Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2022 was $38 million of which $34 million related to loans. Net gains on sales of loans and lending-related commitments was $132 million for the three months ended March 31, 2021 of which $135 million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Loan modifications

The majority of the Firm's COVID-19 related loan modifications were not considered TDRs. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the Firm's accounting policies for loan modifications.

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.


(in millions)	March 31, 2022		December 31, 2021
Residential real estate	$	227,926	$	224,795
Auto and other(a)	68,235		70,761
Total retained loans	$	296,161	$	295,556

(a)At March 31, 2022 and December 31, 2021, included $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP.

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer credit quality indicators.

Residential real estate

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.


(in millions, except ratios)	March 31, 2022
	Term loans by origination year(d)																		Revolving loans						Total
	2022			2021			2020			2019			2018			Prior to 2018			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	12,972		$	69,009		$	46,191		$	17,016		$	7,207		$	56,403		$	5,981		$	11,186		$	225,965
30–149 days past due	—			13			9			13			23			630			12			164			864
150 or more days past due	—			1			9			17			15			812			8			235			1,097
Total retained loans	$	12,972		$	69,023		$	46,209		$	17,046		$	7,245		$	57,845		$	6,001		$	11,585		$	227,926
% of 30+ days past due to total retained loans(c)	—		%	0.02		%	0.04		%	0.18		%	0.52		%	2.43		%	0.33		%	3.44		%	0.85		%


(in millions, except ratios)	December 31, 2021
	Term loans by origination year(d)																		Revolving loans						Total
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	68,742		$	48,334		$	18,428		$	7,929		$	11,684		$	49,147		$	6,392		$	11,807		$	222,463
30–149 days past due	13			23			27			27			22			578			11			182			883
150 or more days past due	—			11			21			25			33			1,069			6			284			1,449
Total retained loans	$	68,755		$	48,368		$	18,476		$	7,981		$	11,739		$	50,794		$	6,409		$	12,273		$	224,795
% of 30+ days past due to total retained loans(c)	0.02		%	0.07		%	0.26		%	0.65		%	0.47		%	3.18		%	0.27		%	3.80		%	1.02		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $30 million and $35 million; 30–149 days past due included $13 million and $11 million; and 150 or more days past due included $22 million and $20 million at March 31, 2022 and December 31, 2021, respectively.

(b)At March 31, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(c)At March 31, 2022 and December 31, 2021, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $35 million and $31 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Purchased loans are included in the year in which they were originated.

Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.


(in millions, except weighted-average data)	March 31, 2022			December 31, 2021
Nonaccrual loans(a)(b)(c)(d)	$	4,375		$	4,759
90 or more days past due and government guaranteed(e)	27			24

Current estimated LTV ratios(f)(g)(h)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	3		$	2
Less than 660	2			2
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	24			37
Less than 660	9			15
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	2,523			2,701
Less than 660	78			89
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	214,298			209,295
Less than 660	9,201			9,658
No FICO/LTV available	1,723			2,930
U.S. government-guaranteed	65			66
Total retained loans	$	227,926		$	224,795

Weighted average LTV ratio(f)(i)	50		%	50		%
Weighted average FICO(g)(i)	767			765

Geographic region(j)
California	$	71,174		$	71,383
New York	33,218			32,545
Florida	17,021			16,182
Texas	14,273			13,865
Illinois	11,453			11,565
Colorado	9,159			8,885
Washington	8,392			8,292
New Jersey	6,887			6,832
Massachusetts	6,230			6,105
Connecticut	5,307			5,242
All other(k)	44,812			43,899
Total retained loans	$	227,926		$	224,795

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs 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, 2022, approximately 5% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million for both the three months ended March 31, 2022 and 2021, respectively.

(d)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.

(e)These balances are 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, 2022 and December 31, 2021, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. 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, 2022 and December 31, 2021.

(f)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. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(h)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.

(i)Excludes loans with no FICO and/or LTV data available.

(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

(k)At March 31, 2022 and December 31, 2021, included mortgage loans insured by U.S. government agencies of $65 million and $66 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

Loan modifications

Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. The carrying value of new TDRs was $118 million and $251 million for the three months ended March 31, 2022 and 2021, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.

Nature and extent of modifications

The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following table provides information about how residential real estate loans were modified in TDRs 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 and loans with short-term or other insignificant modifications that are not considered concessions.


