Diluted EPS of $0.96 included net hedge ineffectiveness accounting impact of $(0.07)
Wells Fargo & Company (NYSE:WFC):
-
Full year 2016
-
Net income of $21.9 billion, compared with $22.9 billion in 2015
-
Diluted earnings per share (EPS) of $3.99, compared with $4.12
-
Revenue of $88.3 billion, up 3 percent
-
Return on assets (ROA) of 1.16 percent and return on equity (ROE)
of 11.49 percent
-
Returned $12.5 billion to shareholders through common stock
dividends and net share repurchases
-
Fourth quarter 2016
-
Net income of $5.3 billion, compared with $5.6 billion in fourth
quarter 2015
-
Included net hedge ineffectiveness accounting impact of $(592)
million
-
Diluted EPS of $0.96, compared with $1.00
-
Included net hedge ineffectiveness accounting impact of $(0.07)
-
Revenue of $21.6 billion, consistent with fourth quarter 2015
-
Net interest income of $12.4 billion, up 7 percent
-
ROA of 1.08 percent and ROE of 10.94 percent
-
Total average loans of $964.1 billion, up $51.9 billion, or 6
percent
-
Total average deposits of $1.3 trillion, up $67.3 billion, or 6
percent
-
Provision expense of $805 million, down $26 million, or 3%
-
Nonaccrual loans of $10.4 billion, down $998 million, or 9 percent
-
Common Equity Tier 1 ratio (fully phased-in) of 10.7 percent1
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
Year ended Dec. 31,
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
Dec 31,
|
|
|
|
|
|
|
|
2016
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
0.96
|
|
|
1.03
|
|
1.00
|
|
3.99
|
|
4.12
|
|
Wells Fargo net income (in billions)
|
|
5.27
|
|
|
5.64
|
|
5.58
|
|
21.94
|
|
22.89
|
|
Return on assets (ROA)
|
|
1.08
|
%
|
|
1.17
|
|
1.24
|
|
1.16
|
|
1.31
|
|
Return on equity (ROE)
|
|
10.94
|
|
|
11.60
|
|
11.93
|
|
11.49
|
|
12.60
|
|
Return on average tangible common equity (ROTCE)(a)
|
|
13.16
|
|
|
13.96
|
|
14.30
|
|
13.85
|
|
15.17
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (annualized) as a % of average total loans
|
|
0.37
|
%
|
|
0.33
|
|
0.36
|
|
0.37
|
|
0.33
|
|
Allowance for credit losses as a % of total loans
|
|
1.30
|
|
|
1.32
|
|
1.37
|
|
1.30
|
|
1.37
|
|
Allowance for credit losses as a % of annualized net charge-offs
|
|
348
|
|
|
396
|
|
380
|
|
356
|
|
433
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in billions)
|
|
$
|
21.6
|
|
|
22.3
|
|
21.6
|
|
88.3
|
|
86.1
|
|
Efficiency ratio (b)
|
|
61.2
|
%
|
|
59.4
|
|
58.4
|
|
59.3
|
|
58.1
|
|
Average loans (in billions)
|
|
$
|
964.1
|
|
|
957.5
|
|
912.3
|
|
950.0
|
|
885.4
|
|
Average deposits (in billions)
|
|
1,284.2
|
|
|
1,261.5
|
|
1,216.8
|
|
1,250.6
|
|
1,194.1
|
|
Net interest margin
|
|
2.87
|
%
|
|
2.82
|
|
2.92
|
|
2.86
|
|
2.95
|
|
(a) Tangible common equity is a non-GAAP financial measure and
represents total equity less preferred equity, noncontrolling
interests, and goodwill and certain identifiable intangible assets
(including goodwill and intangible assets associated with certain
of our nonmarketable equity investments but excluding mortgage
servicing rights), net of applicable deferred taxes. The
methodology of determining tangible common equity may differ among
companies. Management believes that return on average tangible
common equity, which utilizes tangible common equity, is a useful
financial measure because it enables investors and others to
assess the Company's use of equity. For additional information,
including a corresponding reconciliation to GAAP financial
measures, see the "Tangible Common Equity" tables on page 35.
|
|
(b) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common
share of $3.99 for 2016, compared with $4.12 for 2015. Full year net
income in 2016 was $21.9 billion, compared with $22.9 billion in 2015.
For fourth quarter 2016, net income was $5.3 billion, or $0.96 per
share, compared with $5.6 billion, or $1.00 per share, for fourth
quarter 2015, and $5.6 billion, or $1.03 per share, for third quarter
2016.
Chief Executive Officer Tim Sloan said, "We continued to make progress
in the fourth quarter in rebuilding the trust of our customers, team
members and other key stakeholders. I am pleased with the progress we
have made in customer remediation, the ongoing review of sales practices
across the company and fulfilling our regulatory requirements for sales
practices matters. As planned, we launched our new Retail Bank
compensation program this month, which is based on building lifelong
relationships with our customers. While we have more work to do, I am
proud of the effort of our entire team to make things right for our
customers and team members and to continue building a better Wells Fargo
for the future.”
Chief Financial Officer John Shrewsberry said, “Wells Fargo had solid
underlying performance in the fourth quarter as we continued to benefit
from our diversified business model. Net interest income increased from
the prior quarter, largely driven by growth in loans and investments, as
well as higher interest rates. Noninterest income declined from the
prior quarter due to net hedge accounting ineffectiveness associated
with our hedging of long-term debt as part of our asset/liability
management program, as well as lower market-sensitive revenue. Other
sources of noninterest income were diversified and stable with the prior
quarter. Credit quality remained solid in the quarter, and we returned
$3.0 billion to shareholders in the quarter, with a full year 2016 net
payout ratio2 of 61 percent."
Net Interest Income
Net interest income in fourth quarter 2016 increased $450 million from
third quarter 2016 to $12.4 billion, primarily due to growth in loans
and investment securities, higher interest income on trading assets,
higher variable income including periodic dividends and fees, and a
modest benefit from higher interest rates in the quarter.
Net interest margin was 2.87 percent, up 5 basis points from third
quarter 2016, driven by growth in loans, investment securities and
trading assets, and the impact from higher interest rates. Income from
variable sources contributed approximately two basis points in the
quarter. These benefits were partially offset by growth in funding
balances, primarily long-term debt and deposits.
Noninterest Income
Noninterest income in the fourth quarter was $9.2 billion, compared with
$10.4 billion in third quarter 2016. Fee income in many of the
businesses in the quarter was stable compared with the prior quarter;
however, linked-quarter results included a $592 million loss due to the
impact of higher interest rates and currency movements on hedging
results (net hedge ineffectiveness accounting loss) reflected in Other
income. The linked-quarter decline also reflected decreases in trading
income and mortgage banking fees, partially offset by higher equity
gains and stronger investment banking fees.
Net loss from trading activities was $109 million in the fourth quarter,
compared with a net gain of $415 million in the third quarter. Of the
total linked-quarter decline of $524 million, $223 million resulted from
a decrease in secondary trading, reflecting lower client volumes
compared with a strong third quarter, as well as seasonality and fewer
trading days in the quarter. Market-driven changes in credit spreads and
higher swap rates resulted in a $61 million decline from credit
valuation adjustments (CVA) in the quarter. Additionally, $204 million
of the decline was associated with items that were offset in other
areas, and were therefore neutral to net income:
-
$98 million of losses resulted from certain hedged trading positions
in our equity and residential mortgage-backed security books in which
dividend and interest payments were recognized in net interest income
and corresponding declines in the value of associated hedges were
reflected in trading losses.
-
Deferred compensation trading gains, which were largely offset in
employee benefits expense, declined $106 million from the third
quarter.
Mortgage banking noninterest income was $1.4 billion, compared with $1.7
billion in third quarter 2016. Residential mortgage loan originations
were $72 billion in the fourth quarter, up from $70 billion in the third
quarter. The production margin on residential held-for-sale mortgage
loan originations3 was 1.68 percent, down from 1.81 percent
in the third quarter. Mortgage servicing income declined to $196 million
in the fourth quarter from $359 million in the third quarter, primarily
due to higher unreimbursed servicing costs.
Other income was $(382) million, compared with $315 million in third
quarter, and included $592 million in hedge ineffectiveness losses, net
of related economic hedges, resulting from certain key interest rate and
foreign currency fluctuations. Full year 2016 net hedge ineffectiveness
losses were $15 million, as prior quarters included net gains.
Substantially all of the ineffectiveness related to hedges of U.S.
dollar and non-U.S. dollar long-term debt.
Background on Hedge Ineffectiveness
As part of Wells Fargo's ongoing funding strategy, the Company is a
regular issuer of long-term debt, which typically is fixed rate in order
to meet the demands of debt investors. As part of the Company’s
asset/liability management program, however, this fixed rate is
typically swapped to floating rate in order to balance the Company's
deposit-oriented liability structure to better align with the interest
rate sensitivity characteristics of the Company's assets. While the
majority of long-term debt is issued in U.S. dollars, non-U.S. dollar
issuances are also used to diversify funding sources. Any non-U.S.
dollar issuance is either swapped to U.S. dollars or is identified to be
directly funding non-U.S. dollar assets. While the Company believes this
hedging strategy is prudent from an asset/liability management
perspective, it is generally not possible to achieve a perfect
accounting hedge due to differences in the required valuation
measurement of the hedging instrument, such as an interest rate swap,
and the hedged risk component of the Company's long-term debt.
From an accounting standpoint, the measurement of the “effectiveness” of
the hedge occurs throughout the quarter up to and including the last day
of the quarter and results, therefore, can be affected by that point-in
time calculation. While the hedge ineffectiveness recognized over the
life of hedging relationships is expected to be zero as long as hedge
accounting is maintained and the hedges are held to maturity, periodic
ineffectiveness is recognized in other noninterest income as interest
rate and foreign currency fluctuations occur. In first quarter 2016, for
example, a sharp decline in interest rates and foreign currency
fluctuations drove a net hedge accounting gain of $379 million in the
Company’s other noninterest income. Conversely, the net hedge accounting
losses in fourth quarter 2016 were driven by a sharp increase in certain
interest rates and foreign currency fluctuations. Reported results in
any quarter can also be affected by a related but separate economic
hedging strategy the Company employs, also utilizing interest rate
swaps, to partially offset the periodic volatility caused by the
required effectiveness measurement.
The Financial Accounting Standards Board issued an exposure draft on
hedge accounting guidelines and is expected to issue new guidance in
2017. If issued in its current form, the interest rate-related
ineffectiveness associated with the Company's long-term debt hedges
would be significantly reduced.
Noninterest Expense
Noninterest expense in the fourth quarter declined $53 million from the
prior quarter to $13.2 billion, primarily due to lower operating losses,
charitable donations, which were elevated in the third quarter due to a
$107 million donation to the Wells Fargo Foundation, and deferred
compensation expense (included in employee benefits expense and largely
offset in revenue). Fourth quarter expenses included typically higher
outside professional services, equipment, and advertising. Fourth
quarter foreclosed asset expense increased from the third quarter which
included an elevated level of commercial real estate recoveries. The
efficiency ratio increased to 61.2 percent in fourth quarter 2016,
compared with 59.4 percent in the prior quarter, primarily due to the
impact of hedge ineffectiveness losses on revenue. The efficiency ratio
for full year 2016 was 59.3 percent. The Company expects the efficiency
ratio to remain at an elevated level.
Loans
Total loans were $967.6 billion at December 31, 2016, up $6.3 billion
from September 30, 2016. Loan growth in the quarter was affected by the
deconsolidation of certain previously sold reverse mortgage loans, which
resulted from the sale of the related servicing, and reduced real estate
1-4 family first mortgages by $3.8 billion (offset in long-term
debt). Commercial and industrial, commercial real estate, credit card
and lease financing all grew in the quarter, while real estate 1-4
family junior lien mortgage and automobile declined. Total average loans
were $964.1 billion in the fourth quarter, up $6.7 billion from the
prior quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-End Loan Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
(in millions)
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
Commercial
|
|
$
|
506,536
|
|
496,454
|
|
494,538
|
|
488,205
|
|
456,583
|
|
Consumer
|
|
461,068
|
|
464,872
|
|
462,619
|
|
459,053
|
|
459,976
|
|
Total loans
|
|
$
|
967,604
|
|
961,326
|
|
957,157
|
|
947,258
|
|
916,559
|
|
Change from prior quarter
|
|
$
|
6,278
|
|
4,169
|
|
9,899
|
|
30,699
|
|
13,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Investment securities were $407.9 billion at December 31, 2016, up $17.1
billion from third quarter, as approximately $44 billion of purchases,
predominantly federal agency mortgage-backed securities in the
available-for-sale portfolio, were partially offset by run-off.
Net unrealized losses on available-for-sale securities were $1.8 billion
at December 31, 2016, compared with net unrealized gains on
available-for-sale securities of $4.5 billion at September 30, 2016, as
the impact from higher interest rates was partially offset by tighter
credit spreads.
Deposits
Total average deposits for fourth quarter 2016 were $1.3 trillion, up 2
percent from the prior quarter, driven by both commercial and consumer
growth. The average deposit cost for fourth quarter 2016 was 12 basis
points, up 1 basis point from the prior quarter.
Capital
Capital levels remained strong in the fourth quarter, with a Common
Equity Tier 1 ratio (fully phased-in) of 10.7 percent1.
While flat from the prior quarter, Common Equity Tier 1 experienced a
decline due to changes in unrealized gains/losses recognized in Other
comprehensive income (OCI) resulting from higher interest rates
experienced in the fourth quarter, which were largely offset by a
decline in standardized risk-weighted assets, primarily due to a
decrease in the Company's exposure to counterparty risk. In fourth
quarter 2016, the Company repurchased 24.9 million shares of its common
stock and entered into a $750 million forward repurchase transaction,
which settled on January 12, 2017, for 14.7 million shares. The Company
paid a quarterly common stock dividend of $0.38 per share, up from
$0.375 per share a year ago.
Credit Quality
“Credit results were stable in the fourth quarter and overall credit
quality continued to be driven by strong performance in the commercial
and consumer real estate portfolios," said Chief Risk Officer Mike
Loughlin. "Continued improvement in residential real estate and
stabilization in oil and gas industry conditions drove a $100 million
reserve release4 in the fourth quarter."
Net Loan Charge-offs
The quarterly loss rate of 0.37 percent (annualized) reflected
commercial losses of 0.20 percent and consumer losses of 0.56 percent.
Credit losses were $905 million in fourth quarter 2016, up $100 million,
from third quarter 2016. Consumer losses increased $64 million, driven
by losses in the credit card, automobile and other revolving credit and
installment portfolios. Commercial losses were up $36 million, driven by
$32 million in lower recoveries.
