Brian Tabb, Duc Nguyen, Haojun Chen, Jingyi Chen, Dan Ning
12/12/2014
Brian Tabb, Duc Nguyen, Haojun Chen, Jingyi Chen, Dan Ning
12/12/2014

FI730 Group Report
Financial Institution Analysis
FI730 Group Report
Financial Institution Analysis

1. Introduction
1.1 JP Morgan & Chase, Co.
JP Morgan & Chase, Co., incorporated under Delaware law in 1968, is now one of the oldest and most influential financial institutions in the world. As of December 31, 2013, the firm’s net assets and stockholders’ equity amounted $2.4 trillion and $211.2 billion, respectively. Currently, the firm is the leading banking institution in various business segments that include investment banking, commercial banking, asset management, private equity, and financial services for small businesses and individuals. JP Morgan & Chase, Co. offers financial services through its subsidiaries, divided between principal bank and nonbank subsidiaries. Its principal bank subsidiaries are JPMorgan Chase Bank and Chase Bank USA, which the former, has branches in 23 U.S. states, and the latter, the Firm’s credit card-issuing bank. JP Morgan & Chase, Co.’s nonbank subsidiary is J.P. Morgan Securities LLC (hereinafter referred as JPMorgan Securities), which is the Firm’s investment banking subsidiary in the U.S. Both the bank and nonbank subsidiaries operate domestically and overseas. One of the principal subsidiaries oversea in the United Kingdom (hereinafter referred as U.K.) is called the J.P. Morgan Securities plc, a company that is wholly owned by JPMorgan Chase Bank, N.A.
For reporting purposes, JP Morgan & Chase, Co.’s business activities are grouped under four business segments and a Corporate/Private Equity Segment. The four segments are: Consumer & Community Banking segment for consumer business; and wholesale business segments are for Corporate & Investment Bank, Commercial Banking, and Asset Management.
Consumer & Community banking (hereinafter referred as CCB) provides personal and business services to consumers and businesses through bank tellers, ATM, online, mobile and telephone banking. The segment of business compromises of services includes investment products, mortgages, personal portfolio management, lending, deposit, and cash management. It also issues credit cards to consumers and small business entities, provides auto and student loan services, and offers payment processing services to small retailers or merchants.
Corporate & Investment Banking (hereinafter referred as CIB) offers a broad range of services that include investment banking, marketing-making, prime brokerage, and treasury and securities products and services worldwide. Furthermore, CIB offers services like strategic consulting and advising, capital-raising in both debt and equity markets, and loan origination and syndication. Also, CIB services Treasury transactions that include cash management and liquidity solutions, and trade finance products.
Commercial Banking (hereinafter referred as CB) provides multinational clients such as International Corporations, municipalities, and nonprofit entities with extensive research knowledge on industries and local expertise. CB also provides real estate investors and owners with domestic and international financing needs.
Asset Management (hereinafter referred as AM) offers personalized services to ultra-high-net-worth individuals and investors in every major market in the world. AM provides customers with investment management in all asset classes that include equity, fixed income, alternatives and money market fund. Additionally, AM offers retirement products, brokerage and investing services that include trusts and estates, loans, and mortgages to its high-net-worth customers.
The Corporate/ Private Equity segment mainly serves business activities within the corporation. Its primary purpose is to manage, measure, monitor, and report the Firm’s liquidity, funding, and structural interest rate and exposure to foreign exchange risks. 1.2 The First National Bank of Central Texas
The First National Bank of Central Texas (hereinafter referred as FNBCT), founded in 1901 in Mart, Texas, was originally the first national bank to serve the agricultural community and consumers and small business owners in Mart. Quick growth followed after the bank changed its leadership and ownership in 1995. Under the leadership of a seasoned management team and CEO, Monte Hulse, the bank expanded rapidly, from a single branch to multiple branches in the area. FNBCT acquired multiple branch locations along its rapid expansion periods, and by the end of 2010 and early 2011, FNBCT amounted a net asset size of $700 million, with only five banking centers. The five branches are located in Waco, Woodway-Hewitt, China Spring, Mart, and Hillsboro, Texas. FNBCT offers traditional banking services such as Personal Banking, Commercial Banking, Farm & Ranch Lending, Loan Products, and Retirement Planning.
Personal Banking offers consumers the opportunities to open personal interest accruing checking and savings accounts. All accounts are subjected under an interest rate that is predetermined by FNBCT. 11
Commercial Banking provides small business owners the opportunity to request for business loans through personalized accounts. Also, it allows small businesses to open an account called the ‘Giving Back Account’, as a way to give back to the community. 12
The Farm & Ranch Lending segment promotes local businesses by offering a myriad of opportunities for local farmers to finance or refinance their agricultural opportunities. Most of the financing options are associated with agricultural needs, such as loans toward shop construction, land purchase/refinance, home construction, Cow-Calf Loans, and farm & ranch land development. 13

