JPMORGAN CHASE & CO - FORM 8-K - EX-99.2 - EARNINGS RELEASE FINANCIAL SUPPLEMENT - 4Q15

Attached files

file	filename
EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - 4Q15 - JPMORGAN CHASE & CO	a4q15erfexhibit121.htm
EX-12.2 - RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS - 4Q15 - JPMORGAN CHASE & CO	a4q15erfexhibit122.htm
EX-99.1 - EARNINGS RELEASE - 4Q15 - JPMORGAN CHASE & CO	a4q15erfexhibit991narrative.htm
8-K - 8-K - JPMORGAN CHASE & CO	a4q15erf8kcover.htm

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2015



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

										Page(s)
Consolidated Results
Consolidated Financial Highlights										2–3
Consolidated Statements of Income										4
Consolidated Balance Sheets										5
Condensed Average Balance Sheets and Annualized Yields										6
Reconciliation from Reported to Managed Basis										7
Segment Results - Managed Basis										8
Capital and Other Selected Balance Sheet Items										9
Earnings Per Share and Related Information										10

Business Segment Results
Consumer & Community Banking										11–12
Consumer & Business Banking										13
Mortgage Banking										14–16
Card, Commerce Solutions & Auto										17–18
Corporate & Investment Bank										19–21
Commercial Banking										22–23
Asset Management										24–26
Corporate										27–28

Credit-Related Information										29–32

Non-GAAP Financial Measures and Other Notes										33
Glossary of Terms (a)


(a)	Refer to the Glossary of Terms on pages 309–313 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”) and the Glossary of Terms and Line of Business Metrics on pages 178–184 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015.



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																		4Q15 Change											2015 Change
SELECTED INCOME STATEMENT DATA	4Q15				3Q15			2Q15				1Q15			4Q14			3Q15		4Q14		2015				2014			2014
Reported Basis
Total net revenue	$	22,885			$	22,780		$	23,812			$	24,066		$	22,750		—	%	1	%	$	93,543			$	95,112		(2	)%
Total noninterest expense	14,263				15,368			14,500				14,883			15,409			(7	)	(7	)	59,014				61,274			(4	)
Pre-provision profit	8,622				7,412			9,312				9,183			7,341			16		17		34,529				33,838			2
Provision for credit losses	1,251				682			935				959			840			83		49		3,827				3,139			22
NET INCOME	5,434				6,804			6,290				5,914			4,931			(20	)	10		24,442				21,745			12

Managed Basis (a)
Total net revenue	23,747				23,535			24,531				24,820			23,549			1		1		96,633				97,885			(1	)
Total noninterest expense	14,263				15,368			14,500				14,883			15,409			(7	)	(7	)	59,014				61,274			(4	)
Pre-provision profit	9,484				8,167			10,031				9,937			8,140			16		17		37,619				36,611			3
Provision for credit losses	1,251				682			935				959			840			83		49		3,827				3,139			22
NET INCOME	5,434				6,804			6,290				5,914			4,931			(20	)	10		24,442				21,745			12

EARNINGS PER SHARE DATA
Net income: Basic	$	1.34			$	1.70		$	1.56			$	1.46		$	1.20		(21	)	12		$	6.05			$	5.33		14
Diluted	1.32				1.68			1.54				1.45			1.19			(21	)	11		6.00				5.29			13
Average shares: Basic	3,674.2				3,694.4			3,707.8				3,725.3			3,730.9			(1	)	(2	)	3,700.4				3,763.5			(2	)
Diluted	3,704.6				3,725.6			3,743.6				3,757.5			3,765.2			(1	)	(2	)	3,732.8				3,797.5			(2	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	241,899			$	224,438		$	250,581			$	224,818		$	232,472		8		4		$	241,899			$	232,472		4
Common shares at period-end	3,663.5				3,681.1			3,698.1				3,711.1			3,714.8			—		(1	)	3,663.5				3,714.8			(1	)
Closing share price (b)	$	66.03			$	60.97		$	67.76			$	60.58		$	62.58		8		6		$	66.03			$	62.58		6
Book value per share	60.46				59.67			58.49				57.77			56.98			1		6		60.46				56.98			6
Tangible book value per share (c)	48.13				47.36			46.13				45.45			44.60			2		8		48.13				44.60			8
Cash dividends declared per share	0.44				0.44			0.44			(g)	0.40			0.40			—		10		1.72			(g)	1.58			9

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	9		%		12		%	11		%		11		%	9		%					11		%		10		%
Return on tangible common equity (“ROTCE”) (c)	11				15			14				14			11							13				13
Return on assets	0.90				1.11			1.01				0.94			0.78							0.99				0.89

High quality liquid assets (“HQLA”) (in billions) (e)	$	496		(h)	$	505		$	532			$	614		$	600		(2	)	(17	)	$	496		(h)	$	600		(17	)

CAPITAL RATIOS (f)
Common equity Tier 1 (“CET1”) capital ratio	11.8		%	(h)	11.5		%	11.2		%		10.7		%	10.2		%					11.8		%	(h)	10.2		%
Tier 1 capital ratio	13.5			(h)	13.3			12.8				12.1			11.6							13.5			(h)	11.6
Total capital ratio	15.0			(h)	14.9			14.4				13.7			13.1							15.0			(h)	13.1

Note: Effective October 1, 2015, and January 1, 2015, the Firm adopted new accounting guidance, retrospectively, related to (1) the presentation of debt issuance costs, and (2) investments in affordable housing projects that qualify for the low-income housing tax credit,

respectively. For additional information, see Notes 1 and 2 on page 33.


(a)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.


(b)	Share price shown is from the New York Stock Exchange.


(c)	Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see page 33.


(d)	Quarterly ratios are based upon annualized amounts.

(e)

HQLA represents the amount of assets that qualify for inclusion in the liquidity coverage ratio under the final U.S. rule (“U.S. LCR”) for 4Q15, 3Q15, 2Q15 and 1Q15 as well as the estimated amount as of 4Q14, prior to the effective date of the final rule. For additional information on HQLA and LCR, see pages 156-157 of the 2014 Annual Report, and page 76 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015.


(f)	Ratios presented are calculated under the transitional Basel III rules and represent the Collins Floor. See footnote (a) on page 9 for additional information on Basel III and the Collins Floor.


(g)	On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.


(h)	Estimated.

Page 2



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																						FULL YEAR
																			4Q15 Change										2015 Change
	4Q15			3Q15				2Q15				1Q15				4Q14			3Q15		4Q14		2015			2014			2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,351,698		$	2,416,635			$	2,449,098			$	2,576,619			$	2,572,274		(3	)%	(9	)%	$	2,351,698		$	2,572,274		(9	)%
Loans:
Consumer, excluding credit card loans	344,821			331,969				318,286				305,215				295,374			4		17		344,821			295,374			17
Credit card loans	131,463			126,979				126,025				123,257				131,048			4		—		131,463			131,048			—
Wholesale loans	361,015			350,509				346,936				335,713				330,914			3		9		361,015			330,914			9
Total Loans	837,299			809,457				791,247				764,185				757,336			3		11		837,299			757,336			11
Core loans (a)	732,093			698,988				674,767				641,285				628,785			5		16		732,093			628,785			16

Deposits:
U.S. offices:
Noninterest-bearing	392,721			404,984				432,052				441,245				437,558			(3	)	(10	)	392,721			437,558			(10	)
Interest-bearing	663,004			624,014				611,438				644,228				643,350			6		3		663,004			643,350			3
Non-U.S. offices:
Noninterest-bearing	18,921			20,174				21,777				18,484				19,078			(6	)	(1	)	18,921			19,078			(1	)
Interest-bearing	205,069			223,934				222,065				263,930				263,441			(8	)	(22	)	205,069			263,441			(22	)
Total deposits	1,279,715			1,273,106				1,287,332				1,367,887				1,363,427			1		(6	)	1,279,715			1,363,427			(6	)

Long-term debt (b)	288,651			292,503				286,240				280,123				276,379			(1	)	4		288,651			276,379			4
Common stockholders’ equity	221,505			219,660				216,287				214,371				211,664			1		5		221,505			211,664			5
Total stockholders’ equity	247,573			245,728				241,205				235,864				231,727			1		7		247,573			231,727			7

Loans-to-deposits ratio	65		%	64			%	61			%	56			%	56		%					65		%	56		%

Headcount	234,598			235,678				237,459				241,145				241,359			—		(3	)	234,598			241,359			(3	)

95% CONFIDENCE LEVEL- TOTAL VaR (c)
Average VaR	$	49		$	54			$	42			$	43			$	40		(9	)	23		$	47		$	43		9

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking	$	11,222		$	10,879			$	11,015			$	10,704			$	10,949		3		2		$	43,820		$	44,368		(1	)
Corporate & Investment Bank	7,069			8,168				8,723				9,582				7,383			(13	)	(4	)	33,542			34,595			(3	)
Commercial Banking	1,760			1,644				1,739				1,742				1,770			7		(1	)	6,885			6,882			—
Asset Management	3,045			2,894				3,175				3,005				3,200			5		(5	)	12,119			12,028			1
Corporate	651			(50		)		(121		)		(213		)		247			NM		164		267			12			NM
TOTAL NET REVENUE	$	23,747		$	23,535			$	24,531			$	24,820			$	23,549		1		1		$	96,633		$	97,885		(1	)

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,407		$	2,630			$	2,533			$	2,219			$	2,179		(8	)	10		$	9,789		$	9,185		7
Corporate & Investment Bank	1,748			1,464				2,341				2,537				972			19		80		8,090			6,908			17
Commercial Banking	550			518				525				598				693			6		(21	)	2,191			2,635			(17	)
Asset Management	507			475				451				502				540			7		(6	)	1,935			2,153			(10	)
Corporate	222			1,717				440				58				547			(87	)	(59	)	2,437			864			182
NET INCOME	$	5,434		$	6,804			$	6,290			$	5,914			$	4,931		(20	)	10		$	24,442		$	21,745		12

See notes 1 and 2 on page 33.


(a)	Loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.


(b)	Included unsecured long-term debt of $211.8 billion, $214.6 billion, $209.1 billion, $209.0 billion and $207.0 billion for the periods ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.

(c)

As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average total VaR of $3 million. The impact of this refinement on all other periods presented was not material. The Firm expects in subsequent quarters to continue to refine the VaR model calculations and times series inputs related to these products. For information regarding CIB VaR, see Corporate & Investment Bank on page 21.


(d)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.

Page 3



JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
REVENUE	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
Investment banking fees	$	1,520		$	1,604		$	1,833		$	1,794		$	1,833		(5	)%	(17	)%	$	6,751		$	6,542		3	%
Principal transactions	1,552			2,367			2,834			3,655			1,335			(34	)	16		10,408			10,531			(1	)
Lending- and deposit-related fees	1,450			1,463			1,418			1,363			1,454			(1	)	—		5,694			5,801			(2	)
Asset management, administration and commissions	3,842			3,845			4,015			3,807			4,110			—		(7	)	15,509			15,931			(3	)
Securities gains	73			33			44			52			29			121		152		202			77			162
Mortgage fees and related income	556			469			783			705			855			19		(35	)	2,513			3,563			(29	)
Card income	1,431			1,447			1,615			1,431			1,526			(1	)	(6	)	5,924			6,020			(2	)
Other income	1,236			628			586			582			546			97		126		3,032			3,013			1
Noninterest revenue	11,660			11,856			13,128			13,389			11,688			(2	)	—		50,033			51,478			(3	)
Interest income	13,155			12,739			12,514			12,565			12,951			3		2		50,973			51,531			(1	)
Interest expense	1,930			1,815			1,830			1,888			1,889			6		2		7,463			7,897			(5	)
Net interest income	11,225			10,924			10,684			10,677			11,062			3		1		43,510			43,634			—
TOTAL NET REVENUE	22,885			22,780			23,812			24,066			22,750			—		1		93,543			95,112			(2	)

Provision for credit losses	1,251			682			935			959			840			83		49		3,827			3,139			22

NONINTEREST EXPENSE
Compensation expense	6,693			7,320			7,694			8,043			6,860			(9	)	(2	)	29,750			30,160			(1	)
Occupancy expense	947			965			923			933			1,006			(2	)	(6	)	3,768			3,909			(4	)
Technology, communications and equipment expense	1,657			1,546			1,499			1,491			1,495			7		11		6,193			5,804			7
Professional and outside services	1,824			1,776			1,768			1,634			2,080			3		(12	)	7,002			7,705			(9	)
Marketing	771			704			642			591			726			10		6		2,708			2,550			6
Other expense (a)	2,371			3,057			1,974			2,191			3,242			(22	)	(27	)	9,593			11,146			(14	)
TOTAL NONINTEREST EXPENSE	14,263			15,368			14,500			14,883			15,409			(7	)	(7	)	59,014			61,274			(4	)
Income before income tax expense	7,371			6,730			8,377			8,224			6,501			10		13		30,702			30,699			—
Income tax expense/(benefit) (b)	1,937			(74		)	2,087			2,310			1,570			NM		23		6,260			8,954			(30	)
NET INCOME	$	5,434		$	6,804		$	6,290		$	5,914		$	4,931		(20	)	10		$	24,442		$	21,745		12

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.34		$	1.70		$	1.56		$	1.46		$	1.20		(21	)	12		$	6.05		$	5.33		14
Diluted earnings per share	1.32			1.68			1.54			1.45			1.19			(21	)	11		6.00			5.29			13

FINANCIAL RATIOS
Return on common equity (c)	9		%	12		%	11		%	11		%	9		%					11		%	10		%
Return on tangible common equity (c)(d)	11			15			14			14			11							13			13
Return on assets (c)	0.90			1.11			1.01			0.94			0.78							0.99			0.89
Effective income tax rate (b)	26.3			(1.1		)	24.9			28.1			24.2							20.4			29.2
Overhead ratio	62			67			61			62			68							63			64

See notes 1 and 2 on page 33.


(a)	Included Firmwide legal expense of $644 million, $1.3 billion, $291 million, $687 million and $1.1 billion for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively; and $3.0 billion and $2.9 billion for the full year 2015 and 2014, respectively.

(b)

The three months ended September 30, 2015 and full year 2015 reflected tax benefits of $2.2 billion and $2.9 billion, respectively, which reduced the Firm’s effective tax rate by 32.0% and 9.4%, respectively. The recognition of tax benefits in 2015 resulted from the resolution of various tax audits, as well as the release of U.S. deferred taxes associated with the restructuring of certain non-U.S. entities.


(c)	Quarterly ratios are based upon annualized amounts.


