Loans

3 Months Ended

Mar. 31, 2015

Loans and Leases Receivable Disclosure [Line Items]

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. The Firm accounts for loans based on the following categories:


•	Originated or purchased loans held-for-investment (i.e., “retained”), other than purchased credit-impaired (“PCI”) loans


•	Loans held-for-sale


•	Loans at fair value


•	PCI loans held-for-investment

For a detailed discussion of loans, including accounting policies, see Note 14 of JPMorgan Chase’s 2014 Annual Report. See Note 4 of this Form 10-Q for further information on the Firm’s elections of fair value accounting under the fair value option. See Note 3 of this Form 10-Q for further information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment, the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class:



Consumer, excluding credit card^(a)	Credit card	Wholesale^(c)
Residential real estate – excluding PCI • Home equity – senior lien • Home equity – junior lien • Prime mortgage, including option ARMs • Subprime mortgage Other consumer loans • Auto^(b) • Business banking^(b) • Student and other Residential real estate – PCI • Home equity • Prime mortgage • Subprime mortgage • Option ARMs	• Credit card loans	• Commercial and industrial • Real estate • Financial institutions • Government agencies • Other^(d)


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


(b)	Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes.


(c)	Includes loans held in CIB, CB, AM and Corporate. Excludes prime mortgage and home equity loans held in AM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions.


(d)	Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on special-purpose entities (“SPEs”).

The following tables summarize the Firm’s loan balances by portfolio segment.



March 31, 2015	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
(in millions)	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
Retained	$	304,917	$	120,835	$	331,219	$	756,971	^(b)
Held-for-sale	298		2,422		2,204		4,924
At fair value	—		—		2,290		2,290
Total	$	305,215	$	123,257	$	335,713	$	764,185

December 31, 2014	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
(in millions)	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
Retained	$	294,979	$	128,027	$	324,502	$	747,508	^(b)
Held-for-sale	395		3,021		3,801		7,217
At fair value	—		—		2,611		2,611
Total	$	295,374	$	131,048	$	330,914	$	757,336


(a)	Includes billed finance charges and fees net of an allowance for uncollectible amounts.


(b)	Loans (other than PCI loans and those for which the fair value option has been elected) are presented net of unearned income, unamortized discounts and premiums, and net deferred loan costs of $1.2 billion and $1.3 billion at March 31, 2015, and December 31, 2014, respectively.

The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. These tables exclude loans recorded at fair value. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures.



	2015									2014
Three months ended March 31, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	1,608	^(a)(b)	$	—	$	208	$	1,816	$	1,582	^(a)(b)	$	—	$	121	$	1,703
Sales	1,736			177		2,449		4,362		891			—		2,356		3,247
Retained loans reclassified to held-for-sale	18			—		320		338		—			—		297		297

(a)

Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Ginnie Mae guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, the Federal Housing Administration (“FHA”), Rural Housing Services (“RHS”) and/or the U.S. Department of Veterans Affairs (“VA”).


(b)	Excluded retained loans purchased from correspondents that were originated in accordance with the Firm’s underwriting standards. Such purchases were $11.2 billion and $1.7 billion for the three months ended March 31, 2015 and 2014, respectively.

The following table provides information about gains and losses, including lower of cost or fair value adjustments, on loan sales by portfolio segment.



	Three months ended March 31,
(in millions)	2015			2014
Net gains/(losses) on sales of loans (including lower of cost or fair value adjustments)^(a)
Consumer, excluding credit card	$	91		$	42
Credit card	16			—
Wholesale	(6		)	24
Total net gains/(losses) on sales of loans (including lower of cost or fair value adjustments)	$	101		$	66


(a)	Excludes sales related to loans accounted for at fair value.

Consumer, excluding credit card

Loans and Leases Receivable Disclosure [Line Items]

Loans

Consumer, excluding credit card loan portfolio

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

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



(in millions)	March 31, 2015		December 31, 2014
Residential real estate – excluding PCI
Home equity:
Senior lien	$	15,922	$	16,367
Junior lien	34,968		36,375
Mortgages:
Prime, including option ARMs	117,275		104,921
Subprime	4,826		5,056
Other consumer loans
Auto	55,455		54,536
Business banking	20,375		20,058
Student and other	10,740		10,970
Residential real estate – PCI
Home equity	16,638		17,095
Prime mortgage	9,916		10,220
Subprime mortgage	3,559		3,673
Option ARMs	15,243		15,708
Total retained loans	$	304,917	$	294,979

For further information on consumer credit quality indicators, see Note 14 of JPMorgan Chase’s 2014 Annual Report.

Residential real estate – excluding PCI loans

The following table provides information by class for residential real estate – excluding retained PCI loans in the consumer, excluding credit card, portfolio segment.



