- JPMorgan Chase's (JPM - Get Report) main banking subsidiary JPMorgan Chase Bank, NA, saw its allowance for loan losses decline by $1.40 billion during the second quarter. The company's smaller credit card subsidiary Chase Bank USA, NA saw released $644.4 million in reserves. JPMorgan Chase Bank NA's ratio of nonperforming assets (excluding government-guaranteed loan balances and properties) to total assets was 1.31% as of June 30, improving from 1.33% the previous quarter, according to Thomson Reuters Bank Insight, while the bank's loan loss reserves covered 55.88% of nonperforming loans. For Chase Bank USA, NA, the nonperforming assets ratio was 8.05%, while reserves covered437.07% of nonperforming loans, as of June 30.
- Citibank, NA -- the main banking subsidiary of Citigroup (C - Get Report) -- saw its loan loss reserves decline by $1.23 billion during the second quarter. The bank's nonperforming assets ratio was 0.93% as of June 30, improving from 1.02% the previous quarter. Loan loss reserves covered 141.05% of nonperforming loans as of June 30.
- Bank of America (BAC - Get Report) main subsidiary Bank of America, NA released $1.17 billion in reserves during the second quarter. The bank's ratio of nonperforming assets to total assets was 2.20% as of June 30, improving from 2.36% the previous quarter. Reserves covered 35.17% of nonperforming loans. Bank of America's FIA Card Services, NA subsidiary released $670 million in loan loss reserves during the second quarter, with a June 30 nonperforming assets ratio of 1.57%, improving from 1.79% at the end of the first quarter. FIA's reserves covered 5.70% of total loans as of June 30.
- Wells Fargo Bank, NA -- the main banking subsidiary of Wells Fargo (WFC - Get Report) -- released $454 million in reserves during the first quarter. The bank's nonperforming assets ratio improved to 2.64% as of June 30, from 2.85% the previous quarter, and reserves covered 33.71% of nonperforming loans. On the holding company level, Wells Fargo continues to out-earn the other members of the "big four" U.S banking club, with operating returns on average assets ranging between ranging from 1.26% to 1.40% over the past five quarters, according to data supplied by Thomson Reuters Bank Insight. JPMorgan Chase is in second place, with operating ROA ranging from 0.68% to 0.99% over the past five quarters.
U.S. Banks' Earnings Rise Again
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