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-Offs
|
|
|
|
|
Quarter ended
|
|
|
|
|
December 31, 2016
|
|
|
September 30, 2016
|
|
|
June 30, 2016
|
|
|
|
|
Net loan
|
|
|
As a % of
|
|
|
Net loan
|
|
|
As a % of
|
|
|
Net loan
|
|
|
As a % of
|
|
|
|
|
charge-
|
|
|
average
|
|
|
charge-
|
|
|
average
|
|
|
charge-
|
|
|
average
|
|
|
($ in millions)
|
|
offs
|
|
|
loans (a)
|
|
|
offs
|
|
|
loans (a)
|
|
|
offs
|
|
|
loans (a)
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
256
|
|
|
0.31
|
%
|
|
$
|
259
|
|
|
0.32
|
%
|
|
$
|
368
|
|
|
0.46
|
%
|
|
Real estate mortgage
|
|
(12
|
)
|
|
(0.04
|
)
|
|
(28
|
)
|
|
(0.09
|
)
|
|
(20
|
)
|
|
(0.06
|
)
|
|
Real estate construction
|
|
(8
|
)
|
|
(0.13
|
)
|
|
(18
|
)
|
|
(0.32
|
)
|
|
(3
|
)
|
|
(0.06
|
)
|
|
Lease financing
|
|
15
|
|
|
0.32
|
|
|
2
|
|
|
0.04
|
|
|
12
|
|
|
0.27
|
|
|
Total commercial
|
|
251
|
|
|
0.20
|
|
|
215
|
|
|
0.17
|
|
|
357
|
|
|
0.29
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
(3
|
)
|
|
—
|
|
|
20
|
|
|
0.03
|
|
|
14
|
|
|
0.02
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
44
|
|
|
0.38
|
|
|
49
|
|
|
0.40
|
|
|
62
|
|
|
0.49
|
|
|
Credit card
|
|
275
|
|
|
3.09
|
|
|
245
|
|
|
2.82
|
|
|
270
|
|
|
3.25
|
|
|
Automobile
|
|
166
|
|
|
1.05
|
|
|
137
|
|
|
0.87
|
|
|
90
|
|
|
0.59
|
|
|
Other revolving credit and installment
|
|
172
|
|
|
1.70
|
|
|
139
|
|
|
1.40
|
|
|
131
|
|
|
1.32
|
|
|
Total consumer
|
|
654
|
|
|
0.56
|
|
|
590
|
|
|
0.51
|
|
|
567
|
|
|
0.49
|
|
|
Total
|
|
$
|
905
|
|
|
0.37
|
%
|
|
$
|
805
|
|
|
0.33
|
%
|
|
$
|
924
|
|
|
0.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Quarterly net charge-offs as a percentage of average loans are
annualized. See explanation on page 31 of the accounting for
purchased credit-impaired (PCI) loans and the impact on selected
financial ratios.
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets
Nonperforming assets decreased $644 million from third quarter 2016 to
$11.4 billion. Nonaccrual loans decreased $602 million from third
quarter to $10.4 billion reflecting lower consumer real estate,
commercial and industrial, and commercial real estate nonaccruals.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
|
|
|
|
December 31, 2016
|
|
|
September 30, 2016
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
As a
|
|
|
|
|
|
As a
|
|
|
|
|
|
As a
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
|
|
|
Total
|
|
|
total
|
|
|
Total
|
|
|
total
|
|
|
Total
|
|
|
total
|
|
|
($ in millions)
|
|
balances
|
|
|
loans
|
|
|
balances
|
|
|
loans
|
|
|
balances
|
|
|
loans
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
3,216
|
|
|
0.97
|
%
|
|
$
|
3,331
|
|
|
1.03
|
%
|
|
$
|
3,464
|
|
|
1.07
|
%
|
|
Real estate mortgage
|
|
685
|
|
|
0.52
|
|
|
780
|
|
|
0.60
|
|
|
872
|
|
|
0.68
|
|
|
Real estate construction
|
|
43
|
|
|
0.18
|
|
|
59
|
|
|
0.25
|
|
|
59
|
|
|
0.25
|
|
|
Lease financing
|
|
115
|
|
|
0.60
|
|
|
92
|
|
|
0.49
|
|
|
112
|
|
|
0.59
|
|
|
Total commercial
|
|
4,059
|
|
|
0.80
|
|
|
4,262
|
|
|
0.86
|
|
|
4,507
|
|
|
0.91
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
4,962
|
|
|
1.80
|
|
|
5,310
|
|
|
1.91
|
|
|
5,970
|
|
|
2.15
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
1,206
|
|
|
2.61
|
|
|
1,259
|
|
|
2.62
|
|
|
1,330
|
|
|
2.67
|
|
|
Automobile
|
|
106
|
|
|
0.17
|
|
|
108
|
|
|
0.17
|
|
|
111
|
|
|
0.18
|
|
|
Other revolving credit and installment
|
|
51
|
|
|
0.13
|
|
|
47
|
|
|
0.12
|
|
|
45
|
|
|
0.11
|
|
|
Total consumer
|
|
6,325
|
|
|
1.37
|
|
|
6,724
|
|
|
1.45
|
|
|
7,456
|
|
|
1.61
|
|
|
Total nonaccrual loans
|
|
10,384
|
|
|
1.07
|
|
|
10,986
|
|
|
1.14
|
|
|
11,963
|
|
|
1.25
|
|
|
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government insured/guaranteed
|
|
197
|
|
|
|
|
|
282
|
|
|
|
|
|
321
|
|
|
|
|
|
Non-government insured/guaranteed
|
|
781
|
|
|
|
|
|
738
|
|
|
|
|
|
796
|
|
|
|
|
|
Total foreclosed assets
|
|
978
|
|
|
|
|
|
1,020
|
|
|
|
|
|
1,117
|
|
|
|
|
|
Total nonperforming assets
|
|
$
|
11,362
|
|
|
1.17
|
%
|
|
$
|
12,006
|
|
|
1.25
|
%
|
|
$
|
13,080
|
|
|
1.37
|
%
|
|
Change from prior quarter:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans
|
|
$
|
(602
|
)
|
|
|
|
|
$
|
(977
|
)
|
|
|
|
|
$
|
(271
|
)
|
|
|
|
|
Total nonperforming assets
|
|
(644
|
)
|
|
|
|
|
(1,074
|
)
|
|
|
|
|
(433
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded
commitments, totaled $12.5 billion at December 31, 2016, which was down
$154 million from September 30, 2016. The allowance coverage for total
loans was 1.30 percent, compared with 1.32 percent in third quarter
2016. The allowance covered 3.5 times annualized fourth quarter net
charge-offs, compared with 4.0 times in the prior quarter. The allowance
coverage for nonaccrual loans was 121 percent at December 31, 2016,
compared with 116 percent at September 30, 2016. “We believe the
allowance was appropriate for losses inherent in the loan portfolio at
December 31, 2016,” said Loughlin.
Business Segment Performance
Wells Fargo defines its operating segments by product type and customer
segment. Effective fourth quarter 2016, we realigned some personnel and
business activities from Wholesale Banking to Community Banking, as a
result of the formation of the new Payments, Virtual Solutions, and
Innovation Group. Results for these operating segments reflect the shift
prospectively from November 1, 2016. Segment net income for each of the
three business segments was:
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Dec 31,
|
|
(in millions)
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
Community Banking
|
|
$
|
2,733
|
|
|
3,227
|
|
|
3,169
|
|
Wholesale Banking
|
|
2,194
|
|
|
2,047
|
|
|
2,104
|
|
Wealth and Investment Management
|
|
653
|
|
|
677
|
|
|
595
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
(in millions)
|
|
2016
|
|
2016
|
|
2015
|
|
Total revenue
|
|
$
|
11,661
|
|
12,387
|
|
12,330
|
|
Provision for credit losses
|
|
631
|
|
651
|
|
704
|
|
Noninterest expense
|
|
6,985
|
|
6,953
|
|
6,893
|
|
Segment net income
|
|
2,733
|
|
3,227
|
|
3,169
|
|
(in billions)
|
|
|
|
|
|
|
|
Average loans
|
|
488.1
|
|
489.2
|
|
482.2
|
|
Average assets
|
|
1,000.7
|
|
993.6
|
|
921.4
|
|
Average deposits
|
|
709.8
|
|
708.0
|
|
663.7
|
|
|
|
|
|
|
|
|
Community Banking reported net income of $2.7 billion, down
$494 million, or 15 percent, from third quarter 2016. Revenue of
$11.7 billion decreased $726 million, or 6 percent, from third quarter
2016 due to lower other income (hedge ineffectiveness), mortgage banking
revenue, and deposit service charges, partially offset by higher net
interest income, market sensitive revenue, primarily higher gains on
sales of debt securities and equity investments, and other fees.
Noninterest expense increased $32 million, compared with third quarter
2016, due to higher equipment, project-related, and advertising expense,
which are typically elevated in the fourth quarter, as well as higher
legal expense. The increase in noninterest expense was partially offset
by lower operating losses and a donation to the Wells Fargo Foundation
in the prior quarter. The provision for credit losses decreased
$20 million from the prior quarter.
Net income was down $436 million, or 14 percent, from fourth quarter
2015. Revenue decreased $669 million, or 5 percent, compared with a year
ago due to lower other income (hedge ineffectiveness), mortgage banking
revenue, and gains on equity investments, partially offset by higher net
interest income and other fees. Noninterest expense increased
$92 million, or 1 percent, from a year ago driven by higher personnel,
legal, project-related, and FDIC expense, partially offset by lower
operating losses. The provision for credit losses decreased $73 million
from a year ago due to improvement in the consumer real estate
portfolios.
Retail Banking and Consumer Payments
-
We recently launched a new compensation plan in our Retail Bank
focused on customer service, growth in primary customers, household
relationship growth and risk management. These measures are consistent
with other success metrics we have introduced in the recent past and,
as part of this evolution, the cross-sell metric will not be included
going forward.
-
Branch customer experience survey scores continued to improve
throughout the fourth quarter, with many metrics reaching close to
pre-settlement ranges by the end of December; loyalty, which has also
shown a strong improvement trajectory, will require a longer period to
recover previous highs.
-
Primary consumer checking customers5 up 3.5 percent
year-over-year6
-
Primary consumer checking customers5 in December up 3.0
percent year-over-year
-
Debit card purchase volume7 of $78.4 billion in fourth
quarter, up 7 percent year-over-year
-
Credit card purchase volume of $20.2 billion in fourth quarter, up 7
percent year-over-year
-
Credit card penetration in retail banking households rose to 45.5
percent, up from 45.4 percent in prior year6,8
-
27.4 million digital (online and mobile) active customers, including
19.6 million mobile active users6,9
Consumer Lending
-
Auto originations of $6.4 billion in fourth quarter, down 21 percent
from prior quarter and down 15 percent from prior year
-
Home Lending
-
Originations of $72 billion, up from $70 billion in prior quarter
-
Applications of $75 billion, down from $100 billion in prior
quarter
-
Application pipeline of $30 billion at quarter end, down from $50
billion at September 30, 2016
Wholesale Banking
provides
financial solutions to businesses across the United States and globally
with annual sales generally in excess of $5 million. Products and
businesses include Business Banking, 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
|
|
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
(in millions)
|
|
2016
|
|
2016
|
|
2015
|
|
Total revenue
|
|
$
|
7,153
|
|
7,147
|
|
6,559
|
|
Provision for credit losses
|
|
168
|
|
157
|
|
126
|
|
Noninterest expense
|
|
4,002
|
|
4,120
|
|
3,491
|
|
Segment net income
|
|
2,194
|
|
2,047
|
|
2,104
|
|
(in billions)
|
|
|
|
|
|
|
|
Average loans
|
|
461.5
|
|
454.3
|
|
417.0
|
|
Average assets
|
|
811.9
|
|
794.2
|
|
755.4
|
|
Average deposits
|
|
459.2
|
|
441.2
|
|
449.3
|
|
|
|
|
|
|
|
|
Wholesale Banking reported net income of $2.2 billion, up $147 million,
or 7 percent, from third quarter 2016. Revenue of $7.2 billion increased
$6 million as higher net interest income, investment banking fees,
equity investment gains and commercial real estate brokerage fees were
partially offset by lower sales and trading results, and lower mortgage
banking fees in multi-family capital and structured real estate.
Noninterest expense decreased $118 million, or 3 percent, from the prior
quarter primarily due to lower personnel expense and operating losses.
The provision for credit losses increased $11 million from the prior
quarter on lower recoveries.
Net income was up $90 million, or 4 percent, from fourth quarter 2015.
Revenue increased $594 million, or 9 percent, from fourth quarter 2015,
on increased net interest income driven by strong loan growth, including
the GE Capital portfolio acquisitions, and higher trading and other
earning assets. Noninterest income was down 1 percent from the prior
year due to lower insurance fees driven by the sale of our crop
insurance business in first quarter 2016, lower gains from trading
activities, and lower gains on debt securities, partially offset by
higher leasing income related to the GE Capital portfolio acquisitions
and strong investment banking fees. Noninterest expense increased
$511 million, or 15 percent, from a year ago primarily due to the GE
Capital portfolio acquisitions and higher expenses related to growth
initiatives, compliance, and regulatory requirements. The provision for
credit losses increased $42 million from a year ago primarily due to
higher oil and gas net charge-offs.
-
Average loans increased 11 percent from fourth quarter 2015, on
broad-based growth, including asset-backed finance, commercial real
estate, corporate banking, equipment finance, government and
institutional banking, international, and structured real estate as
well as the GE Capital portfolio acquisitions
-
Treasury management revenue up 4 percent from fourth quarter 2015
Wealth and Investment Management
(WIM)
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 Funds.
|
|
|
|
|
|
|
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
|
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
|
(in millions)
|
|
2016
|
|
2016
|
|
2015
|
|
|
Total revenue
|
|
$
|
4,074
|
|
4,099
|
|
3,947
|
|
|
Provision (reversal of provision) for credit losses
|
|
3
|
|
4
|
|
(6
|
)
|
|
Noninterest expense
|
|
3,042
|
|
2,999
|
|
2,998
|
|
|
Segment net income
|
|
653
|
|
677
|
|
595
|
|
|
(in billions)
|
|
|
|
|
|
|
|
|
Average loans
|
|
70.0
|
|
68.4
|
|
63.0
|
|
|
Average assets
|
|
220.4
|
|
212.1
|
|
197.9
|
|
|
Average deposits
|
|
194.9
|
|
189.2
|
|
177.9
|
|
|
|
|
|
|
|
|
|
|
Wealth and Investment Management reported net income of $653 million,
down $24 million, or 4 percent, from third quarter 2016. Revenue of
$4.1 billion decreased $25 million, or 1 percent, from the prior
quarter, primarily due to lower deferred compensation plan investment
results (offset in employee benefits expense), transaction revenue and
other fee income, partially offset by higher net interest income and
asset-based fees. Noninterest expense increased $43 million, or
1 percent, from the prior quarter, largely driven by higher operating
losses and other non-personnel expenses, partially offset by lower
deferred compensation plan expense (offset in trading revenue). The
provision for credit losses decreased $1 million from third quarter 2016.
Net income was up $58 million, or 10 percent, from fourth quarter 2015.
