Financial FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses (“CECL”) accounting guidance. Refer to Note 1 for further information. (a) In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation. (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 Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 62–64 for a further discussion of these measures. (c) Quarterly ratios are based upon annualized amounts. (d) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation. (e) For the years ended December 31, 2020, 2019, 2018 and 2017, the percentage represents average LCR for the three months ended December 31, 2020, 2019, 2018 and 2017. The U.S. LCR public disclosure requirements for the Firm became effective in 2017. Refer to Liquidity Risk Management on pages 102–108 for additional information on the LCR results. (f) As of December 31, 2020, the capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. As of December 31, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks that became effective in the second quarter of 2020. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 for additional information. (g) The Basel III capital rules became fully phased-in effective January 1, 2019, and for the SLR became fully phased-in effective January 1, 2018. Prior to these dates, the required capital metrics were subject to the transitional rules. As of December 31, 2018, the risk-based capital metrics were the same on a fully phased-in and transitional basis. Refer to Capital Risk Management on pages 91-101 for additional information on these capital metrics. (h) In December 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The Firm’s results for the year ended December 31, 2017 included a $2.4 billion decrease to net income as a result of the enactment of the TCJA. (i) Excluding net charge-offs of $467 million related to the student loan portfolio sale, the net charge-off rate for the year ended December 31, 2017 would have been 0.55%. JPMorgan Chase & Co./2020 Form 10-K 44 As of or for the year ended December 31, (in millions, except per share, ratio, headcount data and where otherwise noted) 2020 2019 2018 2017 2016 Selected income statement data Total net revenue $ 119,543 $ 115,399  $ 108,783  $ 100,460  $ 96,275  Total noninterest expense 66,656 65,269  63,148  59,270  56,378  Pre-provision profit 52,887 50,130  45,635  41,190  39,897  Provision for credit losses 17,480 5,585  4,871  5,290  5,361  Income before income tax expense 35,407 44,545  40,764  35,900  34,536  Income tax expense 6,276 8,114  8,290  11,459  9,803  Net income $ 29,131 $ 36,431  $ 32,474  $ 24,441  $ 24,733  Earnings per share data Net income: Basic $ 8.89 $ 10.75  $ 9.04  $ 6.35  $ 6.24  Diluted 8.88 10.72  9.00  6.31  6.19  Average shares: Basic 3,082.4 3,221.5  3,396.4  3,551.6  3,658.8  Diluted 3,087.4 3,230.4  3,414.0  3,576.8  3,690.0  Market and per common share data Market capitalization $ 387,492 $ 429,913  $ 319,780  $ 366,301  $ 307,295  Common shares at period-end 3,049.4 3,084.0  3,275.8  3,425.3  3,561.2  Book value per share 81.75 75.98  70.35  67.04  64.06  Tangible book value per share (“TBVPS”) 66.11 60.98  56.33  53.56  51.44  Cash dividends declared per share 3.60 3.40  2.72  2.12  1.88  Selected ratios and metrics Return on common equity (“ROE”) 12 % 15 % 13 % 10 % 10 % Return on tangible common equity (“ROTCE”) 14 19  17  12  13  Return on assets (“ROA”) 0.91 1.33  1.24  0.96  1.00  Overhead ratio 56 57  58  59  59  Loans-to-deposits ratio 47 64  69  66  67  Firm Liquidity coverage ratio (“LCR”) (average) 110 116  113  119  NA JPMorgan Chase Bank, N.A. LCR (average) 160 116  111  108  NA Common equity tier 1 (“CET1”) capital ratio 13.1 12.4  12.0  12.2  12.3  Tier 1 capital ratio 15.0 14.1  13.7  13.9  14.0  Total capital ratio 17.3 16.0  15.5  15.9  15.5  Tier 1 leverage ratio 7.0 7.9  8.1  8.3  8.4  Supplementary leverage ratio (“SLR”) 6.9 % 6.3 % 6.4 % 6.5 % 6.5 % Selected balance sheet data (period-end) Trading assets $ 503,126 $ 369,687  $ 378,551  $ 349,053  $ 342,436  Investment securities, net of allowance for credit losses 589,999 398,239  261,828  249,958  289,059  Loans 1,012,853 997,620  1,015,760  959,429  922,831  Total assets 3,386,071 2,687,379  2,622,532  2,533,600  2,490,972  Deposits 2,144,257 1,562,431  1,470,666  1,443,982  1,375,179  Long-term debt 281,685 291,498  282,031  284,080  295,245  Common stockholders’ equity 249,291 234,337  230,447  229,625  228,122  Total stockholders’ equity 279,354 261,330  256,515  255,693  254,190  Headcount 255,351 256,981  256,105  252,539  243,355  Credit quality metrics Allowances for loan losses and lending-related commitments $ 30,737 $ 14,314  $ 14,500  $ 14,672  $ 14,854  Allowance for loan losses to total retained loans 2.95 % 1.39 % 1.39 % 1.47 % 1.55 % Nonperforming assets $ 10,906 $ 5,054  $ 5,901  $ 7,119  $ 7,754  Net charge-offs 5,259 5,629  4,856  5,387  4,692  Net charge-off rate 0.55 % 0.60 % 0.52 % 0.60 % 0.54 % (a) (a) (b) (h) (b) (c) (b)(c) (b) (d) (e) (e) (f)(g) (f)(g) (f)(g) (f)(g) (f)(g) (d) (d) (d) (i)