(d)	For further discussion of ROTCE see pages 2 and 33.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Dec 31, 2015
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2015			2015			2015			2015			2014			2015		2014
ASSETS
Cash and due from banks	$	20,490		$	21,258		$	24,095		$	22,821		$	27,831		(4	)%	(26	)%
Deposits with banks	340,015			376,196			398,807			506,383			484,477			(10	)	(30	)
Federal funds sold and securities purchased under
resale agreements	212,575			218,467			212,850			219,344			215,803			(3	)	(1	)
Securities borrowed	98,721			105,668			98,528			108,376			110,435			(7	)	(11	)
Trading assets:
Debt and equity instruments	284,162			293,040			310,419			317,407			320,013			(3	)	(11	)
Derivative receivables	59,677			68,668			67,451			81,574			78,975			(13	)	(24	)
Securities	290,827			306,660			317,795			331,136			348,004			(5	)	(16	)
Loans	837,299			809,457			791,247			764,185			757,336			3		11
Less: Allowance for loan losses	13,555			13,466			13,915			14,065			14,185			1		(4	)
Loans, net of allowance for loan losses	823,744			795,991			777,332			750,120			743,151			3		11
Accrued interest and accounts receivable	46,605			57,926			69,642			70,006			70,079			(20	)	(33	)
Premises and equipment	14,362			14,709			15,073			14,963			15,133			(2	)	(5	)
Goodwill	47,325			47,405			47,476			47,453			47,647			—		(1	)
Mortgage servicing rights	6,608			6,716			7,571			6,641			7,436			(2	)	(11	)
Other intangible assets	1,015			1,036			1,091			1,128			1,192			(2	)	(15	)
Other assets	105,572			102,895			100,968			99,267			102,098			3		3
TOTAL ASSETS	$	2,351,698		$	2,416,635		$	2,449,098		$	2,576,619		$	2,572,274		(3	)	(9	)

LIABILITIES
Deposits	$	1,279,715		$	1,273,106		$	1,287,332		$	1,367,887		$	1,363,427		1		(6	)
Federal funds purchased and securities loaned or sold
under repurchase agreements	152,678			180,319			180,897			196,578			192,101			(15	)	(21	)
Commercial paper	15,562			19,656			42,238			55,655			66,344			(21	)	(77	)
Other borrowed funds	21,105			27,174			30,061			29,035			30,222			(22	)	(30	)
Trading liabilities:
Debt and equity instruments	74,107			84,334			80,396			84,437			81,699			(12	)	(9	)
Derivative payables	52,790			57,140			59,026			73,836			71,116			(8	)	(26	)
Accounts payable and other liabilities	177,638			187,986			191,749			202,157			206,939			(6	)	(14	)
Beneficial interests issued by consolidated VIEs	41,879			48,689			49,954			51,047			52,320			(14	)	(20	)
Long-term debt	288,651			292,503			286,240			280,123			276,379			(1	)	4
TOTAL LIABILITIES	2,104,125			2,170,907			2,207,893			2,340,755			2,340,547			(3	)	(10	)

STOCKHOLDERS’ EQUITY
Preferred stock	26,068			26,068			24,918			21,493			20,063			—		30
Common stock	4,105			4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	92,500			92,316			92,204			92,245			93,270			—		(1	)
Retained earnings	146,420			143,050			138,294			134,048			129,977			2		13
Accumulated other comprehensive income	192			751			1,102			2,430			2,189			(74	)	(91	)
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—		—
Treasury stock, at cost	(21,691		)	(20,541		)	(19,397		)	(18,436		)	(17,856		)	(6	)	(21	)
TOTAL STOCKHOLDERS’ EQUITY	247,573			245,728			241,205			235,864			231,727			1		7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,351,698		$	2,416,635		$	2,449,098		$	2,576,619		$	2,572,274		(3	)	(9	)

See notes 1 and 2 on page 33.

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																								FULL YEAR
																					4Q15 Change												2015 Change
AVERAGE BALANCES	4Q15				3Q15				2Q15				1Q15				4Q14				3Q15		4Q14		2015				2014				2014
ASSETS
Deposits with banks	$	382,098			$	413,038			$	437,776			$	480,182			$	414,672			(7	)%	(8	)%	$	427,963			$	358,072			20	%
Federal funds sold and securities purchased under
resale agreements	202,205				201,673				205,352				217,546				215,439				—		(6	)	206,637				230,489				(10	)
Securities borrowed	104,672				98,193				107,178				111,197				115,033				7		(9	)	105,273				116,540				(10	)
Trading assets - debt instruments	204,365				202,388				208,823				210,069				222,223				1		(8	)	206,385				210,609				(2	)
Securities	297,648				307,364				323,941				334,967				350,804				(3	)	(15	)	315,855				353,329				(11	)
Loans	823,057				793,584				774,205				757,638				746,735				4		10		787,318				739,175				7
Other assets (a)	37,012				40,650				40,362				37,202				38,873				(9	)	(5	)	38,811				40,879				(5	)
Total interest-earning assets	2,051,057				2,056,890				2,097,637				2,148,801				2,103,779				—		(3	)	2,088,242				2,049,093				2
Trading assets - equity instruments	95,609				96,868				117,638				112,118				114,652				(1	)	(17	)	105,489				116,650				(10	)
Trading assets - derivative receivables	66,043				69,646				73,805				83,901				76,937				(5	)	(14	)	73,290				67,123				9
All other noninterest-earning assets	195,544				197,812				204,753				211,671				215,577				(1	)	(9	)	202,388				214,369				(6	)
TOTAL ASSETS	$	2,408,253			$	2,421,216			$	2,493,833			$	2,556,491			$	2,510,945			(1	)	(4	)	$	2,469,409			$	2,447,235			1
LIABILITIES
Interest-bearing deposits	$	864,878			$	852,219			$	869,523			$	904,325			$	880,283			1		(2	)	$	872,572			$	868,838			—
Federal funds purchased and securities loaned or
sold under repurchase agreements	181,995				188,006				200,054				200,236				206,671				(3	)	(12	)	192,510				208,560				(8	)
Commercial paper	17,952				26,167				49,020				60,013				61,833				(31	)	(71	)	38,140				59,916				(36	)
Trading liabilities - debt, short-term and other liabilities (b)	196,154				198,876				213,246				223,361				224,967				(1	)	(13	)	207,810				220,137				(6	)
Beneficial interests issued by consolidated VIEs	44,774				49,808				51,600				50,677				48,239				(10	)	(7	)	49,200				47,974				3
Long-term debt	290,083				288,413				282,262				278,840				273,372				1		6		284,940				269,814				6
Total interest-bearing liabilities	1,595,836				1,603,489				1,665,705				1,717,452				1,695,365				—		(6	)	1,645,172				1,675,239				(2	)
Noninterest-bearing deposits	412,575				418,742				429,622				432,188				418,313				(1	)	(1	)	423,216				395,463				7
Trading liabilities - equity instruments	16,806				17,595				16,528				18,210				15,659				(4	)	7		17,282				16,246				6
Trading liabilities - derivative payables	57,053				61,754				64,249				76,049				64,784				(8	)	(12	)	64,716				54,758				18
All other noninterest-bearing liabilities	80,366				76,895				80,515				79,415				84,874				5		(5	)	79,293				81,111				(2	)
TOTAL LIABILITIES	2,162,636				2,178,475				2,256,619				2,323,314				2,278,995				(1	)	(5	)	2,229,679				2,222,817				—
Preferred stock	26,068				25,718				23,476				20,825				20,063				1		30		24,040				17,018				41
Common stockholders’ equity	219,549				217,023				213,738				212,352				211,887				1		4		215,690				207,400				4
TOTAL STOCKHOLDERS’ EQUITY	245,617				242,741				237,214				233,177				231,950				1		6		239,730				224,418				7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,408,253			$	2,421,216			$	2,493,833			$	2,556,491			$	2,510,945			(1	)	(4	)	$	2,469,409			$	2,447,235			1

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.32			%	0.28			%	0.29			%	0.29			%	0.31			%					0.29			%	0.32			%
Federal funds sold and securities purchased under
resale agreements	0.83				0.85				0.66				0.74				0.75								0.77				0.71
Securities borrowed (d)	(0.51		)		(0.48		)		(0.59		)		(0.44		)		(0.45		)						(0.50		)		(0.43		)
Trading assets - debt instruments	3.16				3.04				3.37				3.39				3.35								3.24				3.51
Securities	3.11				2.85				2.77				2.82				2.77								2.88				2.77
Loans	4.20				4.24				4.21				4.28				4.32								4.23				4.38
Other assets (a)	1.71				1.67				1.74				1.59				1.61								1.68				1.62
Total interest-earning assets	2.60				2.51				2.44				2.42				2.49								2.49				2.56

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.13				0.14				0.14				0.16				0.18								0.14				0.19
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.36				0.34				0.29				0.29				0.28								0.32				0.29
Commercial paper	0.49				0.35				0.25				0.23				0.22								0.29				0.22
Trading liabilities - debt, short-term and other liabilities (b)	0.33				0.26				0.32				0.28				0.26								0.30				0.32
Beneficial interests issued by consolidated VIEs	0.99				0.92				0.85				0.79				0.80								0.88				0.84
Long-term debt	1.62				1.50				1.52				1.59				1.56								1.56				1.63
Total interest-bearing liabilities	0.48				0.45				0.44				0.45				0.44								0.45				0.47

INTEREST RATE SPREAD	2.12			%	2.06			%	2.00			%	1.97			%	2.05			%					2.04			%	2.09			%
NET YIELD ON INTEREST-EARNING ASSETS	2.23			%	2.16			%	2.09			%	2.07			%	2.14			%					2.14			%	2.18			%

See note 1 on page 33.


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


(c)	Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.


(d)	Negative yield is a result of increased client-driven demand for certain securities combined with the impact of low interest rates; this is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within trading liabilities - debt, short-term and other liabilities.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 33.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.



	QUARTERLY TRENDS																				FULL YEAR
																	4Q15 Change										2015 Change
	4Q15			3Q15				2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
OTHER INCOME
Other income - reported	$	1,236		$	628			$	586		$	582		$	546		97	%	126	%	$	3,032		$	3,013		1	%
Fully taxable-equivalent adjustments (a)	575			477				447			481			537			21		7		1,980			1,788			11
Other income - managed	$	1,811		$	1,105			$	1,033		$	1,063		$	1,083		64		67		$	5,012		$	4,801		4

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	11,660		$	11,856			$	13,128		$	13,389		$	11,688		(2	)	—		$	50,033		$	51,478		(3	)
Fully taxable-equivalent adjustments (a)	575			477				447			481			537			21		7		1,980			1,788			11
Total noninterest revenue - managed	$	12,235		$	12,333			$	13,575		$	13,870		$	12,225		(1	)	—		$	52,013		$	53,266		(2	)

NET INTEREST INCOME
Net interest income - reported	$	11,225		$	10,924			$	10,684		$	10,677		$	11,062		3		1		$	43,510		$	43,634		—
Fully taxable-equivalent adjustments (a)	287			278				272			273			262			3		10		1,110			985			13
Net interest income - managed	$	11,512		$	11,202			$	10,956		$	10,950		$	11,324		3		2		$	44,620		$	44,619		—

TOTAL NET REVENUE
Total net revenue - reported	$	22,885		$	22,780			$	23,812		$	24,066		$	22,750		—		1		$	93,543		$	95,112		(2	)
Fully taxable-equivalent adjustments (a)	862			755				719			754			799			14		8		3,090			2,773			11
Total net revenue - managed	$	23,747		$	23,535			$	24,531		$	24,820		$	23,549		1		1		$	96,633		$	97,885		(1	)

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	8,622		$	7,412			$	9,312		$	9,183		$	7,341		16		17		$	34,529		$	33,838		2
Fully taxable-equivalent adjustments (a)	862			755				719			754			799			14		8		3,090			2,773			11
Pre-provision profit - managed	$	9,484		$	8,167			$	10,031		$	9,937		$	8,140		16		17		$	37,619		$	36,611		3

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	7,371		$	6,730			$	8,377		$	8,224		$	6,501		10		13		$	30,702		$	30,699		—
Fully taxable-equivalent adjustments (a)	862			755				719			754			799			14		8		3,090			2,773			11
Income before income tax expense - managed	$	8,233		$	7,485			$	9,096		$	8,978		$	7,300		10		13		$	33,792		$	33,472		1

INCOME TAX EXPENSE
Income tax expense/(benefit) - reported	$	1,937		$	(74	)		$	2,087		$	2,310		$	1,570		NM		23		$	6,260		$	8,954		(30	)
Fully taxable-equivalent adjustments (a)	862			755				719			754			799			14		8		3,090			2,773			11
Income tax expense - managed	$	2,799		$	681			$	2,806		$	3,064		$	2,369		311		18		$	9,350		$	11,727		(20	)

OVERHEAD RATIO
Overhead ratio - reported	62		%	67			%	61		%	62		%	68		%					63		%	64		%
Overhead ratio - managed	60			65				59			60			65							61			63

See note 2 on page 33.


(a)	Predominantly recognized in the CIB and Commercial Banking (“CB”) business segments and Corporate.

