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Loans (Tables)
 3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Loan portfolio segment descriptions The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card(a)
 
Credit card
 
Wholesale(f)
Residential real estate – excluding PCI
• Residential mortgage(b)
• Home equity(c)
Other consumer loans(d)
• Auto
• Consumer & Business Banking(e)
Residential real estate – PCI
• Home equity
• Prime mortgage
• Subprime mortgage
• Option ARMs
 
• Credit card loans
 
• Commercial and industrial
• Real estate
• Financial institutions
• Governments & Agencies
• Other(g)
(a)
Includes loans held in CCB, prime mortgage and home equity loans held in AWM and prime mortgage loans held in Corporate.
(b)
Predominantly includes prime loans (including option ARMs).
(c)
Includes senior and junior lien home equity loans.
(d)
Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes.
(e)
Predominantly includes Business Banking loans.
(f)
Includes loans held in CIB, CB, AWM and Corporate. Excludes prime mortgage and home equity loans held in AWM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions.
(g)
Includes loans to: individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. For more information on SPEs, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
Schedule of loans by portfolio segment The following tables summarize the Firm’s loan balances by portfolio segment.
March 31, 2019
Consumer, excluding credit card
 
Credit card(a)
 
Wholesale
 
Total
 
(in millions)
 
Retained
$
359,715

 
$
150,515

 
$
433,611

 
$
943,841

(b) 
Held-for-sale
4,199

 
12

 
4,474

 
8,685

 
At fair value
—

 
—

 
3,719

 
3,719

 
Total
$
363,914

 
$
150,527

 
$
441,804

 
$
956,245

 
 
 
 
 
 
 
 
 
 
December 31, 2018
Consumer, excluding credit card
 
Credit card(a)
 
Wholesale
 
Total
 
(in millions)
 
Retained
$
373,637

 
$
156,616

 
$
439,162

 
$
969,415

(b) 
Held-for-sale
95

 
16

 
11,877

 
11,988

 
At fair value
—

 
—

 
3,151

 
3,151

 
Total
$
373,732

 
$
156,632

 
$
454,190

 
$
984,554

 
(a)
Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.
(b)
Loans (other than PCI loans and loans for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2019, and December 31, 2018.The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions)
March 31,
2019

December 31,
2018

Residential real estate – excluding PCI
 
 
Residential mortgage
$
220,158

$
231,078

Home equity
27,072

28,340

Other consumer loans
 
 
Auto
62,786

63,573

Consumer & Business Banking
26,492

26,612

Residential real estate – PCI
 
 
Home equity
8,584

8,963

Prime mortgage
4,529

4,690

Subprime mortgage
1,909

1,945

Option ARMs
8,185

8,436

Total retained loans
$
359,715

$
373,637
Schedule of retained loans purchased, sold and reclassified to held-for-sale The following table provides information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Reclassifications of loans to held-for sale are non-cash transactions. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

 

2019
 
2018
Three months ended March 31,
(in millions)
 

Consumer, excluding
credit card
Credit card
Wholesale
Total
 
Consumer, excluding
credit card
Credit card
Wholesale
Total
Purchases
 

$
551

(a)(b) 
$
—

$
229

$
780

 
$
1,071

(a)(b) 
$
—

$
1,098

$
2,169

Sales
 

8,658


—

5,445

14,103

 
481

 
—

3,689

4,170

Retained loans reclassified to held-for-sale
 

4,113

 
—

501

4,614

 
36


—

868

904


(a)
Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(b)
Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $3.2 billion and $3.6 billion for the three months ended March 31, 2019 and 2018, respectively.
Schedule of financing receivable credit quality indicators The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans.