Residential real estate – excluding PCI loans
	Home equity												Mortgages
(in millions, except ratios)	Senior lien						Junior lien						Prime, including option ARMs						Subprime						Total residential real estate – excluding PCI
	Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014
Loan delinquency^(a)
Current	$	15,315		$	15,730		$	34,235		$	35,575		$	106,791		$	93,951		$	4,122		$	4,296		$	160,463		$	149,552
30–149 days past due	243			275			469			533			3,568			4,091			433			489			4,713			5,388
150 or more days past due	364			362			264			267			6,916			6,879			271			271			7,815			7,779
Total retained loans	$	15,922		$	16,367		$	34,968		$	36,375		$	117,275		$	104,921		$	4,826		$	5,056		$	172,991		$	162,719
% of 30+ days past due to total retained loans^(b)	3.81		%	3.89		%	2.10		%	2.20		%	1.23		%	1.42		%	14.59		%	15.03		%	2.02		%	2.27		%
90 or more days past due and government guaranteed^(c)	—			—			—			—			7,291			7,544			—			—			7,291			7,544
Nonaccrual loans	930			938			1,539			1,590			2,119			2,190			1,010			1,036			5,598			5,754
Current estimated LTV ratios^(d)(e)(f)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	19		$	21		$	375		$	467		$	103		$	120		$	9		$	10		$	506		$	618
Less than 660	9			10			112			138			95			103			40			51			256			302
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	118			134			2,762			3,149			564			648			96			118			3,540			4,049
Less than 660	59			69			791			923			297			340			241			298			1,388			1,630
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	549			633			6,032			6,481			3,353			3,863			376			432			10,310			11,409
Less than 660	209			226			1,698			1,780			951			1,026			720			770			3,578			3,802
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	12,760			13,048			19,780			20,030			94,768			81,805			1,540			1,586			128,848			116,469
Less than 660	2,199			2,226			3,418			3,407			5,089			4,906			1,804			1,791			12,510			12,330
U.S. government-guaranteed	—			—			—			—			12,055			12,110			—			—			12,055			12,110
Total retained loans	$	15,922		$	16,367		$	34,968		$	36,375		$	117,275		$	104,921		$	4,826		$	5,056		$	172,991		$	162,719
Geographic region
California	$	2,176		$	2,232		$	7,846		$	8,144		$	32,022		$	28,133		$	678		$	718		$	42,722		$	39,227
New York	2,745			2,805			7,383			7,685			17,483			16,550			650			677			28,261			27,717
Illinois	1,266			1,306			2,515			2,605			7,657			6,654			199			207			11,637			10,772
Florida	870			861			1,854			1,923			5,376			5,106			602			632			8,702			8,522
Texas	1,754			1,845			1,057			1,087			5,720			4,935			171			177			8,702			8,044
New Jersey	661			654			2,147			2,233			3,751			3,361			218			227			6,777			6,475
Arizona	893			927			1,533			1,595			2,112			1,805			107			112			4,645			4,439
Washington	487			506			1,168			1,216			2,706			2,410			104			109			4,465			4,241
Michigan	722			736			810			848			1,336			1,203			115			121			2,983			2,908
Ohio	1,117			1,150			741			778			735			615			107			112			2,700			2,655
All other^(g)	3,231			3,345			7,914			8,261			38,377			34,149			1,875			1,964			51,397			47,719
Total retained loans	$	15,922		$	16,367		$	34,968		$	36,375		$	117,275		$	104,921		$	4,826		$	5,056		$	172,991		$	162,719


(a)	Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $3.0 billion and $2.6 billion; 30–149 days past due included $3.0 billion and $3.5 billion; and 150 or more days past due included $6.1 billion and $6.0 billion at March 31, 2015, and December 31, 2014, respectively.


(b)	At March 31, 2015, and December 31, 2014, Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $9.0 billion and $9.5 billion, respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee.

(c)

These balances, which are 90 days or more past due but insured by U.S. government agencies, were excluded from nonaccrual loans. In predominantly all cases, 100% of the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. These amounts have been excluded from nonaccrual loans based upon the government guarantee. At March 31, 2015, and December 31, 2014, these balances included $4.0 billion and $4.2 billion, respectively, of loans that are no longer accruing interest because interest has been curtailed by the U.S. government agencies although, in predominantly all cases, 100% of the principal is still insured. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not insured by U.S. government agencies that are 90 or more days past due and still accruing at March 31, 2015 and December 31, 2014.

(d)

Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates.


(e)	Junior lien represents combined loan-to-value (“LTV”), which considers all available lien positions, as well as unused lines, related to the property. All other products are presented without consideration of subordinate liens on the property.


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


(g)	At both March 31, 2015, and December 31, 2014, included mortgage loans insured by U.S. government agencies of $12.1 billion.

The following tables represent the Firm’s delinquency statistics for junior lien home equity loans and lines as of March 31, 2015, and December 31, 2014.



