2015 Net Income of $23.0 Billion; Diluted EPS of $4.15
Wells Fargo & Company (NYSE:WFC):
-
Full year 2015:
-
Net income of $23.0 billion, consistent with 2014
-
Diluted earnings per share (EPS) of $4.15, up 1 percent
-
Revenue of $86.1 billion, up 2 percent
-
Pre-tax pre-provision profit1 of $36.3 billion, up 3
percent
-
Return on assets (ROA) of 1.32 percent and return on equity (ROE)
of 12.68 percent
-
Returned $12.6 billion to shareholders through dividends and net
share repurchases
-
Fourth quarter 2015:
-
Net income of $5.7 billion, stable compared with fourth quarter
2014
-
Diluted EPS of $1.03, up 1 percent
-
Revenue of $21.6 billion, up 1 percent
-
Pre-tax pre-provision profit1 of $9.2 billion, up 4
percent
-
ROA of 1.27 percent and ROE of 12.23 percent
-
Total average loans of $912.3 billion, up $62.9 billion, or 7
percent
-
Total average deposits of $1.2 trillion, up $67.0 billion, or 6
percent
-
Net charge-off rate of 0.36 percent (annualized), up from 0.34
percent
-
Nonaccrual loans down $1.5 billion, or 11 percent
-
No reserve build or release2, compared with a $250
million release in fourth quarter 2014
-
Common Equity Tier 1 ratio (fully phased-in) of 10.7 percent3
-
Period-end common shares outstanding down 16.3 million from third
quarter 2015
Endnotes can be found at end of release text.
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
|
Year ended Dec. 31,
|
|
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Dec 31,
2014
|
|
|
2015
|
|
|
2014
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
1.03
|
|
|
1.05
|
|
|
1.02
|
|
|
4.15
|
|
|
4.10
|
|
Wells Fargo net income (in billions)
|
|
|
5.71
|
|
|
5.80
|
|
|
5.71
|
|
|
23.03
|
|
|
23.06
|
|
Return on assets (ROA)
|
|
|
1.27
|
%
|
|
1.32
|
|
|
1.36
|
|
|
1.32
|
|
|
1.45
|
|
Return on equity (ROE)
|
|
|
12.23
|
|
|
12.62
|
|
|
12.84
|
|
|
12.68
|
|
|
13.41
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (annualized) as a % of average total loans
|
|
|
0.36
|
%
|
|
0.31
|
|
|
0.34
|
|
|
0.33
|
|
|
0.35
|
|
Allowance for credit losses as a % of total loans
|
|
|
1.37
|
|
|
1.39
|
|
|
1.53
|
|
|
1.37
|
|
|
1.53
|
|
Allowance for credit losses as a % of annualized net charge-offs
|
|
|
380
|
|
|
450
|
|
|
452
|
|
|
433
|
|
|
447
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in billions)
|
|
$
|
21.6
|
|
|
21.9
|
|
|
21.4
|
|
|
86.1
|
|
|
84.3
|
|
Efficiency ratio
|
|
|
57.4
|
%
|
|
56.7
|
|
|
59.0
|
|
|
57.8
|
|
|
58.1
|
|
Average loans (in billions)
|
|
$
|
912.3
|
|
|
895.1
|
|
|
849.4
|
|
|
885.4
|
|
|
834.4
|
|
Average deposits (in billions)
|
|
|
1,216.8
|
|
|
1,198.9
|
|
|
1,149.8
|
|
|
1,194.1
|
|
|
1,114.1
|
|
Net interest margin
|
|
|
2.92
|
%
|
|
2.96
|
|
|
3.04
|
|
|
2.95
|
|
|
3.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common
share of $4.15 for 2015, compared with $4.10 in 2014. Full year net
income was $23.0 billion, compared with $23.1 billion in 2014. For
fourth quarter 2015, net income was $5.7 billion, or $1.03 per share,
compared with $5.7 billion, or $1.02 per share, for fourth quarter 2014,
and $5.8 billion, or $1.05 per share, for third quarter 2015.
Chairman and CEO John Stumpf said, “Full year and fourth quarter 2015
results demonstrated the benefit of our diversified business model as we
again generated strong financial results, maintained our risk discipline
and continued to invest across the company for future growth. We
remained focused on the building blocks of long-term shareholder value,
with continued growth in loans, deposits and capital. For the 5th
consecutive year, we returned more capital to shareholders than the
prior year. I am proud of the dedication of our team members and their
focus on helping our customers succeed financially."
Chief Financial Officer John Shrewsberry added, “Our performance in the
fourth quarter reflected a continuation of the solid results we
generated all year and the ability of our diversified business model to
perform consistently across cycles. Compared with the prior quarter, we
increased deposits and grew both commercial and consumer loans, while
maintaining our credit and pricing discipline. Net interest income
increased as we benefited from broad-based earning asset growth, and fee
income remained diversified. We continued to have strong liquidity and
capital levels, and our net payout ratio4 was stable at
59 percent."
Net Interest Income
Net interest income in the fourth quarter increased $131 million from
third quarter 2015 to $11.6 billion, largely driven by growth in earning
assets. Income from variable sources, including periodic dividends, loan
recoveries and fees included in interest income, also increased in the
quarter. Net interest income also benefited modestly from the increase
in short-term interest rates late in the quarter. These benefits to net
interest income were partially offset by reduced income from seasonally
lower balances of mortgages held-for-sale and increased interest expense
from higher debt balances.
Net interest margin was 2.92 percent, down 4 basis points from third
quarter 2015. Income from variable sources improved the net interest
margin by approximately 2 basis points linked-quarter, but was more than
offset by customer-driven deposit growth, which had a minimal impact to
net interest income but was dilutive to the net interest margin by
3 basis points. All other growth, mix and repricing reduced the margin
by 3 basis points, largely driven by increased debt balances, including
funding raised in anticipation of closing the previously announced
acquisitions of certain commercial lending businesses and assets from GE
Capital.
Noninterest Income
Noninterest income in the fourth quarter was $10.0 billion, compared
with $10.4 billion in third quarter 2015, down due to lower equity
investment gains, which were elevated in the third quarter. Noninterest
income benefited from higher debt securities gains, trading income
(reflecting higher deferred compensation plan investment results which
were largely offset in employee benefits expense), commercial real
estate brokerage fees, mortgage banking, investment banking, card fees
and insurance fees.
Mortgage banking noninterest income was $1.7 billion, up $71 million
from third quarter, primarily driven by higher net servicing income.
During the fourth quarter, residential mortgage loan originations were
$47 billion, down $8 billion linked quarter on seasonality. The
production margin on residential held-for-sale mortgage loan originations5
was 1.83 percent, compared with 1.88 percent in third quarter. Net
mortgage servicing rights (MSRs) results were $417 million, compared
with $253 million in third quarter 2015.
Noninterest Expense
Noninterest expense in the fourth quarter was $12.4 billion, stable
compared with third quarter 2015. Fourth quarter expenses included
typically higher equipment, outside professional services and
advertising, as well as an increase in deferred compensation expense
(included in employee benefits expense and largely offset in revenue).
These higher expenses were offset by lower operating losses, commissions
and incentive compensation, as well as lower charitable donations, which
were elevated in the third quarter due to a $126 million contribution to
the Wells Fargo Foundation. Foreclosed asset expense also declined in
the quarter, driven primarily by commercial real estate recoveries. The
efficiency ratio was 57.4 percent in fourth quarter 2015, compared with
56.7 percent in the prior quarter. The Company expects to operate at the
higher end of its targeted efficiency ratio range of 55 to 59 percent
for full year 2016.
Loans
Total loans were $916.6 billion at December 31, 2015, up $13.3 billion
from September 30, 2015. Fourth quarter loan growth was broad-based
across all portfolios (other than real estate 1-4 family junior lien
mortgages) and did not include any loan portfolio acquisitions. Core
loan growth was $15.4 billion, or 2 percent, as
non-strategic/liquidating portfolios declined $2.1 billion in the
quarter. Total average loans were $912.3 billion in the fourth quarter,
up $17.2 billion from the prior quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
September 30, 2015
|
|
(in millions)
|
|
Core
|
|
|
Non-strategic
and liquidating (a)
|
|
|
Total
|
|
|
Core
|
|
|
Non-strategic
and liquidating
|
|
|
Total
|
|
Commercial
|
|
$
|
456,115
|
|
|
468
|
|
|
456,583
|
|
|
446,832
|
|
|
506
|
|
|
447,338
|
|
Consumer
|
|
|
408,489
|
|
|
51,487
|
|
|
459,976
|
|
|
402,363
|
|
|
53,532
|
|
|
455,895
|
|
Total loans
|
|
$
|
864,604
|
|
|
51,955
|
|
|
916,559
|
|
|
849,195
|
|
|
54,038
|
|
|
903,233
|
|
Change from prior quarter:
|
|
$
|
15,409
|
|
|
(2,083
|
)
|
|
13,326
|
|
|
17,095
|
|
|
(2,321
|
)
|
|
14,774
|
|
(a) See table on page 32 for additional information on
non-strategic/liquidating loan portfolios. Management believes
that the above information provides useful disclosure regarding
the Company’s ongoing loan portfolios.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Investment securities were $347.6 billion at December 31, 2015, up $2.5
billion from third quarter. The Company purchased approximately
$25 billion of securities (mostly federal agency mortgage-backed
securities and U.S. Treasury securities), which were offset by
maturities, amortization and sales.
Net unrealized available-for-sale securities gains of $3.0 billion at
December 31, 2015, declined from $4.9 billion at September 30, 2015,
primarily due to rising rates and realized gains on debt and equity
securities.
Deposits
Total average deposits for fourth quarter 2015 were $1.2 trillion, up 6
percent from a year ago, driven by both commercial and consumer growth.
The average deposit cost for fourth quarter 2015 was 8 basis points,
which was down 1 basis point from a year ago and unchanged from the
prior quarter. The increase in deposits reflected strong account growth
as the number of primary consumer checking customers6
increased 5.6 percent year-over-year7 and primary small
business and business banking checking customers6 increased
4.8 percent year-over-year7.
Capital
Capital levels remained strong in the fourth quarter, with Common Equity
Tier 1 (fully phased-in) of $142.5 billion, or 10.7 percent3.
In fourth quarter 2015, the Company purchased 27.0 million shares of its
common stock and entered into a $500 million forward repurchase
transaction for an additional 9.2 million shares which settled early in
first quarter 2016. The Company paid a quarterly common stock dividend
of $0.375 per share, up from $0.35 per share a year ago.
Credit Quality
“The trend of strong credit results continued in the fourth quarter,"
said Chief Risk Officer Mike Loughlin. "The quarterly loss rate
(annualized) remained low at 0.36 percent and nonperforming assets
declined by $497 million, or 15 percent (annualized), from the prior
quarter. The allowance for credit losses in the fourth quarter was
stable (no reserve build or release) as continued credit quality
improvements in the residential real estate portfolio were offset by
higher commercial reserves reflecting continued deterioration within the
energy sector. Future allowance levels may increase or decrease based on
a variety of factors, including loan growth, portfolio performance and
general economic conditions.”
Net Loan Charge-offs
The quarterly loss rate (annualized) of 0.36 percent reflected
commercial losses of 0.16 percent and consumer losses of 0.56 percent.
Credit losses were $831 million in fourth quarter 2015, compared with
$703 million in the third quarter, mainly due to $90 million in higher
oil and gas portfolio losses, as well as seasonal increases in the
non-real estate consumer portfolios.
|
Net Loan Charge-Offs
|
|
|
|
Quarter ended
|
|
|
|
|
December 31, 2015
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
($ in millions)
|
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
215
|
|
|
0.29
|
%
|
|
$
|
122
|
|
|
0.17
|
%
|
|
$
|
81
|
|
|
0.12
|
%
|
|
Real estate mortgage
|
|
|
(19
|
)
|
|
(0.06
|
)
|
|
|
(23
|
)
|
|
(0.08
|
)
|
|
|
(15
|
)
|
|
(0.05
|
)
|
|
Real estate construction
|
|
|
(10
|
)
|
|
(0.18
|
)
|
|
|
(8
|
)
|
|
(0.15
|
)
|
|
|
(6
|
)
|
|
(0.11
|
)
|
|
Lease financing
|
|
|
1
|
|
|
0.01
|
|
|
|
3
|
|
|
0.11
|
|
|
|
2
|
|
|
0.06
|
|
|
Total commercial
|
|
|
187
|
|
|
0.16
|
|
|
|
94
|
|
|
0.08
|
|
|
|
62
|
|
|
0.06
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
50
|
|
|
0.07
|
|
|
|
62
|
|
|
0.09
|
|
|
|
67
|
|
|
0.10
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
70
|
|
|
0.52
|
|
|
|
89
|
|
|
0.64
|
|
|
|
94
|
|
|
0.66
|
|
|
Credit card
|
|
|
243
|
|
|
2.93
|
|
|
|
216
|
|
|
2.71
|
|
|
|
243
|
|
|
3.21
|
|
|
Automobile
|
|
|
135
|
|
|
0.90
|
|
|
|
113
|
|
|
0.76
|
|
|
|
68
|
|
|
0.48
|
|
|
Other revolving credit and installment
|
|
|
146
|
|
|
1.49
|
|
|
|
129
|
|
|
1.35
|
|
|
|
116
|
|
|
1.26
|
|
|
Total consumer
|
|
|
644
|
|
|
0.56
|
|
|
|
609
|
|
|
0.53
|
|
|
|
588
|
|
|
0.53
|
|
|
Total
|
|
$
|
831
|
|
|
0.36
|
%
|
|
$
|
703
|
|
|
0.31
|
%
|
|
$
|
650
|
|
|
0.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Quarterly net charge-offs as a percentage of average loans are
annualized. See explanation on page 31 of the accounting for
purchased credit-impaired (PCI) loans and the impact on selected
financial ratios.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets
Nonperforming assets declined by $497 million from third quarter 2015 to
$12.8 billion. Nonaccrual loans decreased $155 million to $11.4 billion
driven by improvements in commercial and consumer real estate
portfolios, partially offset by an increase in commercial and industrial
nonaccrual loans, primarily related to deterioration in the oil and gas
portfolio. Foreclosed assets were $1.4 billion, down from $1.8 billion
in third quarter 2015.
|
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
($ in millions)
|
|
Total
balances
|
|
|
As a
% of
total
loans
|
|
|
Total
balances
|
|
|
As a
% of
total
loans
|
|
|
Total
balances
|
|
|
As a
% of
total
loans
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
1,363
|
|
|
0.45
|
%
|
|
$
|
1,031
|
|
|
0.35
|
%
|
|
$
|
1,079
|
|
|
0.38
|
%
|
|
Real estate mortgage
|
|
|
969
|
|
|
0.79
|
|
|
|
1,125
|
|
|
0.93
|
|
|
|
1,250
|
|
|
1.04
|
|
|
Real estate construction
|
|
|
66
|
|
|
0.30
|
|
|
|
151
|
|
|
0.70
|
|
|
|
165
|
|
|
0.77
|
|
|
Lease financing
|
|
|
26
|
|
|
0.21
|
|
|
|
29
|
|
|
0.24
|
|
|
|
28
|
|
|
0.23
|
|
|
Total commercial
|
|
|
2,424
|
|
|
0.53
|
|
|
|
2,336
|
|
|
0.52
|
|
|
|
2,522
|
|
|
0.58
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
7,293
|
|
|
2.66
|
|
|
|
7,425
|
|
|
2.74
|
|
|
|
8,045
|
|
|
3.00
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
1,495
|
|
|
2.82
|
|
|
|
1,612
|
|
|
2.95
|
|
|
|
1,710
|
|
|
3.04
|
|
|
Automobile
|
|
|
121
|
|
|
0.20
|
|
|
|
123
|
|
|
0.21
|
|
|
|
126
|
|
|
0.22
|
|
|
Other revolving credit and installment
|
|
|
49
|
|
|
0.13
|
|
|
|
41
|
|
|
0.11
|
|
|
|
40
|
|
|
0.11
|
|
|
Total consumer
|
|
|
8,958
|
|
|
1.95
|
|
|
|
9,201
|
|
|
2.02
|
|
|
|
9,921
|
|
|
2.20
|
|
|
Total nonaccrual loans
|
|
|
11,382
|
|
|
1.24
|
|
|
|
11,537
|
|
|
1.28
|
|
|
|
12,443
|
|
|
1.40
|
|
|
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government insured/guaranteed
|
|
|
446
|
|
|
|
|
|
|
502
|
|
|
|
|
|
|
588
|
|
|
|
|
|
Non-government insured/guaranteed
|
|
|
979
|
|
|
|
|
|
|
1,265
|
|
|
|
|
|
|
1,370
|
|
|
|
|
|
Total foreclosed assets
|
|
|
1,425
|
|
|
|
|
|
|
1,767
|
|
|
|
|
|
|
1,958
|
|
|
|
|
|
Total nonperforming assets
|
|
$
|
12,807
|
|
|
1.40
|
%
|
|
$
|
13,304
|
|
|
1.47
|
%
|
|
$
|
14,401
|
|
|
1.62
|
%
|
|
Change from prior quarter:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans
|
|
$
|
(155
|
)
|
|
|
|
|
$
|
(906
|
)
|
|
|
|
|
$
|
(67
|
)
|
|
|
|
|
Total nonperforming assets
|
|
|
(497
|
)
|
|
|
|
|
|
(1,097
|
)
|
|
|
|
|
|
(438
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 Days or More Past Due and Still Accruing
Loans 90 days or more past due and still accruing (excluding government
insured/guaranteed) totaled $981 million at December 31, 2015, up from
$872 million at September 30, 2015. Loans 90 days or more past due and
still accruing with repayments insured by the Federal Housing
Administration (FHA) or predominantly guaranteed by the Department of
Veterans Affairs (VA) for mortgage loans and the U.S. Department of
Education for student loans under the Federal Family Education Loan
Program were $13.4 billion at December 31, 2015, down from $13.5 billion
at September 30, 2015.
Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded
commitments, totaled $12.5 billion at December 31, 2015, compared with
$12.6 billion at September 30, 2015. The allowance coverage for total
loans was 1.37 percent, compared with 1.39 percent in third quarter
2015. The allowance covered 3.8 times annualized fourth quarter net
charge-offs, compared with 4.5 times in the prior quarter. The allowance
coverage for nonaccrual loans was 110 percent at December 31, 2015,
compared with 109 percent at September 30, 2015. “We believe the
allowance was appropriate for losses inherent in the loan portfolio at
December 31, 2015,” said Loughlin.
Business Segment Performance
Wells Fargo defines its operating segments by product type and customer
segment. Effective fourth quarter 2015, we realigned our business
banking and merchant payment services businesses from Community Banking
to Wholesale Banking. Results for these operating segments were revised
for prior periods to reflect the impact of this realignment. Segment net
income for each of the three business segments was:
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Dec 31,
2014
|
|
Community Banking
|
|
$
|
3,303
|
|
|
3,560
|
|
|
3,333
|
|
Wholesale Banking
|
|
|
2,104
|
|
|
1,925
|
|
|
2,095
|
|
Wealth and Investment Management
|
|
|
595
|
|
|
606
|
|
|
519
|
|
|
|
|
|
|
|
|
|
|
Community Banking offers a
complete line of diversified financial products and services for
consumers and small businesses including checking and savings accounts,
credit and debit cards, and auto, student, and small business lending.
Community Banking also offers investment, insurance and trust services
in 39 states and D.C., and mortgage and home equity loans in all 50
states and D.C. through its Regional Banking and Wells Fargo Home
Lending business units.
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Dec 31,
2014
|
|
Total revenue
|
|
$
|
12,330
|
|
|
12,933
|
|
|
12,158
|
|
Provision for credit losses
|
|
|
704
|
|
|
668
|
|
|
506
|
|
Noninterest expense
|
|
|
6,693
|
|
|
6,778
|
|
|
6,827
|
|
Segment net income
|
|
|
3,303
|
|
|
3,560
|
|
|
3,333
|
|
(in billions)
|
|
|
|
|
|
|
|
|
|
Average loans
|
|
|
482.2
|
|
|
477.0
|
|
|
469.6
|
|
Average assets
|
|
|
921.4
|
|
|
898.9
|
|
|
891.2
|
|
Average deposits
|
|
|
663.7
|
|
|
655.6
|
|
|
629.4
|
|
|
|
|
|
|
|
|
|
|
Community Banking reported net income of $3.3 billion, down
$257 million, or 7 percent, from third quarter 2015. Revenue of
$12.3 billion decreased $603 million, or 5 percent, from third quarter
2015 due to lower equity investment gains and lower other income,
partially offset by gains on deferred compensation plan investments
(offset in employee benefits expense) and higher gains on sales of debt
securities. Noninterest expense decreased $85 million, or 1 percent, due
to a donation to the Wells Fargo Foundation in the prior quarter, as
well as lower operating losses, partially offset by higher deferred
compensation plan expense (offset in trading revenue), project-related
expense, and advertising costs. The provision for credit losses
increased $36 million from the prior quarter primarily due to higher net
charge-offs.
Net income was down $30 million, or 1 percent, from fourth quarter 2014.
Revenue was up $172 million, or 1 percent, compared with a year ago due
to higher net interest income, market sensitive revenue, primarily
equity investment gains and gains on sale of debt securities, mortgage
banking fees, deposit service charges, debit and credit card fees, and
trust and investment fees, partially offset by a gain on sale of
government guaranteed student loans in the prior year. Noninterest
expense decreased $134 million, or 2 percent, from a year ago driven by
lower foreclosed assets expense, partially offset by higher equipment
expenses and operating losses. The provision for credit losses increased
$198 million from a year ago as the $48 million improvement in net
charge-offs was more than offset by the absence of a reserve release in
fourth quarter 2015.
