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Securities (Tables)
 12 Months Ended
Dec. 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.
 
2016
 
2015
December 31, (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) 
$
63,367

$
1,112

$
474

 
$
64,005

 
$
53,689

$
1,483

$
106

 
$
55,066

Residential:
 
 
 
 
 
 
 
 
 
 
 
Prime and Alt-A(b)
4,256

38

22

 
4,272

 
6,594

38

49

 
6,583

Subprime(b)
3,915

62

6

 
3,971

 
1,078

9

8

 
1,079

Non-U.S.
6,049

158

7

 
6,200

 
19,629

341

13

 
19,957

Commercial
9,002

122

20

 
9,104

 
22,990

150

243

 
22,897

Total mortgage-backed securities
86,589

1,492

529

 
87,552

 
103,980

2,021

419

 
105,582

U.S. Treasury and government agencies(a)
44,822

75

796

 
44,101

 
11,202

—

166

 
11,036

Obligations of U.S. states and municipalities
30,284

1,492

184

 
31,592

 
31,328

2,245

23

 
33,550

Certificates of deposit
106

—

—

 
106

 
282

1

—

 
283

Non-U.S. government debt securities
34,497

836

45

 
35,288

 
35,864

853

41

 
36,676

Corporate debt securities
4,916

64

22

 
4,958

 
12,464

142

170

 
12,436

Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
27,352

75

26

 
27,401

 
31,146

52

191

 
31,007

Other
6,950

62

45

 
6,967

 
9,125

72

100

 
9,097

Total available-for-sale debt securities
235,516

4,096

1,647

 
237,965

 
235,391

5,386

1,110

 
239,667

Available-for-sale equity securities
914

12

—

 
926

 
2,067

20

—

 
2,087

Total available-for-sale securities
236,430

4,108

1,647

 
238,891

 
237,458

5,406

1,110

 
241,754

Held-to-maturity debt securities
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies(c)
29,910

638

37

 
30,511

 
36,271

852

42

 
37,081

Commercial
5,783

—

129

 
5,654

 
—

—

—

 
—

Total mortgage-backed securities
35,693

638

166

 
36,165

 
36,271

852

42

 
37,081

Obligations of U.S. states and municipalities
14,475

374

125

 
14,724

 
12,802

708

4

 
13,506

Total held-to-maturity debt securities
50,168

1,012

291

 
50,889

 
49,073

1,560

46

 
50,587

Total securities
$
286,598

$
5,120

$
1,938

 
$
289,780

 
$
286,531

$
6,966

$
1,156

 
$
292,341

(a)
Includes total U.S. government-sponsored enterprise obligations with fair values of $45.8 billion and $42.3 billion at December 31, 2016 and 2015, respectively, which were predominantly mortgage-related.
(b)
Prior period amounts have been revised to conform with current period presentation.
(c)
Included total U.S. government-sponsored enterprise obligations with amortized cost of $25.6 billion and $30.8 billion at December 31, 2016 and 2015, respectively, which were mortgage-related.
Securities impairment
The following tables present the fair value and gross unrealized losses for the investment securities portfolio by aging category at December 31, 2016 and 2015.
 
Securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
December 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
$
29,856

$
463

 
$
506

$
11

$
30,362

$
474

Residential:
 
 
 
 
 
 
 
Prime and Alt-A
977

2

 
1,018

20

1,995

22

Subprime
396

4

 
55

2

451

6

Non-U.S.
—

—

 
886

7

886

7

Commercial
2,328

17

 
1,078

3

3,406

20

Total mortgage-backed securities
33,557

486

 
3,543

43

37,100

529

U.S. Treasury and government agencies
23,543

796

 
—

—

23,543

796

Obligations of U.S. states and municipalities
7,215

181

 
55

3

7,270

184

Certificates of deposit
—

—

 
—

—

—

—

Non-U.S. government debt securities
4,436

36

 
421

9

4,857

45

Corporate debt securities
797

2

 
829

20

1,626

22

Asset-backed securities:


 
 
 
 
 
 
Collateralized loan obligations
766

2

 
5,263

24

6,029

26

Other
739

6

 
1,992

39

2,731

45

Total available-for-sale debt securities
71,053

1,509

 
12,103

138

83,156

1,647

Available-for-sale equity securities
—

—

 
—

—

—

—

Held-to-maturity securities
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
U.S. government securities
3,129

37

 
—

—

3,129

37

Commercial
5,163

114

 
441

15

5,604

129

Total mortgage-backed securities
8,292

151

 
441

15

8,733

166

Obligations of U.S. states and municipalities
4,702

125

 
—

—

4,702

125

Total held-to-maturity securities
12,994

276

 
441

15

13,435

291

Total securities with gross unrealized losses
$
84,047

$
1,785

 
$
12,544

$
153

$
96,591

$
1,938

 
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(a)
4,455

43

 
238

6

4,693

49

Subprime(a)
692

8

 
—

—

692

8

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 debt securities
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
U.S. government agencies
3,294