	Delinquencies								Total 30+ day delinquency rate
March 31, 2015	30–89 days past due		90–149 days past due		150+ days past due		Total loans
(in millions, except ratios)	30–89 days past due		90–149 days past due		150+ days past due		Total loans
HELOCs:^(a)
Within the revolving period^(b)	$	191	$	60	$	134	$	23,335	1.65	%
Beyond the revolving period	108		41		110		8,654		2.99
HELOANs	52		17		20		2,979		2.99
Total	$	351	$	118	$	264	$	34,968	2.10	%



	Delinquencies								Total 30+ day delinquency rate
December 31, 2014	30–89 days past due		90–149 days past due		150+ days past due		Total loans
(in millions, except ratios)	30–89 days past due		90–149 days past due		150+ days past due		Total loans
HELOCs:^(a)
Within the revolving period^(b)	$	233	$	69	$	141	$	25,252	1.75	%
Beyond the revolving period	108		37		107		7,979		3.16
HELOANs	66		20		19		3,144		3.34
Total	$	407	$	126	$	267	$	36,375	2.20	%


(a)	These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs originated by Washington Mutual that require interest-only payments beyond the revolving period.


(b)	The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty or when the collateral does not support the loan amount.

Home equity lines of credit (“HELOCs”) beyond the revolving period and home equity loans (“HELOANs”) have higher delinquency rates than do HELOCs within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options

available for HELOCs within the revolving period. The higher delinquency rates associated with amortizing HELOCs and HELOANs are factored into the loss estimates produced by the Firm’s delinquency roll-rate methodology, which estimates defaults based on the current delinquency status of a portfolio.

Impaired loans

The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a troubled debt restructuring (“TDR”). All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report.



	Home equity								Mortgages								Total residential real estate – excluding PCI
(in millions)	Senior lien				Junior lien				Prime, including option ARMs				Subprime				Total residential real estate – excluding PCI
(in millions)	Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014
Impaired loans
With an allowance	$	553	$	552	$	724	$	722	$	4,596	$	4,949	$	2,092	$	2,239	$	7,965	$	8,462
Without an allowance^(a)	534		549		569		582		1,142		1,196		613		639		2,858		2,966
Total impaired loans^(b)(c)	$	1,087	$	1,101	$	1,293	$	1,304	$	5,738	$	6,145	$	2,705	$	2,878	$	10,823	$	11,428
Allowance for loan losses related to impaired loans	$	85	$	84	$	145	$	147	$	120	$	127	$	63	$	64	$	413	$	422
Unpaid principal balance of impaired loans^(d)	1,426		1,451		2,546		2,603		7,331		7,813		3,968		4,200		15,271		16,067
Impaired loans on nonaccrual status^(e)	623		628		620		632		1,517		1,559		898		931		3,658		3,750

(a)

Represents collateral-dependent residential mortgage loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2015, Chapter 7 residential real estate loans included approximately 18% of senior lien home equity, 11% of junior lien home equity, 23% of prime mortgages, including option ARMs, and 15% of subprime mortgages that were 30 days or more past due.

(b)

At March 31, 2015, and December 31, 2014, $4.8 billion and $4.9 billion, respectively, of loans modified subsequent to repurchase from Government National Mortgage Association (“Ginnie Mae”) in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure.


(c)	Predominantly all residential real estate impaired loans, excluding PCI loans, are in the U.S.


(d)	Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans.


(e)	As of March 31, 2015, and December 31, 2014, nonaccrual loans included $2.8 billion and $2.9 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status refer to the Loan accounting framework in Note 14 of JPMorgan Chase’s 2014 Annual Report.

The following table present average impaired loans and the related interest income reported by the Firm.



Three months ended March 31,	Average impaired loans				Interest income on impaired loans^(a)				Interest income on impaired loans on a cash basis^(a)
(in millions)	2015		2014		2015		2014		2015		2014
Home equity
Senior lien	$	1,095	$	1,143	$	13	$	14	$	9	$	9
Junior lien	1,298		1,321		20		21		13		14
Mortgages
Prime, including option ARMs	6,054		6,956		59		68		12		13
Subprime	2,822		3,667		37		49		11		13
Total residential real estate – excluding PCI	$	11,269	$	13,087	$	129	$	152	$	45	$	49


(a)	Generally, interest income on loans modified in TDRs is recognized on a cash basis until such time as the borrower has made a minimum of six payments under the new terms.

Loan modifications

The Firm is required to provide borrower relief under the terms of certain Consent Orders and settlements entered into by the Firm related to its mortgage servicing, originations and residential mortgage-backed securities activities. This borrower relief includes reductions of principal and forbearance.

Modifications of residential real estate loans, excluding PCI loans, are generally accounted for and reported as TDRs. There were no additional commitments to lend to borrowers whose residential real estate loans, excluding PCI loans, have been modified in TDRs.

The following table presents new TDRs reported by the Firm.