Regional Banking
-
Retail Banking
-
Primary consumer checking customers6 up 5.6 percent
year-over-year7
-
Debit card purchase volume8 of $73 billion in fourth
quarter, up 8 percent year-over-year
-
Retail Bank household cross-sell ratio9 of 6.11
products per household, compared with 6.17 year-over-year7
-
Customers rated their overall experience, satisfaction with visit,
and loyalty with Wells Fargo stores at all-time highs based on
fourth quarter 2015 survey results
-
Online and Mobile Banking
-
26.4 million active online customers, up 7 percent year-over-year7
-
16.2 million active mobile customers, up 14 percent year-over-year7
Consumer Lending Group
-
Home Lending
-
Originations of $47 billion, down from $55 billion in prior quarter
-
Applications of $64 billion, down from $73 billion in prior quarter
-
Application pipeline of $29 billion at quarter end, down from $34
billion at September 30, 2015
-
Consumer Credit
-
Credit card purchase volume of $19 billion in fourth quarter, up
12 percent year-over-year
-
Credit card penetration in retail banking households rose to 43.4
percent, up from 41.5 percent in prior year
-
Highest ranking (A- grade) in Corporate Insight assessment of
credit card issuer rewards redemption options (December 2015)
-
Auto originations of $7.6 billion in fourth quarter, down 9
percent from prior quarter and up 13 percent from prior year
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
|
|
|
(in millions)
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Dec 31,
2014
|
|
|
Total revenue
|
|
$
|
6,559
|
|
|
6,326
|
|
|
6,532
|
|
|
Provision (reversal of provision) for credit losses
|
|
|
126
|
|
|
36
|
|
|
(33
|
)
|
|
Noninterest expense
|
|
|
3,491
|
|
|
3,503
|
|
|
3,533
|
|
|
Segment net income
|
|
|
2,104
|
|
|
1,925
|
|
|
2,095
|
|
|
(in billions)
|
|
|
|
|
|
|
|
|
|
|
Average loans
|
|
|
417.0
|
|
|
405.6
|
|
|
369.0
|
|
|
Average assets
|
|
|
755.4
|
|
|
739.1
|
|
|
668.8
|
|
|
Average deposits
|
|
|
449.3
|
|
|
442.0
|
|
|
424.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Banking reported net income of $2.1 billion, up $179 million,
or 9 percent, from third quarter 2015. Revenue of $6.6 billion increased
$233 million, or 4 percent, from prior quarter. Net interest income
increased $100 million, or 3 percent, primarily from broad based loan
growth. Noninterest income increased $133 million, or 5 percent, on
strong results in commercial real estate related businesses with growth
in commercial real estate brokerage, multi-family capital, structured
real estate and community lending, as well as higher investment banking
fees, equity fund investments gains and crop insurance underwriting
gains, partially offset by lower customer accommodation trading revenue.
Noninterest expense decreased $12 million as higher variable
compensation expenses were more than offset by lower operating losses
and foreclosed assets expense. The provision for credit losses increased
$90 million from prior quarter due to increased loan losses primarily
related to the oil and gas portfolio.
Net income was up $9 million from fourth quarter 2014. Revenue increased
$27 million from fourth quarter 2014, on $78 million, or 2 percent,
growth in net interest income related to strong loan and deposit growth,
offset by a $51 million, or 2 percent, decline in noninterest income.
Noninterest income declined as higher commercial real estate brokerage,
structured real estate, and multi-family capital results as well as
increased equity fund investment gains and higher crop insurance
underwriting gains were offset by lower customer accommodation trading
revenues, energy portfolio write-downs and lower investment banking
fees. Noninterest expense increased $42 million, or 1 percent, from a
year ago primarily due to higher personnel expenses related to growth
initiatives, compliance, and regulatory requirements. The provision for
credit losses increased $159 million from a year ago due to increased
loan losses primarily related to the oil and gas portfolio.
-
Average loans increased 13 percent from fourth quarter 2014, on
broad-based growth, including asset-backed finance, commercial
banking, commercial real estate, corporate banking, equipment finance,
and structured real estate
-
Cross-sell of 7.3 products per relationship, up 0.1 from fourth
quarter 201410
-
Treasury management revenue up 7 percent from fourth quarter 2014
-
Wells Fargo Treasury Management Services' Wholesale Lockbox Network
ranked as fastest in the United States11
Wealth and Investment Management
(formerly Wealth, Brokerage and Retirement) provides a full range
of personalized wealth management, investment and retirement products
and services to clients across U.S. based businesses including Wells
Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo
Institutional Retirement and Trust, and Wells Fargo Asset Management. We
deliver financial planning, private banking, credit, investment
management and fiduciary services to high-net worth and ultra-high-net
worth individuals and families. We also serve customers’ brokerage
needs, supply retirement and trust services to institutional clients and
provide investment management capabilities delivered to global
institutional clients through separate accounts and the Wells Fargo
Funds.
|
Selected Financial Information
|
|
|
|
Quarter ended
|
|
(in millions)
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Dec 31,
2014
|
|
Total revenue
|
|
$
|
3,947
|
|
|
3,878
|
|
|
3,913
|
|
Provision (reversal of provision) for credit losses
|
|
|
(6
|
)
|
|
(6
|
)
|
|
8
|
|
Noninterest expense
|
|
|
2,998
|
|
|
2,909
|
|
|
3,066
|
|
Segment net income
|
|
|
595
|
|
|
606
|
|
|
519
|
|
(in billions)
|
|
|
|
|
|
|
|
|
|
Average loans
|
|
|
63.0
|
|
|
61.1
|
|
|
54.8
|
|
Average assets
|
|
|
197.9
|
|
|
192.6
|
|
|
188.2
|
|
Average deposits
|
|
|
177.9
|
|
|
172.6
|
|
|
165.5
|
|
|
|
|
|
|
|
|
|
|
Wealth and Investment Management (WIM) reported net income of
$595 million, down $11 million, or 2 percent, from third quarter 2015.
Revenue of $3.9 billion increased $69 million, or 2 percent, from the
prior quarter, primarily from higher gains on deferred compensation plan
investments (offset in employee benefits expense) and higher net
interest income, partially offset by lower asset-based fees. Noninterest
expense increased $89 million, or 3 percent, from the prior quarter,
primarily due to higher deferred compensation plan expense, partially
offset by lower broker commissions. The provision for credit losses was
flat from third quarter 2015.
Net income was up $76 million, or 15 percent, from fourth quarter 2014.
Revenue increased $34 million, or 1 percent, from a year ago on growth
in net interest income, partially offset by lower asset-based fees.
Noninterest expense decreased $68 million, or 2 percent, from a year
ago, due to lower broker commissions, as well as lower non-personnel
expenses. The provision for credit losses decreased $14 million from a
year ago.
Retail Brokerage
-
Client assets of $1.4 trillion, down 2 percent from prior year
-
Managed account assets of $420 billion, down 1 percent from prior
year, as lower market valuations were partially offset by net flows
-
Strong loan growth, with average balances up 24 percent from prior
year largely due to continued growth in non-conforming mortgage loans
and security-based lending
Wealth Management
-
Client assets of $225 billion, flat from prior year
-
Average loan balances up 11 percent over prior year primarily driven
by continued growth in non-conforming mortgage loans, commercial loans
and security-based lending
Retirement
-
IRA assets of $354 billion, down 2 percent from prior year
-
Institutional Retirement plan assets of $334 billion, down 2 percent
from prior year
Asset Management
-
Total assets under management of $490 billion, down $6 billion from
fourth quarter 2014 as equity outflows and lower market valuations
were partially offset by fixed income net client inflows
Brokerage and Wealth cross-sell ratio of 10.55 products
per household, up from 10.49 a year ago7
Conference Call
The Company will host a live conference call on Friday, January 15, at 7
a.m. PT (10 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~011516.
A replay of the conference call will be available beginning at 10 a.m.
PT (1 p.m. ET) on Friday, January 15 through Sunday, January 24. Please
dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and
enter Conference ID #29684900. 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~011516.
|
|
|
Endnotes
|
|
1
|
|
Pre-tax pre-provision profit (PTPP) is total revenue less
noninterest expense. Management believes that PTPP is a useful
financial measure because it enables investors and others to assess
the Company’s ability to generate capital to cover credit losses
through a credit cycle.
|
|
2
|
|
Reserve release represents the amount by which net charge-offs
exceed the provision for credit losses.
|
|
3
|
|
See table on page 35 for more information on Common Equity Tier 1.
Common Equity Tier 1 (fully phased-in) is a preliminary estimate and
is calculated assuming the full phase-in of the Basel III capital
rules.
|
|
4
|
|
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.
|
|
5
|
|
Production margin represents net gains on residential mortgage loan
origination/sales activities divided by total residential
held-for-sale mortgage originations. See the Selected Five Quarter
Residential Mortgage Production Data table on page 40 for more
information.
|
|
6
|
|
Customers who actively use their checking account with transactions
such as debit card purchases, online bill payments, and direct
deposit.
|
|
7
|
|
Data as of November 2015, comparisons with November 2014.
|
|
8
|
|
Combined consumer and business debit card purchase volume dollars.
|
|
9
|
|
November 2015 Retail Bank household cross-sell ratio includes the
impact of the sale of government guaranteed student loans in fourth
quarter 2014.
|
|
10
|
|
Cross-sell reported on a one-quarter lag and does not reflect
Business Banking relationships. Business Banking realigned from
Community Banking to Wholesale Banking effective fourth quarter 2015.
|
|
11
|
|
Based on the 2015 Fall Phoenix-Hecht
Mail Study. Phoenix-Hecht network rankings use all provider
surveyed sites with an assumed locally disbursed check sample.
|
|
|
|
|
Forward-Looking Statements
This document contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. In addition, we
may make forward-looking statements in our other documents filed or
furnished with the SEC, and our management may make forward-looking
statements orally to analysts, investors, representatives of the media
and others. Forward-looking statements can be identified by words such
as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,”
“expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,”
“could,” “should,” “can” and similar references to future periods. In
particular, forward-looking statements include, but are not limited to,
statements we make about: (i) the future operating or financial
performance of the Company, including our outlook for future growth;
(ii) our noninterest expense and efficiency ratio; (iii) future credit
quality and performance, including our expectations regarding future
loan losses and allowance levels; (iv) the appropriateness of the
allowance for credit losses; (v) our expectations regarding net interest
income and net interest margin; (vi) loan growth or the reduction or
mitigation of risk in our loan portfolios; (vii) future capital levels
or targets and our estimated Common Equity Tier 1 ratio under Basel III
capital standards; (viii) the performance of our mortgage business and
any related exposures; (ix) the expected outcome and impact of legal,
regulatory and legislative developments, as well as our expectations
regarding compliance therewith; (x) future common stock dividends,
common share repurchases and other uses of capital; (xi) our targeted
range for return on assets and return on equity; (xii) the outcome of
contingencies, such as legal proceedings; and (xiii) the Company’s
plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead
represent our current expectations and assumptions regarding our
business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. We caution you,
therefore, against relying on any of these forward-looking statements.
They are neither statements of historical fact nor guarantees or
assurances of future performance. While there is no assurance that any
list of risks and uncertainties or risk factors is complete, important
factors that could cause actual results to differ materially from those
in the forward-looking statements include the following, without
limitation:
-
current and future economic and market conditions, including the
effects of declines in housing prices, high unemployment rates, U.S.
fiscal debt, budget and tax matters, geopolitical matters, and the
overall slowdown in global economic growth;
-
our capital and liquidity requirements (including under regulatory
capital standards, such as the Basel III capital standards) and our
ability to generate capital internally or raise capital on favorable
terms;
-
financial services reform and other current, pending or future
legislation or regulation that could have a negative effect on our
revenue and businesses, including the Dodd-Frank Act and other
legislation and regulation relating to bank products and services;
-
the extent of our success in our loan modification efforts, as well as
the effects of regulatory requirements or guidance regarding loan
modifications;
-
the amount of mortgage loan repurchase demands that we receive and our
ability to satisfy any such demands without having to repurchase loans
related thereto or otherwise indemnify or reimburse third parties, and
the credit quality of or losses on such repurchased mortgage loans;
-
negative effects relating to our mortgage servicing and foreclosure
practices, as well as changes in industry standards or practices,
regulatory or judicial requirements, penalties or fines, increased
servicing and other costs or obligations, including loan modification
requirements, or delays or moratoriums on foreclosures;
-
our ability to realize our efficiency ratio target as part of our
expense management initiatives, including as a result of business and
economic cyclicality, seasonality, changes in our business composition
and operating environment, growth in our businesses and/or
acquisitions, and unexpected expenses relating to, among other things,
litigation and regulatory matters;
-
the effect of the current low interest rate environment or changes in
interest rates on our net interest income, net interest margin and our
mortgage originations, mortgage servicing rights and mortgages held
for sale;
-
significant turbulence or a disruption in the capital or financial
markets, which could result in, among other things, reduced investor
demand for mortgage loans, a reduction in the availability of funding
or increased funding costs, and declines in asset values and/or
recognition of other-than-temporary impairment on securities held in
our investment securities portfolio;
-
the effect of a fall in stock market prices on our investment banking
business and our fee income from our brokerage, asset and wealth
management businesses;
-
reputational damage from negative publicity, protests, fines,
penalties and other negative consequences from regulatory violations
and legal actions;
-
a failure in or breach of our operational or security systems or
infrastructure, or those of our third party vendors or other service
providers, including as a result of cyber attacks;
-
the effect of changes in the level of checking or savings account
deposits on our funding costs and net interest margin;
-
fiscal and monetary policies of the Federal Reserve Board; and
-
the other risk factors and uncertainties described under “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2014.
In addition to the above factors, we also caution that the amount and
timing of any future common stock dividends or repurchases will depend
on the earnings, cash requirements and financial condition of the
Company, market conditions, capital requirements (including under Basel
capital standards), common stock issuance requirements, applicable law
and regulations (including federal securities laws and federal banking
regulations), and other factors deemed relevant by the Company’s Board
of Directors, and may be subject to regulatory approval or conditions.
For more information about factors that could cause actual results to
differ materially from our expectations, refer to our reports filed with
the Securities and Exchange Commission, including the discussion under
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2014, as filed with the Securities and Exchange Commission
and available on its website at www.sec.gov.
Any forward-looking statement made by us speaks only as of the date on
which it is made. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for us to
predict all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by law.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,700 locations, 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 265,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed financially.
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
QUARTERLY FINANCIAL DATA
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Pages
|
|
|
|
|
|
Summary Information
|
|
|
|
Summary Financial Data
|
|
16
|
|
|
|
|
|
Income
|
|
|
|
Consolidated Statement of Income
|
|
18
|
|
Consolidated Statement of Comprehensive Income
|
|
20
|
|
Condensed Consolidated Statement of Changes in Total Equity
|
|
20
|
|
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)
|
|
21
|
|
Five Quarter Average Balances, Yields and Rates Paid
(Taxable-Equivalent Basis)
|
|
22
|
|
Noninterest Income and Noninterest Expense
|
|
24
|
|
|
|
|
|
Balance Sheet
|
|
|
|
Consolidated Balance Sheet
|
|
26
|
|
Investment Securities
|
|
28
|
|
|
|
|
|
Loans
|
|
|
|
Loans
|
|
28
|
|
Nonperforming Assets
|
|
29
|
|
Loans 90 Days or More Past Due and Still Accruing
|
|
30
|
|
Purchased Credit-Impaired Loans
|
|
31
|
|
Pick-A-Pay Portfolio
|
|
32
|
|
Non-Strategic and Liquidating Loan Portfolios
|
|
32
|
|
Changes in Allowance for Credit Losses
|
|
33
|
|
|
|
|
|
Equity
|
|
|
|
Common Equity Tier 1 Under Basel III
|
|
35
|
|
|
|
|
|
Operating Segments
|
|
|
|
Operating Segment Results
|
|
36
|
|
|
|
|
|
Other
|
|
|
|
Mortgage Servicing and other related data
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
SUMMARY FINANCIAL DATA
|
|
|
|
|
Quarter ended
|
|
|
|
% Change
Dec 31, 2015 from
|
|
|
|
Year ended
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
Dec 31,
2015
|
|
|
|
Sep 30,
2015
|
|
|
|
Dec 31,
2014
|
|
|
|
Sep 30,
2015
|
|
|
|
Dec 31,
2014
|
|
|
|
Dec 31,
2015
|
|
|
|
Dec 31,
2014
|
|
|
|
%
Change
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
|
$
|
5,709
|
|
|
|
5,796
|
|
|
|
5,709
|
|
|
|
(2
|
)%
|
|
|
—
|
|
|
|
$
|
23,028
|
|
|
|
23,057
|
|
|
|
—
|
%
|
|
Wells Fargo net income applicable to common stock
|
|
|
|
5,337
|
|
|
|
5,443
|
|
|
|
5,382
|
|
|
|
(2
|
)
|
|
|
(1
|
)
|
|
|
|
21,604
|
|
|
|
21,821
|
|
|
|
(1
|
)
|
|
Diluted earnings per common share
|
|
|
|
1.03
|
|
|
|
1.05
|
|
|
|
1.02
|
|
|
|
(2
|
)
|
|
|
1
|
|
|
|
|
4.15
|
|
|
|
4.10
|
|
|
|
1
|
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
|
|
1.27
|
%
|
|
|
1.32
|
|
|
|
1.36
|
|
|
|
(4
|
)
|
|
|
(7
|
)
|
|
|
|
1.32
|
|
|
|
1.45
|
|
|
|
(9
|
)
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
|
|
12.23
|
|
|
|
12.62
|
|
|
|
12.84
|
|
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
|
12.68
|
|
|
|
13.41
|
|
|
|
(5
|
)
|
|
Efficiency ratio (1)
|
|
|
|
57.4
|
|
|
|
56.7
|
|
|
|
59.0
|
|
|
|
1
|
|
|
|
(3
|
)
|
|
|
|
57.8
|
|
|
|
58.1
|
|
|
|
(1
|
)
|
|
Total revenue
|
|
|
$
|
21,586
|
|
|
|
21,875
|
|
|
|
21,443
|
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
$
|
86,057
|
|
|
|
84,347
|
|
|
|
2
|
|
|
Pre-tax pre-provision profit (PTPP) (2)
|
|
|
|
9,187
|
|
|
|
9,476
|
|
|
|
8,796
|
|
|
|
(3
|
)
|
|
|
4
|
|
|
|
|
36,283
|
|
|
|
35,310
|
|
|
|
3
|
|
|
Dividends declared per common share
|
|
|
|
0.375
|
|
|
|
0.375
|
|
|
|
0.35
|
|
|
|
—
|
|
|
|
7
|
|
|
|
|
1.475
|
|
|
|
1.35
|
|
|
|
9
|
|
|
Average common shares outstanding
|
|
|
|
5,108.5
|
|
|
|
5,125.8
|
|
|
|
5,192.5
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
|
5,136.5
|
|
|
|
5,237.2
|
|
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
|
|
5,177.9
|
|
|
|
5,193.8
|
|
|
|
5,279.2
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
|
5,209.8
|
|
|
|
5,324.4
|
|
|
|
(2
|
)
|
|
Average loans
|
|
|
$
|
912,280
|
|
|
|
895,095
|
|
|
|
849,429
|
|
|
|
2
|
|
|
|
7
|
|
|
|
$
|
885,432
|
|
|
|
834,432
|
|
|
|
6
|
|
|
Average assets
|
|
|
|
1,787,287
|
|
|
|
1,746,402
|
|
|
|
1,663,760
|
|
|
|
2
|
|
|
|
7
|
|
|
|
|
1,742,919
|
|
|
|
1,593,349
|
|
|
|
9
|
|
|
Average total deposits
|
|
|
|
1,216,809
|
|
|
|
1,198,874
|
|
|
|
1,149,796
|
|
|
|
1
|
|
|
|
6
|
|
|
|
|
1,194,073
|
|
|
|
1,114,144
|
|
|
|
7
|
|
|
Average consumer and small business banking deposits (3)
|
|
|
|
696,484
|
|
|
|
683,245
|
|
|
|
648,659
|
|
|
|
2
|
|
|
|
7
|
|
|
|
|
680,221
|
|
|
|
639,196
|
|
|
|
6
|
|
|
Net interest margin
|
|
|
|
2.92
|
%
|
|
|
2.96
|
|
|
|
3.04
|
|
|
|
(1
|
)
|
|
|
(4
|
)
|
|
|
|
2.95
|
|
|
|
3.11
|
|
|
|
(5
|
)
|
|
At Period End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
$
|
347,555
|
|
|
|
345,074
|
|
|
|
312,925
|
|
|
|
1
|
|
|
|
11
|
|
|
|
$
|
347,555
|
|
|
|
312,925
|
|
|
|
11
|
|
|
Loans
|
|
|
|
916,559
|
|
|
|
903,233
|
|
|
|
862,551
|
|
|
|
1
|
|
|
|
6
|
|
|
|
|
916,559
|
|
|
|
862,551
|
|
|
|
6
|
|
|
Allowance for loan losses
|
|
|
|
11,545
|
|
|
|
11,659
|
|
|
|
12,319
|
|
|
|
(1
|
)
|
|
|
(6
|
)
|
|
|
|
11,545
|
|
|
|
12,319
|
|
|
|
(6
|
)
|
|
Goodwill
|
|
|
|
25,529
|
|
|
|
25,684
|
|
|
|
25,705
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
|
25,529
|
|
|
|
25,705
|
|
|
|
(1
|
)
|
|
Assets
|
|
|
|
1,787,632
|
|
|
|
1,751,265
|
|
|
|
1,687,155
|
|
|
|
2
|
|
|
|
6
|
|
|
|
|
1,787,632
|
|
|
|
1,687,155
|
|
|
|
6
|
|
|
Deposits
|
|
|
|
1,223,312
|
|
|
|
1,202,179
|
|
|
|
1,168,310
|
|
|
|
2
|
|
|
|
5
|
|
|
|
|
1,223,312
|
|
|
|
1,168,310
|
|
|
|
5
|
|
|
Common stockholders' equity
|
|
|
|
172,170
|
|
|
|
172,089
|
|
|
|
166,433
|
|
|
|
—
|
|
|
|
3
|
|
|
|
|
172,170
|
|
|
|
166,433
|
|
|
|
3
|
|
|
Wells Fargo stockholders’ equity
|
|
|
|
193,132
|
|
|
|
193,051
|
|
|
|
184,394
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
193,132
|
|
|
|
184,394
|
|
|
|
5
|
|
|
Total equity
|
|
|
|
194,025
|
|
|
|
194,043
|
|
|
|
185,262
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
194,025
|
|
|
|
185,262
|
|
|
|
5
|
|
|
Common shares outstanding
|
|
|
|
5,092.1
|
|
|
|
5,108.5
|
|
|
|
5,170.3
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
|
5,092.1
|
|
|
|
5,170.3
|
|
|
|
(2
|
)
|
|
Book value per common share (4)
|
|
|
$
|
33.81
|
|
|
|
33.69
|
|
|
|
32.19
|
|
|
|
—
|
|
|
|
5
|
|
|
|
$
|
33.81
|
|
|
|
32.19
|
|
|
|
5
|
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
|
56.34
|
|
|
|
58.77
|
|
|
|
55.95
|
|
|
|
(4
|
)
|
|
|
1
|
|
|
|
|
58.77
|
|
|
|
55.95
|
|
|
|
5
|
|
|
Low
|
|
|
|
49.51
|
|
|
|
47.75
|
|
|
|
46.44
|
|
|
|
4
|
|
|
|
7
|
|
|
|
|
47.75
|
|
|
|
44.17
|
|
|
|
8
|
|
|
Period end
|
|
|
|
54.36
|
|
|
|
51.35
|
|
|
|
54.82
|
|
|
|
6
|
|
|
|
(1
|
)
|
|
|
|
54.36
|
|
|
|
54.82
|
|
|
|
(1
|
)
|
|
Team members (active, full-time equivalent)
|
|
|
|
264,700
|
|
|
|
265,200
|
|
|
|
264,500
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
264,700
|
|
|
|
264,500
|
|
|
|
—
|
|
|
(1) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
|
|
(2) Pre-tax pre-provision profit (PTPP) is total revenue less
noninterest expense. Management believes that PTPP is a useful
financial measure because it enables investors and others to
assess the Company’s ability to generate capital to cover credit
losses through a credit cycle.
|
|
(3) Consumer and small business banking deposits are total deposits
excluding mortgage escrow and wholesale deposits.
