4Q21 Earnings Supplement - JPMorgan Chase

EARNINGS RELEASE FINANCIAL SUPPLEMENT FOURTH QUARTER 2021

JPMORGAN CHASE & CO. TABLE OF CONTENTS

Consolidated Results Consolidated Financial Highlights Consolidated Statements of Income Consolidated Balance Sheets Condensed Average Balance Sheets and Annualized Yields Reconciliation from Reported to Managed Basis Segment Results - Managed Basis Capital and Other Selected Balance Sheet Items Earnings Per Share and Related Information

Business Segment Results Consumer & Community Banking ("CCB") Corporate & Investment Bank ("CIB") Commercial Banking ("CB") Asset & Wealth Management ("AWM") Corporate

Credit-Related Information

Non-GAAP Financial Measures Glossary of Terms and Acronyms (a)

Page(s)

2?3 4 5 6 7 8 9 10

11?14 15?17 18?19 20?22

23

24?27

28

(a) 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)

SELECTED INCOME STATEMENT DATA Reported Basis Total net revenue (a) Total noninterest expense Pre-provision profit (b) Provision for credit losses

NET INCOME

Managed Basis (c) Total net revenue Total noninterest expense Pre-provision profit (b) Provision for credit losses

NET INCOME

EARNINGS PER SHARE DATA

Net income:

Basic

Diluted

Average shares: Basic

Diluted

MARKET AND PER COMMON SHARE DATA Market capitalization Common shares at period-end Book value per share Tangible book value per share ("TBVPS") (b) Cash dividends declared per share

FINANCIAL RATIOS (d) Return on common equity ("ROE") Return on tangible common equity ("ROTCE") (b) Return on assets

CAPITAL RATIOS (e) Common equity Tier 1 ("CET1") capital ratio Tier 1 capital ratio Total capital ratio Tier 1 leverage ratio Supplementary leverage ratio ("SLR")

4Q21

$ 29,257 17,888 11,369 (1,288) 10,399

3Q21

$ 29,647 17,063 12,584 (1,527) 11,687

QUARTERLY TRENDS

2Q21

1Q21

4Q20

$ 30,479 17,667 12,812 (2,285) 11,948

$ 32,266 18,725 13,541 (4,156) 14,300

$ 29,335 16,048 13,287 (1,889) 12,136

30,349 17,888 12,461 (1,288) 10,399

30,441 17,063 13,378 (1,527) 11,687

31,395 17,667 13,728 (2,285) 11,948

33,119 18,725 14,394 (4,156) 14,300

30,161 16,048 14,113 (1,889) 12,136

$ 3.33 3.33

2,977.3 2,981.8

$ 3.74 3.74

2,999.9 3,005.1

$ 3.79 3.78

3,036.6 3,041.9

$ 4.51 4.50

3,073.5 3,078.9

$ 3.80 3.79

3,079.7 3,085.1

$ 466,206 2,944.1 88.07 71.53 1.00

$ 483,748 2,955.3 86.36 69.87 1.00

$ 464,778

2,988.2

84.85

68.91

(f)

0.90

$ 460,820 3,027.1 82.31 66.56 0.90

$ 387,492 3,049.4 81.75 66.11 0.90

16 % 19 1.08

13.0 % (g) 15.0 (g) 16.8 (g)

6.5 (g) 5.4 (g)

18 % 22 1.24

12.9 % 15.0 16.9

6.6 5.5

18 % 23 1.29

13.0 % 15.1 17.1

6.6 5.4

23 % 29 1.61

13.1 % 15.0 17.2

6.7 6.7

19 % 24 1.42

13.1 % 15.0 17.3

7.0 6.9

4Q21 Change

3Q21

4Q20

(1)% 5 (10) 16 (11)

-- % 11 (14) 32 (14)

--

1

5

11

(7)

(12)

16

32

(11)

(14)

(11)

(12)

(11)

(12)

(1)

(3)

(1)

(3)

(4)

20

--

(3)

2

8

2

8

--

11

2021

$ 121,649 71,343 50,306 (9,256) 48,334

FULL YEAR

2020

$ 119,951 66,656 53,295 17,480 29,131

2021 Change 2020

1 % 7 (6) NM 66

125,304 71,343 53,961 (9,256) 48,334

122,929 66,656 56,273 17,480 29,131

2 7 (4) NM 66

$ 15.39

$ 8.89

73

15.36

8.88

73

3,021.5

3,082.4

(2)

3,026.6

3,087.4

(2)

$ 466,206

$ 387,492

20

2,944.1

3,049.4

(3)

88.07

81.75

8

71.53

66.11

8

3.80

3.60

6

19 % 23 1.30

13.0 % (g) 15.0 (g) 16.8 (g)

6.5 (g) 5.4 (g)

12 % 14 0.91

13.1 % 15.0 17.3

7.0 6.9

(a) 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.

