Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three and nine months ended September 30, 2021 was $31 million and $225 million, respectively, of which $30 million and $211 million, respectively, related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three and nine months ended September 30, 2020 was $113 million and $(75) million, respectively, of which $24 million and $(76) million, respectively, related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Loan modifications

The Firm has granted various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered TDRs because:

•they represent short-term or other insignificant modifications, whether under the Firm’s regular loan modification assessments or as permitted by regulatory guidance, or

•the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

To the extent that certain modifications do not meet any of the above criteria, the Firm accounts for them as TDRs.

As permitted by regulatory guidance, the Firm does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual. The Firm considers expected losses of principal and accrued interest associated with all COVID-19 related loan modifications in its allowance for credit losses.

Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers who would have otherwise moved into past due or nonaccrual status.

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking 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 that may result in negative amortization.

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


(in millions)	September 30, 2021		December 31, 2020
Residential real estate	$	221,671	$	225,302
Auto and other(a)	76,637		76,825
Total retained loans	$	298,308	$	302,127

(a)At September 30, 2021 and December 31, 2020, included $11.1 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP.

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer credit quality indicators.

Residential real estate

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.


(in millions, except ratios)	September 30, 2021
	Term loans by origination year(d)																		Revolving loans						Total
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	50,900		$	51,577		$	21,058		$	8,958		$	13,231		$	54,691		$	6,707		$	12,595		$	219,717
30–149 days past due	11			13			17			17			10			479			16			172			735
150 or more days past due	—			—			7			5			13			927			5			262			1,219
Total retained loans	$	50,911		$	51,590		$	21,082		$	8,980		$	13,254		$	56,097		$	6,728		$	13,029		$	221,671
% of 30+ days past due to total retained loans(c)	0.02		%	0.03		%	0.11		%	0.24		%	0.17		%	2.45		%	0.31		%	3.33		%	0.87		%


(in millions, except ratios)	December 31, 2020
	Term loans by origination year(d)																				Revolving loans								Total
	2020				2019			2018			2017			2016			Prior to 2016				Within the revolving period				Converted to term loans
Loan delinquency(a)(b)
Current	$	56,576		(e)	$	31,820		$	13,900		$	20,410		$	27,978		$	49,218		(e)	$	7,902		(e)	$	15,260		(e)	$	223,064
30–149 days past due	9				25			20			22			29			674				21				245				1,045
150 or more days past due	3				14			10			18			18			844				22				264				1,193
Total retained loans	$	56,588			$	31,859		$	13,930		$	20,450		$	28,025		$	50,736			$	7,945			$	15,769			$	225,302
% of 30+ days past due to total retained loans(c)	0.02		%		0.12		%	0.22		%	0.20		%	0.17		%	2.91		%	(e)	0.54		%	(e)	3.23		%	(e)	0.98		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $41 million and $36 million; 30–149 days past due included $11 million and $16 million; and 150 or more days past due included $20 million and $24 million at September 30, 2021 and December 31, 2020, respectively.

(c)At September 30, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $31 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Purchased loans are included in the year in which they were originated.

(e)Prior-period amounts have been revised to conform with the current presentation.

Approximately 36% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still 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 revolving loans within the revolving period.

Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.


(in millions, except weighted-average data)	September 30, 2021			December 31, 2020
Nonaccrual loans(a)(b)(c)(d)	$	4,794		$	5,313
90 or more days past due and government guaranteed(e)	25			33

Current estimated LTV ratios(f)(g)(h)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	12		$	6
Less than 660	3			12
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	31			38
Less than 660	20			44
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	2,146			2,177
Less than 660	103			239
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	205,919			208,238
Less than 660	10,054			11,980
No FICO/LTV available	3,311			2,492
U.S. government-guaranteed	72			76
Total retained loans	$	221,671		$	225,302

Weighted average LTV ratio(f)(i)	51		%	54		%
Weighted average FICO(g)(i)	764			763

Geographic region(j)
California	$	70,719		$	73,444
New York	32,221			32,287
Florida	15,439			13,981
Texas	13,645			13,773
Illinois	11,860			13,130
Colorado	8,496			8,235
Washington	8,071			7,917
New Jersey	6,884			7,227
Massachusetts	6,009			5,784
Connecticut	5,188			5,024
All other(k)	43,139			44,500
Total retained loans	$	221,671		$	225,302

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs 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 September 30, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $41 million and $39 million and $127 million and $119 million for the three and nine months ended September 30, 2021 and 2020, respectively.

(d)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment related deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At September 30, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at September 30, 2021 and December 31, 2020.

(f)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. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

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

(h)Prior-period amounts have been revised to conform with the current presentation.

(i)Excludes loans with no FICO and/or LTV data available.

(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2021.

