Total liabilities 235,946
Stockholders' equity 11,668
- -----------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity 247,614
- -----------------------------------------------------------------------------------------------------------------
Net yield on interest-earning assets 0.78
Net interest earnings 356
- -----------------------------------------------------------------------------------------------------------------
Three months ended December 31, 1998
----------------------------------------------------
Average Average
Balance Interest Rate
------------------ --------------- ---------------
Liabilities and stockholders' equity
- ------------------------------------
Interest-bearing deposits:
In offices in the U.S. $8,730 $91 4.14 %
In offices outside the U.S. 46,052 594 5.12
Trading account liabilities:
In offices in the U.S. 7,798 112 5.70
In offices outside the U.S. 16,739 211 5.00
Securities sold under agreements to
repurchase and federal funds purchased,
mainly in offices in the U.S. 70,497 923 5.19
Commercial paper, mainly in offices
in the U.S. 10,527 144 5.38
Other interest-bearing liabilities:
In offices in the U.S. 10,468 176 6.67
In offices outside the U.S. 1,657 58 13.89
Long-term debt, mainly in offices in the U.S. 27,011 392 5.76
- -------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 199,579 2,701 5.37
- -------------------------------------------------------------------------------------------------------------
Noninterest-bearing deposits:
In offices in the U.S. 896
In offices outside the U.S. 564
Other noninterest-bearing liabilities 74,340
-----------------
Total liabilities 275,379
Stockholders' equity 11,107
- -------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity 286,486
- -------------------------------------------------------------------------------------------------------------
Net yield on interest-earning assets 0.67
Net interest earnings 348
- -------------------------------------------------------------------------------------------------------------
3
J. P. MORGAN & CO. INCORPORATED
CONSOLIDATED AVERAGE BALANCES & NET INTEREST EARNINGS
Interest and average rates on a taxable-equivalent basis
(Dollars in millions)
Twelve Months ended December 31, 1999
--------------------------------------------------------
Average Average
Balance Interest Rate
---------------------- ------------------ ------------
Assets
- ------
Interest-earning deposits with banks,
mainly in offices outside the U.S. $2,494 $254 10.18 %
Debt investment securities in offices in the U.S.: (a)
U.S. Treasury 504 43 8.53
U.S. state and political subdivision 1,430 167 11.68
Other 23,454 1,315 5.61
Debt investment securities in offices outside
the U.S. (a) 2,807 134 4.77
Trading account assets:
In offices in the U.S. 32,362 2,037 6.29
In offices outside the U.S. 26,552 1,690 6.36
Securities purchased under agreements to resell and
federal funds sold:
In offices in the U.S. 21,066 1,077 5.11
In offices outside the U.S. 12,991 532 4.10
Securities borrowed, mainly in offices in the U.S. 37,001 1,833 4.95
Loans:
In offices in the U.S. 8,122 567 6.98
In offices outside the U.S. 18,020 1,106 6.14
Other interest-earning assets: (b)
In offices in the U.S. 2,317 132 *
In offices outside the U.S. 918 157 *
- --------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 190,038 11,044 5.81
- --------------------------------------------------------------------------------------------------------------------------
Cash and due from banks 1,294
Other noninterest-earning assets 68,545
- --------------------------------------------------------------------------------------------------------------------------
Total assets 259,877
- --------------------------------------------------------------------------------------------------------------------------
Twelve Months ended December 31, 1998
---------------------------------------------------
Average Average
Balance Interest Rate
------------------- ---------------- ------------
Assets
- ------
Interest-earning deposits with banks,
mainly in offices outside the U.S. $2,079 $294 14.14 %
Debt investment securities in offices in the U.S.: (a)
U.S. Treasury 723 61 8.44
U.S. state and political subdivision 1,535 168 10.94
Other 21,128 1,185 5.61
Debt investment securities in offices outside
the U.S. (a) 1,519 109 7.18
Trading account assets:
In offices in the U.S. 30,394 1,837 6.04
In offices outside the U.S. 36,227 2,509 6.93
Securities purchased under agreements to resell and
federal funds sold:
In offices in the U.S. 17,372 939 5.41
In offices outside the U.S. 21,478 1,092 5.08
Securities borrowed, mainly in offices in the U.S. 40,680 2,088 5.13
Loans:
In offices in the U.S. 6,452 464 7.19
In offices outside the U.S. 24,491 1,650 6.74
Other interest-earning assets: (b)
In offices in the U.S. 2,112 122 *
In offices outside the U.S. 944 199 *
- ---------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 207,134 12,717 6.14
- ---------------------------------------------------------------------------------------------------------------------
Cash and due from banks 1,429
Other noninterest-earning assets 74,621
- -------------------------------------------------------------------------------------
Total assets 283,184
- -------------------------------------------------------------------------------------
Interest and average rates applying to the following asset categories have been
adjusted to a taxable-equivalent basis: Debt investment securities in offices
in the U.S.; Trading account assets in offices in the U.S.; and Loans in offices
in the U.S. The applicable tax rate used to determine these adjustments was
approximately 41% for the twelve months ended December 31, 1999 and 1998.
