Parent Company

The following tables present Parent Company-only financial statements.



Statements of income and comprehensive income^(a)
Year ended December 31, (in millions)	2016			2015			2014
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	10,000		$	10,653		$	—
Nonbank^(b)	3,873			8,172			14,716
Interest income from subsidiaries	794			443			378
Other interest income	207			234			284
Other income from subsidiaries, primarily fees:
Bank and bank holding company	852			1,438			779
Nonbank	1,165			(1,402		)	52
Other income	(846		)	1,773			508
Total income	16,045			21,311			16,717
Expense
Interest expense to subsidiaries and affiliates^(b)	105			98			169
Other interest expense	4,413			3,720			3,645
Noninterest expense	1,643			2,611			827
Total expense	6,161			6,429			4,641
Income before income tax benefit and undistributed net income of subsidiaries	9,884			14,882			12,076
Income tax benefit	876			1,640			1,430
Equity in undistributed net income of subsidiaries	13,973			7,920			8,239
Net income	$	24,733		$	24,442		$	21,745
Other comprehensive income, net	(1,521		)	(1,997		)	990
Comprehensive income	$	23,212		$	22,445		$	22,735



Balance sheets^(a)
December 31, (in millions)	2016		2015
Assets
Cash and due from banks	$	113	$	74
Deposits with banking subsidiaries	5,450		65,799
Trading assets	10,326		13,830
Available-for-sale securities	2,694		3,154
Loans	77		1,887
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	524		32,454
Nonbank	46		58,674
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	422,028		225,613
Nonbank^(b)	13,103		34,205
Other assets	10,257		18,088
Total assets	$	464,618	$	453,778
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates^(b)	$	13,584	$	11,310
Other borrowed funds	3,831		3,722
Other liabilities	11,224		11,940
Long-term debt^(c)(d)	181,789		179,233
Total liabilities^(d)	210,428		206,205
Total stockholders’ equity	254,190		247,573
Total liabilities and stockholders’ equity	$	464,618	$	453,778



Statements of cash flows^(a)
Year ended December 31, (in millions)	2016			2015			2014
Operating activities
Net income	$	24,733		$	24,442		$	21,745
Less: Net income of subsidiaries and affiliates^(b)	27,846			26,745			22,972
Parent company net loss	(3,113		)	(2,303		)	(1,227		)
Cash dividends from subsidiaries and affiliates^(b)	13,873			17,023			14,714
Other operating adjustments	(18,166		)	2,483			(1,681		)
Net cash provided by operating activities	(7,406		)	17,203			11,806
Investing activities
Net change in:
Deposits with banking subsidiaries	60,349			30,085			(31,040		)
Available-for-sale securities:
Proceeds from paydowns and maturities	353			120			12,076
Other changes in loans, net	1,793			321			(319		)
Advances to and investments in subsidiaries and affiliates, net	(51,967		)	(81		)	3,306
All other investing activities, net	114			153			32
Net cash provided by/(used in) investing activities	10,642			30,598			(15,945		)
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates^(b)	2,957			(4,062		)	4,454
Other borrowed funds	109			(47,483		)	(5,778		)
Proceeds from the issuance of long-term debt	41,498			42,121			40,284
Payments of long-term debt	(29,298		)	(30,077		)	(31,050		)
Proceeds from issuance of preferred stock	—			5,893			8,847
Treasury stock and warrants repurchased	(9,082		)	(5,616		)	(4,760		)
Dividends paid	(8,476		)	(7,873		)	(6,990		)
All other financing activities, net	(905		)	(840		)	(921		)
Net cash provided by/(used in) financing activities	(3,197		)	(47,937		)	4,086
Net increase/(decrease) in cash and due from banks	39			(137		)	(53		)
Cash and due from banks at the beginning of the year	74			211			264
Cash and due from banks at the end of the year	$	113		$	74		$	211
Cash interest paid	$	4,550		$	3,873		$	3,921
Cash income taxes paid, net	1,053			8,251			200

(a)

On September 1, 2016, in connection with the Firm’s 2016 Resolution Submission, the Parent Company established the IHC, and during the fourth quarter of 2016 contributed substantially all of its direct subsidiaries, other than JPMorgan Chase Bank, N.A. (totaling $55.4 billion), as well as most of its other assets (totaling $160.5 billion) and intercompany indebtedness to the IHC. Total noncash assets contributed were $62.3 billion.


(b)	Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). For further discussion on these issuer trusts, see Note 21.


(c)	At December 31, 2016, long-term debt that contractually matures in 2017 through 2021 totaled $26.9 billion, $21.2 billion, $13.0 billion, $21.9 billion and $17.9 billion, respectively.


(d)	For information regarding the Parent Company’s guarantees of its subsidiaries’ obligations, see Notes 21 and 29.