Revenue increased $127 million, or 3 percent, from a year ago primarily
driven by higher net interest income and asset-based fees, partially
offset by lower transaction revenue and deferred compensation plan
investment results (offset in employee benefits expense). Noninterest
expense increased $44 million, or 1 percent, from a year ago, primarily
due to higher broker commissions and non-personnel expenses, partially
offset by lower deferred compensation plan expense (offset in trading
revenue). The provision for credit losses increased $9 million from a
year ago.
Retail Brokerage
-
Client assets of $1.5 trillion, up 7 percent from prior year
-
Advisory assets of $464 billion, up 10 percent from prior year,
primarily driven by higher market valuations and positive net flows
-
Strong loan growth, with average balances up 16 percent from prior
year largely due to continued growth in non-conforming mortgage loans
and security-based lending
Wealth Management
-
Client assets of $231 billion, up 3 percent from prior year
-
Average loan balances up 9 percent over prior year primarily driven by
continued growth in non-conforming mortgage loans, security-based
lending and commercial loans
Retirement
-
IRA assets of $379 billion, up 7 percent from prior year
-
Institutional Retirement plan assets of $351 billion, up 5 percent
from prior year
Asset Management
-
Total assets under management of $482 billion, down 2 percent from
prior year primarily due to equity and money market net outflows,
partially offset by higher market valuations, fixed income inflows and
assets acquired during the quarter
Conference Call
The Company will host a live conference call on Friday, January 13, at
8:30 a.m. PT (11:30 a.m. ET). 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~31502149.
A replay of the conference call will be available beginning at 11:30
a.m. PT (2:30 p.m. ET) on Friday, January 13 through Friday, January 27.
Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406
(International) and enter Conference ID #31502149. 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~31502149.
|
|
|
|
|
Endnotes
|
|
1
|
|
See table on page 36 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.
|
|
2
|
|
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.
|
|
3
|
|
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 41 for more
information.
|
|
4
|
|
Reserve build represents the amount by which the provision for
credit losses exceeds net charge-offs, while reserve release
represents the amount by which net charge-offs exceed the provision
for credit losses.
|
|
5
|
|
Customers who actively use their checking account with transactions
such as debit card purchases, online bill payments, and direct
deposit.
|
|
6
|
|
Data as of November 2016, comparisons with November 2015.
|
|
7
|
|
Combined consumer and business debit card purchase volume dollars.
|
|
8
|
|
Credit card penetration defined as the percentage of Retail Banking
households that have a credit card with Wells Fargo. Effective
second quarter 2016, Retail Banking households reflect only those
households that maintain a retail checking account, which we believe
provides the foundation for long-term retail banking relationships.
Prior period metrics have been revised to conform with the updated
definition of Retail Banking households. Credit card household
penetration rates have not been adjusted to reflect the impact of
the approximately 565,000 potentially unauthorized accounts
identified by an independent consulting firm because the maximum
impact in any one quarter was not greater than 86 basis points, or
approximately 2 percent.
|
|
9
|
|
Primarily includes retail banking, consumer lending, small business
and business banking customers.
|
|
|
|
|
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;
-
negative effects from the retail banking sales practices matter,
including on our legal, operational and compliance costs, our ability
to engage in certain business activities or offer certain products or
services, our ability to keep and attract customers, our ability to
attract and retain qualified team members, and our reputation;
-
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, 2015 and in our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016.
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, 2015 and in our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016, 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 diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 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
|
|
Changes in Allowance for Credit Losses
|
|
34
|
|
|
|
|
|
Equity
|
|
|
|
Tangible Common Equity
|
|
35
|
|
Common Equity Tier 1 Under Basel III
|
|
36
|
|
|
|
|
|
Operating Segments
|
|
|
|
Operating Segment Results
|
|
37
|
|
|
|
|
|
Other
|
|
|
|
Mortgage Servicing and other related data
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
SUMMARY
FINANCIAL DATA
|
|
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
Dec 31, 2016 from
|
|
|
Year ended
|
|
|
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Dec 31,
|
|
Sep 30,
|
|
|
Dec 31,
|
|
|
Dec 31,
|
|
|
Dec 31,
|
|
%
|
|
|
($ in millions, except per share amounts)
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Change
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
$
|
5,274
|
|
|
5,644
|
|
|
5,575
|
|
(7
|
)%
|
|
(5
|
)
|
|
$
|
21,938
|
|
|
22,894
|
|
(4
|
)%
|
|
Wells Fargo net income applicable to common stock
|
|
4,872
|
|
|
5,243
|
|
|
5,203
|
|
(7
|
)
|
|
(6
|
)
|
|
20,373
|
|
|
21,470
|
|
(5
|
)
|
|
Diluted earnings per common share
|
|
0.96
|
|
|
1.03
|
|
|
1.00
|
|
(7
|
)
|
|
(4
|
)
|
|
3.99
|
|
|
4.12
|
|
(3
|
)
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
1.08
|
%
|
|
1.17
|
|
|
1.24
|
|
(8
|
)
|
|
(13
|
)
|
|
1.16
|
%
|
|
1.31
|
|
(11
|
)
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
10.94
|
|
|
11.60
|
|
|
11.93
|
|
(6
|
)
|
|
(8
|
)
|
|
11.49
|
|
|
12.60
|
|
(9
|
)
|
|
Return on average tangible common equity (ROTCE)(1)
|
|
13.16
|
|
|
13.96
|
|
|
14.30
|
|
(6
|
)
|
|
(8
|
)
|
|
13.85
|
|
|
15.17
|
|
(9
|
)
|
|
Efficiency ratio (2)
|
|
61.2
|
|
|
59.4
|
|
|
58.4
|
|
3
|
|
|
5
|
|
|
59.3
|
|
|
58.1
|
|
2
|
|
|
Total revenue
|
|
$
|
21,582
|
|
|
22,328
|
|
|
21,586
|
|
(3
|
)
|
|
—
|
|
|
$
|
88,267
|
|
|
86,057
|
|
3
|
|
|
Pre-tax pre-provision profit (PTPP) (3)
|
|
8,367
|
|
|
9,060
|
|
|
8,987
|
|
(8
|
)
|
|
(7
|
)
|
|
35,890
|
|
|
36,083
|
|
(1
|
)
|
|
Dividends declared per common share
|
|
0.380
|
|
|
0.380
|
|
|
0.375
|
|
—
|
|
|
1
|
|
|
1.515
|
|
|
1.475
|
|
3
|
|
|
Average common shares outstanding
|
|
5,025.6
|
|
|
5,043.4
|
|
|
5,108.5
|
|
—
|
|
|
(2
|
)
|
|
5,052.8
|
|
|
5,136.5
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
5,078.2
|
|
|
5,094.6
|
|
|
5,177.9
|
|
—
|
|
|
(2
|
)
|
|
5,108.3
|
|
|
5,209.8
|
|
(2
|
)
|
|
Average loans
|
|
$
|
964,147
|
|
|
957,484
|
|
|
912,280
|
|
1
|
|
|
6
|
|
|
$
|
949,960
|
|
|
885,432
|
|
7
|
|
|
Average assets
|
|
1,944,250
|
|
|
1,914,586
|
|
|
1,787,287
|
|
2
|
|
|
9
|
|
|
1,885,441
|
|
|
1,742,919
|
|
8
|
|
|
Average total deposits
|
|
1,284,158
|
|
|
1,261,527
|
|
|
1,216,809
|
|
2
|
|
|
6
|
|
|
1,250,566
|
|
|
1,194,073
|
|
5
|
|
|
Average consumer and small business banking deposits (4)
|
|
749,946
|
|
|
739,066
|
|
|
696,484
|
|
1
|
|
|
8
|
|
|
732,620
|
|
|
680,221
|
|
8
|
|
|
Net interest margin
|
|
2.87
|
%
|
|
2.82
|
|
|
2.92
|
|
2
|
|
|
(2
|
)
|
|
2.86
|
%
|
|
2.95
|
|
(3
|
)
|
|
At Period End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
407,947
|
|
|
390,832
|
|
|
347,555
|
|
4
|
|
|
17
|
|
|
$
|
407,947
|
|
|
347,555
|
|
17
|
|
|
Loans
|
|
967,604
|
|
|
961,326
|
|
|
916,559
|
|
1
|
|
|
6
|
|
|
967,604
|
|
|
916,559
|
|
6
|
|
|
Allowance for loan losses
|
|
11,419
|
|
|
11,583
|
|
|
11,545
|
|
(1
|
)
|
|
(1
|
)
|
|
11,419
|
|
|
11,545
|
|
(1
|
)
|
|
Goodwill
|
|
26,693
|
|
|
26,688
|
|
|
25,529
|
|
—
|
|
|
5
|
|
|
26,693
|
|
|
25,529
|
|
5
|
|
|
Assets
|
|
1,930,115
|
|
|
1,942,124
|
|
|
1,787,632
|
|
(1
|
)
|
|
8
|
|
|
1,930,115
|
|
|
1,787,632
|
|
8
|
|
|
Deposits
|
|
1,306,079
|
|
|
1,275,894
|
|
|
1,223,312
|
|
2
|
|
|
7
|
|
|
1,306,079
|
|
|
1,223,312
|
|
7
|
|
|
Common stockholders' equity
|
|
176,469
|
|
|
179,916
|
|
|
172,036
|
|
(2
|
)
|
|
3
|
|
|
176,469
|
|
|
172,036
|
|
3
|
|
|
Wells Fargo stockholders’ equity
|
|
199,581
|
|
|
203,028
|
|
|
192,998
|
|
(2
|
)
|
|
3
|
|
|
199,581
|
|
|
192,998
|
|
3
|
|
|
Total equity
|
|
200,497
|
|
|
203,958
|
|
|
193,891
|
|
(2
|
)
|
|
3
|
|
|
200,497
|
|
|
193,891
|
|
3
|
|
|
Tangible common equity (1)
|
|
146,737
|
|
|
149,829
|
|
|
143,337
|
|
(2
|
)
|
|
2
|
|
|
146,737
|
|
|
143,337
|
|
2
|
|
|
Common shares outstanding
|
|
5,016.1
|
|
|
5,023.9
|
|
|
5,092.1
|
|
—
|
|
|
(1
|
)
|
|
5,016.1
|
|
|
5,092.1
|
|
(1
|
)
|
|
Book value per common share (5)
|
|
$
|
35.18
|
|
|
35.81
|
|
|
33.78
|
|
(2
|
)
|
|
4
|
|
|
$
|
35.18
|
|
|
33.78
|
|
4
|
|
|
Tangible book value per common share (1)(5)
|
|
29.25
|
|
|
29.82
|
|
|
28.15
|
|
(2
|
)
|
|
4
|
|
|
29.25
|
|
|
28.15
|
|
4
|
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
58.02
|
|
|
51.00
|
|
|
56.34
|
|
14
|
|
|
3
|
|
|
58.02
|
|
|
58.77
|
|
(1
|
)
|
|
Low
|
|
43.55
|
|
|
44.10
|
|
|
49.51
|
|
(1
|
)
|
|
(12
|
)
|
|
43.55
|
|
|
47.75
|
|
(9
|
)
|
|
Period end
|
|
55.11
|
|
|
44.28
|
|
|
54.36
|
|
24
|
|
|
1
|
|
|
55.11
|
|
|
54.36
|
|
1
|
|
|
Team members (active, full-time equivalent)
|
|
269,100
|
|
|
268,800
|
|
|
264,700
|
|
—
|
|
|
2
|
|
|
269,100
|
|
|
264,700
|
|
2
|
|
|
(1) Tangible common equity is a non-GAAP financial measure and
represents total equity less preferred equity, noncontrolling
interests, and goodwill and certain identifiable intangible assets
(including goodwill and intangible assets associated with certain
of our nonmarketable equity investments but excluding mortgage
servicing rights), net of applicable deferred taxes. The
methodology of determining tangible common equity may differ among
companies. Management believes that return on average tangible
common equity and tangible book value per common share, which
utilize tangible common equity, are useful financial measures
because they enable investors and others to assess the Company's
use of equity. For additional information, including a
corresponding reconciliation to GAAP financial measures, see the
"Tangible Common Equity" tables on page 35.
|
|
(2) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
|
|
(3) 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.
|
|
(4) Consumer and small business banking deposits are total
deposits excluding mortgage escrow and wholesale deposits.
