J.P.Morgan 4Q23 Earnings Results
JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee and ratio data)
SELECTED BALANCE SHEET DATA (period-end)
Total assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Equity
Period-end loans by client segment
Middle Market Banking (a)
Corporate Client Banking
Commercial Real Estate Banking
Other
Total loans (a)
SELECTED BALANCE SHEET DATA (average)
Total assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Deposits
Equity
Average loans by client segment
Middle Market Banking
Corporate Client Banking
Commercial Real Estate Banking
Other
Total loans
Employees
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)
Nonaccrual loans held-for-sale and loans
at fair value
Total nonaccrual loans
Assets acquired in loan satisfactions
Total nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off/(recovery) rate (c)
Allowance for loan losses to period-end loans retained
Allowance for loan losses to nonaccrual loans retained (b)
Nonaccrual loans to period-end total loans
$
$
$
$
$
$
$
$
4Q23
300,325
277,663 (d)
545
278,208
30,000
302,429
78,043 (e) $
56,132
143,507 (e)
526
278,208
280,009 (f)
977
280,986
267,788 (g)
30,000
126
809
809
54
863
78,601 (h) $
58,480
143,456 (h)
449
280,986
17,867
5,005
801
5,806 (1)
$ 300,367
$
0.18 %
1.80
619
0.29
$
$
$
$
3Q23
$
281,389 (d)
915
282,304
30,000
301,964
78,955 (e) $
59,645
143,413 (e)
291
282,304
281,602 (f)
1,378
282,980
262,148
30,000
53
889
24
913
78,774 (h) $
60,816
142,955 (h)
435
282,980
17,281
47
960
$
4,721
845
5,566 (i)
$
0.07 %
1.68
531
0.32
$
$
$
$
2Q23
QUARTERLY TRENDS
305,280
282,124 (d)
1,540
283,664
30,000
290,875
79,885 (e) $
60,511
142,897 (e)
371
283,664
270,091 (f)
726
270,817
275,196
29,505
100
1,068
1,068
1,068
$
4,729
801
5,530 (i)
$
78,037 (h) $
59,159
133,394 (h)
227
270,817
15,991
0.15 %
1.68
443
0.38
$
$
$
1Q23
$
261,181
238,752
1,538
240,290
28,500
73,329
58,256
108,582
123
240,290
255,468
73,030
56,581
108,143
209
$ 237,963
15,026
236,808
1,155
237,963
265,943
28,500
37
918
918
918
3,566
966
4,532
0.06
1.49
388
0.38
%
$ 257,106
$
$
$
$
$
4Q22
$
233,879
707
234,586
25,000
72,625
53,840
107,999
122
234,586
253,007
234,654
673
235,327
278,876
25,000
72,109
55,137
107,831
250
235,327
14,687
35
766
766
766
3,324
830
4,154
0.06 %
1.42
434
0.33
4Q23 Change
3Q23
- %
(1)
(40)
(1)
T
€
81
(1)
| |
(1)
(29)
(1)
| E |
(1)
138
(9)
NM
(11)
15
(10)
6
(5)
JPMORGAN CHASE & CO.
FULL YEAR
4Q22
17%
19
(23)
19
20
7
4
33
331
19
20
19
45
19
(4)
20
9
6
33
80
19
22
260
6
I
6
NM
13
51
(3)
40
$
$
$
$
$
$
2023
300,325
$
277,663 (d)
545
278,208
30,000
287,851
78,043 (e) $
56,132
143,507 (e)
526
278,208
267,285 (f)
1,060
268,345
267,758 (g)
29,507
$ 268,345
17,867
316
809
$ 77,130 (h) $
58,770
132,114 (h)
331
809
54
863
$
5,005
801
5,806 (i)
$
0.12 %
1.80
619
0.29
$
$
$
$
$
2022
257,106
233,879
707
234,586
25,000
72,625
53,840
107,999
122
234,586
243,108
222,388
1,350
223,738
294,180
25,000
67,830
50,281
105,459
168
223,738
14,687
84
766
766
766
3,324
830
4,154
0.04 %
1.42
434
0.33
2023 Change
2022
17%
19
(23)
19
20
7
4
33
331
19
18
20
(21)
20
(9)
18
14
17
25
97
20
22
276
6
6
NM
13
51
(3)
40
(a) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, total loans included $36 million, $48 million, $65 million, $88 million, and $132 million of loans, respectively, under the PPP, of which $32 million, $43 million, $60 million, $80
million, and $123 million, were in Middle Market Banking, respectively. Refer to pages 108-109 of the Firm's 2022 Form 10-K for further information on the PPP.
(b) Allowance for loan losses of $156 million, $164 million, $205 million, $170 million and $153 million was held against nonaccrual loans retained at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(c) Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d) Includes First Republic. Refer to page 30 for additional information.
(e) As of December 31, 2023, included $5.9 billion and $32.6 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, as of September 30, 2023, included $6.1 billion and $32.7 billion, respectively, and as of June 30, 2023, included $6.2 billion and $33.3
billion, respectively associated with First Republic.
(f) Average loans retained associated with First Republic were $39.0 billion, $39.0 billion, and $28.6 billion for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023 respectively, and $26.8 billion for the full year 2023.
(g) In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 30 for additional information.
(h) Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $6.3 billion and $32.7 billion respectively, for the three months ended December 31, 2023, $6.2 billion and $32.8 billion, respectively, for the three months ended
September 30, 2023, $4.4 billion and $24.2 billion, respectively, for the three months ended June 30, 2023, and $4.2 billion and $22.5 billion, respectively, for the full year 2023.
(i) As of December 31, 2023, September 30, 2023, and June 30, 2023, included $729 million, $630 million, and $608 million allowance, respectively, for First Republic.
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