JPMorgan Chase : 4Q21 Earnings Supplement

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Consolidated Results	Page(s)
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 ("CCB")	11-14
Corporate & Investment Bank ("CIB")	15-17
Commercial Banking ("CB")	18-19
Asset & Wealth Management ("AWM")	20-22
Corporate	23
Credit-Related Information	24-27
Non-GAAP Financial Measures	28
Glossary of Terms and Acronyms (a)

1. Refer to the Glossary of Terms and Acronyms on pages 305-311 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K") and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 185-190 and pages 191-193, respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021.

JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except per share and ratio data)

									QUARTERLY TRENDS											FULL YEAR
																	4Q21 Change								2021 Change
SELECTED INCOME STATEMENT DATA		4Q21			3Q21			2Q21			1Q21		4Q20	3Q21		4Q20			2021			2020		2020
Reported Basis
Total net revenue (a)	$	29,257		$	29,647		$	30,479	$	32,266		$	29,335		(1)%		- %	$	121,649		$	119,951		1 %
Total noninterest expense		17,888			17,063			17,667			18,725			16,048		5	11			71,343			66,656		7
Pre-provision profit (b)		11,369			12,584			12,812			13,541			13,287		(10)	(14)			50,306			53,295		(6)
Provision for credit losses		(1,288)			(1,527)			(2,285)			(4,156)			(1,889)		16	32			(9,256)			17,480		NM
NET INCOME			10,399			11,687			11,948			14,300			12,136		(11)	(14)			48,334			29,131		66
Managed Basis (c)
Total net revenue			30,349			30,441			31,395			33,119			30,161		-	1			125,304			122,929		2
Total noninterest expense		17,888			17,063			17,667			18,725			16,048		5	11			71,343			66,656		7
Pre-provision profit (b)		12,461			13,378			13,728			14,394			14,113		(7)	(12)			53,961			56,273		(4)
Provision for credit losses		(1,288)			(1,527)			(2,285)			(4,156)			(1,889)		16	32			(9,256)			17,480		NM
NET INCOME			10,399			11,687			11,948			14,300			12,136		(11)	(14)			48,334			29,131		66
EARNINGS PER SHARE DATA
Net income:	Basic	$	3.33		$	3.74		$	3.79	$	4.51		$	3.80		(11)	(12)	$	15.39		$	8.89		73
	Diluted		3.33			3.74			3.78			4.50			3.79		(11)	(12)			15.36			8.88		73
Average shares:	Basic		2,977.3			2,999.9			3,036.6			3,073.5			3,079.7		(1)	(3)			3,021.5			3,082.4		(2)
	Diluted		2,981.8			3,005.1			3,041.9			3,078.9			3,085.1		(1)	(3)			3,026.6			3,087.4		(2)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	466,206		$	483,748		$	464,778	$	460,820		$	387,492		(4)	20	$	466,206		$	387,492		20
Common shares at period-end		2,944.1			2,955.3			2,988.2			3,027.1			3,049.4		-	(3)			2,944.1			3,049.4		(3)
Book value per share		88.07			86.36			84.85			82.31			81.75		2	8			88.07			81.75		8
Tangible book value per share ("TBVPS") (b)		71.53			69.87			68.91			66.56			66.11		2	8			71.53			66.11		8
Cash dividends declared per share		1.00			1.00	(f)		0.90			0.90			0.90		-	11			3.80			3.60		6
FINANCIAL RATIOS (d)
Return on common equity ("ROE")		16 %			18 %			18 %			23 %			19 %							19 %			12 %
Return on tangible common equity ("ROTCE") (b)		19			22			23			29			24							23			14
Return on assets			1.08			1.24			1.29			1.61			1.42							1.30			0.91
CAPITAL RATIOS (e)
Common equity Tier 1 ("CET1") capital ratio		13.0 %	(g)		12.9 %			13.0 %			13.1 %			13.1 %							13.0 %	(g)		13.1 %
Tier 1 capital ratio		15.0	(g)		15.0			15.1			15.0			15.0							15.0	(g)		15.0
Total capital ratio			16.8	(g)		16.9			17.1			17.2			17.3							16.8	(g)		17.3
Tier 1 leverage ratio		6.5	(g)		6.6			6.6			6.7			7.0							6.5	(g)		7.0
Supplementary leverage ratio ("SLR")		5.4	(g)		5.5			5.4			6.7			6.9							5.4	(g)		6.9

1. In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm's effective income tax rate. The reclassification did not change the Firm's results of operations on a managed basis.
2. Pre-provisionprofit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity ("TCE") is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders' equity to TCE. Refer to page 28 for a further discussion of these measures.
3. Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
4. Quarterly ratios are based upon annualized amounts.
5. The capital metrics reflect the relief provided by the Federal Reserve Board (the "Federal Reserve") in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 48-53 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm's capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm's 2020 Form 10-K for additional information.
6. On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.
7. Estimated.

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JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data)

								QUARTERLY TRENDS											FULL YEAR
																4Q21 Change								2021 Change
		4Q21			3Q21			2Q21			1Q21		4Q20	3Q21		4Q20			2021			2020		2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$3,743,567	$3,757,576	$3,684,256	$3,689,336		$3,384,757		- %	11 %	$3,743,567	$3,384,757		11 %
Loans:
Consumer, excluding credit card loans		323,306			328,164			329,685			324,908			318,579		(1)	1			323,306			318,579		1
Credit card loans		154,296			143,166			141,802			132,493			144,216		8	7			154,296			144,216		7
Wholesale loans		600,112			573,285			569,467			553,906			550,058		5	9			600,112			550,058		9
Total Loans	1,077,714		1,044,615		1,040,954		1,011,307		1,012,853		3	6		1,077,714		1,012,853		6
Deposits:
U.S. offices:
Noninterest-bearing		638,879			656,438			639,114			629,139			572,711		(3)	12			638,879			572,711		12
Interest-bearing	1,432,578	1,344,092	1,281,432	1,266,856		1,197,032		7	20	1,432,578	1,197,032		20
Non-U.S. offices:
Noninterest-bearing		26,229			28,589			24,723			22,661			23,435		(8)	12			26,229			23,435		12
Interest-bearing		364,617			373,234			359,948			359,456			351,079		(2)	4			364,617			351,079		4
Total deposits	2,462,303		2,402,353		2,305,217		2,278,112		2,144,257		2	15		2,462,303		2,144,257		15
Long-term debt		301,005			298,465			299,926			279,427			281,685		1	7			301,005			281,685		7
Common stockholders' equity		259,289			255,203			253,548			249,151			249,291		2	4			259,289			249,291		4
Total stockholders' equity		294,127			290,041			286,386			280,714			279,354		1	5			294,127			279,354		5
Loans-to-deposits ratio		44 %			43 %			45 %			44 %			47 %							44 %			47 %
Headcount		271,025			265,790			260,110			259,350			255,351		2	6			271,025			255,351		6
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	37	$	36	(c) $	43	$	106		$	96		3	(61)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	12,275	$	12,521	$	12,760	$	12,517		$	12,728		(2)	(4)	$	50,073	$	51,268		(2)
Corporate & Investment Bank		11,534			12,396			13,214			14,605			11,352		(7)	2			51,749			49,284		5
Commercial Banking		2,612			2,520			2,483			2,393			2,463		4	6			10,008			9,313		7
Asset & Wealth Management		4,473			4,300			4,107			4,077			3,867		4	16			16,957			14,240		19
Corporate		(545)			(1,296)			(1,169)			(473)			(249)		58	(119)			(3,483)			(1,176)		(196)
TOTAL NET REVENUE	$	30,349		$	30,441		$	31,395		$	33,119		$	30,161		-	1		$	125,304		$	122,929		2
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,227	$	4,341	$	5,634	$	6,728		$	4,325		(3)	(2)	$	20,930	$	8,217		155
Corporate & Investment Bank		4,847			5,562			4,985			5,740			5,349		(13)	(9)			21,134			17,094		24
Commercial Banking		1,251			1,407			1,420			1,168			2,034		(11)	(38)			5,246			2,578		103
Asset & Wealth Management		1,146			1,194			1,153			1,244			786		(4)	46			4,737			2,992		58
Corporate		(1,072)			(817)			(1,244)			(580)			(358)		(31)	(199)			(3,713)			(1,750)		(112)
NET INCOME	$	10,399		$	11,687		$	11,948		$	14,300		$	12,136		(11)	(14)		$	48,334		$	29,131		66

1. In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
2. Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
3. Prior-periodamount has been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.

CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share and ratio data)

								QUARTERLY TRENDS											FULL YEAR
																4Q21 Change								2021 Change
REVENUE		4Q21			3Q21			2Q21			1Q21		4Q20	3Q21		4Q20			2021			2020		2020
Investment banking fees	$	3,494		$	3,282		$	3,470		$	2,970		$	2,583		6 %		35 %		$	13,216		$	9,486		39 %
Principal transactions		2,182			3,546			4,076			6,500			3,321		(38)	(34)			16,304			18,021		(10)
Lending- and deposit-related fees		1,784			1,801			1,760			1,687			1,727		(1)	3			7,032			6,511		8
Asset management, administration and commissions		5,549			5,257			5,194			5,029			4,901		6	13			21,029			18,177		16
Investment securities gains/(losses)		52			(256)			(155)			14			70		NM	(26)			(345)			802		NM
Mortgage fees and related income		315			600			551			704			767		(48)	(59)			2,170			3,091		(30)
Card income		1,100			1,005			1,647			1,350			1,297		9	(15)			5,102			4,435		15
Other income (a)		1,180			1,332			1,195			1,123			1,411		(11)	(16)			4,830			4,865		(1)
Noninterest revenue		15,656			16,567			17,738			19,377			16,077		(5)	(3)			69,338			65,388		6
Interest income		15,019			14,480			14,094			14,271			14,550		4	3			57,864			64,523		(10)
Interest expense		1,418			1,400			1,353			1,382			1,292		1	10			5,553			9,960		(44)
Net interest income		13,601			13,080			12,741			12,889			13,258		4	3			52,311			54,563		(4)
TOTAL NET REVENUE		29,257			29,647			30,479			32,266			29,335		(1)		-			121,649			119,951		1
Provision for credit losses		(1,288)			(1,527)			(2,285)			(4,156)			(1,889)		16	32			(9,256)			17,480		NM
NONINTEREST EXPENSE
Compensation expense		9,065			9,087			9,814			10,601			7,954		-	14			38,567			34,988		10
Occupancy expense		1,202			1,109			1,090			1,115			1,161		8	4			4,516			4,449		2
Technology, communications and equipment expense		2,461			2,473			2,488			2,519			2,606		-	(6)			9,941			10,338		(4)
Professional and outside services		2,703			2,523			2,385			2,203			2,259		7	20			9,814			8,464		16
Marketing		947			712			626			751			725		33	31			3,036			2,476		23
Other expense (b)		1,510			1,159			1,264			1,536			1,343		30	12			5,469			5,941		(8)
TOTAL NONINTEREST EXPENSE		17,888			17,063			17,667			18,725			16,048		5	11			71,343			66,656		7
Income before income tax expense		12,657			14,111			15,097			17,697			15,176		(10)	(17)			59,562			35,815		66
Income tax expense (a)		2,258			2,424			3,149			3,397			3,040		(7)	(26)			11,228			6,684		68
NET INCOME	$	10,399		$	11,687		$	11,948		$	14,300		$	12,136		(11)	(14)		$	48,334		$	29,131		66
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.33	$	3.74	$	3.79	$	4.51		$	3.80		(11)	(12)	$	15.39	$	8.89		73
Diluted earnings per share		3.33			3.74			3.78			4.50			3.79		(11)	(12)			15.36			8.88		73
FINANCIAL RATIOS
Return on common equity (c)		16 %			18 %			18 %			23 %			19 %							19 %			12 %
Return on tangible common equity (c)(d)		19			22			23			29			24							23			14
Return on assets (c)		1.08			1.24			1.29			1.61			1.42							1.30			0.91
Effective income tax rate (a)		17.8			17.2			20.9			19.2			20.0							18.9			18.7
Overhead ratio		61			58			58			58			55							59			56

1. In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
2. Included Firmwide legal expense of $137 million, $76 million, $185 million, $28 million and $276 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $426 million and $1.1 billion for the full year 2021 and 2020 respectively.
3. Quarterly ratios are based upon annualized amounts.
4. Refer to page 28 for further discussion of ROTCE.

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