	Three months ended March 31,
	2022		2021
Number of loans approved for a trial modification	1,526		1,401
Number of loans permanently modified	1,542		1,714
Concession granted:(a)
Interest rate reduction	64	%	72	%
Term or payment extension	77		40
Principal and/or interest deferred	13		31
Principal forgiveness	1		4
Other(b)	27		51

(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 payment delays that meet the definition of a TDR.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate 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 do 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 and loans with short-term or other insignificant modifications that are not considered concessions.


(in millions, except weighted-average data)	Three months ended March 31,
	2022			2021
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.43		%	4.57		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	3.31			2.91
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	23			24
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			39
Charge-offs recognized upon permanent modification	$	—		$	—
Principal deferred	7			12
Principal forgiven	1			1
Balance of loans that redefaulted within one year of permanent modification(a)	$	43		$	24

(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 will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

At March 31, 2022, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were 5 years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).

Active and suspended foreclosure

At March 31, 2022 and December 31, 2021, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $767 million and $619 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

Auto and other

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.


	March 31, 2022
(in millions, except ratios)	Term Loans by origination year																				Revolving loans
	2022			2021				2020				2019			2018			Prior to 2018			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current	$	7,272		$	30,438		(b)	$	16,259		(b)	$	6,435		$	3,009		$	1,800		$	2,223		$	117		$	67,553
30–119 days past due	62			161				124				68			40			34			11			6			506
120 or more days past due	—			—				163				—			—			1			6			6			176
Total retained loans	$	7,334		$	30,599			$	16,546			$	6,503		$	3,049		$	1,835		$	2,240		$	129		$	68,235
% of 30+ days past due to total retained loans(a)	0.85		%	0.52		%		0.45		%		1.05		%	1.31		%	1.91		%	0.76		%	9.30		%	0.69		%


	December 31, 2021
(in millions, except ratios)	Term Loans by origination year																				Revolving loans
	2021				2020				2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current	$	35,323		(c)	$	18,324		(c)	$	7,443		$	3,671		$	1,800		$	666		$	2,242		$	120		$	69,589
30–119 days past due	192				720				88			53			31			21			12			6			1,123
120 or more days past due	—				35				—			—			1			1			5			7			49
Total retained loans	$	35,515			$	19,079			$	7,531		$	3,724		$	1,832		$	688		$	2,259		$	133		$	70,761
% of 30+ days past due to total retained loans(a)	0.54		%		0.47		%		1.17		%	1.42		%	1.75		%	3.20		%	0.75		%	9.77		%	0.71		%	(d)

(a)At March 31, 2022 and December 31, 2021, auto and other loans excluded $213 million and $667 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee.

(b)Includes $2.5 billion of loans originated in 2021 and $353 million of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(c)Includes $4.4 billion of loans originated in 2021 and $1.0 billion of loans originated in 2020 in Business Banking under the PPP.

(d)Prior-period amount has been revised to conform with the current presentation.

Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.


(in millions, except ratios)	Total Auto and other
	March 31, 2022		December 31, 2021
Nonaccrual loans(a)(b)(c)	110		119

Geographic region(d)
California	$	10,794	$	11,163
Texas	7,725		7,859
New York	5,075		5,848
Florida	4,929		4,901
Illinois	2,785		2,930
New Jersey	2,274		2,355
Pennsylvania	1,936		2,004
Arizona	1,789		1,887
Louisiana	1,771		1,801
Georgia	1,760		1,748
All other	27,397		28,265
Total retained loans	$	68,235	$	70,761

(a)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $163 million and $35 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to the charge down, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

Loan modifications

Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

The impact of these modifications, as well as new TDRs, were not material to the Firm for the three months ended March 31, 2022 and 2021. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2022 and December 31, 2021 were not material.

Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.


(in millions, except ratios)	March 31, 2022
	Within the revolving period			Converted to term loans(a)			Total
Loan delinquency
Current and less than 30 days past due and still accruing	$	149,811		$	817		$	150,628
30–89 days past due and still accruing	780			55			835
90 or more days past due and still accruing	791			29			820
Total retained loans	$	151,382		$	901		$	152,283
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.04		%	9.32		%	1.09		%
% of 90+ days past due to total retained loans	0.52			3.22			0.54


(in millions, except ratios)	December 31, 2021
	Within the revolving period			Converted to term loans(a)			Total
Loan delinquency
Current and less than 30 days past due and still accruing	$	151,798		$	901		$	152,699
30–89 days past due and still accruing	770			59			829
90 or more days past due and still accruing	741			27			768
Total retained loans	$	153,309		$	987		$	154,296
Loan delinquency ratios
% of 30+ days past due to total retained loans	0.99		%	8.71		%	1.04		%
% of 90+ days past due to total retained loans	0.48			2.74			0.50

(a)Represents TDRs.

