Investors and analysts zeroed in on the mortgage banking numbers. While expectations were fairly low, results were softer still, with production volumes dropping relative to expectations and mortgage applications slipping in the first quarter, Hagerman noted.
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"That's certainly not going to bode well as we get into next week particularly as we get into some of the regional banks as they start to report," he said.
Bank of America, Citigroup, US Bancorp, PNC Financial, BB&T and SunTrust are among the banks reporting next week.
Raymond James bank analyst Anthony Polini also highlighted JPMorgan's weaker mortgage banking numbers.
"On the very positive side, trading and capital markets was exceptionally strong, even stronger than people expected," Polini said. "On the other hand, the mortgage banking side slowed rather dramatically from the fourth quarter."
Morningstar analyst Jim Sinegal wrote in a note on JPMorgan: "While there were no negative surprises along the lines of the 'London Whale' incident that began in the first quarter of 2012, neither was there much to get excited about. Overall, the results were in line with our expectations, and we do not intend to alter our $53 fair value estimate."