|
|
(4) Book value per common share is common stockholders' equity
divided by common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER SUMMARY FINANCIAL DATA
|
|
|
|
|
Quarter ended
|
|
($ in millions, except per share amounts)
|
|
|
Dec 31,
2015
|
|
|
|
Sep 30,
2015
|
|
|
|
Jun 30,
2015
|
|
|
|
Mar 31,
2015
|
|
|
|
Dec 31,
2014
|
|
For the Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income
|
|
|
$
|
5,709
|
|
|
|
5,796
|
|
|
|
5,719
|
|
|
|
5,804
|
|
|
|
5,709
|
|
Wells Fargo net income applicable to common stock
|
|
|
|
5,337
|
|
|
|
5,443
|
|
|
|
5,363
|
|
|
|
5,461
|
|
|
|
5,382
|
|
Diluted earnings per common share
|
|
|
|
1.03
|
|
|
|
1.05
|
|
|
|
1.03
|
|
|
|
1.04
|
|
|
|
1.02
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo net income to average assets (ROA)
|
|
|
|
1.27
|
%
|
|
|
1.32
|
|
|
|
1.33
|
|
|
|
1.38
|
|
|
|
1.36
|
|
Wells Fargo net income applicable to common stock to average Wells
Fargo common stockholders’ equity (ROE)
|
|
|
|
12.23
|
|
|
|
12.62
|
|
|
|
12.71
|
|
|
|
13.17
|
|
|
|
12.84
|
|
Efficiency ratio (1)
|
|
|
|
57.4
|
|
|
|
56.7
|
|
|
|
58.5
|
|
|
|
58.8
|
|
|
|
59.0
|
|
Total revenue
|
|
|
$
|
21,586
|
|
|
|
21,875
|
|
|
|
21,318
|
|
|
|
21,278
|
|
|
|
21,443
|
|
Pre-tax pre-provision profit (PTPP) (2)
|
|
|
|
9,187
|
|
|
|
9,476
|
|
|
|
8,849
|
|
|
|
8,771
|
|
|
|
8,796
|
|
Dividends declared per common share
|
|
|
|
0.375
|
|
|
|
0.375
|
|
|
|
0.375
|
|
|
|
0.35
|
|
|
|
0.35
|
|
Average common shares outstanding
|
|
|
|
5,108.5
|
|
|
|
5,125.8
|
|
|
|
5,151.9
|
|
|
|
5,160.4
|
|
|
|
5,192.5
|
|
Diluted average common shares outstanding
|
|
|
|
5,177.9
|
|
|
|
5,193.8
|
|
|
|
5,220.5
|
|
|
|
5,243.6
|
|
|
|
5,279.2
|
|
Average loans
|
|
|
$
|
912,280
|
|
|
|
895,095
|
|
|
|
870,446
|
|
|
|
863,261
|
|
|
|
849,429
|
|
Average assets
|
|
|
|
1,787,287
|
|
|
|
1,746,402
|
|
|
|
1,729,278
|
|
|
|
1,707,798
|
|
|
|
1,663,760
|
|
Average total deposits
|
|
|
|
1,216,809
|
|
|
|
1,198,874
|
|
|
|
1,185,304
|
|
|
|
1,174,793
|
|
|
|
1,149,796
|
|
Average consumer and small business banking deposits (3)
|
|
|
|
696,484
|
|
|
|
683,245
|
|
|
|
674,889
|
|
|
|
665,896
|
|
|
|
648,659
|
|
Net interest margin
|
|
|
|
2.92
|
%
|
|
|
2.96
|
|
|
|
2.97
|
|
|
|
2.95
|
|
|
|
3.04
|
|
At Quarter End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
$
|
347,555
|
|
|
|
345,074
|
|
|
|
340,769
|
|
|
|
324,736
|
|
|
|
312,925
|
|
Loans
|
|
|
|
916,559
|
|
|
|
903,233
|
|
|
|
888,459
|
|
|
|
861,231
|
|
|
|
862,551
|
|
Allowance for loan losses
|
|
|
|
11,545
|
|
|
|
11,659
|
|
|
|
11,754
|
|
|
|
12,176
|
|
|
|
12,319
|
|
Goodwill
|
|
|
|
25,529
|
|
|
|
25,684
|
|
|
|
25,705
|
|
|
|
25,705
|
|
|
|
25,705
|
|
Assets
|
|
|
|
1,787,632
|
|
|
|
1,751,265
|
|
|
|
1,720,617
|
|
|
|
1,737,737
|
|
|
|
1,687,155
|
|
Deposits
|
|
|
|
1,223,312
|
|
|
|
1,202,179
|
|
|
|
1,185,828
|
|
|
|
1,196,663
|
|
|
|
1,168,310
|
|
Common stockholders' equity
|
|
|
|
172,170
|
|
|
|
172,089
|
|
|
|
169,596
|
|
|
|
168,834
|
|
|
|
166,433
|
|
Wells Fargo stockholders’ equity
|
|
|
|
193,132
|
|
|
|
193,051
|
|
|
|
189,558
|
|
|
|
188,796
|
|
|
|
184,394
|
|
Total equity
|
|
|
|
194,025
|
|
|
|
194,043
|
|
|
|
190,676
|
|
|
|
189,964
|
|
|
|
185,262
|
|
Common shares outstanding
|
|
|
|
5,092.1
|
|
|
|
5,108.5
|
|
|
|
5,145.2
|
|
|
|
5,162.9
|
|
|
|
5,170.3
|
|
Book value per common share (4)
|
|
|
$
|
33.81
|
|
|
|
33.69
|
|
|
|
32.96
|
|
|
|
32.70
|
|
|
|
32.19
|
|
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
|
56.34
|
|
|
|
58.77
|
|
|
|
58.26
|
|
|
|
56.29
|
|
|
|
55.95
|
|
Low
|
|
|
|
49.51
|
|
|
|
47.75
|
|
|
|
53.56
|
|
|
|
50.42
|
|
|
|
46.44
|
|
Period end
|
|
|
|
54.36
|
|
|
|
51.35
|
|
|
|
56.24
|
|
|
|
54.40
|
|
|
|
54.82
|
|
Team members (active, full-time equivalent)
|
|
|
|
264,700
|
|
|
|
265,200
|
|
|
|
265,800
|
|
|
|
266,000
|
|
|
|
264,500
|
|
(1) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
|
|
(2) Pre-tax pre-provision profit (PTPP) is total revenue less
noninterest expense. Management believes that PTPP is a useful
financial measure because it enables investors and others to
assess the Company’s ability to generate capital to cover credit
losses through a credit cycle.
|
|
(3) Consumer and small business banking deposits are total deposits
excluding mortgage escrow and wholesale deposits.
|
|
(4) Book value per common share is common stockholders' 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)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
|
$
|
558
|
|
|
|
477
|
|
|
|
17
|
%
|
|
|
$
|
1,971
|
|
|
|
1,685
|
|
|
|
17
|
%
|
|
Investment securities
|
|
|
|
2,323
|
|
|
|
2,150
|
|
|
|
8
|
|
|
|
|
8,937
|
|
|
|
8,438
|
|
|
|
6
|
|
|
Mortgages held for sale
|
|
|
|
176
|
|
|
|
187
|
|
|
|
(6
|
)
|
|
|
|
785
|
|
|
|
767
|
|
|
|
2
|
|
|
Loans held for sale
|
|
|
|
5
|
|
|
|
25
|
|
|
|
(80
|
)
|
|
|
|
19
|
|
|
|
78
|
|
|
|
(76
|
)
|
|
Loans
|
|
|
|
9,323
|
|
|
|
9,091
|
|
|
|
3
|
|
|
|
|
36,575
|
|
|
|
35,652
|
|
|
|
3
|
|
|
Other interest income
|
|
|
|
258
|
|
|
|
253
|
|
|
|
2
|
|
|
|
|
990
|
|
|
|
932
|
|
|
|
6
|
|
|
Total interest income
|
|
|
|
12,643
|
|
|
|
12,183
|
|
|
|
4
|
|
|
|
|
49,277
|
|
|
|
47,552
|
|
|
|
4
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
241
|
|
|
|
269
|
|
|
|
(10
|
)
|
|
|
|
963
|
|
|
|
1,096
|
|
|
|
(12
|
)
|
|
Short-term borrowings
|
|
|
|
13
|
|
|
|
18
|
|
|
|
(28
|
)
|
|
|
|
64
|
|
|
|
59
|
|
|
|
8
|
|
|
Long-term debt
|
|
|
|
713
|
|
|
|
620
|
|
|
|
15
|
|
|
|
|
2,592
|
|
|
|
2,488
|
|
|
|
4
|
|
|
Other interest expense
|
|
|
|
88
|
|
|
|
96
|
|
|
|
(8
|
)
|
|
|
|
357
|
|
|
|
382
|
|
|
|
(7
|
)
|
|
Total interest expense
|
|
|
|
1,055
|
|
|
|
1,003
|
|
|
|
5
|
|
|
|
|
3,976
|
|
|
|
4,025
|
|
|
|
(1
|
)
|
|
Net interest income
|
|
|
|
11,588
|
|
|
|
11,180
|
|
|
|
4
|
|
|
|
|
45,301
|
|
|
|
43,527
|
|
|
|
4
|
|
|
Provision for credit losses
|
|
|
|
831
|
|
|
|
485
|
|
|
|
71
|
|
|
|
|
2,442
|
|
|
|
1,395
|
|
|
|
75
|
|
|
Net interest income after provision for credit losses
|
|
|
|
10,757
|
|
|
|
10,695
|
|
|
|
1
|
|
|
|
|
42,859
|
|
|
|
42,132
|
|
|
|
2
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
1,329
|
|
|
|
1,241
|
|
|
|
7
|
|
|
|
|
5,168
|
|
|
|
5,050
|
|
|
|
2
|
|
|
Trust and investment fees
|
|
|
|
3,511
|
|
|
|
3,705
|
|
|
|
(5
|
)
|
|
|
|
14,468
|
|
|
|
14,280
|
|
|
|
1
|
|
|
Card fees
|
|
|
|
966
|
|
|
|
925
|
|
|
|
4
|
|
|
|
|
3,720
|
|
|
|
3,431
|
|
|
|
8
|
|
|
Other fees
|
|
|
|
1,040
|
|
|
|
1,124
|
|
|
|
(7
|
)
|
|
|
|
4,324
|
|
|
|
4,349
|
|
|
|
(1
|
)
|
|
Mortgage banking
|
|
|
|
1,660
|
|
|
|
1,515
|
|
|
|
10
|
|
|
|
|
6,501
|
|
|
|
6,381
|
|
|
|
2
|
|
|
Insurance
|
|
|
|
427
|
|
|
|
382
|
|
|
|
12
|
|
|
|
|
1,694
|
|
|
|
1,655
|
|
|
|
2
|
|
|
Net gains from trading activities
|
|
|
|
99
|
|
|
|
179
|
|
|
|
(45
|
)
|
|
|
|
614
|
|
|
|
1,161
|
|
|
|
(47
|
)
|
|
Net gains on debt securities
|
|
|
|
346
|
|
|
|
186
|
|
|
|
86
|
|
|
|
|
952
|
|
|
|
593
|
|
|
|
61
|
|
|
Net gains from equity investments
|
|
|
|
423
|
|
|
|
372
|
|
|
|
14
|
|
|
|
|
2,230
|
|
|
|
2,380
|
|
|
|
(6
|
)
|
|
Lease income
|
|
|
|
145
|
|
|
|
127
|
|
|
|
14
|
|
|
|
|
621
|
|
|
|
526
|
|
|
|
18
|
|
|
Other
|
|
|
|
52
|
|
|
|
507
|
|
|
|
(90
|
)
|
|
|
|
464
|
|
|
|
1,014
|
|
|
|
(54
|
)
|
|
Total noninterest income
|
|
|
|
9,998
|
|
|
|
10,263
|
|
|
|
(3
|
)
|
|
|
|
40,756
|
|
|
|
40,820
|
|
|
|
—
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
|
|
4,061
|
|
|
|
3,938
|
|
|
|
3
|
|
|
|
|
15,883
|
|
|
|
15,375
|
|
|
|
3
|
|
|
Commission and incentive compensation
|
|
|
|
2,457
|
|
|
|
2,582
|
|
|
|
(5
|
)
|
|
|
|
10,352
|
|
|
|
9,970
|
|
|
|
4
|
|
|
Employee benefits
|
|
|
|
1,042
|
|
|
|
1,124
|
|
|
|
(7
|
)
|
|
|
|
4,446
|
|
|
|
4,597
|
|
|
|
(3
|
)
|
|
Equipment
|
|
|
|
640
|
|
|
|
581
|
|
|
|
10
|
|
|
|
|
2,063
|
|
|
|
1,973
|
|
|
|
5
|
|
|
Net occupancy
|
|
|
|
725
|
|
|
|
730
|
|
|
|
(1
|
)
|
|
|
|
2,886
|
|
|
|
2,925
|
|
|
|
(1
|
)
|
|
Core deposit and other intangibles
|
|
|
|
311
|
|
|
|
338
|
|
|
|
(8
|
)
|
|
|
|
1,246
|
|
|
|
1,370
|
|
|
|
(9
|
)
|
|
FDIC and other deposit assessments
|
|
|
|
258
|
|
|
|
231
|
|
|
|
12
|
|
|
|
|
973
|
|
|
|
928
|
|
|
|
5
|
|
|
Other
|
|
|
|
2,905
|
|
|
|
3,123
|
|
|
|
(7
|
)
|
|
|
|
11,925
|
|
|
|
11,899
|
|
|
|
—
|
|
|
Total noninterest expense
|
|
|
|
12,399
|
|
|
|
12,647
|
|
|
|
(2
|
)
|
|
|
|
49,774
|
|
|
|
49,037
|
|
|
|
2
|
|
|
Income before income tax expense
|
|
|
|
8,356
|
|
|
|
8,311
|
|
|
|
1
|
|
|
|
|
33,841
|
|
|
|
33,915
|
|
|
|
—
|
|
|
Income tax expense
|
|
|
|
2,599
|
|
|
|
2,519
|
|
|
|
3
|
|
|
|
|
10,431
|
|
|
|
10,307
|
|
|
|
1
|
|
|
Net income before noncontrolling interests
|
|
|
|
5,757
|
|
|
|
5,792
|
|
|
|
(1
|
)
|
|
|
|
23,410
|
|
|
|
23,608
|
|
|
|
(1
|
)
|
|
Less: Net income from noncontrolling interests
|
|
|
|
48
|
|
|
|
83
|
|
|
|
(42
|
)
|
|
|
|
382
|
|
|
|
551
|
|
|
|
(31
|
)
|
|
Wells Fargo net income
|
|
|
$
|
5,709
|
|
|
|
5,709
|
|
|
|
—
|
|
|
|
$
|
23,028
|
|
|
|
23,057
|
|
|
|
—
|
|
|
Less: Preferred stock dividends and other
|
|
|
|
372
|
|
|
|
327
|
|
|
|
14
|
|
|
|
|
1,424
|
|
|
|
1,236
|
|
|
|
15
|
|
|
Wells Fargo net income applicable to common stock
|
|
|
$
|
5,337
|
|
|
|
5,382
|
|
|
|
(1
|
)
|
|
|
$
|
21,604
|
|
|
|
21,821
|
|
|
|
(1
|
)
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
$
|
1.05
|
|
|
|
1.04
|
|
|
|
1
|
|
|
|
$
|
4.21
|
|
|
|
4.17
|
|
|
|
1
|
|
|
Diluted earnings per common share
|
|
|
|
1.03
|
|
|
|
1.02
|
|
|
|
1
|
|
|
|
|
4.15
|
|
|
|
4.10
|
|
|
|
1
|
|
|
Dividends declared per common share
|
|
|
|
0.375
|
|
|
|
0.35
|
|
|
|
7
|
|
|
|
|
1.475
|
|
|
|
1.35
|
|
|
|
9
|
|
|
Average common shares outstanding
|
|
|
|
5,108.5
|
|
|
|
5,192.5
|
|
|
|
(2
|
)
|
|
|
|
5,136.5
|
|
|
|
5,237.2
|
|
|
|
(2
|
)
|
|
Diluted average common shares outstanding
|
|
|
|
5,177.9
|
|
|
|
5,279.2
|
|
|
|
(2
|
)
|
|
|
|
5,209.8
|
|
|
|
5,324.4
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
Quarter ended
|
|
(in millions, except per share amounts)
|
|
|
Dec 31,
2015
|
|
|
Sep 30,
2015
|
|
|
Jun 30,
2015
|
|
|
Mar 31,
2015
|
|
|
Dec 31,
2014
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
|
$
|
558
|
|
|
485
|
|
|
483
|
|
|
445
|
|
|
477
|
|
Investment securities
|
|
|
|
2,323
|
|
|
2,289
|
|
|
2,181
|
|
|
2,144
|
|
|
2,150
|
|
Mortgages held for sale
|
|
|
|
176
|
|
|
223
|
|
|
209
|
|
|
177
|
|
|
187
|
|
Loans held for sale
|
|
|
|
5
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
25
|
|
Loans
|
|
|
|
9,323
|
|
|
9,216
|
|
|
9,098
|
|
|
8,938
|
|
|
9,091
|
|
Other interest income
|
|
|
|
258
|
|
|
228
|
|
|
250
|
|
|
254
|
|
|
253
|
|
Total interest income
|
|
|
|
12,643
|
|
|
12,445
|
|
|
12,226
|
|
|
11,963
|
|
|
12,183
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
241
|
|
|
232
|
|
|
232
|
|
|
258
|
|
|
269
|
|
Short-term borrowings
|
|
|
|
13
|
|
|
12
|
|
|
21
|
|
|
18
|
|
|
18
|
|
Long-term debt
|
|
|
|
713
|
|
|
655
|
|
|
620
|
|
|
604
|
|
|
620
|
|
Other interest expense
|
|
|
|
88
|
|
|
89
|
|
|
83
|
|
|
97
|
|
|
96
|
|
Total interest expense
|
|
|
|
1,055
|
|
|
988
|
|
|
956
|
|
|
977
|
|
|
1,003
|
|
Net interest income
|
|
|
|
11,588
|
|
|
11,457
|
|
|
11,270
|
|
|
10,986
|
|
|
11,180
|
|
Provision for credit losses
|
|
|
|
831
|
|
|
703
|
|
|
300
|
|
|
608
|
|
|
485
|
|
Net interest income after provision for credit losses
|
|
|
|
10,757
|
|
|
10,754
|
|
|
10,970
|
|
|
10,378
|
|
|
10,695
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
1,329
|
|
|
1,335
|
|
|
1,289
|
|
|
1,215
|
|
|
1,241
|
|
Trust and investment fees
|
|
|
|
3,511
|
|
|
3,570
|
|
|
3,710
|
|
|
3,677
|
|
|
3,705
|
|
Card fees
|
|
|
|
966
|
|
|
953
|
|
|
930
|
|
|
871
|
|
|
925
|
|
Other fees
|
|
|
|
1,040
|
|
|
1,099
|
|
|
1,107
|
|
|
1,078
|
|
|
1,124
|
|
Mortgage banking
|
|
|
|
1,660
|
|
|
1,589
|
|
|
1,705
|
|
|
1,547
|
|
|
1,515
|
|
Insurance
|
|
|
|
427
|
|
|
376
|
|
|
461
|
|
|
430
|
|
|
382
|
|
Net gains (losses) from trading activities
|
|
|
|
99
|
|
|
(26
|
)
|
|
133
|
|
|
408
|
|
|
179
|
|
Net gains on debt securities
|
|
|
|
346
|
|
|
147
|
|
|
181
|
|
|
278
|
|
|
186
|
|
Net gains from equity investments
|
|
|
|
423
|
|
|
920
|
|
|
517
|
|
|
370
|
|
|
372
|
|
Lease income
|
|
|
|
145
|
|
|
189
|
|
|
155
|
|
|
132
|
|
|
127
|
|
Other
|
|
|
|
52
|
|
|
266
|
|
|
(140
|
)
|
|
286
|
|
|
507
|
|
Total noninterest income
|
|
|
|
9,998
|
|
|
10,418
|
|
|
10,048
|
|
|
10,292
|
|
|
10,263
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
|
|
|
|
4,061
|
|
|
4,035
|
|
|
3,936
|
|
|
3,851
|
|
|
3,938
|
|
Commission and incentive compensation
|
|
|
|
2,457
|
|
|
2,604
|
|
|
2,606
|
|
|
2,685
|
|
|
2,582
|
|
Employee benefits
|
|
|
|
1,042
|
|
|
821
|
|
|
1,106
|
|
|
1,477
|
|
|
1,124
|
|
Equipment
|
|
|
|
640
|
|
|
459
|
|
|
470
|
|
|
494
|
|
|
581
|
|
Net occupancy
|
|
|
|
725
|
|
|
728
|
|
|
710
|
|
|
723
|
|
|
730
|
|
Core deposit and other intangibles
|
|
|
|
311
|
|
|
311
|
|
|
312
|
|
|
312
|
|
|
338
|
|
FDIC and other deposit assessments
|
|
|
|
258
|
|
|
245
|
|
|
222
|
|
|
248
|
|
|
231
|
|
Other
|
|
|
|
2,905
|
|
|
3,196
|
|
|
3,107
|
|
|
2,717
|
|
|
3,123
|
|
Total noninterest expense
|
|
|
|
12,399
|
|
|
12,399
|
|
|
12,469
|
|
|
12,507
|
|
|
12,647
|
|
Income before income tax expense
|
|
|
|
8,356
|
|
|
8,773
|
|
|
8,549
|
|
|
8,163
|
|
|
8,311
|
|
Income tax expense
|
|
|
|
2,599
|
|
|
2,790
|
|
|
2,763
|
|
|
2,279
|
|
|
2,519
|
|
Net income before noncontrolling interests
|
|
|
|
5,757
|
|
|
5,983
|
|
|
5,786
|
|
|
5,884
|
|
|
5,792
|
|
Less: Net income from noncontrolling interests
|
|
|
|
48
|
|
|
187
|
|
|
67
|
|
|
80
|
|
|
83
|
|
Wells Fargo net income
|
|
|
$
|
5,709
|
|
|
5,796
|
|
|
5,719
|
|
|
5,804
|
|
|
5,709
|
|
Less: Preferred stock dividends and other
|
|
|
|
372
|
|
|
353
|
|
|
356
|
|
|
343
|
|
|
327
|
|
Wells Fargo net income applicable to common stock
|
|
|
$
|
5,337
|
|
|
5,443
|
|
|
5,363
|
|
|
5,461
|
|
|
5,382
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
$
|
1.05
|
|
|
1.06
|
|
|
1.04
|
|
|
1.06
|
|
|
1.04
|
|
Diluted earnings per common share
|
|
|
|
1.03
|
|
|
1.05
|
|
|
1.03
|
|
|
1.04
|
|
|
1.02
|
|
Dividends declared per common share
|
|
|
|
0.375
|
|
|
0.375
|
|
|
0.375
|
|
|
0.35
|
|
|
0.35
|
|
Average common shares outstanding
|
|
|
|
5,108.5
|
|
|
5,125.8
|
|
|
5,151.9
|
|
|
5,160.4
|
|
|
5,192.5
|
|
Diluted average common shares outstanding
|
|
|
|
5,177.9
|
|
|
5,193.8
|
|
|
5,220.5
|
|
|
5,243.6
|
|
|
