Wells Fargo Reports $5.8 Billion in Net Income

Wells Fargo & Company (NYSE: WFC):

• Strong financial results:
  • Net income of $5.8 billion, compared with $5.9 billion in first quarter 2014
  • Diluted earnings per share (EPS) of $1.04, compared with $1.05
  • Revenue of $21.3 billion, up 3 percent
  • Pre-tax pre-provision profit¹ of $8.8 billion, up 1 percent
  • Efficiency ratio of 58.8 percent, compared with 57.9 percent
  • Return on assets (ROA) of 1.38 percent and return on equity (ROE) of 13.17 percent
• Strong growth in average loans and deposits:
  • Total average loans of $863.3 billion, up $39.5 billion, or 5 percent, from first quarter 2014
    • Quarter-end loans of $861.2 billion, up $34.8 billion, or 4 percent
    • Quarter-end core loans of $802.7 billion², up $54.2 billion, or 7 percent
  • Total average deposits of $1.2 trillion, up $97.5 billion, or 9 percent
• Continued strength in credit quality:
  • Net charge-offs of $708 million, down $117 million from first quarter 2014
    • Net charge-off rate of 0.33 percent (annualized), down from 0.41 percent
  • Nonaccrual loans down $2.1 billion, or 15 percent
  • $100 million reserve release³
• Maintained strong capital levels⁴ and continued share repurchases:
  • Common Equity Tier 1 ratio under Basel III (Advanced Approach, fully phased-in) of 10.53 percent
  • Period-end common shares outstanding down 7.4 million from fourth quarter 2014
  • No objection from the Federal Reserve to our 2015 Capital Plan, which included a proposed dividend rate of $0.375 per share for second quarter 2015, subject to Board approval, up from $0.35 per share in the first quarter
  • Approval to use Advanced Approaches for capital requirements granted from the Federal Reserve and the Office of the Comptroller of the Currency starting in second quarter 2015

Endnotes can be found at end of release text

Selected Financial Information
		Quarter ended
		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014
Earnings
Diluted earnings per common share		$	1.04			1.02			1.05
Wells Fargo net income (in billions)		5.80				5.71			5.89
Return on assets (ROA)		1.38		%		1.36			1.57
Return on equity (ROE)		13.17				12.84			14.35
Asset Quality
Net charge-offs (annualized) as a % of avg. total loans		0.33		%		0.34			0.41
Allowance for credit losses as a % of total loans		1.51				1.53			1.74
Allowance for credit losses as a % of annualized net charge-offs		453				452			431
Other
Revenue (in billions)		$	21.3			21.4			20.6
Efficiency ratio		58.8		%		59.0			57.9
Average loans (in billions)		$	863.3			849.4			823.8
Average core deposits (in billions)		1,063.2				1,036.0			973.8
Net interest margin		2.95		%		3.04			3.20

Wells Fargo & Company (NYSE: WFC) reported net income of $5.8 billion, or $1.04 per diluted common share, for first quarter 2015, compared with $5.9 billion, or $1.05 per share, for first quarter 2014, and up from $5.7 billion, or $1.02 per share, for fourth quarter 2014.

“Our solid first quarter results again reflected the benefit of our diversified business model and the continued focus of our 266,000 team members on serving the needs of consumer and business customers," said Chairman and CEO John Stumpf. “We continued to strengthen our customer relationships in the quarter, as reflected in strong growth in deposits and primary checking customers. In addition, our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates. Capital levels remained strong, and we were pleased to receive a non-objection to our 2015 Capital Plan, which included a proposed increase in our dividend rate to $0.375 per common share in second quarter 2015, subject to Board approval.”

Chief Financial Officer John Shrewsberry added, “Wells Fargo earned $5.8 billion in first quarter 2015, an increase of $95 million from the prior quarter, including the benefit from lower income tax expense in the first quarter. Credit quality remained strong, as net charge-offs continued to decline. Expenses also decreased from the prior quarter and our efficiency ratio improved. We remained within our targeted ranges for ROA, ROE, efficiency ratio and net payout ratio, while maintaining record liquidity and capital levels."

Revenue

Revenue was $21.3 billion in the first quarter, compared with $21.4 billion in fourth quarter 2014, as higher noninterest income was more than offset by the decline in net interest income primarily due to two fewer days in the quarter. Revenue sources remained balanced between spread and fee income and the sources of fee income were diversified among our consumer and wholesale businesses.

Net Interest Income

Net interest income in first quarter 2015 declined $194 million on a linked-quarter basis to $11.0 billion primarily as a result of two fewer days relative to the fourth quarter of 2014. Additionally, interest income from variable sources, including purchased credit-impaired (PCI) loan resolutions and loan fees included in interest income, declined linked quarter. These impacts were partially offset by growth in average commercial and consumer loan balances, a modest increase in the duration of the commercial loan portfolio, and lower deposit and long-term debt costs.

Net interest margin was 2.95 percent, down 9 basis points from fourth quarter 2014. Approximately 5 basis points of the decrease was from customer driven deposit growth, which had minimal impact to net interest income but was dilutive to net interest margin, and 3 basis points of the decline was due to lower income from variable sources. The net impact of all other growth and repricing was neutral in the first quarter.

Noninterest Income

Noninterest income was $10.3 billion, up $29 million from the prior quarter. Higher revenue from trading activities, debt security gains, mortgage origination gains and insurance was offset by lower other income (which included a $217 million gain on the sale of government guaranteed student loans in fourth quarter 2014), lower mortgage servicing income, and seasonally lower card fees and deposit service charges.

Trust and investment fees were $3.7 billion, down $28 million from the prior quarter. Higher retail brokerage asset-based fees and transaction revenue were offset by lower investment banking fees.

Mortgage banking noninterest income was $1.5 billion, up $32 million from fourth quarter. During the first quarter, residential mortgage originations were $49 billion, up $5 billion linked quarter, while the gain on sale ratio was 2.06 percent, up from 1.80 percent in fourth quarter. Net mortgage servicing rights (MSRs) results were $108 million, compared with $235 million in fourth quarter 2014.

Noninterest Expense

Noninterest expense declined $140 million from the prior quarter to $12.5 billion, as seasonally higher employee benefits and incentive compensation of $688 million were offset by costs that typically decline in the first quarter including outside professional services ($252 million lower), equipment costs ($87 million lower) and advertising and promotion ($77 million lower). First quarter salary expense was $87 million lower than fourth quarter due to two fewer days in the quarter, and revenue-related compensation was $60 million lower, driven primarily by lower investment banking revenue. The efficiency ratio was 58.8 percent in first quarter 2015, an improvement from 59.0 percent in fourth quarter 2014. The Company expects to operate within its targeted efficiency ratio range of 55 to 59 percent for full year 2015.

Income Taxes

The Company’s effective income tax rate was 28.2 percent for first quarter 2015, compared with 30.6 percent in the prior quarter. The tax rate for the first quarter reflected a net $359 million discrete tax benefit primarily from a reduction in the reserve for uncertain tax positions due to the resolution of prior period matters with U.S. federal and state taxing authorities.

Loans

Total average loans were $863.3 billion in the first quarter, up $13.8 billion from the fourth quarter, driven by broad-based loan growth. Period end loan balances were $861.2 billion at March 31, 2015, down $1.3 billion from December 31, 2014, due in part to a seasonal decline in credit card balances and the continued decline in junior lien mortgage loans. Fourth quarter 2014 loan growth included the acquisition of the Dillard's credit card portfolio as well as $6.5 billion from the financing related to the sale of government guaranteed student loans.

		March 31, 2015										December 31, 2014
(in millions)		Core				Non-strategic and liquidating (a)			Total			Core			Non-strategic and liquidating			Total
Commercial		$	414,600			699			415,299			413,701			1,125			414,826
Consumer		388,077				57,855			445,932			388,062			59,663			447,725
Total loans		$	802,677			58,554			861,231			801,763			60,788			862,551
Change from prior quarter:		$	914			(2,234	)		(1,320	)		25,972			(2,304	)		23,668
(a) See table on page 32 for additional information on non-strategic/liquidating loan portfolios. Management believes that the above information provides useful disclosure regarding the Company’s ongoing loan portfolios.

Investment Securities

Investment securities were $324.7 billion at March 31, 2015, up $11.8 billion from fourth quarter. Purchases of approximately $23 billion (primarily U.S. Treasury, federal agency mortgage-backed securities (MBS) and municipal securities), were partially offset by run-off, a significant portion of which was in federal agency MBS.

Net unrealized available-for-sale securities gains of $7.9 billion at March 31, 2015 increased from $7.8 billion at December 31, 2014.

Deposits

Average total deposits for first quarter 2015 were $1.2 trillion, up 9 percent from a year ago, driven by both commercial and consumer growth. The average deposit cost for first quarter 2015 was 9 basis points, unchanged from the prior quarter and an improvement of 2 basis points from a year ago. Average core deposits were $1.1 trillion, up 9 percent from a year ago. Average mortgage escrow deposits were $28.4 billion, compared with $24.2 billion a year ago and $29.2 billion in fourth quarter 2014.