Page 7



JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,222		$	10,879		$	11,015		$	10,704		$	10,949		3	%	2	%	$	43,820		$	44,368		(1	)%
Corporate & Investment Bank	7,069			8,168			8,723			9,582			7,383			(13	)	(4	)	33,542			34,595			(3	)
Commercial Banking	1,760			1,644			1,739			1,742			1,770			7		(1	)	6,885			6,882			—
Asset Management	3,045			2,894			3,175			3,005			3,200			5		(5	)	12,119			12,028			1
Corporate	651			(50		)	(121		)	(213		)	247			NM		164		267			12			NM
TOTAL NET REVENUE	$	23,747		$	23,535		$	24,531		$	24,820		$	23,549		1		1		$	96,633		$	97,885		(1	)

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,272		$	6,237		$	6,210		$	6,190		$	6,411		1		(2	)	$	24,909		$	25,609		(3	)
Corporate & Investment Bank	4,436			6,131			5,137			5,657			5,576			(28	)	(20	)	21,361			23,273			(8	)
Commercial Banking	750			719			703			709			666			4		13		2,881			2,695			7
Asset Management	2,196			2,109			2,406			2,175			2,320			4		(5	)	8,886			8,538			4
Corporate	609			172			44			152			436			254		40		977			1,159			(16	)
TOTAL NONINTEREST EXPENSE	$	14,263		$	15,368		$	14,500		$	14,883		$	15,409		(7	)	(7	)	$	59,014		$	61,274		(4	)

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,950		$	4,642		$	4,805		$	4,514		$	4,538		7		9		$	18,911		$	18,759		1
Corporate & Investment Bank	2,633			2,037			3,586			3,925			1,807			29		46		12,181			11,322			8
Commercial Banking	1,010			925			1,036			1,033			1,104			9		(9	)	4,004			4,187			(4	)
Asset Management	849			785			769			830			880			8		(4	)	3,233			3,490			(7	)
Corporate	42			(222		)	(165		)	(365		)	(189		)	NM		NM		(710		)	(1,147		)	38
PRE-PROVISION PROFIT	$	9,484		$	8,167		$	10,031		$	9,937		$	8,140		16		17		$	37,619		$	36,611		3

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,038		$	389		$	702		$	930		$	950		167		9		$	3,059		$	3,520		(13	)
Corporate & Investment Bank	81			232			50			(31		)	(59		)	(65	)	NM		332			(161		)	NM
Commercial Banking	117			82			182			61			(48		)	43		NM		442			(189		)	NM
Asset Management	17			(17		)	—			4			3			NM		467		4			4			—
Corporate	(2		)	(4		)	1			(5		)	(6		)	50		67		(10		)	(35		)	71
PROVISION FOR CREDIT LOSSES	$	1,251		$	682		$	935		$	959		$	840		83		49		$	3,827		$	3,139		22

NET INCOME
Consumer & Community Banking	$	2,407		$	2,630		$	2,533		$	2,219		$	2,179		(8	)	10		$	9,789		$	9,185		7
Corporate & Investment Bank	1,748			1,464			2,341			2,537			972			19		80		8,090			6,908			17
Commercial Banking	550			518			525			598			693			6		(21	)	2,191			2,635			(17	)
Asset Management	507			475			451			502			540			7		(6	)	1,935			2,153			(10	)
Corporate	222			1,717			440			58			547			(87	)	(59	)	2,437			864			182
TOTAL NET INCOME	$	5,434		$	6,804		$	6,290		$	5,914		$	4,931		(20	)	10		$	24,442		$	21,745		12

See note 2 on page 33.

Page 8



JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Dec 31, 2015
																	Change				FULL YEAR
	Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,						2015 Change
	2015				2015			2015			2015			2014			2015		2014		2015		2014		2014
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	175,398		(g)	$	173,577		$	169,769		$	167,142		$	164,426		1	%	7	%
Tier 1 capital	200,486			(g)(h)	199,222			194,725			188,791			186,294			1		8
Total capital	234,417			(g)	234,388			228,314			223,190			221,148			—		6
Risk-weighted assets (b)	1,467,489			(g)	1,503,370			1,499,638			1,536,688			1,472,602			(2	)	—
CET1 capital ratio	12.0		%	(g)	11.5		%	11.3		%	10.9		%	11.2		%
Tier 1 capital ratio	13.7			(g)	13.3			13.0			12.3			12.7
Total capital ratio	16.0			(g)	15.6			15.2			14.5			15.0

Advanced Transitional
CET1 capital	$	175,398		(g)	173,577			169,769			167,142			164,426			1		7
Tier 1 capital	200,486			(g)(h)	199,222			194,725			188,791			186,294			1		8
Total capital	224,023			(g)	223,888			218,735			213,300			210,607			—		6
Risk-weighted assets	1,488,887			(g)	1,502,685			1,520,140			1,562,570			1,608,240			(1	)	(7	)
CET1 capital ratio	11.8		%	(g)	11.6		%	11.2		%	10.7		%	10.2		%
Tier 1 capital ratio	13.5			(g)	13.3			12.8			12.1			11.6
Total capital ratio	15.0			(g)	14.9			14.4			13.7			13.1

Leverage-based capital metrics
Adjusted average assets (c)	$	2,361,344		(g)	$	2,375,317		$	2,447,864		$	2,510,378		$	2,464,915		(1	)	(4	)
Tier 1 leverage ratio	8.5		%	(g)	8.4		%	8.0		%	7.5		%	7.6		%
SLR leverage exposure (d)	$	3,079,806		(g)	$	3,116,633		3,223,351			3,300,300			3,320,919			(1	)
SLR (d)	6.5		%	(g)	6.4		%	6.0		%	5.7		%	5.6

TANGIBLE COMMON EQUITY (period-end) (e)
Common stockholders’ equity	$	221,505			$	219,660		$	216,287		$	214,371		$	211,664		1		5
Less: Goodwill	47,325				47,405			47,476			47,453			47,647			—		(1	)
Less: Other intangible assets	1,015				1,036			1,091			1,128			1,192			(2	)	(15	)
Add: Deferred tax liabilities (f)	3,148				3,105			2,876			2,870			2,853			1		10
Total tangible common equity	$	176,313			$	174,324		$	170,596		$	168,660		$	165,678		1		6

TANGIBLE COMMON EQUITY (average) (e)
Common stockholders’ equity	$	219,549			$	217,023		$	213,738		$	212,352		$	211,887		1		4		$	215,690	$	207,400	4
Less: Goodwill	47,377				47,428			47,485			47,491			47,900			—		(1	)	47,445		48,029		(1	)
Less: Other intangible assets	1,030				1,064			1,113			1,162			1,241			(3	)	(17	)	1,092		1,378		(21	)
Add: Deferred tax liabilities (f)	3,127				2,991			2,873			2,862			2,922			5		7		2,964		2,950		—
Total tangible common equity	$	174,269			$	171,522		$	168,013		$	166,561		$	165,668		2		5		$	170,117	$	160,943	6

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,325			$	47,405		$	47,476		$	47,453		$	47,647		—		(1	)
Mortgage servicing rights	6,608				6,716			7,571			6,641			7,436			(2	)	(11	)
Other intangible assets	1,015				1,036			1,091			1,128			1,192			(2	)	(15	)
Total intangible assets	$	54,948			$	55,157		$	56,138		$	55,222		$	56,275		—		(2	)

See notes 1 and 2 on page 33.

(a)

Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Regulatory capital on pages 146-153 of JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2014, and on pages 69–73 of the Firm’s Form 10-Q for the quarter ended September 30, 2015.


(b)	Effective January 1, 2015, Basel III Standardized Transitional RWA is calculated under the Basel III definition of the Standardized approach. December 31, 2014, was based on Basel I with 2.5.


(c)	Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for goodwill and other intangible assets, defined benefit pension plan assets, and deferred tax assets related to net operating loss carryforwards.

(d)

Beginning with the first quarter of 2015, the Firm is required to calculate a supplementary leverage ratio (“SLR”). The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.


(e)	For further discussion of TCE, see page 33.


(f)	Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.


(g)	Estimated.


(h)	At December 31, 2015, trust preferred securities included in Basel III Tier 1 capital were $992 million.

Page 9



JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																				FULL YEAR
																	4Q15 Change											2015 Change
	4Q15			3Q15			2Q15				1Q15			4Q14			3Q15		4Q14		2015				2014			2014
EARNINGS PER SHARE
Basic earnings per share
Net income	$	5,434		$	6,804		$	6,290			$	5,914		$	4,931		(20	)%	10	%	$	24,442			$	21,745		12	%
Less: Preferred stock dividends	418			393			380				324			326			6		28		1,515				1,125			35
Net income applicable to common equity	5,016			6,411			5,910				5,590			4,605			(22	)	9		22,927				20,620			11
Less: Dividends and undistributed earnings allocated to
participating securities	108			141			134				138			117			(23	)	(8	)	521				543			(4	)
Net income applicable to common stockholders	$	4,908		$	6,270		$	5,776			$	5,452		$	4,488		(22	)	9		$	22,406			$	20,077		12

Total weighted-average basic shares outstanding	3,674.2			3,694.4			3,707.8				3,725.3			3,730.9			(1	)	(2	)	3,700.4				3,763.5			(2	)
Net income per share	$	1.34		$	1.70		$	1.56			$	1.46		$	1.20		(21	)	12		$	6.05			$	5.33		14

Diluted earnings per share
Net income applicable to common stockholders	$	4,908		$	6,270		$	5,776			$	5,452		$	4,488		(22	)	9		$	22,406			$	20,077		12
Total weighted-average basic shares outstanding	3,674.2			3,694.4			3,707.8				3,725.3			3,730.9			(1	)	(2	)	3,700.4				3,763.5			(2	)
Add: Employee stock options, SARs and warrants (a)	30.4			31.2			35.8				32.2			34.3			(3	)	(11	)	32.4				34.0			(5	)
Total weighted-average diluted shares outstanding	3,704.6			3,725.6			3,743.6				3,757.5			3,765.2			(1	)	(2	)	3,732.8				3,797.5			(2	)
Net income per share	$	1.32		$	1.68		$	1.54			$	1.45		$	1.19		(21	)	11		$	6.00			$	5.29		13

COMMON DIVIDENDS
Cash dividends declared per share	$	0.44		$	0.44		$	0.44		(d)	$	0.40		$	0.40		—		10		$	1.72		(e)	$	1.58		9
Dividend payout ratio	33		%	26		%	28		%		27		%	33		%					28		%		29		%

COMMON EQUITY REPURCHASE PROGRAM (b)
Total shares of common stock repurchased	19.0			19.1			19.2				32.5			25.3			(1	)	(25	)	89.8				82.3			9
Average price paid per share of common stock	$	63.92		$	65.30		$	65.32			$	58.40		$	59.80		(2	)	7		$	62.51			$	57.87		8
Aggregate repurchases of common equity	1,219			1,248			1,249				1,900			1,510			(2	)	(19	)	5,616				4,760			18

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.1			1.9			2.0				28.8			1.8			(42	)	(39	)	33.8				40.9			(17	)
Net impact of employee issuances on stockholders’ equity (c)	$	252		$	248		$	290			$	333		$	295		2		(15	)	$	1,123			$	1,243		(10	)

See note 2 on page 33.

(a)

Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was [not material] for the each of the three months ended December 31, 2015, September 30, 2015, June 30, 2015, and for full year December 31, 2015; and 1 million for each of the three months ended March 31, 2015 and December 31, 2014, and for full year December 31, 2014, respectively.


(b)	On March 11, 2015, the Firm announced, following the release by the Board of Governors of the Federal Reserve System (“Federal Reserve”) of the 2015 CCAR results, that it is authorized to repurchase up to $6.4 billion of common equity between April 1, 2015, and June 30, 2016.


(c)	The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and stock appreciation rights (“SARs”).


(d)	On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.

Page 10



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	817		$	836		$	766		$	718		$	782		(2	)%	4	%	$	3,137		$	3,039		3	%
Asset management, administration and commissions	524			565			553			530			538			(7	)	(3	)	2,172			2,096			4
Mortgage fees and related income	556			469			782			704			854			19		(35	)	2,511			3,560			(29	)
Card income	1,326			1,335			1,506			1,324			1,467			(1	)	(10	)	5,491			5,779			(5	)
All other income	815			524			482			460			180			56		353		2,281			1,463			56
Noninterest revenue	4,038			3,729			4,089			3,736			3,821			8		6		15,592			15,937			(2	)
Net interest income	7,184			7,150			6,926			6,968			7,128			—		1		28,228			28,431			(1	)
TOTAL NET REVENUE	11,222			10,879			11,015			10,704			10,949			3		2		43,820			44,368			(1	)

Provision for credit losses	1,038			389			702			930			950			167		9		3,059			3,520			(13	)

NONINTEREST EXPENSE
Compensation expense	2,349			2,413			2,478			2,530			2,535			(3	)	(7	)	9,770			10,538			(7	)
Noncompensation expense	3,923			3,824			3,732			3,660			3,876			3		1		15,139			15,071			—
TOTAL NONINTEREST EXPENSE	6,272			6,237			6,210			6,190			6,411			1		(2	)	24,909			25,609			(3	)

Income before income tax expense	3,912			4,253			4,103			3,584			3,588			(8	)	9		15,852			15,239			4
Income tax expense	1,505			1,623			1,570			1,365			1,409			(7	)	7		6,063			6,054			—
NET INCOME	$	2,407		$	2,630		$	2,533		$	2,219		$	2,179		(8	)	10		$	9,789		$	9,185		7

FINANCIAL RATIOS
ROE	18		%	20		%	19		%	17		%	16		%					18		%	18		%
Overhead ratio	56			57			56			58			59							57			58

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	502,652		$	484,253		$	472,181		$	455,624		$	455,634		4		10		$	502,652		$	455,634		10
Trading assets - loans (a)	5,953			6,633			6,700			6,756			8,423			(10	)	(29	)	5,953			8,423			(29	)
Loans:
Loans retained	445,316			427,958			413,363			398,314			396,288			4		12		445,316			396,288			12
Loans held-for-sale	542			1,582			2,825			2,720			3,416			(66	)	(84	)	542			3,416			(84	)
Total loans	445,858			429,540			416,188			401,034			399,704			4		12		445,858			399,704			12
Core loans	341,881			320,415			301,154			280,252			273,494			7		25		341,881			273,494			25

Deposits	557,645			539,182			530,767			531,027			502,520			3		11		557,645			502,520			11
Equity (b)	51,000			51,000			51,000			51,000			51,000			—		—		51,000			51,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	494,306		$	478,914		$	463,404		$	454,763		$	450,260		3		10		$	472,972		$	447,750		6
Trading assets - loans (a)	6,412			8,468			7,068			7,992			8,746			(24	)	(27	)	7,484			8,040			(7	)
Loans:
Loans retained	436,702			419,741			406,029			395,084			392,764			4		11		414,518			389,967			6
Loans held-for-sale	1,063			2,124			2,100			2,984			1,417			(50	)	(25	)	2,062			917			125
Total loans	437,765			421,865			408,129			398,068			394,181			4		11		416,580			390,884			7
Deposits	545,734			535,987			529,448			512,157			497,667			2		10		530,938			486,919			9
Equity (b)	51,000			51,000			51,000			51,000			51,000			—		—		51,000			51,000			—

Headcount	127,094			128,601			132,302			135,908			137,186			(1	)	(7	)	127,094			137,186			(7	)


(a)	Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value.


(b)	Equity is allocated to the sub-business segments with $5.0 billion and $3.0 billion of capital in 2015 and 2014, respectively, held at the CCB level related to legacy mortgage servicing matters.

