Diluted EPS of $1.05, Revenue of $21.9 Billion
Wells Fargo & Company (NYSE:WFC):
-
Continued strong financial results:
-
Net income of $5.8 billion, up 1 percent from third quarter 2014
-
Diluted earnings per share (EPS) of $1.05, up 3 percent
-
Revenue of $21.9 billion, up 3 percent
-
Pre-tax pre-provision profit1 of $9.5 billion, up 6
percent
-
Return on assets (ROA) of 1.32 percent and return on equity (ROE)
of 12.62 percent
-
Strong growth in loans and deposits:
-
Total average loans of $895.1 billion, up $61.9 billion, or 7
percent, from third quarter 2014
-
Quarter-end loans of $903.2 billion, up $64.4 billion, or 8
percent
-
Quarter-end core loans2 of $849.2 billion, up
$73.4 billion, or 9 percent
-
Total average deposits of $1.2 trillion, up $71.8 billion, or 6
percent
-
Continued strength in credit quality:
-
Net charge-offs of $703 million, up $35 million from third quarter
2014
-
Net charge-off rate of 0.31 percent (annualized), down from
0.32 percent
-
Nonaccrual loans down $1.8 billion, or 14 percent
-
No reserve release3, compared with a $300 million
release in third quarter 2014
-
Maintained strong capital levels4 and continued share
repurchases:
-
Common Equity Tier 1 ratio under Basel III (fully phased-in) of
10.7 percent
-
Period-end common shares outstanding down 36.8 million from second
quarter 2015
Endnotes can be found at end of release text.
|
|
|
|
|
|
|
Selected Financial Information
|
|
|
|
|
|
Quarter ended
|
|
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Earnings
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
1.05
|
|
|
1.03
|
|
|
1.02
|
|
Wells Fargo net income (in billions)
|
|
5.80
|
|
|
5.72
|
|
|
5.73
|
|
Return on assets (ROA)
|
|
1.32
|
%
|
|
1.33
|
|
|
1.40
|
|
Return on equity (ROE)
|
|
12.62
|
|
|
12.71
|
|
|
13.10
|
|
Asset Quality
|
|
|
|
|
|
|
|
Net charge-offs (annualized) as a % of average total loans
|
|
0.31
|
%
|
|
0.30
|
|
|
0.32
|
|
Allowance for credit losses as a % of total loans
|
|
1.39
|
|
|
1.42
|
|
|
1.61
|
|
Allowance for credit losses as a % of annualized net charge-offs
|
|
450
|
|
|
484
|
|
|
509
|
|
Other
|
|
|
|
|
|
|
|
Revenue (in billions)
|
|
$
|
21.9
|
|
|
21.3
|
|
|
21.2
|
|
Efficiency ratio
|
|
56.7
|
%
|
|
58.5
|
|
|
57.7
|
|
Average loans (in billions)
|
|
$
|
895.1
|
|
|
870.4
|
|
|
833.2
|
|
Average deposits (in billions)
|
|
1,198.9
|
|
|
1,185.3
|
|
|
1,127.0
|
|
Net interest margin
|
|
2.96
|
%
|
|
2.97
|
|
|
3.06
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company (NYSE:WFC) reported net income of $5.8 billion, or
$1.05 per diluted common share, for third quarter 2015, compared with
$5.7 billion, or $1.02 per share, for third quarter 2014, and
$5.7 billion, or $1.03 per share, for second quarter 2015.
"Wells Fargo's strong third quarter results reflected the ability of our
diversified business model to generate consistent financial performance
in an uneven economic environment while continuing to meet our
customers' financial needs," said Chairman and CEO John Stumpf.
"Compared with a year ago, we grew loans, deposits and capital, and
returned more capital to shareholders through dividends and share
buybacks. Our balance sheet and credit results remained strong and our
265,000 team members continue to focus on helping our customers succeed
financially."
Chief Financial Officer John Shrewsberry said, "Wells Fargo reported a
solid $5.8 billion of net income for the third quarter. Revenue
increased on both a linked quarter and year over year basis, on growth
in both net interest income and noninterest income. We generated
positive operating leverage in the quarter, as our expenses declined,
and we remained within our targeted efficiency ratio range. Our return
on equity and return on assets also remained within our targeted ranges,
and we increased our net payout ratio5 to shareholders to 60
percent from 54 percent in second quarter."
Net Interest Income
Net interest income increased $187 million from second quarter 2015 to
$11.5 billion, primarily driven by growth in investment securities and
loans, including the full quarter benefit of the GE Capital loan
purchase and related financing transaction that settled late in the
second quarter. The third quarter also included one additional day,
accounting for approximately one third of the increase in net interest
income relative to the second quarter. These benefits were partially
offset by reduced income from variable sources including purchased
credit-impaired (PCI) loan recoveries, periodic dividends, and loan fees
included in interest income.
Net interest margin was 2.96 percent, down 1 basis point from second
quarter 2015. Balance sheet growth and repricing, driven by securities
purchases and higher loan balances, improved the net interest margin by
approximately 5 basis points linked-quarter. These benefits were offset
by growth in customer deposits, which had a minimal impact to net
interest income, but was dilutive to the net interest margin by 3 basis
points, and by lower income from variable sources, which reduced the
margin by 3 basis points.
Noninterest Income
Noninterest income was $10.4 billion, up from $10.0 billion in second
quarter 2015, driven by higher equity investment gains, deposit service
charges, lease income and card fees. Other noninterest income was also
higher in the quarter, primarily due to the impact of lower interest
rates on our debt hedging results. Offsetting this growth were lower
gains from trading activities, driven by lower deferred compensation
plan investment results (largely offset in employee benefits expense),
debt securities gains, trust and investment fees, and seasonally lower
crop insurance fees.
Mortgage banking noninterest income was $1.6 billion, down $116 million
from second quarter. During the third quarter, residential mortgage
originations were $55 billion, down $7 billion linked quarter. The
production margin on residential held-for-sale mortgage originations6
was 1.88 percent, compared with 1.75 percent in second quarter. Net
mortgage servicing rights (MSRs) results were $253 million, compared
with $107 million in second quarter 2015.
Noninterest Expense
Noninterest expense declined $70 million from the prior quarter to $12.4
billion, primarily due to lower deferred compensation expense in
employee benefits. This decline was partially offset by a $126 million
contribution to the Wells Fargo Foundation, higher salaries expense, and
increased project-related outside professional services expense. The
efficiency ratio improved to 56.7 percent in third quarter 2015,
compared with 58.5 percent in the prior quarter. The Company expects to
operate at the higher end of its targeted efficiency ratio range of 55
to 59 percent for full year 2015.
Loans
Total loans were $903.2 billion at September 30, 2015, up $14.8 billion
from June 30, 2015. Growth was broad-based and was driven by commercial
and industrial, and 1-4 family first mortgage loans. Core loan growth
was $17.1 billion, as non-strategic/liquidating portfolios declined $2.3
billion in the quarter. Total average loans were $895.1 billion in the
third quarter, up $24.6 billion from the prior quarter, and included the
benefit of the GE Capital loan purchase and related financing
transaction that settled late in the second quarter.
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
(in millions)
|
|
Core
|
|
Non-strategic
and liquidating (a)
|
|
Total
|
|
Core
|
|
Non-strategic
and liquidating
|
|
Total
|
|
Commercial
|
|
$
|
446,832
|
|
|
506
|
|
|
447,338
|
|
|
437,430
|
|
|
592
|
|
|
438,022
|
|
Consumer
|
|
402,363
|
|
|
53,532
|
|
|
455,895
|
|
|
394,670
|
|
|
55,767
|
|
|
450,437
|
|
Total loans
|
|
$
|
849,195
|
|
|
54,038
|
|
|
903,233
|
|
|
832,100
|
|
|
56,359
|
|
|
888,459
|
|
Change from prior quarter:
|
|
$
|
17,095
|
|
|
(2,321
|
)
|
|
14,774
|
|
|
29,423
|
|
|
(2,195
|
)
|
|
27,228
|
|
(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 $345.1 billion at September 30, 2015, up $4.3
billion from second quarter. Purchases of approximately $19 billion
(primarily federal agency mortgage-backed securities and U.S. Treasury
securities), were partially offset by maturities, amortization and sales.
Net unrealized available-for-sale securities gains of $4.9 billion at
September 30, 2015, declined from $5.7 billion at June 30, 2015, as the
benefit of lower interest rates was offset by reductions arising from
realized gains (both debt and equity), and widening credit spreads.
Deposits
Total average deposits for third quarter 2015 were $1.2 trillion, up 6
percent from a year ago and up 5 percent (annualized) from second
quarter 2015, driven by both commercial and consumer growth. The average
deposit cost for third quarter 2015 was 8 basis points, which was down 2
basis points from a year ago and flat compared with the prior quarter.
Capital
Capital levels remained strong in the third quarter, with Common Equity
Tier 1 under Basel III (fully phased-in) of $141.9 billion. The Common
Equity Tier 1 ratio under Basel III (fully phased-in) was 10.7 percent4.
In third quarter 2015, the Company purchased 51.7 million shares of its
common stock. The Company also paid a quarterly common stock dividend of
$0.375 per share, up from $0.35 per share a year ago.
Credit Quality
“Credit performance remained strong during the quarter," said Chief Risk
Officer Mike Loughlin. "The quarterly loss rate (annualized) remained
low at 0.31 percent and nonperforming assets declined by $1.1 billion,
or 30 percent (annualized), from the prior quarter driven by lower
nonaccrual loans. The allowance for credit losses in the third quarter
remained flat (no reserve release) as continued credit quality
improvements in the residential real estate portfolio were offset by
higher commercial reserves reflecting deterioration in the energy
sector. 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
The quarterly loss rate (annualized) of 0.31 percent included commercial
losses of 0.08 percent and consumer losses of 0.53 percent. Credit
losses were $703 million in third quarter 2015, compared with $650
million in the second quarter, an 8 percent increase, primarily driven
by a seasonal increase in the auto portfolio.
|
|
|
|
|
Net Loan Charge-Offs
|
|
|
|
Quarter ended
|
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
($ 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
|
|
$
|
122
|
|
|
0.17
|
%
|
|
$
|
81
|
|
|
0.12
|
%
|
|
$
|
64
|
|
|
0.10
|
%
|
|
Real estate mortgage
|
|
(23
|
)
|
|
(0.08
|
)
|
|
(15
|
)
|
|
(0.05
|
)
|
|
(11
|
)
|
|
(0.04
|
)
|
|
Real estate construction
|
|
(8
|
)
|
|
(0.15
|
)
|
|
(6
|
)
|
|
(0.11
|
)
|
|
(9
|
)
|
|
(0.19
|
)
|
|
Lease financing
|
|
3
|
|
|
0.11
|
|
|
2
|
|
|
0.06
|
|
|
—
|
|
|
—
|
|
|
Total commercial
|
|
94
|
|
|
0.08
|
|
|
62
|
|
|
0.06
|
|
|
44
|
|
|
0.04
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
62
|
|
|
0.09
|
|
|
67
|
|
|
0.10
|
|
|
83
|
|
|
0.13
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
89
|
|
|
0.64
|
|
|
94
|
|
|
0.66
|
|
|
123
|
|
|
0.85
|
|
|
Credit card
|
|
216
|
|
|
2.71
|
|
|
243
|
|
|
3.21
|
|
|
239
|
|
|
3.19
|
|
|
Automobile
|
|
113
|
|
|
0.76
|
|
|
68
|
|
|
0.48
|
|
|
101
|
|
|
0.73
|
|
|
Other revolving credit and installment
|
|
129
|
|
|
1.35
|
|
|
116
|
|
|
1.26
|
|
|
118
|
|
|
1.32
|
|
|
Total consumer
|
|
609
|
|
|
0.53
|
|
|
588
|
|
|
0.53
|
|
|
664
|
|
|
0.60
|
|
|
Total
|
|
$
|
703
|
|
|
0.31
|
%
|
|
$
|
650
|
|
|
0.30
|
%
|
|
$
|
708
|
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 declined by $1.1 billion from second quarter 2015
to $13.3 billion. Nonaccrual loans decreased $906 million to $11.5
billion on improvements in several loan categories, including a
$718 million decline in consumer real estate. Foreclosed assets were
$1.8 billion, down from $2.0 billion in second quarter 2015.
|
|
|
|
|
|
|
|
|
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
|
|
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
($ 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
|
|
$
|
1,031
|
|
|
0.35
|
%
|
|
$
|
1,079
|
|
|
0.38
|
%
|
|
$
|
663
|
|
|
0.24
|
%
|
|
Real estate mortgage
|
|
1,125
|
|
|
0.93
|
|
|
1,250
|
|
|
1.04
|
|
|
1,324
|
|
|
1.18
|
|
|
Real estate construction
|
|
151
|
|
|
0.70
|
|
|
165
|
|
|
0.77
|
|
|
182
|
|
|
0.91
|
|
|
Lease financing
|
|
29
|
|
|
0.24
|
|
|
28
|
|
|
0.23
|
|
|
23
|
|
|
0.19
|
|
|
Total commercial
|
|
2,336
|
|
|
0.52
|
|
|
2,522
|
|
|
0.58
|
|
|
2,192
|
|
|
0.53
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
7,425
|
|
|
2.74
|
|
|
8,045
|
|
|
3.00
|
|
|
8,345
|
|
|
3.15
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
1,612
|
|
|
2.95
|
|
|
1,710
|
|
|
3.04
|
|
|
1,798
|
|
|
3.11
|
|
|
Automobile
|
|
123
|
|
|
0.21
|
|
|
126
|
|
|
0.22
|
|
|
133
|
|
|
0.24
|
|
|
Other revolving credit and installment
|
|
41
|
|
|
0.11
|
|
|
40
|
|
|
0.11
|
|
|
42
|
|
|
0.12
|
|
|
Total consumer
|
|
9,201
|
|
|
2.02
|
|
|
9,921
|
|
|
2.20
|
|
|
10,318
|
|
|
2.31
|
|
|
Total nonaccrual loans
|
|
11,537
|
|
|
1.28
|
|
|
12,443
|
|
|
1.40
|
|
|
12,510
|
|
|
1.45
|
|
|
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government insured/guaranteed
|
|
502
|
|
|
|
|
588
|
|
|
|
|
772
|
|
|
|
|
Non-government insured/guaranteed
|
|
1,265
|
|
|
|
|
1,370
|
|
|
|
|
1,557
|
|
|
|
|
Total foreclosed assets
|
|
1,767
|
|
|
|
|
1,958
|
|
|
|
|
2,329
|
|
|
|
|
Total nonperforming assets
|
|
$
|
13,304
|
|
|
1.47
|
%
|
|
$
|
14,401
|
|
|
1.62
|
%
|
|
$
|
14,839
|
|
|
1.72
|
%
|
|
Change from prior quarter:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans
|
|
$
|
(906
|
)
|
|
|
|
$
|
(67
|
)
|
|
|
|
$
|
(338
|
)
|
|
|
|
Total nonperforming assets
|
|
(1,097
|
)
|
|
|
|
(438
|
)
|
|
|
|
(618
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $872 million at September 30, 2015, up from
$756 million at June 30, 2015. 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 $13.5 billion
at September 30, 2015, down from $14.4 billion at June 30, 2015.
Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded
commitments, totaled $12.6 billion at September 30, 2015, unchanged from
June 30, 2015. The allowance coverage to total loans was 1.39 percent,
compared with 1.42 percent in second quarter 2015. The allowance covered
4.5 times annualized third quarter net charge-offs, compared with 4.8
times in the prior quarter. The allowance coverage to nonaccrual loans
was 109 percent at September 30, 2015, compared with 101 percent at
June 30, 2015. “We believe the allowance was appropriate for losses
inherent in the loan portfolio at September 30, 2015,” said Loughlin.
Business Segment Performance
Wells Fargo defines its operating segments by product type and customer
segment. Effective third quarter 2015, we realigned our asset management
business from Wholesale Banking to Wealth and Investment Management
(WIM) (formerly Wealth, Brokerage and Retirement) and realigned our
reinsurance business from WIM and our strategic auto investments from
Community Banking to Wholesale Banking. Results for these operating
segments were revised for prior periods to reflect the impact of these
realignments. Segment net income for each of the three business segments
was:
|
|
|
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Community Banking
|
|
$
|
3,686
|
|
|
3,350
|
|
|
3,461
|
|
Wholesale Banking
|
|
1,772
|
|
|
2,035
|
|
|
1,929
|
|
Wealth and Investment Management
|
|
606
|
|
|
586
|
|
|
550
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Total revenue
|
|
$
|
13,618
|
|
|
12,645
|
|
|
12,811
|
|
Provision for credit losses
|
|
658
|
|
|
363
|
|
|
465
|
|
Noninterest expense
|
|
7,219
|
|
|
7,161
|
|
|
7,049
|
|
Segment net income
|
|
3,686
|
|
|
3,350
|
|
|
3,461
|
|
(in billions)
|
|
|
|
|
|
|
|
Average loans
|
|
511.0
|
|
|
506.2
|
|
|
498.3
|
|
Average assets
|
|
977.1
|
|
|
987.8
|
|
|
944.8
|
|
Average core deposits
|
|
690.5
|
|
|
685.7
|
|
|
646.9
|
|
|
|
|
|
|
|
|
|
|
Community Banking reported net income of $3.7 billion, up $336 million,
or 10 percent, from second quarter 2015. Revenue of $13.6 billion
increased $973 million, or 8 percent, from second quarter 2015 due to
gains from sale of equity investments, as well as higher net interest
income, deposit service charges, and other income, partially offset by
lower mortgage banking fees. Noninterest expense increased $58 million,
or 1 percent, primarily due to a donation to the Wells Fargo Foundation,
partially offset by lower advertising costs and operating losses. The
provision for credit losses increased $295 million from the prior
quarter primarily due to the absence of a reserve release in the quarter.
Net income was up $225 million, or 7 percent, from third quarter 2014.
Revenue was up $807 million, or 6 percent, compared with a year ago due
to higher net interest income, market sensitive revenue, primarily gains
from sale of equity investments, debit and credit card fees, and trust
and investment fees. Noninterest expense increased $170 million, or 2
percent, from a year ago driven by higher personnel costs and a donation
to the Wells Fargo Foundation, partially offset by lower foreclosed
assets and travel and entertainment expenses. The provision for credit
losses increased $193 million from a year ago as the $74 million
improvement in net charge-offs was more than offset by a $267 million
lower reserve release.
Regional Banking
-
Retail banking
-
Primary consumer checking customers7 up 5.8 percent
year-over-year8
-
Retail Bank household cross-sell ratio of 6.13 products per
household, compared with 6.15 year-over-year8,9
-
Small Business/Business Banking
-
Primary business checking customers7 up 5.0 percent
year-over-year8
-
Combined Business Direct credit card, lines of credit and loan
product solutions (primarily under $100,000 sold through our
retail banking stores) were up 6 percent in the first nine months
of 2015, compared with the same period in the prior year
-
For the 13th consecutive year, America’s #1 small
business lender (in both loans under $100,000 and under $1
million) and #1 lender to small businesses in low- and
moderate-income areas (2014 CRA data, released August 2015)
-
For seventh consecutive year, Wells Fargo was nation’s #1 SBA 7(a)
small business lender in dollars, and #1 in units for the first
time in the full-year results10
-
Online and Mobile Banking
-
26.3 million active online customers, up 8 percent year-over-year8
-
16.0 million active mobile customers, up 17 percent year-over-year8
-
#1 ranking in Keynote’s Small Business Banking Scorecard; best in
“Functionality” (August 2015)
Consumer Lending Group
-
Home Lending
-
Originations of $55 billion, down from $62 billion in prior quarter
-
Applications of $73 billion, down from $81 billion in prior quarter
-
Application pipeline of $34 billion at quarter end, down from $38
billion at June 30, 2015
-
Consumer Credit
-
Credit card penetration in retail banking households rose to 42.9
percent8, up from 39.7 percent in prior year
-
Auto originations of $8.3 billion in third quarter, up 2 percent
from prior quarter and 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, and Asset Backed Finance.
|
|
|
|
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Total revenue
|
|
$
|
5,570
|
|
|
5,862
|
|
|
5,667
|
|
|
Provision (reversal of provision) for credit losses
|
|
45
|
|
|
(58
|
)
|
|
(85
|
)
|
|
Noninterest expense
|
|
3,036
|
|
|
3,035
|
|
|
2,997
|
|
|
Segment net income
|
|
1,772
|
|
|
2,035
|
|
|
1,929
|
|
|
(in billions)
|
|
|
|
|
|
|
|
Average loans
|
|
363.1
|
|
|
343.9
|
|
|
316.8
|
|
|
Average assets
|
|
652.6
|
|
|
627.7
|
|
|
562.0
|
|
|
Average core deposits
|
|
311.3
|
|
|
304.1
|
|
|
278.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking reported net income of $1.8 billion, down
$263 million, or 13 percent, from second quarter 2015. Revenue of
$5.6 billion decreased $292 million, or 5 percent, from prior quarter.
Net interest income increased $13 million, as the benefit of strong
broad-based loan growth and higher other earning assets were largely
offset by lower loan resolutions. Noninterest income decreased
$305 million, or 11 percent, due to lower gains on equity fund
investments and debt securities related to higher other-than-temporary
impairment on energy sector investments, mortgage banking fees in real
estate capital markets, investment banking fees, trading revenues and
seasonally lower insurance fees. Noninterest expense increased
$1 million as lower variable compensation expenses were more than offset
by higher operating losses. The provision for credit losses increased
$103 million from prior quarter due to the absence of a reserve release
and increased net charge-offs.
Net income was down $157 million, or 8 percent, from third quarter 2014.
Revenue decreased $97 million, or 2 percent, from third quarter 2014 as
$67 million, or 2 percent, growth in net interest income related to
strong loan and deposit growth was more than offset by lower noninterest
income. Noninterest income declined $164 million, or 6 percent, on lower
gains on equity investments and lower mortgage banking and commercial
real estate brokerage fees. Noninterest expense increased $39 million,
or 1 percent, from a year ago primarily due to higher personnel expenses
related to growth initiatives, compliance, and regulatory requirements,
as well as increased operating losses. The provision for credit losses
increased $130 million from a year ago.
-
Average loans increased 15 percent in third quarter 2015, compared
with third quarter 2014, on broad-based growth, including the benefit
from loan acquisitions, with growth in 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 7.3 products per relationship, up 0.1 from third quarter
201411
-
Treasury management revenue up 9 percent from third quarter 2014
Wealth and Investment Management
(formerly Wealth, Brokerage and Retirement) provides a full range
of personalized wealth management, investment and retirement products
and services to clients across U.S. based businesses including Wells
Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo
Institutional Retirement and Trust, and Wells Fargo Asset Management. We
deliver financial planning, private banking, credit, investment
management and fiduciary services to high-net worth and ultra-high-net
worth individuals and families. We also serve customers’ brokerage
needs, supply retirement and trust services to institutional clients and
provide investment management capabilities delivered to global
institutional clients through separate accounts and the Wells Fargo
Advantage Funds.
|
|
|
|
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Total revenue
|
|
$
|
3,878
|
|
|
3,976
|
|
|
3,805
|
|
|
Reversal of provision for credit losses
|
|
(6
|
)
|
|
(10
|
)
|
|
(25
|
)
|
|
Noninterest expense
|
|
2,909
|
|
|
3,038
|
|
|
2,945
|
|
|
Segment net income
|
|
606
|
|
|
586
|
|
|
550
|
|
|
(in billions)
|
|
|
|
|
|
|
|
Average loans
|
|
61.1
|
|
|
59.3
|
|
|
52.6
|
|
|
Average assets
|
|
192.6
|
|
|
189.1
|
|
|
185.2
|
|
|
Average core deposits
|
|
163.0
|
|
|
159.5
|
|
|
153.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth and Investment Management (WIM) reported net income of
$606 million, up $20 million, or 3 percent, from second quarter 2015.
Revenue of $3.9 billion decreased $98 million, or 2 percent, from the
prior quarter, primarily driven by lower gains on deferred compensation
plan investments (offset in compensation expense), asset-based fees and
transaction revenue, partially offset by higher net interest income.
Noninterest expense decreased $129 million, or 4 percent, from the prior
quarter, primarily due to lower personnel expenses driven by lower
deferred compensation plan expense (offset in trading revenue), and
lower operating losses reflecting decreased litigation accruals. The
reversal of the provision for credit losses decreased $4 million from
second quarter 2015.
Net income was up $56 million, or 10 percent, from third quarter 2014.
Revenue increased $73 million, or 2 percent, from a year ago on growth
in net interest income, partially offset by lower gains on deferred
compensation plan investments (offset in compensation expense).
Noninterest expense decreased $36 million, or 1 percent, from a year
ago, primarily due to lower personnel expenses driven by lower deferred
compensation plan expense (offset in trading revenue), partially offset
by higher non-personnel expenses. The reversal of the provision for
credit losses decreased $19 million from a year ago due to the absence
of a reserve release in the quarter.
Retail Brokerage
-
Client assets of $1.4 trillion, down 4 percent from prior year
-
Managed account assets of $409 billion, flat compared with prior year
-
Strong loan growth, with average balances up 26 percent from prior
year largely due to growth in non-conforming mortgage loans and
security-based lending
Wealth Management
-
Client assets of $218 billion, down 1 percent from prior year
-
Average loan balances up 13 percent over prior year primarily driven
by growth in non-conforming mortgage loans, commercial loans and
security-based lending
Retirement
-
IRA assets of $344 billion, down 3 percent from prior year
-
Institutional Retirement plan assets of $330 billion, down 2 percent
from prior year
Asset Management
-
Total assets under management of $480 billion, down $4 billion from
third quarter 2014 as fixed income net client inflows were more than
offset by equity and stable value outflows
Brokerage and Wealth cross-sell ratio of 10.52 products
per household, up from 10.44 a year ago8
Conference Call
The Company will host a live conference call on Wednesday, October 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 https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/
and at https://engage.vevent.com/rt/wells_fargo_ao~101415.
A replay of the conference call will be available beginning at 10 a.m.
PDT (1 p.m. EDT) on Wednesday, October 14 through Sunday, October 25.
Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406
(International) and enter Conference ID #6954691. The replay will also
be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/
and at https://engage.vevent.com/rt/wells_fargo_ao~101415.
|
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 table on page 35 for more information on Common Equity Tier 1.