Capital

Capital levels remained strong in the first quarter, with Common Equity Tier 1 of $139.2 billion under Basel III (Standardized Approach with Transition Requirements), or 10.86 percent of risk-weighted assets. The Common Equity Tier 1 ratio under the Basel III (Advanced Approach, fully phased-in) framework was 10.53 percent⁴. During first quarter 2015, the Company purchased 48.4 million shares of its common stock and entered into a $750 million forward repurchase transaction for an additional 14.0 million shares, which settled in early April 2015. The Company also paid a quarterly common stock dividend of $0.35 per share, up from $0.30 per share a year ago.

On March 11, 2015, the Company received no objection from the Federal Reserve to its 2015 Capital Plan, which included a proposed dividend rate of $0.375 per common share for second quarter 2015, subject to Board approval. On March 31, 2015, the Federal Reserve and the Office of the Comptroller of the Currency announced that the Company may begin using the Basel III Advanced Approaches capital framework to determine risk-based capital requirements starting in the second quarter of 2015. The approval did not include stipulations requiring Wells Fargo to increase its current Advanced Approach risk-weighted assets (RWA).

Credit Quality

“Credit losses were $708 million in first quarter 2015, compared with $735 million in fourth quarter 2014, a 4 percent improvement," said Chief Risk Officer Mike Loughlin. "The quarterly loss rate (annualized) was 0.33 percent with commercial losses of 0.04 percent and consumer losses of 0.60 percent. Nonperforming assets declined by $618 million, or 16 percent (annualized), from the prior quarter, and early stage delinquencies dropped. We released $100 million from the allowance for credit losses in the first quarter, reflecting continued credit quality improvement. Future allowance levels may increase or decrease based on a variety of factors, including loan growth, portfolio performance and general economic conditions."

Net Loan Charge-offs

Net loan charge-offs were $708 million in first quarter 2015, or 0.33 percent (annualized) of average loans, compared with $735 million in fourth quarter 2014, or 0.34 percent (annualized) of average loans.

Net Loan Charge-Offs
		Quarter ended
		March 31, 2015							December 31, 2014							September 30, 2014
($ in millions)		Net loan charge- offs				As a % of average loans (a)			Net loan charge- offs				As a % of average loans (a)			Net loan charge- offs				As a % of average loans (a)
Commercial:
Commercial and industrial		$	64			0.10	%		$	82			0.12	%		$	67			0.11	%
Real estate mortgage		(11		)		(0.04	)		(25		)		(0.09	)		(37		)		(0.13	)
Real estate construction		(9		)		(0.19	)		(26		)		(0.56	)		(58		)		(1.27	)
Lease financing		—				—			1				0.05			4				0.10
Total commercial		44				0.04			32				0.03			(24		)		(0.02	)
Consumer:
Real estate 1-4 family first mortgage		83				0.13			88				0.13			114				0.17
Real estate 1-4 family junior lien mortgage		123				0.85			134				0.88			140				0.90
Credit card		239				3.19			221				2.97			201				2.87
Automobile		101				0.73			132				0.94			112				0.81
Other revolving credit and installment		118				1.32			128				1.45			125				1.46
Total consumer		664				0.60			703				0.63			692				0.62
Total		$	708			0.33	%		$	735			0.34	%		$	668			0.32	%
(a) Quarterly net charge-offs as a percentage of average loans are annualized. See explanation on page 31 of the accounting for purchased credit-impaired (PCI) loans and the impact on selected financial ratios.

Nonperforming Assets

Nonperforming assets decreased by $618 million from fourth quarter to $14.8 billion. Nonaccrual loans decreased $338 million to $12.5 billion. Foreclosed assets were $2.3 billion, down from $2.6 billion in fourth quarter 2014.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
		March 31, 2015							December 31, 2014							September 30, 2014
($ in millions)		Total balances				As a % of total loans			Total balances				As a % of total loans			Total balances				As a % of total loans
Commercial:
Commercial and industrial		$	663			0.24	%		$	538			0.20	%		$	614			0.24	%
Real estate mortgage		1,324				1.18			1,490				1.33			1,636				1.46
Real estate construction		182				0.91			187				1.00			217				1.20
Lease financing		23				0.19			24				0.20			27				0.22
Total commercial		2,192				0.53			2,239				0.54			2,494				0.63
Consumer:
Real estate 1-4 family first mortgage		8,345				3.15			8,583				3.23			8,785				3.34
Real estate 1-4 family junior lien mortgage		1,798				3.11			1,848				3.09			1,903				3.13
Automobile		133				0.24			137				0.25			143				0.26
Other revolving credit and installment		42				0.12			41				0.11			40				0.11
Total consumer		10,318				2.31			10,609				2.37			10,871				2.46
Total nonaccrual loans		12,510				1.45			12,848				1.49			13,365				1.59
Foreclosed assets:
Government insured/guaranteed		772							982							1,140
Non-government insured/guaranteed		1,557							1,627							1,691
Total foreclosed assets		2,329							2,609							2,831
Total nonperforming assets		$	14,839			1.72	%		$	15,457			1.79	%		$	16,196			1.93	%
Change from prior quarter:
Total nonaccrual loans		$	(338	)					$	(517	)					$	(607	)
Total nonperforming assets		(618		)					(739		)					(781		)

Loans 90 Days or More Past Due and Still Accruing

Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $841 million at March 31, 2015, down from $920 million at December 31, 2014. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $15.5 billion at March 31, 2015, down from $16.9 billion at December 31, 2014.

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $13.0 billion at March 31, 2015, down from $13.2 billion at December 31, 2014. The allowance coverage to total loans was 1.51 percent, compared with 1.53 percent in fourth quarter 2014. The allowance covered 4.5 times annualized first quarter net charge-offs, unchanged from the prior quarter. The allowance coverage to nonaccrual loans was 104 percent at March 31, 2015, compared with 103 percent at December 31, 2014. “We believe the allowance was appropriate for losses inherent in the loan portfolio at March 31, 2015,” said Loughlin.

Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. Segment net income for each of the three business segments was:

		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014
Community Banking		$	3,665			3,435			3,844
Wholesale Banking		1,797				1,970			1,742
Wealth, Brokerage and Retirement		561				514			475

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending. Community Banking also offers investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.

Selected Financial Information
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014
Total revenue		$	12,784			12,835			12,593
Provision for credit losses		617				518			419
Noninterest expense		7,064				7,281			6,774
Segment net income		3,665				3,435			3,844
(in billions)
Average loans		506.4				503.8			505.0
Average assets		993.1				974.9			892.6
Average core deposits		668.9				655.6			626.5

Community Banking reported net income of $3.7 billion, up $230 million, or 7 percent, from fourth quarter 2014. Revenue of $12.8 billion was flat compared with the prior quarter due to seasonally lower deposit service charges and card fees, and a non-recurring gain on sale of government guaranteed student loans in the prior quarter, partially offset by higher market sensitive revenue, mainly gains on sale of debt securities and equity investments. Noninterest expense decreased $217 million, or 3 percent, due to lower project spending, advertising, travel, and equipment expense, partially offset by seasonally higher personnel costs. The provision for credit losses increased $99 million from the prior quarter as a $59 million improvement in net charge offs was more than offset by a $158 million lower reserve release.

Net income was down $179 million, or 5 percent, from first quarter 2014. Revenue increased $191 million, or 2 percent, from a year ago primarily due to higher net interest income, gains on sale of debt securities, revenue from debit and credit card volumes, and trust and investment fees, partially offset by lower gains on equity investments and lower deposit service charges. Noninterest expense increased $290 million, or 4 percent, from a year ago driven by higher personnel expenses and operating losses, partially offset by lower travel, occupancy and other expenses. The provision for credit losses increased $198 million from a year ago as the $172 million improvement in net charge-offs was more than offset by a $370 million lower reserve release.

Regional Banking

• Retail banking
  • Primary consumer checking customers⁵ up 5.7 percent year-over-year⁶
  • Retail Bank household cross-sell ratio of 6.13 products per household, compared with 6.17 year-over-year^6,7

• Small Business/Business Banking
  • Primary business checking customers⁵ up 5.5 percent year-over-year⁶
  • Combined Business Direct credit card, lines of credit and loan product solutions (primarily under $100,000 sold through our retail banking stores) were up 23 percent from the prior year
• Online and Mobile Banking
  • 25.7 million active online customers, up 8 percent year-over-year⁶
  • 14.9 million active mobile customers, up 19 percent year-over-year⁶

Consumer Lending Group

• Home Lending
  • Originations of $49 billion, up from $44 billion in prior quarter
  • Applications of $93 billion, up from $66 billion in prior quarter
  • Application pipeline of $44 billion at quarter end, up from $26 billion at December 31, 2014
  • Residential mortgage servicing portfolio of $1.7 trillion
  • Average note rate on the servicing portfolio was 4.43 percent, compared with 4.45 percent in prior quarter
• Consumer Credit
  • Credit card penetration in retail banking households rose to 41.8 percent⁶, up from 38.0 percent in prior year
  • Auto originations of $7.1 billion in first quarter, up 6 percent from prior quarter and down 10 percent from prior year

Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $20 million. Products and business segments include Middle Market Commercial Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Wells Fargo Securities, Principal Investments, Asset Backed Finance, and Asset Management.