(in millions, except ratios)
Home equity

Prime mortgage

Subprime mortgage

Option ARMs

Total PCI
Mar 31,
2019

Dec 31,
2018


Mar 31,
2019

Dec 31,
2018


Mar 31,
2019

Dec 31,
2018


Mar 31,
2019

Dec 31,
2018


Mar 31,
2019

Dec 31,
2018

Carrying value(a)
$
8,584

$
8,963


$
4,529

$
4,690


$
1,909

$
1,945


$
8,185

$
8,436


$
23,207

$
24,034

Loan delinquency (based on unpaid principal balance)




















Current
$
8,299

$
8,624


$
4,092

$
4,226


$
2,004

$
2,033


$
7,391

$
7,592


$
21,786

$
22,475

30–149 days past due
246

278


256

259


268

286


381

398


1,151

1,221

150 or more days past due
225

242


202

223


123

123


427

457


977

1,045

Total loans
$
8,770

$
9,144


$
4,550

$
4,708


$
2,395

$
2,442


$
8,199

$
8,447


$
23,914

$
24,741

% of 30+ days past due to total loans
5.37
%
5.69
%

10.07
%
10.24
%

16.33
%
16.75
%

9.85
%
10.12
%

8.90
%
9.16
%
Current estimated LTV ratios (based on unpaid principal balance)(b)(c)

















Greater than 125% and refreshed FICO scores:
























Equal to or greater than 660
$
17

$
17


$
2

$
1


$
—

$
—


$
3

$
3


$
22

$
21

Less than 660
10

13


6

7


9

9


6

7


31

36

101% to 125% and refreshed FICO scores:
























Equal to or greater than 660
119

135


8

6


5

4


21

17


153

162

Less than 660
53

65


19

22


30

35


22

33


124

155

80% to 100% and refreshed FICO scores:
























Equal to or greater than 660
766

805


78

75


59

54


123

119


1,026

1,053

Less than 660
324

388


86

112


133

161


145

190


688

851

Lower than 80% and refreshed FICO scores:
























Equal to or greater than 660
5,480

5,548


2,788

2,689


826

739


5,316

5,111


14,410

14,087

Less than 660
1,757

1,908


1,365

1,568


1,230

1,327


2,248

2,622


6,600

7,425

No FICO/LTV available
244

265


198

228


103

113


315

345


860

951

Total unpaid principal balance
$
8,770

$
9,144


$
4,550

$
4,708


$
2,395

$
2,442


$
8,199

$
8,447


$
23,914

$
24,741

Geographic region (based on unpaid principal balance)(d)




















California
$
5,196

$
5,420


$
2,490

$
2,578


$
583

$
593


$
4,666

$
4,798


$
12,935

$
13,389

Florida
941

976


317

332


229

234


691

713


2,178

2,255

New York
507

525


359

365


264

268


491

502


1,621

1,660

Washington
401

419


94

98


42

44


171

177


708

738

Illinois
224

233


150

154


121

123


195

199


690

709

New Jersey
202

210


128

134


85

88


243

258


658

690

Massachusetts
63

65


111

113


73

73


233

240


480

491

Maryland
47

48


94

95


94

96


171

178


406

417

Virginia
51

54


88

91


36

37


204

211


379

393

Arizona
159

165


66

69


42

43


109

112


376

389

All other
979

1,029


653

679


826

843


1,025

1,059


3,483

3,610

Total unpaid principal balance
$
8,770

$
9,144


$
4,550

$
4,708


$
2,395

$
2,442


$
8,199

$
8,447


$
23,914

$
24,741

(a)
Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition.
(b)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(c)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(d)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2019.Approximately 37% of the home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides the Firm’s delinquency statistics for junior lien home equity loans and lines of credit as of March 31, 2019, and December 31, 2018.
 
Total loans
 
Total 30+ day delinquency rate
(in millions, except ratios)
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

 
HELOCs:(a)
 
 
 
 
 
Within the revolving period(b)
$
5,516

$
5,608

 
0.25
%
0.25
%
Beyond the revolving period
10,635

11,286

 
2.66

2.80

HELOANs
966

1,030

 
2.38

2.82

Total
$
17,117

$
17,924

 
1.87
%
2.00
%
(a)
These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs that allow interest-only payments beyond the revolving period.
(b)
The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty.The following table provides information by class for retained residential real estate – excluding PCI loans.
Residential real estate – excluding PCI loans
 
 
 
 
 
 
(in millions, except ratios)
Residential mortgage
 
 
Home equity
 
 
Total residential real estate – excluding PCI
Mar 31,
2019

Dec 31,
2018

 
 
Mar 31,
2019

Dec 31,
2018

 
 
Mar 31,
2019

Dec 31,
2018

Loan delinquency(a)
 
 
 
 
 
 
 
 
 
 
Current
$
215,815

$
225,899

 
 