2. Ratio Analysis 3.1 JPMorgan Chase
Table 1 JPMorgan Chase | Year | 2012 | 2008 | 2006 | Interest Income | 56,063,000,000 | 73,018,000,000 | 59,107,000,000 | Interest Expense | 11,153,000,000 | 34,239,000,000 | 37,865,000,000 | Net Interest Income | 44,910,000,000 | 38,779,000,000 | 21,242,000,000 | Net Income | 21,284,000,000 | 5,605,000,000 | 14,444,000,000 | Total Assets | 2,359,141,000,000 | 2,175,052,000,000 | 1,351,520,000,000 | Total Liability | 2,155,072,000,000 | 2,008,168,000,000 | 1,235,730,000,000 | Total Equity Capital | 204,069,000,000 | 166,884,000,000 | 115,790,000,000 | | | | |

The data shown in table 1 are extracted from the annual report of JPMorgan Chase of year 2006, 2008 and 2012.
Table 2 RATIO of JPMorgan Chase | Year | 2012 | 2008 | 2006 | ROA | 0.0090 | 0.0026 | 0.0107 | ROE | 0.1043 | 0.0336 | 0.1247 | NIM | 0.0190 | 0.0178 | 0.0157 |

Table 2 demonstrates some important ratios based on the data in table 1. It can be seen from the time series that the ROA of JPMorgan Chase saw a decrease (from 0.0107 to 0.0026) and then increase to 0.009 from 2006 to 2012. The ROE experienced a similar trend and the ratio of 2012 (0.1043) was still lower than that of 2006 (0.1247). The lowest ROA and ROE should be result from the subprime mortgage crisis in 2008. While the 6 years had seen a steadily increase in the Net Income margin from 0.0157 to 0.0190.
Table 3 UBPR Peer Group Average Report - Summary Ratios | (Insured commercial banks having assets greater than $3 billion) | Year | 2012 | 200814 | 2006 | ROA | 1.0400 | -0.1600 | 1.2400 | ROE | 0.0815 | 0.0035 | 0.1222 | NIM | 3.3400 | 3.1200 | 3.2400 |

Comparing the Ratio of JPMorgan Chase to that from UBPR Peer Group Average Report, which shows the ratio of insured commercial banks having assets greater than $3 billion. Look at peer group average report as a whole, all the ratio of 2008 is less than that of 2006 and 2012. So conclusion get be reached that the Subprime mortgage crisis of 2008 brought great shake to the whole financial market, even the bank giants with assets above 3 billion could not avoid it. To look through it, it can be seen that the ROE of JPMorgan Chase was keeping at a level that higher than the peer average ratio in the three years. While the Net Income Margins kept at a ratio that below average level. According to Return on Assets, JPMorgan Chase had lower ratio than peer’s average in 2006 and 2012; however the ratio of 2008 is much higher than that of peers, which is negative. It can be concluded that the subprime mortgage crisis of 2008 have less influence on JPMorgan than on its Peer banks.
2.2 First National Bank of Central Texas
Table 4 First National Bank of Central Texas | Year | 2012 | 200816 | 200616 | Interest Income | 25,874,000 | 21,534,000 | 18,874,000 | Interest Expense | 4,508,000 | 6,728,000 | 6,387,000 | Net Interest Income | 21,366,000.00 | 14,806,000.00 | 12,487,000.00 | Net Income | 14,093,000 | 7,931,000 | 5,226,000 | Total Assets | 685,685,000 | 389,757,000 | 332,007,000 | Total Liability | 632,098,000 | 355,692,000 | 302,601,000 | Total Equity Capital | 53,587,000 | 34,065,000 | 29,406,000 |

Table 4 provides extracted data from the annual report of First National Bank of Central Taxes of year 2006, 2008 and 2012.
Table 5 RATIO of First National Bank of Central Texas | Year | 2012 | 2008 | 2006 | ROA | 0.0206 | 0.0203 | 0.0157 | ROE | 0.2630 | 0.2328 | 0.1777 | NIM | 0.0312 | 0.0380 | 0.0376 |