Common Equity Tier 1 (fully phased-in) is a preliminary estimate and
is calculated assuming the full phase-in of the Basel III capital
rules.
|
|
5
|
|
Net payout ratio means the ratio of (i) common stock dividends and
share repurchases less issuances and stock compensation-related
items, divided by (ii) net income applicable to common stock.
|
|
6
|
|
Production margin represents net gains on residential mortgage loan
origination/sales activities divided by total residential
held-for-sale mortgage originations. See the Selected Five Quarter
Residential Mortgage Production Data table on page 40 for more
information.
|
|
7
|
|
Customers who actively use their checking account with transactions
such as debit card purchases, online bill payments, and direct
deposit.
|
|
8
|
|
Data as of August 2015, comparisons with August 2014.
|
|
9
|
|
August 2015 Retail Bank household cross-sell ratio includes the
impact of the sale of government guaranteed student loans in fourth
quarter 2014.
|
|
10
|
|
U.S. SBA data, federal fiscal years 2009-2015 (year-ending
September).
|
|
11
|
|
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
or targets 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, 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;
-
significant turbulence or a 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 $1.8 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 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 265,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 30
on Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy 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
|
|
16
|
|
|
|
|
|
Income
|
|
|
|
Consolidated Statement of Income
|
|
18
|
|
Consolidated Statement of Comprehensive Income
|
|
20
|
|
Condensed Consolidated Statement of Changes in Total Equity
|
|
20
|
|
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)
|
|
21
|
|
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
|
|
Changes in Allowance for Credit Losses
|
|
33
|
|
|
|
|
|
Equity
|
|
|
|
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
Sep 30, 2015 from
|
|
Nine months ended
|
|
|
|
($ in millions, except per share amounts)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Jun 30,
2015
|
|
Sep 30,
2014
|
|
Sep 30,
2015
|
|
Sep 30,
2014
|
|
%
Change
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
$
|
5,796
|
|
|
5,719
|
|
|
5,729
|
|
|
1
|
%
|
|
1
|
|
|
$
|
17,319
|
|
|
17,348
|
|
|
—
|
%
|
|
Wells Fargo net income applicable to common stock
|
|
5,443
|
|
|
5,363
|
|
|
5,408
|
|
|
1
|
|
|
1
|
|
|
16,267
|
|
|
16,439
|
|
|
(1
|
)
|
|
Diluted earnings per common share
|
|
1.05
|
|
|
1.03
|
|
|
1.02
|
|
|
2
|
|
|
3
|
|
|
3.12
|
|
|
3.08
|
|
|
1
|
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
1.32
|
%
|
|
1.33
|
|
|
1.40
|
|
|
(1
|
)
|
|
(6
|
)
|
|
1.34
|
|
|
1.48
|
|
|
(9
|
)
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
12.62
|
|
|
12.71
|
|
|
13.10
|
|
|
(1
|
)
|
|
(4
|
)
|
|
12.83
|
|
|
13.60
|
|
|
(6
|
)
|
|
Efficiency ratio (1)
|
|
56.7
|
|
|
58.5
|
|
|
57.7
|
|
|
(3
|
)
|
|
(2
|
)
|
|
58.0
|
|
|
57.9
|
|
|
—
|
|
|
Total revenue
|
|
$
|
21,875
|
|
|
21,318
|
|
|
21,213
|
|
|
3
|
|
|
3
|
|
|
$
|
64,471
|
|
|
62,904
|
|
|
2
|
|
|
Pre-tax pre-provision profit (PTPP) (2)
|
|
9,476
|
|
|
8,849
|
|
|
8,965
|
|
|
7
|
|
|
6
|
|
|
27,096
|
|
|
26,514
|
|
|
2
|
|
|
Dividends declared per common share
|
|
0.375
|
|
|
0.375
|
|
|
0.35
|
|
|
—
|
|
|
7
|
|
|
1.10
|
|
|
1.00
|
|
|
10
|
|
|
Average common shares outstanding
|
|
5,125.8
|
|
|
5,151.9
|
|
|
5,225.9
|
|
|
(1
|
)
|
|
(2
|
)
|
|
5,145.9
|
|
|
5,252.2
|
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
5,193.8
|
|
|
5,220.5
|
|
|
5,310.4
|
|
|
(1
|
)
|
|
(2
|
)
|
|
5,220.3
|
|
|
5,339.2
|
|
|
(2
|
)
|
|
Average loans
|
|
$
|
895,095
|
|
|
870,446
|
|
|
833,199
|
|
|
3
|
|
|
7
|
|
|
$
|
876,384
|
|
|
829,378
|
|
|
6
|
|
|
Average assets
|
|
1,746,402
|
|
|
1,729,278
|
|
|
1,617,942
|
|
|
1
|
|
|
8
|
|
|
1,727,967
|
|
|
1,569,621
|
|
|
10
|
|
|
Average total deposits
|
|
1,198,874
|
|
|
1,185,304
|
|
|
1,127,049
|
|
|
1
|
|
|
6
|
|
|
1,186,412
|
|
|
1,102,129
|
|
|
8
|
|
|
Average core deposits (3)
|
|
1,093,608
|
|
|
1,079,160
|
|
|
1,012,219
|
|
|
1
|
|
|
8
|
|
|
1,078,778
|
|
|
992,723
|
|
|
9
|
|
|
Average retail core deposits (4)
|
|
749,838
|
|
|
741,500
|
|
|
703,062
|
|
|
1
|
|
|
7
|
|
|
740,984
|
|
|
697,535
|
|
|
6
|
|
|
Net interest margin
|
|
2.96
|
%
|
|
2.97
|
|
|
3.06
|
|
|
—
|
|
|
(3
|
)
|
|
2.96
|
|
|
3.13
|
|
|
(5
|
)
|
|
At Period End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
345,074
|
|
|
340,769
|
|
|
289,009
|
|
|
1
|
|
|
19
|
|
|
$
|
345,074
|
|
|
289,009
|
|
|
19
|
|
|
Loans
|
|
903,233
|
|
|
888,459
|
|
|
838,883
|
|
|
2
|
|
|
8
|
|
|
903,233
|
|
|
838,883
|
|
|
8
|
|
|
Allowance for loan losses
|
|
11,659
|
|
|
11,754
|
|
|
12,681
|
|
|
(1
|
)
|
|
(8
|
)
|
|
11,659
|
|
|
12,681
|
|
|
(8
|
)
|
|
Goodwill
|
|
25,684
|
|
|
25,705
|
|
|
25,705
|
|
|
—
|
|
|
—
|
|
|
25,684
|
|
|
25,705
|
|
|
—
|
|
|
Assets
|
|
1,751,265
|
|
|
1,720,617
|
|
|
1,636,855
|
|
|
2
|
|
|
7
|
|
|
1,751,265
|
|
|
1,636,855
|
|
|
7
|
|
|
Deposits
|
|
1,202,179
|
|
|
1,185,828
|
|
|
1,130,625
|
|
|
1
|
|
|
6
|
|
|
1,202,179
|
|
|
1,130,625
|
|
|
6
|
|
|
Core deposits (3)
|
|
1,094,083
|
|
|
1,082,634
|
|
|
1,016,478
|
|
|
1
|
|
|
8
|
|
|
1,094,083
|
|
|
1,016,478
|
|
|
8
|
|
|
Wells Fargo stockholders’ equity
|
|
193,051
|
|
|
189,558
|
|
|
182,481
|
|
|
2
|
|
|
6
|
|
|
193,051
|
|
|
182,481
|
|
|
6
|
|
|
Total equity
|
|
194,043
|
|
|
190,676
|
|
|
182,990
|
|
|
2
|
|
|
6
|
|
|
194,043
|
|
|
182,990
|
|
|
6
|
|
|
Common shares outstanding
|
|
5,108.5
|
|
|
5,145.2
|
|
|
5,215.0
|
|
|
(1
|
)
|
|
(2
|
)
|
|
5,108.5
|
|
|
5,215.0
|
|
|
(2
|
)
|
|
Book value per common share
|
|
$
|
33.69
|
|
|
32.96
|
|
|
31.55
|
|
|
2
|
|
|
7
|
|
|
$
|
33.69
|
|
|
31.55
|
|
|
7
|
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
58.77
|
|
|
58.26
|
|
|
53.80
|
|
|
1
|
|
|
9
|
|
|
58.77
|
|
|
53.80
|
|
|
9
|
|
|
Low
|
|
47.75
|
|
|
53.56
|
|
|
49.47
|
|
|
(11
|
)
|
|
(3
|
)
|
|
47.75
|
|
|
44.17
|
|
|
8
|
|
|
Period end
|
|
51.35
|
|
|
56.24
|
|
|
51.87
|
|
|
(9
|
)
|
|
(1
|
)
|
|
51.35
|
|
|
51.87
|
|
|
(1
|
)
|
|
Team members (active, full-time equivalent)
|
|
265,200
|
|
|
265,800
|
|
|
263,900
|
|
|
—
|
|
|
—
|
|
|
265,200
|
|
|
263,900
|
|
|
—
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA
|
|
|
|
Quarter ended
|
|
($ in millions, except per share amounts)
|
|
Sep 30,
2015
|
|
Jun 30,
2015
|
|
Mar 31,
2015
|
|
Dec 31,
2014
|
|
Sep 30,
2014
|
|
For the Quarter
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
$
|
5,796
|
|
|
5,719
|
|
|
5,804
|
|
|
5,709
|
|
|
5,729
|
|
Wells Fargo net income applicable to common stock
|
|
5,443
|
|
|
5,363
|
|
|
5,461
|
|
|
5,382
|
|
|
5,408
|
|
Diluted earnings per common share
|
|
1.05
|
|
|
1.03
|
|
|
1.04
|
|
|
1.02
|
|
|
1.02
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
1.32
|
%
|
|
1.33
|
|
|
1.38
|
|
|
1.36
|
|
|
1.40
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
12.62
|
|
|
12.71
|
|
|
13.17
|
|
|
12.84
|
|
|
13.10
|
|
Efficiency ratio (1)
|
|
56.7
|
|
|
58.5
|
|
|
58.8
|
|
|
59.0
|
|
|
57.7
|
|
Total revenue
|
|
$
|
21,875
|
|
|
21,318
|
|
|
21,278
|
|
|
21,443
|
|
|
21,213
|
|
Pre-tax pre-provision profit (PTPP) (2)
|
|
9,476
|
|
|
8,849
|
|
|
8,771
|
|
|
8,796
|
|
|
8,965
|
|
Dividends declared per common share
|
|
0.375
|
|
|
0.375
|
|
|
0.35
|
|
|
0.35
|
|
|
0.35
|
|
Average common shares outstanding
|
|
5,125.8
|
|
|
5,151.9
|
|
|
5,160.4
|
|
|
5,192.5
|
|
|
5,225.9
|
|
Diluted average common shares outstanding
|
|
5,193.8
|
|
|
5,220.5
|
|
|
5,243.6
|
|
|
5,279.2
|
|
|
5,310.4
|
|
Average loans
|
|
$
|
895,095
|
|
|
870,446
|
|
|
863,261
|
|
|
849,429
|
|
|
833,199
|
|
Average assets
|
|
1,746,402
|
|
|
1,729,278
|
|
|
1,707,798
|
|
|
1,663,760
|
|
|
1,617,942
|
|
Average total deposits
|
|
1,198,874
|
|
|
1,185,304
|
|
|
1,174,793
|
|
|
1,149,796
|
|
|
1,127,049
|
|
Average core deposits (3)
|
|
1,093,608
|
|
|
1,079,160
|
|
|
1,063,234
|
|
|
1,035,999
|
|
|
1,012,219
|
|
Average retail core deposits (4)
|
|
749,838
|
|
|
741,500
|
|
|
731,413
|
|
|
714,572
|
|
|
703,062
|
|
Net interest margin
|
|
2.96
|
%
|
|
2.97
|
|
|
2.95
|
|
|
3.04
|
|
|
3.06
|
|
At Quarter End
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
345,074
|
|
|
340,769
|
|
|
324,736
|
|
|
312,925
|
|
|
289,009
|
|
Loans
|
|
903,233
|
|
|
888,459
|
|
|
861,231
|
|
|
862,551
|
|
|
838,883
|
|
Allowance for loan losses
|
|
11,659
|
|
|
11,754
|
|
|
12,176
|
|
|
12,319
|
|
|
12,681
|
|
Goodwill
|
|
25,684
|
|
|
25,705
|
|
|
25,705
|
|
|
25,705
|
|
|
25,705
|
|
Assets
|
|
1,751,265
|
|
|
1,720,617
|
|
|
1,737,737
|
|
|
1,687,155
|
|
|
1,636,855
|
|
Deposits
|
|
1,202,179
|
|
|
1,185,828
|
|
|
1,196,663
|
|
|
1,168,310
|
|
|
1,130,625
|
|
Core deposits (3)
|
|
1,094,083
|
|
|
1,082,634
|
|
|
1,086,993
|
|
|
1,054,348
|
|
|
1,016,478
|
|
Wells Fargo stockholders’ equity
|
|
193,051
|
|
|
189,558
|
|
|
188,796
|
|
|
184,394
|
|
|
182,481
|
|
Total equity
|
|
194,043
|
|
|
190,676
|
|
|
189,964
|
|
|
185,262
|
|
|
182,990
|
|
Common shares outstanding
|
|
5,108.5
|
|
|
5,145.2
|
|
|
5,162.9
|
|
|
5,170.3
|
|
|
5,215.0
|
|
Book value per common share
|
|
$
|
33.69
|
|
|
32.96
|
|
|
32.70
|
|
|
32.19
|
|
|
31.55
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
58.77
|
|
|
58.26
|
|
|
56.29
|
|
|
55.95
|
|
|
53.80
|
|
Low
|
|
47.75
|
|
|
53.56
|
|
|
50.42
|
|
|
46.44
|
|
|
49.47
|
|
Period end
|
|
51.35
|
|
|
56.24
|
|
|
54.40
|
|
|
54.82
|
|
|
51.87
|
|
Team members (active, full-time equivalent)
|
|
265,200
|
|
|
265,800
|
|
|
266,000
|
|
|
264,500
|
|
|
263,900
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
Quarter ended September 30,
|
|
%
|
|
Nine Months Ended September 30,
|
|
%
|
|
(in millions, except per share amounts)
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
$
|
485
|
|
|
427
|
|
|
14
|
%
|
|
$
|
1,413
|
|
|
1,208
|
|
|
17
|
%
|
|
Investment securities
|
|
2,289
|
|
|
2,066
|
|
|
11
|
|
|
6,614
|
|
|
6,288
|
|
|
5
|
|
|
Mortgages held for sale
|
|
223
|
|
|
215
|
|
|
4
|
|
|
609
|
|
|
580
|
|
|
5
|
|
|
Loans held for sale
|
|
4
|
|
|
50
|
|
|
(92
|
)
|
|
14
|
|
|
53
|
|
|
(74
|
)
|
|
Loans
|
|
9,216
|
|
|
8,963
|
|
|
3
|
|
|
27,252
|
|
|
26,561
|
|
|
3
|
|
|
Other interest income
|
|
228
|
|
|
243
|
|
|
(6
|
)
|
|
732
|
|
|
679
|
|
|
8
|
|
|
Total interest income
|
|
12,445
|
|
|
11,964
|
|
|
4
|
|
|
36,634
|
|
|
35,369
|
|
|
4
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
232
|
|
|
273
|
|
|
(15
|
)
|
|
722
|
|
|
827
|
|
|
(13
|
)
|
|
Short-term borrowings
|
|
12
|
|
|
15
|
|
|
(20
|
)
|
|
51
|
|
|
41
|
|
|
24
|
|
|
Long-term debt
|
|
655
|
|
|
629
|
|
|
4
|
|
|
1,879
|
|
|
1,868
|
|
|
1
|
|
|
Other interest expense
|
|
89
|
|
|
106
|
|
|
(16
|
)
|
|
269
|
|
|
286
|
|
|
(6
|
)
|
|
Total interest expense
|
|
988
|
|
|
1,023
|
|
|
(3
|
)
|
|
2,921
|
|
|
3,022
|
|
|
(3
|
)
|
|
Net interest income
|
|
11,457
|
|
|
10,941
|
|
|
5
|
|
|
33,713
|
|
|
32,347
|
|
|
4
|
|
|
Provision for credit losses
|
|
703
|
|
|
368
|
|
|
91
|
|
|
1,611
|
|
|
910
|
|
|
77
|
|
|
Net interest income after provision for credit losses
|
|
10,754
|
|
|
10,573
|
|
|
2
|
|
|
32,102
|
|
|
31,437
|
|
|
2
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
1,335
|
|
|
1,311
|
|
|
2
|
|
|
3,839
|
|
|
3,809
|
|
|
1
|
|
|
Trust and investment fees
|
|
3,570
|
|
|
3,554
|
|
|
—
|
|
|
10,957
|
|
|
10,575
|
|
|
4
|
|
|
Card fees
|
|
953
|
|
|
875
|
|
|
9
|
|
|
2,754
|
|
|
2,506
|
|
|
10
|
|
|
Other fees
|
|
1,099
|
|
|
1,090
|
|
|
1
|
|
|
3,284
|
|
|
3,225
|
|
|
2
|
|
|
Mortgage banking
|
|
1,589
|
|
|
1,633
|
|
|
(3
|
)
|
|
4,841
|
|
|
4,866
|
|
|
(1
|
)
|
|
Insurance
|
|
376
|
|
|
388
|
|
|
(3
|
)
|
|
1,267
|
|
|
1,273
|
|
|
—
|
|
|
Net gains from trading activities
|
|
(26
|
)
|
|
168
|
|
|
NM
|
|
515
|
|
|
982
|
|
|
(48
|
)
|
|
Net gains on debt securities
|
|
147
|
|
|
253
|
|
|
(42
|
)
|
|
606
|
|
|
407
|
|
|
49
|
|
|
Net gains from equity investments
|
|
920
|
|
|
712
|
|
|
29
|
|
|
1,807
|
|
|
2,008
|
|
|
(10
|
)
|
|
Lease income
|
|
189
|
|
|
137
|
|
|
38
|
|
|
476
|
|
|
399
|
|
|
19
|
|
|
Other
|
|
266
|
|
|
151
|
|
|
76
|
|
|
412
|
|
|
507
|
|
|
(19
|
)
|
|
Total noninterest income
|
|
10,418
|
|
|
10,272
|
|
|
1
|
|
|
30,758
|
|
|
30,557
|
|
|
1
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
4,035
|
|
|
3,914
|
|
|
3
|
|
|
11,822
|
|
|
11,437
|
|
|
3
|
|
|
Commission and incentive compensation
|
|
2,604
|
|
|
2,527
|
|
|
3
|
|
|
7,895
|
|
|
7,388
|
|
|
7
|
|
|
Employee benefits
|
|
821
|
|
|
931
|
|
|
(12
|
)
|
|
3,404
|
|
|
3,473
|
|
|
(2
|
)
|
|
Equipment
|
|
459
|
|
|
457
|
|
|
—
|
|
|
1,423
|
|
|
1,392
|
|
|
2
|
|
|
Net occupancy
|
|
728
|
|
|
731
|
|
|
—
|
|
|
2,161
|
|
|
2,195
|
|
|
(2
|
)
|
|
Core deposit and other intangibles
|
|
311
|
|
|
342
|
|
|
(9
|
)
|
|
935
|
|
|
1,032
|
|
|
(9
|
)
|
|
FDIC and other deposit assessments
|
|
245
|
|
|
229
|
|
|
7
|
|
|
715
|
|
|
697
|
|
|
3
|
|
|
Other
|
|
3,196
|
|
|
3,117
|
|
|
3
|
|
|
9,020
|
|
|
8,776
|
|
|
3
|
|
|
Total noninterest expense
|
|
12,399
|
|
|
12,248
|
|
|
1
|
|
|
37,375
|
|
|
36,390
|
|
|
3
|
|
|
Income before income tax expense
|
|
8,773
|
|
|
8,597
|
|
|
2
|
|
|
25,485
|
|
|
25,604
|
|
|
—
|
|
|
Income tax expense
|
|
2,790
|
|
|
2,642
|
|
|
6
|
|
|
7,832
|
|
|
7,788
|
|
|
1
|
|
|
Net income before noncontrolling interests
|
|
5,983
|
|
|
5,955
|
|
|
—
|
|
|
17,653
|
|
|
17,816
|
|
|
(1
|
)
|
|
Less: Net income from noncontrolling interests
|
|
187
|
|
|
226
|
|
|
(17
|
)
|
|
334
|
|
|
468
|
|
|
(29
|
)
|
|
Wells Fargo net income
|
|
$
|
5,796
|
|
|
5,729
|
|
|
1
|
|
|
$
|
17,319
|
|
|
17,348
|
|
|
—
|
|
|
Less: Preferred stock dividends and other
|
|
353
|
|
|
321
|
|
|
10
|
|
|
1,052
|
|
|
909
|
|
|
16
|
|
|
Wells Fargo net income applicable to common stock
|
|
$
|
5,443
|
|
|
5,408
|
|
|
1
|
|
|
$
|
16,267
|
|
|
16,439
|
|
|
(1
|
)
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
$
|
1.06
|
|
|
1.04
|
|
|
2
|
|
|
$
|
3.16
|
|
|
3.13
|
|
|
1
|
|
|
Diluted earnings per common share
|
|
1.05
|
|
|
1.02
|
|
|
3
|
|
|
3.12
|
|
|
3.08
|
|
|
1
|
|
|
Dividends declared per common share
|
|
0.375
|
|
|
0.35
|
|
|
7
|
|
|
1.10
|
|
|
1.00
|
|
|
10
|
|
|
Average common shares outstanding
|
|
5,125.8
|
|
|
5,225.9
|
|
|
(2
|
)
|
|
5,145.9
|
|
|
5,252.2
|
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
5,193.8
|
|
|
5,310.4
|
|
|
(2
|
)
|
|
5,220.3
|
|
|
5,339.2
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
(in millions, except per share amounts)
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
|
$
|
485
|
|
|
483
|
|
|
445
|
|
|
477
|
|
|
427
|
|
|
Investment securities
|
|
|
|
2,289
|
|
|
2,181
|
|
|
2,144
|
|
|
2,150
|
|
|
2,066
|
|
|
Mortgages held for sale
|
|
|
|
223
|
|
|
209
|
|
|
177
|
|
|
187
|
|
|
215
|
|
|
Loans held for sale
|
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
25
|
|
|
50
|
|
|
Loans
|
|
|
|
9,216
|
|
|
9,098
|
|
|
8,938
|
|
|
9,091
|
|
|
8,963
|
|
|
Other interest income
|
|
|
|
228
|
|
|
250
|
|
|
254
|
|
|
253
|
|
|
243
|
|
|
Total interest income
|
|
|
|
12,445
|
|
|
12,226
|
|
|
11,963
|
|
|
12,183
|
|
|
11,964
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
232
|
|
|
232
|
|
|
258
|
|
|
269
|
|
|
273
|
|
|
Short-term borrowings
|
|
|
|
12
|
|
|
21
|
|
|
18
|
|
|
18
|
|
|
15
|
|
|
Long-term debt
|
|
|
|
655
|
|
|
620
|
|
|
604
|
|
|
620
|
|
|
629
|
|
|
Other interest expense
|
|
|
|
89
|
|
|
83
|
|
|
97
|
|
|
96
|
|
|
106
|
|
|
Total interest expense
|
|
|
|
988
|
|
|
956
|
|
|
977
|
|
|
1,003
|
|
|
1,023
|
|
|
Net interest income
|
|
|
|
11,457
|
|
|
11,270
|
|
|
10,986
|
|
|
11,180
|
|
|
10,941
|
|
|
Provision for credit losses
|
|
|
|
703
|
|
|
300
|
|
|
608
|
|
|
485
|
|
|
368
|
|
|
Net interest income after provision for credit losses
|
|
|
|
10,754
|
|
|
10,970
|
|
|
10,378
|
|
|
10,695
|
|
|
10,573
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
1,335
|
|
|
1,289
|
|
|
1,215
|
|
|
1,241
|
|
|
1,311
|
|
|
Trust and investment fees
|
|
|
|
3,570
|
|
|
3,710
|
|
|
3,677
|
|
|
3,705
|
|
|
3,554
|
|
|
Card fees
|
|
|
|
953
|
|
|
930
|
|
|
871
|
|
|
925
|
|
|
875
|
|
|
Other fees
|
|
|
|
1,099
|
|
|
1,107
|
|
|
1,078
|
|
|
1,124
|
|
|
1,090
|
|
|
Mortgage banking
|
|
|
|
1,589
|
|
|
1,705
|
|
|
1,547
|
|
|
1,515
|
|
|
1,633
|
|
|
Insurance
|
|
|
|
376
|
|
|
461
|
|
|
430
|
|
|
382
|
|
|
388
|
|
|
Net gains from trading activities
|
|
|
|
(26
|
)
|
|
133
|
|
|
408
|
|
|
179
|
|
|
168
|
|
|
Net gains on debt securities
|
|
|
|
147
|
|
|
181
|
|
|
278
|
|
|
186
|
|
|
253
|
|
|
Net gains from equity investments
|
|
|
|
920
|
|
|
517
|
|
|
370
|
|
|
372
|
|
|
712
|
|
|
Lease income
|
|
|
|
189
|
|
|
155
|
|
|
132
|
|
|
127
|
|
|
137
|
|
|
Other
|
|
|
|
266
|
|
|
(140
|
)
|
|
286
|
|
|
507
|
|
|
151
|
|
|
Total noninterest income
|
|
|
|
10,418
|
|
|
10,048
|
|
|
10,292
|
|
|
10,263
|
|
|
10,272
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
|
|
4,035
|
|
|
3,936
|
|
|
3,851
|
|
|
3,938
|
|
|
3,914
|
|
|
Commission and incentive compensation
|
|
|
|
2,604
|
|
|
2,606
|
|
|
2,685
|
|
|
2,582
|
|
|
2,527
|
|
|
Employee benefits
|
|
|
|
821
|
|
|
1,106
|
|
|
1,477
|
|
|
1,124
|
|
|
931
|
|
|
Equipment
|
|
|
|
459
|
|
|
470
|
|
|
494
|
|
|
581
|
|
|
457
|
|
|
Net occupancy
|
|
|
|
728
|
|
|
710
|
|
|
723
|
|
|
730
|
|
|
731
|
|
|
Core deposit and other intangibles
|
|
|
|
311
|
|
|
312
|
|
|
312
|
|
|
338
|
|
|
342
|
|
|
FDIC and other deposit assessments
|
|
|
|
245
|
|
|
222
|
|
|
248
|
|
|
231
|
|
|
229
|
|
|
Other
|
|
|
|
3,196
|
|
|
3,107
|
|
|
2,717
|
|
|
3,123
|
|
|
3,117
|
|
|
Total noninterest expense
|
|
|
|
12,399
|
|
|
12,469
|
|
|
12,507
|
|
|
12,647
|
|
|
12,248
|
|
|
Income before income tax expense
|
|
|
|
8,773
|
|
|
8,549
|
|
|
8,163
|
|
|
8,311
|
|
|
8,597
|
|
|
Income tax expense
|
|
|
|
2,790
|
|
|
2,763
|
|
|
2,279
|
|
|
2,519
|
|
|
2,642
|
|
|
Net income before noncontrolling interests
|
|
|
|
5,983
|
|
|
5,786
|
|
|
5,884
|
|
|
5,792
|
|
|
5,955
|
|
|
Less: Net income from noncontrolling interests
|
|
|
|
187
|
|
|
67
|
|
|
80
|
|
|
83
|
|
|
226
|
|
|
Wells Fargo net income
|
|
|
$
|
5,796
|
|
|
5,719
|
|
|
5,804
|
|
|
5,709
|
|
|
5,729
|
|
|
Less: Preferred stock dividends and other
|
|
|
|
353
|
|
|
356
|
|
|
343
|
|
|
327
|
|
|
321
|
|
|
Wells Fargo net income applicable to common stock
|
|
|
$
|
5,443
|
|
|
5,363
|
|
|
5,461
|
|
|
5,382
|
|
|
5,408
|
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
$
|
1.06
|
|
|
1.04
|
|
|
1.06
|
|
|
1.04
|
|
|
1.04
|
|
|
Diluted earnings per common share
|
|
|
|
1.05
|
|
|
1.03
|
|
|
1.04
|
|
|
1.02
|
|
|
1.02
|
|
|
Dividends declared per common share
|
|
|
|
0.375
|
|
|
0.375
|
|
|
0.35
|
|
|
0.35
|
|
|
0.35
|
|
|
Average common shares outstanding
|
|
|
|
5,125.8
|
|
|
5,151.9
|
|
|
5,160.4
|
|
|
5,192.5
|
|
|
5,225.9
|
|
|
Diluted average common shares outstanding
|
|
|
|
5,193.8
|
|
|
5,220.5
|
|
|
5,243.6
|
|
|
5,279.2
|
|
|
5,310.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
Quarter ended Sep 30,
|
|
|
%
|
|
Nine months ended Sep 30,
|
|
|
%
|
|
(in millions)
|
|
|
2015
|
|
2014
|
|
|
Change
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
Wells Fargo net income
|
|
|
$
|
5,796
|
|
|
5,729
|
|
|
1
|
%
|
|
$
|
17,319
|
|
|
17,348
|
|
|
—
|
%
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) arising during the period
|
|
|
|
(441
|
)
|
|
(944
|
)
|
|
(53
|
)
|
|
|
(2,017
|
)
|
|
3,866
|
|
|
NM
|
|
|
Reclassification of net gains to net income
|
|
|
|
(439
|
)
|
|
(661
|
)
|
|
(34
|
)
|
|
|
(957
|
)
|
|
(1,205
|
)
|
|
(21
|
)
|
|
Derivatives and hedging activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) arising during the period
|
|
|
|
1,769
|
|
|
(34
|
)
|
|
NM
|
|
|
|
2,233
|
|
|
222
|
|
|
906
|
|
|
Reclassification of net gains on cash flow hedges to net income
|
|
|
|
(293
|
)
|
|
(127
|
)
|
|
131
|
|
|
|
(795
|
)
|
|
(348
|
)
|
|
128
|
|
|
Defined benefit plans adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial losses arising during the period
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(11
|
)
|
|
(12
|
)
|
|
(8
|
)
|
|
Amortization of net actuarial loss, settlements and other to net
income
|
|
|
|
30
|
|
|
18
|
|
|
67
|
|
|
|
103
|
|
|
56
|
|
|
84
|
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses arising during the period
|
|
|
|
(59
|
)
|
|
(32
|
)
|
|
84
|
|
|
|
(104
|
)
|
|
(32
|
)
|
|
225
|
|
|
Reclassification of net losses to net income
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
6
|
|
|
(100
|
)
|
|
Other comprehensive income (loss), before tax
|
|
|
|
567
|
|
|
(1,780
|
)
|
|
NM
|
|
|
|
(1,548
|
)
|
|
2,553
|
|
|
NM
|
|
|
Income tax (expense) benefit related to other comprehensive income
|
|
|
|
(268
|
)
|
|
560
|
|
|
NM
|
|
|
|
544
|
|
|
(1,087
|
)
|
|
NM
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
299
|
|
|
(1,220
|
)
|
|
NM
|
|
|
|
(1,004
|
)
|
|
1,466
|
|
|
NM
|
|
|
Less: Other comprehensive income (loss) from noncontrolling interests
|
|
|
|
(22
|
)
|
|
(221
|
)
|
|
(90
|
)
|
|
|
125
|
|
|
(266
|
)
|
|
NM
|
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
|
|
|
321
|
|
|
(999
|
)
|
|
NM
|
|
|
|
(1,129
|
)
|
|
1,732
|
|
|
NM
|
|
|
Wells Fargo comprehensive income
|
|
|
|
6,117
|
|
|
4,730
|
|
|
29
|
|
|
|
16,190
|
|
|
19,080
|
|
|
(15
|
)
|
|
Comprehensive income from noncontrolling interests
|
|
|
|
165
|
|
|
5
|
|
|
NM
|
|
|
|
459
|
|
|
202
|
|
|
127
|
|
|
Total comprehensive income
|
|
|
$
|
6,282
|
|
|
4,735
|
|
|
33
|
|
|
$
|
16,649
|
|
|
19,282
|
|
|
(14
|
)
|
|
NM - Not meaningful
|
|
|
|
FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
TOTAL EQUITY
|
|
|
|
|
Quarter ended
|
|
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
(in millions)
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
Balance, beginning of period
|
|
$
|
190,676
|
|
|
189,964
|
|
|
185,262
|
|
|
182,990
|
|
|
181,549
|
|
|
Wells Fargo net income
|
|
|
5,796
|
|
|
5,719
|
|
|
5,804
|
|
|
5,709
|
|
|
5,729
|
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
|
|
321
|
|
|
(1,709
|
)
|
|
259
|
|
|
400
|
|
|
(999
|
)
|
|
Noncontrolling interests
|
|
|
(123
|
)
|
|
(51
|
)
|
|
301
|
|
|
353
|
|
|
(181
|
)
|
|
Common stock issued
|
|
|
505
|
|
|
502
|
|
|
1,327
|
|
|
508
|
|
|
402
|
|
|
Common stock repurchased (1)
|
|
|
(2,137
|
)
|
|
(1,994
|
)
|
|
(2,592
|
)
|
|
(2,945
|
)
|
|
(2,490
|
)
|
|
Preferred stock released by ESOP
|
|
|
225
|
|
|
349
|
|
|
41
|
|
|
166
|
|
|
170
|
|
|
Common stock warrants repurchased/exercised
|
|
|
(17
|
)
|
|
(24
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
—
|
|
|
Preferred stock issued
|
|
|
975
|
|
|
—
|
|
|
1,997
|
|
|
—
|
|
|
780
|
|
|
Common stock dividends
|
|
|
(1,926
|
)
|
|
(1,932
|
)
|
|
(1,805
|
)
|
|
(1,816
|
)
|
|
(1,828
|
)
|
|
Preferred stock dividends
|
|
|
(356
|
)
|
|
(355
|
)
|
|
(344
|
)
|
|
(327
|
)
|
|
(321
|
)
|
|
Tax benefit from stock incentive compensation
|
|
|
22
|
|
|
55
|
|
|
354
|
|
|
75
|
|
|
48
|
|
|
Stock incentive compensation expense
|
|
|
98
|
|
|
166
|
|
|
376
|
|
|
176
|
|
|
144
|
|
|
Net change in deferred compensation and related plans
|
|
|
(16
|
)
|
|
(14
|
)
|
|
(1,008
|
)
|
|
(18
|
)
|
|
(13
|
)
|
|
Balance, end of period
|
|
$
|
194,043
|
|
|
190,676
|
|
|
189,964
|
|
|
185,262
|
|
|
182,990
|
|
|
(1) For the quarters ended June 30 and March 31, 2015, and
December 31 and September 30, 2014, includes $750 million, $750
million, $750 million, and $1.0 billion, respectively, related to
private forward repurchase transactions that settled in subsequent
quarters for 13.6 million, 14.0 million, 14.3 million, and 19.8
million shares of common stock, respectively.
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
|
|
|
|
|
Quarter ended September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
|
Yields/
|
|
|
income/
|
|
|
Average
|
|
|
Yields/
|
|
|
income/
|
|
|
(in millions)
|
|
balance
|
|
|
rates
|
|
|
expense
|
|
|
balance
|
|
|
rates
|
|
|
expense
|
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
$
|
250,104
|
|
|
0.26
|
%
|
|
$
|
167
|
|
|
253,231
|
|
|
0.28
|
%
|
|
$
|
180
|
|
|
Trading assets
|
|
|
67,223
|
|
|
2.93
|
|
|
|
492
|
|
|
57,439
|
|
|
3.00
|
|
|
|
432
|
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
35,709
|
|
|
1.59
|
|
|
|
143
|
|
|
8,816
|
|
|
1.69
|
|
|
|
38
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
48,238
|
|
|
4.22
|
|
|
|
510
|
|
|
43,324
|
|
|
4.24
|
|
|
|
459
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
98,459
|
|
|
2.70
|
|
|
|
665
|
|
|
113,022
|
|
|
2.76
|
|
|
|
780
|
|
|
Residential and commercial
|
|
|
21,876
|
|
|
5.84
|
|
|
|
319
|
|
|
25,946
|
|
|
5.98
|
|
|
|
388
|
|
|
Total mortgage-backed securities
|
|
|
120,335
|
|
|
3.27
|
|
|
|
984
|
|
|
138,968
|
|
|
3.36
|
|
|
|
1,168
|
|
|
Other debt and equity securities
|
|
|
50,371
|
|
|
3.40
|
|
|
|
430
|
|
|
47,131
|
|
|
3.45
|
|
|
|
408
|
|
|
Total available-for-sale securities
|
|
|
254,653
|
|
|
3.24
|
|
|
|
2,067
|
|
|
238,239
|
|
|
3.48
|
|
|
|
2,073
|
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44,649
|
|
|
2.18
|
|
|
|
245
|
|
|
23,672
|
|
|
2.22
|
|
|
|
133
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
2,151
|
|
|
5.17
|
|
|
|
28
|
|
|
66
|
|
|
5.51
|
|
|
|
1
|
|
|
Federal agency mortgage-backed securities
|
|
|
27,079
|
|
|
2.38
|
|
|
|
161
|
|
|
5,854
|
|
|
2.23
|
|
|
|
32
|
|
|
Other debt securities
|
|
|
5,371
|
|
|
1.75
|
|
|
|
24
|
|
|
5,918
|
|
|
1.83
|
|
|
|
28
|
|
|
Total held-to-maturity securities
|
|
|
79,250
|
|
|
2.30
|
|
|
|
458
|
|
|
35,510
|
|
|
2.17
|
|
|
|
194
|
|
|
Total investment securities
|
|
|
333,903
|
|
|
3.02
|
|
|
|
2,525
|
|
|
273,749
|
|
|
3.31
|
|
|
|
2,267
|
|
|
Mortgages held for sale (4)
|
|
|
24,159
|
|
|
3.69
|
|
|
|
223
|
|
|
21,444
|
|
|
4.01
|
|
|
|
215
|
|
|
Loans held for sale (4)
|
|
|
568
|
|
|
2.57
|
|
|
|
4
|
|
|
9,533
|
|
|
2.10
|
|
|
|
50
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
241,409
|
|
|
3.30
|
|
|
|
2,005
|
|
|
207,570
|
|
|
3.29
|
|
|
|
1,716
|
|
|
Commercial and industrial - Non U.S.
|
|
|
45,923
|
|
|
1.83
|
|
|
|
212
|
|
|
42,362
|
|
|
2.11
|
|
|
|
225
|
|
|
Real estate mortgage
|
|
|
120,983
|
|
|
3.31
|
|
|
|
1,009
|
|
|
112,946
|
|
|
3.69
|
|
|
|
1,050
|
|
|
Real estate construction
|
|
|
21,626
|
|
|
3.39
|
|
|
|
184
|
|
|
17,824
|
|
|
3.94
|
|
|
|
178
|
|
|
Lease financing
|
|
|
12,282
|
|
|
4.18
|
|
|
|
129
|
|
|
12,348
|
|
|
5.38
|
|
|
|
166
|
|
|
Total commercial
|
|
|
442,223
|
|
|
3.18
|
|
|
|
3,539
|
|
|
393,050
|
|
|
3.37
|
|
|
|
3,335
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
269,437
|
|
|
4.10
|
|
|
|
2,762
|
|
|
262,144
|
|
|
4.23
|
|
|
|
2,773
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
55,298
|
|
|
4.22
|
|
|
|
588
|
|
|
61,606
|
|
|
4.30
|
|
|
|
666
|
|
|
Credit card
|
|
|
31,649
|
|
|
11.73
|
|
|
|
936
|
|
|
27,724
|
|
|
11.96
|
|
|
|
836
|
|
|
Automobile
|
|
|
58,534
|
|
|
5.80
|
|
|
|
855
|
|
|
54,638
|
|
|
6.19
|
|
|
|
852
|
|
|
Other revolving credit and installment
|
|
|
37,954
|
|
|
5.84
|
|
|
|
559
|
|
|
34,037
|
|
|
6.03
|
|
|
|
517
|
|
|
Total consumer
|
|
|
452,872
|
|
|
5.01
|
|
|
|
5,700
|
|
|
440,149
|
|
|
5.11
|
|
|
|
5,644
|
|
|
Total loans (4)
|
|
|
895,095
|
|
|
4.11
|
|
|
|
9,239
|
|
|
833,199
|
|
|
4.29
|
|
|
|
8,979
|
|
|
Other
|
|
|
5,028
|
|
|
5.11
|
|
|
|
64
|
|
|
4,674
|
|
|
5.41
|
|
|
|
64
|
|
|
Total earning assets
|
|
$
|
1,576,080
|
|
|
3.21
|
%
|
|
$
|
12,714
|
|
|
1,453,269
|
|
|
3.34
|
%
|
|
$
|
12,187
|
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
37,783
|
|
|
0.05
|
%
|
|
$
|
5
|
|
|
41,368
|
|
|
0.07
|
%
|
|
$
|
7
|
|
|
Market rate and other savings
|
|
|
628,119
|
|
|
0.06
|
|
|
|
90
|
|
|
586,353
|
|
|
0.07
|
|
|
|
98
|
|
|
Savings certificates
|
|
|
30,897
|
|
|
0.58
|
|
|
|
44
|
|
|
37,347
|
|
|
0.84
|
|
|
|
80
|
|
|
Other time deposits
|
|
|
48,676
|
|
|
0.46
|
|
|
|
57
|
|
|
55,128
|
|
|
0.39
|
|
|
|
54
|
|
|
Deposits in foreign offices
|
|
|
111,521
|
|
|
0.13
|
|
|
|
36
|
|
|
98,862
|
|
|
0.14
|
|
|
|
34
|
|
|
Total interest-bearing deposits
|
|
|
856,996
|
|
|
0.11
|
|
|
|
232
|
|
|
819,058
|
|
|
0.13
|
|
|
|
273
|
|
|
Short-term borrowings
|
|
|
90,357
|
|
|
0.06
|
|
|
|
13
|
|
|
62,285
|
|
|
0.10
|
|
|
|
16
|
|
|
Long-term debt
|
|
|
180,569
|
|
|
1.45
|
|
|
|
655
|
|
|
172,982
|
|
|
1.46
|
|
|
|
629
|
|
|
Other liabilities
|
|
|
16,435
|
|
|
2.13
|
|
|
|
89
|
|
|
15,536
|
|
|
2.73
|
|
|
|
106
|
|
|
Total interest-bearing liabilities
|
|
|
1,144,357
|
|
|
0.34
|
|
|
|
989
|
|
|
1,069,861
|
|
|
0.38
|
|
|
|
1,024
|
|
|
Portion of noninterest-bearing funding sources
|
|
|
431,723
|
|
|
|
|
|
|
|
|
383,408
|
|
|
|
|
|
|
|
|
Total funding sources
|
|
$
|
1,576,080
|
|
|
0.25
|
|
|
|
989
|
|
|
1,453,269
|
|
|
0.28
|
|
|
|
1,024
|
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)
|
|
|
|
|
2.96
|
%
|
|
$
|
11,725
|
|
|
|
|
|
3.06
|
%
|
|
$
|
11,163
|
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
16,979
|
|
|
|
|
|
|
|
|
16,189
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
25,703
|
|
|
|
|
|
|
|
|
25,705
|
|
|
|
|
|
|
|
|
Other
|
|
|
127,640
|
|
|
|
|
|
|
|
|
122,779
|
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
$
|
170,322
|
|
|
|
|
|
|
|
|
164,673
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
341,878
|
|
|
|
|
|
|
|
|
307,991
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
67,964
|
|
|
|
|
|
|
|
|
57,979
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
192,203
|
|
|
|
|
|
|
|
|
182,111
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(431,723
|
)
|
|
|
|
|
|
|
|
(383,408
|
)
|
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
170,322
|
|
|
|
|
|
|
|
|
164,673
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,746,402
|
|
|
|
|
|
|
|
|
1,617,942
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.25% for the quarters ended
September 30, 2015 and 2014. The average three-month London
Interbank Offered Rate (LIBOR) was 0.31% and 0.23% for the same
quarters, respectively.
|
|
(2) Yields/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 $268 million and
$222 million for the quarters ended September 30, 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
|
|
|
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
Average
|
|
|
Yields/
|
|
|
income/
|
|
|
Average
|
|
|
Yields/
|
|
|
income/
|
|
|
(in millions)
|
|
balance
|
|
|
rates
|
|
|
expense
|
|
|
balance
|
|
|
rates
|
|
|
expense
|
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
$
|
264,218
|
|
|
0.27
|
%
|
|
$
|
543
|
|
|
232,241
|
|
|
0.28
|
%
|
|
$
|
485
|
|
|
Trading assets
|
|
|
65,954
|
|
|
2.91
|
|
|
|
1,437
|
|
|
53,373
|
|
|
3.07
|
|
|
|
1,227
|
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
31,242
|
|
|
1.57
|
|
|
|
368
|
|
|
7,331
|
|
|
1.72
|
|
|
|
95
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
46,765
|
|
|
4.18
|
|
|
|
1,468
|
|
|
42,884
|
|
|
4.29
|
|
|
|
1,380
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
99,523
|
|
|
2.71
|
|
|
|
2,021
|
|
|
115,696
|
|
|
2.85
|
|
|
|
2,475
|
|
|
Residential and commercial
|
|
|
22,823
|
|
|
5.80
|
|
|
|
992
|
|
|
27,070
|
|
|
6.07
|
|
|
|
1,233
|
|
|
Total mortgage-backed securities
|
|
|
122,346
|
|
|
3.28
|
|
|
|
3,013
|
|
|
142,766
|
|
|
3.46
|
|
|
|
3,708
|
|
|
Other debt and equity securities
|
|
|
48,758
|
|
|
3.44
|
|
|
|
1,257
|
|
|
48,333
|
|
|
3.60
|
|
|
|
1,303
|
|
|
Total available-for-sale securities
|
|
|
249,111
|
|
|
3.27
|
|
|
|
6,106
|
|
|
241,314
|
|
|
3.58
|
|
|
|
6,486
|
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44,010
|
|
|
2.19
|
|
|
|
722
|
|
|
11,951
|
|
|
2.22
|
|
|
|
198
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
2,064
|
|
|
5.16
|
|
|
|
80
|
|
|
25
|
|
|
5.51
|
|
|
|
1
|
|
|
Federal agency mortgage-backed securities
|
|
|
19,871
|
|
|
2.14
|
|
|
|
319
|
|
|
6,034
|
|
|
2.70
|
|
|
|
122
|
|
|
Other debt securities
|
|
|
6,139
|
|
|
1.72
|
|
|
|
79
|
|
|
5,844
|
|
|
1.86
|
|
|
|
82
|
|
|
Total held-to-maturity securities
|
|
|
72,084
|
|
|
2.22
|
|
|
|
1,200
|
|
|
23,854
|
|
|
2.26
|
|
|
|
403
|
|
|
Total investment securities
|
|
|
321,195
|
|
|
3.03
|
|
|
|
7,306
|
|
|
265,168
|
|
|
3.47
|
|
|
|
6,889
|
|
|
Mortgages held for sale (4)
|
|
|
22,416
|
|
|
3.62
|
|
|
|
609
|
|
|
18,959
|
|
|
4.08
|
|
|
|
580
|
|
|
Loans held for sale (4)
|
|
|
644
|
|
|
2.93
|
|
|
|
14
|
|
|
3,302
|
|
|
2.15
|
|
|
|
53
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
233,598
|
|
|
3.31
|
|
|
|
5,788
|
|
|
200,277
|
|
|
3.37
|
|
|
|
5,044
|
|
|
Commercial and industrial - Non U.S.
|
|
|
45,373
|
|
|
1.88
|
|
|
|
638
|
|
|
42,530
|
|
|
2.03
|
|
|
|
646
|
|
|
Real estate mortgage
|
|
|
115,224
|
|
|
3.45
|
|
|
|
2,972
|
|
|
112,855
|
|
|
3.62
|
|
|
|
3,056
|
|
|
Real estate construction
|
|
|
20,637
|
|
|
3.68
|
|
|
|
567
|
|
|
17,454
|
|
|
4.16
|
|
|
|
544
|
|
|
Lease financing
|
|
|
12,322
|
|
|
4.77
|
|
|
|
441
|
|
|
12,254
|
|
|
5.73
|
|
|
|
526
|
|
|
Total commercial
|
|
|
427,154
|
|
|
3.26
|
|
|
|
10,406
|
|
|
385,370
|
|
|
3.40
|
|
|
|
9,816
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
267,107
|
|
|
4.12
|
|
|
|
8,243
|
|
|
260,549
|
|
|
4.20
|
|
|
|
8,207
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
57,068
|
|
|
4.24
|
|
|
|
1,812
|
|
|
63,296
|
|
|
4.30
|
|
|
|
2,038
|
|
|
Credit card
|
|
|
30,806
|
|
|
11.74
|
|
|
|
2,704
|
|
|
26,822
|
|
|
12.08
|
|
|
|
2,424
|
|
|
Automobile
|
|
|
57,180
|
|
|
5.87
|
|
|
|
2,512
|
|
|
53,314
|
|
|
6.34
|
|
|
|
2,528
|
|
|
Other revolving credit and installment
|
|
|
37,069
|
|
|
5.91
|
|
|
|
1,638
|
|
|
40,027
|
|
|
5.32
|
|
|
|
1,593
|
|
|
Total consumer
|
|
|
449,230
|
|
|
5.03
|
|
|
|
16,909
|
|
|
444,008
|
|
|
5.05
|
|
|
|
16,790
|
|
|
Total loans (4)
|
|
|
876,384
|
|
|
4.16
|
|
|
|
27,315
|
|
|
829,378
|
|
|
4.28
|
|
|
|
26,606
|
|
|
Other
|
|
|
4,874
|
|
|
5.21
|
|
|
|
191
|
|
|
4,622
|
|
|
5.62
|
|
|
|
195
|
|
|
Total earning assets
|
|
$
|
1,555,685
|
|
|
3.21
|
%
|
|
$
|
37,415
|
|
|
1,407,043
|
|
|
3.42
|
%
|
|
$
|
36,035
|
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
38,491
|
|
|
0.05
|
%
|
|
$
|
15
|
|
|
39,470
|
|
|
0.07
|
%
|
|
$
|
20
|
|
|
Market rate and other savings
|
|
|
620,510
|
|
|
0.06
|
|
|
|
274
|
|
|
583,128
|
|
|
0.07
|
|
|
|
304
|
|
|
Savings certificates
|
|
|
32,639
|
|
|
0.66
|
|
|
|
160
|
|
|
38,867
|
|
|
0.86
|
|
|
|
251
|
|
|
Other time deposits
|
|
|
52,459
|
|
|
0.43
|
|
|
|
168
|
|
|
49,855
|
|
|
0.41
|
|
|
|
152
|
|
|
Deposits in foreign offices
|
|
|
107,153
|
|
|
0.13
|
|
|
|
105
|
|
|
94,743
|
|
|
0.14
|
|
|
|
100
|
|
|
Total interest-bearing deposits
|
|
|
851,252
|
|
|
0.11
|
|
|
|
722
|
|
|
806,063
|
|
|
0.14
|
|
|
|
827
|
|
|
Short-term borrowings
|
|
|
82,258
|
|
|
0.09
|
|
|
|
52
|
|
|
58,573
|
|
|
0.10
|
|
|
|
43
|
|
|
Long-term debt
|
|
|
183,130
|
|
|
1.37
|
|
|
|
1,879
|
|
|
162,073
|
|
|
1.54
|
|
|
|
1,868
|
|
|
Other liabilities
|
|
|
16,576
|
|
|
2.16
|
|
|
|
269
|
|
|
14,005
|
|
|
2.73
|
|
|
|
286
|
|
|
Total interest-bearing liabilities
|
|
|
1,133,216
|
|
|
0.34
|
|
|
|
2,922
|
|
|
1,040,714
|
|
|
0.39
|
|
|
|
3,024
|
|
|
Portion of noninterest-bearing funding sources
|
|
|
422,469
|
|
|
|
|
|
|
|
|
366,329
|
|
|
—
|
|
|
|
|
|
Total funding sources
|
|
$
|
1,555,685
|
|
|
0.25
|
|
|
|
2,922
|
|
|
1,407,043
|
|
|
0.29
|
|
|
|
3,024
|
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)(6)
|
|
|
|
|
2.96
|
%
|
|
$
|
34,493
|
|
|
|
|
|
3.13
|
%
|
|
$
|
33,011
|
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
17,167
|
|
|
|
|
|
|
|
|
16,169
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
25,703
|
|
|
|
|
|
|
|
|
25,681
|
|
|
|
|
|
|
|
|
Other
|
|
|
129,412
|
|
|
|
|
|
|
|
|
120,728
|
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
$
|
172,282
|
|
|
|
|
|
|
|
|
162,578
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
335,160
|
|
|
|
|
|
|
|
|
296,066
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
69,167
|
|
|
|
|
|
|
|
|
54,057
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
190,424
|
|
|
|
|
|
|
|
|
178,784
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(422,469
|
)
|
|
|
|
|
|
|
|
(366,329
|
)
|
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
172,282
|
|
|
|
|
|
|
|
|
162,578
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,727,967
|
|
|
|
|
|
|
|
|
1,569,621
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.25% for the nine months ended
September 30, 2015 and 2014. The average three-month London
Interbank Offered Rate (LIBOR) was 0.28% and 0.23% for the same
periods, respectively.
|
|
(2) Yields/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 $780 million and
$664 million for the nine months ended September 30, 2015 and
2014, respectively, primarily related to tax-exempt income on
certain loans and securities. The federal statutory tax rate was
35% for the periods presented.
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID
(TAXABLE-EQUIVALENT BASIS) (1)(2)
|
|
|
|
|
Quarter ended
|
|
|
|
|
Sep 30, 2015
|
|
|
Jun 30, 2015
|
|
|
Mar 31, 2015
|
|
|
Dec 31, 2014
|
|
|
Sep 30, 2014
|
|
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
($ in billions)
|
|
balance
|
|
|
rates
|
|
|
balance
|
|
|
rates
|
|
|
balance
|
|
|
rates
|
|
|
balance
|
|
|
rates
|
|
|
balance
|
|
|
rates
|
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
$
|
250.1
|
|
|
0.26
|
%
|
|
$
|
267.1
|
|
|
0.28
|
%
|
|
$
|
275.7
|
|
|
0.28
|
%
|
|
$
|
268.1
|
|
|
0.28
|
%
|
|
$
|
253.2
|
|
|
0.28
|
%
|
|
Trading assets
|
|
|
67.2
|
|
|
2.93
|
|
|
|
67.6
|
|
|
2.91
|
|
|
|
63.0
|
|
|
2.88
|
|
|
|
60.4
|
|
|
3.21
|
|
|
|
57.5
|
|
|
3.00
|
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
35.7
|
|
|
1.59
|
|
|
|
31.7
|
|
|
1.58
|
|
|
|
26.2
|
|
|
1.55
|
|
|
|
19.5
|
|
|
1.55
|
|
|
|
8.8
|
|
|
1.69
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
48.2
|
|
|
4.22
|
|
|
|
47.1
|
|
|
4.13
|
|
|
|
44.9
|
|
|
4.20
|
|
|
|
43.9
|
|
|
4.30
|
|
|
|
43.3
|
|
|
4.24
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
98.4
|
|
|
2.70
|
|
|
|
98.0
|
|
|
2.65
|
|
|
|
102.2
|
|
|
2.76
|
|
|
|
109.3
|
|
|
2.78
|
|
|
|
113.0
|
|
|
2.76
|
|
|
Residential and commercial
|
|
|
21.9
|
|
|
5.84
|
|
|
|
22.7
|
|
|
5.84
|
|
|
|
23.9
|
|
|
5.71
|
|
|
|
24.7
|
|
|
5.89
|
|
|
|
26.0
|
|
|
5.98
|
|
|
Total mortgage-backed securities
|
|
|
120.3
|
|
|
3.27
|
|
|
|
120.7
|
|
|
3.25
|
|
|
|
126.1
|
|
|
3.32
|
|
|
|
134.0
|
|
|
3.36
|
|
|
|
139.0
|
|
|
3.36
|
|
|
Other debt and equity securities
|
|
|
50.4
|
|
|
3.40
|
|
|
|
48.8
|
|
|
3.51
|
|
|
|
47.1
|
|
|
3.43
|
|
|
|
45.0
|
|
|
3.87
|
|
|
|
47.1
|
|
|
3.45
|
|
|
Total available-for-sale securities
|
|
|
254.6
|
|
|
3.24
|
|
|
|
248.3
|
|
|
3.25
|
|
|
|
244.3
|
|
|
3.32
|
|
|
|
242.4
|
|
|
3.48
|
|
|
|
238.2
|
|
|
3.48
|
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44.6
|
|
|
2.18
|
|
|
|
44.5
|
|
|
2.19
|
|
|
|
42.9
|
|
|
2.21
|
|
|
|
32.9
|
|
|
2.25
|
|
|
|
23.7
|
|
|
2.22
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
2.2
|
|
|
5.17
|
|
|
|
2.1
|
|
|
5.17
|
|
|
|
1.9
|
|
|
5.16
|
|
|
|
0.9
|
|
|
4.92
|
|
|
|
—
|
|
|
—
|
|
|
Federal agency mortgage-backed securities
|
|
|
27.1
|
|
|
2.38
|
|
|
|
21.0
|
|
|
2.00
|
|
|
|
11.3
|
|
|
1.87
|
|
|
|
5.6
|
|
|
2.07
|
|
|
|
5.9
|
|
|
2.23
|
|
|
Other debt securities
|
|
|
5.4
|
|
|
1.75
|
|
|
|
6.3
|
|
|
1.70
|
|
|
|
6.8
|
|
|
1.72
|
|
|
|
6.1
|
|
|
1.81
|
|
|
|
5.9
|
|
|
1.83
|
|
|
Total held-to-maturity securities
|
|
|
79.3
|
|
|
2.30
|
|
|
|
73.9
|
|
|
2.18
|
|
|
|
62.9
|
|
|
2.19
|
|
|
|
45.5
|
|
|
2.22
|
|
|
|
35.5
|
|
|
2.17
|
|
|
Total investment securities
|
|
|
333.9
|
|
|
3.02
|
|
|
|
322.2
|
|
|
3.01
|
|
|
|
307.2
|
|
|
3.08
|
|
|
|
287.9
|
|
|
3.28
|
|
|
|
273.7
|
|
|
3.31
|
|
|
Mortgages held for sale
|
|
|
24.2
|
|
|
3.69
|
|
|
|
23.5
|
|
|
3.57
|
|
|
|
19.6
|
|
|
3.61
|
|
|
|
19.2
|
|
|
3.90
|
|
|
|
21.5
|
|
|
4.01
|
|
|
Loans held for sale
|
|
|
0.6
|
|
|
2.57
|
|
|
|
0.7
|
|
|
3.51
|
|
|
|
0.7
|
|
|
2.67
|
|
|
|
7.0
|
|
|
1.43
|
|
|
|
9.5
|
|
|
2.10
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
241.4
|
|
|
3.30
|
|
|
|
231.5
|
|
|
3.36
|
|
|
|
227.7
|
|
|
3.28
|
|
|
|
218.3
|
|
|
3.32
|
|
|
|
207.6
|
|
|
3.29
|
|
|
Commercial and industrial - Non U.S.
|
|
|
45.9
|
|
|
1.83
|
|
|
|
45.1
|
|
|
1.93
|
|
|
|
45.1
|
|
|
1.88
|
|
|
|
43.0
|
|
|
2.03
|
|
|
|
42.4
|
|
|
2.11
|
|
|
Real estate mortgage
|
|
|
121.0
|
|
|
3.31
|
|
|
|
113.1
|
|
|
3.48
|
|
|
|
111.5
|
|
|
3.57
|
|
|
|
112.3
|
|
|
3.69
|
|
|
|
113.0
|
|
|
3.69
|
|
|
Real estate construction
|
|
|
21.6
|
|
|
3.39
|
|
|
|
20.8
|
|
|
4.12
|
|
|
|
19.5
|
|
|
3.52
|
|
|
|
18.3
|
|
|
4.33
|
|
|
|
17.8
|
|
|
3.94
|
|
|
Lease financing
|
|
|
12.3
|
|
|
4.18
|
|
|
|
12.4
|
|
|
5.16
|
|
|
|
12.3
|
|
|
4.95
|
|
|
|
12.3
|
|
|
5.35
|
|
|
|
12.3
|
|
|
5.38
|
|
|
Total commercial
|
|
|
442.2
|
|
|
3.18
|
|
|
|
422.9
|
|
|
3.33
|
|
|
|
416.1
|
|
|
3.26
|
|
|
|
404.2
|
|
|
3.39
|
|
|
|
393.1
|
|
|
3.37
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
269.4
|
|
|
4.10
|
|
|
|
266.0
|
|
|
4.12
|
|
|
|
265.8
|
|
|
4.13
|
|
|
|
264.8
|
|
|
4.16
|
|
|
|
262.2
|
|
|
4.23
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
55.3
|
|
|
4.22
|
|
|
|
57.0
|
|
|
4.23
|
|
|
|
58.9
|
|
|
4.27
|
|
|
|
60.2
|
|
|
4.28
|
|
|
|
61.6
|
|
|
4.30
|
|
|
Credit card
|
|
|
31.7
|
|
|
11.73
|
|
|
|
30.4
|
|
|
11.69
|
|
|
|
30.4
|
|
|
11.78
|
|
|
|
29.5
|
|
|
11.71
|
|
|
|
27.7
|
|
|
11.96
|
|
|
Automobile
|
|
|
58.5
|
|
|
5.80
|
|
|
|
57.0
|
|
|
5.88
|
|
|
|
56.0
|
|
|
5.95
|
|
|
|
55.4
|
|
|
6.08
|
|
|
|
54.6
|
|
|
6.19
|
|
|
Other revolving credit and installment
|
|
|
38.0
|
|
|
5.84
|
|
|
|
37.1
|
|
|
5.88
|
|
|
|
36.1
|
|
|
6.01
|
|
|
|
35.3
|
|
|
6.01
|
|
|
|
34.0
|
|
|
6.03
|
|
|
Total consumer
|
|
|
452.9
|
|
|
5.01
|
|
|
|
447.5
|
|
|
5.02
|
|
|
|
447.2
|
|
|
5.05
|
|
|
|
445.2
|
|
|
5.06
|
|
|
|
440.1
|
|
|
5.11
|
|
|
Total loans
|
|
|
895.1
|
|
|
4.11
|
|
|
|
870.4
|
|
|
4.20
|
|
|
|
863.3
|
|
|
4.19
|
|
|
|
849.4
|
|
|
4.27
|
|
|
|
833.2
|
|
|
4.29
|
|
|
Other
|
|
|
5.0
|
|
|
5.11
|
|
|
|
4.8
|
|
|
5.14
|
|
|
|
4.7
|
|
|
5.41
|
|
|
|
4.8
|
|
|
5.30
|
|
|
|
4.7
|
|
|
5.41
|
|
|
Total earning assets
|
|
$
|
1,576.1
|
|
|
3.21
|
%
|
|
$
|
1,556.3
|
|
|
3.22
|
%
|
|
$
|
1,534.2
|
|
|
3.21
|
%
|
|
$
|
1,496.8
|
|
|
3.31
|
%
|
|
$
|
1,453.3
|
|
|
3.34
|
%
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
37.8
|
|
|
0.05
|
%
|
|
$
|
38.6
|
|
|
0.05
|
%
|
|
$
|
39.2
|
|
|
0.05
|
%
|
|
$
|
40.5
|
|
|
0.06
|
%
|
|
$
|
41.4
|
|
|
0.07
|
%
|
|
Market rate and other savings
|
|
|
628.1
|
|
|
0.06
|
|
|
|
619.8
|
|
|
0.06
|
|
|
|
613.4
|
|
|
0.06
|
|
|
|
593.9
|
|
|
0.07
|
|
|
|
586.4
|
|
|
0.07
|
|
|
Savings certificates
|
|
|
30.9
|
|
|
0.58
|
|
|
|
32.5
|
|
|
0.63
|
|
|
|
34.6
|
|
|
0.75
|
|
|
|
35.9
|
|
|
0.80
|
|
|
|
37.3
|
|
|
0.84
|
|
|
Other time deposits
|
|
|
48.7
|
|
|
0.46
|
|
|
|
52.2
|
|
|
0.42
|
|
|
|
56.5
|
|
|
0.39
|
|
|
|
56.1
|
|
|
0.39
|
|
|
|
55.1
|
|
|
0.39
|
|
|
Deposits in foreign offices
|
|
|
111.5
|
|
|
0.13
|
|
|
|
104.3
|
|
|
0.13
|
|
|
|
105.5
|
|
|
0.14
|
|
|
|
99.3
|
|
|
0.15
|
|
|
|
98.9
|
|
|
0.14
|
|
|
Total interest-bearing deposits
|
|
|
857.0
|
|
|
0.11
|
|
|
|
847.4
|
|
|
0.11
|
|
|
|
849.2
|
|
|
0.12
|
|
|
|
825.7
|
|
|
0.13
|
|
|
|
819.1
|
|
|
0.13
|
|
|
Short-term borrowings
|
|
|
90.4
|
|
|
0.06
|
|
|
|
84.5
|
|
|
0.09
|
|
|
|
71.7
|
|
|
0.11
|
|
|
|
64.7
|
|
|
0.12
|
|
|
|
62.3
|
|
|
0.10
|
|
|
Long-term debt
|
|
|
180.6
|
|
|
1.45
|
|
|
|
185.1
|
|
|
1.34
|
|
|
|
183.8
|
|
|
1.32
|
|
|
|
183.3
|
|
|
1.35
|
|
|
|
173.0
|
|
|
1.46
|
|
|
Other liabilities
|
|
|
16.4
|
|
|
2.13
|
|
|
|
16.4
|
|
|
2.03
|
|
|
|
16.9
|
|
|
2.30
|
|
|
|
15.6
|
|
|
2.44
|
|
|
|
15.5
|
|
|
2.73
|
|
|
Total interest-bearing liabilities
|
|
|
1,144.4
|
|
|
0.34
|
|
|
|
1,133.4
|
|
|
0.34
|
|
|
|
1,121.6
|
|
|
0.35
|
|
|
|
1,089.3
|
|
|
0.37
|
|
|
|
1,069.9
|
|
|
0.38
|
|
|
Portion of noninterest-bearing funding sources
|
|
|
431.7
|
|
|
—
|
|
|
|
422.9
|
|
|
—
|
|
|
|
412.6
|
|
|
—
|
|
|
|
407.5
|
|
|
—
|
|
|
|
383.4
|
|
|
—
|
|
|
Total funding sources
|
|
$
|
1,576.1
|
|
|
0.25
|
|
|
$
|
1,556.3
|
|
|
0.25
|
|
|
$
|
1,534.2
|
|
|
0.26
|
|
|
$
|
1,496.8
|
|
|
0.27
|
|
|
$
|
1,453.3
|
|
|
0.28
|
|
|
Net interest margin on a taxable-equivalent basis
|
|
|
|
|
2.96
|
%
|
|
|
|
|
2.97
|
%
|
|
|
|
|
2.95
|
%
|
|
|
|
|
3.04
|
%
|
|
|
|
|
3.06
|
%
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
17.0
|
|
|
|
|
|
|
17.5
|
|
|
|
|
|
|
17.1
|
|
|
|
|
|
|
16.9
|
|
|
|
|
|
|
16.2
|
|
|
|
|
|
Goodwill
|
|
|
25.7
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
Other
|
|
|
127.6
|
|
|
|
|
|
|
129.8
|
|
|
|
|
|
|
130.8
|
|
|
|
|
|
|
124.4
|
|
|
|
|
|
|
122.7
|
|
|
|
|
|
Total noninterest-earnings assets
|
|
$
|
170.3
|
|
|
|
|
|
|
173.0
|
|
|
|
|
|
|
173.6
|
|
|
|
|
|
|
167.0
|
|
|
|
|
|
|
164.6
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
341.9
|
|
|
|
|
|
|
337.9
|
|
|
|
|
|
|
325.6
|
|
|
|
|
|
|
324.1
|
|
|
|
|
|
|
308.0
|
|
|
|
|
|
Other liabilities
|
|
|
67.9
|
|
|
|
|
|
|
67.6
|
|
|
|
|
|
|
72.0
|
|
|
|
|
|
|
65.7
|
|
|
|
|
|
|
57.9
|
|
|
|
|
|
Total equity
|
|
|
192.2
|
|
|
|
|
|
|
190.4
|
|
|
|
|
|
|
188.6
|
|
|
|
|
|
|
184.7
|
|
|
|
|
|
|
182.1
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(431.7
|
)
|
|
|
|
|
|
(422.9
|
)
|
|
|
|
|
|
(412.6
|
)
|
|
|
|
|
|
(407.5
|
)
|
|
|
|
|
|
(383.4
|
)
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
170.3
|
|
|
|
|
|
|
173.0
|
|
|
|
|
|
|
173.6
|
|
|
|
|
|
|
167.0
|
|
|
|
|
|
|
164.6
|
|
|
|
|
|
Total assets
|
|
$
|
1,746.4
|
|
|
|
|
|
|
1,729.3
|
|
|
|
|
|
|
1,707.8
|
|
|
|
|
|
|
1,663.8
|
|
|
|
|
|
|
1,617.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.25% for quarters ended September
30, June 30 and March 31, 2015, and December 31 and September 30,
2014. The average three-month London Interbank Offered Rate
(LIBOR) was 0.31%, 0.28%, 0.26%, 0.24% and 0.23% for the same
quarters, respectively.
|
|
(2) Yields/rates 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.