5,279.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended Dec 31,
|
|
|
|
%
|
|
|
|
Year ended Dec 31,
|
|
|
|
%
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
Wells Fargo net income
|
|
|
|
$
|
5,709
|
|
|
|
5,709
|
|
|
|
—%
|
|
|
|
$
|
23,028
|
|
|
|
23,057
|
|
|
|
—%
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) arising during the period
|
|
|
|
(1,301
|
)
|
|
|
1,560
|
|
|
|
NM
|
|
|
|
(3,318
|
)
|
|
|
5,426
|
|
|
|
NM
|
|
Reclassification of net gains to net income
|
|
|
|
(573
|
)
|
|
|
(327
|
)
|
|
|
75
|
|
|
|
(1,530
|
)
|
|
|
(1,532
|
)
|
|
|
—
|
|
Derivatives and hedging activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) arising during the period
|
|
|
|
(684
|
)
|
|
|
730
|
|
|
|
NM
|
|
|
|
1,549
|
|
|
|
952
|
|
|
|
63
|
|
Reclassification of net gains on cash flow hedges to net income
|
|
|
|
(294
|
)
|
|
|
(197
|
)
|
|
|
49
|
|
|
|
(1,089
|
)
|
|
|
(545
|
)
|
|
|
100
|
|
Defined benefit plans adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial losses arising during the period
|
|
|
|
(501
|
)
|
|
|
(1,104
|
)
|
|
|
(55
|
)
|
|
|
(512
|
)
|
|
|
(1,116
|
)
|
|
|
(54)
|
|
Amortization of net actuarial loss, settlements and other to net
income
|
|
|
|
11
|
|
|
|
18
|
|
|
|
(39
|
)
|
|
|
114
|
|
|
|
74
|
|
|
|
54
|
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses arising during the period
|
|
|
|
(33
|
)
|
|
|
(28
|
)
|
|
|
18
|
|
|
|
(137
|
)
|
|
|
(60
|
)
|
|
|
128
|
|
Reclassification of net (gains) losses to net income
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
NM
|
|
|
|
(5
|
)
|
|
|
6
|
|
|
|
NM
|
|
Other comprehensive income (loss), before tax
|
|
|
|
(3,380
|
)
|
|
|
652
|
|
|
|
NM
|
|
|
|
(4,928
|
)
|
|
|
3,205
|
|
|
|
NM
|
|
Income tax (expense) benefit related to other comprehensive income
|
|
|
|
1,230
|
|
|
|
(213
|
)
|
|
|
NM
|
|
|
|
1,774
|
|
|
|
(1,300
|
)
|
|
|
NM
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
(2,150
|
)
|
|
|
439
|
|
|
|
NM
|
|
|
|
(3,154
|
)
|
|
|
1,905
|
|
|
|
NM
|
|
Less: Other comprehensive income (loss) from noncontrolling interests
|
|
|
|
(58
|
)
|
|
|
39
|
|
|
|
NM
|
|
|
|
67
|
|
|
|
(227
|
)
|
|
|
NM
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
|
|
|
(2,092
|
)
|
|
|
400
|
|
|
|
NM
|
|
|
|
(3,221
|
)
|
|
|
2,132
|
|
|
|
NM
|
|
Wells Fargo comprehensive income
|
|
|
|
3,617
|
|
|
|
6,109
|
|
|
|
(41
|
)
|
|
|
19,807
|
|
|
|
25,189
|
|
|
|
(21)
|
|
Comprehensive income (loss) from noncontrolling interests
|
|
|
|
(10
|
)
|
|
|
122
|
|
|
|
NM
|
|
|
|
449
|
|
|
|
324
|
|
|
|
39
|
|
Total comprehensive income
|
|
|
|
$
|
3,607
|
|
|
|
6,231
|
|
|
|
(42
|
)
|
|
|
$
|
20,256
|
|
|
|
25,513
|
|
|
|
(21)
|
|
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)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Balance, beginning of period
|
|
|
|
$
|
194,043
|
|
|
|
190,676
|
|
|
|
189,964
|
|
|
|
185,262
|
|
|
|
182,990
|
|
|
Wells Fargo net income
|
|
|
|
5,709
|
|
|
|
5,796
|
|
|
|
5,719
|
|
|
|
5,804
|
|
|
|
5,709
|
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
|
|
|
(2,092
|
)
|
|
|
321
|
|
|
|
(1,709
|
)
|
|
|
259
|
|
|
|
400
|
|
|
Noncontrolling interests
|
|
|
|
(100
|
)
|
|
|
(123
|
)
|
|
|
(51
|
)
|
|
|
301
|
|
|
|
353
|
|
|
Common stock issued
|
|
|
|
310
|
|
|
|
505
|
|
|
|
502
|
|
|
|
1,327
|
|
|
|
508
|
|
|
Common stock repurchased (1)
|
|
|
|
(1,974
|
)
|
|
|
(2,137
|
)
|
|
|
(1,994
|
)
|
|
|
(2,592
|
)
|
|
|
(2,945
|
)
|
|
Preferred stock released by ESOP
|
|
|
|
210
|
|
|
|
225
|
|
|
|
349
|
|
|
|
41
|
|
|
|
166
|
|
|
Common stock warrants repurchased/exercised
|
|
|
|
—
|
|
|
|
(17
|
)
|
|
|
(24
|
)
|
|
|
(8
|
)
|
|
|
(9
|
)
|
|
Preferred stock issued
|
|
|
|
—
|
|
|
|
975
|
|
|
|
—
|
|
|
|
1,997
|
|
|
|
—
|
|
|
Common stock dividends
|
|
|
|
(1,917
|
)
|
|
|
(1,926
|
)
|
|
|
(1,932
|
)
|
|
|
(1,805
|
)
|
|
|
(1,816
|
)
|
|
Preferred stock dividends
|
|
|
|
(371
|
)
|
|
|
(356
|
)
|
|
|
(355
|
)
|
|
|
(344
|
)
|
|
|
(327
|
)
|
|
Tax benefit from stock incentive compensation
|
|
|
|
22
|
|
|
|
22
|
|
|
|
55
|
|
|
|
354
|
|
|
|
75
|
|
|
Stock incentive compensation expense
|
|
|
|
204
|
|
|
|
98
|
|
|
|
166
|
|
|
|
376
|
|
|
|
176
|
|
|
Net change in deferred compensation and related plans
|
|
|
|
(19
|
)
|
|
|
(16
|
)
|
|
|
(14
|
)
|
|
|
(1,008
|
)
|
|
|
(18
|
)
|
|
Balance, end of period
|
|
|
|
$
|
194,025
|
|
|
|
194,043
|
|
|
|
190,676
|
|
|
|
189,964
|
|
|
|
185,262
|
|
|
(1) 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. For
the quarters ended June 30 and March 31, 2015, and December 31,
2014, includes $750 million each quarter related to private
forward repurchase transactions that settled in subsequent
quarters for 13.6 million, 14.0 million, and 14.3 million shares
of common stock, respectively.
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
|
|
|
|
|
|
Quarter ended December 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
income/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
income/
|
|
(in millions)
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
expense
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
expense
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
|
$
|
274,589
|
|
|
|
0.28
|
%
|
|
|
$
|
195
|
|
|
|
268,109
|
|
|
|
0.28
|
%
|
|
|
$
|
188
|
|
Trading assets
|
|
|
|
68,833
|
|
|
|
3.33
|
|
|
|
573
|
|
|
|
60,383
|
|
|
|
3.21
|
|
|
|
485
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
34,617
|
|
|
|
1.58
|
|
|
|
137
|
|
|
|
19,506
|
|
|
|
1.55
|
|
|
|
76
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
49,300
|
|
|
|
4.37
|
|
|
|
539
|
|
|
|
43,891
|
|
|
|
4.30
|
|
|
|
472
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
|
102,281
|
|
|
|
2.79
|
|
|
|
712
|
|
|
|
109,270
|
|
|
|
2.78
|
|
|
|
760
|
|
Residential and commercial
|
|
|
|
21,502
|
|
|
|
5.51
|
|
|
|
297
|
|
|
|
24,711
|
|
|
|
5.89
|
|
|
|
364
|
|
Total mortgage-backed securities
|
|
|
|
123,783
|
|
|
|
3.26
|
|
|
|
1,009
|
|
|
|
133,981
|
|
|
|
3.36
|
|
|
|
1,124
|
|
Other debt and equity securities
|
|
|
|
52,701
|
|
|
|
3.35
|
|
|
|
444
|
|
|
|
44,980
|
|
|
|
3.87
|
|
|
|
438
|
|
Total available-for-sale securities
|
|
|
|
260,401
|
|
|
|
3.27
|
|
|
|
2,129
|
|
|
|
242,358
|
|
|
|
3.48
|
|
|
|
2,110
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
44,656
|
|
|
|
2.18
|
|
|
|
246
|
|
|
|
32,930
|
|
|
|
2.25
|
|
|
|
187
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
2,158
|
|
|
|
6.07
|
|
|
|
33
|
|
|
|
902
|
|
|
|
4.92
|
|
|
|
11
|
|
Federal agency mortgage-backed securities
|
|
|
|
28,185
|
|
|
|
2.42
|
|
|
|
170
|
|
|
|
5,586
|
|
|
|
2.07
|
|
|
|
29
|
|
Other debt securities
|
|
|
|
4,876
|
|
|
|
1.77
|
|
|
|
22
|
|
|
|
6,118
|
|
|
|
1.81
|
|
|
|
27
|
|
Total held-to-maturity securities
|
|
|
|
79,875
|
|
|
|
2.35
|
|
|
|
471
|
|
|
|
45,536
|
|
|
|
2.22
|
|
|
|
254
|
|
Total investment securities
|
|
|
|
340,276
|
|
|
|
3.05
|
|
|
|
2,600
|
|
|
|
287,894
|
|
|
|
3.28
|
|
|
|
2,364
|
|
Mortgages held for sale (4)
|
|
|
|
19,189
|
|
|
|
3.66
|
|
|
|
176
|
|
|
|
19,191
|
|
|
|
3.90
|
|
|
|
187
|
|
Loans held for sale (4)
|
|
|
|
363
|
|
|
|
4.96
|
|
|
|
5
|
|
|
|
6,968
|
|
|
|
1.43
|
|
|
|
25
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
|
250,445
|
|
|
|
3.25
|
|
|
|
2,048
|
|
|
|
218,297
|
|
|
|
3.32
|
|
|
|
1,825
|
|
Commercial and industrial - Non U.S.
|
|
|
|
47,972
|
|
|
|
1.97
|
|
|
|
239
|
|
|
|
43,049
|
|
|
|
2.03
|
|
|
|
221
|
|
Real estate mortgage
|
|
|
|
121,844
|
|
|
|
3.30
|
|
|
|
1,012
|
|
|
|
112,277
|
|
|
|
3.69
|
|
|
|
1,044
|
|
Real estate construction
|
|
|
|
21,993
|
|
|
|
3.27
|
|
|
|
182
|
|
|
|
18,336
|
|
|
|
4.33
|
|
|
|
200
|
|
Lease financing
|
|
|
|
12,241
|
|
|
|
4.48
|
|
|
|
136
|
|
|
|
12,268
|
|
|
|
5.35
|
|
|
|
164
|
|
Total commercial
|
|
|
|
454,495
|
|
|
|
3.16
|
|
|
|
3,617
|
|
|
|
404,227
|
|
|
|
3.39
|
|
|
|
3,454
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
272,871
|
|
|
|
4.04
|
|
|
|
2,759
|
|
|
|
264,799
|
|
|
|
4.16
|
|
|
|
2,754
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
53,788
|
|
|
|
4.28
|
|
|
|
579
|
|
|
|
60,177
|
|
|
|
4.28
|
|
|
|
648
|
|
Credit card
|
|
|
|
32,795
|
|
|
|
11.61
|
|
|
|
960
|
|
|
|
29,477
|
|
|
|
11.71
|
|
|
|
870
|
|
Automobile
|
|
|
|
59,505
|
|
|
|
5.74
|
|
|
|
862
|
|
|
|
55,457
|
|
|
|
6.08
|
|
|
|
849
|
|
Other revolving credit and installment
|
|
|
|
38,826
|
|
|
|
5.83
|
|
|
|
571
|
|
|
|
35,292
|
|
|
|
6.01
|
|
|
|
534
|
|
Total consumer
|
|
|
|
457,785
|
|
|
|
4.99
|
|
|
|
5,731
|
|
|
|
445,202
|
|
|
|
5.06
|
|
|
|
5,655
|
|
Total loans (4)
|
|
|
|
912,280
|
|
|
|
4.08
|
|
|
|
9,348
|
|
|
|
849,429
|
|
|
|
4.27
|
|
|
|
9,109
|
|
Other
|
|
|
|
5,166
|
|
|
|
4.82
|
|
|
|
61
|
|
|
|
4,829
|
|
|
|
5.30
|
|
|
|
64
|
|
Total earning assets
|
|
|
|
$
|
1,620,696
|
|
|
|
3.18
|
%
|
|
|
$
|
12,958
|
|
|
|
1,496,803
|
|
|
|
3.31
|
%
|
|
|
$
|
12,422
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
|
|
$
|
39,082
|
|
|
|
0.05
|
%
|
|
|
$
|
5
|
|
|
|
40,498
|
|
|
|
0.06
|
%
|
|
|
$
|
6
|
|
Market rate and other savings
|
|
|
|
640,503
|
|
|
|
0.06
|
|
|
|
93
|
|
|
|
593,940
|
|
|
|
0.07
|
|
|
|
99
|
|
Savings certificates
|
|
|
|
29,654
|
|
|
|
0.54
|
|
|
|
41
|
|
|
|
35,870
|
|
|
|
0.80
|
|
|
|
72
|
|
Other time deposits
|
|
|
|
49,806
|
|
|
|
0.52
|
|
|
|
64
|
|
|
|
56,119
|
|
|
|
0.39
|
|
|
|
55
|
|
Deposits in foreign offices
|
|
|
|
107,094
|
|
|
|
0.14
|
|
|
|
38
|
|
|
|
99,289
|
|
|
|
0.15
|
|
|
|
37
|
|
Total interest-bearing deposits
|
|
|
|
866,139
|
|
|
|
0.11
|
|
|
|
241
|
|
|
|
825,716
|
|
|
|
0.13
|
|
|
|
269
|
|
Short-term borrowings
|
|
|
|
102,915
|
|
|
|
0.05
|
|
|
|
12
|
|
|
|
64,676
|
|
|
|
0.12
|
|
|
|
19
|
|
Long-term debt
|
|
|
|
190,861
|
|
|
|
1.49
|
|
|
|
713
|
|
|
|
183,286
|
|
|
|
1.35
|
|
|
|
620
|
|
Other liabilities
|
|
|
|
16,453
|
|
|
|
2.14
|
|
|
|
88
|
|
|
|
15,580
|
|
|
|
2.44
|
|
|
|
96
|
|
Total interest-bearing liabilities
|
|
|
|
1,176,368
|
|
|
|
0.36
|
|
|
|
1,054
|
|
|
|
1,089,258
|
|
|
|
0.37
|
|
|
|
1,004
|
|
Portion of noninterest-bearing funding sources
|
|
|
|
444,328
|
|
|
|
|
|
|
|
|
|
|
|
407,545
|
|
|
|
—
|
|
|
|
—
|
|
Total funding sources
|
|
|
|
$
|
1,620,696
|
|
|
|
0.26
|
|
|
|
1,054
|
|
|
|
1,496,803
|
|
|
|
0.27
|
|
|
|
1,004
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)
|
|
|
|
|
|
|
|
2.92
|
%
|
|
|
$
|
11,904
|
|
|
|
|
|
|
|
3.04
|
%
|
|
|
$
|
11,418
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
$
|
17,804
|
|
|
|
|
|
|
|
|
|
|
|
16,932
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
25,580
|
|
|
|
|
|
|
|
|
|
|
|
25,705
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
123,207
|
|
|
|
|
|
|
|
|
|
|
|
124,320
|
|
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
|
|
$
|
166,591
|
|
|
|
|
|
|
|
|
|
|
|
166,957
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
$
|
350,670
|
|
|
|
|
|
|
|
|
|
|
|
324,080
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
65,223
|
|
|
|
|
|
|
|
|
|
|
|
65,672
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
195,026
|
|
|
|
|
|
|
|
|
|
|
|
184,750
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
|
(444,328
|
)
|
|
|
|
|
|
|
|
|
|
|
(407,545
|
)
|
|
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
|
|
$
|
166,591
|
|
|
|
|
|
|
|
|
|
|
|
166,957
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,787,287
|
|
|
|
|
|
|
|
|
|
|
|
1,663,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.29% and 3.25% for the quarters
ended December 31, 2015 and 2014, respectively. The average
three-month London Interbank Offered Rate (LIBOR) was 0.41% and
0.24% 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 $316 million and $238
million for the quarters ended December 31, 2015 and 2014,
respectively, primarily related to tax-exempt income on certain
loans and securities. The federal statutory tax rate was 35% for the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
|
|
|
|
|
|
Year ended December 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
income/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
income/
|
|
(in millions)
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
expense
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
expense
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
|
$
|
266,832
|
|
|
|
0.28
|
%
|
|
|
$
|
738
|
|
|
|
241,282
|
|
|
|
0.28
|
%
|
|
|
$
|
673
|
|
Trading assets
|
|
|
|
66,679
|
|
|
|
3.01
|
|
|
|
2,010
|
|
|
|
55,140
|
|
|
|
3.10
|
|
|
|
1,712
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
32,093
|
|
|
|
1.58
|
|
|
|
505
|
|
|
|
10,400
|
|
|
|
1.64
|
|
|
|
171
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
47,404
|
|
|
|
4.23
|
|
|
|
2,007
|
|
|
|
43,138
|
|
|
|
4.29
|
|
|
|
1,852
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
|
100,218
|
|
|
|
2.73
|
|
|
|
2,733
|
|
|
|
114,076
|
|
|
|
2.84
|
|
|
|
3,235
|
|
Residential and commercial
|
|
|
|
22,490
|
|
|
|
5.73
|
|
|
|
1,289
|
|
|
|
26,475
|
|
|
|
6.03
|
|
|
|
1,597
|
|
Total mortgage-backed securities
|
|
|
|
122,708
|
|
|
|
3.28
|
|
|
|
4,022
|
|
|
|
140,551
|
|
|
|
3.44
|
|
|
|
4,832
|
|
Other debt and equity securities
|
|
|
|
49,752
|
|
|
|
3.42
|
|
|
|
1,701
|
|
|
|
47,488
|
|
|
|
3.66
|
|
|
|
1,741
|
|
Total available-for-sale securities
|
|
|
|
251,957
|
|
|
|
3.27
|
|
|
|
8,235
|
|
|
|
241,577
|
|
|
|
3.56
|
|
|
|
8,596
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
44,173
|
|
|
|
2.19
|
|
|
|
968
|
|
|
|
17,239
|
|
|
|
2.23
|
|
|
|
385
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
2,087
|
|
|
|
5.40
|
|
|
|
113
|
|
|
|
246
|
|
|
|
4.93
|
|
|
|
12
|
|
Federal agency mortgage-backed securities
|
|
|
|
21,967
|
|
|
|
2.23
|
|
|
|
489
|
|
|
|
5,921
|
|
|
|
2.55
|
|
|
|
151
|
|
Other debt securities
|
|
|
|
5,821
|
|
|
|
1.73
|
|
|
|
101
|
|
|
|
5,913
|
|
|
|
1.85
|
|
|
|
109
|
|
Total held-to-maturity securities
|
|
|
|
74,048
|
|
|
|
2.26
|
|
|
|
1,671
|
|
|
|
29,319
|
|
|
|
2.24
|
|
|
|
657
|
|
Total investment securities
|
|
|
|
326,005
|
|
|
|
3.04
|
|
|
|
9,906
|
|
|
|
270,896
|
|
|
|
3.42
|
|
|
|
9,253
|
|
Mortgages held for sale (4)
|
|
|
|
21,603
|
|
|
|
3.63
|
|
|
|
785
|
|
|
|
19,018
|
|
|
|
4.03
|
|
|
|
767
|
|
Loans held for sale (4)
|
|
|
|
573
|
|
|
|
3.25
|
|
|
|
19
|
|
|
|
4,226
|
|
|
|
1.85
|
|
|
|
78
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
|
237,844
|
|
|
|
3.29
|
|
|
|
7,836
|
|
|
|
204,819
|
|
|
|
3.35
|
|
|
|
6,869
|
|
Commercial and industrial - Non U.S.