Three months ended March 31, (in millions)	2015		2014
Home equity:
Senior lien	$	26	$	27
Junior lien	46		58
Mortgages:
Prime, including option ARMs	63		67
Subprime	19		28
Total residential real estate – excluding PCI	$	154	$	180

Nature and extent of modifications

Making Home Affordable (“MHA”), as well as the Firm’s proprietary modification programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and deferral of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.

The following table provides information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt.



Three months ended March 31,	Home equity								Mortgages								Total residential real estate - excluding PCI
	Senior lien				Junior lien				Prime, including option ARMs				Subprime				Total residential real estate - excluding PCI
	2015		2014		2015		2014		2015		2014		2015		2014		2015		2014
Number of loans approved for a trial modification	356		201		154		184		245		255		422		499		1,177		1,139
Number of loans permanently modified	262		295		508		958		361		531		489		767		1,620		2,551
Concession granted:^(a)
Interest rate reduction	75	%	65	%	77	%	84	%	64	%	60	%	71	%	60	%	72	%	70	%
Term or payment extension	81		80		86		83		84		88		81		72		83		80
Principal and/or interest deferred	31		15		28		21		37		33		26		20		30		22
Principal forgiveness	8		30		4		28		28		31		32		41		18		32
Other^(b)	—		1		—		—		8		17		11		13		5		7


(a)	Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. A significant portion of trial modifications include interest rate reductions and/or term or payment extensions.


(b)	Represents variable interest rate to fixed interest rate modifications.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI, under the Firm’s loss mitigation programs and about redefaults of certain loans modified in TDRs for the periods presented. Because the specific types and amounts of concessions offered to borrowers frequently change between the trial modification and the permanent modification, the following table presents only the financial effects of permanent modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt.



Three months ended March 31, (in millions, except weighted-average data and number of loans)	Home equity												Mortgages												Total residential real estate – excluding PCI
	Senior lien						Junior lien						Prime, including option ARMs						Subprime						Total residential real estate – excluding PCI
	2015			2014			2015			2014			2015			2014			2015			2014			2015			2014
Weighted-average interest rate of loans with interest rate reductions – before TDR	6.11		%	6.67		%	4.97		%	4.75		%	5.03		%	5.22		%	6.80		%	7.57		%	5.68		%	5.91		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.72			3.02			2.21			1.81			2.38			2.76			3.22			3.41			2.64			2.77
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	18			18			18			20			25			24			24			25			23			23
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	31			31			34			35			38			37			36			36			36			36
Charge-offs recognized upon permanent modification	$	—		$	1		$	1		$	14		$	1		$	2		$	1		$	1		$	3		$	18
Principal deferred	3			1			3			3			11			13			7			7			24			24
Principal forgiven	1			3			—			11			9			17			10			21			20			52
Balance of loans that redefaulted within one year of permanent modification^(a)	$	3		$	6		$	2		$	3		$	18		$	30		$	17		$	18		$	40		$	57

(a)

Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels.

At March 31, 2015, the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 6 years for senior lien home equity, 8 years for junior lien home equity, 9 years for prime mortgages, including option ARMs, and 8 years for subprime mortgages. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).

Active and suspended foreclosure

At March 31, 2015, and December 31, 2014, the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $1.4 billion and $1.5 billion, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

Other consumer loans

The table below provides information for other consumer retained loan classes, including auto, business banking and student loans.



(in millions, except ratios)	Auto						Business banking						Student and other								Total other consumer
(in millions, except ratios)	Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015				Dec 31, 2014				Mar 31, 2015				Dec 31, 2014
Loan delinquency^(a)
Current	$	54,956		$	53,866		$	20,038		$	19,710		$	9,968			$	10,080			$	84,962			$	83,656
30–119 days past due	492			663			199			208			466				576				1,157				1,447
120 or more days past due	7			7			138			140			306				314				451				461
Total retained loans	$	55,455		$	54,536		$	20,375		$	20,058		$	10,740			$	10,970			$	86,570			$	85,564
% of 30+ days past due to total retained loans	0.90		%	1.23		%	1.65		%	1.73		%	1.64		%	^(d)	2.15		%	^(d)	1.17		%	^(d)	1.47		%	^(d)
90 or more days past due and still accruing^(b)	$	—		$	—		$	—		$	—		$	346			$	367			$	346			$	367
Nonaccrual loans	95			115			268			279			264				270				627				664
Geographic region
California	$	6,469		$	6,294		$	3,059		$	3,008		$	1,128			$	1,143			$	10,656			$	10,445
New York	3,703			3,662			3,171			3,187			1,235				1,259				8,109				8,108
Illinois	3,365			3,175			1,387			1,373			716				729				5,468				5,277
Florida	2,428			2,301			861			827			521				521				3,810				3,649
Texas	5,804			5,608			2,610			2,626			849				868				9,263				9,102
New Jersey	1,947			1,945			530			451			391				378				2,868				2,774
Arizona	1,879			2,003			1,148			1,083			234				239				3,261				3,325
Washington	1,042			1,019			274			258			224				235				1,540				1,512
Michigan	1,634			1,633			1,344			1,375			453				466				3,431				3,474
Ohio	2,261			2,157			1,455			1,354			607				629				4,323				4,140
All other	24,923			24,739			4,536			4,516			4,382				4,503				33,841				33,758
Total retained loans	$	55,455		$	54,536		$	20,375		$	20,058		$	10,740			$	10,970			$	86,570			$	85,564
Loans by risk ratings^(c)
Noncriticized	$	10,061		$	9,822		$	14,842		$	14,619		NA				NA				$	24,903			$	24,441
Criticized performing	83			35			714			708			NA				NA				797				743
Criticized nonaccrual	—			—			212			213			NA				NA				212				213


