{ "docId": "019de515-b38f-7138-b19f-253224bdf70e", "docSlug": "0e3b5639a94d03f1c0ba9446ae4fcd14", "documentTitle": "J.P.Morgan | Mergers and Acquisitions Presentation Deck | 11 slides", "authorId": "j-p-morgan", "authorName": "J.P. Morgan", "documentKindSlug": "press-release", "documentKindLabel": "Press release", "sourceTypeSlug": "investment_bank", "sourceTypeLabel": "Investment bank", "presentationDate": "2023-05-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 3, "pageCount": 11, "prevPage": 2, "nextPage": 4, "slideType": "kpi_overview", "function": "establish_context", "density": "dense", "nDataPoints": 20, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de515-b38f-7138-b19f-253224bdf70e/3", "deckHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e", "deckJsonHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e.json", "deckAnchorHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e#slide-3", "components": [ { "bbox": { "h": 0.316, "w": 0.423, "x": 0.162, "y": 0.229 }, "kind": "list", "text": "JPMorgan Chase acquired substantial majority of assets and assumed certain liabilities of First Republic Bank from the FDIC\n$173B of loans and $30B of securities\nApproximately $92B of deposits and $28B of FHLB advances\nJPMorgan Chase did not assume First Republic Bank's corporate debt or preferred stock\nJPMorgan Chase will make a payment of $10.6B to the FDIC\nFDIC will provide loss share agreements with respect to most acquired loans\nSingle family residential mortgages: 80% loss coverage for seven years\nCommercial loans, including CRE: 80% loss coverage for five years", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0513983a-7624-474e-ae52-8439d6c542bf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.423, "x": 0.162, "y": 0.57 }, "kind": "list", "text": "JPMorgan Chase will repay $25B of deposits from large U.S. banks and eliminate a $5B deposit from JPMorgan Chase on consolidation\nFDIC will provide a new $50B five-year fixed-rate term financing", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6371dbef-91ff-4fb1-b9c7-5578800de957", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.075, "w": 0.423, "x": 0.162, "y": 0.699 }, "kind": "list", "text": "All regulatory approvals received and the transaction has closed\nFirst Republic branches and offices will open as normal\nCommitted to treating employees with respect, care and transparency", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3fa87ee-fc26-43cd-9426-8c59035eac3e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.739, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "1 Estimated as of April 28, 2023 based on data provided by the FDIC\n2 Includes estimated fair value marks and elimination of $5B deposit from JPMorgan Chase. Estimates are subject to refinement, including during purchase accounting measurement period\n3 Securities balances reflected at fair value in pre- and post-closing balance sheet\n4 Reflects core deposit intangible", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4cb0d1b3-6693-44cb-bb75-cbc9f88c8b89", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.588, "w": 0.301, "x": 0.638, "y": 0.187 }, "kind": "table", "text": "BALANCE SHEET ($B)1\nPre-closing\nPost-closing2\nAssets\nCash\n—\n—\nSecurities³\n$29.6\n$29.6\nTotal cash and securities\n$29.6\n$29.6\nLoans\n$172.9\n$150.3\nIntangibles4\n—\n1.1\nOther assets\n5.0\n4.8\nTotal assets\n$207.5\n$185.8\nLiabilities\nDeposits\n$92.4\n$87.4\nFHLB advances\n28.1\n28.1\nTerm financing\n—\n50.0\nOther liabilities\n1.4\n2.3\nTotal liabilities\n$122.0\n$167.8", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e27b5d72-3b0a-49b3-89d7-593ce2d471c9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "6a4e1b11-9d8a-4560-bc05-7cd27eba4866", "evidence": "table/data: BALANCE SHEET ($B)1 Pre-closing Post-closing2 Assets Cash — — Securities³ $29.6 $29.6 Total cash and securities $29.6 $29.6 Loans $172.9 $150.3 Intangibles4 — 1.1 Other assets 5.0 4.8 Total assets $207.5 $185", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 5, "from": 2, "beatId": "77e2a431-e68a-47e7-8d85-cf34eca71583", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Solution", "beatSlug": "sequoia-pitch-solution", "evidence": "Transaction overview, assumptions, and rationale", "position": 1, "confidence": 0.7, "parentBeatName": "Turn", "parentBeatSlug": "turn" }, { "to": 4, "from": 3, "beatId": "1316e42f-7346-4d6e-a433-b8057fb63947", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "Transaction assumptions and pro forma impact", "position": 3, "confidence": 0.7, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 8, "from": 2, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "5e60d8a3-015e-43aa-b943-d782c997838b", "evidence": "From 'fortress principles' to 'key takeaways'", "position": 0, "objective": "Explain acquisition strategy and benefits", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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