Selected Financial Information
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014
Total revenue		$	5,912			6,054			5,580
Reversal of provision for credit losses		(6		)		(39	)		(93	)
Noninterest expense		3,409				3,307			3,215
Segment net income		1,797				1,970			1,742
(in billions)
Average loans		337.6				326.8			301.9
Average assets		594.9				573.3			517.4
Average core deposits		303.4				292.4			259.0

Wholesale Banking reported net income of $1.8 billion, down $173 million, or 9 percent, from fourth quarter 2014. Revenue of $5.9 billion decreased $142 million, or 2 percent, from prior quarter. Net interest income decreased $183 million, or 6 percent, as strong loan and other earning asset growth was more than offset by the impact of two fewer days in the quarter and lower loan resolution income. Noninterest income increased $41 million, or 1 percent, driven by strong sales and trading results, higher multi-family capital mortgage banking fees and seasonally higher crop insurance fees, partially offset by lower investment banking fees, commercial real estate brokerage fees and gains on equity investments. Noninterest expense increased $102 million, or 3 percent, linked quarter on seasonally higher personnel tax expense and seasonally higher insurance commissions. The provision for credit losses increased $33 million from prior quarter due to lower recoveries.

Net income was up $55 million, or 3 percent, from first quarter 2014. Revenue increased $332 million, or 6 percent, from first quarter 2014 on strong loan and deposit growth, and higher investment banking, commercial real estate brokerage, treasury management, foreign exchange and loan fees. Noninterest expense increased $194 million, or 6 percent, from a year ago primarily due to higher personnel expenses related to growth initiatives, compliance, regulatory requirements and higher variable incentive compensation. The provision for credit losses increased $87 million from a year ago primarily due to lower recoveries and a $23 million lower reserve release.

• Average loans increased 12 percent in first quarter 2015, compared with first quarter 2014, on broad-based growth, including asset-backed finance, capital finance, commercial banking, commercial real estate, corporate banking, equipment finance, government and institutional banking, and real estate capital markets
• Cross-sell of 7.2 products per relationship, unchanged from first quarter 2014⁸
• Treasury management revenue up 11 percent from first quarter 2014
• Assets under management of $493 billion, up $13 billion from first quarter 2014, including a $9 billion increase in fixed income assets under management reflecting net client inflows and favorable market conditions

Wealth, Brokerage and Retirement provides a full range of financial advisory services to clients using a planning approach to meet each client’s financial needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions, including financial planning, private banking, credit, investment management and fiduciary services. Abbot Downing, a Wells Fargo business, provides comprehensive wealth management services to ultra high net worth families and individuals as well as endowments and foundations. Brokerage serves customers’ advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the United States. Retirement is a national leader in providing institutional retirement and trust services (including 401(k) and pension plan record keeping) for businesses and reinsurance services for the life insurance industry.

Selected Financial Information
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014
Total revenue		$	3,733			3,647			3,468
Provision (reversal of provision) for credit losses		(3		)		8			(8	)
Noninterest expense		2,831				2,811			2,711
Segment net income		561				514			475
(in billions)
Average loans		56.9				54.8			50.0
Average assets		195.7				192.2			190.6
Average core deposits		161.4				157.0			156.0

Wealth, Brokerage and Retirement (WBR) reported net income of $561 million, up $47 million, or 9 percent, from fourth quarter 2014. Revenue of $3.7 billion increased $86 million, or 2 percent, from the prior quarter, largely driven by higher asset-based fees and brokerage transaction revenue. Noninterest expense increased $20 million, or 1 percent, from the prior quarter driven primarily by seasonally higher personnel expenses which were partially offset by lower other expenses. The provision for credit losses decreased $11 million from fourth quarter 2014.

Net income was up $86 million, or 18 percent, from first quarter 2014. Revenue increased $265 million, or 8 percent, from a year ago primarily due to strong growth in asset-based fees and net interest income. Noninterest expense increased $120 million, or 4 percent, from a year ago primarily due to brokerage volume-based expenses. The provision for credit losses increased $5 million from a year ago.

Retail Brokerage

• Client assets of $1.4 trillion, up 4 percent from prior year
• Managed account assets of $435 billion, increased $46 billion, or 12 percent, from prior year, reflecting net flows and increased market valuations
• Strong loan growth, with average balances up 23 percent from prior year largely due to growth in non-conforming mortgages and security-based lending

Wealth Management

• Client assets of $226 billion, up 4 percent from prior year
• Loan growth, with average balances up 10 percent over prior year primarily driven by growth in non-conforming mortgages

Retirement

• IRA assets of $365 billion, up 6 percent from prior year
• Institutional Retirement plan assets of $347 billion, up 3 percent from prior year

WBR cross-sell ratio of 10.44 products per household, up from 10.42 a year ago⁶

Conference Call

The Company will host a live conference call on Tuesday, April 14, at 7 a.m. PDT (10 a.m. EDT). You may participate by dialing 866-872-5161 (U.S. and Canada) or 706-643-1962 (International). The call will also be available online at wellsfargo.com/invest_relations/earnings and at https://engage.vevent.com/rt/wells_fargo_ao~021415.

A replay of the conference call will be available beginning at 10 a.m. PDT (1 p.m. EDT) on April 14 through Tuesday, April 21. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #82513650. The replay will also be available online at wellsfargo.com/invest_relations/earnings and at https://engage.vevent.com/rt/wells_fargo_ao~021415.

Endnotes
1		Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
2		See table on page 4 for more information on core and non-strategic/liquidating loan portfolios.
3		Reserve release represents the amount by which net charge-offs exceed the provision for credit losses.
4		See tables on pages 34-35 for more information on Common Equity Tier 1. Common Equity Tier 1 (Advanced Approach, fully phased-in) is estimated based on final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.
5		Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.
6		Data as of February 2015, comparisons with February 2014.
7		February 2015 Retail Bank household cross-sell ratio includes the impact of the sale of government guaranteed student loans in fourth quarter 2014.
8		Cross-sell reported on a one-quarter lag.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

• current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and the overall slowdown in global economic growth;
• our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
• financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
• the extent of our success in our loan modification efforts, as well as the effects of regulatory requirements or guidance regarding loan modifications;
• the amount of mortgage loan repurchase demands that we receive and our ability to satisfy any such demands without having to repurchase loans related thereto or otherwise indemnify or reimburse third parties, and the credit quality of or losses on such repurchased mortgage loans;
• negative effects relating to our mortgage servicing and foreclosure practices, including our obligations under the settlement with the Department of Justice and other federal and state government entities, as well as changes in industry standards or practices, regulatory or judicial requirements, penalties or fines, increased servicing and other costs or obligations, including loan modification requirements, or delays or moratoriums on foreclosures;
• our ability to realize our efficiency ratio target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
• the effect of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
• a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our investment securities portfolio;
• the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;
• reputational damage from negative publicity, protests, fines, penalties and other negative consequences from regulatory violations and legal actions;
• a failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber attacks;
• the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
• fiscal and monetary policies of the Federal Reserve Board; and
• the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
		Pages
Summary Information
Summary Financial Data		17
Income
Consolidated Statement of Income		19
Consolidated Statement of Comprehensive Income		21
Condensed Consolidated Statement of Changes in Total Equity		21
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		22
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		23
Noninterest Income and Noninterest Expense		24
Balance Sheet
Consolidated Balance Sheet		26
Investment Securities		28
Loans
Loans		28
Nonperforming Assets		29
Loans 90 Days or More Past Due and Still Accruing		30
Purchased Credit-Impaired Loans		31
Pick-A-Pay Portfolio		32
Non-Strategic and Liquidating Loan Portfolios		32
Five Quarter Changes in Allowance for Credit Losses		33
Equity
Five Quarter Risk-Based Capital Components		34
Common Equity Tier 1 Under Basel III		35
Operating Segments
Operating Segment Results		36
Other
Mortgage Servicing and other related data		38

Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
		Quarter ended										% Change Mar 31, 2015 from
($ in millions, except per share amounts)		Mar 31, 2015				Dec 31, 2014			Mar 31, 2014			Dec 31, 2014			Mar 31, 2014
For the Period
Wells Fargo net income		$	5,804			5,709			5,893			2	%		(2	)
Wells Fargo net income applicable to common stock		5,461				5,382			5,607			1			(3	)
Diluted earnings per common share		1.04				1.02			1.05			2			(1	)
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.38		%		1.36			1.57			1			(12	)
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		13.17				12.84			14.35			3			(8	)
Efficiency ratio (1)		58.8				59.0			57.9			—			2
Total revenue		$	21,278			21,443			20,625			(1	)		3
Pre-tax pre-provision profit (PTPP) (2)		8,771				8,796			8,677			—			1
Dividends declared per common share		0.35				0.35			0.30			—			17
Average common shares outstanding		5,160.4				5,192.5			5,262.8			(1	)		(2	)
Diluted average common shares outstanding		5,243.6				5,279.2			5,353.3			(1	)		(2	)
Average loans		$	863,261			849,429			823,790			2			5
Average assets		1,707,798				1,663,760			1,525,905			3			12
Average core deposits (3)		1,063,234				1,035,999			973,801			3			9
Average retail core deposits (4)		731,413				714,572			690,643			2			6
Net interest margin		2.95		%		3.04			3.20			(3	)		(8	)
At Period End
Investment securities		$	324,736			312,925			270,327			4			20
Loans		861,231				862,551			826,443			—			4
Allowance for loan losses		12,176				12,319			13,695			(1	)		(11	)
Goodwill		25,705				25,705			25,637			—			—
Assets		1,737,737				1,687,155			1,546,707			3			12
Core deposits (3)		1,086,993				1,054,348			994,185			3			9
Wells Fargo stockholders’ equity		188,796				184,394			175,654			2			7
Total equity		189,964				185,262			176,469			3			8
Capital ratios:
Total equity to assets		10.93		%		10.98			11.41			—			(4	)
Risk-based capital (5):
Tier 1 capital		12.39				12.45			12.63			—			(2	)
Total capital		15.30				15.53			15.71			(1	)		(3	)
Tier 1 leverage (5)		9.48				9.45			9.84			—			(4	)
Common Equity Tier 1 (5)(6)		10.86				11.04			11.36			(2	)		(4	)
Common shares outstanding		5,162.9				5,170.3			5,265.7			—			(2	)
Book value per common share		$	32.70			32.19			30.48			2			7
Common stock price:
High		56.29				55.95			49.97			1			13
Low		50.42				46.44			44.17			9			14
Period end		54.40				54.82			49.74			(1	)		9
Team members (active, full-time equivalent)		266,000				264,500			265,300			1			—
(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5) The March 31, 2015, ratios are preliminary.
(6) See the “Five Quarter Risk-Based Capital Components” table for additional information.

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA
		Quarter ended
($ in millions, except per share amounts)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
For the Quarter
Wells Fargo net income		$	5,804			5,709			5,729			5,726			5,893
Wells Fargo net income applicable to common stock		5,461				5,382			5,408			5,424			5,607
Diluted earnings per common share		1.04				1.02			1.02			1.01			1.05
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.38		%		1.36			1.40			1.47			1.57
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		13.17				12.84			13.10			13.40			14.35
Efficiency ratio (1)		58.8				59.0			57.7			57.9			57.9
Total revenue		$	21,278			21,443			21,213			21,066			20,625
Pre-tax pre-provision profit (PTPP) (2)		8,771				8,796			8,965			8,872			8,677
Dividends declared per common share		0.35				0.35			0.35			0.35			0.30
Average common shares outstanding		5,160.4				5,192.5			5,225.9			5,268.4			5,262.8
Diluted average common shares outstanding		5,243.6				5,279.2			5,310.4			5,350.8			5,353.3
Average loans		$	863,261			849,429			833,199			831,043			823,790
Average assets		1,707,798				1,663,760			1,617,942			1,564,003			1,525,905
Average core deposits (3)		1,063,234				1,035,999			1,012,219			991,727			973,801
Average retail core deposits (4)		731,413				714,572			703,062			698,763			690,643
Net interest margin		2.95		%		3.04			3.06			3.15			3.20
At Quarter End
Investment securities		$	324,736			312,925			289,009			279,069			270,327
Loans		861,231				862,551			838,883			828,942			826,443
Allowance for loan losses		12,176				12,319			12,681			13,101			13,695
Goodwill		25,705				25,705			25,705			25,705			25,637
Assets		1,737,737				1,687,155			1,636,855			1,598,874			1,546,707
Core deposits (3)		1,086,993				1,054,348			1,016,478			1,007,485			994,185
Wells Fargo stockholders’ equity		188,796				184,394			182,481			180,859			175,654
Total equity		189,964				185,262			182,990			181,549			176,469
Capital ratios:
Total equity to assets		10.93		%		10.98			11.18			11.35			11.41
Risk-based capital (5):
Tier 1 capital		12.39				12.45			12.55			12.72			12.63
Total capital		15.30				15.53			15.58			15.89			15.71
Tier 1 leverage (5)		9.48				9.45			9.64			9.86			9.84
Common Equity Tier 1 (5)(6)		10.86				11.04			11.11			11.31			11.36
Common shares outstanding		5,162.9				5,170.3			5,215.0			5,249.9			5,265.7
Book value per common share		$	32.70			32.19			31.55			31.18			30.48
Common stock price:
High		56.29				55.95			53.80			53.05			49.97
Low		50.42				46.44			49.47			46.72			44.17
Period end		54.40				54.82			51.87			52.56			49.74
Team members (active, full-time equivalent)		266,000				264,500			263,900			263,500			265,300
(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5) The March 31, 2015, ratios are preliminary.
(6) See the “Five Quarter Risk-Based Capital Components” table for additional information.

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
		Quarter ended March 31,							%
(in millions, except per share amounts)		2015				2014			Change
Interest income
Trading assets		$	445			374			19	%
Investment securities		2,144				2,110			2
Mortgages held for sale		177				170			4
Loans held for sale		5				2			150
Loans		8,938				8,746			2
Other interest income		254				210			21
Total interest income		11,963				11,612			3
Interest expense
Deposits		258				279			(8	)
Short-term borrowings		18				12			50
Long-term debt		604				619			(2	)
Other interest expense		97				87			11
Total interest expense		977				997			(2	)
Net interest income		10,986				10,615			3
Provision for credit losses		608				325			87
Net interest income after provision for credit losses		10,378				10,290			1
Noninterest income
Service charges on deposit accounts		1,215				1,215			—
Trust and investment fees		3,677				3,412			8
Card fees		871				784			11
Other fees		1,078				1,047			3
Mortgage banking		1,547				1,510			2
Insurance		430				432			—
Net gains from trading activities		408				432			(6	)
Net gains on debt securities		278				83			235
Net gains from equity investments		370				847			(56	)
Lease income		132				133			(1	)
Other		286				115			149
Total noninterest income		10,292				10,010			3
Noninterest expense
Salaries		3,851				3,728			3
Commission and incentive compensation		2,685				2,416			11
Employee benefits		1,477				1,372			8
Equipment		494				490			1
Net occupancy		723				742			(3	)
Core deposit and other intangibles		312				341			(9	)
FDIC and other deposit assessments		248				243			2
Other		2,717				2,616			4
Total noninterest expense		12,507				11,948			5
Income before income tax expense		8,163				8,352			(2	)
Income tax expense		2,279				2,277			—
Net income before noncontrolling interests		5,884				6,075			(3	)
Less: Net income from noncontrolling interests		80				182			(56	)
Wells Fargo net income		$	5,804			5,893			(2	)
Less: Preferred stock dividends and other		343				286			20
Wells Fargo net income applicable to common stock		$	5,461			5,607			(3	)
Per share information
Earnings per common share		$	1.06			1.07			(1	)
Diluted earnings per common share		1.04				1.05			(1	)
Dividends declared per common share		0.35				0.30			17
Average common shares outstanding		5,160.4				5,262.8			(2	)
Diluted average common shares outstanding		5,243.6				5,353.3			(2	)

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME
		Quarter ended
(in millions, except per share amounts)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Interest Income
Trading assets		$	445			477			427			407			374
Investment securities		2,144				2,150			2,066			2,112			2,110
Mortgages held for sale		177				187			215			195			170
Loans held for sale		5				25			50			1			2
Loans		8,938				9,091			8,963			8,852			8,746
Other interest income		254				253			243			226			210
Total interest income		11,963				12,183			11,964			11,793			11,612
Interest expense
Deposits		258				269			273			275			279
Short-term borrowings		18				18			15			14			12
Long-term debt		604				620			629			620			619
Other interest expense		97				96			106			93			87
Total interest expense		977				1,003			1,023			1,002			997
Net interest income		10,986				11,180			10,941			10,791			10,615
Provision for credit losses		608				485			368			217			325
Net interest income after provision for credit losses		10,378				10,695			10,573			10,574			10,290
Noninterest income
Service charges on deposit accounts		1,215				1,241			1,311			1,283			1,215
Trust and investment fees		3,677				3,705			3,554			3,609			3,412
Card fees		871				925			875			847			784
Other fees		1,078				1,124			1,090			1,088			1,047
Mortgage banking		1,547				1,515			1,633			1,723			1,510
Insurance		430				382			388			453			432
Net gains from trading activities		408				179			168			382			432
Net gains on debt securities		278				186			253			71			83
Net gains from equity investments		370				372			712			449			847
Lease income		132				127			137			129			133
Other		286				507			151			241			115
Total noninterest income		10,292				10,263			10,272			10,275			10,010
Noninterest expense
Salaries		3,851				3,938			3,914			3,795			3,728
Commission and incentive compensation		2,685				2,582			2,527			2,445			2,416
Employee benefits		1,477				1,124			931			1,170			1,372
Equipment		494				581			457			445			490
Net occupancy		723				730			731			722			742
Core deposit and other intangibles		312				338			342			349			341
FDIC and other deposit assessments		248				231			229			225			243
Other		2,717				3,123			3,117			3,043			2,616
Total noninterest expense		12,507				12,647			12,248			12,194			11,948
Income before income tax expense		8,163				8,311			8,597			8,655			8,352
Income tax expense		2,279				2,519			2,642			2,869			2,277
Net income before noncontrolling interests		5,884				5,792			5,955			5,786			6,075
Less: Net income from noncontrolling interests		80				83			226			60			182
Wells Fargo net income		$	5,804			5,709			5,729			5,726			5,893
Less: Preferred stock dividends and other		343				327			321			302			286
Wells Fargo net income applicable to common stock		$	5,461			5,382			5,408			5,424			5,607
Per share information
Earnings per common share		$	1.06			1.04			1.04			1.02			1.07
Diluted earnings per common share		1.04				1.02			1.02			1.01			1.05
Dividends declared per common share		0.35				0.35			0.35			0.35			0.30
Average common shares outstanding		5,160.4				5,192.5			5,225.9			5,268.4			5,262.8
Diluted average common shares outstanding		5,243.6				5,279.2			5,310.4			5,350.8			5,353.3