(k)At September 30, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $72 million and $76 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

Loan modifications

Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of new TDRs was $116 million and $199 million for the three months ended September 30, 2021 and 2020, respectively, and $674 million and $537 million for the nine months ended September 30, 2021 and 2020, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.

Nature and extent of modifications

The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays 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 were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Number of loans approved for a trial modification	1,448		1,623		4,014		4,468
Number of loans permanently modified	917		1,615		3,817		5,200
Concession granted:(a)
Interest rate reduction	75	%	40	%	74	%	51	%
Term or payment extension	64		39		49		53
Principal and/or interest deferred	19		21		24		12
Principal forgiveness	1		1		2		2
Other(b)	24		65		39		65

(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. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.

(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.

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 under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.


(in millions, except weighted-average data)	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.65		%	4.99		%	4.55		%	5.10		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.89			3.34			2.91			3.40
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	23			23			23			22
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	37			39			37			39
Charge-offs recognized upon permanent modification	$	—		$	1		$	—		$	2
Principal deferred	5			3			23			12
Principal forgiven	—			1			1			4
Balance of loans that redefaulted within one year of permanent modification(a)	$	52		$	65		$	97		$	173

(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 will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

At September 30, 2021, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were four years. 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 September 30, 2021 and December 31, 2020, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $693 million and $846 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

In response to the COVID-19 pandemic, the Firm has temporarily suspended certain foreclosure activities. This could delay recognition of foreclosed properties until the foreclosure moratoriums are lifted.

Auto and other

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.


	September 30, 2021
(in millions, except ratios)	Term Loans by origination year																				Revolving loans
	2021				2020				2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	35,379		(c)	$	21,917		(c)	$	8,641		$	4,466		$	2,343		$	993		$	2,246		$	129		$	76,114
30–119 days past due	110				193				77			49			30			25			12			8			504
120 or more days past due	—				4				—			1			—			1			5			8			19
Total retained loans	$	35,489			$	22,114			$	8,718		$	4,516		$	2,373		$	1,019		$	2,263		$	145		$	76,637
% of 30+ days past due to total retained loans(b)	0.31		%		0.32		%		0.88		%	1.11		%	1.26		%	2.55		%	0.75		%	11.03		%	0.68		%


	December 31, 2020
(in millions, except ratios)	Term Loans by origination year																			Revolving loans
	2020				2019			2018			2017			2016			Prior to 2016			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	46,169		(d)	$	12,829		$	7,367		$	4,521		$	2,058		$	742		$	2,517		$	158		$	76,361
30–119 days past due	97				107			77			53			42			23			30			17			446
120 or more days past due	—				—			—			1			—			1			8			8			18
Total retained loans	$	46,266			$	12,936		$	7,444		$	4,575		$	2,100		$	766		$	2,555		$	183		$	76,825
% of 30+ days past due to total retained loans	0.21		%		0.83		%	1.03		%	1.18		%	2.00		%	3.13		%	1.49		%	13.66		%	0.60		%

(a)At September 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)At September 30, 2021, auto and other loans excluded $126 million of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee. At December 31, 2020, all PPP loans guaranteed by the SBA were current.

(c)At September 30, 2021, included $9.1 billion of loans originated in 2021 and $2.0 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(d)At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP.

Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.


(in millions, except ratios)	Total Auto and other
	September 30, 2021		December 31, 2020
Nonaccrual loans(a)(b)(c)	117		151

Geographic region(d)
California	$	12,137	$	12,302
Texas	8,333		8,235
New York	7,511		8,824
Florida	5,125		4,668
Illinois	3,333		3,768
New Jersey	2,580		2,646
Arizona	2,103		2,465
Pennsylvania	2,076		1,924
Ohio	2,029		2,163
Louisiana	1,870		1,808
All other	29,540		28,022
Total retained loans	$	76,637	$	76,825

(a)There were no loans that were 90 or more days past due and still accruing interest at September 30, 2021 and December 31, 2020.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended months ended September 30, 2021 and 2020.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2021.

Loan modifications

Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and nine months ended September 30, 2021 and 2020. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of September 30, 2021 and December 31, 2020 were not material.

Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.


(in millions, except ratios)	September 30, 2021
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	140,730		$	1,001		$	141,731
30–89 days past due and still accruing	679			57			736
90 or more days past due and still accruing	674			25			699
Total retained loans	$	142,083		$	1,083		$	143,166
Loan delinquency ratios
% of 30+ days past due to total retained loans	0.95		%	7.57		%	1.00		%
% of 90+ days past due to total retained loans	0.47			2.31			0.49


(in millions, except ratios)	December 31, 2020
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	139,783		$	1,239		$	141,022
30–89 days past due and still accruing	997			94			1,091
90 or more days past due and still accruing	1,277			42			1,319
Total retained loans	$	142,057		$	1,375		$	143,432
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.60		%	9.89		%	1.68		%
% of 90+ days past due to total retained loans	0.90			3.05			0.92

(b)Represents TDRs.

