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Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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.
 
March 31, 2016
 
December 31, 2015
(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) 
$
54,099

$
1,811

$
26

 
$
55,884

 
$
53,689

$
1,483

$
106

 
$
55,066

Residential:
 
 
 
 
 
 
 
 
 
 
 
Prime and Alt-A
7,197

59

40

 
7,216

 
7,462

40

57

 
7,445

Subprime
216

7

—

 
223

 
210

7

—

 
217

Non-U.S.
18,228

297

21

 
18,504

 
19,629

341

13

 
19,957

Commercial
22,678

218

247

 
22,649

 
22,990

150

243

 
22,897

Total mortgage-backed securities
102,418

2,392

334

 
104,476

 
103,980

2,021

419

 
105,582

U.S. Treasury and government agencies(a)
12,278

10

199

 
12,089

 
11,202

—

166

 
11,036

Obligations of U.S. states and municipalities
30,871

2,498

19

 
33,350

 
31,328

2,245

23

 
33,550

Certificates of deposit
52

1

—

 
53

 
282

1

—

 
283

Non-U.S. government debt securities
36,850

980

39

 
37,791

 
35,864

853

41

 
36,676

Corporate debt securities
8,091

81

121

 
8,051

 
12,464

142

170

 
12,436

Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
31,374

42

272

 
31,144

 
31,146

52

191

 
31,007

Other
8,584

57

116

 
8,525

 
9,125

72

100

 
9,097

Total available-for-sale debt securities
230,518

6,061

1,100

 
235,479

 
235,391

5,386

1,110

 
239,667

Available-for-sale equity securities
1,893

19

—

 
1,912

 
2,067

20

—

 
2,087

Total available-for-sale securities
$
232,411

$
6,080

$
1,100

 
$
237,391

 
$
237,458

$
5,406

$
1,110

 
$
241,754

Total Held-to-maturity debt securities(b) 
$
47,932

$
2,236

$
—

 
$
50,168

 
$
49,073

$
1,560

$
46

 
$
50,587

(a)
Included total U.S. government-sponsored enterprise obligations with fair values of $38.5 billion and $42.3 billion at March 31, 2016, and December 31, 2015, respectively, which were predominantly mortgage-related.
(b)
As of March 31, 2016, consists of MBS issued by U. S. government-sponsored enterprises with an amortized cost of $29.8 billion, MBS issued by U.S. government agencies with an amortized cost of $5.3 billion, obligations of U.S. states and municipalities with an amortized cost of $12.8 billion and CMBS with an amortized cost of $121 million. As of December 31, 2015, consists of MBS issued by U.S. government-sponsored enterprises with an amortized cost of $30.8 billion, MBS issued by U.S. government agencies with an amortized cost of $5.5 billion and obligations of U.S. states and municipalities with an amortized cost of $12.8 billion.
Securities impairment
The following tables present the fair value and gross unrealized losses for investment securities by aging category at March 31, 2016, and December 31, 2015.
 
Securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
March 31, 2016 (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
$
1,706

$
8

 
$
873

$
18

$
2,579

$
26

Residential:
 
 
 
 
 
 
 
Prime and Alt-A
3,049

27

 
399

13

3,448

40

Subprime
—

—

 
—

—

—

—

Non-U.S.
2,263

17

 
380

4

2,643

21

Commercial
11,299

226

 
1,429

21

12,728

247

Total mortgage-backed securities
18,317

278

 
3,081

56

21,398

334

U.S. Treasury and government agencies
11,435

199

 
—

—

11,435

199

Obligations of U.S. states and municipalities
700

16

 
261

3

961

19

Certificates of deposit
—

—

 
—

—

—

—

Non-U.S. government debt securities
2,490

37

 
262

2

2,752

39

Corporate debt securities
2,179

86

 
587

35

2,766

121

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
17,175

110

 
10,725

162

27,900

272

Other
4,126

76

 
971

40

5,097

116

Total available-for-sale debt securities
56,422

802

 
15,887

298

72,309

1,100

Available-for-sale equity securities
—

—

 
—

—

—

—

Held-to-maturity securities
—

—

 
—

—

—

—

Total securities with gross unrealized losses
$
56,422

$
802

 
$
15,887

$
298

$
72,309

$
1,100

 
Securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
December 31, 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
$
13,002

$
95

 
$
697

$
11

$
13,699

$
106

Residential:
 
 
 
 
 
 
 