|
|
|
|
46,028
|
|
|
|
1.90
|
|
|
|
877
|
|
|
|
42,661
|
|
|
|
2.03
|
|
|
|
867
|
|
Real estate mortgage
|
|
|
|
116,893
|
|
|
|
3.41
|
|
|
|
3,984
|
|
|
|
112,710
|
|
|
|
3.64
|
|
|
|
4,100
|
|
Real estate construction
|
|
|
|
20,979
|
|
|
|
3.57
|
|
|
|
749
|
|
|
|
17,676
|
|
|
|
4.21
|
|
|
|
744
|
|
Lease financing
|
|
|
|
12,301
|
|
|
|
4.70
|
|
|
|
577
|
|
|
|
12,257
|
|
|
|
5.63
|
|
|
|
690
|
|
Total commercial
|
|
|
|
434,045
|
|
|
|
3.23
|
|
|
|
14,023
|
|
|
|
390,123
|
|
|
|
3.40
|
|
|
|
13,270
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
268,560
|
|
|
|
4.10
|
|
|
|
11,002
|
|
|
|
261,620
|
|
|
|
4.19
|
|
|
|
10,961
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
56,242
|
|
|
|
4.25
|
|
|
|
2,391
|
|
|
|
62,510
|
|
|
|
4.30
|
|
|
|
2,686
|
|
Credit card
|
|
|
|
31,307
|
|
|
|
11.70
|
|
|
|
3,664
|
|
|
|
27,491
|
|
|
|
11.98
|
|
|
|
3,294
|
|
Automobile
|
|
|
|
57,766
|
|
|
|
5.84
|
|
|
|
3,374
|
|
|
|
53,854
|
|
|
|
6.27
|
|
|
|
3,377
|
|
Other revolving credit and installment
|
|
|
|
37,512
|
|
|
|
5.89
|
|
|
|
2,209
|
|
|
|
38,834
|
|
|
|
5.48
|
|
|
|
2,127
|
|
Total consumer
|
|
|
|
451,387
|
|
|
|
5.02
|
|
|
|
22,640
|
|
|
|
444,309
|
|
|
|
5.05
|
|
|
|
22,445
|
|
Total loans (4)
|
|
|
|
885,432
|
|
|
|
4.14
|
|
|
|
36,663
|
|
|
|
834,432
|
|
|
|
4.28
|
|
|
|
35,715
|
|
Other
|
|
|
|
4,947
|
|
|
|
5.11
|
|
|
|
252
|
|
|
|
4,673
|
|
|
|
5.54
|
|
|
|
259
|
|
Total earning assets
|
|
|
|
$
|
1,572,071
|
|
|
|
3.20
|
%
|
|
|
$
|
50,373
|
|
|
|
1,429,667
|
|
|
|
3.39
|
%
|
|
|
$
|
48,457
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
|
|
$
|
38,640
|
|
|
|
0.05
|
%
|
|
|
$
|
20
|
|
|
|
39,729
|
|
|
|
0.07
|
%
|
|
|
$
|
26
|
|
Market rate and other savings
|
|
|
|
625,549
|
|
|
|
0.06
|
|
|
|
367
|
|
|
|
585,854
|
|
|
|
0.07
|
|
|
|
403
|
|
Savings certificates
|
|
|
|
31,887
|
|
|
|
0.63
|
|
|
|
201
|
|
|
|
38,111
|
|
|
|
0.85
|
|
|
|
323
|
|
Other time deposits
|
|
|
|
51,790
|
|
|
|
0.45
|
|
|
|
232
|
|
|
|
51,434
|
|
|
|
0.40
|
|
|
|
207
|
|
Deposits in foreign offices
|
|
|
|
107,138
|
|
|
|
0.13
|
|
|
|
143
|
|
|
|
95,889
|
|
|
|
0.14
|
|
|
|
137
|
|
Total interest-bearing deposits
|
|
|
|
855,004
|
|
|
|
0.11
|
|
|
|
963
|
|
|
|
811,017
|
|
|
|
0.14
|
|
|
|
1,096
|
|
Short-term borrowings
|
|
|
|
87,465
|
|
|
|
0.07
|
|
|
|
64
|
|
|
|
60,111
|
|
|
|
0.10
|
|
|
|
62
|
|
Long-term debt
|
|
|
|
185,078
|
|
|
|
1.40
|
|
|
|
2,592
|
|
|
|
167,420
|
|
|
|
1.49
|
|
|
|
2,488
|
|
Other liabilities
|
|
|
|
16,545
|
|
|
|
2.15
|
|
|
|
357
|
|
|
|
14,401
|
|
|
|
2.65
|
|
|
|
382
|
|
Total interest-bearing liabilities
|
|
|
|
1,144,092
|
|
|
|
0.35
|
|
|
|
3,976
|
|
|
|
1,052,949
|
|
|
|
0.38
|
|
|
|
4,028
|
|
Portion of noninterest-bearing funding sources
|
|
|
|
427,979
|
|
|
|
—
|
|
|
|
—
|
|
|
|
376,718
|
|
|
|
—
|
|
|
|
—
|
|
Total funding sources
|
|
|
|
$
|
1,572,071
|
|
|
|
0.25
|
|
|
|
3,976
|
|
|
|
1,429,667
|
|
|
|
0.28
|
|
|
|
4,028
|
|
Net interest margin and net interest income on a
taxable-equivalent basis (5)
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
$
|
46,397
|
|
|
|
|
|
|
|
3.11
|
%
|
|
|
$
|
44,429
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
$
|
17,327
|
|
|
|
|
|
|
|
|
|
|
|
16,361
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
25,673
|
|
|
|
|
|
|
|
|
|
|
|
25,687
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
127,848
|
|
|
|
|
|
|
|
|
|
|
|
121,634
|
|
|
|
|
|
|
|
|
|
Total noninterest-earning assets
|
|
|
|
$
|
170,848
|
|
|
|
|
|
|
|
|
|
|
|
163,682
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
$
|
339,069
|
|
|
|
|
|
|
|
|
|
|
|
303,127
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
68,174
|
|
|
|
|
|
|
|
|
|
|
|
56,985
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
191,584
|
|
|
|
|
|
|
|
|
|
|
|
180,288
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
|
(427,979
|
)
|
|
|
|
|
|
|
|
|
|
|
(376,718
|
)
|
|
|
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
|
|
$
|
170,848
|
|
|
|
|
|
|
|
|
|
|
|
163,682
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,742,919
|
|
|
|
|
|
|
|
|
|
|
|
1,593,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.26% and 3.25% for the year ended
December 31, 2015 and 2014, respectively. The average three-month
London Interbank Offered Rate (LIBOR) was 0.32% and 0.23% for the
same periods, respectively.
|
|
(2) Yields/rates and amounts include the effects of hedge and risk
management activities associated with the respective asset and
liability categories.
|
|
(3) 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 $1.1 billion and
$902 million for the year ended December 31, 2015 and 2014,
respectively, primarily related to tax-exempt income on certain
loans and securities. The federal statutory tax rate was 35% for
the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID
(TAXABLE-EQUIVALENT BASIS) (1)(2)
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Dec 31, 2015
|
|
|
|
Sep 30, 2015
|
|
|
|
Jun 30, 2015
|
|
|
|
Mar 31, 2015
|
|
|
|
Dec 31, 2014
|
|
|
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
|
Average
|
|
|
|
Yields/
|
|
|
($ in billions)
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
balance
|
|
|
|
rates
|
|
|
|
balance
|
|
|
|
rates
|
|
|
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
|
$
|
274.6
|
|
|
|
0.28
|
%
|
|
|
$
|
250.1
|
|
|
|
0.26
|
%
|
|
|
$
|
267.1
|
|
|
|
0.28
|
%
|
|
|
$
|
275.7
|
|
|
|
0.28
|
%
|
|
|
$
|
268.1
|
|
|
|
0.28
|
%
|
|
Trading assets
|
|
|
|
68.8
|
|
|
|
3.33
|
|
|
|
67.2
|
|
|
|
2.93
|
|
|
|
67.6
|
|
|
|
2.91
|
|
|
|
63.0
|
|
|
|
2.88
|
|
|
|
60.4
|
|
|
|
3.21
|
|
|
Investment securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
34.6
|
|
|
|
1.58
|
|
|
|
35.7
|
|
|
|
1.59
|
|
|
|
31.7
|
|
|
|
1.58
|
|
|
|
26.2
|
|
|
|
1.55
|
|
|
|
19.5
|
|
|
|
1.55
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
49.3
|
|
|
|
4.37
|
|
|
|
48.2
|
|
|
|
4.22
|
|
|
|
47.1
|
|
|
|
4.13
|
|
|
|
44.9
|
|
|
|
4.20
|
|
|
|
43.9
|
|
|
|
4.30
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
|
102.3
|
|
|
|
2.79
|
|
|
|
98.4
|
|
|
|
2.70
|
|
|
|
98.0
|
|
|
|
2.65
|
|
|
|
102.2
|
|
|
|
2.76
|
|
|
|
109.3
|
|
|
|
2.78
|
|
|
Residential and commercial
|
|
|
|
21.5
|
|
|
|
5.51
|
|
|
|
21.9
|
|
|
|
5.84
|
|
|
|
22.7
|
|
|
|
5.84
|
|
|
|
23.9
|
|
|
|
5.71
|
|
|
|
24.7
|
|
|
|
5.89
|
|
|
Total mortgage-backed securities
|
|
|
|
123.8
|
|
|
|
3.26
|
|
|
|
120.3
|
|
|
|
3.27
|
|
|
|
120.7
|
|
|
|
3.25
|
|
|
|
126.1
|
|
|
|
3.32
|
|
|
|
134.0
|
|
|
|
3.36
|
|
|
Other debt and equity securities
|
|
|
|
52.7
|
|
|
|
3.35
|
|
|
|
50.4
|
|
|
|
3.40
|
|
|
|
48.8
|
|
|
|
3.51
|
|
|
|
47.1
|
|
|
|
3.43
|
|
|
|
45.0
|
|
|
|
3.87
|
|
|
Total available-for-sale securities
|
|
|
|
260.4
|
|
|
|
3.27
|
|
|
|
254.6
|
|
|
|
3.24
|
|
|
|
248.3
|
|
|
|
3.25
|
|
|
|
244.3
|
|
|
|
3.32
|
|
|
|
242.4
|
|
|
|
3.48
|
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
44.7
|
|
|
|
2.18
|
|
|
|
44.6
|
|
|
|
2.18
|
|
|
|
44.5
|
|
|
|
2.19
|
|
|
|
42.9
|
|
|
|
2.21
|
|
|
|
32.9
|
|
|
|
2.25
|
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
2.1
|
|
|
|
6.07
|
|
|
|
2.2
|
|
|
|
5.17
|
|
|
|
2.1
|
|
|
|
5.17
|
|
|
|
1.9
|
|
|
|
5.16
|
|
|
|
0.9
|
|
|
|
4.92
|
|
|
Federal agency mortgage-backed securities
|
|
|
|
28.2
|
|
|
|
2.42
|
|
|
|
27.1
|
|
|
|
2.38
|
|
|
|
21.0
|
|
|
|
2.00
|
|
|
|
11.3
|
|
|
|
1.87
|
|
|
|
5.6
|
|
|
|
2.07
|
|
|
Other debt securities
|
|
|
|
4.9
|
|
|
|
1.77
|
|
|
|
5.4
|
|
|
|
1.75
|
|
|
|
6.3
|
|
|
|
1.70
|
|
|
|
6.8
|
|
|
|
1.72
|
|
|
|
6.1
|
|
|
|
1.81
|
|
|
Total held-to-maturity securities
|
|
|
|
79.9
|
|
|
|
2.35
|
|
|
|
79.3
|
|
|
|
2.30
|
|
|
|
73.9
|
|
|
|
2.18
|
|
|
|
62.9
|
|
|
|
2.19
|
|
|
|
45.5
|
|
|
|
2.22
|
|
|
Total investment securities
|
|
|
|
340.3
|
|
|
|
3.05
|
|
|
|
333.9
|
|
|
|
3.02
|
|
|
|
322.2
|
|
|
|
3.01
|
|
|
|
307.2
|
|
|
|
3.08
|
|
|
|
287.9
|
|
|
|
3.28
|
|
|
Mortgages held for sale
|
|
|
|
19.2
|
|
|
|
3.66
|
|
|
|
24.2
|
|
|
|
3.69
|
|
|
|
23.5
|
|
|
|
3.57
|
|
|
|
19.6
|
|
|
|
3.61
|
|
|
|
19.2
|
|
|
|
3.90
|
|
|
Loans held for sale
|
|
|
|
0.4
|
|
|
|
4.96
|
|
|
|
0.6
|
|
|
|
2.57
|
|
|
|
0.7
|
|
|
|
3.51
|
|
|
|
0.7
|
|
|
|
2.67
|
|
|
|
7.0
|
|
|
|
1.43
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial - U.S.
|
|
|
|
250.5
|
|
|
|
3.25
|
|
|
|
241.4
|
|
|
|
3.30
|
|
|
|
231.5
|
|
|
|
3.36
|
|
|
|
227.7
|
|
|
|
3.28
|
|
|
|
218.3
|
|
|
|
3.32
|
|
|
Commercial and industrial - Non U.S.
|
|
|
|
48.0
|
|
|
|
1.97
|
|
|
|
45.9
|
|
|
|
1.83
|
|
|
|
45.1
|
|
|
|
1.93
|
|
|
|
45.1
|
|
|
|
1.88
|
|
|
|
43.0
|
|
|
|
2.03
|
|
|
Real estate mortgage
|
|
|
|
121.8
|
|
|
|
3.30
|
|
|
|
121.0
|
|
|
|
3.31
|
|
|
|
113.1
|
|
|
|
3.48
|
|
|
|
111.5
|
|
|
|
3.57
|
|
|
|
112.3
|
|
|
|
3.69
|
|
|
Real estate construction
|
|
|
|
22.0
|
|
|
|
3.27
|
|
|
|
21.6
|
|
|
|
3.39
|
|
|
|
20.8
|
|
|
|
4.12
|
|
|
|
19.5
|
|
|
|
3.52
|
|
|
|
18.3
|
|
|
|
4.33
|
|
|
Lease financing
|
|
|
|
12.2
|
|
|
|
4.48
|
|
|
|
12.3
|
|
|
|
4.18
|
|
|
|
12.4
|
|
|
|
5.16
|
|
|
|
12.3
|
|
|
|
4.95
|
|
|
|
12.3
|
|
|
|
5.35
|
|
|
Total commercial
|
|
|
|
454.5
|
|
|
|
3.16
|
|
|
|
442.2
|
|
|
|
3.18
|
|
|
|
422.9
|
|
|
|
3.33
|
|
|
|
416.1
|
|
|
|
3.26
|
|
|
|
404.2
|
|
|
|
3.39
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
272.9
|
|
|
|
4.04
|
|
|
|
269.4
|
|
|
|
4.10
|
|
|
|
266.0
|
|
|
|
4.12
|
|
|
|
265.8
|
|
|
|
4.13
|
|
|
|
264.8
|
|
|
|
4.16
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
53.8
|
|
|
|
4.28
|
|
|
|
55.3
|
|
|
|
4.22
|
|
|
|
57.0
|
|
|
|
4.23
|
|
|
|
58.9
|
|
|
|
4.27
|
|
|
|
60.2
|
|
|
|
4.28
|
|
|
Credit card
|
|
|
|
32.8
|
|
|
|
11.61
|
|
|
|
31.7
|
|
|
|
11.73
|
|
|
|
30.4
|
|
|
|
11.69
|
|
|
|
30.4
|
|
|
|
11.78
|
|
|
|
29.5
|
|
|
|
11.71
|
|
|
Automobile
|
|
|
|
59.5
|
|
|
|
5.74
|
|
|
|
58.5
|
|
|
|
5.80
|
|
|
|
57.0
|
|
|
|
5.88
|
|
|
|
56.0
|
|
|
|
5.95
|
|
|
|
55.4
|
|
|
|
6.08
|
|
|
Other revolving credit and installment
|
|
|
|
38.8
|
|
|
|
5.83
|
|
|
|
38.0
|
|
|
|
5.84
|
|
|
|
37.1
|
|
|
|
5.88
|
|
|
|
36.1
|
|
|
|
6.01
|
|
|
|
35.3
|
|
|
|
6.01
|
|
|
Total consumer
|
|
|
|
457.8
|
|
|
|
4.99
|
|
|
|
452.9
|
|
|
|
5.01
|
|
|
|
447.5
|
|
|
|
5.02
|
|
|
|
447.2
|
|
|
|
5.05
|
|
|
|
445.2
|
|
|
|
5.06
|
|
|
Total loans
|
|
|
|
912.3
|
|
|
|
4.08
|
|
|
|
895.1
|
|
|
|
4.11
|
|
|
|
870.4
|
|
|
|
4.20
|
|
|
|
863.3
|
|
|
|
4.19
|
|
|
|
849.4
|
|
|
|
4.27
|
|
|
Other
|
|
|
|
5.1
|
|
|
|
4.82
|
|
|
|
5.0
|
|
|
|
5.11
|
|
|
|
4.8
|
|
|
|
5.14
|
|
|
|
4.7
|
|
|
|
5.41
|
|
|
|
4.8
|
|
|
|
5.30
|
|
|
Total earning assets
|
|
|
|
$
|
1,620.7
|
|
|
|
3.18
|
%
|
|
|
$
|
1,576.1
|
|
|
|
3.21
|
%
|
|
|
$
|
1,556.3
|
|
|
|
3.22
|
%
|
|
|
$
|
1,534.2
|
|
|
|
3.21
|
%
|
|
|
$
|
1,496.8
|
|
|
|
3.31
|
%
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
|
|
$
|
39.1
|
|
|
|
0.05
|
%
|
|
|
$
|
37.8
|
|
|
|
0.05
|
%
|
|
|
$
|
38.6
|
|
|
|
0.05
|
%
|
|
|
$
|
39.2
|
|
|
|
0.05
|
%
|
|
|
$
|
40.5
|
|
|
|
0.06
|
%
|
|
Market rate and other savings
|
|
|
|
640.5
|
|
|
|
0.06
|
|
|
|
628.1
|
|
|
|
0.06
|
|
|
|
619.8
|
|
|
|
0.06
|
|
|
|
613.4
|
|
|
|
0.06
|
|
|
|
593.9
|
|
|
|
0.07
|
|
|
Savings certificates
|
|
|
|
29.6
|
|
|
|
0.54
|
|
|
|
30.9
|
|
|
|
0.58
|
|
|
|
32.5
|
|
|
|
0.63
|
|
|
|
34.6
|
|
|
|
0.75
|
|
|
|
35.9
|
|
|
|
0.80
|
|
|
Other time deposits
|
|
|
|
49.8
|
|
|
|
0.52
|
|
|
|
48.7
|
|
|
|
0.46
|
|
|
|
52.2
|
|
|
|
0.42
|
|
|
|
56.5
|
|
|
|
0.39
|
|
|
|
56.1
|
|
|
|
0.39
|
|
|
Deposits in foreign offices
|
|
|
|
107.1
|
|
|
|
0.14
|
|
|
|
111.5
|
|
|
|
0.13
|
|
|
|
104.3
|
|
|
|
0.13
|
|
|
|
105.5
|
|
|
|
0.14
|
|
|
|
99.3
|
|
|
|
0.15
|
|
|
Total interest-bearing deposits
|
|
|
|
866.1
|
|
|
|
0.11
|
|
|
|
857.0
|
|
|
|
0.11
|
|
|
|
847.4
|
|
|
|
0.11
|
|
|
|
849.2
|
|
|
|
0.12
|
|
|
|
825.7
|
|
|
|
0.13
|
|
|
Short-term borrowings
|
|
|
|
102.9
|
|
|
|
0.05
|
|
|
|
90.4
|
|
|
|
0.06
|
|
|
|
84.5
|
|
|
|
0.09
|
|
|
|
71.7
|
|
|
|
0.11
|
|
|
|
64.7
|
|
|
|
0.12
|
|
|
Long-term debt
|
|
|
|
190.9
|
|
|
|
1.49
|
|
|
|
180.6
|
|
|
|
1.45
|
|
|
|
185.1
|
|
|
|
1.34
|
|
|
|
183.8
|
|
|
|
1.32
|
|
|
|
183.3
|
|
|
|
1.35
|
|
|
Other liabilities
|
|
|
|
16.5
|
|
|
|
2.14
|
|
|
|
16.4
|
|
|
|
2.13
|
|
|
|
16.4
|
|
|
|
2.03
|
|
|
|
16.9
|
|
|
|
2.30
|
|
|
|
15.6
|
|
|
|
2.44
|
|
|
Total interest-bearing liabilities
|
|
|
|
1,176.4
|
|
|
|
0.36
|
|
|
|
1,144.4
|
|
|
|
0.34
|
|
|
|
1,133.4
|
|
|
|
0.34
|
|
|
|
1,121.6
|
|
|
|
0.35
|
|
|
|
1,089.3
|
|
|
|
0.37
|
|
|
Portion of noninterest-bearing funding sources
|
|
|
|
444.3
|
|
|
|
—
|
|
|
|
431.7
|
|
|
|
—
|
|
|
|
422.9
|
|
|
|
—
|
|
|
|
412.6
|
|
|
|
—
|
|
|
|
407.5
|
|
|
|
—
|
|
|
Total funding sources
|
|
|
|
$
|
1,620.7
|
|
|
|
0.26
|
|
|
|
$
|
1,576.1
|
|
|
|
0.25
|
|
|
|
$
|
1,556.3
|
|
|
|
0.25
|
|
|
|
$
|
1,534.2
|
|
|
|
0.26
|
|
|
|
$
|
1,496.8
|
|
|
|
0.27
|
|
|
Net interest margin on a taxable-equivalent basis
|
|
|
|
|
|
|
|
2.92
|
%
|
|
|
|
|
|
|
2.96
|
%
|
|
|
|
|
|
|
2.97
|
%
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
3.04
|
%
|
|
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
$
|
17.8
|
|
|
|
|
|
|
|
17.0
|
|
|
|
|
|
|
|
17.5
|
|
|
|
|
|
|
|
17.1
|
|
|
|
|
|
|
|
16.9
|
|
|
|
|
|
|
Goodwill
|
|
|
|
25.6
|
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
|
25.7
|
|
|
|
|
|
|
Other
|
|
|
|
123.2
|
|
|
|
|
|
|
|
127.6
|
|
|
|
|
|
|
|
129.8
|
|
|
|
|
|
|
|
130.8
|
|
|
|
|
|
|
|
124.4
|
|
|
|
|
|
|
Total noninterest-earnings assets
|
|
|
|
$
|
166.6
|
|
|
|
|
|
|
|
170.3
|
|
|
|
|
|
|
|
173.0
|
|
|
|
|
|
|
|
173.6
|
|
|
|
|
|
|
|
167.0
|
|
|
|
|
|
|
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
$
|
350.7
|
|
|
|
|
|
|
|
341.9
|
|
|
|
|
|
|
|
337.9
|
|
|
|
|
|
|
|
325.6
|
|
|
|
|
|
|
|
324.1
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
65.2
|
|
|
|
|
|
|
|
67.9
|
|
|
|
|
|
|
|
67.6
|
|
|
|
|
|
|
|
72.0
|
|
|
|
|
|
|
|
65.7
|
|
|
|
|
|
|
Total equity
|
|
|
|
195.0
|
|
|
|
|
|
|
|
192.2
|
|
|
|
|
|
|
|
190.4
|
|
|
|
|
|
|
|
188.6
|
|
|
|
|
|
|
|
184.7
|
|
|
|
|
|
|
Noninterest-bearing funding sources used to fund earning assets
|
|
|
|
(444.3
|
)
|
|
|
|
|
|
|
(431.7
|
)
|
|
|
|
|
|
|
(422.9
|
)
|
|
|
|
|
|
|
(412.6
|
)
|
|
|
|
|
|
|
(407.5
|
)
|
|
|
|
|
|
Net noninterest-bearing funding sources
|
|
|
|
$
|
166.6
|
|
|
|
|
|
|
|
170.3
|
|
|
|
|
|
|
|
173.0
|
|
|
|
|
|
|
|
173.6
|
|
|
|
|
|
|
|
167.0
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,787.3
|
|
|
|
|
|
|
|
1,746.4
|
|
|
|
|
|
|
|
1,729.3
|
|
|
|
|
|
|
|
1,707.8
|
|
|
|
|
|
|
|
1,663.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our average prime rate was 3.29% for the quarter ended
December 31, 2015, and 3.25% for the quarters ended September 30,
June 30 and March 31, 2015, and December 31, 2014. The average
three-month London Interbank Offered Rate (LIBOR) was 0.41%,
0.31%, 0.28%, 0.26% and 0.24% 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 Dec 31,
|
|
|
|
%
|
|
|
Year ended Dec 31,
|
|
|
|
%
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
Service charges on deposit accounts
|
|
|
|
$
|
1,329
|
|
|
|
1,241
|
|
|
|
7
|
%
|
|
|
$
|
5,168
|
|
|
|
5,050
|
|
|
|
2
|
%
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
|
|
2,288
|
|
|
|
2,335
|
|
|
|
(2
|
)
|
|
|
|
9,435
|
|
|
|
9,183
|
|
|
|
3
|
|
|
Trust and investment management
|
|
|
|
|
838
|
|
|
|
849
|
|
|
|
(1
|
)
|
|
|
|
3,394
|
|
|
|
3,387
|
|
|
|
—
|
|
|
Investment banking
|
|
|
|
|
385
|
|
|
|
521
|
|
|
|
(26
|
)
|
|
|
|
1,639
|
|
|
|
1,710
|
|
|
|
(4
|
)
|
|
Total trust and investment fees
|
|
|
|
|
3,511
|
|
|
|
3,705
|
|
|
|
(5
|
)
|
|
|
|
14,468
|
|
|
|
14,280
|
|
|
|
1
|
|
|
Card fees
|
|
|
|
|
966
|
|
|
|
925
|
|
|
|
4
|
|
|
|
|
3,720
|
|
|
|
3,431
|
|
|
|
8
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
|
|
308
|
|
|
|
311
|
|
|
|
(1
|
)
|
|
|
|
1,228
|
|
|
|
1,316
|
|
|
|
(7
|
)
|
|
Merchant processing fees (1)
|
|
|
|
|
18
|
|
|
|
187
|
|
|
|
(90
|
)
|
|
|
|
607
|
|
|
|
726
|
|
|
|
(16
|
)
|
|
Cash network fees
|
|
|
|
|
129
|
|
|
|
125
|
|
|
|
3
|
|
|
|
|
522
|
|
|
|
507
|
|
|
|
3
|
|
|
Commercial real estate brokerage commissions
|
|
|
|
|
224
|
|
|
|
155
|
|
|
|
45
|
|
|
|
|
618
|
|
|
|
469
|
|
|
|
32
|
|
|
Letters of credit fees
|
|
|
|
|
86
|
|
|
|
102
|
|
|
|
(16
|
)
|
|
|
|
353
|
|
|
|
390
|
|
|
|
(9
|
)
|
|
All other fees
|
|
|
|
|
275
|
|
|
|
244
|
|
|
|
13
|
|
|
|
|
996
|
|
|
|
941
|
|
|
|
6
|
|
|
Total other fees
|
|
|
|
|
1,040
|
|
|
|
1,124
|
|
|
|
(7
|
)
|
|
|
|
4,324
|
|
|
|
4,349
|
|
|
|
(1
|
)
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
|
|
730
|
|
|
|
685
|
|
|
|
7
|
|
|
|
|
2,441
|
|
|
|
3,337
|
|
|
|
(27
|
)
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
|
|
930
|
|
|
|
830
|
|
|
|
12
|
|
|
|
|
4,060
|
|
|
|
3,044
|
|
|
|
33
|
|
|
Total mortgage banking
|
|
|
|
|
1,660
|
|
|
|
1,515
|
|
|
|
10
|
|
|
|
|
6,501
|
|
|
|
6,381
|
|
|
|
2
|
|
|
Insurance
|
|
|
|
|
427
|
|
|
|
382
|
|
|
|
12
|
|
|
|
|
1,694
|
|
|
|
1,655
|
|
|
|
2
|
|
|
Net gains from trading activities
|
|
|
|
|
99
|
|
|
|
179
|
|
|
|
(45
|
)
|
|
|
|
614
|
|
|
|
1,161
|
|
|
|
(47
|
)
|
|
Net gains on debt securities
|
|
|
|
|
346
|
|
|
|
186
|
|
|
|
86
|
|
|
|
|
952
|
|
|
|
593
|
|
|
|
61
|
|
|
Net gains from equity investments
|
|
|
|
|
423
|
|
|
|
372
|
|
|
|
14
|
|
|
|
|
2,230
|
|
|
|
2,380
|
|
|
|
(6
|
)
|
|
Lease income
|
|
|
|
|
145
|
|
|
|
127
|
|
|
|
14
|
|
|
|
|
621
|
|
|
|
526
|
|
|
|
18
|
|
|
Life insurance investment income
|
|
|
|
|
139
|
|
|
|
145
|
|
|
|
(4
|
)
|
|
|
|
579
|
|
|
|
558
|
|
|
|
4
|
|
|
All other (1)
|
|
|
|
|
(87
|
)
|
|
|
362
|
|
|
|
NM
|
|
|
|
(115
|
)
|
|
|
456
|
|
|
|
NM
|
|
Total
|
|
|
|
$
|
9,998
|
|
|
|
10,263
|
|
|
|
(3
|
)
|
|
|
$
|
40,756
|
|
|
|
40,820
|
|
|
|
—
|
|
|
NM - Not meaningful
|
|
(1) Reflects deconsolidation of the Company's merchant services
joint venture in fourth quarter 2015. The Company’s proportionate
share of earnings is now reflected in all other income.
