Grace be to you, and peace, from God our Father, and from the Lord Jesus Christ.
(Romans 1:7; 1 Corinthians 1:3; 2 Corinthians 1:2; Galatians 1:3.)
Grace - God's undeserved favour.
Peace - to man, resulting from God's "grace." "Mercy" is added in the letters to pastors individually (1 Timothy 1:2; 2 Timothy 1:2; Titus 1:4).
From God our Father, and from the Lord Jesus. There being but one preposition, implies how closely united are the Father and Jesus.