(b) Pre-provision profit, 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.

(c) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis. (d) Quarterly ratios are based upon annualized amounts. (e) 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. (f) On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share. (g) Estimated.

Page 2

JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio and headcount data)

SELECTED BALANCE SHEET DATA (period-end) Total assets (a) Loans:

Consumer, excluding credit card loans Credit card loans Wholesale loans

Total Loans

Deposits: U.S. offices: Noninterest-bearing Interest-bearing Non-U.S. offices: Noninterest-bearing Interest-bearing Total deposits

Long-term debt Common stockholders' equity Total stockholders' equity

Loans-to-deposits ratio

Headcount

95% CONFIDENCE LEVEL - TOTAL VaR Average VaR

LINE OF BUSINESS NET REVENUE (b) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate

TOTAL NET REVENUE

LINE OF BUSINESS NET INCOME/(LOSS) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management Corporate

NET INCOME

4Q21

$3,743,567

323,306 154,296 600,112 1,077,714

638,879 1,432,578

26,229 364,617 2,462,303

301,005 259,289 294,127

44 %

271,025

$

37

$ 12,275 11,534 2,612 4,473 (545)

$ 30,349

$ 4,227 4,847 1,251 1,146 (1,072)

$ 10,399

3Q21

$3,757,576

328,164 143,166 573,285 1,044,615

QUARTERLY TRENDS

2Q21

1Q21

4Q20

$3,684,256

$3,689,336

$3,384,757

329,685 141,802 569,467 1,040,954

324,908 132,493 553,906 1,011,307

318,579 144,216 550,058 1,012,853

656,438 1,344,092

28,589 373,234 2,402,353

298,465 255,203 290,041

43 %

265,790

639,114 1,281,432

24,723 359,948 2,305,217

299,926 253,548 286,386

45 %

260,110

629,139 1,266,856

22,661 359,456 2,278,112

279,427 249,151 280,714

44 %

259,350

572,711 1,197,032

23,435 351,079 2,144,257

281,685 249,291 279,354

47 %

255,351

$

36 (c) $

43

$

106

$

96

$ 12,521 12,396 2,520 4,300 (1,296)

$ 30,441

$ 12,760 13,214 2,483 4,107 (1,169)

$ 31,395

$ 12,517 14,605 2,393 4,077 (473)

$ 33,119

$ 12,728 11,352 2,463 3,867 (249)

$ 30,161

$ 4,341 5,562 1,407 1,194 (817)

$ 11,687

$ 5,634 4,985 1,420 1,153 (1,244)

$ 11,948

$ 6,728 5,740 1,168 1,244 (580)

$ 14,300

$ 4,325 5,349 2,034 786 (358)

$ 12,136

4Q21 Change

3Q21

4Q20

-- %

11 %

(1)

1

8

7

5

9

3

6

(3)

12

7

20

(8)

12

(2)

4

2

15

1

7

2

4

1

5

2

6

3

(61)

(2)

(4)

(7)

2

4

6

4

16

58

(119)

--

1

(3)

(2)

(13)

(9)

(11)

(38)

(4)

46

(31)

(199)

(11)

(14)

2021

$3,743,567

323,306 154,296 600,112 1,077,714

FULL YEAR

2020

$3,384,757

318,579 144,216 550,058 1,012,853

2021 Change 2020

11 %

1 7 9 6

638,879

572,711

12

1,432,578

1,197,032

20

26,229

23,435

12

364,617

351,079

4

2,462,303

2,144,257

15

301,005

281,685

7

259,289

249,291

4

294,127

279,354

5

44 %

47 %

271,025

255,351

6

$ 50,073 51,749 10,008 16,957 (3,483)

$ 125,304

$ 20,930 21,134 5,246 4,737 (3,713)

$ 48,334

$ 51,268 49,284 9,313 14,240 (1,176)

$ 122,929

$ 8,217 17,094 2,578 2,992 (1,750)

$ 29,131

(2) 5 7 19 (196) 2

155 24

103 58

(112) 66

(a) 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. (b) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis. (c) Prior-period amount has been revised to conform with the current presentation.

