Item 16. FORM 10-K SUMMARY

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Item 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						AMERICAN EXPRESS COMPANY
						/s/ JEFFREY C. CAMPBELL
						Jeffrey C. Campbell Vice Chairman and Chief Financial Officer

February 10, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the date indicated.


/s/ STEPHEN J. SQUERI						/s/ MICHAEL O. LEAVITT
Stephen J. Squeri Chairman, Chief Executive Officer and Director						Michael O. Leavitt Director

/s/ JEFFREY C. CAMPBELL						/s/ THEODORE J. LEONSIS
Jeffrey C. Campbell Vice Chairman and Chief Financial Officer						Theodore J. Leonsis Director

/s/ JESSICA LIEBERMAN QUINN						/s/ DEBORAH P. MAJORAS
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)						Deborah P. Majoras Director

/s/ THOMAS J. BALTIMORE, JR.						/s/ KAREN L. PARKHILL
Thomas J. Baltimore, Jr. Director						Karen L. Parkhill Director

/s/ CHARLENE BARSHEFSKY						/s/ CHARLES E. PHILLIPS, JR.
Charlene Barshefsky Director						Charles E. Phillips, Jr. Director

/s/ JOHN J. BRENNAN						/s/ LYNN A. PIKE
John J. Brennan Director						Lynn A. Pike Director

/s/ PETER CHERNIN						/s/ DANIEL L. VASELLA
Peter Chernin Director						Daniel L. Vasella Director

/s/ WALTER J. CLAYTON III						/s/ LISA W. WARDELL
Walter J. Clayton III Director						Lisa W. Wardell Director

/s/ RALPH DE LA VEGA						/s/ CHRISTOPHER D. YOUNG
Ralph de la Vega Director						Christopher D. Young Director

February 10, 2023

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

The accompanying supplemental information should be read in conjunction with the “MD&A”, “Consolidated Financial Statements” and notes thereto.

Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables provide a summary of our consolidated average balances including major categories of interest-earning assets and interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are attributed to the United States and outside the United States based on the location of the office recording such items.


	2022						2021						2020
Years Ended December 31, (Millions, except percentages)	Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield
Interest-earning assets
Interest-bearing deposits in other banks
U.S.	$	22,022	$	462	2.1	%	$	25,583	$	34	0.1	%	$	31,446	$	100	0.3	%
Non-U.S.	2,005		95		4.7		2,291		54		2.4		2,367		51		2.2
Federal funds sold and securities purchased under agreements to resell
Non-U.S.	381		29		7.6		196		10		5.1		184		11		6.0
Short-term investment securities
U.S.	580		7		1.2		360		—		—		658		7		1.1
Non-U.S.	93		2		2.2		106		—		—		97		1		1.0
Card Member loans (b)
U.S.	82,991		10,215		12.3		66,436		7,553		11.4		65,559		8,196		12.5
Non-U.S.	12,378		1,423		11.5		9,614		1,086		11.3		9,018		1,196		13.3
Other loans (b)
U.S.	3,819		310		8.1		2,341		181		7.7		4,078		342		8.4
Non-U.S.	264		19		7.2		126		30		23.8		139		45		32.4
Taxable investment securities (c)
U.S.	3,196		67		2.1		13,765		62		0.5		14,002		100		0.7
Non-U.S.	648		23		3.5		634		16		2.5		612		21		3.4
Non-taxable investment securities (c)
U.S.	29		2		9.8		87		3		4.7		128		5		5.1
Other assets (d)
Primarily U.S.	10		4		n.m.		16		4		n.m.		38		8		n.m.
Total interest-earning assets (e)	$	128,416	$	12,658	9.9	%	$	121,555	$	9,033	7.4	%	$	128,326	$	10,083	7.9	%
U.S.	$	112,647	$	11,067			$	108,588	$	7,837			$	115,909	$	8,758
Non-U.S.	$	15,769	$	1,591			$	12,967	$	1,196			$	12,417	$	1,325

n.m. Denotes rates determined to not be meaningful.

(a)Averages based on month-end balances.

(b)Average non-accrual loans were included in the average U.S Card Member loan balances in amounts of $121 million for both 2022 and 2021, and $275 million for 2020. Average other loan balances for U.S. include average non-accrual loans of $1 million for both 2022 and 2021, and $3 million for 2020. Average non-accrual loans are considered to determine the average yield on loans.

(c)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2022, 2021 and 2020.

(d)Amounts include (i) average equity securities balances, which are included in investment securities on the Consolidated Balance Sheets, and (ii) the associated income.

