JPMorgan nonperforming loans up 27% from a year ago

JPMorgan Chase (JPM) reported $13.3 billion in nonperforming loans and repossessed homes through foreclosure in the fourth quarter of 2010, up 27% from a year ago. The bank Friday also reported fourth quarter earnings of $4.83 billion, an increase of 47% from a year earlier, and $17.3 billion in profit for the entire year,  up 48% from 2009. But page 15 of its financial supplement shows a growing portfolio of loans either 90-plus days delinquent or already in REO. For the fourth quarter, JPMorgan reported $996 million in seriously delinquent loans and REO not insured by government agencies like the Federal Housing Administration. Of this amount, the bank does not break down how much are mortgage, auto or student loans. But when added to the $10.5 billion of government-insured nonperforming mortgages, up 16% from last year, and the $1.9 billion in REO, also insured by the government, the amount goes to $13.3 billion. That’s up 27% from the $10.4 billion reported in the fourth quarter of 2009 and up 2% from the previous quarter. The biggest driver in the increase was the amount of government-insured REO. The $1.9 billion shown is more than double the $579 million reported a year ago. JPMorgan Chase CEO Jaime Dimon said in a statement released this morning that the bank has offered more than 1 million trial modifications on these loans since the beginning of 2009, and more than 285,000 have been completed. Half have been done through the bank’s own programs with the rest coming through government-sponsored or agency programs such as the Home Affordable Modification Program or the FHA’s initiative. The bank did not immediately comment on the increase in nonperforming loans. Write to Jon Prior. Follow him on Twitter: @JonAPrior