(a) For the twelve months ended Decmeber 31, 1999 and 1998, average debt
investment securities are computed based on historical amortized cost,
excluding the effects of SFAS No. 115 adjustments.
(b) Interest revenue includes the effect of certain off-balance-sheet
transactions.
* Not meaningful
4
J. P. MORGAN & CO. INCORPORATED
CONSOLIDATED AVERAGE BALANCES & NET INTEREST EARNINGS
Interest and average rates on a taxable-equivalent basis
(Dollars in millions)
Twelve Months ended December 31, 1999
--------------------------------------------------------
Average Average
Balance Interest Rate
---------------------- ------------------ ------------
Liabilities and stockholders' equity
- ------------------------------------
Interest-bearing deposits:
In offices in the U.S. $6,495 $338 5.20 %
In offices outside the U.S. 44,000 1,916 4.35
Trading account liabilities:
In offices in the U.S. 7,113 470 6.61
In offices outside the U.S. 13,591 704 5.18
Securities sold under agreements to
repurchase and federal funds purchased,
mainly in offices in the U.S. 61,839 3,030 4.90
Commercial paper, mainly in offices
in the U.S. 11,047 581 5.26
Other interest-bearing liabilities:
In offices in the U.S. 8,512 681 8.00
In offices outside the U.S. 3,378 204 6.04
Long-term debt, mainly in offices in the U.S. 27,179 1,506 5.43
- --------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 183,154 9,430 5.15
- --------------------------------------------------------------------------------------------------------------------------
Noninterest-bearing deposits:
In offices in the U.S. 898
In offices outside the U.S. 552
Other noninterest-bearing liabilities 63,626
----------------------
Total liabilities 248,230
Stockholders' equity 11,647
- --------------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity 259,877
- --------------------------------------------------------------------------------------------------------------------------
Net yield on interest-earning assets 0.85
Net interest earnings 1,614
- --------------------------------------------------------------------------------------------------------------------------
Twelve Months ended December 31, 1999
---------------------------------------------------
Average Average
Balance Interest Rate
------------------- ---------------- ------------
Liabilities and stockholders' equity
- ------------------------------------
Interest-bearing deposits:
In offices in the U.S. $7,674 $397 5.17 %
In offices outside the U.S. 49,044 2,426 4.95
Trading account liabilities:
In offices in the U.S. 9,424 665 7.06
In offices outside the U.S. 15,085 876 5.81
Securities sold under agreements to
repurchase and federal funds purchased,
mainly in offices in the U.S. 70,537 3,846 5.45
Commercial paper, mainly in offices
in the U.S. 9,682 539 5.57
Other interest-bearing liabilities:
In offices in the U.S. 12,323 811 6.58
In offices outside the U.S. 3,360 263 7.83
Long-term debt, mainly in offices in the U.S. 26,066 1,537 5.90
- -------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 203,195 11,360 5.59
- -------------------------------------------------------------------------------------------------------------------
Noninterest-bearing deposits:
In offices in the U.S. 884
In offices outside the U.S. 784
Other noninterest-bearing liabilities 66,812
-------------------
Total liabilities 271,675
Stockholders' equity 11,509
- -----------------------------------------------------------------------------------
Total liabilities and stockholders' equity 283,184
- -----------------------------------------------------------------------------------
Net yield on interest-earning assets 0.66
Net interest earnings 1,357
- -------------------------------------------------------------------------------------------------------------------