(e)The average yield on total interest-earning assets is adjusted for the impacts of the items mentioned in footnote (c).

A-1


Years Ended December 31, (Millions, except percentages)	2022 Average Balance (a)			2021 Average Balance (a)			2020 Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.	$	2,794		$	2,729		$	2,205
Non-U.S.	742			868			823
Card Member receivables, net
U.S.	34,527			30,039			27,414
Non-U.S.	19,973			16,632			16,009
Reserves for credit losses on Card Member and other loans
U.S.	(2,972)			(3,964)			(4,682)
Non-U.S.	(272)			(369)			(526)
Other assets (b)
U.S.	16,621			16,589			14,680
Non-U.S.	5,650			5,514			5,830
Total non-interest-earning assets	77,063			68,038			61,753
U.S.	50,970			45,393			39,617
Non-U.S.	26,093			22,645			22,136
Total assets	205,479			189,593			190,079
U.S.	163,617			153,981			155,526
Non-U.S.	$	41,862		$	35,612		$	34,553

Percentage of total average assets attributable to non-U.S. activities	20.4		%	18.8		%	18.2		%

(a)Averages based on month-end balances.

(b)Includes premises and equipment, net of accumulated depreciation and amortization.

A-2


	2022							2021							2020
Years Ended December 31, (Millions, except percentages)	Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate
Interest-bearing liabilities
Customer deposits
U.S.
Savings	$	85,198		$	1,245	1.5	%	$	78,084		$	314	0.4	%	$	69,796		$	697	1.0	%
Time	9,356			254		2.7		6,092			139		2.3		9,898			237		2.4
Demand	1,300			23		1.8		692			2		0.3		752			5		0.7
Non-U.S.
Time	6			—		—		8			—		—		11			1		9.1
Other deposits	11			5		45.5		11			3		27.3		11			3		27.3
Short-term borrowings
U.S.	8			—		—		3			—		—		769			18		2.3
Non-U.S.	1,894			19		1.0		1,983			12		0.6		2,017			11		0.5
Long-term debt and other (b)
U.S.	39,322			1,197		3.0		38,157			808		2.1		48,690			1,123		2.3
Non-U.S.	273			20		7.3		326			5		1.5		336			3		0.9
Total interest-bearing liabilities	$	137,368		$	2,763	2.0	%	$	125,356		$	1,283	1.0	%	$	132,280		$	2,098	1.6	%
U.S.	$	135,184		$	2,719			$	123,028		$	1,263			$	129,905		$	2,080
Non-U.S.	$	2,184		$	44			$	2,328		$	20			$	2,375		$	18

Non-interest-bearing liabilities
Accounts payable
U.S.	$	4,982						$	4,289						$	4,642
Non-U.S.	5,796							5,107							4,737
Customer deposits(c)
U.S.	534							494							766
Non-U.S.	474							569							682
Other liabilities
U.S.	25,080							22,925							18,954
Non-U.S.	7,865							6,943							6,016
Total non-interest-bearing liabilities	44,731							40,327							35,797
U.S.	30,596							27,708							24,362
Non-U.S.	14,135							12,619							11,435
Total liabilities	182,099							165,683							168,077
U.S.	165,780							150,736							154,267
Non-U.S.	16,319							14,947							13,810
Total shareholders' equity	23,380							23,910							22,002
Total liabilities and shareholders' equity	$	205,479						$	189,593						$	190,079

Percentage of total average liabilities attributable to non-U.S. activities	9.0		%					9.0		%					8.2		%
Interest rate spread						7.9	%						6.4	%						6.3	%
Net interest income and net average yield on interest-earning assets(d)`				$	9,895	7.7	%				$	7,750	6.4	%				$	7,985	6.2	%

(a)Averages based on month-end balances.

(b)Interest expense primarily reflects interest on long-term financing and interest incurred on derivative instruments in qualifying hedging relationships on the hedged debt instruments.

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $502 million, $470 million and $742 million for 2022, 2021 and 2020, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $471 million, $568 million and $679 million for 2022, 2021 and 2020, respectively.

(d)Net average yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in footnote (c) from the table on A-1.

A-3

Changes in Net Interest Income − Volume and Rate Analysis (a)

The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average volume and average rate variances on a consistent basis based upon the respective percentage changes in average balances and average rates.