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.


(in millions, except ratios)	September 30, 2021			December 31, 2020
Geographic region(a)
California	$	21,211		$	20,921
Texas	14,752			14,544
New York	11,924			11,919
Florida	9,514			9,562
Illinois	8,004			8,006
New Jersey	5,967			5,927
Ohio	4,566			4,673
Pennsylvania	4,332			4,476
Colorado	4,322			4,092
Michigan	3,513			3,553
All other	55,061			55,759
Total retained loans	$	143,166		$	143,432
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	88.2		%	85.9		%
Less than 660	11.6			13.9
No FICO available	0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2021.

Loan modifications

The Firm may offer one of a number of loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.

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. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.


(in millions, except weighted-average data)	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Balance of new TDRs(a)	$	82		$	220		$	315		$	648
Weighted-average interest rate of loans – before TDR	17.75		%	17.65		%	17.79		%	18.21		%
Weighted-average interest rate of loans – after TDR	5.15			4.80			5.19			4.55
Balance of loans that redefaulted within one year of modification(b)	$	13		$	22		$	45		$	83

(a)Represents the outstanding balance prior to modification.

(b)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 borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the

internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2020 Form 10-K for further information on these risk ratings.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.


	Secured by real estate						Commercial and industrial						Other(a)						Total retained loans
(in millions, except ratios)	Sep 30, 2021			Dec 31, 2020			Sep 30, 2021			Dec 31, 2020			Sep 30, 2021			Dec 31, 2020			Sep 30, 2021			Dec 31, 2020
Loans by risk ratings
Investment-grade	$	90,209		$	90,147		$	68,112		$	71,917		$	230,185		$	217,209		$	388,506		$	379,273
Noninvestment-grade:
Noncriticized	23,661			26,129			56,658			57,870			49,097			33,053			129,416			117,052
Criticized performing	3,922			3,234			7,712			10,991			1,146			1,079			12,780			15,304
Criticized nonaccrual	375			483			994			1,931			715			904			2,084			3,318
Total noninvestment- grade	27,958			29,846			65,364			70,792			50,958			35,036			144,280			135,674
Total retained loans	$	118,167		$	119,993		$	133,476		$	142,709		$	281,143		$	252,245		$	532,786		$	514,947
% of investment-grade to total retained loans	76.34		%	75.13		%	51.03		%	50.39		%	81.87		%	86.11		%	72.92		%	73.65		%
% of total criticized to total retained loans	3.64			3.10			6.52			9.05			0.66			0.79			2.79			3.62
% of criticized nonaccrual to total retained loans	0.32			0.40			0.74			1.35			0.25			0.36			0.39			0.64

(a)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.


	Secured by real estate
(in millions)	September 30, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	15,893	$	16,153	$	18,216	$	9,486	$	8,240	$	21,072	$	1,141	$	8	$	90,209
Noninvestment-grade	3,661		4,460		5,052		4,344		3,311		6,606		522		2		27,958
Total retained loans	$	19,554	$	20,613	$	23,268	$	13,830	$	11,551	$	27,678	$	1,663	$	10	$	118,167


	Secured by real estate
(in millions)	December 31, 2020
	Term loans by origination year (a)												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	17,004	$	19,870	$	12,448	$	11,218	$	13,611	$	14,898	$	1,098	$	—	$	90,147
Noninvestment-grade	4,998		6,027		5,886		4,184		3,738		4,523		489		1		29,846
Total retained loans	$	22,002	$	25,897	$	18,334	$	15,402	$	17,349	$	19,421	$	1,587	$	1	$	119,993

(a)Prior-period amounts have been revised to conform with the current presentation.


	Commercial and industrial
(in millions)	September 30, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	16,741	$	7,060	$	4,243	$	1,496	$	1,288	$	1,104	$	36,179	$	1	$	68,112	(a)
Noninvestment-grade	13,286		8,498		5,493		2,733		1,141		784		33,353		76		65,364
Total retained loans	$	30,027	$	15,558	$	9,736	$	4,229	$	2,429	$	1,888	$	69,532	$	77	$	133,476


	Commercial and industrial
(in millions)	December 31, 2020
	Term loans by origination year (b)												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	21,233	$	7,341	$	2,950	$	1,756	$	1,034	$	1,178	$	36,424	$	1	$	71,917	(c)
Noninvestment-grade	15,488		9,189		5,470		2,323		611		786		36,852		73		70,792
Total retained loans	$	36,721	$	16,530	$	8,420	$	4,079	$	1,645	$	1,964	$	73,276	$	74	$	142,709

(a)At September 30, 2021, $2.0 billion of the $2.2 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $2.0 billion, $1.3 billion were originated in 2021 and $639 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)Prior-period amounts have been revised to conform with the current presentation.