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
Quarter ended Dec 31,
|
|
|
|
%
|
|
|
Year ended Dec 31,
|
|
|
|
%
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
Salaries
|
|
|
|
$
|
4,061
|
|
|
|
3,938
|
|
|
|
3
|
%
|
|
|
$
|
15,883
|
|
|
|
15,375
|
|
|
|
3
|
%
|
|
Commission and incentive compensation
|
|
|
|
|
2,457
|
|
|
|
2,582
|
|
|
|
(5
|
)
|
|
|
|
10,352
|
|
|
|
9,970
|
|
|
|
4
|
|
|
Employee benefits
|
|
|
|
|
1,042
|
|
|
|
1,124
|
|
|
|
(7
|
)
|
|
|
|
4,446
|
|
|
|
4,597
|
|
|
|
(3
|
)
|
|
Equipment
|
|
|
|
|
640
|
|
|
|
581
|
|
|
|
10
|
|
|
|
|
2,063
|
|
|
|
1,973
|
|
|
|
5
|
|
|
Net occupancy
|
|
|
|
|
725
|
|
|
|
730
|
|
|
|
(1
|
)
|
|
|
|
2,886
|
|
|
|
2,925
|
|
|
|
(1
|
)
|
|
Core deposit and other intangibles
|
|
|
|
|
311
|
|
|
|
338
|
|
|
|
(8
|
)
|
|
|
|
1,246
|
|
|
|
1,370
|
|
|
|
(9
|
)
|
|
FDIC and other deposit assessments
|
|
|
|
|
258
|
|
|
|
231
|
|
|
|
12
|
|
|
|
|
973
|
|
|
|
928
|
|
|
|
5
|
|
|
Outside professional services
|
|
|
|
|
827
|
|
|
|
800
|
|
|
|
3
|
|
|
|
|
2,665
|
|
|
|
2,689
|
|
|
|
(1
|
)
|
|
Operating losses
|
|
|
|
|
332
|
|
|
|
309
|
|
|
|
7
|
|
|
|
|
1,671
|
|
|
|
1,249
|
|
|
|
34
|
|
|
Outside data processing
|
|
|
|
|
205
|
|
|
|
270
|
|
|
|
(24
|
)
|
|
|
|
985
|
|
|
|
1,034
|
|
|
|
(5
|
)
|
|
Contract services
|
|
|
|
|
266
|
|
|
|
245
|
|
|
|
9
|
|
|
|
|
978
|
|
|
|
975
|
|
|
|
—
|
|
|
Postage, stationery and supplies
|
|
|
|
|
177
|
|
|
|
190
|
|
|
|
(7
|
)
|
|
|
|
702
|
|
|
|
733
|
|
|
|
(4
|
)
|
|
Travel and entertainment
|
|
|
|
|
196
|
|
|
|
216
|
|
|
|
(9
|
)
|
|
|
|
692
|
|
|
|
904
|
|
|
|
(23
|
)
|
|
Advertising and promotion
|
|
|
|
|
184
|
|
|
|
195
|
|
|
|
(6
|
)
|
|
|
|
606
|
|
|
|
653
|
|
|
|
(7
|
)
|
|
Insurance
|
|
|
|
|
57
|
|
|
|
60
|
|
|
|
(5
|
)
|
|
|
|
448
|
|
|
|
422
|
|
|
|
6
|
|
|
Telecommunications
|
|
|
|
|
106
|
|
|
|
106
|
|
|
|
—
|
|
|
|
|
439
|
|
|
|
453
|
|
|
|
(3
|
)
|
|
Foreclosed assets
|
|
|
|
|
20
|
|
|
|
164
|
|
|
|
(88
|
)
|
|
|
|
381
|
|
|
|
583
|
|
|
|
(35
|
)
|
|
Operating leases
|
|
|
|
|
73
|
|
|
|
58
|
|
|
|
26
|
|
|
|
|
278
|
|
|
|
220
|
|
|
|
26
|
|
|
All other
|
|
|
|
|
462
|
|
|
|
510
|
|
|
|
(9
|
)
|
|
|
|
2,080
|
|
|
|
1,984
|
|
|
|
5
|
|
|
Total
|
|
|
|
$
|
12,399
|
|
|
|
12,647
|
|
|
|
(2
|
)
|
|
|
$
|
49,774
|
|
|
|
49,037
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER NONINTEREST INCOME
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Service charges on deposit accounts
|
|
|
|
$
|
1,329
|
|
|
|
1,335
|
|
|
|
1,289
|
|
|
|
1,215
|
|
|
|
1,241
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage advisory, commissions and other fees
|
|
|
|
|
2,288
|
|
|
|
2,368
|
|
|
|
2,399
|
|
|
|
2,380
|
|
|
|
2,335
|
|
Trust and investment management
|
|
|
|
|
838
|
|
|
|
843
|
|
|
|
861
|
|
|
|
852
|
|
|
|
849
|
|
Investment banking
|
|
|
|
|
385
|
|
|
|
359
|
|
|
|
450
|
|
|
|
445
|
|
|
|
521
|
|
Total trust and investment fees
|
|
|
|
|
3,511
|
|
|
|
3,570
|
|
|
|
3,710
|
|
|
|
3,677
|
|
|
|
3,705
|
|
Card fees
|
|
|
|
|
966
|
|
|
|
953
|
|
|
|
930
|
|
|
|
871
|
|
|
|
925
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges and fees on loans
|
|
|
|
|
308
|
|
|
|
307
|
|
|
|
304
|
|
|
|
309
|
|
|
|
311
|
|
Merchant processing fees (1)
|
|
|
|
|
18
|
|
|
|
200
|
|
|
|
202
|
|
|
|
187
|
|
|
|
187
|
|
Cash network fees
|
|
|
|
|
129
|
|
|
|
136
|
|
|
|
132
|
|
|
|
125
|
|
|
|
125
|
|
Commercial real estate brokerage commissions
|
|
|
|
|
224
|
|
|
|
124
|
|
|
|
141
|
|
|
|
129
|
|
|
|
155
|
|
Letters of credit fees
|
|
|
|
|
86
|
|
|
|
89
|
|
|
|
90
|
|
|
|
88
|
|
|
|
102
|
|
All other fees
|
|
|
|
|
275
|
|
|
|
243
|
|
|
|
238
|
|
|
|
240
|
|
|
|
244
|
|
Total other fees
|
|
|
|
|
1,040
|
|
|
|
1,099
|
|
|
|
1,107
|
|
|
|
1,078
|
|
|
|
1,124
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing income, net
|
|
|
|
|
730
|
|
|
|
674
|
|
|
|
514
|
|
|
|
523
|
|
|
|
685
|
|
Net gains on mortgage loan origination/sales activities
|
|
|
|
|
930
|
|
|
|
915
|
|
|
|
1,191
|
|
|
|
1,024
|
|
|
|
830
|
|
Total mortgage banking
|
|
|
|
|
1,660
|
|
|
|
1,589
|
|
|
|
1,705
|
|
|
|
1,547
|
|
|
|
1,515
|
|
Insurance
|
|
|
|
|
427
|
|
|
|
376
|
|
|
|
461
|
|
|
|
430
|
|
|
|
382
|
|
Net gains (losses) from trading activities
|
|
|
|
|
99
|
|
|
|
(26
|
)
|
|
|
133
|
|
|
|
408
|
|
|
|
179
|
|
Net gains on debt securities
|
|
|
|
|
346
|
|
|
|
147
|
|
|
|
181
|
|
|
|
278
|
|
|
|
186
|
|
Net gains from equity investments
|
|
|
|
|
423
|
|
|
|
920
|
|
|
|
517
|
|
|
|
370
|
|
|
|
372
|
|
Lease income
|
|
|
|
|
145
|
|
|
|
189
|
|
|
|
155
|
|
|
|
132
|
|
|
|
127
|
|
Life insurance investment income
|
|
|
|
|
139
|
|
|
|
150
|
|
|
|
145
|
|
|
|
145
|
|
|
|
145
|
|
All other (1)
|
|
|
|
|
(87
|
)
|
|
|
116
|
|
|
|
(285
|
)
|
|
|
141
|
|
|
|
362
|
|
Total
|
|
|
|
$
|
9,998
|
|
|
|
10,418
|
|
|
|
10,048
|
|
|
|
10,292
|
|
|
|
10,263
|
|
(1) Reflects deconsolidation of the Company's merchant services
joint venture in fourth quarter 2015. The Company’s proportionate
share of earnings is now reflected in all other income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIVE QUARTER NONINTEREST EXPENSE
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Salaries
|
|
|
|
$
|
4,061
|
|
|
|
4,035
|
|
|
|
3,936
|
|
|
|
3,851
|
|
|
|
3,938
|
|
Commission and incentive compensation
|
|
|
|
|
2,457
|
|
|
|
2,604
|
|
|
|
2,606
|
|
|
|
2,685
|
|
|
|
2,582
|
|
Employee benefits
|
|
|
|
|
1,042
|
|
|
|
821
|
|
|
|
1,106
|
|
|
|
1,477
|
|
|
|
1,124
|
|
Equipment
|
|
|
|
|
640
|
|
|
|
459
|
|
|
|
470
|
|
|
|
494
|
|
|
|
581
|
|
Net occupancy
|
|
|
|
|
725
|
|
|
|
728
|
|
|
|
710
|
|
|
|
723
|
|
|
|
730
|
|
Core deposit and other intangibles
|
|
|
|
|
311
|
|
|
|
311
|
|
|
|
312
|
|
|
|
312
|
|
|
|
338
|
|
FDIC and other deposit assessments
|
|
|
|
|
258
|
|
|
|
245
|
|
|
|
222
|
|
|
|
248
|
|
|
|
231
|
|
Outside professional services
|
|
|
|
|
827
|
|
|
|
663
|
|
|
|
627
|
|
|
|
548
|
|
|
|
800
|
|
Operating losses
|
|
|
|
|
332
|
|
|
|
523
|
|
|
|
521
|
|
|
|
295
|
|
|
|
309
|
|
Outside data processing
|
|
|
|
|
205
|
|
|
|
258
|
|
|
|
269
|
|
|
|
253
|
|
|
|
270
|
|
Contract services
|
|
|
|
|
266
|
|
|
|
249
|
|
|
|
238
|
|
|
|
225
|
|
|
|
245
|
|
Postage, stationery and supplies
|
|
|
|
|
177
|
|
|
|
174
|
|
|
|
180
|
|
|
|
171
|
|
|
|
190
|
|
Travel and entertainment
|
|
|
|
|
196
|
|
|
|
166
|
|
|
|
172
|
|
|
|
158
|
|
|
|
216
|
|
Advertising and promotion
|
|
|
|
|
184
|
|
|
|
135
|
|
|
|
169
|
|
|
|
118
|
|
|
|
195
|
|
Insurance
|
|
|
|
|
57
|
|
|
|
95
|
|
|
|
156
|
|
|
|
140
|
|
|
|
60
|
|
Telecommunications
|
|
|
|
|
106
|
|
|
|
109
|
|
|
|
113
|
|
|
|
111
|
|
|
|
106
|
|
Foreclosed assets
|
|
|
|
|
20
|
|
|
|
109
|
|
|
|
117
|
|
|
|
135
|
|
|
|
164
|
|
Operating leases
|
|
|
|
|
73
|
|
|
|
79
|
|
|
|
64
|
|
|
|
62
|
|
|
|
58
|
|
All other
|
|
|
|
|
462
|
|
|
|
636
|
|
|
|
481
|
|
|
|
501
|
|
|
|
510
|
|
Total
|
|
|
|
$
|
12,399
|
|
|
|
12,399
|
|
|
|
12,469
|
|
|
|
12,507
|
|
|
|
12,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
|
%
|
|
(in millions, except shares)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
Change
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
$
|
19,111
|
|
|
|
19,571
|
|
|
|
(2
|
)%
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
|
|
270,130
|
|
|
|
258,429
|
|
|
|
5
|
|
|
Trading assets
|
|
|
|
|
77,202
|
|
|
|
78,255
|
|
|
|
(1
|
)
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale, at fair value
|
|
|
|
|
267,358
|
|
|
|
257,442
|
|
|
|
4
|
|
|
Held-to-maturity, at cost
|
|
|
|
|
80,197
|
|
|
|
55,483
|
|
|
|
45
|
|
|
Mortgages held for sale
|
|
|
|
|
19,603
|
|
|
|
19,536
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
|
|
279
|
|
|
|
722
|
|
|
|
(61
|
)
|
|
Loans
|
|
|
|
|
916,559
|
|
|
|
862,551
|
|
|
|
6
|
|
|
Allowance for loan losses
|
|
|
|
|
(11,545
|
)
|
|
|
(12,319
|
)
|
|
|
(6
|
)
|
|
Net loans
|
|
|
|
|
905,014
|
|
|
|
850,232
|
|
|
|
6
|
|
|
Mortgage servicing rights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value
|
|
|
|
|
12,415
|
|
|
|
12,738
|
|
|
|
(3
|
)
|
|
Amortized
|
|
|
|
|
1,308
|
|
|
|
1,242
|
|
|
|
5
|
|
|
Premises and equipment, net
|
|
|
|
|
8,704
|
|
|
|
8,743
|
|
|
|
—
|
|
|
Goodwill
|
|
|
|
|
25,529
|
|
|
|
25,705
|
|
|
|
(1
|
)
|
|
Other assets
|
|
|
|
|
100,782
|
|
|
|
99,057
|
|
|
|
2
|
|
|
Total assets
|
|
|
|
$
|
1,787,632
|
|
|
|
1,687,155
|
|
|
|
6
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
|
$
|
351,579
|
|
|
|
321,963
|
|
|
|
9
|
|
|
Interest-bearing deposits
|
|
|
|
|
871,733
|
|
|
|
846,347
|
|
|
|
3
|
|
|
Total deposits
|
|
|
|
|
1,223,312
|
|
|
|
1,168,310
|
|
|
|
5
|
|
|
Short-term borrowings
|
|
|
|
|
97,528
|
|
|
|
63,518
|
|
|
|
54
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
73,231
|
|
|
|
86,122
|
|
|
|
(15
|
)
|
|
Long-term debt
|
|
|
|
|
199,536
|
|
|
|
183,943
|
|
|
|
8
|
|
|
Total liabilities
|
|
|
|
|
1,593,607
|
|
|
|
1,501,893
|
|
|
|
6
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
22,214
|
|
|
|
19,213
|
|
|
|
16
|
|
|
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares;
issued 5,481,811,474 shares
|
|
|
|
|
9,136
|
|
|
|
9,136
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
|
|
60,714
|
|
|
|
60,537
|
|
|
|
—
|
|
|
Retained earnings
|
|
|
|
|
121,000
|
|
|
|
107,040
|
|
|
|
13
|
|
|
Cumulative other comprehensive income
|
|
|
|
|
297
|
|
|
|
3,518
|
|
|
|
(92
|
)
|
|
Treasury stock – 389,682,664 shares and 311,462,276 shares
|
|
|
|
|
(18,867
|
)
|
|
|
(13,690
|
)
|
|
|
38
|
|
|
Unearned ESOP shares
|
|
|
|
|
(1,362
|
)
|
|
|
(1,360
|
)
|
|
|
—
|
|
|
Total Wells Fargo stockholders’ equity
|
|
|
|
|
193,132
|
|
|
|
184,394
|
|
|
|
5
|
|
|
Noncontrolling interests
|
|
|
|
|
893
|
|
|
|
868
|
|
|
|
3
|
|
|
Total equity
|
|
|
|
|
194,025
|
|
|
|
185,262
|
|
|
|
5
|
|
|
Total liabilities and equity
|
|
|
|
$
|
1,787,632
|
|
|
|
1,687,155
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER CONSOLIDATED BALANCE SHEET
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
$
|
19,111
|
|
|
|
17,395
|
|
|
|
19,687
|
|
|
|
19,793
|
|
|
|
19,571
|
|
|
Federal funds sold, securities purchased under resale agreements and
other short-term investments
|
|
|
|
|
270,130
|
|
|
|
254,811
|
|
|
|
232,247
|
|
|
|
291,317
|
|
|
|
258,429
|
|
|
Trading assets
|
|
|
|
|
77,202
|
|
|
|
73,894
|
|
|
|
80,236
|
|
|
|
79,278
|
|
|
|
78,255
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale, at fair value
|
|
|
|
|
267,358
|
|
|
|
266,406
|
|
|
|
260,667
|
|
|
|
257,603
|
|
|
|
257,442
|
|
|
Held-to-maturity, at cost
|
|
|
|
|
80,197
|
|
|
|
78,668
|
|
|
|
80,102
|
|
|
|
67,133
|
|
|
|
55,483
|
|
|
Mortgages held for sale
|
|
|
|
|
19,603
|
|
|
|
21,840
|
|
|
|
25,447
|
|
|
|
23,606
|
|
|
|
19,536
|
|
|
Loans held for sale
|
|
|
|
|
279
|
|
|
|
430
|
|
|
|
621
|
|
|
|
681
|
|
|
|
722
|
|
|
Loans
|
|
|
|
|
916,559
|
|
|
|
903,233
|
|
|
|
888,459
|
|
|
|
861,231
|
|
|
|
862,551
|
|
|
Allowance for loan losses
|
|
|
|
|
(11,545
|
)
|
|
|
(11,659
|
)
|
|
|
(11,754
|
)
|
|
|
(12,176
|
)
|
|
|
(12,319
|
)
|
|
Net loans
|
|
|
|
|
905,014
|
|
|
|
891,574
|
|
|
|
876,705
|
|
|
|
849,055
|
|
|
|
850,232
|
|
|
Mortgage servicing rights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value
|
|
|
|
|
12,415
|
|
|
|
11,778
|
|
|
|
12,661
|
|
|
|
11,739
|
|
|
|
12,738
|
|
|
Amortized
|
|
|
|
|
1,308
|
|
|
|
1,277
|
|
|
|
1,262
|
|
|
|
1,252
|
|
|
|
1,242
|
|
|
Premises and equipment, net
|
|
|
|
|
8,704
|
|
|
|
8,800
|
|
|
|
8,692
|
|
|
|
8,696
|
|
|
|
8,743
|
|
|
Goodwill
|
|
|
|
|
25,529
|
|
|
|
25,684
|
|
|
|
25,705
|
|
|
|
25,705
|
|
|
|
25,705
|
|
|
Other assets
|
|
|
|
|
100,782
|
|
|
|
98,708
|
|
|
|
96,585
|
|
|
|
101,879
|
|
|
|
99,057
|
|
|
Total assets
|
|
|
|
$
|
1,787,632
|
|
|
|
1,751,265
|
|
|
|
1,720,617
|
|
|
|
1,737,737
|
|
|
|
1,687,155
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
|
$
|
351,579
|
|
|
|
339,761
|
|
|
|
343,582
|
|
|
|
335,858
|
|
|
|
321,963
|
|
|
Interest-bearing deposits
|
|
|
|
|
871,733
|
|
|
|
862,418
|
|
|
|
842,246
|
|
|
|
860,805
|
|
|
|
846,347
|
|
|
Total deposits
|
|
|
|
|
1,223,312
|
|
|
|
1,202,179
|
|
|
|
1,185,828
|
|
|
|
1,196,663
|
|
|
|
1,168,310
|
|
|
Short-term borrowings
|
|
|
|
|
97,528
|
|
|
|
88,069
|
|
|
|
82,963
|
|
|
|
77,697
|
|
|
|
63,518
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
73,231
|
|
|
|
81,700
|
|
|
|
81,399
|
|
|
|
90,121
|
|
|
|
86,122
|
|
|
Long-term debt
|
|
|
|
|
199,536
|
|
|
|
185,274
|
|
|
|
179,751
|
|
|
|
183,292
|
|
|
|
183,943
|
|
|
Total liabilities
|
|
|
|
|
1,593,607
|
|
|
|
1,557,222
|
|
|
|
1,529,941
|
|
|
|
1,547,773
|
|
|
|
1,501,893
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
22,214
|
|
|
|
22,424
|
|
|
|
21,649
|
|
|
|
21,998
|
|
|
|
19,213
|
|
|
Common stock
|
|
|
|
|
9,136
|
|
|
|
9,136
|
|
|
|
9,136
|
|
|
|
9,136
|
|
|
|
9,136
|
|
|
Additional paid-in capital
|
|
|
|
|
60,714
|
|
|
|
60,998
|
|
|
|
60,154
|
|
|
|
59,980
|
|
|
|
60,537
|
|
|
Retained earnings
|
|
|
|
|
121,000
|
|
|
|
117,593
|
|
|
|
114,093
|
|
|
|
110,676
|
|
|
|
107,040
|
|
|
Cumulative other comprehensive income
|
|
|
|
|
297
|
|
|
|
2,389
|
|
|
|
2,068
|
|
|
|
3,777
|
|
|
|
3,518
|
|
|
Treasury stock
|
|
|
|
|
(18,867
|
)
|
|
|
(17,899
|
)
|
|
|
(15,707
|
)
|
|
|
(14,556
|
)
|
|
|
(13,690
|
)
|
|
Unearned ESOP shares
|
|
|
|
|
(1,362
|
)
|
|
|
(1,590
|
)
|
|
|
(1,835
|
)
|
|
|
(2,215
|
)
|
|
|
(1,360
|
)
|
|
Total Wells Fargo stockholders’ equity
|
|
|
|
|
193,132
|
|
|
|
193,051
|
|
|
|
189,558
|
|
|
|
188,796
|
|
|
|
184,394
|
|
|
Noncontrolling interests
|
|
|
|
|
893
|
|
|
|
992
|
|
|
|
1,118
|
|
|
|
1,168
|
|
|
|
868
|
|
|
Total equity
|
|
|
|
|
194,025
|
|
|
|
194,043
|
|
|
|
190,676
|
|
|
|
189,964
|
|
|
|
185,262
|
|
|
Total liabilities and equity
|
|
|
|
$
|
1,787,632
|
|
|
|
1,751,265
|
|
|
|
1,720,617
|
|
|
|
1,737,737
|
|
|
|
1,687,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER INVESTMENT SECURITIES
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
$
|
36,250
|
|
|
|
35,423
|
|
|
|
35,944
|
|
|
|
30,031
|
|
|
|
25,804
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
|
49,990
|
|
|
|
49,423
|
|
|
|
48,298
|
|
|
|
47,380
|
|
|
|
44,944
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal agencies
|
|
|
|
|
104,546
|
|
|
|
105,023
|
|
|
|
100,078
|
|
|
|
103,217
|
|
|
|
110,089
|
|
Residential and commercial
|
|
|
|
|
22,646
|
|
|
|
22,836
|
|
|
|
23,770
|
|
|
|
24,712
|
|
|
|
26,263
|
|
Total mortgage-backed securities
|
|
|
|
|
127,192
|
|
|
|
127,859
|
|
|
|
123,848
|
|
|
|
127,929
|
|
|
|
136,352
|
|
Other debt securities
|
|
|
|
|
52,289
|
|
|
|
51,760
|
|
|
|
50,090
|
|
|
|
48,759
|
|
|
|
46,666
|
|
Total available-for-sale debt securities
|
|
|
|
|
265,721
|
|
|
|
264,465
|
|
|
|
258,180
|
|
|
|
254,099
|
|
|
|
253,766
|
|
Marketable equity securities
|
|
|
|
|
1,637
|
|
|
|
1,941
|
|
|
|
2,487
|
|
|
|
3,504
|
|
|
|
3,676
|
|
Total available-for-sale securities
|
|
|
|
|
267,358
|
|
|
|
266,406
|
|
|
|
260,667
|
|
|
|
