Wells Fargo & Company (NYSE:WFC) today announced that the Federal Reserve Board has not objected to the Company’s 2016 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation’s largest banks.

“We are pleased to receive the Federal Reserve Board’s non-objection to our capital plan and look forward to continuing to provide strong capital returns to our shareholders,” said Chairman and CEO John Stumpf. “Our ability to consistently provide industry-leading capital returns and maintain strong capital levels, while also being mindful of evolving regulatory capital expectations, reflects the benefit of our diversified business model and sound risk management discipline.”

On April 26, 2016, under the prior year’s CCAR submission, the Company increased its quarterly common stock dividend to $0.38 per share. As previously stated at its recent Investor Day, Wells Fargo expects to continue to provide returns within its target net payout ratio¹ range of 55-75%. Any future dividend actions are subject to consideration and approval by the Company’s Board of Directors.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 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.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future regulatory capital levels and possible future capital actions, including common stock dividends and common stock repurchases.

Forward-looking statements speak only as of the date made, and we do not undertake to update them. Actual capital levels and capital actions may vary materially from the expectations described in this news release due to a number of factors, including those described in our reports filed with the Securities and Exchange Commission and available at www.sec.gov. 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.

¹ 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. Dividends and share repurchases are subject to Wells Fargo board and regulatory approvals, and other considerations. Share issuances may vary based on business and market conditions, as well as other factors.