(Table continued from previous page) JPMorgan Chase & Co./2020 Form 10-K 301 (f) The combined balance of trading liabilities – debt and equity instruments was $106.5 billion, $101.0 billion and $107.0 billion for the years ended December 31, 2020, 2019 and 2018, respectively. (g) The ratio of average stockholders’ equity to average assets was 8.3%, 9.5% and 9.8% for the years ended December 31, 2020, 2019 and 2018, respectively. The return on average stockholders’ equity, based on net income, was 10.9%, 14.0% and 12.7% for the years ended December 31, 2020, 2019 and 2018, respectively. (h) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. (i) Fees and commissions on loans included in loan interest amounted to $1.0 billion for the year ended December 31, 2020, and $1.2 billion each for the years ended December 31, 2019 and 2018. (j) Negative interest income and yield are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities. (k) The annualized rate for securities based on amortized cost was 1.85%, 3.05% and 3.25% for the years ended December 31, 2020, 2019 and 2018, respectively, and does not give effect to changes in fair value that are reflected in AOCI. 2019 2018 Average balance Interest Rate Average balance Interest Rate $ 280,004  $ 3,887  1.39 % $ 405,514  $ 5,907  1.46 % 275,429  6,146  2.23  217,150  3,819  1.76  131,291  1,574  1.20  115,082  913  0.79  294,958  9,189  3.12  208,266  7,206  3.46  284,127  7,962  2.80  194,232  5,653  2.91  35,748  1,655  4.63  42,456  1,987  4.68  319,875  9,617  3.01  236,688  7,640  3.23  989,943  52,012  5.25  977,406  49,208  5.03  53,779  2,146  3.99  52,551  2,035  3.87  2,345,279  84,571  3.61  2,212,657  76,728  3.47  (13,331) (13,269) 20,645  21,694  114,323  118,152  53,786  60,734  53,683  54,669  167,456  154,261  $ 2,741,841  $ 2,608,898  $ 1,115,848  $ 8,957  0.80 % $ 1,045,037  $ 5,973  0.57 % 227,994  4,630  2.03  189,282  3,066  1.62  52,426  1,248  2.38  54,993  1,144  2.08  182,105  2,585  1.42  177,788  2,387  1.34  22,501  568  2.52  21,079  493  2.34  247,968  8,807  3.55  243,246  7,978  3.28  1,848,842  26,795  1.45  1,731,425  21,041  1.22  407,219  411,424  31,085  34,667  42,560  43,075  151,717  132,836  2,481,423  2,353,427  27,511  26,249  232,907  229,222  260,418  255,471  $ 2,741,841  $ 2,608,898  2.16 % 2.25 % $ 57,776  2.46  $ 55,687  2.52  (h) (h) (k) (k) (i) (i) (g) (g)