(a)	Individual delinquency classifications included loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) as follows: current included $4.2 billion and $4.3 billion; 30-119 days past due included $317 million and $364 million; and 120 or more days past due included $279 million and $290 million at March 31, 2015, and December 31, 2014, respectively.


(b)	These amounts represent student loans, which are insured by U.S. government agencies under the FFELP. These amounts were accruing as reimbursement of insured amounts is proceeding normally.


(c)	For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual.


(d)	March 31, 2015, and December 31, 2014, excluded loans 30 days or more past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $596 million and $654 million, respectively. These amounts were excluded as reimbursement of insured amounts is proceeding normally.

Other consumer impaired loans and loan modifications

The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs.



(in millions)	March 31, 2015		December 31, 2014
Impaired loans
With an allowance	$	557	$	557
Without an allowance^(a)	34		35
Total impaired loans^(b)(c)	$	591	$	592
Allowance for loan losses related to impaired loans	$	124	$	117
Unpaid principal balance of impaired loans^(d)	711		719
Impaired loans on nonaccrual status	464		456


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


(b)	Predominantly all other consumer impaired loans are in the U.S.


(c)	Other consumer average impaired loans were $587 million and $600 million for the three months ended March 31, 2015 and 2014, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three months ended March 31, 2015 and 2014.


(d)	Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the principal balance; net deferred loan fees or costs; and unamortized discounts or premiums on purchased loans.

Loan modifications

Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All of these TDRs are reported as impaired loans in the table above. See Note 14 of JPMorgan Chase’s 2014 Annual Report for further information on other consumer loans modified in TDRs.

The following table provides information about the Firm’s other consumer loans modified in TDRs. New TDRs were not material as of March 31, 2015 and 2014.



(in millions)	March 31, 2015		December 31, 2014
Loans modified in TDRs^(a)(b)	$	428		$	442
TDRs on nonaccrual status	301			306


(a)	The impact of these modifications was not material to the Firm for the three months ended March 31, 2015 and 2014.


(b)	Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2015, and December 31, 2014, were immaterial.

Purchased credit-impaired loans

For a detailed discussion of PCI loans, including the related accounting policies, see Note 14 of JPMorgan Chase’s 2014 Annual Report.

Residential real estate – PCI loans

The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans.



(in millions, except ratios)	Home equity						Prime mortgage						Subprime mortgage						Option ARMs						Total PCI
	Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014
Carrying value^(a)	$	16,638		$	17,095		$	9,916		$	10,220		$	3,559		$	3,673		$	15,243		$	15,708		$	45,356		$	46,696
Related allowance for loan losses^(b)	1,758			1,758			1,138			1,193			180			180			194			194			3,270			3,325
Loan delinquency (based on unpaid principal balance)
Current	$	15,903		$	16,295		$	8,722		$	8,912		$	3,521		$	3,565		$	13,506		$	13,814		$	41,652		$	42,586
30–149 days past due	368			445			444			500			460			536			795			858			2,067			2,339
150 or more days past due	815			1,000			777			837			509			551			1,645			1,824			3,746			4,212
Total loans	$	17,086		$	17,740		$	9,943		$	10,249		$	4,490		$	4,652		$	15,946		$	16,496		$	47,465		$	49,137
% of 30+ days past due to total loans	6.92		%	8.15		%	12.28		%	13.05		%	21.58		%	23.37		%	15.30		%	16.26		%	12.25		%	13.33		%
Current estimated LTV ratios (based on unpaid principal balance)^(c)(d)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	423		$	513		$	34		$	45		$	27		$	34		$	72		$	89		$	556		$	681
Less than 660	217			273			68			97			125			160			113			150			523			680
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	1,985			2,245			373			456			180			215			471			575			3,009			3,491
Less than 660	928			1,073			337			402			430			509			634			771			2,329			2,755
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	3,995			4,171			1,924			2,154			482			519			2,198			2,418			8,599			9,262
Less than 660	1,590			1,647			1,184			1,316			954			1,006			1,784			1,996			5,512			5,965
Lower than 80% and refreshed FICO scores:
Equal to or greater than 660	5,923			5,824			3,821			3,663			760			719			6,750			6,593			17,254			16,799
Less than 660	2,025			1,994			2,202			2,116			1,532			1,490			3,924			3,904			9,683			9,504
Total unpaid principal balance	$	17,086		$	17,740		$	9,943		$	10,249		$	4,490		$	4,652		$	15,946		$	16,496		$	47,465		$	49,137
Geographic region (based on unpaid principal balance)
California	$	10,267		$	10,671		$	5,811		$	5,965		$	1,108		$	1,138		$	8,935		$	9,190		$	26,121		$	26,964
New York	855			876			648			672			440			463			895			933			2,838			2,944
Illinois	393			405			290			301			219			229			371			397			1,273			1,332
Florida	1,630			1,696			657			689			416			432			1,370			1,440			4,073			4,257
Texas	261			273			90			92			270			281			84			85			705			731
New Jersey	338			348			261			279			155			165			527			553			1,281			1,345
Arizona	312			323			164			167			84			85			223			227			783			802
Washington	926			959			217			225			91			95			379			395			1,613			1,674
Michigan	50			53			162			166			125			130			176			182			513			531
Ohio	19			20			47			48			70			72			66			69			202			209
All other	2,035			2,116			1,596			1,645			1,512			1,562			2,920			3,025			8,063			8,348
Total unpaid principal balance	$	17,086		$	17,740		$	9,943		$	10,249		$	4,490		$	4,652		$	15,946		$	16,496		$	47,465		$	49,137


