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Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Amortized costs and estimated fair values
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
 
September 30, 2015
 
December 31, 2014
(in millions)
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
 
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Available-for-sale debt securities
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies(a) 
$
52,800

$
1,811

$
33

 
$
54,578

 
$
63,089

$
2,302

$
72

 
$
65,319

Residential:
 
 
 
 
 
 
 
 
 
 
 
Prime and Alt-A
6,811

66

19

 
6,858

 
5,595

78

29

 
5,644

Subprime
301

8

—

 
309

 
677

14

—

 
691

Non-U.S.
28,841

606

9

 
29,438

 
43,550

1,010

—

 
44,560

Commercial
22,763

287

157

 
22,893

 
20,687

438

17

 
21,108

Total mortgage-backed securities
111,516

2,778

218

 
114,076

 
133,598

3,842

118

 
137,322

U.S. Treasury and government agencies(a)
11,482

1

136

 
11,347

 
13,603

56

14

 
13,645

Obligations of U.S. states and municipalities
30,923

1,872

86

 
32,709

 
27,841

2,243

16

 
30,068

Certificates of deposit
415

3

—

 
418

 
1,103

1

1

 
1,103

Non-U.S. government debt securities
38,197

960

37

 
39,120

 
51,492

1,272

21

 
52,743

Corporate debt securities
14,747

185

151

 
14,781

 
18,158

398

24

 
18,532

Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
31,381

69

146

 
31,304

 
30,229

147

182

 
30,194

Other
10,114

94

77

 
10,131

 
12,442

184

11

 
12,615

Total available-for-sale debt securities
248,775

5,962

851

 
253,886

 
288,466

8,143

387

 
296,222

Available-for-sale equity securities
2,587

18

—

 
2,605

 
2,513

17

—

 
2,530

Total available-for-sale securities
$
251,362

$
5,980

$
851

 
$
256,491

 
$
290,979

$
8,160

$
387

 
$
298,752

Total held-to-maturity securities(b)
$
50,169

$
1,724

$
48

 
$
51,845

 
$
49,252

$
1,902

$
—

 
$
51,154

(a)
Included total U.S. government-sponsored enterprise obligations with fair values of $41.6 billion and $59.3 billion at September 30, 2015, and December 31, 2014, respectively.
(b)
As of September 30, 2015, consists of MBS issued by U. S. government-sponsored enterprises with an amortized cost of $31.9 billion, MBS issued by U.S. government agencies with an amortized cost of $5.6 billion and obligations of U.S. states and municipalities with an amortized cost of $12.7 billion. As of December 31, 2014, consists of MBS issued by U.S. government-sponsored enterprises with an amortized cost of $35.3 billion, MBS issued by U.S. government agencies with an amortized cost of $3.7 billion and obligations of U.S. states and municipalities with an amortized cost of $10.2 billion.
Securities impairment
The following tables present the fair value and gross unrealized losses for investment securities by aging category at September 30, 2015, and December 31, 2014.
 
Securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
September 30, 2015 (in millions)
Fair value
Gross unrealized losses
 
Fair value
Gross unrealized losses
Total fair value
Total gross unrealized losses
Available-for-sale debt securities
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
$
4,797

$
19

 
$
717

$
14

$
5,514

$
33

Residential:
 
 
 
 
 
 
 
Prime and Alt-A
2,294

14

 
251

5

2,545

19

Subprime
—

—

 
—

—

—

—

Non-U.S.
1,477

9

 
—

—

1,477

9

Commercial
10,256

155

 
269

2

10,525

157

Total mortgage-backed securities
18,824

197

 
1,237

21

20,061

218

U.S. Treasury and government agencies
11,205

136

 
—

—

11,205

136

Obligations of U.S. states and municipalities
4,681

79

 
218

7

4,899

86

Certificates of deposit
—

—

 
—

—

—

—

Non-U.S. government debt securities
2,941

30

 
205

7

3,146

37

Corporate debt securities
4,107

142

 
634

9

4,741

151

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
11,843

44

 
10,414

102

22,257

146

Other
4,800

77

 
—

—

4,800

77

Total available-for-sale debt securities
58,401

705

 
12,708

146

71,109

851

Available-for-sale equity securities
—

—

 
—

—

—

—

Held-to-maturity securities
4,824

48

 
—

—

4,824

48

Total securities with gross unrealized losses
$
63,225

$
753

 
$
12,708

$
146

$
75,933

$
899

 
Securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
December 31, 2014 (in millions)
Fair value
Gross unrealized losses
 
Fair value
Gross unrealized losses
Total fair value
Total gross unrealized losses
Available-for-sale debt securities
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
$
1,118

$
5

 
$
4,989

$
67

$
6,107

$
72

Residential:
 
 
 
 
 
 
 
Prime and Alt-A
1,840

10

 
405

19

2,245

29

Subprime
—

—

 
—

—

—

—

Non-U.S.
—

—

 
—

—

—

—

Commercial
4,803

15

 
92

2

4,895

17

Total mortgage-backed securities
7,761

30

 
5,486

88

13,247

118

U.S. Treasury and government agencies
8,412

14

 
—

—

8,412

14

Obligations of U.S. states and municipalities
1,405

15

 
130

1

1,535

16

Certificates of deposit
1,050

1

 
—

—

1,050

1

Non-U.S. government debt securities
4,433

4

 
906

17

5,339

21

Corporate debt securities
2,492

22

 
80

2

2,572

24

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
13,909

76

 
9,012

106

22,921

182

Other
2,258

11

 
—

—

2,258

11

Total available-for-sale debt securities
41,720

173

 
15,614

214

57,334

387

Available-for-sale equity securities
—

—

 
—

—

—

—

Held-to-maturity securities
—

—

 
—

—

—

—

Total securities with gross unrealized losses
$
41,720

$
173

 
$
15,614

$
214

$
57,334

$
387
Securities gains and losses
The following table presents realized gains and losses and other-than-temporary impairment losses (“OTTI”) from AFS securities that were recognized in income.
 