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
Quarter ended Sep 30,
|
|
|
%
|
|
Nine months ended Sep 30,
|
|
|
%
|
|
(in millions)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
Service charges on deposit accounts
|
|
|
$
|
1,335
|
|
|
1,311
|
|
|
2
|
%
|
|
$
|
3,839
|
|
|
3,809
|
|
|
1
|
%
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
|
2,368
|
|
|
2,327
|
|
|
2
|
|
|
|
7,147
|
|
|
6,848
|
|
|
4
|
|
|
Trust and investment management
|
|
|
|
843
|
|
|
856
|
|
|
(2
|
)
|
|
|
2,556
|
|
|
2,538
|
|
|
1
|
|
|
Investment banking
|
|
|
|
359
|
|
|
371
|
|
|
(3
|
)
|
|
|
1,254
|
|
|
1,189
|
|
|
5
|
|
|
Total trust and investment fees
|
|
|
|
3,570
|
|
|
3,554
|
|
|
—
|
|
|
|
10,957
|
|
|
10,575
|
|
|
4
|
|
|
Card fees
|
|
|
|
953
|
|
|
875
|
|
|
9
|
|
|
|
2,754
|
|
|
2,506
|
|
|
10
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
|
307
|
|
|
296
|
|
|
4
|
|
|
|
920
|
|
|
1,005
|
|
|
(8
|
)
|
|
Merchant processing fees
|
|
|
|
200
|
|
|
184
|
|
|
9
|
|
|
|
589
|
|
|
539
|
|
|
9
|
|
|
Cash network fees
|
|
|
|
136
|
|
|
134
|
|
|
1
|
|
|
|
393
|
|
|
382
|
|
|
3
|
|
|
Commercial real estate brokerage commissions
|
|
|
|
124
|
|
|
143
|
|
|
(13
|
)
|
|
|
394
|
|
|
314
|
|
|
25
|
|
|
Letters of credit fees
|
|
|
|
89
|
|
|
100
|
|
|
(11
|
)
|
|
|
267
|
|
|
288
|
|
|
(7
|
)
|
|
All other fees
|
|
|
|
243
|
|
|
233
|
|
|
4
|
|
|
|
721
|
|
|
697
|
|
|
3
|
|
|
Total other fees
|
|
|
|
1,099
|
|
|
1,090
|
|
|
1
|
|
|
|
3,284
|
|
|
3,225
|
|
|
2
|
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
|
674
|
|
|
679
|
|
|
(1
|
)
|
|
|
1,711
|
|
|
2,652
|
|
|
(35
|
)
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
|
915
|
|
|
954
|
|
|
(4
|
)
|
|
|
3,130
|
|
|
2,214
|
|
|
41
|
|
|
Total mortgage banking
|
|
|
|
1,589
|
|
|
1,633
|
|
|
(3
|
)
|
|
|
4,841
|
|
|
4,866
|
|
|
(1
|
)
|
|
Insurance
|
|
|
|
376
|
|
|
388
|
|
|
(3
|
)
|
|
|
1,267
|
|
|
1,273
|
|
|
—
|
|
|
Net gains (losses) from trading activities
|
|
|
|
(26
|
)
|
|
168
|
|
|
NM
|
|
|
|
515
|
|
|
982
|
|
|
(48
|
)
|
|
Net gains on debt securities
|
|
|
|
147
|
|
|
253
|
|
|
(42
|
)
|
|
|
606
|
|
|
407
|
|
|
49
|
|
|
Net gains from equity investments
|
|
|
|
920
|
|
|
712
|
|
|
29
|
|
|
|
1,807
|
|
|
2,008
|
|
|
(10
|
)
|
|
Lease income
|
|
|
|
189
|
|
|
137
|
|
|
38
|
|
|
|
476
|
|
|
399
|
|
|
19
|
|
|
Life insurance investment income
|
|
|
|
150
|
|
|
143
|
|
|
5
|
|
|
|
440
|
|
|
413
|
|
|
7
|
|
|
All other
|
|
|
|
116
|
|
|
8
|
|
|
NM
|
|
|
|
(28
|
)
|
|
94
|
|
|
NM
|
|
|
Total
|
|
|
$
|
10,418
|
|
|
10,272
|
|
|
1
|
|
|
$
|
30,758
|
|
|
30,557
|
|
|
1
|
|
|
NM - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended Sep 30,
|
|
|
%
|
|
Nine months ended Sep 30,
|
|
|
%
|
|
(in millions)
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
Salaries
|
|
|
$
|
4,035
|
|
|
3,914
|
|
|
3
|
%
|
|
$
|
11,822
|
|
|
11,437
|
|
|
3
|
%
|
|
Commission and incentive compensation
|
|
|
|
2,604
|
|
|
2,527
|
|
|
3
|
|
|
|
7,895
|
|
|
7,388
|
|
|
7
|
|
|
Employee benefits
|
|
|
|
821
|
|
|
931
|
|
|
(12
|
)
|
|
|
3,404
|
|
|
3,473
|
|
|
(2
|
)
|
|
Equipment
|
|
|
|
459
|
|
|
457
|
|
|
—
|
|
|
|
1,423
|
|
|
1,392
|
|
|
2
|
|
|
Net occupancy
|
|
|
|
728
|
|
|
731
|
|
|
—
|
|
|
|
2,161
|
|
|
2,195
|
|
|
(2
|
)
|
|
Core deposit and other intangibles
|
|
|
|
311
|
|
|
342
|
|
|
(9
|
)
|
|
|
935
|
|
|
1,032
|
|
|
(9
|
)
|
|
FDIC and other deposit assessments
|
|
|
|
245
|
|
|
229
|
|
|
7
|
|
|
|
715
|
|
|
697
|
|
|
3
|
|
|
Outside professional services
|
|
|
|
663
|
|
|
684
|
|
|
(3
|
)
|
|
|
1,838
|
|
|
1,889
|
|
|
(3
|
)
|
|
Operating losses
|
|
|
|
523
|
|
|
417
|
|
|
25
|
|
|
|
1,339
|
|
|
940
|
|
|
42
|
|
|
Outside data processing
|
|
|
|
258
|
|
|
264
|
|
|
(2
|
)
|
|
|
780
|
|
|
764
|
|
|
2
|
|
|
Contract services
|
|
|
|
249
|
|
|
247
|
|
|
1
|
|
|
|
712
|
|
|
730
|
|
|
(2
|
)
|
|
Travel and entertainment
|
|
|
|
166
|
|
|
226
|
|
|
(27
|
)
|
|
|
496
|
|
|
688
|
|
|
(28
|
)
|
|
Postage, stationery and supplies
|
|
|
|
174
|
|
|
182
|
|
|
(4
|
)
|
|
|
525
|
|
|
543
|
|
|
(3
|
)
|
|
Advertising and promotion
|
|
|
|
135
|
|
|
153
|
|
|
(12
|
)
|
|
|
422
|
|
|
458
|
|
|
(8
|
)
|
|
Foreclosed assets
|
|
|
|
109
|
|
|
157
|
|
|
(31
|
)
|
|
|
361
|
|
|
419
|
|
|
(14
|
)
|
|
Telecommunications
|
|
|
|
109
|
|
|
122
|
|
|
(11
|
)
|
|
|
333
|
|
|
347
|
|
|
(4
|
)
|
|
Insurance
|
|
|
|
95
|
|
|
97
|
|
|
(2
|
)
|
|
|
391
|
|
|
362
|
|
|
8
|
|
|
Operating leases
|
|
|
|
79
|
|
|
58
|
|
|
36
|
|
|
|
205
|
|
|
162
|
|
|
27
|
|
|
All other
|
|
|
|
636
|
|
|
510
|
|
|
25
|
|
|
|
1,618
|
|
|
1,474
|
|
|
10
|
|
|
Total
|
|
|
$
|
12,399
|
|
|
12,248
|
|
|
1
|
|
|
$
|
37,375
|
|
|
36,390
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
FIVE QUARTER NONINTEREST INCOME
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
(in millions)
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
Service charges on deposit accounts
|
|
|
$
|
1,335
|
|
|
1,289
|
|
|
1,215
|
|
|
1,241
|
|
|
1,311
|
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
|
2,368
|
|
|
2,399
|
|
|
2,380
|
|
|
2,335
|
|
|
2,327
|
|
|
Trust and investment management
|
|
|
|
843
|
|
|
861
|
|
|
852
|
|
|
849
|
|
|
856
|
|
|
Investment banking
|
|
|
|
359
|
|
|
450
|
|
|
445
|
|
|
521
|
|
|
371
|
|
|
Total trust and investment fees
|
|
|
|
3,570
|
|
|
3,710
|
|
|
3,677
|
|
|
3,705
|
|
|
3,554
|
|
|
Card fees
|
|
|
|
953
|
|
|
930
|
|
|
871
|
|
|
925
|
|
|
875
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
|
307
|
|
|
304
|
|
|
309
|
|
|
311
|
|
|
296
|
|
|
Merchant processing fees
|
|
|
|
200
|
|
|
202
|
|
|
187
|
|
|
187
|
|
|
184
|
|
|
Cash network fees
|
|
|
|
136
|
|
|
132
|
|
|
125
|
|
|
125
|
|
|
134
|
|
|
Commercial real estate brokerage commissions
|
|
|
|
124
|
|
|
141
|
|
|
129
|
|
|
155
|
|
|
143
|
|
|
Letters of credit fees
|
|
|
|
89
|
|
|
90
|
|
|
88
|
|
|
102
|
|
|
100
|
|
|
All other fees
|
|
|
|
243
|
|
|
238
|
|
|
240
|
|
|
244
|
|
|
233
|
|
|
Total other fees
|
|
|
|
1,099
|
|
|
1,107
|
|
|
1,078
|
|
|
1,124
|
|
|
1,090
|
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
|
674
|
|
|
514
|
|
|
523
|
|
|
685
|
|
|
679
|
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
|
915
|
|
|
1,191
|
|
|
1,024
|
|
|
830
|
|
|
954
|
|
|
Total mortgage banking
|
|
|
|
1,589
|
|
|
1,705
|
|
|
1,547
|
|
|
1,515
|
|
|
1,633
|
|
|
Insurance
|
|
|
|
376
|
|
|
461
|
|
|
430
|
|
|
382
|
|
|
388
|
|
|
Net gains (losses) from trading activities
|
|
|
|
(26
|
)
|
|
133
|
|
|
408
|
|
|
179
|
|
|
168
|
|
|
Net gains on debt securities
|
|
|
|
147
|
|
|
181
|
|
|
278
|
|
|
186
|
|
|
253
|
|
|
Net gains from equity investments
|
|
|
|
920
|
|
|
517
|
|
|
370
|
|
|
372
|
|
|
712
|
|
|
Lease income
|
|
|
|
189
|
|
|
155
|
|
|
132
|
|
|
127
|
|
|
137
|
|
|
Life insurance investment income
|
|
|
|
150
|
|
|
145
|
|
|
145
|
|
|
145
|
|
|
143
|
|
|
All other
|
|
|
|
116
|
|
|
(285
|
)
|
|
141
|
|
|
362
|
|
|
8
|
|
|
Total
|
|
|
$
|
10,418
|
|
|
10,048
|
|
|
10,292
|
|
|
10,263
|
|
|
10,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIVE QUARTER NONINTEREST EXPENSE
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
(in millions)
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
Salaries
|
|
|
$
|
4,035
|
|
|
3,936
|
|
|
3,851
|
|
|
3,938
|
|
|
3,914
|
|
|
Commission and incentive compensation
|
|
|
|
2,604
|
|
|
2,606
|
|
|
2,685
|
|
|
2,582
|
|
|
2,527
|
|
|
Employee benefits
|
|
|
|
821
|
|
|
1,106
|
|
|
1,477
|
|
|
1,124
|
|
|
931
|
|
|
Equipment
|
|
|
|
459
|
|
|
470
|
|
|
494
|
|
|
581
|
|
|
457
|
|
|
Net occupancy
|
|
|
|
728
|
|
|
710
|
|
|
723
|
|
|
730
|
|
|
731
|
|
|
Core deposit and other intangibles
|
|
|
|
311
|
|
|
312
|
|
|
312
|
|
|
338
|
|
|
342
|
|
|
FDIC and other deposit assessments
|
|
|
|
245
|
|
|
222
|
|
|
248
|
|
|
231
|
|
|
229
|
|
|
Outside professional services
|
|
|
|
663
|
|
|
627
|
|
|
548
|
|
|
800
|
|
|
684
|
|
|
Operating losses
|
|
|
|
523
|
|
|
521
|
|
|
295
|
|
|
309
|
|
|
417
|
|
|
Outside data processing
|
|
|
|
258
|
|
|
269
|
|
|
253
|
|
|
270
|
|
|
264
|
|
|
Contract services
|
|
|
|
249
|
|
|
238
|
|
|
225
|
|
|
245
|
|
|
247
|
|
|
Travel and entertainment
|
|
|
|
166
|
|
|
172
|
|
|
158
|
|
|
216
|
|
|
226
|
|
|
Postage, stationery and supplies
|
|
|
|
174
|
|
|
180
|
|
|
171
|
|
|
190
|
|
|
182
|
|
|
Advertising and promotion
|
|
|
|
135
|
|
|
169
|
|
|
118
|
|
|
195
|
|
|
153
|
|
|
Foreclosed assets
|
|
|
|
109
|
|
|
117
|
|
|
135
|
|
|
164
|
|
|
157
|
|
|
Telecommunications
|
|
|
|
109
|
|
|
113
|
|
|
111
|
|
|
106
|
|
|
122
|
|
|
Insurance
|
|
|
|
95
|
|
|
156
|
|
|
140
|
|
|
60
|
|
|
97
|
|
|
Operating leases
|
|
|
|
79
|
|
|
64
|
|
|
62
|
|
|
58
|
|
|
58
|
|
|
All other
|
|
|
|
636
|
|
|
481
|
|
|
501
|
|
|
510
|
|
|
510
|
|