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
		Quarter ended March 31,							%
(in millions)		2015				2014			Change
Wells Fargo net income		$	5,804			5,893			(2	)%
Other comprehensive income, before tax:
Investment securities:
Net unrealized gains arising during the period		393				2,725			(86	)
Reclassification of net gains to net income		(300		)		(394	)		(24	)
Derivatives and hedging activities:
Net unrealized gains arising during the period		952				44			NM
Reclassification of net gains on cash flow hedges to net income		(234		)		(106	)		121
Defined benefit plans adjustments:
Net actuarial losses arising during the period		(11		)		—			NM
Amortization of net actuarial loss, settlements and other to net income		43				18			139
Foreign currency translation adjustments:
Net unrealized losses arising during the period		(55		)		(17	)		224
Reclassification of net losses to net income		—				6			(100	)
Other comprehensive income, before tax		788				2,276			(65	)
Income tax expense related to other comprehensive income		(228		)		(831	)		(73	)
Other comprehensive income, net of tax		560				1,445			(61	)
Less: Other comprehensive income from noncontrolling interests		301				79			281
Wells Fargo other comprehensive income, net of tax		259				1,366			(81	)
Wells Fargo comprehensive income		6,063				7,259			(16	)
Comprehensive income from noncontrolling interests		381				261			46
Total comprehensive income		$	6,444			7,520			(14	)
NM - Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Balance, beginning of period		$	185,262			182,990			181,549			176,469			171,008
Wells Fargo net income		5,804				5,709			5,729			5,726			5,893
Wells Fargo other comprehensive income (loss), net of tax		259				400			(999	)		1,365			1,366
Noncontrolling interests		301				353			(181	)		(125	)		(52	)
Common stock issued		1,327				508			402			579			994
Common stock repurchased (1)		(2,592		)		(2,945	)		(2,490	)		(2,954	)		(1,025	)
Preferred stock released by ESOP		41				166			170			430			305
Common stock warrants repurchased/exercised		(8		)		(9	)		—			—			—
Preferred stock issued		1,997				—			780			1,995			—
Common stock dividends		(1,805		)		(1,816	)		(1,828	)		(1,844	)		(1,579	)
Preferred stock dividends		(344		)		(327	)		(321	)		(302	)		(285	)
Tax benefit from stock incentive compensation		354				75			48			61			269
Stock incentive compensation expense		376				176			144			164			374
Net change in deferred compensation and related plans		(1,008		)		(18	)		(13	)		(15	)		(799	)
Balance, end of period		$	189,964			185,262			182,990			181,549			176,469
(1) For the quarter ended March 31, 2015, includes $750 million related to a private forward repurchase transaction that settled in second quarter 2015 for 14.0 million shares of common stock. For the quarters ended December 31, September 30, and June 30, 2014, includes $750 million, $1.0 billion, and $1.0 billion, respectively, related to private forward repurchase transactions that settled in subsequent quarters for 14.3 million, 19.8 million, and 19.5 million shares of common stock, respectively.