	2022 Versus 2021						2021 Versus 2020
	Increase (Decrease) due to change in:						Increase (Decrease) due to change in:
Years Ended December 31, (Millions)	Average Volume(b)		Average Rate(c)		Net Change		Average Volume(b)		Average Rate(c)		Net Change
Interest-earning assets
Interest-bearing deposits in other banks
U.S.	$	(5)	$	433	$	428	$	(19)	$	(47)	$	(66)
Non-U.S.	(7)		48		41		(2)		5		3
Federal funds sold and securities purchased under agreements to resell
Non-U.S.	9		10		19		1		(2)		(1)
Short-term investment securities
U.S.	—		7		7		(3)		(4)		(7)
Non-U.S.	—		2		2		—		(1)		(1)
Card Member loans
U.S.	1,882		780		2,662		110		(753)		(643)
Non-U.S.	312		25		337		79		(189)		(110)
Other loans
U.S.	114		15		129		(146)		(15)		(161)
Non-U.S.	33		(44)		(11)		(4)		(11)		(15)
Taxable investment securities
U.S.	(47)		52		5		(1)		(37)		(38)
Non-U.S.	—		7		7		1		(6)		(5)
Non-taxable investment securities
U.S.	(2)		1		(1)		(2)		—		(2)
Other assets
Primarily U.S.	(2)		2		—		(5)		1		(4)
Change in interest income	$	2,287	$	1,338	$	3,625	$	9	$	(1,059)	$	(1,050)
Interest-bearing liabilities
Customer deposits
U.S.
Savings	$	29	$	902	$	931	$	83	$	(466)	$	(383)
Time	74		41		115		(91)		(7)		(98)
Demand	2		19		21		—		(3)		(3)
Non-U.S.
Time	—		—		—		—		(1)		(1)
Other deposits	—		2		2		—		—		—
Short-term borrowings
U.S.	—		—		—		(18)		—		(18)
Non-U.S.	(1)		8		7		—		1		1
Long-term debt and other
U.S.	25		364		389		(243)		(72)		(315)
Non-U.S.	(1)		16		15		—		2		2
Change in interest expense	128		1,352		1,480		(269)		(546)		(815)
Change in net interest income	$	2,159	$	(14)	$	2,145	$	278	$	(513)	$	(235)

(a)Refer to footnotes from “Distribution of Assets, Liabilities and Shareholders’ Equity” for additional information.

(b)Represents the change in volume multiplied by the prior year rate.

(c)Represents the sum of the change in rate multiplied by the prior year volume and the change in rate multiplied by the change in volume.

A-4

Weighted average yields and contractual maturities for available-for-sale debt securities with stated maturities

The following table presents weighted average yields by contractual maturities for available-for-sale debt securities with stated maturities as of December 31, 2022:


Weighted average yield (a)	Due within 1 year		Due after 1 year but within 5 years		Due after 5 years but within 10 years		Due after 10 years		Total


State and municipal obligations	—	%	—	%	5.76	%	2.39	%	3.50	%



U.S. Government agency obligations	—		—		3.26		3.04		3.06



U.S. Government treasury obligations	2.03		3.22		4.77		—		2.38



Mortgage-backed securities	—		—		—		4.19		4.19



Foreign government bonds and obligations	5.25		4.20		—		—		5.25



Other	—	%	2.51	%	2.75	%	—	%	2.53	%

(a)Weighted average yields for investment securities have been calculated using the effective yield on the date of purchase. Yields on tax-exempt investment securities have been computed on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent.

A-5

Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements.


December 31, (Millions)	2022
	Within 1 year (a)		1-5 years (b) (c)		5-15 years (c)		After 15 years (c)		Total
Loans

Consumer	$	84,645	$	319	$	—	$	—	$	84,964
Small Business	22,858		89		—		—		22,947
Corporate	53		—		—		—		53
Other	1,000		4,289		104		23		5,416
Total loans	$	108,556	$	4,697	$	104	$	23	$	113,380

Loans due after one year at fixed interest rates
Consumer			$	319	$	—	$	—	$	319
Small Business			89		—		—		89

Other			4,177		5		23		4,205
Loans due after one year at variable interest rates



Other			112		99		—		211
Total loans			$	4,697	$	104	$	23	$	4,824

Card Member receivables

Consumer	$	22,814	$	71	$	—	$	—	$	22,885
Small Business	19,494		135		—		—		19,629
Corporate	15,099		—		—		—		15,099
Total Card Member receivables	$	57,407	$	206	$	—	$	—	$	57,613

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2022. Card member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

(b)Card Member loans and receivables due after one year represent Troubled Debt Restructurings (TDRs). Card Members experiencing financial difficulties are offered modification programs wherein a long-term concession (more than 12 months) has been granted to the borrower and are classified as TDRs.

(c)Other loans due after one year primarily represents installment loans.