257,603
|
|
|
|
257,442
|
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities of U.S. Treasury and federal agencies
|
|
|
|
|
44,660
|
|
|
|
44,653
|
|
|
|
44,645
|
|
|
|
44,244
|
|
|
|
40,886
|
|
Securities of U.S. states and political subdivisions
|
|
|
|
|
2,185
|
|
|
|
2,187
|
|
|
|
2,174
|
|
|
|
2,092
|
|
|
|
1,962
|
|
Federal agency mortgage-backed securities
|
|
|
|
|
28,604
|
|
|
|
26,828
|
|
|
|
27,577
|
|
|
|
14,311
|
|
|
|
5,476
|
|
Other debt securities
|
|
|
|
|
4,748
|
|
|
|
5,000
|
|
|
|
5,706
|
|
|
|
6,486
|
|
|
|
7,159
|
|
Total held-to-maturity debt securities
|
|
|
|
|
80,197
|
|
|
|
78,668
|
|
|
|
80,102
|
|
|
|
67,133
|
|
|
|
55,483
|
|
Total investment securities
|
|
|
|
$
|
347,555
|
|
|
|
345,074
|
|
|
|
340,769
|
|
|
|
324,736
|
|
|
|
312,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIVE QUARTER LOANS
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
$
|
299,892
|
|
|
|
292,234
|
|
|
|
284,817
|
|
|
|
271,088
|
|
|
|
271,795
|
|
Real estate mortgage
|
|
|
|
|
122,160
|
|
|
|
121,252
|
|
|
|
119,695
|
|
|
|
111,848
|
|
|
|
111,996
|
|
Real estate construction
|
|
|
|
|
22,164
|
|
|
|
21,710
|
|
|
|
21,309
|
|
|
|
19,981
|
|
|
|
18,728
|
|
Lease financing
|
|
|
|
|
12,367
|
|
|
|
12,142
|
|
|
|
12,201
|
|
|
|
12,382
|
|
|
|
12,307
|
|
Total commercial
|
|
|
|
|
456,583
|
|
|
|
447,338
|
|
|
|
438,022
|
|
|
|
415,299
|
|
|
|
414,826
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
273,869
|
|
|
|
271,311
|
|
|
|
267,868
|
|
|
|
265,213
|
|
|
|
265,386
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
53,004
|
|
|
|
54,592
|
|
|
|
56,164
|
|
|
|
57,839
|
|
|
|
59,717
|
|
Credit card
|
|
|
|
|
34,039
|
|
|
|
32,286
|
|
|
|
31,135
|
|
|
|
30,078
|
|
|
|
31,119
|
|
Automobile
|
|
|
|
|
59,966
|
|
|
|
59,164
|
|
|
|
57,801
|
|
|
|
56,339
|
|
|
|
55,740
|
|
Other revolving credit and installment
|
|
|
|
|
39,098
|
|
|
|
38,542
|
|
|
|
37,469
|
|
|
|
36,463
|
|
|
|
35,763
|
|
Total consumer
|
|
|
|
|
459,976
|
|
|
|
455,895
|
|
|
|
450,437
|
|
|
|
445,932
|
|
|
|
447,725
|
|
Total loans (1)
|
|
|
|
$
|
916,559
|
|
|
|
903,233
|
|
|
|
888,459
|
|
|
|
861,231
|
|
|
|
862,551
|
|
(1) Includes $20.0 billion, $20.7 billion, $21.6 billion, $22.4
billion, and $23.3 billion of purchased credit-impaired (PCI)
loans at December 31, September 30, June 30, and March 31, 2015,
and December 31, 2014, respectively.
|
|
|
|
Our foreign loans are reported by respective class of financing
receivable in the table above. Substantially all of our foreign
loan portfolio is commercial loans. Loans are classified as
foreign primarily based on whether the borrower's primary address
is outside of the United States. The following table presents
total commercial foreign loans outstanding by class of financing
receivable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Commercial foreign loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
$
|
49,049
|
|
|
|
46,380
|
|
|
|
44,838
|
|
|
|
45,325
|
|
|
|
44,707
|
|
Real estate mortgage
|
|
|
|
|
8,350
|
|
|
|
8,662
|
|
|
|
9,125
|
|
|
|
5,171
|
|
|
|
4,776
|
|
Real estate construction
|
|
|
|
|
444
|
|
|
|
396
|
|
|
|
389
|
|
|
|
241
|
|
|
|
218
|
|
Lease financing
|
|
|
|
|
274
|
|
|
|
279
|
|
|
|
301
|
|
|
|
307
|
|
|
|
336
|
|
Total commercial foreign loans
|
|
|
|
$
|
58,117
|
|
|
|
55,717
|
|
|
|
54,653
|
|
|
|
51,044
|
|
|
|
50,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND
FORECLOSED ASSETS)
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
$
|
1,363
|
|
|
|
1,031
|
|
|
|
1,079
|
|
|
|
663
|
|
|
|
538
|
|
Real estate mortgage
|
|
|
|
|
969
|
|
|
|
1,125
|
|
|
|
1,250
|
|
|
|
1,324
|
|
|
|
1,490
|
|
Real estate construction
|
|
|
|
|
66
|
|
|
|
151
|
|
|
|
165
|
|
|
|
182
|
|
|
|
187
|
|
Lease financing
|
|
|
|
|
26
|
|
|
|
29
|
|
|
|
28
|
|
|
|
23
|
|
|
|
24
|
|
Total commercial
|
|
|
|
|
2,424
|
|
|
|
2,336
|
|
|
|
2,522
|
|
|
|
2,192
|
|
|
|
2,239
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
7,293
|
|
|
|
7,425
|
|
|
|
8,045
|
|
|
|
8,345
|
|
|
|
8,583
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
1,495
|
|
|
|
1,612
|
|
|
|
1,710
|
|
|
|
1,798
|
|
|
|
1,848
|
|
Automobile
|
|
|
|
|
121
|
|
|
|
123
|
|
|
|
126
|
|
|
|
133
|
|
|
|
137
|
|
Other revolving credit and installment
|
|
|
|
|
49
|
|
|
|
41
|
|
|
|
40
|
|
|
|
42
|
|
|
|
41
|
|
Total consumer
|
|
|
|
|
8,958
|
|
|
|
9,201
|
|
|
|
9,921
|
|
|
|
10,318
|
|
|
|
10,609
|
|
Total nonaccrual loans (1)(2)(3)
|
|
|
|
$
|
11,382
|
|
|
|
11,537
|
|
|
|
12,443
|
|
|
|
12,510
|
|
|
|
12,848
|
|
As a percentage of total loans
|
|
|
|
|
1.24
|
%
|
|
|
1.28
|
|
|
|
1.40
|
|
|
|
1.45
|
|
|
|
1.49
|
|
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government insured/guaranteed
|
|
|
|
$
|
446
|
|
|
|
502
|
|
|
|
588
|
|
|
|
772
|
|
|
|
982
|
|
Non-government insured/guaranteed
|
|
|
|
|
979
|
|
|
|
1,265
|
|
|
|
1,370
|
|
|
|
1,557
|
|
|
|
1,627
|
|
Total foreclosed assets
|
|
|
|
|
1,425
|
|
|
|
1,767
|
|
|
|
1,958
|
|
|
|
2,329
|
|
|
|
2,609
|
|
Total nonperforming assets
|
|
|
|
$
|
12,807
|
|
|
|
13,304
|
|
|
|
14,401
|
|
|
|
14,839
|
|
|
|
15,457
|
|
As a percentage of total loans
|
|
|
|
|
1.40
|
%
|
|
|
1.47
|
|
|
|
1.62
|
|
|
|
1.72
|
|
|
|
1.79
|
|
(1) Includes nonaccrual mortgages held for sale and loans held for
sale in their respective loan categories.
|
|
(2) Excludes PCI loans because they continue to earn interest
income from accretable yield, independent of performance in
accordance with their contractual terms.
|
|
(3) Real estate 1-4 family mortgage loans predominantly insured by
the Federal Housing Administration (FHA) or guaranteed by the
Department of Veterans Affairs (VA) and student loans
predominantly guaranteed by agencies on behalf of the U.S.
Department of Education under the Federal Family Education Loan
Program are not placed on nonaccrual status because they are
insured or guaranteed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Total (excluding PCI)(1):
|
|
|
|
$
|
14,380
|
|
|
|
14,405
|
|
|
|
15,161
|
|
|
|
16,344
|
|
|
|
17,810
|
|
Less: FHA insured/guaranteed by the VA (2)(3)
|
|
|
|
|
13,373
|
|
|
|
13,500
|
|
|
|
14,359
|
|
|
|
15,453
|
|
|
|
16,827
|
|
Less: Student loans guaranteed under the FFELP (4)
|
|
|
|
|
26
|
|
|
|
33
|
|
|
|
46
|
|
|
|
50
|
|
|
|
63
|
|
Total, not government insured/guaranteed
|
|
|
|
$
|
981
|
|
|
|
872
|
|
|
|
756
|
|
|
|
841
|
|
|
|
920
|
|
By segment and class, not government insured/guaranteed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
$
|
97
|
|
|
|
53
|
|
|
|
17
|
|
|
|
31
|
|
|
|
31
|
|
Real estate mortgage
|
|
|
|
|
13
|
|
|
|
24
|
|
|
|
10
|
|
|
|
43
|
|
|
|
16
|
|
Real estate construction
|
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total commercial
|
|
|
|
|
114
|
|
|
|
77
|
|
|
|
27
|
|
|
|
74
|
|
|
|
47
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage (3)
|
|
|
|
|
224
|
|
|
|
216
|
|
|
|
220
|
|
|
|
221
|
|
|
|
260
|
|
Real estate 1-4 family junior lien mortgage (3)
|
|
|
|
|
65
|
|
|
|
61
|
|
|
|
65
|
|
|
|
55
|
|
|
|
83
|
|
Credit card
|
|
|
|
|
397
|
|
|
|
353
|
|
|
|
304
|
|
|
|
352
|
|
|
|
364
|
|
Automobile
|
|
|
|
|
79
|
|
|
|
66
|
|
|
|
51
|
|
|
|
47
|
|
|
|
73
|
|
Other revolving credit and installment
|
|
|
|
|
102
|
|
|
|
99
|
|
|
|
89
|
|
|
|
92
|
|
|
|
93
|
|
Total consumer
|
|
|
|
|
867
|
|
|
|
795
|
|
|
|
729
|
|
|
|
767
|
|
|
|
873
|
|
Total, not government insured/guaranteed
|
|
|
|
$
|
981
|
|
|
|
872
|
|
|
|
756
|
|
|
|
841
|
|
|
|
920
|
|
(1) PCI loans totaled $2.9 billion, $3.2 billion, $3.4 billion,
$3.6 billion and $3.7 billion, at December 31, September 30, June
30 and March 31, 2015, and December 31, 2014, respectively.
|
|
(2) Represents loans whose repayments are predominantly insured by
the FHA or guaranteed by the VA.
|
|
(3) Includes mortgages held for sale 90 days or more past due and
still accruing.
|
|
(4) Represents loans whose repayments are predominantly guaranteed
by agencies on behalf of the U.S. Department of Education under
the FFELP.
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
CHANGES IN ACCRETABLE YIELD RELATED TO PURCHASED
CREDIT-IMPAIRED (PCI) LOANS
|
|
|
|
|
Loans purchased with evidence of credit deterioration since
origination and for which it is probable that all contractually
required payments will not be collected are considered to be
credit impaired. PCI loans predominantly represent loans acquired
from Wachovia that were deemed to be credit impaired. Evidence of
credit quality deterioration as of the purchase date may include
statistics such as past due and nonaccrual status, recent borrower
credit scores and recent LTV percentages. PCI loans are initially
measured at fair value, which includes estimated future credit
losses expected to be incurred over the life of the loan.
Accordingly, the associated allowance for credit losses related to
these loans is not carried over at the acquisition date.
|
|
|
|
As a result of PCI loan accounting, certain credit-related ratios
cannot be used to compare a portfolio that includes PCI loans
against one that does not, or to compare ratios across quarters or
years. The ratios particularly affected include the allowance for
loan losses and allowance for credit losses as percentages of
loans, of nonaccrual loans and of nonperforming assets; nonaccrual
loans and nonperforming assets as a percentage of total loans; and
net charge-offs as a percentage of loans.
|
|
|
|
The excess of cash flows expected to be collected over the
carrying value of PCI loans is referred to as the accretable yield
and is accreted into interest income over the estimated lives of
the PCI loans using the effective yield method. The accretable
yield is affected by:
|
|
• Changes in interest rate indices for variable rate PCI loans -
Expected future cash flows are based on the variable rates in
effect at the time of the quarterly assessment of expected cash
flows;
|
|
• Changes in prepayment assumptions - Prepayments affect the
estimated life of PCI loans which may change the amount of
interest income, and possibly principal, expected to be collected;
and
|
|
• Changes in the expected principal and interest payments over the
estimated life - Updates to changes in expected cash flows are
driven by the credit outlook and actions taken with borrowers.
Changes in expected future cash flows from loan modifications are
included in the regular evaluations of cash flows expected to be
collected.
|
|
|
|
The change in the accretable yield related to PCI loans is
presented in the following table.
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
Balance, December 31, 2008
|
|
|
|
$
|
10,447
|
|
|
Addition of accretable yield due to acquisitions
|
|
|
|
|
132
|
|
|
Accretion into interest income (1)
|
|
|
|
|
(12,783
|
)
|
|
Accretion into noninterest income due to sales (2)
|
|
|
|
|
(430
|
)
|
|
Reclassification from nonaccretable difference for loans with
improving credit-related cash flows
|
|
|
|
|
8,568
|
|
|
Changes in expected cash flows that do not affect nonaccretable
difference (3)
|
|
|
|
|
11,856
|
|
|
Balance, December 31, 2014
|
|
|
|
|
17,790
|
|
|
Addition of accretable yield due to acquisitions
|
|
|
|
|
—
|
|
|
Accretion into interest income (1)
|
|
|
|
|
(1,429
|
)
|
|
Accretion into noninterest income due to sales (2)
|
|
|
|
|
(28
|
)
|
|
Reclassification from nonaccretable difference for loans with
improving credit-related cash flows (4)
|
|
|
|
|
1,166
|
|
|
Changes in expected cash flows that do not affect nonaccretable
difference (3)
|
|
|
|
|
(1,198
|
)
|
|
Balance, December 31, 2015
|
|
|
|
$
|
16,301
|
|
|
|
|
|
|
|
|
Balance, September 30, 2015
|
|
|
|
$
|
16,657
|
|
|
Addition of accretable yield due to acquisitions
|
|
|
|
|
—
|
|
|
Accretion into interest income (1)
|
|
|
|
|
(327
|
)
|
|
Accretion into noninterest income due to sales (2)
|
|
|
|
|
—
|
|
|
Reclassification from nonaccretable difference for loans with
improving credit-related cash flows (4)
|
|
|
|
|
1,135
|
|
|
Changes in expected cash flows that do not affect nonaccretable
difference (3)
|
|
|
|
|
(1,164
|
)
|
|
Balance, December 31, 2015
|
|
|
|
$
|
16,301
|
|
|
(1) Includes accretable yield released as a result of settlements
with borrowers, which is included in interest income.
|
|
(2) Includes accretable yield released as a result of sales to
third parties, which is included in noninterest income.
|
|
(3) Represents changes in cash flows expected to be collected due
to the impact of modifications, changes in prepayment assumptions,
changes in interest rates on variable rate PCI loans and sales to
third parties.
|
|
(4) At December 31, 2015, our carrying value for PCI loans totaled
$20.0 billion and the remainder of nonaccretable difference
established in purchase accounting totaled $1.9 billion. The
nonaccretable difference absorbs losses of contractual amounts
that exceed our carrying value for PCI loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
PICK-A-PAY PORTFOLIO (1)
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
PCI loans
|
|
|
|
All other loans
|
|
|
(in millions)
|
|
|
|
Adjusted
unpaid
principal
balance (2)
|
|
|
|
Current
LTV
ratio (3)
|
|
|
|
Carrying
value (4)
|
|
|
|
Ratio of
carrying
value to
current
value (5)
|
|
|
|
Carrying
value (4)
|
|
|
|
Ratio of
carrying
value to
current
value (5)
|
|
|
California
|
|
|
|
$
|
16,552
|
|
|
|
73
|
%
|
|
|
$
|
13,405
|
|
|
|
58
|
%
|
|
|
$
|
9,694
|
|
|
|
53
|
%
|
|
Florida
|
|
|
|
1,875
|
|
|
|
82
|
|
|
|
1,307
|
|
|
|
55
|
|
|
|
2,009
|
|
|
|
66
|
|
|
New Jersey
|
|
|
|
780
|
|
|
|
81
|
|
|
|
610
|
|
|
|
60
|
|
|
|
1,314
|
|
|
|
69
|
|
|
New York
|
|
|
|
526
|
|
|
|
77
|
|
|
|
465
|
|
|
|
62
|
|
|
|
638
|
|
|
|
67
|
|
|
Texas
|
|
|
|
204
|
|
|
|
57
|
|
|
|
185
|
|
|
|
51
|
|
|
|
781
|
|
|
|
44
|
|
|
Other states
|
|
|
|
3,834
|
|
|
|
79
|
|
|
|
3,066
|
|
|
|
62
|
|
|
|
5,591
|
|
|
|
65
|
|
|
Total Pick-a-Pay loans
|
|
|
|
$
|
23,771
|
|
|
|
75
|
|
|
|
$
|
19,038
|
|
|
|
59
|
|
|
|
$
|
20,027
|
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The individual states shown in this table represent the top
five states based on the total net carrying value of the
Pick-a-Pay loans at the beginning of 2015.
|
|
(2) Adjusted unpaid principal balance includes write-downs taken
on loans where severe delinquency (normally 180 days) or other
indications of severe borrower financial stress exist that
indicate there will be a loss of contractually due amounts upon
final resolution of the loan.
|
|
(3) The current LTV ratio is calculated as the adjusted unpaid
principal balance divided by the collateral value. Collateral
values are generally determined using automated valuation models
(AVM) and are updated quarterly. AVMs are computer-based tools
used to estimate market values of homes based on processing large
volumes of market data including market comparables and price
trends for local market areas.
