Refinancing activity slows JPMorgan kicked off earnings season for banks last week, reporting a profit of $5.28 billion, or $1.30 per share, down from $5.69 billion, or $1.39 per share reported for the same period in the previous year. JPMorgan's results, like those of other big banks that reported last week, were negatively affected by mounting legal costs. However, another concern for JPMorgan and other big banks was weakness in its mortgage business. As the table below shows, mortgage loan originations dropped sharply in the fourth quarter of 2013.