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.


(in millions, except ratios)	March 31, 2022			December 31, 2021
Geographic region(a)
California	$	22,865		$	23,030
Texas	15,808			15,879
New York	12,539			12,652
Florida	10,388			10,412
Illinois	8,428			8,530
New Jersey	6,273			6,367
Ohio	4,807			4,923
Colorado	4,562			4,573
Pennsylvania	4,548			4,708
Michigan	3,682			3,773
All other	58,383			59,449
Total retained loans	$	152,283		$	154,296
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	87.9		%	88.5		%
Less than 660	11.9			11.3
No FICO available	0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

Loan modifications

The Firm may offer loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.

Financial effects of modifications and redefaults

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. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.


(in millions, except weighted-average data)	Three months ended March 31,
	2022			2021
Balance of new TDRs(a)	$	82		$	143
Weighted-average interest rate of loans – before TDR	18.00		%	17.74		%
Weighted-average interest rate of loans – after TDR	4.87			5.23
Balance of loans that redefaulted within one year of modification(b)	$	9		$	19

(a)Represents the outstanding balance prior to modification.

(b)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.

For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for further information on these risk ratings.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.


	Secured by real estate						Commercial and industrial						Other(b)						Total retained loans
(in millions, except ratios)	Mar 31, 2022			Dec 31, 2021			Mar 31, 2022			Dec 31, 2021			Mar 31, 2022			Dec 31, 2021			Mar 31, 2022			Dec 31, 2021
Loans by risk ratings
Investment-grade	$	94,158		$	92,369		$	77,254		$	75,783		$	239,775		$	241,859		$	411,187		$	410,011
Noninvestment-grade:
Noncriticized	21,982			22,495			68,923			62,039			52,679			52,440			143,584			136,974
Criticized performing	3,858			3,645			7,872			6,900			1,163			770			12,893			11,315
Criticized nonaccrual(a)	369			326			1,148			969			772			759			2,289			2,054
Total noninvestment-grade	26,209			26,466			77,943			69,908			54,614			53,969			158,766			150,343
Total retained loans	$	120,367		$	118,835		$	155,197		$	145,691		$	294,389		$	295,828		$	569,953		$	560,354
% of investment-grade to total retained loans	78.23		%	77.73		%	49.78		%	52.02		%	81.45		%	81.76		%	72.14		%	73.17		%
% of total criticized to total retained loans	3.51			3.34			5.81			5.40			0.66			0.52			2.66			2.39
% of criticized nonaccrual to total retained loans	0.31			0.27			0.74			0.67			0.26			0.26			0.40			0.37

(a)At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.

(b)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.


	Secured by real estate
(in millions)	March 31, 2022
	Term loans by origination year												Revolving loans
	2022		2021		2020		2019		2018		Prior to 2018		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	6,743	$	23,613	$	15,729	$	16,493	$	7,171	$	23,201	$	1,200	$	8	$	94,158
Noninvestment-grade	1,527		5,149		3,534		4,299		3,250		7,973		476		1		26,209
Total retained loans	$	8,270	$	28,762	$	19,263	$	20,792	$	10,421	$	31,174	$	1,676	$	9	$	120,367


	Secured by real estate
(in millions)	December 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	23,346	$	16,030	$	17,265	$	8,103	$	7,325	$	19,066	$	1,226	$	8	$	92,369
Noninvestment-grade	5,364		3,826		4,564		3,806		2,834		5,613		458		1		26,466
Total retained loans	$	28,710	$	19,856	$	21,829	$	11,909	$	10,159	$	24,679	$	1,684	$	9	$	118,835


	Commercial and industrial
(in millions)	March 31, 2022
	Term loans by origination year												Revolving loans
	2022		2021		2020		2019		2018		Prior to 2018		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	9,027	$	13,819	$	5,909	$	3,107	$	1,125	$	1,612	$	42,654	$	1	$	77,254	(a)
Noninvestment-grade	7,209		17,555		6,003		3,819		1,707		1,069		40,505		76		77,943
Total retained loans	$	16,236	$	31,374	$	11,912	$	6,926	$	2,832	$	2,681	$	83,159	$	77	$	155,197


	Commercial and industrial
(in millions)	December 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	21,342	$	6,268	$	3,609	$	1,269	$	1,108	$	819	$	41,367	$	1	$	75,783	(b)
Noninvestment-grade	19,314		7,112		4,559		2,177		930		430		35,312		74		69,908
Total retained loans	$	40,656	$	13,380	$	8,168	$	3,446	$	2,038	$	1,249	$	76,679	$	75	$	145,691

(a)At March 31, 2022, $608 million of the $704 million total PPP loans in the wholesale portfolio were commercial and industrial. Of the $608 million, $411 million were originated in 2021 and $197 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)At December 31, 2021, $1.1 billion of the $1.3 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $1.1 billion, $698 million were originated in 2021 and $396 million were originated in 2020.