Page 11



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,038		$	965		$	1,027		$	1,054		$	1,197		8	%	(13	)%	$	4,084		$	4,773		(14	)%
Nonaccrual loans (b)(c)	5,313			5,433			5,876			6,143			6,401			(2	)	(17	)	5,313			6,401			(17	)
Nonperforming assets (b)(c)	5,635			5,778			6,250			6,569			6,872			(2	)	(18	)	5,635			6,872			(18	)
Allowance for loan losses (a)	9,165			9,211			9,838			10,219			10,404			—		(12	)	9,165			10,404			(12	)

Net charge-off rate (a)	0.94		%	0.91		%	1.01		%	1.08		%	1.21		%					0.99		%	1.22		%
Net charge-off rate, excluding purchased credit-impaired
(“PCI”) loans	1.04			1.02			1.14			1.22			1.38							1.10			1.40
Allowance for loan losses to period-end loans retained	2.06			2.15			2.38			2.57			2.63							2.06			2.63
Allowance for loan losses to period-end loans retained,
excluding PCI loans (d)	1.59			1.67			1.79			1.97			2.02							1.59			2.02
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(d)	57			55			56			57			58							57			58
Nonaccrual loans to total period-end loans, excluding
credit card	1.69			1.80			2.03			2.21			2.38							1.69			2.38
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)	1.94			2.09			2.39			2.64			2.88							1.94			2.88

BUSINESS METRICS
Number of:
Branches	5,413			5,471			5,504			5,570			5,602			(1	)	(3	)	5,413			5,602			(3	)
ATMs	17,777			18,623			18,050			18,298			18,056			(5	)	(2	)	17,777			18,056			(2	)
Active online customers (in thousands) (e)	39,242			38,511			37,878			37,696			36,396			2		8		39,242			36,396			8
Active mobile customers (in thousands)	22,810			22,232			21,001			19,962			19,084			3		20		22,810			19,084			20

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.

(a)

Net charge-offs and the net charge-off rates for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, excluded $46 million, $52 million, $55 million, $55 million and $337 million, respectively, and $208 million and $533 million, for the full year 2015 and 2014, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see summary of changes in the allowances on page 31.


(b)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(c)


(d)	The allowance for loan losses for PCI loans was $2.7 billion at December 31, 2015, $2.8 billion at September 30, 2015, $3.2 billion at June 30, 2015, and $3.3 billion at both March 31, 2015, and December 31, 2014; these amounts were also excluded from the applicable ratios.


(e)	Users of all internet browsers and mobile platforms (mobile smartphone, tablet and SMS) who have logged in within the past 90 days.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																								FULL YEAR
																					4Q15 Change												2015 Change
	4Q15				3Q15				2Q15				1Q15				4Q14				3Q15		4Q14		2015				2014				2014
CONSUMER & BUSINESS BANKING

INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	812			$	829			$	760			$	711			$	776			(2	)%	5	%	$	3,112			$	3,010			3	%
Asset management, administration and commissions	505				546				534				512				513				(8	)	(2	)	2,097				2,025				4
Card income	442				440				435				404				414				—		7		1,721				1,605				7
All other income	219				135				135				122				123				62		78		611				534				14
Noninterest revenue	1,978				1,950				1,864				1,749				1,826				1		8		7,541				7,174				5
Net interest income	2,609				2,605				2,619				2,609				2,733				—		(5	)	10,442				11,052				(6	)
Total net revenue	4,587				4,555				4,483				4,358				4,559				1		1		17,983				18,226				(1	)
Provision for credit losses	76				50				68				60				88				52		(14	)	254				305				(17	)
Noninterest expense	2,946				2,956				3,056				2,958				3,026				—		(3	)	11,916				12,149				(2	)
Income before income tax expense	1,565				1,549				1,359				1,340				1,445				1		8		5,813				5,772				1
Net income	$	968			$	954			$	831			$	828			$	861			1		12		$	3,581			$	3,443			4

ROE	32		%		32		%		28		%		28		%		31		%						30		%		31		%
Overhead ratio	64				65				68				68				66								66				67
Equity (period-end and average)	$	11,500			$	11,500			$	11,500			$	11,500			$	11,000			—		5		$	11,500			$	11,000			5

BUSINESS METRICS
Business banking origination volume	$	1,609			$	1,715			$	1,911			$	1,540			$	1,529			(6	)	5		$	6,775			$	6,599			3
Period-end loans	22,730				22,346				21,940				21,608				21,200				2		7		22,730				21,200				7
Period-end deposits:
Checking	246,448				231,968				226,888				227,382				213,049				6		16		246,448				213,049				16
Savings	279,897				273,468				268,777				267,696				255,148				2		10		279,897				255,148				10
Time and other	18,063				18,547				19,317				20,329				21,349				(3	)	(15	)	18,063				21,349				(15	)
Total period-end deposits	544,408				523,983				514,982				515,407				489,546				4		11		544,408				489,546				11
Average loans	22,445				22,069				21,732				21,317				20,830				2		8		21,894				20,152				9
Average deposits:
Checking	235,498				229,003				225,803				216,312				207,312				3		14		226,713				198,996				14
Savings	276,823				271,526				267,212				260,461				253,412				2		9		269,057				249,281				8
Time and other	18,290				18,885				19,829				20,837				22,113				(3	)	(17	)	19,452				24,057				(19	)
Total average deposits	530,611				519,414				512,844				497,610				482,837				2		10		515,222				472,334				9
Deposit margin	1.83			%	1.86			%	1.92			%	1.99			%	2.11			%					1.90			%	2.21			%
Average assets	$	41,779			$	40,991			$	41,290			$	41,774			$	39,163			2		7		$	41,457			$	38,298			8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	76			$	50			$	68			$	59			$	85			52		(11	)	$	253			$	305			(17	)
Net charge-off rate	1.34		%		0.90		%		1.26		%		1.12		%		1.62		%						1.16		%		1.51		%
Allowance for loan losses	$	703			$	703			$	703			$	703			$	703			—		—		$	703			$	703			—
Nonperforming assets	270				242				246				274				286				12		(6	)	270				286				(6	)

RETAIL BRANCH BUSINESS METRICS
Net new investment assets	$	1,886			$	2,783			$	3,362			$	3,821			$	3,254			(32	)	(42	)	$	11,852			$	16,088			(26	)
Client investment assets	218,551				213,263				221,490				219,192				213,459				2		2		218,551				213,459				2
% managed accounts	41			%	41			%	41			%	40			%	39			%					41			%	39			%
Number of:
Chase Private Client locations	2,764				2,740				2,661				2,573				2,514				1		10		2,764				2,514				10
Personal bankers	18,041				18,554				19,735				20,503				21,039				(3	)	(14	)	18,041				21,039				(14	)
Sales specialists	3,539				3,600				3,763				3,842				3,994				(2	)	(11	)	3,539				3,994				(11	)
Client advisors	2,931				2,965				2,996				3,065				3,090				(1	)	(5	)	2,931				3,090				(5	)
Chase Private Clients	441,369				418,258				390,220				358,115				325,653				6		36		441,369				325,653				36
Accounts (in thousands) (a)	31,342				31,277				31,041				30,755				30,481				—		3		31,342				30,481				3


(a)	Includes checking accounts and Chase Liquid® cards.

Page 13



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																								FULL YEAR
																					4Q15 Change												2015 Change
	4Q15				3Q15				2Q15				1Q15				4Q14				3Q15		4Q14		2015				2014				2014
MORTGAGE BANKING

INCOME STATEMENT
REVENUE
Mortgage fees and related income	$	556			$	469			$	782			$	704			$	854			19	%	(35	)%	$	2,511			$	3,560			(29	)%
All other income	(23		)		(26		)		(5		)		(11		)		(9		)		12		(156	)	(65		)		37				NM
Noninterest revenue	533				443				777				693				845				20		(37	)	2,446				3,597				(32	)
Net interest income	1,147				1,112				1,056				1,056				1,030				3		11		4,371				4,229				3
Total net revenue	1,680				1,555				1,833				1,749				1,875				8		(10	)	6,817				7,826				(13	)
Provision for credit losses	59				(534		)		(219		)		4				13				NM		354		(690		)		(217		)		(218	)
Noninterest expense	1,160				1,118				1,110				1,219				1,296				4		(10	)	4,607				5,284				(13	)
Income before income tax expense	461				971				942				526				566				(53	)	(19	)	2,900				2,759				5
Net income	$	266			$	602			$	584			$	326			$	338			(56	)	(21	)	$	1,778			$	1,668			7

ROE	6			%	14			%	14			%	7			%	7			%					10			%	9			%
Overhead ratio	69				72				61				70				69								68				68
Equity (period-end and average)	$	16,000			$	16,000			$	16,000			$	16,000			$	18,000			—		(11	)	$	16,000			$	18,000			(11	)

SUPPLEMENTAL INFORMATION
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (a)	$	123			$	176			$	233			$	237			$	325			(30	)	(62	)	$	769			$	1,190			(35	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	672				648				707				749				779				4		(14	)	2,776				3,303				(16	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(243		)		(232		)		(228		)		(214		)		(209		)		(5	)	(16	)	(917		)		(905		)		(1	)
Total operating revenue	429				416				479				535				570				3		(25	)	1,859				2,398				(22	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (b)	178				(677		)		815				(476		)		(775		)		NM		NM		(160		)		(1,606		)		90
Other changes in MSR asset fair value due to other inputs
and assumptions in model (c)	(33		)		(88		)		(22		)		(102		)		(22		)		63		(50	)	(245		)		(218		)		(12	)
Changes in derivative fair value and other	(141		)		642				(723		)		510				756				NM		NM		288				1,796				(84	)
Total risk management	4				(123		)		70				(68		)		(41		)		NM		NM		(117		)		(28		)		(318	)
Total net mortgage servicing revenue	433				293				549				467				529				48		(18	)	1,742				2,370				(26	)
Mortgage fees and related income	$	556			$	469			$	782			$	704			$	854			19		(35	)	$	2,511			$	3,560			(29	)

NET INTEREST INCOME:
Mortgage Production and Mortgage Servicing	$	131			$	147			$	139			$	158			$	172			(11	)	(24	)	$	575			$	736			(22	)
Real Estate Portfolios	1,016				965				917				898				858				5		18		3,796				3,493				9
Total net interest income	$	1,147			$	1,112			$	1,056			$	1,056			$	1,030			3		11		$	4,371			$	4,229			3

NONINTEREST EXPENSE:
Mortgage Production	$	336			$	374			$	360			$	421			$	373			(10	)	(10	)	$	1,491			$	1,644			(9	)
Mortgage Servicing	540				453				466				582				559				19		(3	)	2,041				2,267				(10	)
Real Estate Portfolios	284				291				284				216				364				(2	)	(22	)	1,075				1,373				(22	)
Total noninterest expense	$	1,160			$	1,118			$	1,110			$	1,219			$	1,296			4		(10	)	$	4,607			$	5,284			(13	)


(a)	Included repurchase (losses)/benefits of $3 million, $44 million, $28 million, $33 million and $131 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively, and $108 million and $458 million for the full year 2015 and 2014, respectively.


(b)	Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.


(c)	Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

Page 14



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS														FULL YEAR
											4Q15 Change								2015 Change
	4Q15		3Q15		2Q15		1Q15		4Q14		3Q15		4Q14		2015		2014		2014
MORTGAGE BANKING (continued)

SELECTED BALANCE SHEET DATA
Trading assets - loans (period-end) (a)	$	5,953	$	6,633	$	6,700	$	6,756	$	8,423	(10	)%	(29	)%	$	5,953	$	8,423	(29	)%
Trading assets - loans (average) (a)	6,412		8,468		7,068		7,992		8,746		(24	)	(27	)	7,484		8,040		(7	)

Loans, excluding PCI loans
Period-end loans owned
Home equity	$	43,745	$	45,359	$	47,228	$	49,067	$	50,899	(4	)	(14	)	$	43,745	$	50,899	(14	)
Prime mortgage, including option ARMs	134,361		122,714		107,001		91,956		80,414		9		67		134,361		80,414		67
Subprime mortgage	3,732		3,853		4,660		4,828		5,083		(3	)	(27	)	3,732		5,083		(27	)
Other	398		417		435		454		477		(5	)	(17	)	398		477		(17	)
Total period-end loans owned	$	182,236	$	172,343	$	159,324	$	146,305	$	136,873	6		33		$	182,236	$	136,873	33
Average loans owned
Home equity	$	44,530	$	46,250	$	48,148	$	50,007	$	51,803	(4	)	(14	)	$	47,216	$	54,410	(13	)
Prime mortgage, including option ARMs	130,369		114,537		99,315		86,111		77,663		14		68		107,723		71,491		51
Subprime mortgage	3,786		4,261		4,735		4,968		5,365		(11	)	(29	)	4,434		6,257		(29	)
Other	407		426		445		466		484		(4	)	(16	)	436		511		(15	)
Total average loans owned	$	179,092	$	165,474	$	152,643	$	141,552	$	135,315	8		32		$	159,809	$	132,669	20

PCI loans
Period-end loans owned
Home equity	$	14,989	$	15,490	$	16,088	$	16,638	$	17,095	(3	)	(12	)	$	14,989	$	17,095	(12	)
Prime mortgage	8,893		9,196		9,553		9,916		10,220		(3	)	(13	)	8,893		10,220		(13	)
Subprime mortgage	3,263		3,329		3,449		3,559		3,673		(2	)	(11	)	3,263		3,673		(11	)
Option ARMs	13,853		14,221		14,716		15,243		15,708		(3	)	(12	)	13,853		15,708		(12	)
Total period-end loans owned	$	40,998	$	42,236	$	43,806	$	45,356	$	46,696	(3	)	(12	)	$	40,998	$	46,696	(12	)
Average loans owned
Home equity	$	15,227	$	15,775	$	16,354	$	16,847	$	17,319	(3	)	(12	)	$	16,045	$	18,030	(11	)
Prime mortgage	9,048		9,372		9,724		10,063		10,584		(3	)	(15	)	9,548		11,257		(15	)
Subprime mortgage	3,292		3,385		3,490		3,604		3,717		(3	)	(11	)	3,442		3,921		(12	)
Option ARMs	14,023		14,451		14,940		15,446		15,934		(3	)	(12	)	14,711		16,794		(12	)
Total average loans owned	$	41,590	$	42,983	$	44,508	$	45,960	$	47,554	(3	)	(13	)	$	43,746	$	50,002	(13	)

Total Mortgage Banking
Period-end loans owned
Home equity	$	58,734	$	60,849	$	63,316	$	65,705	$	67,994	(3	)	(14	)	$	58,734	$	67,994	(14	)
Prime mortgage, including option ARMs	157,107		146,131		131,270		117,115		106,342		8		48		157,107		106,342		48
Subprime mortgage	6,995		7,182		8,109		8,387		8,756		(3	)	(20	)	6,995		8,756		(20	)
Other	398		417		435		454		477		(5	)	(17	)	398		477		(17	)
Total period-end loans owned	$	223,234	$	214,579	$	203,130	$	191,661	$	183,569	4		22		$	223,234	$	183,569	22
Average loans owned
Home equity	$	59,757	$	62,025	$	64,502	$	66,854	$	69,122	(4	)	(14	)	$	63,261	$	72,440	(13	)
Prime mortgage, including option ARMs	153,440		138,360		123,979		111,620		104,181		11		47		131,982		99,542		33
Subprime mortgage	7,078		7,646		8,225		8,572		9,082		(7	)	(22	)	7,876		10,178		(23	)
Other	407		426		445		466		484		(4	)	(16	)	436		511		(15	)
Total average loans owned	$	220,682	$	208,457	$	197,151	$	187,512	$	182,869	6		21		$	203,555	$	182,671	11


(a)	Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value.