Prime and Alt-A
5,147

51

 
238

6

5,385

57

Subprime
—

—

 
—

—

—

—

Non-U.S.
2,021

12

 
167

1

2,188

13

Commercial
13,779

239

 
658

4

14,437

243

Total mortgage-backed securities
33,949

397

 
1,760

22

35,709

419

U.S. Treasury and government agencies
10,998

166

 
—

—

10,998

166

Obligations of U.S. states and municipalities
1,676

18

 
205

5

1,881

23

Certificates of deposit
—

—

 
—

—

—

—

Non-U.S. government debt securities
3,267

26

 
367

15

3,634

41

Corporate debt securities
3,198

125

 
848

45

4,046

170

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
15,340

67

 
10,692

124

26,032

191

Other
4,284

60

 
1,005

40

5,289

100

Total available-for-sale debt securities
72,712

859

 
14,877

251

87,589

1,110

Available-for-sale equity securities
—

—

 
—

—

—

—

Held-to-maturity securities
3,763

46

 
—

—

3,763

46

Total securities with gross unrealized losses
$
76,475

$
905

 
$
14,877

$
251

$
91,352

$
1,156
Securities gains and losses
The following table presents realized gains and losses and OTTI losses from AFS securities that were recognized in income.
 
Three months ended
March 31,
(in millions)
2016
2015
Realized gains
$
109

$
92

Realized losses
(47
)
(39
)
OTTI losses
(11
)
(1
)
Net securities gains
$
51

$
52

 
 
 
OTTI losses
 
 
Credit-related losses recognized in income
$
(1
)
$
(1
)
Securities the Firm intends to sell
(10
)
—

Total OTTI losses recognized in income
$
(11
)
$
(1
)
Amortized cost and estimated fair value by contractual maturity
The following table presents the amortized cost and estimated fair value at March 31, 2016, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
March 31, 2016
(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
$
3,700

$
7,996

$
7,879

$
82,843

$
102,418

Fair value
3,718

8,121

8,121

84,516

104,476

Average yield(b)
1.54
%
1.89
%
3.02
%
3.12
%
2.96
%
U.S. Treasury and government agencies
 
 
 
 
 
Amortized cost
$
—

$
—

$
11,027

$
1,251

$
12,278

Fair value
—

—

10,897

1,192

12,089

Average yield(b)
—
%
—
%
0.57
%
0.55
%
0.57
%
Obligations of U.S. states and municipalities
 
 
 
 
 
Amortized cost
$
174

$
778

$
1,428

$
28,491

$
30,871

Fair value
174

800

1,516

30,860

33,350

Average yield(b)
5.26
%
3.98
%
5.39
%
6.59
%
6.46
%
Certificates of deposit
 
 
 
 
 
Amortized cost
$
52

$
—

$
—

$
—

$
52

Fair value
53

—

—

—

53

Average yield(b)
3.28
%
—
%
—
%
—
%
3.28
%
Non-U.S. government debt securities
 
 
 
 
 
Amortized cost
$
5,617

$
12,438

$
15,792

$
3,003

$
36,850

Fair value
5,628

12,721

16,369

3,073

37,791

Average yield(b)
3.09
%
1.73
%
0.97
%
0.71
%
1.53
%
Corporate debt securities
 
 
 
 
 
Amortized cost
$
2,138

$
4,067

$
1,741

$
145

$
8,091

Fair value
2,154

4,072

1,686

139

8,051

Average yield(b)
2.77
%
2.44
%
3.27
%
3.31
%
2.72
%
Asset-backed securities
 
 
 
 
 
Amortized cost
$
31

$
873

$
19,870

$
19,184

$
39,958

Fair value
31

882

19,733

19,023

39,669

Average yield(b)
0.55
%
1.74
%
2.06
%
2.10
%
2.07
%
Total available-for-sale debt securities
 
 
 
 
 
Amortized cost
$
11,712

$
26,152

$
57,737

$
134,917

$
230,518

Fair value
11,758

26,596

58,322

138,803

235,479

Average yield(b)
2.57
%
1.96
%
1.73
%
3.63
%
2.91
%
Available-for-sale equity securities
 
 
 
 
 
Amortized cost
$
—

$
—

$
—

$
1,893

$
1,893

Fair value
—

—

—

1,912

1,912

Average yield(b)
—
%
—
%
—
%
0.35
%
0.35
%
Total available-for-sale securities
 
 
 
 
 
Amortized cost
$
11,712

$
26,152

$
57,737

$
136,810

$
232,411

Fair value
11,758

26,596

58,322

140,715

237,391

Average yield(b)
2.57
%
1.96
%
1.73
%
3.58
%
2.89
%
Total held-to-maturity securities
 
 
 
 
 
Amortized cost
$
—

$
—

$
1,039

$
46,893

$
47,932

Fair value
—

—

1,102

49,066

50,168

Average yield(b)
—

—
%
5.00
%
3.99
%
4.01%

(a)
U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at March 31, 2016.
(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 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 5 years for agency residential mortgage-backed securities, 2 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.