$
26,422

$
27,611

 
 
$
242,237

$
253,510

30–149 days past due
2,179

2,763

 
 
399

453

 
 
2,578

3,216

150 or more days past due
2,164

2,416

 
 
251

276

 
 
2,415

2,692

Total retained loans
$
220,158

$
231,078

 
 
$
27,072

$
28,340

 
 
$
247,230

$
259,418

% of 30+ days past due to total retained loans(b)
0.53
%
0.48
%
 
 
2.40
%
2.57
%
 
 
0.73
%
0.71
%
90 or more days past due and government guaranteed(c)
$
2,120

$
2,541

 
 
$
—

$
—

 
 
$
2,120

$
2,541

Nonaccrual loans
1,755

1,765

 
 
1,276

1,323

 
 
3,031

3,088

Current estimated LTV ratios(d)(e)
 
 
 
 
 
 
 
 
 


Greater than 125% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
$
24

$
25

 
 
$
5

$
6

 
 
$
29

$
31

Less than 660
11

13

 
 
1

1

 
 
12

14

101% to 125% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
23

37

 
 
86

111

 
 
109

148

Less than 660
39

53

 
 
29

38

 
 
68

91

80% to 100% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
4,465

3,977

 
 
867

986

 
 
5,332

4,963

Less than 660
228

281

 
 
270

326

 
 
498

607

Less than 80% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
202,482

212,505

 
 
21,811

22,632

 
 
224,293

235,137

Less than 660
6,442

6,457

 
 
3,185

3,355

 
 
9,627

9,812

No FICO/LTV available
826

813

 
 
818

885

 
 
1,644

1,698

U.S. government-guaranteed
5,618

6,917

 
 
—

—

 
 
5,618

6,917

Total retained loans
$
220,158

$
231,078

 
 
$
27,072

$
28,340

 
 
$
247,230

$
259,418

Geographic region(f)
 
 
 
 
 
 
 
 
 
 
California
$
71,894

$
74,759

 
 
$
5,518

$
5,695

 
 
$
77,412

$
80,454

New York
27,556

28,847

 
 
5,488

5,769

 
 
33,044

34,616

Illinois
14,607

15,249

 
 
2,026

2,131

 
 
16,633

17,380

Texas
13,034

13,769

 
 
1,752

1,819

 
 
14,786

15,588

Florida
10,428

10,704

 
 
1,496

1,575

 
 
11,924

12,279

Washington
7,974

8,304

 
 
835

869

 
 
8,809

9,173

Colorado
7,884

8,140

 
 
492

521

 
 
8,376

8,661

New Jersey
6,804

7,302

 
 
1,558

1,642

 
 
8,362

8,944

Massachusetts
6,350

6,574

 
 
225

236

 
 
6,575

6,810

Arizona
4,167

4,434

 
 
1,097

1,158

 
 
5,264

5,592

All other(g)
49,460

52,996

 
 
6,585

6,925

 
 
56,045

59,921

Total retained loans
$
220,158

$
231,078

 
 
$
27,072

$
28,340

 
 
$
247,230

$
259,418

(a)
Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $2.4 billion and $2.8 billion; 30–149 days past due included $1.5 billion and $2.1 billion; and 150 or more days past due included $1.7 billion and $2.0 billion at March 31, 2019, and December 31, 2018, respectively.
(b)
At March 31, 2019, and December 31, 2018, residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $3.2 billion and $4.1 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(c)
These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2019, and December 31, 2018, these balances included $880 million and $999 million, respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2019, and December 31, 2018.
(d)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(e)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(f)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2019.
(g)
At March 31, 2019, and December 31, 2018, included mortgage loans insured by U.S. government agencies of $5.6 billion and $6.9 billion, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.The table below provides information for other consumer retained loan classes, including auto and business banking loans.
(in millions, except ratios)
Auto
 
Consumer &
Business Banking
 
Total other consumer
Mar 31, 2019

Dec 31, 2018

 
Mar 31, 2019

Dec 31, 2018

 
Mar 31, 2019

Dec 31, 2018

Loan delinquency
 
 
 
 
 
 
 
 
Current
$
62,389

$
62,984

 
$
26,143

$
26,249

 
$
88,532

$
89,233

30–119 days past due
397

589

 
223

252

 
620

841

120 or more days past due
—

—

 
126

111

 
126

111

Total retained loans
$
62,786

$
63,573

 
$
26,492

$
26,612

 
$
89,278

$
90,185

% of 30+ days past due to total retained loans
0.63
%
0.93
%
 
1.32
%
1.36
%
 
0.84
%
1.06
%
Nonaccrual loans(a)
111

128

 
247

245

 
358

373

Geographic region(b)
 
 
 
 
 
 
 
 
California
$
8,201

$
8,330

 
$
5,676

$
5,520

 
$
13,877

$
13,850

Texas
6,489

6,531

 
3,010

2,993

 
9,499

9,524

New York
3,800

3,863

 
4,305

4,381

 
8,105

8,244

Illinois
3,631

3,716

 
1,729

2,046

 
5,360

5,762

Florida
3,243

3,256

 
1,528

1,502

 
4,771

4,758

Arizona
2,042

2,084

 
1,280

1,491

 
3,322

3,575

Ohio
1,964

1,973

 
1,222

1,305

 
3,186

3,278

New Jersey
1,972

1,981

 
791

723

 
2,763

2,704

Michigan
1,331

1,357

 
1,303

1,329

 
2,634

2,686

Colorado
1,679

1,722

 
697

680

 
2,376

2,402

All other
28,434

28,760

 
4,951

4,642

 
33,385

33,402

Total retained loans
$
62,786

$
63,573

 
$
26,492

$
26,612

 
$
89,278

$
90,185

Loans by risk ratings(c)
 
 
 
 
 
 
 
 
Noncriticized
$
15,506

$
15,749

 
$
18,618

$
18,743

 
$
34,124

$
34,492

Criticized performing
246

273

 
742

751

 
988

1,024

Criticized nonaccrual
—

—

 
203

191

 
203

191

(a)
There were no loans that were 90 or more days past due and still accruing interest at March 31, 2019, and December 31, 2018.
(b)
The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2019.
(c)
For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual.

The following table represents the Firm’s delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of March 31, 2019, and December 31, 2018.
 
Total loans
 
Total 30+ day delinquency rate
(in millions, except ratios)
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

 
HELOCs(a)(b)
6,256

6,531

 
3.80
%
4.00
%
HELOANs
266

280

 
3.76

3.57

Total
$
6,522

$
6,811

 
3.80
%
3.98
%
(a)
In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. Substantially all HELOCs are beyond the revolving period.
(b)
Includes loans modified into fixed rate amortizing loans.The table below sets forth information about the Firm’s credit card loans.
(in millions, except ratios)
March 31,
2019

December 31,
2018

Loan delinquency
 
 
Current and less than 30 days
past due and still accruing
$
147,726

$
153,746

30–89 days past due and still accruing
1,334

1,426

90 or more days past due and still accruing
1,455

1,444

Total retained loans
$
150,515

$
156,616

Loan delinquency ratios
 
 
% of 30+ days past due
 to total retained loans
1.85
%
1.83
%
% of 90+ days past due
 to total retained loans
0.97

0.92

Geographic region(a)
 
 
California
$
22,935

$
23,757

Texas
14,784

15,085

New York
13,054

13,601

Florida
9,527

9,770

Illinois
8,591

8,938

New Jersey
6,402

6,739

Ohio
4,830

5,094

Pennsylvania
4,693

4,996

Colorado
4,185

4,309

Michigan
3,713

3,912

All other
57,801

60,415

Total retained loans
$
150,515

$
156,616

Percentage of portfolio based on carrying value with estimated refreshed FICO scores
 
 
Equal to or greater than 660
83.1
%
84.2
%
Less than 660
15.6

15.0

No FICO available
1.3

0.8


(a)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2019.The following table presents additional information on the real estate class of loans within the Wholesale portfolio for the periods indicated. For further information on real estate loans, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.

(in millions, except ratios)
Multifamily
 
Other commercial
 
Total real estate loans
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

Real estate retained loans
$
79,263

$
79,184

 
$
36,910

$
36,553

 
$
116,173

$
115,737

Criticized exposure
501

388

 
418

366

 
919

754

% of total criticized exposure to total real estate retained loans
0.63
%
0.49
%
 
1.13
%
1.00
%
 
0.79
%
0.65
%
Criticized nonaccrual
$
42

$
57

 
$
69

$
77

 
$
111

$
134

% of criticized nonaccrual loans to total real estate retained loans
0.05
%
0.07
%
 
0.19
%
0.21
%
 
0.10
%
0.12
%
The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment.
 
Commercial
 and industrial
 
Real estate
 
Financial
institutions
Governments & Agencies
 
Other(d)
Total
retained loans
(in millions,
 except ratios)
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
Mar 31,
2019
Dec 31,
2018
Loans by risk ratings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment-grade
$
71,503

$
73,497

 
$
99,755

$
100,107

 
$
31,909

$
32,178

$
13,299

$
13,984

 
$
116,048

$
119,963

$
332,514

$
339,729

Noninvestment-grade:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncriticized
53,916

51,720

 
15,499

14,876

 
15,277

15,316

299

201

 
9,398

11,478

94,389

93,591

Criticized performing
4,015

3,738

 
808

620

 
72

150

2

2

 
241

182

5,138

4,692

Criticized nonaccrual
1,106

851

 
111

134

 
19

4

—

—

 
334

161

1,570

1,150

Total noninvestment-
grade
59,037

56,309

 
16,418

15,630

 
15,368

15,470

301

203

 
9,973

11,821

101,097

99,433

Total retained loans
$
130,540

$
129,806

 
$
116,173

$
115,737

 
$
47,277

$
47,648

$
13,600

$
14,187

 
$
126,021

$
131,784

$
433,611

$
439,162

% of total criticized exposure to
total retained loans
3.92
%
3.54
%
 
0.79
%
0.65
%
 
0.19
%
0.32
%
0.01
%
0.01
%
 
0.46
%
0.26
%
1.55
%
1.33
%
% of criticized nonaccrual
to total retained loans
0.85

0.66

 
0.10

0.12

 
0.04

0.01

—

—

 
0.27

0.12

0.36

0.26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans by geographic
distribution(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S.
$
31,754

$
29,572

 
$
3,422

$
2,967

 
$
18,796

$
18,524

$
3,121

$
3,150

 
$
46,835

$
48,433

$
103,928

$
102,646

Total U.S.
98,786

100,234

 
112,751

112,770

 
28,481

29,124

10,479

11,037

 
79,186

83,351

329,683

336,516

Total retained loans
$
130,540

$
129,806

 
$
116,173

$
115,737

 
$
47,277

$
47,648

$
13,600

$
14,187

 
$
126,021

$
131,784

$
433,611

$
439,162

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan
 delinquency(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current and less than 30 days past due and still accruing
$
129,112

$
128,678

 
$
115,889

$
115,533

 
$
47,140

$
47,622

$
13,590

$
14,165

 
$
124,275

$
130,918

$
430,006

$
436,916

30–89 days past due
and still accruing
295

109

 
170

67

 
118

12

3

18

 
1,409

702

1,995

908

90 or more days
past due and
still accruing(c)
27

168

 
3

3

 
—

10

7

4

 
3

3

40

188

Criticized nonaccrual
1,106

851

 
111

134

 
19

4

—

—

 
334

161

1,570

1,150

Total
 retained loans
$
130,540

$
129,806

 
$
116,173

$
115,737

 
$
47,277

$
47,648

$
13,600

$
14,187

 
$
126,021

$
131,784

$
433,611

$
439,162

(a)
The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)
The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. For a further discussion, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
(c)
Represents loans that are considered well-collateralized and therefore still accruing interest.
(d)
Other includes individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. For more information on SPEs, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
Schedule of impaired financing receivables The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs.
(in millions)
March 31,
2019

 
December 31,
2018

Impaired loans
 
 
 
With an allowance
$
242

 
$
222

Without an allowance(a)
21

 
29

Total impaired loans(b)(c)
$
263

 
$
251

Allowance for loan losses related to impaired loans
$
70

 
$
63

Unpaid principal balance of impaired loans(d)
368

 
355

Impaired loans on nonaccrual status
241

 
229

(a)
When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)
Predominantly all other consumer impaired loans are in the U.S.
(c)
Other consumer average impaired loans were $268 million and $298 million for the three months ended March 31, 2019 and 2018, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three March 31, 2019 and 2018.
(d)
Represents the contractual amount of principal owed at March 31, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, interest payments received and applied to the principal balance, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase’s 2018 Form 10-K.