Page 15



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS																								FULL YEAR
																					4Q15 Change												2015 Change
	4Q15				3Q15				2Q15				1Q15				4Q14				3Q15		4Q14		2015				2014				2014
MORTGAGE BANKING (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	45			$	82			$	69			$	87			$	87			(45	)%	(48	)%	$	283			$	473			(40	)%
Prime mortgage, including option ARMs	14				9				11				14				34				56		(59	)	48				28				71
Subprime mortgage	(2		)		(51		)		(1		)		1				(10		)		96		80		(53		)		(27		)		(96	)
Other	2				1				2				2				2				100		—		7				9				(22	)
Total net charge-offs/(recoveries), excluding PCI loans	$	59			$	41			$	81			$	104			$	113			44		(48	)	$	285			$	483			(41	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	0.40			%	0.70			%	0.57			%	0.71			%	0.67			%					0.60			%	0.87			%
Prime mortgage, including option ARMs	0.04				0.03				0.04				0.07				0.17								0.04				0.04
Subprime mortgage	(0.21		)		(5.17		)		(0.08		)		0.08				(0.74		)						(1.22		)		(0.43		)
Other	1.95				0.93				1.80				1.74				1.64								1.61				1.76
Total net charge-off/(recovery) rate, excluding PCI loans	0.13				0.10				0.21				0.30				0.33								0.18				0.37
Net charge-off/(recovery) rate - reported (a)
Home equity	0.30			%	0.52			%	0.43			%	0.53			%	0.50			%					0.45			%	0.65			%
Prime mortgage, including option ARMs	0.04				0.03				0.04				0.05				0.13								0.04				0.03
Subprime mortgage	(0.11		)		(2.77		)		(0.05		)		0.05				(0.44		)						(0.68		)		(0.27		)
Other	1.95				0.93				1.80				1.74				1.64								1.61				1.76
Total net charge-off/(recovery) rate - reported	0.11				0.08				0.17				0.23				0.25								0.14				0.27

30+ day delinquency rate, excluding PCI loans (b)(c)	1.57			%	1.74			%	1.95			%	2.30			%	2.61			%					1.57			%	2.61			%
Allowance for loan losses, excluding PCI loans	$	1,588			$	1,588			$	1,788			$	2,088			$	2,188			—		(27	)	$	1,588			$	2,188			(27	)
Allowance for PCI loans (a)	2,742				2,788				3,215				3,270				3,325				(2	)	(18	)	2,742				3,325				(18	)
Allowance for loan losses	$	4,330			$	4,376			$	5,003			$	5,358			$	5,513			(1	)	(21	)	$	4,330			$	5,513			(21	)
Nonperforming assets (d)(e)	4,971				5,143				5,630				5,910				6,175				(3	)	(19	)	4,971				6,175				(19	)
Allowance for loan losses to period-end loans retained	1.94			%	2.04			%	2.48			%	2.80			%	3.01			%					1.94			%	3.01			%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	0.87				0.92				1.13				1.43				1.60								0.87				1.60

BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	8.7			$	9.5			$	9.8			$	8.1			$	7.7			(8	)	13		$	36.1			$	29.5			22
Correspondent	13.8				20.4				19.5				16.6				15.3				(32	)	(10	)	70.3				48.5				45
Total mortgage origination volume (f)	$	22.5			$	29.9			$	29.3			$	24.7			$	23.0			(25	)	(2	)	$	106.4			$	78.0			36

Total loans serviced (period-end)	$	910.1			$	929.0			$	917.0			$	924.3			$	948.8			(2	)	(4	)	$	910.1			$	948.8			(4	)
Third-party mortgage loans serviced (period-end)	674.0				702.6				723.4				723.5				751.5				(4	)	(10	)	$	674.0			751.5				(10	)
Third-party mortgage loans serviced (average)	688.3				713.0				723.5				737.5				758.9				(3	)	(9	)	715.4				784.6				(9	)
MSR carrying value (period-end)	6.6				6.7				7.6				6.6				7.4				(1	)	(11	)	6.6				7.4				(11	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	0.98			%	0.95			%	1.05			%	0.91			%	0.98			%					0.98			%	0.98			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.33				0.34				0.35				0.36				0.35								0.35				0.36
MSR revenue multiple (g)	2.97		x		2.79		x		3.00		x		2.53		x		2.80		x						2.80		x		2.72		x

(a)


(b)	At December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, excluded mortgage loans insured by U.S. government agencies of $8.4 billion, $8.5 billion, $8.8 billion, $9.2 billion and $9.7 billion respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(c)	The 30+ day delinquency rate for PCI loans was 11.21%, 11.29%, 11.65%, 12.25% and 13.33%, at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.

(d)


(e)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(f)	Firmwide mortgage origination volume was $24.7 billion, $32.2 billion, $31.7 billion, $26.6 billion and $24.4 billion for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $115.2 billion and $83.3 billion for the full year 2015, and 2014, respectively.


(g)	Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 16



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
CARD, COMMERCE SOLUTIONS & AUTO

INCOME STATEMENT
REVENUE
Card income	$	884		$	895		$	1,070		$	920		$	1,053		(1	)%	(16	)%	$	3,769		$	4,173		(10	)%
All other income	643			441			378			374			97			46		NM		1,836			993			85
Noninterest revenue	1,527			1,336			1,448			1,294			1,150			14		33		5,605			5,166			8
Net interest income	3,428			3,433			3,251			3,303			3,365			—		2		13,415			13,150			2
Total net revenue	4,955			4,769			4,699			4,597			4,515			4		10		19,020			18,316			4
Provision for credit losses	903			873			853			866			849			3		6		3,495			3,432			2
Noninterest expense (a)	2,166			2,163			2,044			2,013			2,089			—		4		8,386			8,176			3
Income before income tax expense	1,886			1,733			1,802			1,718			1,577			9		20		7,139			6,708			6
Net income	$	1,173		$	1,074		$	1,118		$	1,065		$	980		9		20		$	4,430		$	4,074		9

ROE	24		%	22		%	23		%	22		%	20		%					23		%	21		%
Overhead ratio	44			45			43			44			46							44			45
Equity (period-end and average)	$	18,500		$	18,500		$	18,500		$	18,500		$	19,000		—		(3	)	$	18,500		$	19,000		(3	)

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	131,463		$	126,979		$	126,025		$	123,257		$	131,048		4		—		$	131,463		$	131,048		—
Auto	60,255			57,174			56,330			55,455			54,536			5		10		60,255			54,536			10
Student	8,176			8,462			8,763			9,053			9,351			(3	)	(13	)	8,176			9,351			(13	)
Total loans	$	199,894		$	192,615		$	191,118		$	187,765		$	194,935		4		3		$	199,894		$	194,935		3
Auto operating lease assets	9,182			8,428			7,742			7,123			6,690			9		37		9,182			6,690			37

SELECTED BALANCE SHEET DATA (average)
Total assets	$	211,799		$	206,653		$	204,596		$	203,925		$	205,081		2		3		$	206,765		$	202,609		2
Loans:
Credit Card	127,620			126,305			124,539			125,025			127,351			1		—		125,881			125,113			1
Auto	58,692			56,412			55,800			55,005			53,612			4		9		56,487			52,961			7
Student	8,326			8,622			8,907			9,209			9,519			(3	)	(13	)	8,763			9,987			(12	)
Total loans	$	194,638		$	191,339		$	189,246		$	189,239		$	190,482		2		2		$	191,131		$	188,061		2
Auto operating lease assets	8,794			8,073			7,437			6,899			6,553			9		34		7,807			6,106			28

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	130.8		$	126.6		$	125.7		$	112.8		$	123.6		3		6		$	495.9		$	465.6		7
New accounts opened	2.5			2.0			2.1			2.1			2.4			25		4		8.7			8.8			(1	)
Open accounts	59.3			62.9			62.8			64.9			64.6			(6	)	(8	)	59.3			64.6			(8	)
Accounts with sales activity	33.8			33.0			32.6			32.5			34.0			2		(1	)	33.8			34.0			(1	)
% of accounts acquired online	72		%	69		%	62		%	62		%	62		%					67		%	56		%

Commerce Solutions (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	258.2		$	235.8		$	234.1		$	221.2		$	230.2		9		12		$	949.3		$	847.9		12
Total transactions (in billions)	11.7			10.4			10.1			9.8			10.3			13		14		42.0			38.1			10

Auto
Loan and lease origination volume (in billions)	$	9.2		$	8.1		$	7.8		$	7.3		$	6.9		14		33		$	32.4		$	27.5		18

Note: Chase Commerce Solutions, formerly known as Merchant Services, includes Chase Paymentech, ChaseNet and Chase Offers businesses.


(a)	Included operating lease depreciation expense of $401 million, $372 million, $348 million, $326 million and,$303 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $1.4 billion and $1.2 billion for the full year 2015 and 2014, respectively.

Page 17



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)


	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
CARD, COMMERCE SOLUTIONS & AUTO (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	774		$	759		$	800		$	789		$	858		2	%	(10	)%	$	3,122		$	3,429		(9	)%
Auto	74			57			32			51			61			30		21		214			181			18
Student	55			58			46			51			80			(5	)	(31	)	210			375			(44	)
Total net charge-offs	903			874			878			891			999			3		(10	)	3,546			3,985			(11	)
Net charge-off rate:
Credit Card (a)	2.42		%	2.41		%	2.61		%	2.62		%	2.69		%					2.51		%	2.75		%
Auto	0.50			0.40			0.23			0.38			0.45							0.38			0.34
Student	2.62			2.67			2.07			2.25			3.33							2.40			3.75
Total net charge-off rate	1.85			1.82			1.88			1.94			2.09							1.87			2.12

Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.43			1.38			1.29			1.41			1.44							1.43			1.44
Auto	1.35			1.06			0.95			0.90			1.23							1.35			1.23
Student (c)	1.81			1.99			2.00			1.77			2.35							1.81			2.35
Total 30+ day delinquency rate	1.42			1.31			1.22			1.27			1.42							1.42			1.42
90+ day delinquency rate - Credit Card (b)	0.72			0.66			0.63			0.73			0.70							0.72			0.70

Nonperforming assets (d)	$	394		$	393		$	374		$	385		$	411		—		(4	)	$	394		$	411		(4	)
Allowance for loan losses:
Credit Card	3,434			3,434			3,434			3,434			3,439			—		—		3,434			3,439			—
Auto & Student	698			698			698			724			749			—		(7	)	698			749			(7	)
Total allowance for loan losses	4,132			4,132			4,132			4,158			4,188			—		(1	)	4,132			4,188			(1	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.61		%	2.73		%	2.75		%	2.84		%	2.69		%					2.61		%	2.69		%
Auto & Student	1.02			1.06			1.07			1.12			1.17							1.02			1.17
Total allowance for loan losses to period-end loans	2.07			2.16			2.18			2.24			2.18							2.07			2.18

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	997		$	838		$	980		$	858		$	736		19		35		$	3,673		$	3,593		2
Net interest income	3,038			3,051			2,855			2,901			2,947			—		3		11,845			11,462			3
Total net revenue	4,035			3,889			3,835			3,759			3,683			4		10		15,518			15,055			3
Provision for credit losses	774			759			800			789			708			2		9		3,122			3,079			1
Noninterest expense	1,544			1,581			1,478			1,462			1,568			(2	)	(2	)	6,065			6,152			(1	)
Income before income tax expense	1,717			1,549			1,557			1,508			1,407			11		22		6,331			5,824			9
Net income	$	1,069		$	961		$	965		$	935		$	879		11		22		$	3,930		$	3,547		11

Percentage of average loans:
Noninterest revenue	3.10		%	2.63		%	3.16		%	2.78		%	2.29		%					2.92		%	2.87		%
Net interest income	9.44			9.58			9.20			9.41			9.18							9.41			9.16
Total net revenue	12.54			12.22			12.35			12.19			11.47							12.33			12.03

(a)

Average credit card loans included loans held-for-sale of $717 million, $1.3 billion, $1.8 billion, $2.7 billion and $976 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $1.6 billion and $509 million for the full year 2015 and 2014, respectively. These amounts are excluded when calculating the net charge-off rate.


(b)	Period-end credit card loans included loans held-for-sale of $76 million, $1.3 billion, $1.3 billion, $2.4 billion and $3.0 billion at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans.


(c)	Excluded student loans insured by U.S. government agencies under the FFELP of $526 million, $507 million, $546 million, $596 million and $654 million at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)

Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $290 million, $289 million, $282 million, $346 million and $367 million at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, that are 90 or more days past due. These amounts have been excluded from nonaccrual loans based upon the government guarantee.