(a)	Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition.


(b)	Management concluded as part of the Firm’s regular assessment of the PCI loan pools that it was probable that higher expected credit losses would result in a decrease in expected cash flows. As a result, an allowance for loan losses for impairment of these pools has been recognized.

(c)


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

Approximately 20% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following tables set forth delinquency statistics for PCI junior lien home equity loans and lines of credit based on unpaid principal balance as of March 31, 2015, and December 31, 2014.



	Delinquencies								Total 30+ day delinquency rate
March 31, 2015	30–89 days past due		90–149 days past due		150+ days past due		Total loans
(in millions, except ratios)	30–89 days past due		90–149 days past due		150+ days past due		Total loans
HELOCs:^(a)
Within the revolving period^(b)	$	118	$	39	$	236	$	8,373	4.69	%
Beyond the revolving period^(c)	72		21		154		4,741		5.21
HELOANs	16		5		21		713		5.89
Total	$	206	$	65	$	411	$	13,827	4.93	%



	Delinquencies								Total 30+ day delinquency rate
December 31, 2014	30–89 days past due		90–149 days past due		150+ days past due		Total loans
(in millions, except ratios)	30–89 days past due		90–149 days past due		150+ days past due		Total loans
HELOCs:^(a)
Within the revolving period^(b)	$	155	$	50	$	371	$	8,972	6.42	%
Beyond the revolving period^(c)	76		24		166		4,143		6.42
HELOANs	20		7		38		736		8.83
Total	$	251	$	81	$	575	$	13,851	6.55	%


(a)	In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term.


(b)	Substantially all undrawn HELOCs within the revolving period have been closed.


(c)	Includes loans modified into fixed rate amortizing loans.

The table below sets forth the accretable yield activity for the Firm’s PCI consumer loans for the three months ended March 31, 2015 and 2014, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios.



(in millions, except ratios)	Total PCI
	Three months ended March 31,
	2015			2014
Beginning balance	$	14,592		$	16,167
Accretion into interest income	(436		)	(514		)
Changes in interest rates on variable-rate loans	6			(21		)
Other changes in expected cash flows^(a)	(128		)	150
Balance at March 31	$	14,034		$	15,782
Accretable yield percentage	4.14		%	4.32		%


(a)	Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model and periodically updates model assumptions. For the three months ended March 31, 2015 and 2014, other changes in expected cash flows were driven by changes in prepayment assumptions.

The factors that most significantly affect estimates of gross cash flows expected to be collected, and accordingly the accretable yield balance, include: (i) changes in the benchmark interest rate indices for variable-rate products such as option adjustable-rate mortgage (“ARM”) and home equity loans; and (ii) changes in prepayment assumptions.

Active and suspended foreclosure

At March 31, 2015, and December 31, 2014, the Firm had PCI residential real estate loans with an unpaid principal balance of $2.9 billion and $3.2 billion, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

Credit card

Loans and Leases Receivable Disclosure [Line Items]

Loans

Credit card loan portfolio

The table below sets forth information about the Firm’s credit card loans.