Some important ratios of First National Bank of Central Taxes are shown at table 5. It can been seen that both ROA and ROE experienced an increase from 2006 to 2012, while the net income margin saw a slight increase from 0.0376 in 2006 to 0.0380 in 2008, and then a decrease to 0.0312 in 2012. It seems that the Subprime mortgage crisis of 2008 has little influence on the bank.
Table 6 UBPR Peer Group Average Report - Summary Ratios | (Insured savings banks having assets between $300 million and $1 billion) | Year | 2012 | 200817 | 2006 | ROA | 0.5500 | 0.0300 | 0.6100 | ROE | 0.0233 | -0.0050 | 0.0550 | NIM | 3.1200 | 2.8700 | 2.9100 |

Here peer group average report of insured saving banks having assets between $300 million and $1 billion is taken into comparison. From the Peer Group Average Report above, it can be found that the Subprime mortgage crisis of 2008 also have huge influence on these saving banks, especially ROE, which is -0.005. When comparing ratio of First National Bank of Central Taxes and its peer group average ratio, it is obvious that its ROAs kept much below average, except that of 2008, which was slightly lower than average. While the ROEs were much higher than average, especially that of 2008, which was much higher than average and even kept an increasing trend from 2006. The net income margin of the First National Bank of Central Taxes kept below 1 level, while that of the average peer group is around 3, which is higher than the bank.

3. Four primary management concerns
3.1 Asset – liability management
Chase’s largest three accounts under assets are trading assets (19%) which include debt and equity instruments and derivative receivables; securities (15%); and loans (31%). Net charge off rates on loan is on average 1.5% which indicates that Chase is holding mainly high quality assets. Debt and equity instruments mainly consist of fixed income securities which include government and corporate debt, and equity securities which include convertible securities. Securities held by Chase are primarily for manage the bank’s exposure to interest rate movements. The firm’s liabilities mainly consist of deposits, which counted for 55% of the total deposits. And the firm has very diversified funding resources, due to its diversified business lines. Significant portion of the firm’s deposits are retail deposits, which counted for 35% of total deposits. And retail deposits are considered less sensitive to interest rate changes or market volatility.
Unlike Chase, FNBCT has few likes of business, so its assets are mainly composed of Loans and lease financing receivables, which is about 69% of total assets. And the firm’s liabilities are mainly coming from deposits, which counts for 76% of total liabilities.
3.2 Liquidity risk management
In order to manage liquidity of the bank, Chase put out efforts such that it runs liquidity stress tests to make sure of sufficient liquidity of the bank. It also creates a contingency funding plan to manage unexpected adverse liquidity situations. Holding of trading assets increase the firm’s liquidity and Chase’s deposits-to-loan ratio is on average 163% as the end of 2012, therefore only about 61% of the deposits are being held up in loans which also indicates Chase has good liquidity. In comparison, FNBCT has a reserve-to-total assets ratio of 12% whereas Chase’s is only 2%, it also has a deposits-to-loan rate of 131%, which indicates that 76% of deposits are being held up in loans. Overall Chase has a larger percentage of liquid assets which is 21% compared to 12% that FNBCT has, and chase is more liquid.
3.3 Capital adequacy management
Chase and FNBCT are holding roughly the same amount of assets as bank capital which is 8%. With this low rate of bank capital holding, owners of the bank can acquire a large amount of return. However, it would be easily become insolvent.

4. Profitability issues
4.1 JP Morgan Chase
Summary:
According to the company annual report in 2006, 2008, and 2012, JP Morgan Chase (JPMC) has kept its revenues growth from $61.437 billion in 2006 to 67.252 billion in 2008 and stand at 97.031 billion in 2013. However, the net income has decreased tremendously in 2008 to 5.605 billion. Compared to 2006 and 2012. The major reason is the effects of the financial crisis on the financial institution. According to the report in 2008, JP Morgan Chase experiences the impact on Principle Transaction account with (-10.699 billion) and the provision for the credit loss was at 20.979 billion. The losses on these two accounts has affected the overall net income for JPMC. However, in 2012, the company has recovered from the economy depression and is at steady growth in revenue and income with the acceptable provision for credit losses at 3.385 billion. (in billions) | 2006 | 2008 | 2012 | Total Net Revenue | 61.437 | 67.252 | 97.031 | Net Income | 14.444 | 5.605 | 21.284 |