|
|
(5) Book value per common share is common stockholders' equity
divided by common shares outstanding. Tangible book value per
common share is tangible common equity divided by common shares
outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
FIVE
QUARTER SUMMARY FINANCIAL DATA
|
|
|
|
Quarter ended
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
($ in millions, except per share amounts)
|
|
2016
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
For the Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
$
|
5,274
|
|
|
5,644
|
|
5,558
|
|
5,462
|
|
5,575
|
|
Wells Fargo net income applicable to common stock
|
|
4,872
|
|
|
5,243
|
|
5,173
|
|
5,085
|
|
5,203
|
|
Diluted earnings per common share
|
|
0.96
|
|
|
1.03
|
|
1.01
|
|
0.99
|
|
1.00
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
1.08
|
%
|
|
1.17
|
|
1.20
|
|
1.21
|
|
1.24
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
10.94
|
|
|
11.60
|
|
11.70
|
|
11.75
|
|
11.93
|
|
Return on average tangible common equity (ROTCE)(1)
|
|
13.16
|
|
|
13.96
|
|
14.15
|
|
14.15
|
|
14.30
|
|
Efficiency ratio (2)
|
|
61.2
|
|
|
59.4
|
|
58.1
|
|
58.7
|
|
58.4
|
|
Total revenue
|
|
$
|
21,582
|
|
|
22,328
|
|
22,162
|
|
22,195
|
|
21,586
|
|
Pre-tax pre-provision profit (PTPP) (3)
|
|
8,367
|
|
|
9,060
|
|
9,296
|
|
9,167
|
|
8,987
|
|
Dividends declared per common share
|
|
0.380
|
|
|
0.380
|
|
0.380
|
|
0.375
|
|
0.375
|
|
Average common shares outstanding
|
|
5,025.6
|
|
|
5,043.4
|
|
5,066.9
|
|
5,075.7
|
|
5,108.5
|
|
Diluted average common shares outstanding
|
|
5,078.2
|
|
|
5,094.6
|
|
5,118.1
|
|
5,139.4
|
|
5,177.9
|
|
Average loans
|
|
$
|
964,147
|
|
|
957,484
|
|
950,751
|
|
927,220
|
|
912,280
|
|
Average assets
|
|
1,944,250
|
|
|
1,914,586
|
|
1,862,084
|
|
1,819,875
|
|
1,787,287
|
|
Average total deposits
|
|
1,284,158
|
|
|
1,261,527
|
|
1,236,658
|
|
1,219,430
|
|
1,216,809
|
|
Average consumer and small business banking deposits (4)
|
|
749,946
|
|
|
739,066
|
|
726,359
|
|
714,837
|
|
696,484
|
|
Net interest margin
|
|
2.87
|
%
|
|
2.82
|
|
2.86
|
|
2.90
|
|
2.92
|
|
At Quarter End
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
407,947
|
|
|
390,832
|
|
353,426
|
|
334,899
|
|
347,555
|
|
Loans
|
|
967,604
|
|
|
961,326
|
|
957,157
|
|
947,258
|
|
916,559
|
|
Allowance for loan losses
|
|
11,419
|
|
|
11,583
|
|
11,664
|
|
11,621
|
|
11,545
|
|
Goodwill
|
|
26,693
|
|
|
26,688
|
|
26,963
|
|
27,003
|
|
25,529
|
|
Assets
|
|
1,930,115
|
|
|
1,942,124
|
|
1,889,235
|
|
1,849,182
|
|
1,787,632
|
|
Deposits
|
|
1,306,079
|
|
|
1,275,894
|
|
1,245,473
|
|
1,241,490
|
|
1,223,312
|
|
Common stockholders' equity
|
|
176,469
|
|
|
179,916
|
|
178,633
|
|
175,534
|
|
172,036
|
|
Wells Fargo stockholders’ equity
|
|
199,581
|
|
|
203,028
|
|
201,745
|
|
197,496
|
|
192,998
|
|
Total equity
|
|
200,497
|
|
|
203,958
|
|
202,661
|
|
198,504
|
|
193,891
|
|
Tangible common equity (1)
|
|
146,737
|
|
|
149,829
|
|
148,110
|
|
144,679
|
|
143,337
|
|
Common shares outstanding
|
|
5,016.1
|
|
|
5,023.9
|
|
5,048.5
|
|
5,075.9
|
|
5,092.1
|
|
Book value per common share (5)
|
|
$
|
35.18
|
|
|
35.81
|
|
35.38
|
|
34.58
|
|
33.78
|
|
Tangible book value per common share (1)(5)
|
|
29.25
|
|
|
29.82
|
|
29.34
|
|
28.50
|
|
28.15
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
58.02
|
|
|
51.00
|
|
51.41
|
|
53.27
|
|
56.34
|
|
Low
|
|
43.55
|
|
|
44.10
|
|
44.50
|
|
44.50
|
|
49.51
|
|
Period end
|
|
55.11
|
|
|
44.28
|
|
47.33
|
|
48.36
|
|
54.36
|
|
Team members (active, full-time equivalent)
|
|
269,100
|
|
|
268,800
|
|
267,900
|
|
268,600
|
|
264,700
|
|
(1) Tangible common equity is a non-GAAP financial measure and
represents total equity less preferred equity, noncontrolling
interests, and goodwill and certain identifiable intangible assets
(including goodwill and intangible assets associated with certain
of our nonmarketable equity investments but excluding mortgage
servicing rights), net of applicable deferred taxes. The
methodology of determining tangible common equity may differ among
companies. Management believes that return on average tangible
common equity and tangible book value per common share, which
utilize tangible common equity, are useful financial measures
because they enable investors and others to assess the Company's
use of equity. For additional information, including a
corresponding reconciliation to GAAP financial measures, see the
"Tangible Common Equity" tables on page 35.
|
|
(2) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
|
|
(3) 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.
|
|
(4) Consumer and small business banking deposits are total
deposits excluding mortgage escrow and wholesale deposits.
|
|
(5) Book value per common share is common stockholders' equity
divided by common shares outstanding. Tangible book value per
common share is tangible common equity divided by common shares
outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
Quarter ended December 31,
|
|
%
|
|
|
Year ended December 31,
|
|
%
|
|
|
(in millions, except per share amounts)
|
|
2016
|
|
|
2015
|
|
Change
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
$
|
745
|
|
|
558
|
|
34
|
%
|
|
$
|
2,506
|
|
1,971
|
|
27
|
%
|
|
Investment securities
|
|
2,512
|
|
|
2,323
|
|
8
|
|
|
9,248
|
|
8,937
|
|
3
|
|
|
Mortgages held for sale
|
|
235
|
|
|
176
|
|
34
|
|
|
784
|
|
785
|
|
—
|
|
|
Loans held for sale
|
|
2
|
|
|
5
|
|
(60
|
)
|
|
9
|
|
19
|
|
(53
|
)
|
|
Loans
|
|
10,128
|
|
|
9,323
|
|
9
|
|
|
39,505
|
|
36,575
|
|
8
|
|
|
Other interest income
|
|
436
|
|
|
258
|
|
69
|
|
|
1,611
|
|
990
|
|
63
|
|
|
Total interest income
|
|
14,058
|
|
|
12,643
|
|
11
|
|
|
53,663
|
|
49,277
|
|
9
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
400
|
|
|
241
|
|
66
|
|
|
1,395
|
|
963
|
|
45
|
|
|
Short-term borrowings
|
|
101
|
|
|
13
|
|
677
|
|
|
330
|
|
64
|
|
416
|
|
|
Long-term debt
|
|
1,061
|
|
|
713
|
|
49
|
|
|
3,830
|
|
2,592
|
|
48
|
|
|
Other interest expense
|
|
94
|
|
|
88
|
|
7
|
|
|
354
|
|
357
|
|
(1
|
)
|
|
Total interest expense
|
|
1,656
|
|
|
1,055
|
|
57
|
|
|
5,909
|
|
3,976
|
|
49
|
|
|
Net interest income
|
|
12,402
|
|
|
11,588
|
|
7
|
|
|
47,754
|
|
45,301
|
|
5
|
|
|
Provision for credit losses
|
|
805
|
|
|
831
|
|
(3
|
)
|
|
3,770
|
|
2,442
|
|
54
|
|
|
Net interest income after provision for credit losses
|
|
11,597
|
|
|
10,757
|
|
8
|
|
|
43,984
|
|
42,859
|
|
3
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
1,357
|
|
|
1,329
|
|
2
|
|
|
5,372
|
|
5,168
|
|
4
|
|
|
Trust and investment fees
|
|
3,698
|
|
|
3,511
|
|
5
|
|
|
14,243
|
|
14,468
|
|
(2
|
)
|
|
Card fees
|
|
1,001
|
|
|
966
|
|
4
|
|
|
3,936
|
|
3,720
|
|
6
|
|
|
Other fees
|
|
962
|
|
|
1,040
|
|
(8
|
)
|
|
3,727
|
|
4,324
|
|
(14
|
)
|
|
Mortgage banking
|
|
1,417
|
|
|
1,660
|
|
(15
|
)
|
|
6,096
|
|
6,501
|
|
(6
|
)
|
|
Insurance
|
|
262
|
|
|
427
|
|
(39
|
)
|
|
1,268
|
|
1,694
|
|
(25
|
)
|
|
Net gains (losses) from trading activities
|
|
(109
|
)
|
|
99
|
|
NM
|
|
|
834
|
|
614
|
|
36
|
|
|
Net gains on debt securities
|
|
145
|
|
|
346
|
|
(58
|
)
|
|
942
|
|
952
|
|
(1
|
)
|
|
Net gains from equity investments
|
|
306
|
|
|
423
|
|
(28
|
)
|
|
879
|
|
2,230
|
|
(61
|
)
|
|
Lease income
|
|
523
|
|
|
145
|
|
261
|
|
|
1,927
|
|
621
|
|
210
|
|
|
Other
|
|
(382
|
)
|
|
52
|
|
NM
|
|
|
1,289
|
|
464
|
|
178
|
|
|
Total noninterest income
|
|
9,180
|
|
|
9,998
|
|
(8
|
)
|
|
40,513
|
|
40,756
|
|
(1
|
)
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
4,193
|
|
|
4,061
|
|
3
|
|
|
16,552
|
|
15,883
|
|
4
|
|
|
Commission and incentive compensation
|
|
2,478
|
|
|
2,457
|
|
1
|
|
|
10,247
|
|
10,352
|
|
(1
|
)
|
|
Employee benefits
|
|
1,101
|
|
|
1,042
|
|
6
|
|
|
5,094
|
|
4,446
|
|
15
|
|
|
Equipment
|
|
642
|
|
|
640
|
|
—
|
|
|
2,154
|
|
2,063
|
|
4
|
|
|
Net occupancy
|
|
710
|
|
|
725
|
|
(2
|
)
|
|
2,855
|
|
2,886
|
|
(1
|
)
|
|
Core deposit and other intangibles
|
|
301
|
|
|
311
|
|
(3
|
)
|
|
1,192
|
|
1,246
|
|
(4
|
)
|
|
FDIC and other deposit assessments
|
|
353
|
|
|
258
|
|
37
|
|
|
1,168
|
|
973
|
|
20
|
|
|
Other
|
|
3,437
|
|
|
3,105
|
|
11
|
|
|
13,115
|
|
12,125
|
|
8
|
|
|
Total noninterest expense
|
|
13,215
|
|
|
12,599
|
|
5
|
|
|
52,377
|
|
49,974
|
|
5
|
|
|
Income before income tax expense
|
|
7,562
|
|
|
8,156
|
|
(7
|
)
|
|
32,120
|
|
33,641
|
|
(5
|
)
|
|
Income tax expense
|
|
2,258
|
|
|
2,533
|
|
(11
|
)
|
|
10,075
|
|
10,365
|
|
(3
|
)
|
|
Net income before noncontrolling interests
|
|
5,304
|
|
|
5,623
|
|
(6
|
)
|
|
22,045
|
|
23,276
|
|
(5
|
)
|
|
Less: Net income from noncontrolling interests
|
|
30
|
|
|
48
|
|
(38
|
)
|
|
107
|
|
382
|
|
(72
|
)
|
|
Wells Fargo net income
|
|
$
|
5,274
|
|
|
5,575
|
|
(5
|
)
|
|
$
|
21,938
|
|
22,894
|
|
(4
|
)
|
|
Less: Preferred stock dividends and other
|
|
402
|
|
|
372
|
|
8
|
|
|
1,565
|
|
1,424
|
|
10
|
|
|
Wells Fargo net income applicable to common stock
|
|
$
|
4,872
|
|
|
5,203
|
|
(6
|
)
|
|
$
|
20,373
|
|
21,470
|
|
(5
|
)
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
$
|
0.97
|
|
|
1.02
|
|
(5
|
)
|
|
$
|
4.03
|
|
4.18
|
|
(4
|
)
|
|
Diluted earnings per common share
|
|
0.96
|
|
|
1.00
|
|
(4
|
)
|
|
3.99
|
|
4.12
|
|
(3
|
)
|
|
Dividends declared per common share
|
|
0.380
|
|
|
0.375
|
|
1
|
|
|
1.515
|
|
1.475
|
|
3
|
|
|
Average common shares outstanding
|
|
5,025.6
|
|
|
5,108.5
|
|
(2
|
)
|
|
5,052.8
|
|
5,136.5
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
5,078.2
|
|
|
5,177.9
|
|
(2
|
)
|
|
5,108.3
|
|
5,209.8
|
|
(2
|
)
|
|
NM – Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
FIVE
QUARTER CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
(in millions, except per share amounts)
|
|
2016
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
$
|
745
|
|
|
593
|
|
572
|
|
596
|
|
558
|
|
Investment securities
|
|
2,512
|
|
|
2,298
|
|
2,176
|
|
2,262
|
|
2,323
|
|
Mortgages held for sale
|
|
235
|
|
|
207
|
|
181
|
|
161
|
|
176
|
|
Loans held for sale
|
|
2
|
|
|
2
|
|
3
|
|
2
|
|
5
|
|
Loans
|
|
10,128
|
|
|
9,978
|
|
9,822
|
|
9,577
|
|
9,323
|
|
Other interest income
|
|
436
|
|
|
409
|
|
392
|
|
374
|
|
258
|
|
Total interest income
|
|
14,058
|
|
|
13,487
|
|
13,146
|
|
12,972
|
|
12,643
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
400
|
|
|
356
|
|
332
|
|
307
|
|
241
|
|
Short-term borrowings
|
|
101
|
|
|
85
|
|
77
|
|
67
|
|
13
|
|
Long-term debt
|
|
1,061
|
|
|
1,006
|
|
921
|
|
842
|
|
713
|
|