A-6

Credit Quality Indicators for Loans and Card Member Receivables

The following table summarizes the ratio of all loans and Card Member receivables categories.


Years Ended December 31, (Millions, except percentages and where indicated)	2022			2021
Card Member loans
Consumer
Net write-offs — principal less recoveries	$	692		$	576
Net write-offs — interest and fees less recoveries	$	203		$	190
Average consumer loans (billions) (a)	$	74.8		$	61.0
Principal only net write-offs / average consumer loans outstanding (b)	0.9		%	0.9		%
Principal, interest and fees net write-offs / average consumer loans outstanding (b)	1.2		%	1.3		%
Small Business
Net write-offs — principal less recoveries	$	145		$	96
Net write-offs — interest and fees less recoveries	$	26		$	17
Average small business loans (billions) (a)	$	20.5		$	15.0
Principal only net write-offs / average small business loans outstanding (b)	0.7		%	0.6		%
Principal, interest and fees net write-offs / average small business loans outstanding (b)	0.8		%	0.8		%

Other loans
Net write-offs	$	22		$	21
Average Other loans (billions) (a)	$	4.1		$	2.5
Net write-offs/average other loans outstanding (b)	0.5		%	0.9		%

Card Member receivables
Consumer
Net write-offs — principal less recoveries	$	177		$	63
Net write-offs — fees less recoveries	$	15		$	11
Average consumer receivables (billions) (a)	$	21.3		$	19.2
Principal only net write-offs / average consumer receivables outstanding (b)	0.8		%	0.3		%
Principal and fees net write-offs / average consumer receivables outstanding (b)	0.9		%	0.4		%
Small Business
Net write-offs — principal less recoveries	$	198		$	46
Net write-offs — fees less recoveries	$	17		$	11
Average small business receivables (billions) (a)	$	18.6		$	15.8
Principal only net write-offs / average small business receivables outstanding (b)	1.1		%	0.3		%
Principal and fees net write-offs / average small business receivables outstanding (b)	1.2		%	0.4		%
Corporate
Net write-offs — principal and fees less recoveries	$	55		$	(2)
Average corporate receivables (billions) (a)	$	14.7		$	11.8
Principal and fees net write-offs / average corporate receivables outstanding (b)	0.4		%	—		%

Reserve for credit losses	$	4,035		$	3,421
Non-accrual loans (c)	$	191		$	96
Reserve for credit losses as a percentage of total loans and Card Member receivables (d)	2.4		%	2.4		%
Non-accrual loans as a percentage of total loans (d)	0.2		%	0.1		%
Reserve for credit losses as a percentage of non-accrual loans (e)	1994.3		%	3476.3		%

(a)Averages are based on month-end balances for the periods presented.

(b)The net write-off rate presented is on a worldwide basis and is based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(c)Non-accrual loans not in modification programs primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Amounts presented exclude loans classified as TDR. Higher non-accrual loans are primarily driven by higher legal placements.

(d)Refer to “Maturities and Sensitivities to Changes in Interest Rates” for total outstanding balance of loans and Card Member receivables.

(e)Refer to “Allocation of reserve for credit losses” for reserve related to Card Member loans and other loans.

A-7

Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to Card Member loans, Card Member receivables and Other loans.


December 31,	2022				2021
(Millions, except percentages) Reserve for credit losses at end of year applicable to	Amount		Percentage (a)		Amount		Percentage (a)

Card Member loans	$	3,747	93	%	$	3,305	97	%
Card Member receivables	229		6		64		2
Other loans	59		1		52		1
Total Reserve for credit losses	$	4,035	100	%	$	3,421	100	%

(a)Percentage of reserve for credit losses on Card Member loans, Card Member receivables and Other loans to the total reserve.

Uninsured Time Certificates of Deposit

The following table presents the amount of uninsured time certificates of deposit issued by us in our U.S. and non-U.S. offices, further segregated by time remaining until maturity. For any account holder with aggregate deposits in excess of insured limits, the uninsured deposits are calculated proportionately as a percentage of total deposits for each category of deposits held as of the reporting date.


	By remaining maturity as of December 31, 2022
(Millions)	3 months or less		Over 3 months but within 6 months		Over 6 months but within 12 months		Over 12 months		Total
U.S. (a)	$	45	$	56	$	177	$	170	$	448
Non U.S. (b)	$	1	$	1	$	3	$	—	$	5

(a)We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to $250,000 per account holder through the FDIC.

(b)Includes time deposits in certain of our Non-U.S. offices, that exceed the insurance limit as defined by the regulatory rules in individual markets.

A-8

Previous: Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES