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Interest Income and Interest Expense
 6 Months Ended
Jun. 30, 2019
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, refer to Note 7 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the components of interest income and interest expense.

Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
2019


2018

 
2019

 
2018

Interest income
 
 
 
 
 
 
 
Loans(a)
$
12,726


$
11,634

 
$
25,606

 
$
22,708

Taxable securities
1,875


1,383

 
3,580

 
2,696

Non-taxable securities(b)
340


395

 
703

 
805

Total investment securities(a)
2,215


1,778

 
4,283

 
3,501

Trading assets - debt instruments
2,915


2,111

 
5,684

 
4,214

Federal funds sold and securities purchased under resale agreements
1,676


807

 
3,323

 
1,538

Securities borrowed(c)
467


190

 
864

 
301

Deposits with banks
1,132


1,543

 
2,302

 
2,864

All other interest-earning assets(c)(d)
472


503

 
930

 
934

Total interest income(c)
21,603


18,566

 
42,992

 
36,060

Interest expense
 
 
 
 
 
 
 
Interest-bearing deposits
2,413

 
1,340

 
4,601

 
2,400

Federal funds purchased and securities loaned or sold under repurchase agreements
1,226

 
759

 
2,336

 
1,337

Short-term borrowings(e)
363

 
260

 
790

 
469

Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
762

 
598

 
1,481

 
1,057

Long-term debt
2,266

 
2,003

 
4,608

 
3,756

Beneficial interest issued by consolidated VIEs
175

 
121

 
325

 
244

Total interest expense(c)
7,205

 
5,081

 
14,141

 
9,263

Net interest income
14,398

 
13,485

 
28,851

 
26,797

Provision for credit losses
1,149

 
1,210

 
2,644

 
2,375

Net interest income after provision for credit losses
$
13,249

 
$
12,275

 
$
26,207

 
$
24,422

(a)
Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.).
(b)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)
In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.
(d)
Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(e)
Includes commercial paper.
(f)
Other interest-bearing liabilities include prime brokerage-related customer payables.