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)
		Quarter ended March 31,
		2015											2014
(in millions)		Average balance				Yields/ rates			Interest income/ expense				Average balance			Yields/ rates			Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments		$	275,731			0.28	%		$	190			213,284			0.27	%		$	144
Trading assets		62,977				2.88			453				48,231			3.17			381
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		26,163				1.55			100				6,572			1.68			28
Securities of U.S. states and political subdivisions		44,948				4.20			472				42,600			4.37			465
Mortgage-backed securities:
Federal agencies		102,193				2.76			706				117,641			2.94			864
Residential and commercial		23,938				5.71			342				28,035			6.12			429
Total mortgage-backed securities		126,131				3.32			1,048				145,676			3.55			1,293
Other debt and equity securities		47,051				3.43			400				49,156			3.59			438
Total available-for-sale securities		244,293				3.32			2,020				244,004			3.65			2,224
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		42,869				2.21			234				1,104			2.18			6
Securities of U.S. states and political subdivisions		1,948				5.16			25				—			—			—
Federal agency mortgage-backed securities		11,318				1.87			53				6,162			3.11			48
Other debt securities		6,792				1.72			29				6,414			1.86			29
Total held-to-maturity securities		62,927				2.19			341				13,680			2.45			83
Total investment securities		307,220				3.08			2,361				257,684			3.59			2,307
Mortgages held for sale (4)		19,583				3.61			177				16,556			4.11			170
Loans held for sale (4)		700				2.67			5				111			6.28			2
Loans:
Commercial:
Commercial and industrial - U.S.		227,682				3.28			1,844				193,865			3.43			1,641
Commercial and industrial - Non U.S.		45,062				1.88			209				42,181			1.92			200
Real estate mortgage		111,497				3.57			981				112,824			3.56			990
Real estate construction		19,492				3.52			169				17,071			4.38			184
Lease financing		12,319				4.95			152				12,262			6.12			188
Total commercial		416,052				3.26			3,355				378,203			3.43			3,203
Consumer:
Real estate 1-4 family first mortgage		265,823				4.13			2,741				259,488			4.17			2,705
Real estate 1-4 family junior lien mortgage		58,880				4.27			621				65,014			4.30			692
Credit card		30,380				11.78			883				26,283			12.32			798
Automobile		56,004				5.95			821				51,794			6.50			831
Other revolving credit and installment		36,122				6.01			535				43,008			5.00			531
Total consumer		447,209				5.05			5,601				445,587			5.02			5,557
Total loans (4)		863,261				4.19			8,956				823,790			4.29			8,760
Other		4,730				5.41			63				4,655			5.72			66
Total earning assets		$	1,534,202			3.21	%		$	12,205			1,364,311			3.49	%		$	11,830
Funding sources
Deposits:
Interest-bearing checking		$	39,155			0.05	%		$	5			36,799			0.07	%		$	6
Market rate and other savings		613,413				0.06			97				579,044			0.07			105
Savings certificates		34,608				0.75			64				40,535			0.89			89
Other time deposits		56,549				0.39			56				45,822			0.42			48
Deposits in foreign offices		105,537				0.14			36				91,050			0.14			31
Total interest-bearing deposits		849,262				0.12			258				793,250			0.14			279
Short-term borrowings		71,712				0.11			18				54,502			0.09			13
Long-term debt		183,763				1.32			604				153,793			1.62			619
Other liabilities		16,894				2.30			97				12,859			2.72			87
Total interest-bearing liabilities		1,121,631				0.35			977				1,014,404			0.40			998
Portion of noninterest-bearing funding sources		412,571											349,907			—			—
Total funding sources		$	1,534,202			0.26			977				1,364,311			0.29			998
Net interest margin and net interest income on a taxable-equivalent basis (5)						2.95	%		$	11,228						3.20	%		$	10,832
Noninterest-earning assets
Cash and due from banks		$	17,059										16,363
Goodwill		25,705											25,637
Other		130,832											119,594
Total noninterest-earning assets		$	173,596										161,594
Noninterest-bearing funding sources
Deposits		$	325,531										284,069
Other liabilities		71,988											52,955
Total equity		188,648											174,477
Noninterest-bearing funding sources used to fund earning assets		(412,571		)									(349,907	)
Net noninterest-bearing funding sources		$	173,596										161,594
Total assets		$	1,707,798										1,525,905
(1) Our average prime rate was 3.25% for the quarters ended March 31, 2015 and 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.26% and 0.24% for the same quarters, respectively.
(2) Yield/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.
(4) Nonaccrual loans and related income are included in their respective loan categories.
(5) Includes taxable-equivalent adjustments of $242 million and $217 million for the quarters ended March 31, 2015 and 2014, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)
		Quarter ended
		Mar 31, 2015							Dec 31, 2014							Sep 30, 2014							Jun 30, 2014							Mar 31, 2014
($ in billions)		Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments		$	275.7			0.28	%		$	268.1			0.28	%		$	253.2			0.28	%		$	229.8			0.28	%		$	213.3			0.27	%
Trading assets		63.0				2.88			60.4				3.21			57.5				3.00			54.4				3.05			48.2				3.17
Investment securities (2):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		26.2				1.55			19.5				1.55			8.8				1.69			6.6				1.78			6.6				1.68
Securities of U.S. states and political subdivisions		44.9				4.20			43.9				4.30			43.3				4.24			42.7				4.26			42.6				4.37
Mortgage-backed securities:
Federal agencies		102.2				2.76			109.3				2.78			113.0				2.76			116.5				2.85			117.6				2.94
Residential and commercial		23.9				5.71			24.7				5.89			26.0				5.98			27.3				6.11			28.0				6.12
Total mortgage-backed securities		126.1				3.32			134.0				3.36			139.0				3.36			143.8				3.47			145.6				3.55
Other debt and equity securities		47.1				3.43			45.0				3.87			47.1				3.45			48.7				3.76			49.2				3.59
Total available-for-sale securities		244.3				3.32			242.4				3.48			238.2				3.48			241.8				3.62			244.0				3.65
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		42.9				2.21			32.9				2.25			23.7				2.22			10.8				2.20			1.1				2.18
Securities of U.S. states and political subdivisions		1.9				5.16			0.9				4.92			—				—			—				—			—				—
Federal agency mortgage-backed securities		11.3				1.87			5.6				2.07			5.9				2.23			6.1				2.74			6.2				3.11
Other debt securities		6.8				1.72			6.1				1.81			5.9				1.83			5.2				1.90			6.4				1.86
Total held-to-maturity securities		62.9				2.19			45.5				2.22			35.5				2.17			22.1				2.28			13.7				2.45
Total investment securities		307.2				3.08			287.9				3.28			273.7				3.31			263.9				3.51			257.7				3.59
Mortgages held for sale		19.6				3.61			19.2				3.90			21.5				4.01			18.8				4.16			16.6				4.11
Loans held for sale		0.7				2.67			7.0				1.43			9.5				2.10			0.2				2.55			0.1				6.28
Loans:
Commercial:
Commercial and industrial - U.S.		227.7				3.28			218.3				3.32			207.6				3.29			199.2				3.39			193.9				3.43
Commercial and industrial - Non U.S.		45.1				1.88			43.0				2.03			42.4				2.11			43.0				2.06			42.2				1.92
Real estate mortgage		111.5				3.57			112.3				3.69			113.0				3.69			112.8				3.61			112.8				3.56
Real estate construction		19.5				3.52			18.3				4.33			17.8				3.94			17.5				4.18			17.1				4.38
Lease financing		12.3				4.95			12.3				5.35			12.3				5.38			12.2				5.68			12.2				6.12
Total commercial		416.1				3.26			404.2				3.39			393.1				3.37			384.7				3.42			378.2				3.43
Consumer:
Real estate 1-4 family first mortgage		265.8				4.13			264.8				4.16			262.2				4.23			260.0				4.20			259.5				4.17
Real estate 1-4 family junior lien mortgage		58.9				4.27			60.2				4.28			61.6				4.30			63.3				4.31			65.0				4.30
Credit card		30.4				11.78			29.5				11.71			27.7				11.96			26.4				11.97			26.3				12.32
Automobile		56.0				5.95			55.4				6.08			54.6				6.19			53.5				6.34			51.8				6.50
Other revolving credit and installment		36.1				6.01			35.3				6.01			34.0				6.03			43.1				5.07			43.0				5.00
Total consumer		447.2				5.05			445.2				5.06			440.1				5.11			446.3				5.02			445.6				5.02
Total loans		863.3				4.19			849.4				4.27			833.2				4.29			831.0				4.28			823.8				4.29
Other		4.7				5.41			4.8				5.30			4.7				5.41			4.5				5.74			4.6				5.72
Total earning assets		$	1,534.2			3.21	%		$	1,496.8			3.31	%		$	1,453.3			3.34	%		$	1,402.6			3.43	%		$	1,364.3			3.49	%
Funding sources
Deposits:
Interest-bearing checking		$	39.2			0.05	%		$	40.5			0.06	%		$	41.4			0.07	%		$	40.2			0.07	%		$	36.8			0.07	%
Market rate and other savings		613.4				0.06			593.9				0.07			586.4				0.07			583.9				0.07			579.0				0.07
Savings certificates		34.6				0.75			35.9				0.80			37.3				0.84			38.8				0.86			40.5				0.89
Other time deposits		56.5				0.39			56.1				0.39			55.1				0.39			48.5				0.41			45.8				0.42
Deposits in foreign offices		105.5				0.14			99.3				0.15			98.9				0.14			94.2				0.15			91.1				0.14
Total interest-bearing deposits		849.2				0.12			825.7				0.13			819.1				0.13			805.6				0.14			793.2				0.14
Short-term borrowings		71.7				0.11			64.7				0.12			62.3				0.10			58.9				0.10			54.5				0.09
Long-term debt		183.8				1.32			183.3				1.35			173.0				1.46			159.2				1.56			153.8				1.62
Other liabilities		16.9				2.30			15.6				2.44			15.5				2.73			13.6				2.73			12.9				2.72
Total interest-bearing liabilities		1,121.6				0.35			1,089.3				0.37			1,069.9				0.38			1,037.3				0.39			1,014.4				0.40
Portion of noninterest-bearing funding sources		412.6				—			407.5				—			383.4				—			365.3				—			349.9				—
Total funding sources		$	1,534.2			0.26			$	1,496.8			0.27			$	1,453.3			0.28			$	1,402.6			0.28			$	1,364.3			0.29
Net interest margin on a taxable-equivalent basis						2.95	%						3.04	%						3.06	%						3.15	%						3.20	%
Noninterest-earning assets
Cash and due from banks		$	17.1						16.9							16.2							15.9							16.4
Goodwill		25.7							25.7							25.7							25.7							25.6
Other		130.8							124.4							122.7							119.8							119.6
Total noninterest-earnings assets		$	173.6						167.0							164.6							161.4							161.6
Noninterest-bearing funding sources
Deposits		$	325.6						324.1							308.0							295.9							284.1
Other liabilities		72.0							65.7							57.9							51.1							52.9
Total equity		188.6							184.7							182.1							179.7							174.5
Noninterest-bearing funding sources used to fund earning assets		(412.6		)					(407.5		)					(383.4		)					(365.3		)					(349.9		)
Net noninterest-bearing funding sources		$	173.6						167.0							164.6							161.4							161.6
Total assets		$	1,707.8						1,663.8							1,617.9							1,564.0							1,525.9
(1) Our average prime rate was 3.25% for quarters ended March 31, 2015 and December 31, September 30, and June 30, and March 31, 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.26%, 0.24%, 0.23%, 0.23% and 0.24% for the same quarters, respectively.
(2) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME
		Quarter ended March 31,							%
(in millions)		2015				2014			Change
Service charges on deposit accounts		$	1,215			1,215			—	%
Trust and investment fees:
Brokerage advisory, commissions and other fees		2,380				2,241			6
Trust and investment management		852				844			1
Investment banking		445				327			36
Total trust and investment fees		3,677				3,412			8
Card fees		871				784			11
Other fees:
Charges and fees on loans		309				367			(16	)
Merchant processing fees		187				172			9
Cash network fees		125				120			4
Commercial real estate brokerage commissions		129				72			79
Letters of credit fees		88				96			(8	)
All other fees		240				220			9
Total other fees		1,078				1,047			3
Mortgage banking:
Servicing income, net		523				938			(44	)
Net gains on mortgage loan origination/sales activities		1,024				572			79
Total mortgage banking		1,547				1,510			2
Insurance		430				432			—
Net gains from trading activities		408				432			(6	)
Net gains on debt securities		278				83			235
Net gains from equity investments		370				847			(56	)
Lease income		132				133			(1	)
Life insurance investment income		145				132			10
All other		141				(17	)		NM
Total		$	10,292			10,010			3
NM - Not meaningful
NONINTEREST EXPENSE
		Quarter ended March 31,							%
(in millions)		2015				2014			Change
Salaries		$	3,851			3,728			3	%
Commission and incentive compensation		2,685				2,416			11
Employee benefits		1,477				1,372			8
Equipment		494				490			1
Net occupancy		723				742			(3	)
Core deposit and other intangibles		312				341			(9	)
FDIC and other deposit assessments		248				243			2
Outside professional services		548				559			(2	)
Operating losses		295				159			86
Outside data processing		253				241			5
Contract services		225				234			(4	)
Travel and entertainment		158				219			(28	)
Postage, stationery and supplies		171				191			(11	)
Advertising and promotion		118				118			—
Foreclosed assets		135				132			2
Telecommunications		111				114			(2	)
Insurance		140				125			12
Operating leases		62				50			25
All other		501				474			6
Total		$	12,507			11,948			5

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Service charges on deposit accounts		$	1,215			1,241			1,311			1,283			1,215
Trust and investment fees:
Brokerage advisory, commissions and other fees		2,380				2,335			2,327			2,280			2,241
Trust and investment management		852				849			856			838			844
Investment banking		445				521			371			491			327
Total trust and investment fees		3,677				3,705			3,554			3,609			3,412
Card fees		871				925			875			847			784
Other fees:
Charges and fees on loans		309				311			296			342			367
Merchant processing fees		187				187			184			183			172
Cash network fees		125				125			134			128			120
Commercial real estate brokerage commissions		129				155			143			99			72
Letters of credit fees		88				102			100			92			96
All other fees		240				244			233			244			220
Total other fees		1,078				1,124			1,090			1,088			1,047
Mortgage banking:
Servicing income, net		523				685			679			1,035			938
Net gains on mortgage loan origination/sales activities		1,024				830			954			688			572
Total mortgage banking		1,547				1,515			1,633			1,723			1,510
Insurance		430				382			388			453			432
Net gains from trading activities		408				179			168			382			432
Net gains on debt securities		278				186			253			71			83
Net gains from equity investments		370				372			712			449			847
Lease income		132				127			137			129			133
Life insurance investment income		145				145			143			138			132
All other		141				362			8			103			(17	)
Total		$	10,292			10,263			10,272			10,275			10,010
FIVE QUARTER NONINTEREST EXPENSE
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Salaries		$	3,851			3,938			3,914			3,795			3,728
Commission and incentive compensation		2,685				2,582			2,527			2,445			2,416
Employee benefits		1,477				1,124			931			1,170			1,372
Equipment		494				581			457			445			490
Net occupancy		723				730			731			722			742
Core deposit and other intangibles		312				338			342			349			341
FDIC and other deposit assessments		248				231			229			225			243
Outside professional services		548				800			684			646			559
Operating losses		295				309			417			364			159
Outside data processing		253				270			264			259			241
Contract services		225				245			247			249			234
Travel and entertainment		158				216			226			243			219
Postage, stationery and supplies		171				190			182			170			191
Advertising and promotion		118				195			153			187			118
Foreclosed assets		135				164			157			130			132
Telecommunications		111				106			122			111			114
Insurance		140				60			97			140			125
Operating leases		62				58			58			54			50
All other		501				510			510			490			474
Total		$	12,507			12,647			12,248			12,194			11,948

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(in millions, except shares)		Mar 31, 2015				Dec 31, 2014			% Change
Assets
Cash and due from banks		$	19,793			19,571			1	%
Federal funds sold, securities purchased under resale agreements and other short-term investments		291,317				258,429			13
Trading assets		79,278				78,255			1
Investment securities:
Available-for-sale, at fair value		257,603				257,442			—
Held-to-maturity, at cost		67,133				55,483			21
Mortgages held for sale		23,606				19,536			21
Loans held for sale		681				722			(6	)
Loans		861,231				862,551			—
Allowance for loan losses		(12,176		)		(12,319	)		(1	)
Net loans		849,055				850,232			—
Mortgage servicing rights:
Measured at fair value		11,739				12,738			(8	)
Amortized		1,252				1,242			1
Premises and equipment, net		8,696				8,743			(1	)
Goodwill		25,705				25,705			—
Other assets		101,879				99,057			3
Total assets		$	1,737,737			1,687,155			3
Liabilities
Noninterest-bearing deposits		$	335,858			321,963			4
Interest-bearing deposits		860,805				846,347			2
Total deposits		1,196,663				1,168,310			2
Short-term borrowings		77,697				63,518			22
Accrued expenses and other liabilities		90,121				86,122			5
Long-term debt		183,292				183,943			—
Total liabilities		1,547,773				1,501,893			3
Equity
Wells Fargo stockholders’ equity:
Preferred stock		21,998				19,213			14
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares and 5,481,811,474 shares		9,136				9,136			—
Additional paid-in capital		59,980				60,537			(1	)
Retained earnings		110,676				107,040			3
Cumulative other comprehensive income		3,777				3,518			7
Treasury stock – 318,869,849 shares and 311,462,276 shares		(14,556		)		(13,690	)		6
Unearned ESOP shares		(2,215		)		(1,360	)		63
Total Wells Fargo stockholders’ equity		188,796				184,394			2
Noncontrolling interests		1,168				868			35
Total equity		189,964				185,262			3
Total liabilities and equity		$	1,737,737			1,687,155			3

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Assets
Cash and due from banks		$	19,793			19,571			18,032			20,635			19,731
Federal funds sold, securities purchased under resale agreements and other short-term investments		291,317				258,429			261,932			238,719			222,781
Trading assets		79,278				78,255			67,755			71,674			63,753
Investment securities:
Available-for-sale, at fair value		257,603				257,442			248,251			248,961			252,665
Held-to-maturity, at cost		67,133				55,483			40,758			30,108			17,662
Mortgages held for sale		23,606				19,536			20,178			21,064			16,233
Loans held for sale		681				722			9,292			9,762			91
Loans		861,231				862,551			838,883			828,942			826,443
Allowance for loan losses		(12,176		)		(12,319	)		(12,681	)		(13,101	)		(13,695	)
Net loans		849,055				850,232			826,202			815,841			812,748
Mortgage servicing rights:
Measured at fair value		11,739				12,738			14,031			13,900			14,953
Amortized		1,252				1,242			1,224			1,196			1,219
Premises and equipment, net		8,696				8,743			8,768			8,977			9,020
Goodwill		25,705				25,705			25,705			25,705			25,637
Other assets		101,879				99,057			94,727			92,332			90,214
Total assets		$	1,737,737			1,687,155			1,636,855			1,598,874			1,546,707
Liabilities
Noninterest-bearing deposits		$	335,858			321,963			313,791			308,099			294,863
Interest-bearing deposits		860,805				846,347			816,834			810,478			799,713
Total deposits		1,196,663				1,168,310			1,130,625			1,118,577			1,094,576
Short-term borrowings		77,697				63,518			62,927			61,849			57,061
Accrued expenses and other liabilities		90,121				86,122			75,727			69,021			65,179
Long-term debt		183,292				183,943			184,586			167,878			153,422
Total liabilities		1,547,773				1,501,893			1,453,865			1,417,325			1,370,238
Equity
Wells Fargo stockholders’ equity:
Preferred stock		21,998				19,213			19,379			18,749			17,179
Common stock		9,136				9,136			9,136			9,136			9,136
Additional paid-in capital		59,980				60,537			60,100			59,926			60,618
Retained earnings		110,676				107,040			103,494			99,926			96,368
Cumulative other comprehensive income		3,777				3,518			3,118			4,117			2,752
Treasury stock		(14,556		)		(13,690	)		(11,206	)		(9,271	)		(8,206	)
Unearned ESOP shares		(2,215		)		(1,360	)		(1,540	)		(1,724	)		(2,193	)
Total Wells Fargo stockholders’ equity		188,796				184,394			182,481			180,859			175,654
Noncontrolling interests		1,168				868			509			690			815
Total equity		189,964				185,262			182,990			181,549			176,469
Total liabilities and equity		$	1,737,737			1,687,155			1,636,855			1,598,874			1,546,707

Wells Fargo & Company and Subsidiaries
FIVE QUARTER INVESTMENT SECURITIES
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		$	30,031			25,804			14,794			6,414			6,359
Securities of U.S. states and political subdivisions		47,380				44,944			45,805			44,779			44,140
Mortgage-backed securities:
Federal agencies		103,217				110,089			112,613			116,908			118,090
Residential and commercial		24,712				26,263			27,491			29,433			30,362
Total mortgage-backed securities		127,929				136,352			140,104			146,341			148,452
Other debt securities		48,759				46,666			45,013			48,312			50,253
Total available-for-sale debt securities		254,099				253,766			245,716			245,846			249,204
Marketable equity securities		3,504				3,676			2,535			3,115			3,461
Total available-for-sale securities		257,603				257,442			248,251			248,961			252,665
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		44,244				40,886			28,887			17,777			5,861
Securities of U.S. states and political subdivisions		2,092				1,962			123			41			—
Federal agency mortgage-backed securities		14,311				5,476			5,770			6,030			6,199
Other debt securities		6,486				7,159			5,978			6,260			5,602
Total held-to-maturity debt securities		67,133				55,483			40,758			30,108			17,662
Total investment securities		$	324,736			312,925			289,009			279,069			270,327
FIVE QUARTER LOANS
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Commercial:
Commercial and industrial		$	271,088			271,795			254,199			248,192			239,233
Real estate mortgage		111,848				111,996			112,064			113,564			112,920
Real estate construction		19,981				18,728			18,090			17,272			16,816
Lease financing		12,382				12,307			12,006			12,252			12,164
Total commercial		415,299				414,826			396,359			391,280			381,133
Consumer:
Real estate 1-4 family first mortgage		265,213				265,386			263,337			260,114			259,488
Real estate 1-4 family junior lien mortgage		57,839				59,717			60,875			62,487			63,998
Credit card		30,078				31,119			28,280			27,226			26,073
Automobile		56,339				55,740			55,242			54,095			52,607
Other revolving credit and installment		36,463				35,763			34,790			33,740			43,144
Total consumer		445,932				447,725			442,524			437,662			445,310
Total loans (1)		$	861,231			862,551			838,883			828,942			826,443
(1)  Includes $22.4 billion, $23.3 billion, $24.2 billion, $25.0 billion and $25.9 billion of purchased credit-impaired (PCI) loans at March 31, 2015, and December 31, September 30, June 30 and March 31, 2014, respectively.

Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign primarily based on whether the borrower's primary address is outside of the United States. The following table presents total commercial foreign loans outstanding by class of financing receivable.
(in millions)	Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Commercial foreign loans:
Commercial and industrial	$	45,325			44,707			41,829			42,136			42,465
Real estate mortgage	5,171				4,776			4,856			5,146			4,952
Real estate construction	241				218			209			216			201
Lease financing	307				336			332			344			322
Total commercial foreign loans	$	51,044			50,037			47,226			47,842			47,940

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Nonaccrual loans:
Commercial:
Commercial and industrial		$	663			538			614			724			664
Real estate mortgage		1,324				1,490			1,636			1,805			2,034
Real estate construction		182				187			217			239			296
Lease financing		23				24			27			29			32
Total commercial		2,192				2,239			2,494			2,797			3,026
Consumer:
Real estate 1-4 family first mortgage		8,345				8,583			8,785			9,026			9,357
Real estate 1-4 family junior lien mortgage		1,798				1,848			1,903			1,965			2,073
Automobile		133				137			143			150			161
Other revolving credit and installment		42				41			40			34			33
Total consumer		10,318				10,609			10,871			11,175			11,624
Total nonaccrual loans (1)(2)(3)		12,510				12,848			13,365			13,972			14,650
As a percentage of total loans		1.45		%		1.49			1.59			1.69			1.77
Foreclosed assets:
Government insured/guaranteed		$	772			982			1,140			1,257			1,609
Non-government insured/guaranteed		1,557				1,627			1,691			1,748			1,813
Total foreclosed assets		2,329				2,609			2,831			3,005			3,422
Total nonperforming assets		$	14,839			15,457			16,196			16,977			18,072
As a percentage of total loans		1.72		%		1.79			1.93			2.05			2.19
(1)  Includes nonaccrual mortgages held for sale and loans held for sale in their respective loan categories.
(2)  Excludes PCI loans because they continue to earn interest income from accretable yield, independent of performance in accordance with their contractual terms.
(3)  Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and student loans predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program are not placed on nonaccrual status because they are insured or guaranteed.

Wells Fargo & Company and Subsidiaries
LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Loans 90 days or more past due and still accruing:
Total (excluding PCI)(1):		$	16,344			17,810			18,295			18,582			21,215
Less: FHA insured/guaranteed by the VA (2)(3)		15,453				16,827			16,628			16,978			19,405
Less: Student loans guaranteed under the FFELP (4)		50				63			721			707			860
Total, not government insured/guaranteed		$	841			920			946			897			950
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial		$	31			31			35			52			12
Real estate mortgage		43				16			37			53			13
Real estate construction		—				—			18			16			69
Total commercial		74				47			90			121			94
Consumer:
Real estate 1-4 family first mortgage (3)		221				260			327			311			333
Real estate 1-4 family junior lien mortgage (3)		55				83			78			70			88
Credit card		352				364			302			266			308
Automobile		47				73			64			48			41
Other revolving credit and installment		92				93			85			81			86
Total consumer		767				873			856			776			856
Total, not government insured/guaranteed		$	841			920			946			897			950
(1)  PCI loans totaled $3.6 billion, $3.7 billion, $4.0 billion, $4.0 billion and $4.3 billion, at March 31, 2015 and December 31, September 30, June 30, and March 31, 2014, respectively.
(2)  Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(3)  Includes mortgages held for sale 90 days or more past due and still accruing.
(4)  Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the FFELP. In fourth quarter 2014, substantially all government guaranteed loans were sold.

Wells Fargo & Company and Subsidiaries
CHANGES IN ACCRETABLE YIELD RELATED TO PURCHASED CREDIT-IMPAIRED (PCI) LOANS
Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. PCI loans predominantly represent loans acquired from Wachovia that were deemed to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, recent borrower credit scores and recent LTV percentages. PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date.
As a result of PCI loan accounting, certain credit-related ratios cannot be used to compare a portfolio that includes PCI loans against one that does not, or to compare ratios across quarters or years. The ratios particularly affected include the allowance for loan losses and allowance for credit losses as percentages of loans, of nonaccrual loans and of nonperforming assets; nonaccrual loans and nonperforming assets as a percentage of total loans; and net charge-offs as a percentage of loans.
The excess of cash flows expected to be collected over the carrying value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated lives of the PCI loans using the effective yield method. The accretable yield is affected by:
		•		Changes in interest rate indices for variable rate PCI loans - Expected future cash flows are based on the variable rates in effect at the time of the quarterly assessment of expected cash flows;
		•		Changes in prepayment assumptions - Prepayments affect the estimated life of PCI loans which may change the amount of interest income, and possibly principal, expected to be collected; and
		•		Changes in the expected principal and interest payments over the estimated life - Updates to changes in expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows from loan modifications are included in the regular evaluations of cash flows expected to be collected.
The change in the accretable yield related to PCI loans is presented in the following table.

(in millions)
Balance, December 31, 2008		$	10,447
Addition of accretable yield due to acquisitions		132
Accretion into interest income (1)		(12,783		)
Accretion into noninterest income due to sales (2)		(430		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows		8,568
Changes in expected cash flows that do not affect nonaccretable difference (3)		11,856
Balance, December 31, 2014		17,790
Addition of accretable yield due to acquisitions		—
Accretion into interest income (1)		(398		)
Accretion into noninterest income due to sales (2)		(28		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (3)		22
Changes in expected cash flows that do not affect nonaccretable difference (4)		(61		)
Balance, March 31, 2015		$	17,325
(1)  Includes accretable yield released as a result of settlements with borrowers, which is included in interest income.
(2)  Includes accretable yield released as a result of sales to third parties, which is included in noninterest income.
(3)  At March 31, 2015, our carrying value for PCI loans totaled $22.4 billion and the remainder of nonaccretable difference established in purchase accounting totaled $2.9 billion. The nonaccretable difference absorbs losses of contractual amounts that exceed our carrying value for PCI loans.
(4)  Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, changes in interest rates on variable rate PCI loans and sales to third parties.

Wells Fargo & Company and Subsidiaries
PICK-A-PAY PORTFOLIO (1)
		March 31, 2015
		PCI loans														All other loans
(in millions)		Adjusted unpaid principal balance (2)				Current LTV ratio (3)			Carrying value (4)				Ratio of carrying value to current value (5)			Carrying value (4)				Ratio of carrying value to current value (5)
California		$	17,901			76	%		$	14,690			61	%		$	11,037			56	%
Florida		2,047				86			1,525				61			2,286				70
New Jersey		863				82			727				64			1,482				70
New York		557				77			494				62			699				68
Texas		227				62			208				56			888				49
Other states		4,156				82			3,391				65			6,318				68
Total Pick-a-Pay loans		$	25,751			77			$	21,035			61			$	22,710			62
(1)  The individual states shown in this table represent the top five states based on the total net carrying value of the Pick-a-Pay loans at the beginning of 2015.
(2)  Adjusted unpaid principal balance includes write-downs taken on loans where severe delinquency (normally 180 days) or other indications of severe borrower financial stress exist that indicate there will be a loss of contractually due amounts upon final resolution of the loan.
(3)  The current LTV ratio is calculated as the adjusted unpaid principal balance divided by the collateral value. Collateral values are generally determined using automated valuation models (AVM) and are updated quarterly. AVMs are computer-based tools used to estimate market values of homes based on processing large volumes of market data including market comparables and price trends for local market areas.
(4)  Carrying value, which does not reflect the allowance for loan losses, includes remaining purchase accounting adjustments, which, for PCI loans may include the nonaccretable difference and the accretable yield and, for all other loans, an adjustment to mark the loans to a market yield at date of merger less any subsequent charge-offs.
(5)  The ratio of carrying value to current value is calculated as the carrying value divided by the collateral value.

NON-STRATEGIC AND LIQUIDATING LOAN PORTFOLIOS
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Commercial:
Legacy Wachovia commercial and industrial and commercial real estate PCI loans (1)		$	699			1,125			1,465			1,499			1,720
Total commercial		699				1,125			1,465			1,499			1,720
Consumer:
Pick-a-Pay mortgage (1)(2)		43,745				45,002			46,389			47,965			49,533
Legacy Wells Fargo Financial debt consolidation		11,067				11,417			11,781			12,169			12,545
Liquidating home equity		2,744				2,910			3,083			3,290			3,505
Legacy Wachovia other PCI loans (1)		276				300			320			336			355
Legacy Wells Fargo Financial indirect auto		23				34			54			85			132
Education Finance - government insured (3)		—				—			—			—			10,204
Total consumer		57,855				59,663			61,627			63,845			76,274
Total non-strategic and liquidating loan portfolios		$	58,554			60,788			63,092			65,344			77,994
(1)  Net of purchase accounting adjustments related to PCI loans.
(2)  Includes PCI loans of $21.0 billion, $21.5 billion, $22.1 billion, $22.7 billion and $23.3 billion at March 31, 2015 and December 31, September 30, June 30, and March 31, 2014, respectively.
(3)  The government guaranteed student loan portfolio was transferred to held for sale during 2014, and substantially all of the portfolio was sold as of December 31, 2014.

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES
		Quarter ended
(in millions)		Mar 31, 2015				Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Balance, beginning of quarter		$	13,169			13,481			13,834			14,414			14,971
Provision for credit losses		608				485			368			217			325
Interest income on certain impaired loans (1)		(52		)		(48	)		(52	)		(55	)		(56	)
Loan charge-offs:
Commercial:
Commercial and industrial		(133		)		(161	)		(157	)		(146	)		(163	)
Real estate mortgage		(23		)		(19	)		(11	)		(16	)		(20	)
Real estate construction		(1		)		(2	)		(3	)		(3	)		(1	)
Lease financing		(3		)		(3	)		(5	)		(3