XML 42 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Preferred Stock
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
Refer to Note 21 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2021 and December 31, 2020, and the quarterly dividend declarations for the three and nine months ended September 30, 2021 and 2020.
Shares
Carrying value
 (in millions)
Contractual rate in effect at September 30, 2021Earliest redemption date
Floating annualized rate(a)
Dividend declared
per share
September 30, 2021December 31, 2020September 30, 2021December 31, 2020Issue dateThree months ended September 30,Nine months ended September 30,
2021202020212020
Fixed-rate:
Series Y
— — $— $— 2/12/2015— %3/1/2020NA$—$—$—$153.13
Series AA
— 142,500 — 1,425 6/4/2015— 9/1/2020NA—152.50305.00457.50
Series BB
— 115,000 — 1,150 7/29/2015— 9/1/2020NA—153.75307.50461.25
Series DD
169,625 169,625 1,696 1,696 9/21/20185.750 12/1/2023NA143.75143.75431.25431.25
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00150.00450.00450.00
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75118.75356.25387.92
(b)
Series JJ150,000 — 1,500 — 3/17/20214.550 6/1/2026NA113.75NA207.28NA
(c)
Series LL185,000 — 1,850 — 5/20/20214.625 6/1/2026NA129.76NA129.76NA
(d)
Series MM
200,000 — 2,000 — 7/29/20214.200 9/1/2026NA—NA—NA
(e)
Fixed-to-floating-rate:
Series I
293,375 293,375 $2,934 $2,934 4/23/2008
LIBOR + 3.47%
4/30/2018
LIBOR + 3.47%
$90.96$95.53$276.42$334.90
Series Q
150,000 150,000 1,500 1,500 4/23/20135.150 5/1/2023
LIBOR + 3.25
128.75128.75386.25386.25
Series R
150,000 150,000 1,500 1,500 7/29/20136.000 8/1/2023
LIBOR + 3.30
150.00150.00450.00450.00
Series S
200,000 200,000 2,000 2,000 1/22/20146.750 2/1/2024
LIBOR + 3.78
168.75168.75506.25506.25
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
LIBOR + 3.33
153.13153.13459.38459.38
Series V
250,000 250,000 2,500 2,500 6/9/2014
LIBOR + 3.32%
7/1/2019
LIBOR + 3.32
88.5592.41263.54343.30
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
LIBOR + 3.33
152.50152.50457.50457.50
Series Z
200,000 200,000 2,000 2,000 4/21/2015
LIBOR + 3.80%
5/1/2020
LIBOR + 3.80
99.23102.40300.97352.05
(f)
Series CC
125,750 125,750 1,258 1,258 10/20/20174.625 11/1/2022
LIBOR + 2.58
115.63115.63346.88346.88
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
125.00125.00375.00375.00
Series HH
300,000 300,000 3,000 3,000 1/23/20204.600 2/1/2025
SOFR + 3.125
115.00115.00345.00355.22
(g)
Series II
150,000 150,000 1,500 1,500 2/24/20204.000 4/1/2025
SOFR + 2.745
100.00100.00300.00241.11
(h)
Series KK200,000 — 2,000 — 5/12/20213.650 6/1/2026
CMT + 2.85
110.51NA110.51NA
(i)
Total preferred stock3,483,750 3,006,250 $34,838 $30,063 
(a)Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above.
(b)Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020. Dividends were declared quarterly thereafter at the contractual rate.
(c)Dividends in the amount of $93.53 per share were declared on April 9, 2021 and include dividends from the original issue date of March 17, 2021 though May 31, 2021. Dividends were declared quarterly thereafter at the contractual rate.
(d)Dividends in the amount of $129.76 per share were declared on July 8, 2021 from the original issue date of May 20, 2021 though August 31, 2021.
(e)No dividends were declared for Series MM from the original issue date of July 29,2021 through September 30, 2021.
(f)The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually.
(g)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020. Dividends were declared quarterly thereafter at the contractual rate.
(h)Dividends in the amount of $141.11 per share were declared on May 15, 2020 and include dividends from the original issue date of February 24, 2020 through June 30, 2020. Dividends were declared quarterly thereafter at the contractual rate.
(i)Dividends in the amount of $110.51 per share were declared on July 8, 2021 from the original issue date of May 12, 2021 through August 31, 2021.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $35.2 billion at September 30, 2021.
Redemptions
On June 1, 2021, the Firm redeemed all $1.43 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.15 billion of its 6.15% non-cumulative preferred stock, Series BB.
On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y.