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REUTERS/Gary Cameron

JPMorgan Chase missed on its first quarter earnings.

The bank reported EPS of $1.28 for the first quarter compared with $1.59 in the first quarter of 2013 .

First quarter revenue came in at $23.9 billion, down 8% from the first quarter of 2013.

The largest U.S. bank was expected to report adjusted earnings per share of $1.46, according to average analyst estimates compiled by Bloomberg. Revenue was expected to come in at $24.48 billion.

The stock was last trading down 2% in the pre-market.

JPMorgan's CEO Jamie Dimon says that he's confident about the economy.

"We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery. JPMorgan Chase provided credit and raised capital of over $450 billion for our clients during the first quarter of 2014, which included $5 billion for U.S. small businesses," Dimon said in the earnings release.

Here's an excerpt from the release:

JPMorgan Chase & Co. (JPM):

• The Firm had solid underlying performance2 , given industry-wide headwinds in Markets and Mortgage

  • Consumer & Community Banking: average Consumer & Business Banking deposits up 9%; credit card sales volume1 up 10%; record client investment assets up 16%; Business Banking loan originations up 22%

  • Corporate & Investment Bank: maintained #1 ranking for Global Investment Banking fees with 8.2% wallet share; assets under custody up 10%

  • Commercial Banking: period-end loan balances up 7%, driven by 15% growth in Commercial Real Estate; gross investment banking revenue with Commercial Banking clients up 31%

  • Asset Management: twentieth consecutive quarter of positive net long-term client flows; record client assets up 10%; record average loan balances up 20%

• The Board intends to increase the second quarter common stock dividend from the current $0.38 per share to $0.40 per share3 ; the Firm repurchased $0.4 billion of common equity in the first quarter and is authorized to repurchase $6.5 billion of common equity through the first quarter of 2015

• Fortress balance sheet maintained

  • Basel III Tier 1 common1,4 of $156 billion, or 9.5%

  • Strong liquidity — High Quality Liquid Assets (“HQLA”)5 of $538 billion

  • Firm Supplementary Leverage Ratio ("SLR")1,6 of 5.1% including the impact of the U.S. NPR announced this week

• JPMorgan Chase supported consumers, businesses and our communities

  • $455 billion of credit and capital raised in the first quarter1

    • $47 billion of credit for consumers

    • $5 billion of credit for U.S. small businesses

    • $138 billion of credit for corporations

    • $253 billion of capital raised for clients

    • $12 billion of credit and capital raised for nonprofit and government entities, including states, municipalities, hospitals and universities

  • Hired over 6,700 U.S. veterans and service members since 2011