Page 18



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,538		$	1,612		$	1,825		$	1,761		$	1,811		(5	)%	(15	)%	$	6,736		$	6,570		3	%
Principal transactions	1,396			2,370			2,657			3,482			712			(41	)	96		9,905			8,947			11
Lending- and deposit-related fees	387			389			400			397			425			(1	)	(9	)	1,573			1,742			(10	)
Asset management, administration and commissions	1,049			1,083			1,181			1,154			1,181			(3	)	(11	)	4,467			4,687			(5	)
All other income	268			294			170			280			417			(9	)	(36	)	1,012			1,474			(31	)
Noninterest revenue	4,638			5,748			6,233			7,074			4,546			(19	)	2		23,693			23,420			1
Net interest income	2,431			2,420			2,490			2,508			2,837			—		(14	)	9,849			11,175			(12	)
TOTAL NET REVENUE (a)	7,069			8,168			8,723			9,582			7,383			(13	)	(4	)	33,542			34,595			(3	)

Provision for credit losses	81			232			50			(31		)	(59		)	(65	)	NM		332			(161		)	NM

NONINTEREST EXPENSE
Compensation expense	1,860			2,434			2,656			3,023			2,017			(24	)	(8	)	9,973			10,449			(5	)
Noncompensation expense	2,576			3,697			2,481			2,634			3,559			(30	)	(28	)	11,388			12,824			(11	)
TOTAL NONINTEREST EXPENSE	4,436			6,131			5,137			5,657			5,576			(28	)	(20	)	21,361			23,273			(8	)

Income before income tax expense	2,552			1,805			3,536			3,956			1,866			41		37		11,849			11,483			3
Income tax expense	804			341			1,195			1,419			894			136		(10	)	3,759			4,575			(18	)
NET INCOME	$	1,748		$	1,464		$	2,341		$	2,537		$	972		19		80		$	8,090		$	6,908		17

FINANCIAL RATIOS
ROE	10		%	8		%	14		%	16		%	5		%					12		%	10		%
Overhead ratio	63			75			59			59			76							64			67
Compensation expense as a percent of total net revenue	26			30			30			32			27							30			30

REVENUE BY BUSINESS
Investment banking revenue (b)	$	1,470		$	1,530		$	1,746		$	1,630		$	1,650		(4	)	(11	)	$	6,376		$	6,122		4
Treasury Services (c)	901			899			901			930			937			—		(4	)	3,631			3,728			(3	)
Lending (c)	390			334			302			435			358			17		9		1,461			1,547			(6	)
Total Banking (b)	2,761			2,763			2,949			2,995			2,945			—		(6	)	11,468			11,397			1
Fixed Income Markets (b)	2,574			2,933			2,931			4,154			2,653			(12	)	(3	)	12,592			14,075			(11	)
Equity Markets (b)	1,064			1,403			1,576			1,651			1,143			(24	)	(7	)	5,694			5,044			13
Securities Services	933			915			995			934			1,094			2		(15	)	3,777			4,351			(13	)
Credit Adjustments & Other (d)	(263		)	154			272			(152		)	(452		)	NM		42		11			(272		)	NM
Total Markets & Investor Services (b)	4,308			5,405			5,774			6,587			4,438			(20	)	(3	)	22,074			23,198			(5	)
TOTAL NET REVENUE	$	7,069		$	8,168		$	8,723		$	9,582		$	7,383		(13	)	(4	)	$	33,542		$	34,595		(3	)

See note 2 on page 33.

(a)

Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bond investments of $486 million, $417 million, $396 million, $432 million and $453 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $1.7 billion and $1.6 billion for full year 2015 and 2014, respectively.

(b)

Effective in the second quarter of 2015, Investment banking revenue (formerly Investment banking fees) incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other lines of business; previously such shared revenue had been reported in Fixed Income Markets and Equity Markets. Prior periods have been revised to conform with the current period presentation.


(c)	Effective in the second quarter of 2015, Trade Finance revenue was transferred from Treasury Services to Lending. Prior periods have been revised to conform with the current period presentation.

(d)

Consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, and funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on over-the-counter (“OTC”) derivatives and structured notes. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 19



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	748,691		$	801,133		$	819,745		$	854,275		$	861,466		(7	)%	(13	)%	$	748,691		$	861,466		(13	)%
Loans:
Loans retained (a)	106,908			101,420			96,579			98,625			96,409			5		11		106,908			96,409			11
Loans held-for-sale and loans at fair value	3,698			3,369			7,211			3,987			5,567			10		(34	)	3,698			5,567			(34	)
Total loans	110,606			104,789			103,790			102,612			101,976			6		8		110,606			101,976			8
Core loans	110,084			104,270			103,235			101,537			100,772			6		9		110,084			100,772			9
Equity	62,000			62,000			62,000			62,000			61,000			—		2		62,000			61,000			2

SELECTED BALANCE SHEET DATA (average)
Assets	$	797,427		$	789,975		$	845,225		$	865,327		$	867,618		1		(8	)	$	824,208		$	854,712		(4	)
Trading assets - debt and equity instruments	291,958			288,828			317,385			312,260			326,312			1		(11	)	302,514			317,535			(5	)
Trading assets - derivative receivables	59,425			63,561			68,949			77,353			72,543			(7	)	(18	)	67,263			64,833			4
Loans:
Loans retained (a)	101,959			97,518			94,711			99,113			95,146			5		7		98,331			95,764			3
Loans held-for-sale and loans at fair value	4,897			3,827			5,504			4,061			5,428			28		(10	)	4,572			7,599			(40	)
Total loans	106,856			101,345			100,215			103,174			100,574			5		6		102,903			103,363			—

Equity	62,000			62,000			62,000			62,000			61,000			—		2		62,000			61,000			2

Headcount (b)	49,067			49,384			49,367			50,634			50,965			(1	)	(4	)	49,067			50,965			(4	)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	5		$	2		$	(15	)	$	(11	)	$	(4	)	150		NM		$	(19	)	$	(12	)	(58	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(c)	428			464			324			251			110			(8	)	289		428			110			289
Nonaccrual loans held-for-sale and loans at fair value	10			12			12			12			11			(17	)	(9	)	10			11			(9	)
Total nonaccrual loans	438			476			336			263			121			(8	)	262		438			121			262

Derivative receivables	204			235			256			249			275			(13	)	(26	)	204			275			(26	)
Assets acquired in loan satisfactions	62			56			60			63			67			11		(7	)	62			67			(7	)
Total nonperforming assets	704			767			652			575			463			(8	)	52		704			463			52
Allowance for credit losses:
Allowance for loan losses	1,258			1,205			1,086			1,047			1,034			4		22		1,258			1,034			22
Allowance for lending-related commitments	569			547			437			411			439			4		30		569			439			30
Total allowance for credit losses	1,827			1,752			1,523			1,458			1,473			4		24		1,827			1,473			24


Net charge-off/(recovery) rate (a)	0.02		%	0.01		%	(0.06		)%	(0.05		)%	(0.02		)%					(0.02		)%	(0.01		)%
Allowance for loan losses to period-end loans retained (a)	1.18			1.19			1.12			1.06			1.07							1.18			1.07
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	1.88			1.85			1.73			1.64			1.82							1.88			1.82
Allowance for loan losses to nonaccrual loans retained (a)(c)	294			260			335			417			940							294			940
Nonaccrual loans to total period-end loans	0.40			0.45			0.32			0.26			0.12							0.40			0.12

See note 2 on page 33.


(a)	Loans retained includes credit portfolio loans, trade finance loans, other held-for-investment loans and overdrafts.

(b)

Effective in the second quarter of 2015, certain technology staff were transferred from CIB to CB; previously reported headcount has been revised to conform with the current presentation. As the related expense for these staff is not material, prior period expenses have not been revised. Prior to the second quarter of 2015 compensation expense related to this headcount was recorded in the CIB, with an allocation to CB (reported in noncompensation expense); commencing with the second quarter, such expense was recorded as compensation expense in CB and accordingly total noninterest expense related to this headcount in both CB and CIB was unchanged.


(c)	Allowance for loan losses of $177 million, $160 million, $64 million, $51 million, and $18 million were held against these nonaccrual loans at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.


(d)	Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Page 20



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
BUSINESS METRICS
Advisory	$	622		$	503		$	466		$	542		$	434		24	%	43	%	$	2,133		$	1,627		31	%
Equity underwriting	314			269			452			399			327			17		(4	)	1,434			1,571			(9	)
Debt underwriting	602			840			907			820			1,050			(28	)	(43	)	3,169			3,372			(6	)
Total investment banking fees	$	1,538		$	1,612		$	1,825		$	1,761		$	1,811		(5	)	(15	)	$	6,736		$	6,570		3

Assets under custody (“AUC”) (period-end) (in billions)	$	19,943		$	19,691		$	20,497		$	20,561		$	20,549		1		(3	)	$	19,943		$	20,549		(3	)

Client deposits and other third-party liabilities (average) (a)	364,794			372,070			401,280			444,171			433,822			(2	)	(16	)	395,297			417,369			(5	)

Trade finance loans (period-end)	19,255			21,138			21,195			22,853			25,713			(9	)	(25	)	19,255			25,713			(25	)

95% Confidence Level - Total CIB VaR (average)

CIB trading VaR by risk type: (b)
Fixed income (c)	$	42		$	50		$	41		$	35		$	33		(16	)	27		$	42		$	34		24
Foreign exchange	10			9			9			9			8			11		25		9			8			13
Equities	18			20			16			18			16			(10	)	13		18			15			20
Commodities and other	11			10			9			8			6			10		83		10			8			25
Diversification benefit to CIB trading VaR (d)	(31		)	(35		)	(37		)	(36		)	(30		)	11		(3	)	(35		)	(30		)	(17	)
CIB trading VaR (b)	50			54			38			34			33			(7	)	52		44			35			26
Credit portfolio VaR (e)	11			13			15			18			17			(15	)	(35	)	14			13			8
Diversification benefit to CIB VaR (d)	(9		)	(10		)	(10		)	(9		)	(10		)	10		10		(9		)	(8		)	(13	)
CIB VaR (b)(c)	$	52		$	57		$	43		$	43		$	40		(9	)	30		$	49		$	40		23


(a)	Client deposits and other third party liabilities pertain to the Treasury Services and Securities Services businesses.


(b)	CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, see VaR measurement on pages 133–135 of the 2014 Annual Report.

(c)

As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average Fixed income VaR of $3 million and average CIB VaR of $2 million. The impact of this refinement on all other periods presented was not material. The Firm expects in subsequent quarters to continue to refine the VaR model calculations and times series inputs related to these products.


(d)	Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.


(e)	Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 21



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																				FULL YEAR
																	4Q15 Change											2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14				3Q15		4Q14		2015			2014				2014
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	236		$	229		$	242		$	237		$	239			3	%	(1	)%	$	944		$	978			(3	)%
Asset management, administration and commissions	20			22			22			24			22				(9	)	(9	)	88			92				(4	)
All other income (a)	342			271			345			375			382				26		(10	)	1,333			1,279				4
Noninterest revenue	598			522			609			636			643				15		(7	)	2,365			2,349				1
Net interest income	1,162			1,122			1,130			1,106			1,127				4		3		4,520			4,533				—
TOTAL NET REVENUE (b)	1,760			1,644			1,739			1,742			1,770				7		(1	)	6,885			6,882				—

Provision for credit losses	117			82			182			61			(48		)		43		NM		442			(189		)		NM

NONINTEREST EXPENSE
Compensation expense	310			311			308			309			303				—		2		1,238			1,203				3
Noncompensation expense	440			408			395			400			363				8		21		1,643			1,492				10
TOTAL NONINTEREST EXPENSE	750			719			703			709			666				4		13		2,881			2,695				7

Income before income tax expense	893			843			854			972			1,152				6		(22	)	3,562			4,376				(19	)
Income tax expense	343			325			329			374			459				6		(25	)	1,371			1,741				(21	)
NET INCOME	$	550		$	518		$	525		$	598		$	693			6		(21	)	$	2,191		$	2,635			(17	)

Revenue by product
Lending (c)	$	887		$	850		$	867		$	825		$	843			4		5		$	3,429		$	3,358			2
Treasury services (c)	655			633			646			647			657				3		—		2,581			2,681				(4	)
Investment banking	156			130			196			248			206				20		(24	)	730			684				7
Other (c)	62			31			30			22			64				100		(3	)	145			159				(9	)
Total Commercial Banking net revenue	$	1,760		$	1,644		$	1,739		$	1,742		$	1,770			7		(1	)	$	6,885		$	6,882			—

Investment banking revenue, gross (d)	$	455		$	382		$	589		$	753		$	557			19		(18	)	$	2,179		$	1,986			10

Revenue by client segment
Middle Market Banking (e)	$	702		$	675		$	688		$	677		$	692			4		1		$	2,742		$	2,791			(2	)
Corporate Client Banking (e)	470			446			532			564			524				5		(10	)	2,012			1,982				2
Commercial Term Lending	331			318			318			308			313				4		6		1,275			1,252				2
Real Estate Banking	138			123			117			116			120				12		15		494			495				—
Other	119			82			84			77			121				45		(2	)	362			362				—
Total Commercial Banking net revenue	$	1,760		$	1,644		$	1,739		$	1,742		$	1,770			7		(1	)	$	6,885		$	6,882			—

FINANCIAL RATIOS
ROE	15		%	14		%	14		%	17		%	19			%					15		%	18			%
Overhead ratio	43			44			40			41			38								42			39


(a)	Includes revenue from investment banking products and commercial card transactions.

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $149 million, $116 million, $115 million, $113 million, and $145 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $493 million and $462 million for full year 2015, and 2014, respectively.


(c)	Effective in the second quarter of 2015, Commercial Card and Chase Commerce Solutions/Paymentech product revenue was transferred from Lending and Other, respectively, to Treasury Services. Prior period amounts were revised to conform with the current period presentation.


(d)	Represents the total revenue from investment banking products sold to CB clients.


(e)	Effective in the first quarter of 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.

Page 22



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																					FULL YEAR
																		4Q15 Change											2015 Change
	4Q15			3Q15				2Q15				1Q15			4Q14			3Q15		4Q14		2015			2014				2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	200,700		$	201,157			$	201,377			$	197,931		$	195,267		—	%	3	%	$	200,700		$	195,267			3	%
Loans:
Loans retained	167,374			162,269				157,947				153,173			147,661			3		13		167,374			147,661				13
Loans held-for-sale and loans at fair value	267			213				1,506				507			845			25		(68	)	267			845				(68	)
Total loans	$	167,641		$	162,482			$	159,453			$	153,680		$	148,506		3		13		$	167,641		$	148,506			13
Core loans	166,939			161,662				158,568				152,659			147,392			3		13		166,939			147,392				13
Equity	14,000			14,000				14,000				14,000			14,000			—		—		14,000			14,000				—

Period-end loans by client segment:
Middle Market Banking (a)	$	51,362		$	51,985			$	51,713			$	51,071		$	51,009		(1	)	1		$	51,362		$	51,009			1
Corporate Client Banking (a)	31,871			29,634				30,171				28,379			25,321			8		26		31,871			25,321				26
Commercial Term Lending	62,860			60,684				58,314				55,824			54,038			4		16		62,860			54,038				16
Real Estate Banking	16,211			15,068				14,231				13,537			13,298			8		22		16,211			13,298				22
Other	5,337			5,111				5,024				4,869			4,840			4		10		5,337			4,840				10
Total Commercial Banking loans	$	167,641		$	162,482			$	159,453			$	153,680		$	148,506		3		13		$	167,641		$	148,506			13

SELECTED BALANCE SHEET DATA (average)
Total assets	$	200,325		$	197,274			$	198,740			$	195,927		$	191,664		2		5		$	198,076		$	191,857			3
Loans:
Loans retained	165,679			158,845				155,110				149,731			145,184			4		14		157,389			140,982				12
Loans held-for-sale and loans at fair value	188			359				870				557			467			(48	)	(60	)	492			782				(37	)
Total loans	$	165,867		$	159,204			$	155,980			$	150,288		$	145,651		4		14		$	157,881		$	141,764			11
Client deposits and other third-party liabilities	178,637			180,892				197,004				210,046			208,424			(1	)	(14	)	191,529			204,017				(6	)
Equity	14,000			14,000				14,000				14,000			14,000			—		—		14,000			14,000				—

Average loans by client segment:
Middle Market Banking (a)	$	51,844		$	51,373			$	51,440			$	50,538		$	50,778		1		2		$	51,303		$	50,939			1
Corporate Client Banking (a)	31,840			28,964				28,986				26,653			24,169			10		32		29,125			23,113				26
Commercial Term Lending	61,574			59,323				56,814				54,754			53,024			4		16		58,138			51,120				14
Real Estate Banking	15,565			14,487				13,732				13,472			12,901			7		21		14,320			12,080				19
Other	5,044			5,057				5,008				4,871			4,779			—		6		4,995			4,512				11
Total Commercial Banking loans	$	165,867		$	159,204			$	155,980			$	150,288		$	145,651		4		14		$	157,881		$	141,764			11

Headcount (b)	7,845			7,735				7,568				7,489			7,426			1		6		7,845			7,426				6

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	16		$	(2	)		$	(4	)		$	11		$	28		NM		(43	)	$	21		$	(7	)		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	375			423				384				304			317			(11	)	18		375			317				18
Nonaccrual loans held-for-sale and loans
at fair value	18			16				14				12			14			13		29		18			14				29
Total nonaccrual loans	393			439				398				316			331			(10	)	19		393			331				19

Assets acquired in loan satisfactions	8			4				5				5			10			100		(20	)	8			10				(20	)
Total nonperforming assets	401			443				403				321			341			(9	)	18		401			341				18
Allowance for credit losses:
Allowance for loan losses	2,855			2,782				2,705				2,519			2,466			3		16		2,855			2,466				16
Allowance for lending-related commitments	198			170				163				162			165			16		20		198			165				20
Total allowance for credit losses	3,053			2,952				2,868				2,681			2,631			3		16		3,053			2,631				16

Net charge-off/(recovery) rate (d)	0.04		%	—			%	(0.01		)	%	0.03		%	0.08		%					0.01		%	—			%
Allowance for loan losses to period-end loans retained	1.71			1.71				1.71				1.64			1.67							1.71			1.67
Allowance for loan losses to nonaccrual loans retained (c)	761			658				704				829			778							761			778
Nonaccrual loans to period-end total loans	0.23			0.27				0.25				0.21			0.22							0.23			0.22


(a)	Effective in the first quarter of 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.

(b)

Effective in the second quarter of 2015, certain technology staff were transferred from CIB to CB; previously-reported headcount has been revised to conform with the current period presentation. As the related expense for these staff is not material, prior period expenses have not been revised. Prior to the second quarter of 2015, compensation expense related to this headcount was recorded in the CIB, with an allocation to CB (reported in noncompensation expense); commencing with the second quarter of 2015, such expense was recorded as compensation expense in CB and accordingly total noninterest expense related to this headcount in both CB and CIB was unchanged.


(c)	Allowance for loan losses of $64 million, $80 million, $42 million, $29 million, and $45 million was held against nonaccrual loans retained at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.


(d)	Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Page 23



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS																				FULL YEAR
																	4Q15 Change										2015 Change
	4Q15			3Q15				2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,328		$	2,237			$	2,381		$	2,229		$	2,419		4	%	(4	)%	$	9,175		$	9,024		2	%
All other income	46			24				163			155			149			92		(69	)	388			564			(31	)
Noninterest revenue	2,374			2,261				2,544			2,384			2,568			5		(8	)	9,563			9,588			—
Net interest income	671			633				631			621			632			6		6		2,556			2,440			5
TOTAL NET REVENUE	3,045			2,894				3,175			3,005			3,200			5		(5	)	12,119			12,028			1

Provision for credit losses	17			(17		)		—			4			3			NM		467		4			4			—

NONINTEREST EXPENSE
Compensation expense	1,307			1,218				1,299			1,289			1,317			7		(1	)	5,113			5,082			1
Noncompensation expense	889			891				1,107			886			1,003			—		(11	)	3,773			3,456			9
TOTAL NONINTEREST EXPENSE	2,196			2,109				2,406			2,175			2,320			4		(5	)	8,886			8,538			4

Income before income tax expense	832			802				769			826			877			4		(5	)	3,229			3,486			(7	)
Income tax expense	325			327				318			324			337			(1	)	(4	)	1,294			1,333			(3	)
NET INCOME	$	507		$	475			$	451		$	502		$	540		7		(6	)	$	1,935		$	2,153		(10	)

REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,615		$	1,483			$	1,670		$	1,533		$	1,740		9		(7	)	$	6,301		$	6,327		—
Global Wealth Management	1,430			1,411				1,505			1,472			1,460			1		(2	)	5,818			5,701			2
TOTAL NET REVENUE	$	3,045		$	2,894			$	3,175		$	3,005		$	3,200		5		(5	)	$	12,119		$	12,028		1

FINANCIAL RATIOS
ROE	21		%	20			%	19		%	22		%	23		%					21		%	23		%
Overhead ratio	72			73				76			72			73							73			71
Pretax margin ratio:
Global Investment Management	36			31				26			30			31							31			31
Global Wealth Management	17			24				22			25			24							22			27
Asset Management	27			28				24			27			27							27			29

Headcount	20,975			20,651				20,237			20,095			19,735			2		6		20,975			19,735			6

Number of client advisors	2,778			2,796				2,746			2,803			2,836			(1	)	(2	)	2,778			2,836			(2	)

Page 24



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																				FULL YEAR
																	4Q15 Change										2015 Change
	4Q15			3Q15			2Q15				1Q15			4Q14			3Q15		4Q14		2015			2014			2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	131,451		$	131,412		$	134,059			$	126,233		$	128,701		—	%	2	%	$	131,451		$	128,701		2	%
Loans (a)	111,007			110,314			109,336				104,165			104,279			1		6		111,007			104,279			6
Core loans	111,007			110,314			109,336				104,165			104,279			1		6		111,007			104,279			6
Deposits	146,766			140,121			141,179				155,347			155,247			5		(5	)	146,766			155,247			(5	)
Equity	9,000			9,000			9,000				9,000			9,000			—		—		9,000			9,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	130,980		$	131,100		$	130,548			$	126,276		$	129,029		—		2		$	129,743		$	126,440		3
Loans	110,305			108,741			107,250				103,286			103,336			1		7		107,418			99,805			8
Deposits	145,623			141,896			152,563				158,240			152,022			3		(4	)	149,525			150,121			—
Equity	9,000			9,000			9,000				9,000			9,000			—		—		9,000			9,000			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	8		$	2		$	(1	)		$	3		$	3		300	%	167		$	12		$	6		100	%
Nonaccrual loans	218			229			209				175			218			(5	)	—		218			218			—
Allowance for credit losses:
Allowance for loan losses	266			258			273				271			271			3		(2	)	266			271			(2	)
Allowance for lending-related commitments	5			4			5				5			5			25		—		5			5			—
Total allowance for credit losses	271			262			278				276			276			3		(2	)	271			276			(2	)
Net charge-off/(recovery) rate	0.03		%	0.01		%	—			%	0.01		%	0.01		%					0.01		%	0.01		%
Allowance for loan losses to period-end loans	0.24			0.23			0.25				0.26			0.26							0.24			0.26
Allowance for loan losses to nonaccrual loans	122			113			131				155			124							122			124
Nonaccrual loans to period-end loans	0.20			0.21			0.19				0.17			0.21							0.20			0.21


(a)	Included $26.6 billion, $25.4 billion, $24.0 billion, $23.0 billion, and $22.1 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.

Page 25



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


																Dec 31, 2015
																Change				FULL YEAR
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,								2015 Change
CLIENT ASSETS	2015			2015			2015			2015			2014			2015		2014		2015			2014			2014
Assets by asset class
Liquidity	$	464		$	463		$	466		$	454		$	461		—	%	1	%	$	464		$	461		1	%
Fixed income	342			351			357			359			359			(3	)	(5	)	342			359			(5	)
Equity	353			336			380			380			375			5		(6	)	353			375			(6	)
Multi-asset and alternatives	564			561			578			566			549			1		3		564			549			3
TOTAL ASSETS UNDER MANAGEMENT	1,723			1,711			1,781			1,759			1,744			1		(1	)	1,723			1,744			(1	)
Custody/brokerage/administration/deposits	627			612			642			646			643			2		(2	)	627			643			(2	)
TOTAL CLIENT ASSETS	$	2,350		$	2,323		$	2,423		$	2,405		$	2,387		1		(2	)	$	2,350		$	2,387		(2	)

MEMO:
Alternatives client assets (a)	$	172		$	172		$	173		$	168		$	166		—		4		$	172		$	166		4

Assets by client segment
Private Banking	$	437		$	438		$	452		$	440		$	428		—		2		$	437		$	428		2
Institutional	816			816			830			825			827			—		(1	)	816			827			(1	)
Retail	470			457			499			494			489			3		(4	)	470			489			(4	)
TOTAL ASSETS UNDER MANAGEMENT	$	1,723		$	1,711		$	1,781		$	1,759		$	1,744		1		(1	)	$	1,723		$	1,744		(1	)

Private Banking	$	1,050		$	1,037		$	1,080		$	1,073		$	1,057		1		(1	)	$	1,050		$	1,057		(1	)
Institutional	824			823			838			833			835			—		(1	)	824			835			(1	)
Retail	476			463			505			499			495			3		(4	)	476			495			(4	)
TOTAL CLIENT ASSETS	$	2,350		$	2,323		$	2,423		$	2,405		$	2,387		1		(2	)	$	2,350		$	2,387		(2	)

Assets under management rollforward
Beginning balance	$	1,711		$	1,781		$	1,759		$	1,744		$	1,711						$	1,744		$	1,598
Net asset flows:
Liquidity	(1		)	(5		)	6			(1		)	27							(1		)	18
Fixed income	(7		)	(5		)	3			2			4							(7		)	33
Equity	3			(5		)	(1		)	4			2							1			5
Multi-asset and alternatives	(5		)	6			11			10			4							22			42
Market/performance/other impacts	22			(61		)	3			—			(4		)					(36		)	48
Ending balance	$	1,723		$	1,711		$	1,781		$	1,759		$	1,744						$	1,723		$	1,744

Client assets rollforward
Beginning balance	$	2,323		$	2,423		$	2,405		$	2,387		$	2,344						$	2,387		$	2,343
Net asset flows	1			(7		)	16			17			47							27			118
Market/performance/other impacts	26			(93		)	2			1			(4		)					(64		)	(74		)
Ending balance	$	2,350		$	2,323		$	2,423		$	2,405		$	2,387						$	2,350		$	2,387


(a)	Represents assets under management, as well as client balances in brokerage accounts.

Page 26



JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Principal transactions	$	(56	)	$	(70	)	$	67		$	100		$	509		20	%	NM		$	41		$	1,197		(97	)%
Securities gains	72			25			40			53			28			188		157		190			71			168
All other income (a)	571			118			(7		)	(113		)	110			384		419		569			704			(19	)
Noninterest revenue	587			73			100			40			647			NM		(9	)	800			1,972			(59	)
Net interest income	64			(123		)	(221		)	(253		)	(400		)	NM		NM		(533		)	(1,960		)	73
TOTAL NET REVENUE (b)	651			(50		)	(121		)	(213		)	247			NM		164		267			12			NM

Provision for credit losses	(2		)	(4		)	1			(5		)	(6		)	50		67		(10		)	(35		)	71

NONINTEREST EXPENSE
Compensation expense	867			944			953			892			688			(8	)	26		3,656			2,888			27
Noncompensation expense (c)	1,451			960			791			946			1,347			51		8		4,148			4,589			(10	)
Subtotal	2,318			1,904			1,744			1,838			2,035			22		14		7,804			7,477			4
Net expense allocated to other businesses	(1,709		)	(1,732		)	(1,700		)	(1,686		)	(1,599		)	1		(7	)	(6,827		)	(6,318		)	(8	)
TOTAL NONINTEREST EXPENSE	609			172			44			152			436			254		40		977			1,159			(16	)

Income/(loss) before income tax expense/(benefit)	44			(218		)	(166		)	(360		)	(183		)	NM		NM		(700		)	(1,112		)	37
Income tax expense/(benefit) (d)	(178		)	(1,935		)	(606		)	(418		)	(730		)	91		76		(3,137		)	(1,976		)	(59	)
NET INCOME/(LOSS)	$	222		$	1,717		$	440		$	58		$	547		(87	)	(59	)	$	2,437		$	864		182

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	137			(89		)	(163		)	(378		)	(243		)	NM		NM		(493		)	(1,317		)	63
Other Corporate (e)	514			39			42			165			490			NM		5		760			1,329			(43	)
TOTAL NET REVENUE	$	651		$	(50	)	$	(121	)	$	(213	)	$	247		NM		164		$	267		$	12		NM

NET INCOME/(LOSS)
Treasury and CIO	138			(40		)	(112		)	(221		)	(205		)	NM		NM		(235		)	(1,165		)	80
Other Corporate (e)	84			1,757			552			279			752			(95	)	(89	)	2,672			2,029			32
TOTAL NET INCOME/(LOSS)	$	222		$	1,717		$	440		$	58		$	547		(87	)	(59	)	$	2,437		$	864		182

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	768,204		$	798,680		$	821,736		$	942,556		$	931,206		(4	)	(18	)	$	768,204		$	931,206		(18	)
Loans	2,187			2,332			2,480			2,694			2,871			(6	)	(24	)	2,187			2,871			(24	)
Core loans	2,182			2,327			2,474			2,672			2,848			(6	)	(23	)	2,182			2,848			(23	)

Headcount	29,617			29,307			27,985			27,019			26,047			1		14		29,617			26,047			14

See note 1 on page 33.


(a)	Included revenue related to a legal settlement of $514 million for both the three months ended December 31, 2015 and full year 2015.


(b)	Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $219 million, $215 million, $202 million, $203 million, and $196 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $839 million and $730 million for full year 2015, and 2014, respectively.


(c)	Included legal expense of $407 million, $102 million, $18 million, $305 million, and $84 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively. Included legal expense of $832 million and $821 million for full year 2015, and 2014, respectively.


(d)	The three months ended September 30, 2015 and full year 2015 reflected tax benefits of $1.9 billion and $2.6 billion, respectively, due to the resolution of various tax audits.


(e)	Effective with the first quarter of 2015, the Firm has included the results of Private Equity in the Other Corporate line within the Corporate segment. Prior period amounts have been revised to conform with the current period presentation. The Corporate segment’s balance sheets and results of operations were not impacted by this reporting change.

Page 27



JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)


	QUARTERLY TRENDS														FULL YEAR
											4Q15 Change								2015 Change
	4Q15		3Q15		2Q15		1Q15		4Q14		3Q15		4Q14		2015		2014		2014
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	72	$	25	$	40	$	53	$	28	188	%	157	%	$	190	$	71	168	%
Investment securities portfolio (average) (a)	296,693		306,370		322,954		333,692		347,480		(3	)	(15	)	314,802		349,285		(10	)
Investment securities portfolio (period-end) (b)	287,777		303,057		314,048		327,859		343,146		(5	)	(16	)	287,777		343,146		(16	)
Mortgage loans (average)	2,221		2,400		2,599		2,790		2,962		(7	)	(25	)	2,501		3,308		(24	)
Mortgage loans (period-end)	2,136		2,293		2,455		2,664		2,834		(7	)	(25	)	2,136		2,834		(25	)

Private equity portfolio
Carrying value	$	2,103	$	2,192	$	2,718	$	3,064	$	5,866	(4	)	(64	)	$	2,103	$	5,866	(64	)
Cost	3,798		3,832		4,252		4,485		6,281		(1	)	(40	)	3,798		6,281		(40	)


(a)	Average investment securities included held-to-maturity balances of $49.5 billion, $50.7 billion, $50.7 billion, $49.3 billion, and $49.0 billion for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively, and $50.0 million and $47.2 billion for the full year 2015, and 2014, respectively.


(b)	Period-end investment securities included held-to-maturity balances of $49.1 million, $50.2 billion, $51.6 billion , $49.3 billion, and $49.3 billion at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively.

Page 28



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Dec 31, 2015
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,
	2015		2015		2015		2015		2014		2015		2014
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	303,357	$	289,496	$	272,975	$	259,561	$	248,283	5	%	22	%
Loans - PCI	40,998		42,236		43,806		45,356		46,696		(3	)	(12	)
Total loans retained	344,355		331,732		316,781		304,917		294,979		4		17
Loans held-for-sale	466		237		1,505		298		395		97		18
Total consumer, excluding credit card loans	344,821		331,969		318,286		305,215		295,374		4		17

Credit card loans
Loans retained (b)	131,387		125,634		124,705		120,835		128,027		5		3
Loans held-for-sale	76		1,345		1,320		2,422		3,021		(94	)	(97	)
Total credit card loans	131,463		126,979		126,025		123,257		131,048		4		—
Total consumer loans	476,284		458,948		444,311		428,472		426,422		4		12

Wholesale loans (c)
Loans retained	357,050		346,927		338,219		331,219		324,502		3		10
Loans held-for-sale and loans at fair value	3,965		3,582		8,717		4,494		6,412		11		(38	)
Total wholesale loans	361,015		350,509		346,936		335,713		330,914		3		9

Total loans	837,299		809,457		791,247		764,185		757,336		3		11

Derivative receivables	59,677		68,668		67,451		81,574		78,975		(13	)	(24	)
Receivables from customers and other (d)	13,497		17,016		22,591		22,777		29,080		(21	)	(54	)
Total credit-related assets	73,174		85,684		90,042		104,351		108,055		(15	)	(32	)

Lending-related commitments
Consumer, excluding credit card	58,478		60,005		59,817		60,151		58,153		(3	)	1
Credit card	515,518		526,433		523,717		533,511		525,963		(2	)	(2	)
Wholesale (e)	366,399		354,348		352,048		355,504		366,881		3		—
Total lending-related commitments	940,395		940,786		935,582		949,166		950,997		—		(1	)

Total credit exposure	$	1,850,868	$	1,835,927	$	1,816,871	$	1,817,702	$	1,816,388	1		2

Memo: Total by category
Consumer exposure (f)	$	1,050,405	$	1,045,505	$	1,027,958	$	1,022,239	$	1,010,646	—		4
Wholesale exposures (g)	800,463		790,422		788,913		795,463		805,742		1		(1	)
Total credit exposure	$	1,850,868	$	1,835,927	$	1,816,871	$	1,817,702	$	1,816,388	1		2

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.


(a)	Includes loans reported in CCB, prime mortgage and home equity loans reported in AM, and prime mortgage loans reported in Corporate.


(b)	Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.


(c)	Includes loans reported in CIB, CB and AM business segments and Corporate.


(d)	Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(e)

Effective January 1, 2015, the Firm no longer includes unused advised lines of credit in wholesale lending-related commitments as the Firm may cancel these facilities at any time by providing the borrower notice or, in some cases without notice, as permitted by law. This presentation is consistent with U.S. bank regulatory filings. Prior period amounts have been revised to conform with the current period presentation.


(f)	Represents total consumer loans and lending-related commitments.


(g)	Represents total wholesale loans and lending-related commitments, derivative receivables and receivables from customers.

Page 29



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Dec 31, 2015
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2015			2015			2015			2015			2014			2015		2014
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	5,413		$	5,530		$	5,984		$	6,241		$	6,509		(2	)	(17	)

Wholesale nonaccrual loans
Loans retained	988			1,086			873			696			599			(9	)	65
Loans held-for-sale and loans at fair value	28			28			26			24			25			—		12
Total wholesale nonaccrual loans	1,016			1,114			899			720			624			(9	)	63

Total nonaccrual loans	6,429			6,644			6,883			6,961			7,133			(3	)	(10	)

Derivative receivables	204			235			256			249			275			(13	)	(26	)
Assets acquired in loan satisfactions	401			415			449			504			559			(3	)	(28	)
Total nonperforming assets	7,034			7,294			7,588			7,714			7,967			(4	)	(12	)
Wholesale lending-related commitments (d)	193			176			133			131			103			10		87
Total nonperforming exposure	$	7,227		$	7,470		$	7,721		$	7,845		$	8,070		(3	)	(10	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.77		%	0.82		%	0.87		%	0.91		%	0.94		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.57			1.67			1.88			2.04			2.20
Total wholesale nonaccrual loans to total
wholesale loans	0.28			0.32			0.26			0.21			0.19

(a)

At December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $6.3 billion, $6.6 billion, $7.0 billion, $7.5 billion and $7.8 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $290 million, $289 million, $282 million, $346 million and $367 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $343 million, $327 million, $384 million, $469 million and $462 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Includes nonaccrual loans held-for-sale of $98 million, $212 million, $16 million, and $91 million at December 31, 2015, June 30, 2015, March 31, 2015, and December 31, 2014, respectively. There were no nonaccrual loans held-for-sale at September 30, 2015.


(c)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(d)	Represents commitments that are risk rated as nonaccrual.

Page 30



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)


	QUARTERLY TRENDS																			FULL YEAR
																4Q15 Change										2015 Change
	4Q15			3Q15			2Q15			1Q15			4Q14			3Q15		4Q14		2015			2014			2014
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,466		$	13,915		$	14,065		$	14,185		$	14,889		(3	)%	(10	)%	$	14,185		$	16,264		(13	)%
Net charge-offs:
Gross charge-offs	1,300			1,305			1,284			1,352			1,513			—		(14	)	5,241			6,114			(14	)
Gross recoveries	(236		)	(342		)	(277		)	(300		)	(295		)	31		20		(1,155		)	(1,355		)	15
Net charge-offs	1,064			963			1,007			1,052			1,218			10		(13	)	4,086			4,759			(14	)
Write-offs of PCI loans and other (a)	46			52			55			55			337			(12	)	(86	)	208			533			(61	)
Provision for loan losses	1,200			567			908			988			856			112		40		3,663			3,224			14
Other	(1		)	(1		)	4			(1		)	(5		)	—		80		1			(11		)	NM
Ending balance	$	13,555		$	13,466		$	13,915		$	14,065		$	14,185		1		(4	)	$	13,555		$	14,185		(4	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	735		$	620		$	593		$	622		$	637		19		15		$	622		$	705		(12	)
Provision for lending-related commitments	51			115			27			(29		)	(16		)	(56	)	NM		164			(85		)	NM
Other	—			—			—			—			1			—		(100	)	—			2			(100	)
Ending balance	$	786		$	735		$	620		$	593		$	622		7		26		$	786		$	622		26

Total allowance for credit losses	$	14,341		$	14,201		$	14,535		$	14,658		$	14,807		1		(3	)	$	14,341		$	14,807		(3	)


NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.31		%	0.25		%	0.29		%	0.36		%	0.45		%					0.30		%	0.46		%
Credit card retained loans	2.42			2.41			2.61			2.62			2.69							2.51			2.75
Total consumer retained loans	0.88			0.85			0.95			1.01			1.13							0.92			1.15
Wholesale retained loans	0.03			—			(0.02		)	—			0.03							—			—
Total retained loans	0.52			0.49			0.53			0.57			0.65							0.52			0.65
Consumer retained loans, excluding credit card and
PCI loans	0.35			0.29			0.34			0.42			0.54							0.35			0.55
Consumer retained loans, excluding PCI loans	0.97			0.94			1.06			1.14			1.28							1.02			1.30
Total retained, excluding PCI loans	0.54			0.51			0.56			0.61			0.70							0.55			0.70

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	339,637		$	323,458		$	311,074		$	299,789		$	291,628		5		16		$	318,612		$	289,212		10
Credit card retained loans	126,903			125,048			122,732			122,352			126,375			1		—		124,274			124,604			—
Total average retained consumer loans	466,540			448,506			433,806			422,141			418,003			4		12		442,886			413,816			7
Wholesale retained loans	350,370			339,172			331,924			327,895			321,421			3		9		337,407			316,060			7
Total average retained loans	$	816,910		$	787,678		$	765,730		$	750,036		$	739,424		4		10		$	780,293		$	729,876		7

Consumer retained, excluding credit card and
PCI loans	$	298,047		$	280,475		$	266,567		$	253,829		$	244,074		6		22		$	274,866		$	239,210		15
Consumer retained, excluding PCI loans	424,950			405,524			389,299			376,181			370,449			5		15		399,140			363,814			10
Total retained, excluding PCI loans	775,316			744,692			721,219			704,072			691,865			4		12		736,543			679,869			8

(a)

Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation). During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance and the recorded investment in the Firm’s PCI loan portfolio, primarily reflecting the cumulative effect of interest forgiveness modifications. This adjustment had no impact to the Firm’s Consolidated statements of income.


(b)	The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 31



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Dec 31, 2015
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2015			2015			2015			2015			2014			2015		2014
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	364		$	359		$	436		$	537		$	539		1	%	(32	)%
Formula-based	2,700			2,702			2,841			3,065			3,186			—		(15	)
PCI (b)	2,742			2,788			3,215			3,270			3,325			(2	)	(18	)
Total consumer, excluding credit card	5,806			5,849			6,492			6,872			7,050			(1	)	(18	)
Credit card
Asset-specific (a)(c)	460			485			518			458			500			(5	)	(8	)
Formula-based	2,974			2,949			2,916			2,976			2,939			1		1
Total credit card	3,434			3,434			3,434			3,434			3,439			—		—
Total consumer	9,240			9,283			9,926			10,306			10,489			—		(12	)
Wholesale
Asset-specific (a)	274			281			147			115			87			(2	)	215
Formula-based	4,041			3,902			3,842			3,644			3,609			4		12
Total wholesale	4,315			4,183			3,989			3,759			3,696			3		17
Total allowance for loan losses	13,555			13,466			13,915			14,065			14,185			1		(4	)
Allowance for lending-related commitments	786			735			620			593			622			7		26
Total allowance for credit losses	$	14,341		$	14,201		$	14,535		$	14,658		$	14,807		1		(3	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.69		%	1.76		%	2.05		%	2.25		%	2.39		%
Credit card allowance to total credit card retained loans	2.61			2.73			2.75			2.84			2.69
Wholesale allowance to total wholesale retained loans	1.21			1.21			1.18			1.13			1.14
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	1.35			1.34			1.30			1.26			1.29
Total allowance to total retained loans	1.63			1.67			1.78			1.86			1.90
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	109			106			112			110			110
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	161			152			158			154			153
Wholesale allowance to wholesale retained nonaccrual loans	437			385			457			540			617
Total allowance to total retained nonaccrual loans	215			204			209			203			202

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.01			1.06			1.20			1.39			1.50
Total allowance to total retained loans	1.37			1.40			1.45			1.52			1.55
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	58			55			57			58			58
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (e)	117			109			109			106			106
Total allowance to total retained nonaccrual loans	172			161			161			156			155


(a)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).


(b)	During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance. For further information, see Summary of changes in the allowances on page 31.


(c)	The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


(d)	Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.


(e)	For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 30.

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JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES AND OTHER NOTES

Non-GAAP Financial Measures

The following are several of the non-GAAP financial measures that the Firm uses for various reasons, including: (i) to allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources, and (ii) more generally, to provide a more meaningful measure of certain metrics that enables comparability with prior periods, as well as with competitors.

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)

The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(c)

Tangible common equity (“TCE”), Return on tangible common equity (“ROTCE”), and Tangible book value per share (“TBVPS”). TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.


(d)	Corporate & Investment Bank calculates the ratio of the allowance for loan losses to end-of-period loans excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Other Notes

(1) Effective October 1, 2015, the Firm early adopted new accounting guidance that simplifies the presentation of debt issuance costs, by requiring that unamortized debt issuance costs be presented as a reduction of the applicable debt rather than as an asset. The adoption of this guidance had no material impact on the Firm’s Consolidated balance sheets, and no impact on the Firm’s consolidated results of operations. The guidance was required to be applied retrospectively, and accordingly, certain prior period amounts have been revised to conform with the current period presentation.

(2) Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Corporate & Investment Bank (“CIB”). As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense (previously such amounts were predominantly presented in other income). The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. The cumulative effect on retained earnings was a reduction of $321 million as of January 1, 2014; and the amount of amortization of such investments reported in income tax expense under the current period presentation was $289 million, $274 million, $281 million, $274 million and $270 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, respectively, and $1.1 billion for each of the full years ended December 31, 2015 and 2014. For additional information on the impact to the effective tax rate as a result of this adoption, see page 4. The impact on net income and earnings per share in prior periods was not material. The adoption of the guidance did not materially change the Firm’s consolidated results of operations on a managed basis as the Firm had previously presented and will continue to present the revenue from such investments on a fully taxable-equivalent (“FTE”) basis for purposes of managed basis reporting.

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