Other interest expense
|
|
94
|
|
|
88
|
|
83
|
|
89
|
|
88
|
|
Total interest expense
|
|
1,656
|
|
|
1,535
|
|
1,413
|
|
1,305
|
|
1,055
|
|
Net interest income
|
|
12,402
|
|
|
11,952
|
|
11,733
|
|
11,667
|
|
11,588
|
|
Provision for credit losses
|
|
805
|
|
|
805
|
|
1,074
|
|
1,086
|
|
831
|
|
Net interest income after provision for credit losses
|
|
11,597
|
|
|
11,147
|
|
10,659
|
|
10,581
|
|
10,757
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
1,357
|
|
|
1,370
|
|
1,336
|
|
1,309
|
|
1,329
|
|
Trust and investment fees
|
|
3,698
|
|
|
3,613
|
|
3,547
|
|
3,385
|
|
3,511
|
|
Card fees
|
|
1,001
|
|
|
997
|
|
997
|
|
941
|
|
966
|
|
Other fees
|
|
962
|
|
|
926
|
|
906
|
|
933
|
|
1,040
|
|
Mortgage banking
|
|
1,417
|
|
|
1,667
|
|
1,414
|
|
1,598
|
|
1,660
|
|
Insurance
|
|
262
|
|
|
293
|
|
286
|
|
427
|
|
427
|
|
Net gains (losses) from trading activities
|
|
(109
|
)
|
|
415
|
|
328
|
|
200
|
|
99
|
|
Net gains on debt securities
|
|
145
|
|
|
106
|
|
447
|
|
244
|
|
346
|
|
Net gains from equity investments
|
|
306
|
|
|
140
|
|
189
|
|
244
|
|
423
|
|
Lease income
|
|
523
|
|
|
534
|
|
497
|
|
373
|
|
145
|
|
Other
|
|
(382
|
)
|
|
315
|
|
482
|
|
874
|
|
52
|
|
Total noninterest income
|
|
9,180
|
|
|
10,376
|
|
10,429
|
|
10,528
|
|
9,998
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
4,193
|
|
|
4,224
|
|
4,099
|
|
4,036
|
|
4,061
|
|
Commission and incentive compensation
|
|
2,478
|
|
|
2,520
|
|
2,604
|
|
2,645
|
|
2,457
|
|
Employee benefits
|
|
1,101
|
|
|
1,223
|
|
1,244
|
|
1,526
|
|
1,042
|
|
Equipment
|
|
642
|
|
|
491
|
|
493
|
|
528
|
|
640
|
|
Net occupancy
|
|
710
|
|
|
718
|
|
716
|
|
711
|
|
725
|
|
Core deposit and other intangibles
|
|
301
|
|
|
299
|
|
299
|
|
293
|
|
311
|
|
FDIC and other deposit assessments
|
|
353
|
|
|
310
|
|
255
|
|
250
|
|
258
|
|
Other
|
|
3,437
|
|
|
3,483
|
|
3,156
|
|
3,039
|
|
3,105
|
|
Total noninterest expense
|
|
13,215
|
|
|
13,268
|
|
12,866
|
|
13,028
|
|
12,599
|
|
Income before income tax expense
|
|
7,562
|
|
|
8,255
|
|
8,222
|
|
8,081
|
|
8,156
|
|
Income tax expense
|
|
2,258
|
|
|
2,601
|
|
2,649
|
|
2,567
|
|
2,533
|
|
Net income before noncontrolling interests
|
|
5,304
|
|
|
5,654
|
|
5,573
|
|
5,514
|
|
5,623
|
|
Less: Net income from noncontrolling interests
|
|
30
|
|
|
10
|
|
15
|
|
52
|
|
48
|
|
Wells Fargo net income
|
|
$
|
5,274
|
|
|
5,644
|
|
5,558
|
|
5,462
|
|
5,575
|
|
Less: Preferred stock dividends and other
|
|
402
|
|
|
401
|
|
385
|
|
377
|
|
372
|
|
Wells Fargo net income applicable to common stock
|
|
$
|
4,872
|
|
|
5,243
|
|
5,173
|
|
5,085
|
|
5,203
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
$
|
0.97
|
|
|
1.04
|
|
1.02
|
|
1.00
|
|
1.02
|
|
Diluted earnings per common share
|
|
0.96
|
|
|
1.03
|
|
1.01
|
|
0.99
|
|
1.00
|
|
Dividends declared per common share
|
|
0.380
|
|
|
0.380
|
|
0.380
|
|
0.375
|
|
0.375
|
|
Average common shares outstanding
|
|
5,025.6
|
|
|
5,043.4
|
|
5,066.9
|
|
5,075.7
|
|
5,108.5
|
|
Diluted average common shares outstanding
|
|
5,078.2
|
|
|
5,094.6
|
|
5,118.1
|
|
5,139.4
|
|
5,177.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
Quarter ended Dec 31,
|
|
|
%
|
|
|
|
Year ended Dec 31,
|
|
|
%
|
|
|
(in millions)
|
|
|
2016
|
|
|
|
2015
|
|
|
|
Change
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
Change
|
|
|
Wells Fargo net income
|
|
|
$
|
5,274
|
|
|
|
5,575
|
|
|
|
(5
|
)%
|
|
|
$
|
21,938
|
|
|
|
22,894
|
|
|
|
(4
|
)%
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses arising during the period
|
|
|
|
(5,936
|
)
|
|
|
(1,301
|
)
|
|
|
356
|
|
|
|
|
(3,458
|
)
|
|
|
(3,318
|
)
|
|
|
4
|
|
|
Reclassification of net gains to net income
|
|
|
|
(239
|
)
|
|
|
(573
|
)
|
|
|
(58
|
)
|
|
|
|
(1,240
|
)
|
|
|
(1,530
|
)
|
|
|
(19
|
)
|
|
Derivatives and hedging activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) arising during the period
|
|
|
|
(2,434
|
)
|
|
|
(684
|
)
|
|
|
256
|
|
|
|
|
177
|
|
|
|
1,549
|
|
|
|
(89
|
)
|
|
Reclassification of net gains on cash flow hedges to net income
|
|
|
|
(246
|
)
|
|
|
(294
|
)
|
|
|
(16
|
)
|
|
|
|
(1,029
|
)
|
|
|
(1,089
|
)
|
|
|
(6
|
)
|
|
Defined benefit plans adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial and prior service gains (losses) arising during the
period
|
|
|
|
422
|
|
|
|
(501
|
)
|
|
|
NM
|
|
|
|
|
(52
|
)
|
|
|
(512
|
)
|
|
|
(90
|
)
|
|
Amortization of net actuarial loss, settlements and other to net
income
|
|
|
|
43
|
|
|
|
11
|
|
|
|
291
|
|
|
|
|
158
|
|
|
|
114
|
|
|
|
39
|
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses arising during the period
|
|
|
|
(30
|
)
|
|
|
(33
|
)
|
|
|
(9
|
)
|
|
|
|
(3
|
)
|
|
|
(137
|
)
|
|
|
(98
|
)
|
|
Reclassification of net gains to net income
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
Other comprehensive loss, before tax
|
|
|
|
(8,420
|
)
|
|
|
(3,380
|
)
|
|
|
149
|
|
|
|
|
(5,447
|
)
|
|
|
(4,928
|
)
|
|
|
11
|
|
|
Income tax benefit related to other comprehensive income
|
|
|
|
3,106
|
|
|
|
1,230
|
|
|
|
153
|
|
|
|
|
1,996
|
|
|
|
1,774
|
|
|
|
13
|
|
|
Other comprehensive loss, net of tax
|
|
|
|
(5,314
|
)
|
|
|
(2,150
|
)
|
|
|
147
|
|
|
|
|
(3,451
|
)
|
|
|
(3,154
|
)
|
|
|
9
|
|
|
Less: Other comprehensive income (loss) from noncontrolling interests
|
|
|
|
7
|
|
|
|
(58
|
)
|
|
|
NM
|
|
|
|
|
(17
|
)
|
|
|
67
|
|
|
|
NM
|
|
|
Wells Fargo other comprehensive loss, net of tax
|
|
|
|
(5,321
|
)
|
|
|
(2,092
|
)
|
|
|
154
|
|
|
|
|
(3,434
|
)
|
|
|
(3,221
|
)
|
|
|
7
|
|
|
Wells Fargo comprehensive income (loss)
|
|
|
|
(47
|
)
|
|
|
3,483
|
|
|
|
NM
|
|
|
|
|
18,504
|
|
|
|
19,673
|
|
|
|
(6
|
)
|
|
Comprehensive income (loss) from noncontrolling interests
|
|
|
|
37
|
|
|
|
(10
|
)
|
|
|
NM
|
|
|
|
|
90
|
|
|
|
449
|
|
|
|
(80
|
)
|
|
Total comprehensive income (loss)
|
|
|
$
|
(10
|
)
|
|
|
3,473
|
|
|
|
NM
|
|
|
|
$
|
18,594
|
|
|
|
20,122
|
|
|
|
(8
|
)
|
|
NM – Not meaningful
|
|
|
|
|
|
FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
TOTAL EQUITY
|
|
|
|
|
Quarter ended
|
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
Balance, beginning of period
|
|
$
|
203,958
|
|
|
202,661
|
|
|
198,504
|
|
|
193,891
|
|
|
194,043
|
|
|
Cumulative effect from change in consolidation accounting (1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
Wells Fargo net income
|
|
|
5,274
|
|
|
5,644
|
|
|
5,558
|
|
|
5,462
|
|
|
5,575
|
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
|
|
(5,321
|
)
|
|
(764
|
)
|
|
1,174
|
|
|
1,477
|
|
|
(2,092
|
)
|
|
Noncontrolling interests
|
|
|
(13
|
)
|
|
14
|
|
|
(92
|
)
|
|
(5
|
)
|
|
(100
|
)
|
|
Common stock issued
|
|
|
610
|
|
|
300
|
|
|
397
|
|
|
1,079
|
|
|
310
|
|
|
Common stock repurchased (2)
|
|
|
(2,034
|
)
|
|
(1,839
|
)
|
|
(2,214
|
)
|
|
(2,029
|
)
|
|
(1,974
|
)
|
|
Preferred stock released by ESOP
|
|
|
43
|
|
|
236
|
|
|
371
|
|
|
313
|
|
|
210
|
|
|
Common stock warrants repurchased/exercised
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Preferred stock issued
|
|
|
—
|
|
|
—
|
|
|
1,126
|
|
|
975
|
|
|
—
|
|
|
Common stock dividends
|
|
|
(1,909
|
)
|
|
(1,918
|
)
|
|
(1,930
|
)
|
|
(1,904
|
)
|
|
(1,917
|
)
|
|
Preferred stock dividends
|
|
|
(401
|
)
|
|
(401
|
)
|
|
(386
|
)
|
|
(378
|
)
|
|
(371
|
)
|
|
Tax benefit from stock incentive compensation
|
|
|
74
|
|
|
31
|
|
|
23
|
|
|
149
|
|
|
22
|
|
|
Stock incentive compensation expense
|
|
|
232
|
|
|
39
|
|
|
139
|
|
|
369
|
|
|
204
|
|
|
Net change in deferred compensation and related plans
|
|
|
(16
|
)
|
|
(28
|
)
|
|
(9
|
)
|
|
(1,016
|
)
|
|
(19
|
)
|
|
Balance, end of period
|
|
$
|
200,497
|
|
|
203,958
|
|
|
202,661
|
|
|
198,504
|
|
|
193,891
|
|
|
(1) Effective January 1, 2016, we adopted changes in consolidation
accounting pursuant to Accounting Standards Update 2015-02 (Amendments
to the Consolidation Analysis). Accordingly, we recorded a
$121 million net increase to beginning noncontrolling interests as
a cumulative-effect adjustment.
|
|
|
(2) For the quarter ended December 31, 2016, includes $750 million
related to a private forward repurchase transaction that settled
in first quarter 2017 for 14.7 million shares of common stock. For
the quarter ended December 31, 2015, includes $500 million related
to a private forward repurchase transaction that settled in first
quarter 2016 for 9.2 million shares of common stock.
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
|
|
|
|
Quarter ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
273,073
|
|
|
0.56
|
%
|
|
$
|
381
|
|
274,589
|
|
|
0.28
|
%
|
|
$
|
195
|
|
Trading assets
|
|
|
102,757
|
|
|
2.96
|
|
|
|
761
|
|
68,833
|
|
|
3.33
|
|
|
|
573
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
25,935
|
|
|
1.53
|
|
|
|
99
|
|
34,617
|
|
|
1.58
|
|
|
|
137
|
|
Securities of U.S. states and political subdivisions
|
|
|
53,917
|
|
|
4.06
|
|
|
|
547
|
|
49,300
|
|
|
4.37
|
|
|
|
539
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
147,980
|
|
|
2.37
|
|
|
|
875
|
|
102,281
|
|
|
2.79
|
|
|
|
712
|
|
Residential and commercial
|
|
|
16,456
|
|
|
5.87
|
|
|
|
242
|
|
21,502
|
|
|
5.51
|
|
|
|
297
|
|
Total mortgage-backed securities
|
|
|
164,436
|
|
|
2.72
|
|
|
|
1,117
|
|
123,783
|
|
|
3.26
|
|
|
|
1,009
|
|
Other debt and equity securities
|
|
|
52,692
|
|
|
3.71
|
|
|
|
492
|
|
52,701
|
|
|
3.35
|
|
|
|
444
|
|
Total available-for-sale securities
|
|
|
296,980
|
|
|
3.03
|
|
|
|
2,255
|
|
260,401
|
|
|
3.27
|
|
|
|
2,129
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44,686
|
|
|
2.20
|
|
|
|
246
|
|
44,656
|
|
|
2.18
|
|
|
|
246
|
|
Securities of U.S. states and political subdivisions
|
|
|
4,738
|
|
|
5.31
|
|
|
|
63
|
|
2,158
|
|
|
6.07
|
|
|
|
33
|
|
Federal agency and other mortgage-backed securities
|
|
|
46,009
|
|
|
1.81
|
|
|
|
209
|
|
28,185
|
|
|
2.42
|
|
|
|
170
|
|
Other debt securities
|
|
|
3,597
|
|
|
2.26
|
|
|
|
20
|
|
4,876
|
|
|
1.77
|
|
|
|
22
|
|
Total held-to-maturity securities
|
|
|
99,030
|
|
|
2.17
|
|
|
|
538
|
|
79,875
|
|
|
2.35
|
|
|
|
471
|
|
Total investment securities
|
|
|
396,010
|
|
|
2.82
|
|
|
|
2,793
|
|
340,276
|
|
|
3.05
|
|
|
|
2,600
|
|
Mortgages held for sale (4)
|
|
|
27,503
|
|
|
3.43
|
|
|
|
235
|
|
19,189
|
|
|
3.66
|
|
|
|
176
|
|
Loans held for sale (4)
|
|
|
155
|
|
|
5.42
|
|
|
|
2
|
|
363
|
|
|
4.96
|
|
|
|
5
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
272,828
|
|
|
3.46
|
|
|
|
2,369
|
|
250,445
|
|
|
3.25
|
|
|
|
2,048
|
|
Commercial and industrial - Non U.S.
