Interest Income and Interest Expense

3 Months Ended

Mar. 31, 2015

Interest Income (Expense), Net [Abstract]

Interest income and interest expense

Interest income and Interest expense

For a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense, see Note 8 of JPMorgan Chase’s 2014 Annual Report.

Details of interest income and interest expense were as follows.

	Three months ended March 31,
(in millions)	2015			2014
Interest income
Loans	$	7,947		$	8,039
Taxable securities	1,724			1,902
Nontaxable securities(a)	398			315
Total securities	2,122			2,217
Trading assets	1,734			1,771
Federal funds sold and securities purchased under resale agreements	396			436
Securities borrowed(b)	(120		)	(88		)
Deposits with banks	341			256
Other assets(c)	145			162
Total interest income	12,565			12,793
Interest expense
Interest-bearing deposits	364			426
Short-term and other liabilities(d)	332			428
Long-term debt	1,094			1,167
Beneficial interests issued by consolidated VIEs	98			105
Total interest expense	1,888			2,126
Net interest income	10,677			10,667
Provision for credit losses	959			850
Net interest income after provision for credit losses	$	9,718		$	9,817

(a) Represents securities which are tax exempt for U.S. federal income tax purposes.

(b) Negative interest income for the three months ended March 31, 2015, and 2014, is a result of increased client-driven demand for certain securities combined with the impact of low interest rates. This is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within short-term and other liabilities.

(c) Largely margin loans.

(d) Includes brokerage customer payables.