(in millions)
Residential mortgage
 
Home equity
 
Total residential real estate – excluding PCI
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

 
Mar 31,
2019

Dec 31,
2018

Impaired loans
 
 
 
 
 
 
 
 
With an allowance
$
3,296

$
3,381

 
$
1,122

$
1,142

 
$
4,418

$
4,523

Without an allowance(a)
1,203

1,184

 
874

870

 
2,077

2,054

Total impaired loans(b)(c)
$
4,499

$
4,565

 
$
1,996

$
2,012

 
$
6,495

$
6,577

Allowance for loan losses related to impaired loans
$
66

$
88

 
$
15

$
45

 
$
81

$
133

Unpaid principal balance of impaired loans(d)
6,120

6,207

 
3,434

3,466

 
9,554

9,673

Impaired loans on nonaccrual status(e)
1,456

1,459

 
960

955

 
2,416

2,414

(a)
Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2019, Chapter 7 residential real estate loans included approximately 12% of residential mortgages and 8% of home equity that were 30 days or more past due.
(b)
At March 31, 2019, and December 31, 2018, $3.3 billion and $4.1 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure.
(c)
Predominantly all residential real estate impaired loans, excluding PCI loans, are in the U.S.
(d)
Represents the contractual amount of principal owed at March 31, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors including charge-offs, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.
(e)
At March 31, 2019 and December 31, 2018, nonaccrual loans included $1.9 billion and $2.0 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status refer to the Loan accounting framework in Note 12 of JPMorgan Chase’s 2018 Form 10-K.The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs.
(in millions)
March 31,
2019

December 31,
2018

Impaired credit card loans with an allowance(a)(b)(c)
$
1,365

$
1,319

Allowance for loan losses related to impaired credit card loans
461

440

(a)
The carrying value and the unpaid principal balance are the same for credit card impaired loans.
(b)
There were no impaired loans without an allowance.
(c)
Predominantly all impaired credit card loans are in the U.S.The table below sets forth information about the Firm’s wholesale impaired retained loans.

(in millions)
Commercial
and industrial
 
Real estate
 
Financial
institutions
 
Governments &
 Agencies
 
Other
 
Total
retained loans
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
Dec 31,
2018
 
Mar 31,
2019
 
Dec 31,
2018
 
Impaired loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
With an allowance
$
992

$
807

 
$
90

$
107

 
$
19

$
4

 
$
—

$
—

 
$
343

$
152

 
$
1,444

 
$
1,070

 
Without an allowance(a)
168

140

 
24

27

 
—

—

 
—

—

 
2

13

 
194

 
180

 
Total impaired loans
$
1,160

$
947

 
$
114

$
134

 
$
19

$
4

 
$
—

$
—

 
$
345

$
165

 
$
1,638

(c) 
$
1,250

(c) 
Allowance for loan losses related to impaired loans
$
321

$
252

 
$
22

$
25

 
$
6

$
1

 
$
—

$
—

 
$
68

$
19

 
$
417

 
$
297

 
Unpaid principal balance of impaired loans(b)
1,322

1,043

 
188

203

 
20

4

 
—

—

 
529

473

 
2,059

 
1,723

 
(a)
When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance.
(b)
Represents the contractual amount of principal owed at March 31, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans.
(c)
Based upon the domicile of the borrower, largely consists of loans in the U.S.
Schedule of impaired financing receivables, average recorded investment The following table presents average impaired loans and the related interest income reported by the Firm.
Three months ended March 31,
(in millions)
Average impaired loans
 
Interest income on
impaired loans(a)
 
Interest income on impaired
loans on a cash basis(a)
2019

2018

 
2019

2018

 
2019

2018

Residential mortgage
$
4,536

$
5,608

 
$
59

$
70

 
$
17

$
19

Home equity
2,001

2,123

 
33

32

 
21

21

Total residential real estate – excluding PCI
$
6,537

$
7,731

 
$
92

$
102

 
$
38

$
40

(a)
Generally, interest income on loans modified in TDRs is recognized on a cash basis until the borrower has made a minimum of six payments under the new terms, unless the loan is deemed to be collateral-dependent.The following table presents average balances of impaired credit card loans and interest income recognized on those loans.
 