|
|
|
54,410
|
|
|
2.58
|
|
|
|
352
|
|
47,972
|
|
|
1.97
|
|
|
|
239
|
|
Real estate mortgage
|
|
|
131,195
|
|
|
3.44
|
|
|
|
1,135
|
|
121,844
|
|
|
3.30
|
|
|
|
1,012
|
|
Real estate construction
|
|
|
23,850
|
|
|
3.61
|
|
|
|
216
|
|
21,993
|
|
|
3.27
|
|
|
|
182
|
|
Lease financing
|
|
|
18,904
|
|
|
5.78
|
|
|
|
273
|
|
12,241
|
|
|
4.48
|
|
|
|
136
|
|
Total commercial
|
|
|
501,187
|
|
|
3.45
|
|
|
|
4,345
|
|
454,495
|
|
|
3.16
|
|
|
|
3,617
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
277,732
|
|
|
4.01
|
|
|
|
2,785
|
|
272,871
|
|
|
4.04
|
|
|
|
2,759
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
47,203
|
|
|
4.42
|
|
|
|
524
|
|
53,788
|
|
|
4.28
|
|
|
|
579
|
|
Credit card
|
|
|
35,383
|
|
|
11.73
|
|
|
|
1,043
|
|
32,795
|
|
|
11.61
|
|
|
|
960
|
|
Automobile
|
|
|
62,521
|
|
|
5.54
|
|
|
|
870
|
|
59,505
|
|
|
5.74
|
|
|
|
862
|
|
Other revolving credit and installment
|
|
|
40,121
|
|
|
5.91
|
|
|
|
595
|
|
38,826
|
|
|
5.83
|
|
|
|
571
|
|
Total consumer
|
|
|
462,960
|
|
|
5.01
|
|
|
|
5,817
|
|
457,785
|
|
|
4.99
|
|
|
|
5,731
|
|
Total loans (4)
|
|
|
964,147
|
|
|
4.20
|
|
|
|
10,162
|
|
912,280
|
|
|
4.08
|
|
|
|
9,348
|
|
Other
|
|
|
6,729
|
|
|
3.27
|
|
|
|
56
|
|
5,166
|
|
|
4.82
|
|
|
|
61
|
|
Total earning assets
|
|
$
|
1,770,374
|
|
|
3.24
|
%
|
|
$
|
14,390
|
|
1,620,696
|
|
|
3.18
|
%
|
|
$
|
12,958
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
46,907
|
|
|
0.17
|
%
|
|
$
|
19
|
|
39,082
|
|
|
0.05
|
%
|
|
$
|
5
|
|
Market rate and other savings
|
|
|
676,365
|
|
|
0.07
|
|
|
|
122
|
|
640,503
|
|
|
0.06
|
|
|
|
93
|
|
Savings certificates
|
|
|
24,362
|
|
|
0.30
|
|
|
|
18
|
|
29,654
|
|
|
0.54
|
|
|
|
41
|
|
Other time deposits
|
|
|
49,170
|
|
|
1.16
|
|
|
|
144
|
|
49,806
|
|
|
0.52
|
|
|
|
64
|
|
Deposits in foreign offices
|
|
|
110,425
|
|
|
0.35
|
|
|
|
97
|
|
107,094
|
|
|
0.14
|
|
|
|
38
|
|
Total interest-bearing deposits
|
|
|
907,229
|
|
|
0.18
|
|
|
|
400
|
|
866,139
|
|
|
0.11
|
|
|
|
241
|
|
Short-term borrowings
|
|
|
124,698
|
|
|
0.33
|
|
|
|
102
|
|
102,915
|
|
|
0.05
|
|
|
|
12
|
|
Long-term debt
|
|
|
252,162
|
|
|
1.68
|
|
|
|
1,061
|
|
190,861
|
|
|
1.49
|
|
|
|
713
|
|
Other liabilities
|
|
|
17,210
|
|
|
2.15
|
|
|
|
94
|
|
16,453
|
|
|
2.14
|
|
|
|
88
|
|
Total interest-bearing liabilities
|
|
|
1,301,299
|
|
|
0.51
|
|
|
|
1,657
|
|
1,176,368
|
|
|
0.36
|
|
|
|
1,054
|
|
Portion of noninterest-bearing funding sources
|
|
|
469,075
|
|
|
—
|
|
|
|
—
|
|
444,328
|
|
|
—
|
|
|
|
—
|
|
Total funding sources
|
|
$
|
1,770,374
|
|
|
0.37
|
|
|
|
1,657
|
|
1,620,696
|
|
|
0.26
|
|
|
|
1,054
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)
|
|
|
|
|
2.87
|
%
|
|
$
|
12,733
|
|
|
|
|
2.92
|
%
|
|
$
|
11,904
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
18,967
|
|
|
|
|
|
|
|
17,804
|
|
|
|
|
|
|
|
Goodwill
|
|
|
26,713
|
|
|
|
|
|
|
|
25,580
|
|
|
|
|
|
|
|
Other
|
|
|
128,196
|
|
|
|
|
|
|
|
123,207
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
$
|
173,876
|
|
|
|
|
|
|
|
166,591
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
376,929
|
|
|
|
|
|
|
|
350,670
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
64,775
|
|
|
|
|
|
|
|
65,224
|
|
|
|
|
|
|
|
Total equity
|
|
|
201,247
|
|
|
|
|
|
|
|
195,025
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(469,075
|
)
|
|
|
|
|
|
|
(444,328
|
)
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
173,876
|
|
|
|
|
|
|
|
166,591
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,944,250
|
|
|
|
|
|
|
|
1,787,287
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.54% and 3.29% for the quarters
ended December 31, 2016 and 2015, respectively. The average
three-month London Interbank Offered Rate (LIBOR) was 0.92% and
0.41% 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 $331 million and
$316 million for the quarters ended December 31, 2016 and 2015,
respectively, predominantly 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)
|
|
|
|
Year ended December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
287,718
|
|
|
0.51
|
%
|
|
$
|
1,457
|
|
266,832
|
|
|
0.28
|
%
|
|
$
|
738
|
|
Trading assets
|
|
|
88,400
|
|
|
2.89
|
|
|
|
2,553
|
|
66,679
|
|
|
3.01
|
|
|
|
2,010
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
29,418
|
|
|
1.56
|
|
|
|
457
|
|
32,093
|
|
|
1.58
|
|
|
|
505
|
|
Securities of U.S. states and political subdivisions
|
|
|
52,959
|
|
|
4.20
|
|
|
|
2,225
|
|
47,404
|
|
|
4.23
|
|
|
|
2,007
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
110,637
|
|
|
2.50
|
|
|
|
2,764
|
|
100,218
|
|
|
2.73
|
|
|
|
2,733
|
|
Residential and commercial
|
|
|
18,725
|
|
|
5.49
|
|
|
|
1,029
|
|
22,490
|
|
|
5.73
|
|
|
|
1,289
|
|
Total mortgage-backed securities
|
|
|
129,362
|
|
|
2.93
|
|
|
|
3,793
|
|
122,708
|
|
|
3.28
|
|
|
|
4,022
|
|
Other debt and equity securities
|
|
|
53,433
|
|
|
3.44
|
|
|
|
1,841
|
|
49,752
|
|
|
3.42
|
|
|
|
1,701
|
|
Total available-for-sale securities
|
|
|
265,172
|
|
|
3.14
|
|
|
|
8,316
|
|
251,957
|
|
|
3.27
|
|
|
|
8,235
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44,675
|
|
|
2.19
|
|
|
|
979
|
|
44,173
|
|
|
2.19
|
|
|
|
968
|
|
Securities of U.S. states and political subdivisions
|
|
|
2,893
|
|
|
5.32
|
|
|
|
154
|
|
2,087
|
|
|
5.40
|
|
|
|
113
|
|
Federal agency and other mortgage-backed securities
|
|
|
39,330
|
|
|
2.00
|
|
|
|
786
|
|
21,967
|
|
|
2.23
|
|
|
|
489
|
|
Other debt securities
|
|
|
4,043
|
|
|
2.01
|
|
|
|
81
|
|
5,821
|
|
|
1.73
|
|
|
|
101
|
|
Total held-to-maturity securities
|
|
|
90,941
|
|
|
2.20
|
|
|
|
2,000
|
|
74,048
|
|
|
2.26
|
|
|
|
1,671
|
|
Total investment securities
|
|
|
356,113
|
|
|
2.90
|
|
|
|
10,316
|
|
326,005
|
|
|
3.04
|
|
|
|
9,906
|
|
Mortgages held for sale (4)
|
|
|
22,412
|
|
|
3.50
|
|
|
|
784
|
|
21,603
|
|
|
3.63
|
|
|
|
785
|
|
Loans held for sale (4)
|
|
|
218
|
|
|
4.01
|
|
|
|
9
|
|
573
|
|
|
3.25
|
|
|
|
19
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
268,182
|
|
|
3.45
|
|
|
|
9,243
|
|
237,844
|
|
|
3.29
|
|
|
|
7,836
|
|
Commercial and industrial - Non U.S.
|
|
|
51,601
|
|
|
2.36
|
|
|
|
1,219
|
|
46,028
|
|
|
1.90
|
|
|
|
877
|
|
Real estate mortgage
|
|
|
127,232
|
|
|
3.44
|
|
|
|
4,371
|
|
116,893
|
|
|
3.41
|
|
|
|
3,984
|
|
Real estate construction
|
|
|
23,197
|
|
|
3.55
|
|
|
|
824
|
|
20,979
|
|
|
3.57
|
|
|
|
749
|
|
Lease financing
|
|
|
17,950
|
|
|
5.10
|
|
|
|
916
|
|
12,301
|
|
|
4.70
|
|
|
|
577
|
|
Total commercial
|
|
|
488,162
|
|
|
3.39
|
|
|
|
16,573
|
|
434,045
|
|
|
3.23
|
|
|
|
14,023
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
276,712
|
|
|
4.01
|
|
|
|
11,096
|
|
268,560
|
|
|
4.10
|
|
|
|
11,002
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
49,735
|
|
|
4.39
|
|
|
|
2,183
|
|
56,242
|
|
|
4.25
|
|
|
|
2,391
|
|
Credit card
|
|
|
34,178
|
|
|
11.62
|
|
|
|
3,970
|
|
31,307
|
|
|
11.70
|
|
|
|
3,664
|
|
Automobile
|
|
|
61,566
|
|
|
5.62
|
|
|
|
3,458
|
|
57,766
|
|
|
5.84
|
|
|
|
3,374
|
|
Other revolving credit and installment
|
|
|
39,607
|
|
|
5.93
|
|
|
|
2,350
|
|
37,512
|
|
|
5.89
|
|
|
|
2,209
|
|
Total consumer
|
|
|
461,798
|
|
|
4.99
|
|
|
|
23,057
|
|
451,387
|
|
|
5.02
|
|
|
|
22,640
|
|
Total loans (4)
|
|
|
949,960
|
|
|
4.17
|
|
|
|
39,630
|
|
885,432
|
|
|
4.14
|
|
|
|
36,663
|
|
Other
|
|
|
6,262
|
|
|
2.51
|
|
|
|
157
|
|
4,947
|
|
|
5.11
|
|
|
|
252
|
|
Total earning assets
|
|
$
|
1,711,083
|
|
|
3.21
|
%
|
|
$
|
54,906
|
|
1,572,071
|
|
|
3.20
|
%
|
|
$
|
50,373
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
42,379
|
|
|
0.14
|
%
|
|
$
|
60
|
|
38,640
|
|
|
0.05
|
%
|
|
$
|
20
|
|
Market rate and other savings
|
|
|
663,557
|
|
|
0.07
|
|
|
|
449
|
|
625,549
|
|
|
0.06
|
|
|
|
367
|
|
Savings certificates
|
|
|
25,912
|
|
|
0.35
|
|
|
|
91
|
|
31,887
|
|
|
0.63
|
|
|
|
201
|
|
Other time deposits
|
|
|
55,846
|
|
|
0.91
|
|
|
|
508
|
|
51,790
|
|
|
0.45
|
|
|
|
232
|
|
Deposits in foreign offices
|
|
|
103,206
|
|
|
0.28
|
|
|
|
287
|
|
107,138
|
|
|
0.13
|
|
|
|
143
|
|
Total interest-bearing deposits
|
|
|
890,900
|
|
|
0.16
|
|
|
|
1,395
|
|
855,004
|
|
|
0.11
|
|
|
|
963
|
|
Short-term borrowings
|
|
|
115,187
|
|
|
0.29
|
|
|
|
333
|
|
87,465
|
|
|
0.07
|
|
|
|
64
|
|
Long-term debt
|
|
|
239,471
|
|
|
1.60
|
|
|
|
3,830
|
|
185,078
|
|
|
1.40
|
|
|
|
2,592
|
|
Other liabilities
|
|
|
16,702
|
|
|
2.12
|
|
|
|
354
|
|
16,545
|
|
|
2.15
|
|
|
|
357
|
|
Total interest-bearing liabilities
|
|
|
1,262,260
|
|
|
0.47
|
|
|
|
5,912
|
|
1,144,092
|
|
|
0.35
|
|
|
|
3,976
|
|
Portion of noninterest-bearing funding sources
|
|
|
448,823
|
|
|
—
|
|
|
|
—
|
|
427,979
|
|
|
—
|
|
|
|
—
|
|
Total funding sources
|
|
$
|
1,711,083
|
|
|
0.35
|
|
|
|
5,912
|
|
1,572,071
|
|
|
0.25
|
|
|
|
3,976
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)
|
|
|
|
|
2.86
|
%
|
|
$
|
48,994
|
|
|
|
|
2.95
|
%
|
|
$
|
46,397
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
18,617
|
|
|
|
|
|
|
|
17,327
|
|
|
|
|
|
|
|
Goodwill
|
|
|
26,700
|
|
|
|
|
|
|
|
25,673
|
|
|
|
|
|
|
|
Other
|
|
|
129,041
|
|
|
|
|
|
|
|
127,848
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
$
|
174,358
|
|
|
|
|
|
|
|
170,848
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
359,666
|
|
|
|
|
|
|
|
339,069
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
62,825
|
|
|
|
|
|
|
|
68,174
|
|
|
|
|
|
|
|
Total equity
|
|
|
200,690
|
|
|
|
|
|
|
|
191,584
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(448,823
|
)
|
|
|
|
|
|
|
(427,979
|
)
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
174,358
|
|
|
|
|
|
|
|
170,848
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,885,441
|
|
|
|
|
|
|
|
1,742,919
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.51% and 3.26% for the years ended
December 31, 2016 and 2015, respectively. The average three-month
London Interbank Offered Rate (LIBOR) was 0.74% and 0.32% 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) 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 $1.2 billion and
$1.1 billion for the years ended December 31, 2016 and 2015,
respectively, predominantly related to tax-exempt income on
certain loans and securities. The federal statutory tax rate was
35% for the periods presented.
