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  "authorName": "JPMorgan Chase & Co.",
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      "text": "(a) Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $53 million, $57 million, $45 million, $56 million and $58 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.\n(b) Predominantly relates to the Firm's International consumer initiatives.\n(c) In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM. The fair value of the HTM securities portfolio was $342.8 billion, $343.7 billion, $375.3 billion, $382.0 billion and $388.6 billion, respectively. Refer to Note 1 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 for additional information on the portfolio layer method.\n(d) At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, the allowance for credit losses on investment securities was $94 million, $87 million, $74 million, $61 million and $67 million, respectively.\n(e) Includes First Republic. Refer to page 30 for additional information.\n(f) Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the DIF arising from the protection of uninsured depositors resulting from bank resolutions in 2023.\n(g) Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations.\n(h) At December 31, 2023, September 30, 2023, June 30, 2023 and June 30, 2022, included AFS securities of $24.2 billion, $22.9 billion and $25.8 billion, respectively, associated with First Republic.\n(i) Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.\n(j) Included a $914 million gain on sale of Visa B shares.",
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      "text": "(in millions, except employee data)",
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      "text": "INCOME STATEMENT\nREVENUE\nPrincipal transactions\nInvestment securities losses\nAll other income\nNoninterest revenue\nNet interest income\nTOTAL NET REVENUE (a)\nProvision for credit losses\nNONINTEREST EXPENSE\nIncome/(loss) before income tax expense/(benefit)\nIncome tax expense/(benefit)\nNET INCOME/(LOSS)\nMEMO:\nTOTAL NET REVENUE\nTreasury and Chief Investment Office (\"CIO\")\nOther Corporate\nTOTAL NET REVENUE\nNET INCOME/(LOSS)\nTreasury and CIO\nOther Corporate\nTOTAL NET INCOME/(LOSS)\nSELECTED BALANCE SHEET DATA (period-end)\nTotal assets\nLoans\nDeposits (b)\nEmployees\nSUPPLEMENTAL INFORMATION\nTREASURY AND CIO\nInvestment securities losses\nAvailable-for-sale securities (average) (c)\nHeld-to-maturity securities (average) (c)\nInvestment securities portfolio (average)\nAvailable-for-sale securities (period-end)\nHeld-to-maturity securities (period-end) (c)\nInvestment securities portfolio, net of allowance for credit losses\n(period-end) (d)",
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      "text": "FINANCIAL HIGHLIGHTS",
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