Three months ended March 31,
(in millions)
2019

2018

Average impaired credit card loans
$
1,340

$
1,224

Interest income on impaired credit card loans
17

15

The following table presents the Firm’s average impaired retained loans for the periods indicated.
 
Three months ended March 31,
(in millions)
2019

2018

Commercial and industrial
$
1,220

$
1,343

Real estate
131

144

Financial institutions
12

92

Governments & Agencies
—

—

Other
204

230

Total(a)(b)
$
1,567

$
1,809

(a)
The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three months ended March 31, 2019 and 2018.
(b)
The prior period amounts have been revised to conform with the current period presentation.
Troubled debt restructuring on financing receivables The following table presents new TDRs reported by the Firm.
 
Three months ended March 31,
(in millions)
2019

2018

Residential mortgage
$
69

$
147

Home equity
66

103

Total residential real estate – excluding PCI
$
135

$
250
Troubled debt restructuring on financing receivables nature and extent of modifications The following table provides information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt.
Three months ended March 31,
 
 
Total residential
real estate –
excluding PCI
Residential mortgage
 
Home equity
 
2019

2018

 
2019

2018

 
2019

2018

Number of loans approved for a trial modification
737

299

 
521

460

 
1,258

759

Number of loans permanently modified
443

969

 
1,107

1,798

 
1,550

2,767

Concession granted:(a)
 
 
 
 
 
 
 
 
Interest rate reduction
61
%
20
%
 
84
%
49
%
 
78
%
39
%
Term or payment extension
88

28

 
61

51

 
68

43

Principal and/or interest deferred
27

57

 
7

25

 
12

36

Principal forgiveness
6

6

 
6

5

 
6

5

Other(b)
36

49

 
70

60

 
60

56

(a)
Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.
(b)
Includes variable interest rate to fixed interest rate modifications and forbearances that meet the definition of a TDR for the three months ended March 31, 2019 and 2018. Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship.
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI loans, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and does not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt.
Three months ended March 31,
(in millions, except weighted-average data)
Residential mortgage
 
Home equity
 
Total residential real estate – excluding PCI
2019

2018

 
2019

2018

 
2019

2018

Weighted-average interest rate of loans with interest rate reductions – before TDR
6.63
%
5.11
%
 
5.63
%
5.11
%
 
5.94
%
5.11
%
Weighted-average interest rate of loans with interest rate reductions – after TDR
4.68

3.45

 
3.70

3.05

 
4.00

3.19

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR
21

24

 
20

19

 
20

21

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR
38

36

 
38

38

 
38

37

Charge-offs recognized upon permanent modification
$
—

$
—

 
$
—

$
1

 
$
—

$
1

Principal deferred
3

6

 
1

2

 
4

8

Principal forgiven
1

3

 
1

2

 
2

5

Balance of loans that redefaulted within one year of permanent modification(a)
$
37

$
23

 
$
19

$
15

 
$
56

$
38

(a)
Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels.The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented.
(in millions, except
weighted-average data)
Three months ended March 31,
2019

2018

Weighted-average interest rate of loans –
before TDR
19.13
%
17.25
%
Weighted-average interest rate of loans –
after TDR
5.03

5.20

Loans that redefaulted within one year of modification(a)(b)
$
34

$
26

(a)
Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.
(b)
The prior period amount has been revised to conform with the current period presentation.
Certain loans acquired in transfer accretable yield movement roll forward The table below presents the accretable yield activity for the Firm’s PCI consumer loans for the three months ended March 31, 2019 and 2018, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios.
 
Total PCI
(in millions, except ratios)
Three months ended March 31,
2019
2018
Beginning balance
$
8,422

$
11,159

Accretion into interest income
(286
)
(328
)
Changes in interest rates on variable-rate loans
(16
)
280

Other changes in expected cash flows(a)
(77
)
(861
)
Balance at March 31
$
8,043

$
10,250

Accretable yield percentage
5.31
%
4.78
%
(a)
Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model, for example cash flows expected to be collected due to the impact of modifications and changes in prepayment assumptions.