Strength:
The major strength of the JP Morgan Chase is its c to keep the revenue growth at steady rate throughout the period 2006-2012. Furthermore, the bank performance has been improving since 2006 with the increase in its net interest margin (NIM). The rate has increased from 1.57% in 2006 to 1.9% in 2012. Even in 2008, the rate was at 1.78% which is higher than it was in 2006. This ratio determines the bank's ability in making successful investment decision over its debt situation. (in millions) | 2006 | 2008 | 2012 | Net Interest Income | 21,242 | 38,779 | 44,910 | Total Asset | 1,351,520 | 2,175,052 | 2,359,141 | Net Interest Margin | 1.57% | 1.78% | 1.9% |

Weakness:
The major aspect that JP Morgan Chase should look forward to is its noninterest expense. The expense has increased at a rapid rate from 38.281 billion in 2006 to 64.729 billion in 2012. This leads to the net noninterest income has been negative in 2008-2012 period. Thus, this is the area that the company should improve on. (in millions) | 2006 | 2008 | 2012 | Noninterest Revenue | 40,195 | 28,473 | 52,121 | Noninterest Expense | 38,281 | 43,500 | 64,729 | Net Noninterest Income | 1,914 | (-15,027) | (-12,608) |

4.2 First National Bank Central Texas
Summary:
Based on the annual reports, the revenues for First National Bank Central Texas (FNBCT) has been increased from 18.874 million in 2006 to 25.874 million in 2012. The increasing in the interest income has a major impact on keeping the bank's net income grows at a steady rate of 51.76% in 2008 and 77.7% in 2012. The provision for loan and lease losses has decreased from 660,000 in 2006 to 450,000 in 2012. This helps the First National Bank to improve in its net income. | 2006 | 2008 | 2012 | Interest Income | 18,874,000 | 21,534,000 | 25,874,000 | Noninterest Income | 3,791,000 | 3,058,000 | 4,147,000 | Total Revenue | 22,665,000 | 24,592,000 | 29,734,000 | Interest Expense | 6,387,000 | 6,728,000 | 4,508,000 | Noninterest Expense | 9,704,000 | 9,658,000 | 13,392,000 | Total Expense | 16,091,000 | 16,386,000 | 17,900,000 | Net Income | 5,226,000 | 7,931,000 | 14,093,000 |

Strength:
The major strength of First National Bank Central Texas is the steady rate of its revenue growth throughout the period 2006-2012. Furthermore, the bank well managed its account of provision for loan and lease losses. Even in the heart of financial crisis in 2008, the provision for loan and losses is lower than in 2006 and 2012, $321,000 compared to 660,000 and 450,000. | 2006 | 2008 | 2012 | Net Interest Income | 12,487,000 | 14,806,000 | 21,366,000 | Total Asset | 332,007,000 | 389,757,000 | 685,685,000 | Net Interest Margin | 3.76% | 3.8% | 3.11% |

Weakness
Noninterest Expense is an area which First National Bank Central Texas should improve on. The expense has increase since 2006. This led to the negative net noninterest income for the bank in all three 2006, 2008 and 2012. Besides, net interest margin (NIM) is also on the decreasing trend. The ratio on 2012 is 3.11% compared to 3.8% in 2008. Therefore, the overall performance of the bank is declining due to inefficient use of the capital over its debt situations. | 2006 | 2008 | 2012 | Noninterest Revenue | 3,791,000 | 3,058,000 | 4,147,000 | Noninterest Expense | 9,704,000 | 9,658,000 | 13,392,000 | Net Noninterest Income | (-5,913,000) | (-6,600,000) | (-9,245,000) |

5. Risks issues
5.1 Liquidity management:
Chase Bank: Column1 | 12/31/2012 | 12/31/2008 | 12/31/2006 | Total Cash and Reserves | 20.00% | 16.93% | 14.39% | Total Securities | 34.81% | 32.92% | 33.87% | Loans | 31.10% | 34.25% | 35.75% | Premises & equipment, net | 0.62% | 0.46% | 0.65% | Total assets | 100% | 100% | 100% | | | | | U.S. non-interest bearing deposits | 16.12% | 9.70% | 9.82% | U.S. interest-bearing deposits | 23.40% | 23.50% | 24.99% | Non-U.S. non-interest bearing deposits | 0.76% | 0.35% | 0.57% | Non-U.S. interest bearing deposits | 10.31% | 12.86% | 11.88% | Total deposits | 50.59% | 46.40% | 47.26% | Total Borrowings | 13.65% | 22.77% | 14.73% | Total liabilities | 91.35% | 92.33% | 91.43% | Total stockholders' equity | 8.65% | 7.67% | 8.57% |
All numbers are represented as % of assets
*Note: numbers don’t add to 100 because not all assets are represented above.