(c)At December 31, 2020, $7.4 billion of the $8.0 billion total PPP loans in the wholesale portfolio were commercial and industrial.


	Other(a)
(in millions)	September 30, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	22,301	$	20,154	$	7,079	$	3,229	$	4,185	$	8,930	$	163,875	$	432	$	230,185
Noninvestment-grade	12,011		3,112		1,488		1,425		312		1,574		31,007		29		50,958
Total retained loans	$	34,312	$	23,266	$	8,567	$	4,654	$	4,497	$	10,504	$	194,882	$	461	$	281,143


	Other(a)
(in millions)	December 31, 2020
	Term loans by origination year(b)												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	33,190	$	11,116	$	7,455	$	6,804	$	4,089	$	8,252	$	145,524	$	779	$	217,209
Noninvestment-grade	5,048		2,231		1,660		553		175		535		24,710		124		35,036
Total retained loans	$	38,238	$	13,347	$	9,115	$	7,357	$	4,264	$	8,787	$	170,234	$	903	$	252,245

(b)Prior-period amounts have been revised to conform with the current presentation.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.


(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Sep 30, 2021			Dec 31, 2020			Sep 30, 2021			Dec 31, 2020			Sep 30, 2021			Dec 31, 2020
Retained loans secured by real estate	$	72,903		$	73,078		$	45,264		$	46,915		$	118,167		$	119,993
Criticized	1,710			1,144			2,587			2,573			4,297			3,717
% of total criticized to total retained loans secured by real estate	2.35		%	1.57		%	5.72		%	5.48		%	3.64		%	3.10		%
Criticized nonaccrual	$	84		$	56		$	291		$	427		$	375		$	483
% of criticized nonaccrual loans to total retained loans secured by real estate	0.12		%	0.08		%	0.64		%	0.91		%	0.32		%	0.40		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.


	Secured by real estate				Commercial and industrial				Other				Total retained loans
(in millions, except ratios)	Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020
Loans by geographic distribution(a)
Total U.S.	$	115,155	$	116,990	$	95,657	$	109,273	$	203,631	$	180,583	$	414,443	$	406,846
Total non-U.S.	3,012		3,003		37,819		33,436		77,512		71,662		118,343		108,101
Total retained loans	$	118,167	$	119,993	$	133,476	$	142,709	$	281,143	$	252,245	$	532,786	$	514,947
Loan delinquency(b)
Current and less than 30 days past due and still accruing	$	117,563	$	118,894	$	131,863	$	140,100	$	278,607	$	249,713	$	528,033	$	508,707
30–89 days past due and still accruing	150		601		546		658		1,789		1,606		2,485		2,865
90 or more days past due and still accruing(c)	79		15		73		20		32		22		184		57
Criticized nonaccrual	375		483		994		1,931		715		904		2,084		3,318
Total retained loans	$	118,167	$	119,993	$	133,476	$	142,709	$	281,143	$	252,245	$	532,786	$	514,947

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

(b)At September 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. 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.

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

The following tables provide information about net charge-offs on retained wholesale loans.


Wholesale net charge-offs/(recoveries)	Secured by real estate				Commercial and industrial				Other				Total retained loans
Three months ended September 30, (in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Net charge-offs/(recoveries)	$	9	$	(3)	$	23	$	95	$	5	$	—	$	37	$	92


	Secured by real estate				Commercial and industrial				Other				Total retained loans
Nine months ended September 30, (in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Net charge-offs/(recoveries)	$	10	$	9	$	75	$	531	$	15	$	13	$	100	$	553

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.


(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020		Sep 30, 2021		Dec 31, 2020
Nonaccrual loans(a)
With an allowance	$	309	$	351	$	722	$	1,667	$	520	$	800	$	1,551	$	2,818
Without an allowance(b)	66		132		272		264		195		104		533		500
Total nonaccrual loans(c)	$	375	$	483	$	994	$	1,931	$	715	$	904	$	2,084	$	3,318

(a)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of September 30, 2021, substantially all of these loans were considered performing.

(b)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended September 30, 2021 and 2020.

Loan modifications

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

The carrying value of TDRs was $928 million and $954 million as of September 30, 2021, and December 31, 2020, respectively. The carrying value of new TDRs was $180 million and $188 million for the three months ended September 30, 2021 and 2020, respectively, and $832 million and $352 million for the nine months ended September 30, 2021 and 2020, respectively. New TDRs for the three and nine months ended September 30, 2021 reflected deferral of principal and interest payments, extending maturity dates and the receipt of assets in partial satisfaction of the loan predominantly in Other and Commercial and Industrial loan classes. The impact of these modifications resulting in new TDRs was not material to the Firm for the three and nine months ended September 30, 2021 and 2020.