	Other(a)
(in millions)	March 31, 2022
	Term loans by origination year												Revolving loans
	2022		2021		2020		2019		2018		Prior to 2018		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	14,015	$	19,822	$	16,545	$	5,423	$	2,723	$	9,698	$	168,991	$	2,558	$	239,775
Noninvestment-grade	6,264		11,273		2,559		1,519		847		649		31,498		5		54,614
Total retained loans	$	20,279	$	31,095	$	19,104	$	6,942	$	3,570	$	10,347	$	200,489	$	2,563	$	294,389


	Other(a)
(in millions)	December 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	26,782	$	17,829	$	6,125	$	2,885	$	3,868	$	7,651	$	176,118	$	601	$	241,859
Noninvestment-grade	16,905		2,399		1,455		935		218		467		31,585		5		53,969
Total retained loans	$	43,687	$	20,228	$	7,580	$	3,820	$	4,086	$	8,118	$	207,703	$	606	$	295,828

(a)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.


(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Mar 31, 2022			Dec 31, 2021			Mar 31, 2022			Dec 31, 2021			Mar 31, 2022			Dec 31, 2021
Retained loans secured by real estate	$	75,194		$	73,801		$	45,173		$	45,034		$	120,367		$	118,835
Criticized	1,850			1,671			2,377			2,300			4,227			3,971
% of criticized to total retained loans secured by real estate	2.46		%	2.26		%	5.26		%	5.11		%	3.51		%	3.34		%
Criticized nonaccrual	$	82		$	91		$	287		$	235		$	369		$	326
% of criticized nonaccrual loans to total retained loans secured by real estate	0.11		%	0.12		%	0.64		%	0.52		%	0.31		%	0.27		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.


	Secured by real estate				Commercial and industrial				Other				Total retained loans
(in millions, except ratios)	Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021
Loans by geographic distribution(a)
Total U.S.	$	117,246	$	115,732	$	112,021	$	106,449	$	209,556	$	215,750	$	438,823	$	437,931
Total non-U.S.	3,121		3,103		43,176		39,242		84,833		80,078		131,130		122,423
Total retained loans	$	120,367	$	118,835	$	155,197	$	145,691	$	294,389	$	295,828	$	569,953	$	560,354
Loan delinquency
Current and less than 30 days past due and still accruing	$	119,596	$	118,163	$	152,687	$	143,459	$	292,146	$	293,358	$	564,429	$	554,980
30–89 days past due and still accruing	392		331		1,282		1,193		1,373		1,590		3,047		3,114
90 or more days past due and still accruing(b)	10		15		80		70		98		121		188		206
Criticized nonaccrual(c)	369		326		1,148		969		772		759		2,289		2,054
Total retained loans	$	120,367	$	118,835	$	155,197	$	145,691	$	294,389	$	295,828	$	569,953	$	560,354

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)Represents loans that are considered well-collateralized and therefore still accruing interest.

(c)At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.


(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021		Mar 31, 2022		Dec 31, 2021
Nonaccrual loans
With an allowance	$	290	$	254	$	699	$	604	$	554	$	286	$	1,543	$	1,144
Without an allowance(a)	79		72		449		365		218		473		746		910
Total nonaccrual loans(b)	$	369	$	326	$	1,148	$	969	$	772	$	759	$	2,289	$	2,054

(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021.

Loan modifications

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. New TDRs were $418 million and $428 million as of March 31, 2022, and 2021, respectively. New TDRs for the three months ended March 31, 2022 and 2021 reflected extending maturity dates, covenant waivers and the receipt of assets in partial satisfaction of the loan predominantly in the Commercial and Industrial loan class. The impact of these modifications resulting in new TDRs was not material to the Firm for the three months ended March 31, 2022 and 2021.

The carrying value of TDRs was $906 million and $607 million as of March 31, 2022, and December 31, 2021, respectively.