| 12/31/2012 | 12/31/2008 | 12/31/2006 | Total Reserves | 39.53% | 36.48% | 30.45% |

Reserves: = cash items / total deposits

First National Bank Central Texas
Reserve ratio increased! In 2006 it was 4.55%, 2008 5.87%, and 2012 13.19%. According to the Federal Reserve, starting Jan. 22, 2015, banks need to have a reserve ratio of at least 10% for more than $103.6 million. http://www.federalreserve.gov/monetarypolicy/reservereq.htm#table1
-Loans, as a result, (in percentage of total assets) decreased from 2008 to 2012 (though increased in number amount) in order to keep more money as reserves.
Texas bank also has 15% of its assets as securities, which, if they are treasury securities, can act as a secondary reserve due to the liquidity of the funds.
Bank capital is 7.87% of assets. Thus, giving a little more cushion to squeeze bank capital if needed.
Note! Bank had additional borrowings in 2008 from Federal Reserve (discount loans) to help keep bank liquid to help with liquidity management.

| 2012 | 2008 | 2006 | Total Reserves | 13.19% | 5.87% | 4.55% |

| First National Bank of Central Texas | | Represented as Percent of Total Assets | | 2012 | 2008 | 2006 | Cash and Balances Due From Depository Institutions | 11.88% | 4.74% | 3.90% | Securities | 15.45% | 5.10% | 6.88% | Net Loans and Lease Financing Receivables | 68.59% | 83.95% | 76.98% | Total Assets | 100.00% | 100.00% | 100.00% |

5.2 Credit Risk
For both banks, in order to cope with credit risk, they must go through a screening process for all loans. Once they loans have been established, it would be common to implement some restrictive covenants for the debtor. These would be rules and guidelines for the borrower to follow when working with the lender’s (the bank’s) money. This process would be easier for a larger bank like JP Morgan, because it can benefit from economies of scale more easily than a smaller bank such as First National Bank of Central Texas (FNBCT). Though FNBCT is a smaller bank, they specialize in Farm and Ranch Lending. This gives them an advantage in seeking out profitable lending opportunities that will be considered a safe investment for them.
5.3 Interest Rate Risk | 2012 | 2008 | 2006 | RSL | | | | 20% deposits | 123,494,400 | 63,004,400 | 56,933,200 | borrowed funds | | 23,255,000 | | Fed funds | 8,609,000 | 11,673,000 | 12,190,000 | Total RSL | 132,103,400 | 97,932,400 | 69,123,200 | | | | | RSA | | | | 20% securities | 21,190,400 | 3,975,400 | 4,566,000 | fed funds sold | - | 290,000 | 25,995,000 | 20% Loans | 94,066,000 | 65,439,200 | 51,116,800 | Total RSA | 115,256,400 | 69,704,600 | 81,677,800 | These are the numbers for FNBCT. From the table above, FNBCT has had more rate sensitive liabilities than rate sensitive assets in both 2008 and 2012. However, in 2006, they had more rate sensitive assets than rate sensitive liabilities. Thus, in the years 2008 and 2012, a rise in interest rates would reduce the net interest margin of the bank (as mentioned before, which is already close to 0). A net interest margin of zero is ideal for a bank because that would completely eliminate interest rate risk and the bank would be immune to fluctuations in interest rates in the market.
Interest rates dropped heavily in 2008 and have remained very low ever since. Thus, with interest rates so low, the only direction they can go is up, which would then benefit FNBCT, because it has more rate sensitive liabilities.

6. Strategic recommendations and Conclusion

Reference
"Commercial Banking." First National Bank Central Texas. N.p., n.d. Web. 11 Dec. 2014. <https://www.fnbct.com/banking/commercial-banking/>.
JPMorgan Chase & Co.(2014). SEC Form 10-K for the Year Ended December 31, 2013. Retrieved SEC JPMorgan Chase & Co. SEC Filings website http://investor.shareholder.com/JPMorganChase/sec.cfm?doctype=Annual
JPMorgan Chase & Co.(2014). SEC Form 10-K for the Year Ended December 31, 2013. Retrieved SEC JPMorgan Chase & Co. SEC Filings website <http://investor.shareholder.com/JPMorganChase/sec.cfm?doctype=Annual>
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