Three months
ended
September 30,
 
Nine months
ended September 30,
(in millions)
2015
2014
 
2015

2014

Realized gains
$
65

$
41

 
$
250

$
265

Realized losses
(20
)
(33
)
 
(107
)
(215
)
OTTI losses
(12
)
(2
)
 
(14
)
(2
)
Net securities gains
$
33

$
6

 
$
129

$
48

 
 
 
 
 
 
OTTI losses
 
 
 
 
 
Credit-related losses recognized in income
$
—

$
—

 
$
(1
)
$
—

Securities the Firm intends to sell
(12
)
(2
)
 
(13
)
(2
)
Total OTTI losses recognized in income
$
(12
)
$
(2
)
 
$
(14
)
$
(2
)
Changes in the credit loss component of credit-impaired debt securities
The following table presents a rollforward for the three and nine months ended September 30, 2015 and 2014, of the credit loss component of OTTI losses that have been recognized in income related to AFS debt securities that the Firm does not intend to sell.
 
Three months
ended
September 30,
 
Nine months
ended
September 30,
(in millions)
2015

2014

 
2015

2014

Balance, beginning of period
$
4

$
1

 
$
3

$
1

Additions:
 
 
 




Newly credit-impaired securities
—

—

 
1

—

Balance, end of period
$
4

$
1

 
$
4

$
1
Amortized cost and estimated fair value by contractual maturity
The following table presents the amortized cost and estimated fair value at September 30, 2015, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
September 30, 2015
(in millions)
Due in one
year or less
Due after one year through five years
Due after five years through 10 years
Due after
10 years(c)
Total
Available-for-sale debt securities
 
 
 
 
 
Mortgage-backed securities(a)
 
 
 
 
 
Amortized cost
$
2,333

$
10,991

$
6,054

$
92,138

$
111,516

Fair value
2,344

11,184

6,263

94,285

114,076

Average yield(b)
1.40
%
1.76
%
3.23
%
2.95
%
2.81
%
U.S. Treasury and government agencies
 
 
 
 
 
Amortized cost
$
100

$
—

$
10,228

$
1,154

$
11,482

Fair value
100

—

10,121

1,126

11,347

Average yield(b)
0.13
%
—
%
0.22
%
0.43
%
0.24
%
Obligations of U.S. states and municipalities
 
 
 
 
 
Amortized cost
$
139

$
765

$
1,440

$
28,579

$
30,923

Fair value
142

788

1,513

30,266

32,709

Average yield(b)
6.55
%
3.39
%
5.43
%
6.68
%
6.54
%
Certificates of deposit
 
 
 
 
 
Amortized cost
$
364

$
51

$
—

$
—

$
415

Fair value
365

53

—

—

418

Average yield(b)
5.69
%
3.28
%
—
%
—
%
5.39
%
Non-U.S. government debt securities
 
 
 
 
 
Amortized cost
$
7,243

$
11,485

$
17,299

$
2,170

$
38,197

Fair value
7,479

11,750

17,607

2,284

39,120

Average yield(b)
3.28
%
1.75
%
1.05
%
0.72
%
1.64
%
Corporate debt securities
 
 
 
 
 
Amortized cost
$
3,486

$
8,243

$
2,875

$
143

$
14,747

Fair value
3,510

8,287

2,846

138

14,781

Average yield(b)
2.18
%
2.29
%
2.77
%
4.46
%
2.38
%
Asset-backed securities
 
 
 
 
 
Amortized cost
$
513

$
473

$
20,162

$
20,347

$
41,495

Fair value
514

476

20,139

20,306

41,435

Average yield(b)
0.95
%
1.19
%
1.76
%
1.79
%
1.76
%
Total available-for-sale debt securities
 
 
 
 
 
Amortized cost
$
14,178

$
32,008

$
58,058

$
144,531

$
248,775

Fair value
14,454

32,538

58,489

148,405

253,886

Average yield(b)
2.69
%
1.93
%
1.57
%
3.47
%
2.78
%
Available-for-sale equity securities
 
 
 
 
 
Amortized cost
$
—

$
—

$
—

$
2,587

$
2,587

Fair value
—

—

—

2,605

2,605

Average yield(b)
—
%
—
%
—
%
0.02
%
0.02
%
Total available-for-sale securities
 
 
 
 
 
Amortized cost
$
14,178

$
32,008

$
58,058

$
147,118

$
251,362

Fair value
14,454

32,538

58,489

151,010

256,491

Average yield(b)
2.69
%
1.93
%
1.57
%
3.41
%
2.75
%
Total held-to-maturity securities
 
 
 
 
 
Amortized cost
$
52

$
—

$
901

$
49,216

$
50,169

Fair value
52

—

942

50,851

51,845

Average yield(b)
4.41%

—
%
4.98
%
3.97
%
3.99%

(a)
U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at September 30, 2015.
(b)
Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments, and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid.
(c)
Includes securities with no stated maturity. Substantially all of the Firm’s residential mortgage-backed securities and collateralized mortgage obligations are due in ten years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately six years for agency residential mortgage-backed securities, two years for agency residential collateralized mortgage obligations and three years for U.S. nonagency residential collateralized mortgage obligations.