(in millions, except ratios)	March 31, 2015			December 31, 2014
Loan delinquency
Current and less than 30 days past due and still accruing	$	119,132		$	126,189
30–89 days past due and still accruing	826			943
90 or more days past due and still accruing	877			895
Nonaccrual loans	—			—
Total retained credit card loans	$	120,835		$	128,027
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.41		%	1.44		%
% of 90+ days past due to total retained loans	0.73			0.70
Credit card loans by geographic region
California	$	17,133		$	17,940
Texas	10,605			11,088
New York	10,414			10,940
Florida	7,126			7,398
Illinois	7,058			7,497
New Jersey	5,427			5,750
Ohio	4,389			4,707
Pennsylvania	4,197			4,489
Michigan	3,340			3,552
Virginia	2,958			3,263
All other	48,188			51,403
Total retained credit card loans	$	120,835		$	128,027
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	85.2		%	85.7		%
Less than 660	14.8			14.3

Credit card impaired loans and loan modifications

For a detailed discussion of impaired credit card loans, including credit card loan modifications, see Note 14 of JPMorgan Chase’s 2014 Annual Report.

The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs.



(in millions)	March 31, 2015		December 31, 2014
Impaired credit card loans with an allowance^(a)(b)
Credit card loans with modified payment terms^(c)	$	1,627	$	1,775
Modified credit card loans that have reverted to pre-modification payment terms^(d)	225		254
Total impaired credit card loans^(e)	$	1,852	$	2,029
Allowance for loan losses related to impaired credit card loans	$	458	$	500


(a)	The carrying value and the unpaid principal balance are the same for credit card impaired loans.


(b)	There were no impaired loans without an allowance.


(c)	Represents credit card loans outstanding to borrowers enrolled in a credit card modification program as of the date presented.


(d)	Represents credit card loans that were modified in TDRs but that have subsequently reverted back to the loans’ pre-modification payment terms.

At March 31, 2015, and December 31, 2014, $139 million and $159 million, respectively, of loans have reverted back to the pre-modification payment terms of the loans due to noncompliance with the terms of the modified loans. The remaining $86 million and $95 million at March 31, 2015, and December 31, 2014, respectively, of these loans are to borrowers who have successfully completed a short-term modification program. The Firm continues to report these loans as TDRs since the borrowers’ credit lines remain closed.


(e)	Predominantly all impaired credit card loans are in the U.S.

The following table presents average balances of impaired credit card loans and interest income recognized on those loans.

Loan modifications

The Firm may modify loans to credit card borrowers who are experiencing financial difficulty. Most of these loans have been modified under programs that involve placing the customer on a fixed payment plan with a reduced interest rate, generally for 60 months. All of these credit card loan modifications are considered to be TDRs. New enrollments in these loan modification programs for the three months ended March 31, 2015 and 2014, were $178 million and $233 million, respectively. For additional information about credit card loan modifications, see Note 14 of JPMorgan Chase’s 2014 Annual Report.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented.



(in millions, except weighted-average data)	Three months ended March 31,
	2015			2014
Weighted-average interest rate of loans – before TDR	15.16		%	15.03		%
Weighted-average interest rate of loans – after TDR	4.29			4.43
Loans that redefaulted within one year of modification^(a)	$	22		$	34


(a)	Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.

For credit card loans modified in TDRs, payment default is deemed to have occurred when the loans become two payments past due. A substantial portion of these loans is expected to be charged-off in accordance with the Firm’s standard charge-off policy. Based on historical experience, the estimated weighted-average default rate for credit card loans modified was expected to be 27.34%and 27.91% as of March 31, 2015, and December 31, 2014, respectively.

Wholesale

Loans and Leases Receivable Disclosure [Line Items]

Loans

Wholesale loan portfolio

Wholesale loans include loans made to a variety of customers, ranging from large corporate and institutional clients to high-net-worth individuals. The primary credit quality indicator for wholesale loans is the risk rating assigned each loan. For further information on these risk ratings, see Note 14 and Note 15 of JPMorgan Chase’s 2014 Annual Report.

The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment.



	Commercial and industrial						Real estate						Financial institutions						Government agencies						Other^(d)						Total retained loans
(in millions, except ratios)	Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014
Loans by risk ratings
Investment-grade	$	66,973		$	63,069		$	64,382		$	61,006		$	28,091		$	27,111		$	8,718		$	8,393		$	80,709		$	82,087		$	248,873		$	241,666
Noninvestment-grade:
Noncriticized	43,838			44,117			16,470			16,541			7,037			7,085			332			300			9,613			10,075			77,290			78,118
Criticized performing	2,581			2,251			1,296			1,313			303			316			8			3			172			236			4,360			4,119
Criticized nonaccrual	332			188			259			253			15			18			—			—			90			140			696			599
Total noninvestment- grade	46,751			46,556			18,025			18,107			7,355			7,419			340			303			9,875			10,451			82,346			82,836
Total retained loans	$	113,724		$	109,625		$	82,407		$	79,113		$	35,446		$	34,530		$	9,058		$	8,696		$	90,584		$	92,538		$	331,219		$	324,502
% of total criticized to total retained loans	2.56		%	2.22		%	1.89		%	1.98		%	0.90		%	0.97		%	0.09		%	0.03		%	0.29		%	0.41		%	1.53		%	1.45		%
% of nonaccrual loans to total retained loans	0.29			0.17			0.31			0.32			0.04			0.05			—			—			0.10			0.15			0.21			0.18