Page 3

JPMORGAN CHASE & CO.

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share and ratio data)

REVENUE Investment banking fees Principal transactions Lending- and deposit-related fees Asset management, administration and commissions Investment securities gains/(losses) Mortgage fees and related income Card income Other income (a)

Noninterest revenue Interest income Interest expense

Net interest income TOTAL NET REVENUE

Provision for credit losses

NONINTEREST EXPENSE Compensation expense Occupancy expense Technology, communications and equipment expense Professional and outside services Marketing Other expense (b)

TOTAL NONINTEREST EXPENSE Income before income tax expense Income tax expense (a) NET INCOME

4Q21 $ 3,494

2,182 1,784 5,549

52 315 1,100 1,180 15,656 15,019 1,418 13,601 29,257

(1,288)

9,065 1,202 2,461 2,703

947 1,510 17,888 12,657 2,258 $ 10,399

3Q21 $ 3,282

3,546 1,801 5,257 (256)

600 1,005 1,332 16,567 14,480 1,400 13,080 29,647

(1,527)

9,087 1,109 2,473 2,523

712 1,159 17,063 14,111 2,424 $ 11,687

QUARTERLY TRENDS

2Q21 $ 3,470

4,076 1,760 5,194 (155)

551 1,647 1,195 17,738 14,094 1,353 12,741 30,479

1Q21 $ 2,970

6,500 1,687 5,029

14 704 1,350 1,123 19,377 14,271 1,382 12,889 32,266

4Q20 $ 2,583

3,321 1,727 4,901

70 767 1,297 1,411 16,077 14,550 1,292 13,258 29,335

(2,285)

(4,156)

(1,889)

9,814 1,090 2,488 2,385

626 1,264 17,667 15,097 3,149 $ 11,948

10,601 1,115 2,519 2,203 751 1,536

18,725 17,697

3,397 $ 14,300

7,954 1,161 2,606 2,259

725 1,343 16,048 15,176 3,040 $ 12,136

4Q21 Change

3Q21

4Q20

6 %

35 %

(38)

(34)

(1)

3

6

13

NM

(26)

(48)

(59)

9

(15)

(11)

(16)

(5)

(3)

4

3

1

10

4

3

(1)

--

16

32

--

14

8

4

--

(6)

7

20

33

31

30

12

5

11

(10)

(17)

(7)

(26)

(11)

(14)

2021 $ 13,216

16,304 7,032

21,029 (345) 2,170 5,102 4,830

69,338 57,864

5,553 52,311 121,649

(9,256)

FULL YEAR

2020 $ 9,486

18,021 6,511

18,177 802

3,091 4,435 4,865 65,388 64,523 9,960 54,563 119,951

17,480

2021 Change 2020 39 % (10) 8 16 NM (30) 15 (1) 6 (10) (44) (4) 1

NM

38,567

34,988

10

4,516

4,449

2

9,941

10,338

(4)

9,814

8,464

16

3,036

2,476

23

5,469

5,941

(8)

71,343

66,656

7

59,562

35,815

66

11,228

6,684

68

$ 48,334

$ 29,131

66

NET INCOME PER COMMON SHARE DATA Basic earnings per share Diluted earnings per share

FINANCIAL RATIOS Return on common equity (c) Return on tangible common equity (c)(d) Return on assets (c) Effective income tax rate (a) Overhead ratio

$

3.33

$

3.74

$

3.79

$

4.51

$

3.80

(11)

(12)

$ 15.39

$

8.89

73

3.33

3.74

3.78

4.50

3.79

(11)

(12)

15.36

8.88

73

16 % 19 1.08 17.8 61

18 % 22 1.24 17.2 58

18 % 23 1.29 20.9 58

23 % 29 1.61 19.2 58

19 % 24 1.42 20.0 55

19 % 23 1.30 18.9 59

12 % 14 0.91 18.7 56

(a) 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. (b) 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. (c) Quarterly ratios are based upon annualized amounts. (d) Refer to page 28 for further discussion of ROTCE.

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