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID
(TAXABLE-EQUIVALENT BASIS) (1)(2)
|
|
|
|
|
Quarter ended
|
|
|
|
|
Dec 31, 2016
|
|
|
Sep 30, 2016
|
|
|
Jun 30, 2016
|
|
|
Mar 31, 2016
|
|
|
Dec 31, 2015
|
|
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
Average
|
|
|
Yields/
|
|
|
($ 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
|
|
$
|
273.1
|
|
|
0.56
|
%
|
|
$
|
299.4
|
|
|
0.50
|
%
|
|
$
|
293.8
|
|
|
0.49
|
%
|
|
$
|
284.7
|
|
|
0.49
|
%
|
|
$
|
274.6
|
|
|
0.28
|
%
|
|
Trading assets
|
|
|
102.8
|
|
|
2.96
|
|
|
|
88.8
|
|
|
2.72
|
|
|
|
81.4
|
|
|
2.86
|
|
|
|
80.5
|
|
|
3.01
|
|
|
|
68.8
|
|
|
3.33
|
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
25.9
|
|
|
1.53
|
|
|
|
25.8
|
|
|
1.52
|
|
|
|
31.5
|
|
|
1.56
|
|
|
|
34.4
|
|
|
1.59
|
|
|
|
34.6
|
|
|
1.58
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
53.9
|
|
|
4.06
|
|
|
|
55.2
|
|
|
4.28
|
|
|
|
52.2
|
|
|
4.24
|
|
|
|
50.5
|
|
|
4.24
|
|
|
|
49.3
|
|
|
4.37
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
148.0
|
|
|
2.37
|
|
|
|
105.8
|
|
|
2.39
|
|
|
|
92.0
|
|
|
2.53
|
|
|
|
96.5
|
|
|
2.80
|
|
|
|
102.3
|
|
|
2.79
|
|
|
Residential and commercial
|
|
|
16.5
|
|
|
5.87
|
|
|
|
18.1
|
|
|
5.54
|
|
|
|
19.6
|
|
|
5.44
|
|
|
|
20.8
|
|
|
5.20
|
|
|
|
21.5
|
|
|
5.51
|
|
|
Total mortgage-backed securities
|
|
|
164.5
|
|
|
2.72
|
|
|
|
123.9
|
|
|
2.85
|
|
|
|
111.6
|
|
|
3.04
|
|
|
|
117.3
|
|
|
3.23
|
|
|
|
123.8
|
|
|
3.26
|
|
|
Other debt and equity securities
|
|
|
52.7
|
|
|
3.71
|
|
|
|
54.2
|
|
|
3.37
|
|
|
|
53.3
|
|
|
3.48
|
|
|
|
53.6
|
|
|
3.21
|
|
|
|
52.7
|
|
|
3.35
|
|
|
Total available-for-sale securities
|
|
|
297.0
|
|
|
3.03
|
|
|
|
259.1
|
|
|
3.13
|
|
|
|
248.6
|
|
|
3.20
|
|
|
|
255.8
|
|
|
3.20
|
|
|
|
260.4
|
|
|
3.27
|
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
44.7
|
|
|
2.20
|
|
|
|
44.6
|
|
|
2.19
|
|
|
|
44.6
|
|
|
2.19
|
|
|
|
44.7
|
|
|
2.20
|
|
|
|
44.7
|
|
|
2.18
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
4.7
|
|
|
5.31
|
|
|
|
2.5
|
|
|
5.24
|
|
|
|
2.2
|
|
|
5.41
|
|
|
|
2.1
|
|
|
5.41
|
|
|
|
2.1
|
|
|
6.07
|
|
|
Federal agency and other mortgage-backed securities
|
|
|
46.0
|
|
|
1.81
|
|
|
|
48.0
|
|
|
1.97
|
|
|
|
35.1
|
|
|
1.90
|
|
|
|
28.1
|
|
|
2.49
|
|
|
|
28.2
|
|
|
2.42
|
|
|
Other debt securities
|
|
|
3.6
|
|
|
2.26
|
|
|
|
3.9
|
|
|
1.98
|
|
|
|
4.1
|
|
|
1.92
|
|
|
|
4.6
|
|
|
1.92
|
|
|
|
4.9
|
|
|
1.77
|
|
|
Total held-to-maturity securities
|
|
|
99.0
|
|
|
2.17
|
|
|
|
99.0
|
|
|
2.15
|
|
|
|
86.0
|
|
|
2.14
|
|
|
|
79.5
|
|
|
2.37
|
|
|
|
79.9
|
|
|
2.35
|
|
|
Total investment securities
|
|
|
396.0
|
|
|
2.82
|
|
|
|
358.1
|
|
|
2.86
|
|
|
|
334.6
|
|
|
2.93
|
|
|
|
335.3
|
|
|
3.01
|
|
|
|
340.3
|
|
|
3.05
|
|
|
Mortgages held for sale
|
|
|
27.5
|
|
|
3.43
|
|
|
|
24.1
|
|
|
3.44
|
|
|
|
20.1
|
|
|
3.60
|
|
|
|
17.9
|
|
|
3.59
|
|
|
|
19.2
|
|
|
3.66
|
|
|
Loans held for sale
|
|
|
0.2
|
|
|
5.42
|
|
|
|
0.2
|
|
|
3.04
|
|
|
|
0.2
|
|
|
4.83
|
|
|
|
0.3
|
|
|
3.23
|
|
|
|
0.4
|
|
|
4.96
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
272.8
|
|
|
3.46
|
|
|
|
271.2
|
|
|
3.48
|
|
|
|
270.9
|
|
|
3.45
|
|
|
|
257.7
|
|
|
3.39
|
|
|
|
250.5
|
|
|
3.25
|
|
|
Commercial and industrial - Non U.S.
|
|
|
54.4
|
|
|
2.58
|
|
|
|
51.3
|
|
|
2.40
|
|
|
|
51.2
|
|
|
2.35
|
|
|
|
49.5
|
|
|
2.10
|
|
|
|
48.0
|
|
|
1.97
|
|
|
Real estate mortgage
|
|
|
131.2
|
|
|
3.44
|
|
|
|
128.8
|
|
|
3.48
|
|
|
|
126.1
|
|
|
3.41
|
|
|
|
122.7
|
|
|
3.41
|
|
|
|
121.8
|
|
|
3.30
|
|
|
Real estate construction
|
|
|
23.9
|
|
|
3.61
|
|
|
|
23.2
|
|
|
3.50
|
|
|
|
23.1
|
|
|
3.49
|
|
|
|
22.6
|
|
|
3.61
|
|
|
|
22.0
|
|
|
3.27
|
|
|
Lease financing
|
|
|
18.9
|
|
|
5.78
|
|
|
|
18.9
|
|
|
4.70
|
|
|
|
19.0
|
|
|
5.12
|
|
|
|
15.1
|
|
|
4.74
|
|
|
|
12.2
|
|
|
4.48
|
|
|
Total commercial
|
|
|
501.2
|
|
|
3.45
|
|
|
|
493.4
|
|
|
3.42
|
|
|
|
490.3
|
|
|
3.39
|
|
|
|
467.6
|
|
|
3.31
|
|
|
|
454.5
|
|
|
3.16
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
277.7
|
|
|
4.01
|
|
|
|
278.5
|
|
|
3.97
|
|
|
|
275.9
|
|
|
4.01
|
|
|
|
274.7
|
|
|
4.05
|
|
|
|
272.9
|
|
|
4.04
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
47.2
|
|
|
4.42
|
|
|
|
48.9
|
|
|
4.37
|
|
|
|
50.6
|
|
|
4.37
|
|
|
|
52.2
|
|
|
4.39
|
|
|
|
53.8
|
|
|
4.28
|
|
|
Credit card
|
|
|
35.4
|
|
|
11.73
|
|
|
|
34.6
|
|
|
11.60
|
|
|
|
33.4
|
|
|
11.52
|
|
|
|
33.4
|
|
|
11.61
|
|
|
|
32.8
|
|
|
11.61
|
|
|
Automobile
|
|
|
62.5
|
|
|
5.54
|
|
|
|
62.5
|
|
|
5.60
|
|
|
|
61.1
|
|
|
5.66
|
|
|
|
60.1
|
|
|
5.67
|
|
|
|
59.5
|
|
|
5.74
|
|
|
Other revolving credit and installment
|
|
|
40.1
|
|
|
5.91
|
|
|
|
39.6
|
|
|
5.92
|
|
|
|
39.5
|
|
|
5.91
|
|
|
|
39.2
|
|
|
5.99
|
|
|
|
38.8
|
|
|
5.83
|
|
|
Total consumer
|
|
|
462.9
|
|
|
5.01
|
|
|
|
464.1
|
|
|
4.97
|
|
|
|
460.5
|
|
|
4.98
|
|
|
|
459.6
|
|
|
5.02
|
|
|
|
457.8
|
|
|
4.99
|
|
|
Total loans
|
|
|
964.1
|
|
|
4.20
|
|
|
|
957.5
|
|
|
4.17
|
|
|
|
950.8
|
|
|
4.16
|
|
|
|
927.2
|
|
|
4.16
|
|
|
|
912.3
|
|
|
4.08
|
|
|
Other
|
|
|
6.7
|
|
|
3.27
|
|
|
|
6.4
|
|
|
2.30
|
|
|
|
6.0
|
|
|
2.30
|
|
|
|
5.8
|
|
|
2.06
|
|
|
|
5.1
|
|
|
4.82
|
|
|
Total earning assets
|
|
$
|
1,770.4
|
|
|
3.24
|
%
|
|
$
|
1,734.5
|
|
|
3.17
|
%
|
|
$
|
1,686.9
|
|
|
3.20
|
%
|
|
$
|
1,651.7
|
|
|
3.22
|
%
|
|
$
|
1,620.7
|
|
|
3.18
|
%
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
$
|
46.9
|
|
|
0.17
|
%
|
|
$
|
44.0
|
|
|
0.15
|
%
|
|
$
|
39.8
|
|
|
0.13
|
%
|
|
$
|
38.7
|
|
|
0.12
|
%
|
|
$
|
39.1
|
|
|
0.05
|
%
|
|
Market rate and other savings
|
|
|
676.4
|
|
|
0.07
|
|
|
|
667.2
|
|
|
0.07
|
|
|
|
659.0
|
|
|
0.07
|
|
|
|
651.5
|
|
|
0.07
|
|
|
|
640.5
|
|
|
0.06
|
|
|
Savings certificates
|
|
|
24.4
|
|
|
0.30
|
|
|
|
25.2
|
|
|
0.30
|
|
|
|
26.2
|
|
|
0.35
|
|
|
|
27.9
|
|
|
0.45
|
|
|
|
29.6
|
|
|
0.54
|
|
|
Other time deposits
|
|
|
49.2
|
|
|
1.16
|
|
|
|
54.9
|
|
|
0.93
|
|
|
|
61.2
|
|
|
0.85
|
|
|
|
58.2
|
|
|
0.74
|
|
|
|
49.8
|
|
|
0.52
|
|
|
Deposits in foreign offices
|
|
|
110.4
|
|
|
0.35
|
|
|
|
107.1
|
|
|
0.30
|
|
|
|
97.5
|
|
|
0.23
|
|
|
|
97.7
|
|
|
0.21
|
|
|
|
107.1
|
|
|
0.14
|
|
|
Total interest-bearing deposits
|
|
|
907.3
|
|
|
0.18
|
|
|
|
898.4
|
|
|
0.16
|
|
|
|
883.7
|
|
|
0.15
|
|
|
|
874.0
|
|
|
0.14
|
|
|
|
866.1
|
|
|
0.11
|
|
|
Short-term borrowings
|
|
|
124.7
|
|
|
0.33
|
|
|
|
116.2
|
|
|
0.29
|
|
|
|
111.8
|
|
|
0.28
|
|
|
|
107.9
|
|
|
0.25
|
|
|
|
102.9
|
|
|
0.05
|
|
|
Long-term debt
|
|
|
252.2
|
|
|
1.68
|
|
|
|
252.4
|
|
|
1.59
|
|
|
|
236.2
|
|
|
1.56
|
|
|
|
216.9
|
|
|
1.56
|
|
|
|
190.9
|
|
|
1.49
|
|
|
Other liabilities
|
|
|
17.1
|
|
|
2.15
|
|
|
|
16.8
|
|
|
2.11
|
|
|
|
16.3
|
|
|
2.06
|
|
|
|
16.5
|
|
|
2.14
|
|
|
|
16.5
|
|
|
2.14
|
|
|
Total interest-bearing liabilities
|
|
|
1,301.3
|
|
|
0.51
|
|
|
|
1,283.8
|
|
|
0.48
|
|
|
|
1,248.0
|
|
|
0.45
|
|
|
|
1,215.3
|
|
|
0.43
|
|
|
|
1,176.4
|
|
|
0.36
|
|
|
Portion of noninterest-bearing funding sources
|
|
|
469.1
|
|
|
—
|
|
|
|
450.7
|
|
|
—
|
|
|
|
438.9
|
|
|
—
|
|
|
|
436.4
|
|
|
—
|
|
|
|
444.3
|
|
|
—
|
|
|
Total funding sources
|
|
$
|
1,770.4
|
|
|
0.37
|
|
|
$
|
1,734.5
|
|
|
0.35
|
|
|
$
|
1,686.9
|
|
|
0.34
|
|
|
$
|
1,651.7
|
|
|
0.32
|
|
|
$
|
1,620.7
|
|
|
0.26
|
|
|
Net interest margin on a taxable-equivalent basis
|
|
|
|
|
2.87
|
%
|
|
|
|
|
2.82
|
%
|
|
|
|
|
2.86
|
%
|
|
|
|
|
2.90
|
%
|
|
|
|
|
2.92
|
%
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
19.0
|
|
|
|
|
|
|
18.7
|
|
|
|
|
|
|
18.8
|
|
|
|
|
|
|
18.0
|
|
|
|
|
|
|
17.8
|
|
|
|
|
|
Goodwill
|
|
|
26.7
|
|
|
|
|
|
|
27.0
|
|
|
|
|
|
|
27.0
|
|
|
|
|
|
|
26.1
|
|
|
|
|
|
|
25.6
|
|
|
|
|
|
Other
|
|
|
128.2
|
|
|
|
|
|
|
134.4
|
|
|
|
|
|
|
129.4
|
|
|
|
|
|
|
124.1
|
|
|
|
|
|
|
123.2
|
|
|
|
|
|
Total noninterest-earnings assets
|
|
$
|
173.9
|
|
|
|
|
|
|
180.1
|
|
|
|
|
|
|
175.2
|
|
|
|
|
|
|
168.2
|
|
|
|
|
|
|
166.6
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
376.9
|
|
|
|
|
|
|
363.1
|
|
|
|
|
|
|
353.0
|
|
|
|
|
|
|
345.4
|
|
|
|
|
|
|
350.7
|
|
|
|
|
|
Other liabilities
|
|
|
64.9
|
|
|
|
|
|
|
63.8
|
|
|
|
|
|
|
60.1
|
|
|
|
|
|
|
62.6
|
|
|
|
|
|
|
65.2
|
|
|
|
|
|
Total equity
|
|
|
201.2
|
|
|
|
|
|
|
203.9
|
|
|
|
|
|
|
201.0
|
|
|
|
|
|
|
196.6
|
|
|
|
|
|
|
195.0
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
(469.1
|
)
|
|
|
|
|
|
(450.7
|
)
|
|
|
|
|
|
(438.9
|
)
|
|
|
|
|
|
(436.4
|
)
|
|
|
|
|
|
(444.3
|
)
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
$
|
173.9
|
|
|
|
|
|
|
180.1
|
|
|
|
|
|
|
175.2
|
|
|
|
|
|
|
168.2
|
|
|
|
|
|
|
166.6
|
|
|
|
|
|
Total assets
|
|
$
|
1,944.3
|
|
|
|
|
|
|
1,914.6
|
|
|
|
|
|
|
1,862.1
|
|
|
|
|
|
|
1,819.9
|
|
|
|
|
|
|
1,787.3
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.54% for the quarter ended
December 31, 2016, 3.50% for the quarters ended September 30, June
30 and March 31, 2016, and 3.29% for the quarter ended December
31, 2015. The average three-month London Interbank Offered Rate
(LIBOR) was 0.92%, 0.79%, 0.64%, 0.62% and 0.41% 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 December 31,
|
|
%
|
|
|
Year ended December 31,
|
|
%
|
|
|
(in millions)
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
2016
|
|
2015
|
|
|
Change
|
|
|
Service charges on deposit accounts
|
|
$
|
1,357
|
|
|
1,329
|
|
|
2
|
%
|
|
$
|
5,372
|
|
5,168
|
|
|
4
|
%
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
2,342
|
|
|
2,288
|
|
|
2
|
|
|
|
9,216
|
|
9,435
|
|
|
(2
|
)
|
|
Trust and investment management
|
|
|
837
|
|
|
838
|
|
|
—
|
|
|
|
3,336
|
|
3,394
|
|
|
(2
|
)
|
|
Investment banking
|
|
|
519
|
|
|
385
|
|
|
35
|
|
|
|
1,691
|
|
1,639
|
|
|
3
|
|
|
Total trust and investment fees
|
|
|
3,698
|
|
|
3,511
|
|
|
5
|
|
|
|
14,243
|
|
14,468
|
|
|
(2
|
)
|
|
Card fees
|
|
|
1,001
|
|
|
966
|
|
|
4
|
|
|
|
3,936
|
|
3,720
|
|
|
6
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
305
|
|
|
308
|
|
|
(1
|
)
|
|
|
1,241
|
|
1,228
|
|
|
1
|
|
|
Cash network fees
|
|
|
130
|
|
|
129
|
|
|
1
|
|
|
|
537
|
|
522
|
|
|
3
|
|
|
Commercial real estate brokerage commissions
|
|
|
172
|
|
|
224
|
|
|
(23
|
)
|
|
|
494
|
|
618
|
|
|
(20
|
)
|
|
Letters of credit fees
|
|
|
79
|
|
|
86
|
|
|
(8
|
)
|
|
|
321
|
|
353
|
|
|
(9
|
)
|
|
Wire transfer and other remittance fees
|
|
|
105
|
|
|
95
|
|
|
11
|
|
|
|
401
|
|
370
|
|
|
8
|
|
|
All other fees (1)(2)(3)
|
|
|
171
|
|
|
198
|
|
|
(14
|
)
|
|
|
733
|
|
1,233
|
|
|
(41
|
)
|
|
Total other fees
|
|
|
962
|
|
|
1,040
|
|
|
(8
|
)
|
|
|
3,727
|
|
4,324
|
|
|
(14
|
)
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
196
|
|
|
730
|
|
|
(73
|
)
|
|
|
1,765
|
|
2,441
|
|
|
(28
|
)
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
1,221
|
|
|
930
|
|
|
31
|
|
|
|
4,331
|
|
4,060
|
|
|
7
|
|
|
Total mortgage banking
|
|
|
1,417
|
|
|
1,660
|
|
|
(15
|
)
|
|
|
6,096
|
|
6,501
|
|
|
(6
|
)
|
|
Insurance
|
|
|
262
|
|
|
427
|
|
|
(39
|
)
|
|
|
1,268
|
|
1,694
|
|
|
(25
|
)
|
|
Net gains (losses) from trading activities
|
|
|
(109
|
)
|
|
99
|
|
|
NM
|
|
|
|
834
|
|
614
|
|
|
36
|
|
|
Net gains on debt securities
|
|
|
145
|
|
|
346
|
|
|
(58
|
)
|
|
|
942
|
|
952
|
|
|
(1
|
)
|
|
Net gains from equity investments
|
|
|
306
|
|
|
423
|
|
|
(28
|
)
|
|
|
879
|
|
2,230
|
|
|
(61
|
)
|
|
Lease income
|
|
|
523
|
|
|
145
|
|
|
261
|
|
|
|
1,927
|
|
621
|
|
|
210
|
|
|
Life insurance investment income
|
|
|
132
|
|
|
139
|
|
|
(5
|
)
|
|
|
587
|
|
579
|
|
|
1
|
|
|
All other (3)
|
|
|
(514
|
)
|
|
(87
|
)
|
|
491
|
|
|
|
702
|
|
(115
|
)
|
|
NM
|
|
|
Total
|
|
$
|
9,180
|
|
|
9,998
|
|
|
(8
|
)
|
|
$
|
40,513
|
|
40,756
|
|
|
(1
|
)
|
|
NM – Not meaningful
|
|
|
(1) Wire transfer and other remittance fees, reflected in all other
fees prior to 2016, have been separately disclosed.