Loans by geographic distribution^(a)
Total non-U.S.	$	33,627		$	33,739		$	2,274		$	2,099		$	19,450		$	20,944		$	1,153		$	1,122		$	42,366		$	42,961		$	98,870		$	100,865
Total U.S.	80,097			75,886			80,133			77,014			15,996			13,586			7,905			7,574			48,218			49,577			232,349			223,637
Total retained loans	$	113,724		$	109,625		$	82,407		$	79,113		$	35,446		$	34,530		$	9,058		$	8,696		$	90,584		$	92,538		$	331,219		$	324,502

Loan delinquency^(b)
Current and less than 30 days past due and still accruing	$	113,177		$	108,857		$	82,058		$	78,552		$	35,397		$	34,408		$	9,000		$	8,627		$	89,334		$	91,168		$	328,966		$	321,612
30–89 days past due and still accruing	215			566			84			275			34			104			58			69			1,098			1,201			1,489			2,215
90 or more days past due and still accruing^(c)	—			14			6			33			—			—			—			—			62			29			68			76
Criticized nonaccrual	332			188			259			253			15			18			—			—			90			140			696			599
Total retained loans	$	113,724		$	109,625		$	82,407		$	79,113		$	35,446		$	34,530		$	9,058		$	8,696		$	90,584		$	92,538		$	331,219		$	324,502


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


(b)	The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. For a discussion of more significant risk factors, see Note 14 of JPMorgan Chase’s 2014 Annual Report.


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


(d)	Other primarily includes loans to SPEs and loans to private banking clients. See Note 1 of JPMorgan Chase’s 2014 Annual Report for additional information on SPEs.

The following table presents additional information on the real estate class of loans within the Wholesale portfolio segment for the periods indicated. For further information on real estate loans, see Note 14 of JPMorgan Chase’s 2014 Annual Report.



(in millions, except ratios)	Multifamily						Commercial lessors						Commercial construction and development						Other						Total real estate loans
(in millions, except ratios)	Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014			Mar 31, 2015			Dec 31, 2014
Real estate retained loans	$	53,319		$	51,049		$	17,394		$	17,438		$	4,542		$	4,264		$	7,152		$	6,362		$	82,407		$	79,113
Criticized exposure	665			652			796			841			28			42			66			31			1,555			1,566
% of criticized exposure to total real estate retained loans	1.25		%	1.28		%	4.58		%	4.82		%	0.62		%	0.98		%	0.92		%	0.49		%	1.89		%	1.98		%
Criticized nonaccrual	$	127		$	126		$	88		$	110		$	—		$	—		$	44		$	17		$	259		$	253
% of criticized nonaccrual to total real estate retained loans	0.24		%	0.25		%	0.51		%	0.63		%	—		%	—		%	0.62		%	0.27		%	0.31		%	0.32		%

Wholesale impaired loans and loan modifications

Wholesale impaired loans are comprised of loans that have been placed on nonaccrual status and/or that have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 15 of JPMorgan Chase’s 2014 Annual Report.

The table below sets forth information about the Firm’s wholesale impaired loans.



(in millions)	Commercial and industrial				Real estate				Financial institutions				Government agencies				Other				Total retained loans
(in millions)	Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015		Dec 31, 2014		Mar 31, 2015			Dec 31, 2014
Impaired loans
With an allowance	$	306	$	174	$	155	$	193	$	12	$	15	$	—	$	—	$	64	$	89	$	537		$	471
Without an allowance^(a)	39		24		138		87		2		3		—		—		27		52		206			166
Total impaired loans	$	345	$	198	$	293	$	280	$	14	$	18	$	—	$	—	$	91	$	141	$	743	^(c)	$	637
Allowance for loan losses related to impaired loans	$	57	$	34	$	18	$	36	$	4	$	4	$	—	$	—	$	36	$	13	$	115		$	87
Unpaid principal balance of impaired loans^(b)	378		266		421		345		15		22		—		—		95		202		909			835


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


(b)	Represents the contractual amount of principal owed at March 31, 2015, and December 31, 2014. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans.


(c)	Based upon the domicile of the borrower, predominantly all wholesale impaired loans are in the U.S.

The following table presents the Firm’s average impaired loans for the periods indicated.



	Three months ended March 31,
(in millions)	2015		2014
Commercial and industrial	$	251	$	291
Real estate	268		355
Financial institutions	16		22
Government agencies	—		—
Other	107		169
Total^(a)	$	642	$	837


(a)	The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three months ended March 31, 2015 and 2014.

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All TDRs are reported as impaired loans in the tables above. TDRs were not material as of March 31, 2015 and 2014.

Three months ended March 31,

(in millions)

Average impaired
credit card loans

Interest income on
impaired credit card loans