42

 
—

—

3,294

42

Commercial
—

—

 
—

—

—

—

Total mortgage-backed securities
3,294

42

 
—

—

3,294

42

Obligations of U.S. states and municipalities
469

4

 
—

—

469

4

Total 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


(a)
Prior period amounts have been revised to conform with current period presentation.
Securities gains and losses
The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income.
Year ended December 31,
(in millions)
2016

 
2015

 
2014

Realized gains
$
401

 
$
351

 
$
314

Realized losses
(232
)
 
(127
)
 
(233
)
OTTI losses
(28
)
 
(22
)
 
(4
)
Net securities gains
141

 
202

 
77

 
 
 
 
 
 
OTTI losses
 
 
 
 
 
Credit losses recognized in income
(1
)
 
(1
)
 
(2
)
Securities the Firm intends to sell(a)
(27
)
 
(21
)
 
(2
)
Total OTTI losses recognized in income
$
(28
)
 
$
(22
)
 
$
(4
)
(a)
Excludes realized losses on securities sold of $24 million, $5 million and $3 million for the years ended December 31, 2016, 2015 and 2014, respectively that had been previously reported as an OTTI loss due to the intention to sell the securities.
Amortized cost and estimated fair value by contractual maturity
The following table presents the amortized cost and estimated fair value at December 31, 2016, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
December 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
$
2,012

$
2,393

$
7,574

$
74,610

$
86,589

Fair value
2,022

2,449

7,756

75,325

87,552

Average yield(b)
2.04
%
2.36
%
3.03
%
3.26
%
3.19
%
U.S. Treasury and government agencies(a)
 
 
 
 
 
Amortized cost
$
132

$
4,573

$
38,976

$
1,141

$
44,822

Fair value
132

4,561

38,317

1,091

44,101

Average yield(b)
0.42
%
0.86
%
1.27
%
1.13
%
1.22
%
Obligations of U.S. states and municipalities
 
 
 
 
 
Amortized cost
$
134

$
752

$
1,096

$
28,302

$
30,284

Fair value
135

767

1,148

29,542

31,592

Average yield(b)
5.85
%
3.58
%
6.29
%
6.63
%
6.54
%
Certificates of deposit
 
 
 
 
 
Amortized cost
$
106

$
—

$
—

$
—

$
106

Fair value
106

—

—

—

106

Average yield(b)
1.78
%
—
%
—
%
—
%
1.78
%
Non-U.S. government debt securities
 
 
 
 
 
Amortized cost
$
5,831

$
14,109

$
13,503

$
1,054

$
34,497

Fair value
5,838

14,444

13,944

1,062

35,288

Average yield(b)
2.92
%
1.55
%
0.93
%
0.58
%
1.51
%
Corporate debt securities
 
 
 
 
 
Amortized cost
$
2,059

$
1,312

$
1,424

$
121

$
4,916

Fair value
2,070

1,332

1,433

123

4,958

Average yield(b)
2.88
%
3.11
%
3.24
%
3.52
%
3.06
%
Asset-backed securities
 
 
 
 
 
Amortized cost
$
—

$
444

$
21,551

$
12,307

$
34,302

Fair value
—

446

21,577

12,345

34,368

Average yield(b)
—
%
0.49
%
2.33
%
2.21
%
2.26
%
Total available-for-sale debt securities
 
 
 
 
 
Amortized cost
$
10,274

$
23,583

$
84,124

$
117,535

$
235,516

Fair value
10,303

23,999

84,175

119,488

237,965

Average yield(b)
2.73
%
1.63
%
1.74
%
3.92
%
2.86
%
Available-for-sale equity securities
 
 
 
 
 
Amortized cost
$
—

$
—

$
—

$
914

$
914

Fair value
—

—

—

926

926

Average yield(b)
—
%
—
%
—
%
0.58
%
0.58
%
Total available-for-sale securities
 
 
 
 
 
Amortized cost
$
10,274

$
23,583

$
84,124

$
118,449

$
236,430

Fair value
10,303

23,999

84,175

120,414

238,891

Average yield(b)
2.73
%
1.63
%
1.74
%
3.89
%
2.85
%
Held-to-maturity debt securities
 
 
 
 
 
Mortgage-backed securities(a)
 
 
 
 
 
Amortized Cost
$
—

$
—

$
—

$
35,693

$
35,693

Fair value
—

—

—

36,165

36,165

Average yield(b)
—
%
—
%
—
%
3.30
%
3.30
%
Obligations of U.S. states and municipalities
 
 
 
 
 
Amortized cost
$
—

$
29

$
1,439

$
13,007

$
14,475

Fair value
—

29

1,467

13,228

14,724

Average yield(b)
—
%
6.61
%
5.11
%
5.68
%
5.63
%
Total held-to-maturity securities
 
 
 
 
 
Amortized cost
$
—

$
29

$
1,439

$
48,700

$
50,168

Fair value
—

29

1,467

49,393

50,889

Average yield(b)
—
%
6.61
%
5.11
%
3.94
%
3.97
%
(a)
U.S. government-sponsored enterprises were the only issuers whose securities exceeded 10% of JPMorgan Chase’s total stockholders’ equity at December 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 MBS 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 seven years for agency residential MBS, three years for agency residential collateralized mortgage obligations and three years for nonagency residential collateralized mortgage obligations.