JPMORGAN CHASE & CO

The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, and scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 120–125 and Note 12 of JPMorganChase's 2024 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2024 Form 10-K for further information on lending-related commitments.

The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.

(a)Includes scored mortgage and home equity loans held in CCB and AWM.

(b)At March 31, 2025 and December 31, 2024, excluded operating lease assets of $14.6 billion and $12.8 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.

(c)Includes scored auto and business banking loans, and overdrafts.

(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.

(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.

(f)Includes billed interest and fees.

(g)Also includes commercial card lending-related commitments primarily in CIB.

(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.

(i)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $117 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.

(j)Average consumer loans held-for-sale and loans at fair value were $18.4 billion and $15.1 billion for the three months ended March 31, 2025 and 2024, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

Consumer, excluding credit card

Portfolio analysis

Loans decreased from December 31, 2024 driven by lower residential real estate loans, including retained and at fair value, largely offset by higher loans at fair value in auto and other.

Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.

Retained loans decreased compared to December 31, 2024, driven by paydowns, net of originations. Net recoveries were higher for the three months ended March 31, 2025 compared to the same period in the prior year, driven by loan sales.

Loans held-for-sale and nonaccrual loans held-for-sale decreased from December 31, 2024, predominantly driven by loan sales.

Loans at fair value decreased compared to December 31, 2024, driven by lower Home Lending loans, as warehouse loan sales outpaced originations, largely offset by an increase in CIB as purchases outpaced sales. Nonaccrual loans at fair value decreased compared to December 31, 2024, predominantly driven by loan sales in CIB.

At March 31, 2025 and December 31, 2024, the carrying value of retained interest-only residential mortgage loans was $88.7 billion and $88.9 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.

The carrying value of retained home equity lines of credit outstanding was $13.9 billion at March 31, 2025, including $3.7 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.5 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.

Geographic composition and current estimated loan-to-value ratio of residential real estate loans

Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.

Auto and other: The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. The portfolio increased when compared to December 31, 2024, predominantly driven by an increase in loans at fair value due to purchases of other consumer unsecured loans in CIB.

Nonperforming assets

The following table presents information as of March 31, 2025 and December 31, 2024, about consumer, excluding credit card, nonperforming assets.

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $117 million and $121 million, respectively.

Nonaccrual loans

The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2025 and 2024.

Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.

Credit card

Total credit card loans decreased from December 31, 2024 reflecting the impact of seasonality. The March 31, 2025 30+ and 90+ day delinquency rates of 2.21% and 1.16%, respectively, increased compared to the December 31, 2024 30+ and 90+ day delinquency rates of 2.17% and 1.14%, respectively, in line with the Firm's expectations. Net charge-offs increased for the three months ended March 31, 2025 compared to the same period in the prior year reflecting the seasoning of vintages originated in recent years.

Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.

Geographic and FICO composition of credit card loans

Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.