|
|
|
(2) All other fees have been revised to include merchant processing
fees for all periods presented.
|
|
|
(3) Effective fourth quarter 2015, the Company's proportionate share
of its merchant services joint venture earnings is included in All
other income.
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
Quarter ended Dec 31,
|
|
|
%
|
|
|
|
Year ended Dec 31,
|
|
|
%
|
|
|
(in millions)
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
Salaries
|
|
|
$
|
4,193
|
|
|
4,061
|
|
|
3
|
%
|
|
|
$
|
16,552
|
|
|
15,883
|
|
|
4
|
%
|
|
Commission and incentive compensation
|
|
|
|
2,478
|
|
|
2,457
|
|
|
1
|
|
|
|
|
10,247
|
|
|
10,352
|
|
|
(1
|
)
|
|
Employee benefits
|
|
|
|
1,101
|
|
|
1,042
|
|
|
6
|
|
|
|
|
5,094
|
|
|
4,446
|
|
|
15
|
|
|
Equipment
|
|
|
|
642
|
|
|
640
|
|
|
—
|
|
|
|
|
2,154
|
|
|
2,063
|
|
|
4
|
|
|
Net occupancy
|
|
|
|
710
|
|
|
725
|
|
|
(2
|
)
|
|
|
|
2,855
|
|
|
2,886
|
|
|
(1
|
)
|
|
Core deposit and other intangibles
|
|
|
|
301
|
|
|
311
|
|
|
(3
|
)
|
|
|
|
1,192
|
|
|
1,246
|
|
|
(4
|
)
|
|
FDIC and other deposit assessments
|
|
|
|
353
|
|
|
258
|
|
|
37
|
|
|
|
|
1,168
|
|
|
973
|
|
|
20
|
|
|
Outside professional services
|
|
|
|
984
|
|
|
827
|
|
|
19
|
|
|
|
|
3,138
|
|
|
2,665
|
|
|
18
|
|
|
Operating losses
|
|
|
|
243
|
|
|
532
|
|
|
(54
|
)
|
|
|
|
1,608
|
|
|
1,871
|
|
|
(14
|
)
|
|
Operating leases
|
|
|
|
379
|
|
|
73
|
|
|
419
|
|
|
|
|
1,329
|
|
|
278
|
|
|
378
|
|
|
Contract services
|
|
|
|
325
|
|
|
266
|
|
|
22
|
|
|
|
|
1,203
|
|
|
978
|
|
|
23
|
|
|
Outside data processing
|
|
|
|
222
|
|
|
205
|
|
|
8
|
|
|
|
|
888
|
|
|
985
|
|
|
(10
|
)
|
|
Travel and entertainment
|
|
|
|
195
|
|
|
196
|
|
|
(1
|
)
|
|
|
|
704
|
|
|
692
|
|
|
2
|
|
|
Postage, stationery and supplies
|
|
|
|
156
|
|
|
177
|
|
|
(12
|
)
|
|
|
|
622
|
|
|
702
|
|
|
(11
|
)
|
|
Advertising and promotion
|
|
|
|
178
|
|
|
184
|
|
|
(3
|
)
|
|
|
|
595
|
|
|
606
|
|
|
(2
|
)
|
|
Telecommunications
|
|
|
|
96
|
|
|
106
|
|
|
(9
|
)
|
|
|
|
383
|
|
|
439
|
|
|
(13
|
)
|
|
Foreclosed assets
|
|
|
|
75
|
|
|
20
|
|
|
275
|
|
|
|
|
202
|
|
|
381
|
|
|
(47
|
)
|
|
Insurance
|
|
|
|
23
|
|
|
57
|
|
|
(60
|
)
|
|
|
|
179
|
|
|
448
|
|
|
(60
|
)
|
|
All other
|
|
|
|
561
|
|
|
462
|
|
|
21
|
|
|
|
|
2,264
|
|
|
2,080
|
|
|
9
|
|
|
Total
|
|
|
$
|
13,215
|
|
|
12,599
|
|
|
5
|
|
|
|
$
|
52,377
|
|
|
49,974
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
FIVE QUARTER NONINTEREST INCOME
|
|
|
|
|
Quarter ended
|
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
|
(in millions)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
2016
|
|
2015
|
|
|
Service charges on deposit accounts
|
|
$
|
1,357
|
|
|
1,370
|
|
|
1,336
|
|
1,309
|
|
1,329
|
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
2,342
|
|
|
2,344
|
|
|
2,291
|
|
2,239
|
|
2,288
|
|
|
Trust and investment management
|
|
|
837
|
|
|
849
|
|
|
835
|
|
815
|
|
838
|
|
|
Investment banking
|
|
|
519
|
|
|
420
|
|
|
421
|
|
331
|
|
385
|
|
|
Total trust and investment fees
|
|
|
3,698
|
|
|
3,613
|
|
|
3,547
|
|
3,385
|
|
3,511
|
|
|
Card fees
|
|
|
1,001
|
|
|
997
|
|
|
997
|
|
941
|
|
966
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
305
|
|
|
306
|
|
|
317
|
|
313
|
|
308
|
|
|
Cash network fees
|
|
|
130
|
|
|
138
|
|
|
138
|
|
131
|
|
129
|
|
|
Commercial real estate brokerage commissions
|
|
|
172
|
|
|
119
|
|
|
86
|
|
117
|
|
224
|
|
|
Letters of credit fees
|
|
|
79
|
|
|
81
|
|
|
83
|
|
78
|
|
86
|
|
|
Wire transfer and other remittance fees
|
|
|
105
|
|
|
103
|
|
|
101
|
|
92
|
|
95
|
|
|
All other fees (1)(2)(3)
|
|
|
171
|
|
|
179
|
|
|
181
|
|
202
|
|
198
|
|
|
Total other fees
|
|
|
962
|
|
|
926
|
|
|
906
|
|
933
|
|
1,040
|
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
196
|
|
|
359
|
|
|
360
|
|
850
|
|
730
|
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
1,221
|
|
|
1,308
|
|
|
1,054
|
|
748
|
|
930
|
|
|
Total mortgage banking
|
|
|
1,417
|
|
|
1,667
|
|
|
1,414
|
|
1,598
|
|
1,660
|
|
|
Insurance
|
|
|
262
|
|
|
293
|
|
|
286
|
|
427
|
|
427
|
|
|
Net gains (losses) from trading activities
|
|
|
(109
|
)
|
|
415
|
|
|
328
|
|
200
|
|
99
|
|
|
Net gains on debt securities
|
|
|
145
|
|
|
106
|
|
|
447
|
|
244
|
|
346
|
|
|
Net gains from equity investments
|
|
|
306
|
|
|
140
|
|
|
189
|
|
244
|
|
423
|
|
|
Lease income
|
|
|
523
|
|
|
534
|
|
|
497
|
|
373
|
|
145
|
|
|
Life insurance investment income
|
|
|
132
|
|
|
152
|
|
|
149
|
|
154
|
|
139
|
|
|
All other (3)
|
|
|
(514
|
)
|
|
163
|
|
|
333
|
|
720
|
|
(87
|
)
|
|
Total
|
|
$
|
9,180
|
|
|
10,376
|
|
|
10,429
|
|
10,528
|
|
9,998
|
|
|
(1) Wire transfer and other remittance fees, reflected in all
other fees prior to 2016, have been separately disclosed.
|
|
|
(2) All other fees have been revised to include merchant processing
fees for all periods presented.
|
|
|
(3) Effective fourth quarter 2015, the Company's proportionate
share of its merchant services joint venture earnings is included
in All other income.
|
|
|
|
|
|
|
|
FIVE QUARTER NONINTEREST EXPENSE
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
|
(in millions)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
2016
|
|
2015
|
|
|
Salaries
|
|
$
|
4,193
|
|
|
4,224
|
|
|
4,099
|
|
4,036
|
|
4,061
|
|
|
Commission and incentive compensation
|
|
|
2,478
|
|
|
2,520
|
|
|
2,604
|
|
2,645
|
|
2,457
|
|
|
Employee benefits
|
|
|
1,101
|
|
|
1,223
|
|
|
1,244
|
|
1,526
|
|
1,042
|
|
|
Equipment
|
|
|
642
|
|
|
491
|
|
|
493
|
|
528
|
|
640
|
|
|
Net occupancy
|
|
|
710
|
|
|
718
|
|
|
716
|
|
711
|
|
725
|
|
|
Core deposit and other intangibles
|
|
|
301
|
|
|
299
|
|
|
299
|
|
293
|
|
311
|
|
|
FDIC and other deposit assessments
|
|
|
353
|
|
|
310
|
|
|
255
|
|
250
|
|
258
|
|
|
Outside professional services
|
|
|
984
|
|
|
802
|
|
|
769
|
|
583
|
|
827
|
|
|
Operating losses
|
|
|
243
|
|
|
577
|
|
|
334
|
|
454
|
|
532
|
|
|
Operating leases
|
|
|
379
|
|
|
363
|
|
|
352
|
|
235
|
|
73
|
|
|
Contract services
|
|
|
325
|
|
|
313
|
|
|
283
|
|
282
|
|
266
|
|
|
Outside data processing
|
|
|
222
|
|
|
233
|
|
|
225
|
|
208
|
|
205
|
|
|
Travel and entertainment
|
|
|
195
|
|
|
144
|
|
|
193
|
|
172
|
|
196
|
|
|
Postage, stationery and supplies
|
|
|
156
|
|
|
150
|
|
|
153
|
|
163
|
|
177
|
|
|
Advertising and promotion
|
|
|
178
|
|
|
117
|
|
|
166
|
|
134
|
|
184
|
|
|
Telecommunications
|
|
|
96
|
|
|
101
|
|
|
94
|
|
92
|
|
106
|
|
|
Foreclosed assets
|
|
|
75
|
|
|
(17
|
)
|
|
66
|
|
78
|
|
20
|
|
|
Insurance
|
|
|
23
|
|
|
23
|
|
|
22
|
|
111
|
|
57
|
|
|
All other
|
|
|
561
|
|
|
677
|
|
|
499
|
|
527
|
|
462
|
|
|
Total
|
|
$
|
13,215
|
|
|
13,268
|
|
|
12,866
|
|
13,028
|
|
12,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
Dec 31,
|
|
Dec 31,
|
|
%
|
|
|
(in millions, except shares)
|
|
2016
|
|
2015
|
|
Change
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
20,729
|
|
|
19,111
|
|
|
8
|
%
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
266,038
|
|
|
270,130
|
|
|
(2
|
)
|
|
Trading assets (1)
|
|
|
74,397
|
|
|
64,815
|
|
|
15
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
Available-for-sale, at fair value
|
|
|
308,364
|
|
|
267,358
|
|
|
15
|
|
|
Held-to-maturity, at cost
|
|
|
99,583
|
|
|
80,197
|
|
|
24
|
|
|
Mortgages held for sale
|
|
|
26,309
|
|
|
19,603
|
|
|
34
|
|
|
Loans held for sale
|
|
|
80
|
|
|
279
|
|
|
(71
|
)
|
|
Loans
|
|
|
967,604
|
|
|
916,559
|
|
|
6
|
|
|
Allowance for loan losses
|
|
|
(11,419
|
)
|
|
(11,545
|
)
|
|
(1
|
)
|
|
Net loans
|
|
|
956,185
|
|
|
905,014
|
|
|
6
|
|
|
Mortgage servicing rights:
|
|
|
|
|
|
|
|
Measured at fair value
|
|
|
12,959
|
|
|
12,415
|
|
|
4
|
|
|
Amortized
|
|
|
1,406
|
|
|
1,308
|
|
|
7
|
|
|
Premises and equipment, net
|
|
|
8,333
|
|
|
8,704
|
|
|
(4
|
)
|
|
Goodwill
|
|
|
26,693
|
|
|
25,529
|
|
|
5
|
|
|
Derivative assets
|
|
|
14,498
|
|
|
17,656
|
|
|
(18
|
)
|
|
Other assets (1)
|
|
|
114,541
|
|
|
95,513
|
|
|
20
|
|
|
Total assets
|
|