|
|
(4) Carrying value, which does not reflect the allowance for loan
losses, includes remaining purchase accounting adjustments, which,
for PCI loans may include the nonaccretable difference and the
accretable yield and, for all other loans, an adjustment to mark
the loans to a market yield at date of merger less any subsequent
charge-offs.
|
|
(5) The ratio of carrying value to current value is calculated as
the carrying value divided by the collateral value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-STRATEGIC AND LIQUIDATING LOAN PORTFOLIOS
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Wachovia commercial and industrial and commercial real estate
PCI loans (1)
|
|
|
|
$
|
468
|
|
|
|
506
|
|
|
|
592
|
|
|
|
699
|
|
|
|
1,125
|
|
Total commercial
|
|
|
|
|
468
|
|
|
|
506
|
|
|
|
592
|
|
|
|
699
|
|
|
|
1,125
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pick-a-Pay mortgage (1)(2)
|
|
|
|
|
39,065
|
|
|
|
40,578
|
|
|
|
42,222
|
|
|
|
43,745
|
|
|
|
45,002
|
|
Legacy Wells Fargo Financial debt consolidation (3)
|
|
|
|
|
9,957
|
|
|
|
10,315
|
|
|
|
10,702
|
|
|
|
11,067
|
|
|
|
11,417
|
|
Liquidating home equity
|
|
|
|
|
2,234
|
|
|
|
2,388
|
|
|
|
2,566
|
|
|
|
2,744
|
|
|
|
2,910
|
|
Legacy Wachovia other PCI loans (1)
|
|
|
|
|
221
|
|
|
|
240
|
|
|
|
262
|
|
|
|
276
|
|
|
|
300
|
|
Legacy Wells Fargo Financial indirect auto (3)
|
|
|
|
|
10
|
|
|
|
11
|
|
|
|
15
|
|
|
|
23
|
|
|
|
34
|
|
Total consumer
|
|
|
|
|
51,487
|
|
|
|
53,532
|
|
|
|
55,767
|
|
|
|
57,855
|
|
|
|
59,663
|
|
Total non-strategic and liquidating loan portfolios
|
|
|
|
$
|
51,955
|
|
|
|
54,038
|
|
|
|
56,359
|
|
|
|
58,554
|
|
|
|
60,788
|
|
(1) Net of purchase accounting adjustments related to PCI loans.
|
|
(2) Includes PCI loans of $19.0 billion, $19.7 billion, $20.4
billion, $21.0 billion and $21.5 billion at December 31, September
30, June 30, and March 31, 2015, and December 31, 2014,
respectively.
|
|
(3) When we refer to "Legacy Wells Fargo", we mean Wells Fargo
excluding Wachovia Corporation (Wachovia).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
CHANGES IN ALLOWANCE FOR CREDIT LOSSES
|
|
|
|
|
|
Quarter ended December 31,
|
|
|
|
Year ended December 31,
|
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Balance, beginning of period
|
|
|
|
$
|
12,562
|
|
|
|
13,481
|
|
|
|
13,169
|
|
|
|
14,971
|
|
|
Provision for credit losses
|
|
|
|
|
831
|
|
|
|
485
|
|
|
|
2,442
|
|
|
|
1,395
|
|
|
Interest income on certain impaired loans (1)
|
|
|
|
|
(48
|
)
|
|
|
(48
|
)
|
|
|
(198
|
)
|
|
|
(211
|
)
|
|
Loan charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
(275
|
)
|
|
|
(161
|
)
|
|
|
(734
|
)
|
|
|
(627
|
)
|
|
Real estate mortgage
|
|
|
|
|
(11
|
)
|
|
|
(19
|
)
|
|
|
(59
|
)
|
|
|
(66
|
)
|
|
Real estate construction
|
|
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
(9
|
)
|
|
Lease financing
|
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
(14
|
)
|
|
|
(15
|
)
|
|
Total commercial
|
|
|
|
|
(291
|
)
|
|
|
(185
|
)
|
|
|
(811
|
)
|
|
|
(717
|
)
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
(113
|
)
|
|
|
(138
|
)
|
|
|
(507
|
)
|
|
|
(721
|
)
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
(134
|
)
|
|
|
(193
|
)
|
|
|
(635
|
)
|
|
|
(864
|
)
|
|
Credit card
|
|
|
|
|
(295
|
)
|
|
|
(256
|
)
|
|
|
(1,116
|
)
|
|
|
(1,025
|
)
|
|
Automobile
|
|
|
|
|
(211
|
)
|
|
|
(214
|
)
|
|
|
(742
|
)
|
|
|
(729
|
)
|
|
Other revolving credit and installment
|
|
|
|
|
(178
|
)
|
|
|
(160
|
)
|
|
|
(643
|
)
|
|
|
(668
|
)
|
|
Total consumer
|
|
|
|
|
(931
|
)
|
|
|
(961
|
)
|
|
|
(3,643
|
)
|
|
|
(4,007
|
)
|
|
Total loan charge-offs
|
|
|
|
|
(1,222
|
)
|
|
|
(1,146
|
)
|
|
|
(4,454
|
)
|
|
|
(4,724
|
)
|
|
Loan recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
60
|
|
|
|
79
|
|
|
|
252
|
|
|
|
369
|
|
|
Real estate mortgage
|
|
|
|
|
30
|
|
|
|
44
|
|
|
|
127
|
|
|
|
160
|
|
|
Real estate construction
|
|
|
|
|
12
|
|
|
|
28
|
|
|
|
37
|
|
|
|
136
|
|
|
Lease financing
|
|
|
|
|
2
|
|
|
|
2
|
|
|
|
8
|
|
|
|
8
|
|
|
Total commercial
|
|
|
|
|
104
|
|
|
|
153
|
|
|
|
424
|
|
|
|
673
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
63
|
|
|
|
50
|
|
|
|
245
|
|
|
|
212
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
64
|
|
|
|
59
|
|
|
|
259
|
|
|
|
238
|
|
|
Credit card
|
|
|
|
|
52
|
|
|
|
35
|
|
|
|
175
|
|
|
|
161
|
|
|
Automobile
|
|
|
|
|
76
|
|
|
|
82
|
|
|
|
325
|
|
|
|
349
|
|
|
Other revolving credit and installment
|
|
|
|
|
32
|
|
|
|
32
|
|
|
|
134
|
|
|
|
146
|
|
|
Total consumer
|
|
|
|
|
287
|
|
|
|
258
|
|
|
|
1,138
|
|
|
|
1,106
|
|
|
Total loan recoveries
|
|
|
|
|
391
|
|
|
|
411
|
|
|
|
1,562
|
|
|
|
1,779
|
|
|
Net loan charge-offs (2)
|
|
|
|
|
(831
|
)
|
|
|
(735
|
)
|
|
|
(2,892
|
)
|
|
|
(2,945
|
)
|
|
Other
|
|
|
|
|
(2
|
)
|
|
|
(14
|
)
|
|
|
(9
|
)
|
|
|
(41
|
)
|
|
Balance, end of period
|
|
|
|
$
|
12,512
|
|
|
|
13,169
|
|
|
|
12,512
|
|
|
|
13,169
|
|
|
Components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
$
|
11,545
|
|
|
|
12,319
|
|
|
|
11,545
|
|
|
|
12,319
|
|
|
Allowance for unfunded credit commitments
|
|
|
|
|
967
|
|
|
|
850
|
|
|
|
967
|
|
|
|
850
|
|
|
Allowance for credit losses (3)
|
|
|
|
$
|
12,512
|
|
|
|
13,169
|
|
|
|
12,512
|
|
|
|
13,169
|
|
|
Net loan charge-offs (annualized) as a percentage of average total
loans (2)
|
|
|
|
|
0.36
|
%
|
|
|
0.34
|
|
|
|
0.33
|
|
|
|
0.35
|
|
|
Allowance for loan losses as a percentage of total loans (3)
|
|
|
|
|
1.26
|
|
|
|
1.43
|
|
|
|
1.26
|
|
|
|
1.43
|
|
|
Allowance for credit losses as a percentage of total loans (3)
|
|
|
|
|
1.37
|
|
|
|
1.53
|
|
|
|
1.37
|
|
|
|
1.53
|
|
|
(1) Certain impaired loans with an allowance calculated by
discounting expected cash flows using the loan’s effective
interest rate over the remaining life of the loan recognize
reductions in allowance as interest income.
|
|
(2) For PCI loans, charge-offs are only recorded to the extent
that losses exceed the purchase accounting estimates.
|
|
(3) The allowance for credit losses includes $1 million and $11
million at December 31, 2015 and 2014, respectively, related to
PCI loans acquired from Wachovia. Loans acquired from Wachovia are
included in total loans net of related purchase accounting net
write-downs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Balance, beginning of quarter
|
|
|
|
$
|
12,562
|
|
|
|
12,614
|
|
|
|
13,013
|
|
|
|
13,169
|
|
|
|
13,481
|
|
|
Provision for credit losses
|
|
|
|
|
831
|
|
|
|
703
|
|
|
|
300
|
|
|
|
608
|
|
|
|
485
|
|
|
Interest income on certain impaired loans (1)
|
|
|
|
|
(48
|
)
|
|
|
(48
|
)
|
|
|
(50
|
)
|
|
|
(52
|
)
|
|
|
(48
|
)
|
|
Loan charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
(275
|
)
|
|
|
(172
|
)
|
|
|
(154
|
)
|
|
|
(133
|
)
|
|
|
(161
|
)
|
|
Real estate mortgage
|
|
|
|
|
(11
|
)
|
|
|
(9
|
)
|
|
|
(16
|
)
|
|
|
(23
|
)
|
|
|
(19
|
)
|
|
Real estate construction
|
|
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
Lease financing
|
|
|
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
Total commercial
|
|
|
|
|
(291
|
)
|
|
|
(186
|
)
|
|
|
(174
|
)
|
|
|
(160
|
)
|
|
|
(185
|
)
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
(113
|
)
|
|
|
(145
|
)
|
|
|
(119
|
)
|
|
|
(130
|
)
|
|
|
(138
|
)
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
(134
|
)
|
|
|
(159
|
)
|
|
|
(163
|
)
|
|
|
(179
|
)
|
|
|
(193
|
)
|
|
Credit card
|
|
|
|
|
(295
|
)
|
|
|
(259
|
)
|
|
|
(284
|
)
|
|
|
(278
|
)
|
|
|
(256
|
)
|
|
Automobile
|
|
|
|
|
(211
|
)
|
|
|
(186
|
)
|
|
|
(150
|
)
|
|
|
(195
|
)
|
|
|
(214
|
)
|
|
Other revolving credit and installment
|
|
|
|
|
(178
|
)
|
|
|
(160
|
)
|
|
|
(151
|
)
|
|
|
(154
|
)
|
|
|
(160
|
)
|
|
Total consumer
|
|
|
|
|
(931
|
)
|
|
|
(909
|
)
|
|
|
(867
|
)
|
|
|
(936
|
)
|
|
|
(961
|
)
|
|
Total loan charge-offs
|
|
|
|
|
(1,222
|
)
|
|
|
(1,095
|
)
|
|
|
(1,041
|
)
|
|
|
(1,096
|
)
|
|
|
(1,146
|
)
|
|
Loan recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
60
|
|
|
|
50
|
|
|
|
73
|
|
|
|
69
|
|
|
|
79
|
|
|
Real estate mortgage
|
|
|
|
|
30
|
|
|
|
32
|
|
|
|
31
|
|
|
|
34
|
|
|
|
44
|
|
|
Real estate construction
|
|
|
|
|
12
|
|
|
|
8
|
|
|
|
7
|
|
|
|
10
|
|
|
|
28
|
|
|
Lease financing
|
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
|
|
3
|
|
|
|
2
|
|
|
Total commercial
|
|
|
|
|
104
|
|
|
|
92
|
|
|
|
112
|
|
|
|
116
|
|
|
|
153
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate 1-4 family first mortgage
|
|
|
|
|
63
|
|
|
|
83
|
|
|
|
52
|
|
|
|
47
|
|
|
|
50
|
|
|
Real estate 1-4 family junior lien mortgage
|
|
|
|
|
64
|
|
|
|
70
|
|
|
|
69
|
|
|
|
56
|
|
|
|
59
|
|
|
Credit card
|
|
|
|
|
52
|
|
|
|
43
|
|
|
|
41
|
|
|
|
39
|
|
|
|
35
|
|
|
Automobile
|
|
|
|
|
76
|
|
|
|
73
|
|
|
|
82
|
|
|
|
94
|
|
|
|
82
|
|
|
Other revolving credit and installment
|
|
|
|
|
32
|
|
|
|
31
|
|
|
|
35
|
|
|
|
36
|
|
|
|
32
|
|
|
Total consumer
|
|
|
|
|
287
|
|
|
|
300
|
|
|
|
279
|
|
|
|
272
|
|
|
|
258
|
|
|
Total loan recoveries
|
|
|
|
|
391
|
|
|
|
392
|
|
|
|
391
|
|
|
|
388
|
|
|
|
411
|
|
|
Net loan charge-offs
|
|
|
|
|
(831
|
)
|
|
|
(703
|
)
|
|
|
(650
|
)
|
|
|
(708
|
)
|
|
|
(735
|
)
|
|
Other
|
|
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
1
|
|
|
|
(4
|
)
|
|
|
(14
|
)
|
|
Balance, end of quarter
|
|
|
|
$
|
12,512
|
|
|
|
12,562
|
|
|
|
12,614
|
|
|
|
13,013
|
|
|
|
13,169
|
|
|
Components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
$
|
11,545
|
|
|
|
11,659
|
|
|
|
11,754
|
|
|
|
12,176
|
|
|
|
12,319
|
|
|
Allowance for unfunded credit commitments
|
|
|
|
|
967
|
|
|
|
903
|
|
|
|
860
|
|
|
|
837
|
|
|
|
850
|
|
|
Allowance for credit losses
|
|
|
|
$
|
12,512
|
|
|
|
12,562
|
|
|
|
12,614
|
|
|
|
13,013
|
|
|
|
13,169
|
|
|
Net loan charge-offs (annualized) as a percentage of average total
loans
|
|
|
|
|
0.36
|
%
|
|
|
0.31
|
|
|
|
0.30
|
|
|
|
0.33
|
|
|
|
0.34
|
|
|
Allowance for loan losses as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
|
|
1.26
|
|
|
|
1.29
|
|
|
|
1.32
|
|
|
|
1.41
|
|
|
|
1.43
|
|
|
Nonaccrual loans
|
|
|
|
|
101
|
|
|
|
101
|
|
|
|
94
|
|
|
|
97
|
|
|
|
96
|
|
|
Nonaccrual loans and other nonperforming assets
|
|
|
|
|
90
|
|
|
|
88
|
|
|
|
82
|
|
|
|
82
|
|
|
|
80
|
|
|
Allowance for credit losses as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
|
|
1.37
|
|
|
|
1.39
|
|
|
|
1.42
|
|
|
|
1.51
|
|
|
|
1.53
|
|
|
Nonaccrual loans
|
|
|
|
|
110
|
|
|
|
109
|
|
|
|
101
|
|
|
|
104
|
|
|
|
103
|
|
|
Nonaccrual loans and other nonperforming assets
|
|
|
|
|
98
|
|
|
|
94
|
|
|
|
88
|
|
|
|
88
|
|
|
|
85
|
|
|
(1) Certain impaired loans with an allowance calculated by
discounting expected cash flows using the loan’s effective
interest rate over the remaining life of the loan recognize
reductions in allowance as interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1)
|
|
|
|
|
|
|
|
Estimated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
(in billions)
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
Total equity
|
|
|
|
|
|
$
|
194.0
|
|
|
194.0
|
|
|
190.7
|
|
|
190.0
|
|
|
185.3
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
(0.9
|
)
|
|
(0.9
|
)
|
|
(1.1
|
)
|
|
(1.2
|
)
|
|
(0.9
|
)
|
|
Total Wells Fargo stockholders’ equity
|
|
|
|
|
|
|
193.1
|
|
|
193.1
|
|
|
189.6
|
|
|
188.8
|
|
|
184.4
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
|
|
(21.0
|
)
|
|
(21.0
|
)
|
|
(20.0
|
)
|
|
(20.0
|
)
|
|
(18.0
|
)
|
|
Goodwill and other intangible assets (2)
|
|
|
|
|
|
|
(28.7
|
)
|
|
(28.7
|
)
|
|
(29.1
|
)
|
|
(28.9
|
)
|
|
(29.0
|
)
|
|
Investment in certain subsidiaries and other
|
|
|
|
|
|
|
(0.9
|
)
|
|
(1.6
|
)
|
|
(0.6
|
)
|
|
(0.9
|
)
|
|
(0.7
|
)
|
|
Common Equity Tier 1 (Fully Phased-In) under Basel III (1)
|
|
|
|
(A)
|
|
|
142.5
|
|
|
141.8
|
|
|
139.9
|
|
|
139.0
|
|
|
136.7
|
|
|
Total risk-weighted assets (RWAs) anticipated under Basel III (3)(4)
|
|
|
|
(B)
|
|
$
|
1,334.9
|
|
|
1,331.8
|
|
|
1,325.6
|
|
|
1,326.3
|
|
|
1,310.5
|
|
|
Common Equity Tier 1 to total RWAs anticipated under Basel III
(Fully Phased-In) (4)
|
|
|
|
(A)/(B)
|
|
|
10.7
|
%
|
|
10.6
|
|
|
10.6
|
|
|
10.5
|
|
|
10.4
|
|
|
(1) Basel III capital rules, adopted by the Federal Reserve Board
on July 2, 2013, revised the definition of capital, increased
minimum capital ratios, and introduced a minimum Common Equity
Tier 1 (CET1) ratio. These rules established a new comprehensive
capital framework for U.S. banking organizations that implements
the Basel III capital framework and certain provisions of the
Dodd-Frank Act. The rules are being phased in through the end of
2021. Fully phased-in capital amounts, ratios and RWAs are
calculated assuming the full phase-in of the Basel III capital
rules. Fully phased-in regulatory capital amounts, ratios and RWAs
are considered non-GAAP financial measures that are used by
management, bank regulatory agencies, investors and analysts to
assess and monitor the Company’s capital position. We have
included this non-GAAP financial information, and the
corresponding reconciliation to total equity, because of current
interest in such information on the part of market participants.
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(2) Goodwill and other intangible assets are net of any associated
deferred tax liabilities.
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(3) The final Basel III capital rules provide for two capital
frameworks: the Standardized Approach, which replaced Basel I, and
the Advanced Approach applicable to certain institutions. Under
the final rules, we are subject to the lower of our CET1 ratio
calculated under the Standardized Approach and under the Advanced
Approach in the assessment of our capital adequacy. Because the
final determination of our CET1 ratio and which approach will
produce the lower CET1 ratio as of December 31, 2015, is subject
to detailed analysis of considerable data, our CET1 ratio at that
date has been estimated using the Basel III definition of capital
under the Basel III Standardized Approach RWAs. The capital ratio
for September 30, 2015, and June 30, 2015, was calculated under
the Basel III Standardized Approach RWAs, and the capital ratio
for March 31, 2015, and December 31, 2014, was calculated under
the Basel III Advanced Approach RWAs.
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(4) The Company’s December 31, 2015, RWAs and capital ratio are
preliminary estimates.
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Wells Fargo & Company and Subsidiaries
|
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OPERATING SEGMENT RESULTS (1)
|
|
(income/expense in millions,
average balances in billions)
|
|
|
|
Community
Banking
|
|
|
|
|
Wholesale
Banking
|
|
|
|
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Wealth and
Investment
Management
|
|
|
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Other (2)
|
|
|
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Consolidated
Company
|
|
|
|
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2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
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2014
|
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Quarter ended Dec 31,
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net interest income (3)
|
|
|
|
$
|
7,409
|
|
|
|
|
7,149
|
|
|
|
|
3,711
|
|
|
|
|
3,633
|
|
|
|
|
933
|
|
|
|
|
811
|
|
|
|
|
(465
|
)
|
|
|
|
(413
|
)
|
|
|
|
11,588
|
|
|
|
|
11,180
|
|
Provision (reversal of provision) for credit losses
|
|
|
|
|
704
|
|
|
|
|
506
|
|
|
|
|
126
|
|
|
|
|
(33
|
)
|
|
|
|
(6
|
)
|
|
|
|
8
|
|
|
|
|
7
|
|
|
|
|
4
|
|
|
|
|
831
|
|
|
|
|
485
|
|
Noninterest income
|
|
|
|
|
4,921
|
|
|
|
|
5,009
|
|
|
|
|
2,848
|
|
|
|
|
2,899
|
|
|
|
|
3,014
|
|
|
|
|
3,102
|
|
|
|
|
(785
|
)
|
|
|
|
(747
|
)
|
|
|
|
9,998
|
|
|
|
|
10,263
|
|
Noninterest expense
|
|
|
|
|
6,693
|
|
|
|
|
6,827
|
|
|
|
|
3,491
|
|
|
|
|
3,533
|
|
|
|
|
2,998
|
|
|
|
|
3,066
|
|
|
|
|
(783
|
)
|
|
|
|
(779
|
)
|
|
|
|
12,399
|
|
|
|
|
12,647
|
|
Income (loss) before income tax expense (benefit)
|
|
|
|
|
4,933
|
|
|
|
|
4,825
|
|
|
|
|
2,942
|
|
|
|
|
3,032
|
|
|
|
|
955
|
|
|
|
|
839
|
|
|
|
|
(474
|
)
|
|
|
|
(385
|
)
|
|
|
|
8,356
|
|
|
|
|
8,311
|
|
Income tax expense (benefit)
|
|
|
|
|
1,573
|
|
|
|
|
1,484
|
|
|
|
|
841
|
|
|
|
|
864
|
|
|
|
|
366
|
|
|
|
|
318
|
|
|
|
|
(181
|
)
|
|
|
|
(147
|
)
|
|
|
|
2,599
|
|
|
|
|
2,519
|
|
Net income (loss) before noncontrolling interests
|
|
|
|
|
3,360
|
|
|
|
|
3,341
|
|
|
|
|
2,101
|
|
|
|
|
2,168
|
|
|
|
|
589
|
|
|
|
|
521
|
|
|
|
|
(293
|
)
|
|
|
|
(238
|
)
|
|
|
|
5,757
|
|
|
|
|
5,792
|
|
Less: Net income (loss) from noncontrolling interests
|
|
|
|
|
57
|
|
|
|
|
8
|
|
|
|
|
(3
|
)
|
|
|
|
73
|
|
|
|
|
(6
|
)
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
48
|
|
|
|
|
83
|
|
Net income (loss)
|
|
|
|
$
|
3,303
|
|
|
|
|
3,333
|
|
|
|
|
2,104
|
|
|
|
|
2,095
|
|
|
|
|
595
|
|
|
|
|
519
|
|
|
|
|
(293
|
)
|
|
|
|
(238
|
)
|
|
|
|
5,709
|
|
|
|
|
5,709
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans
|
|
|
|
$
|
482.2
|
|
|
|
|
469.6
|
|
|
|
|
417.0
|
|
|
|
|
369.0
|
|
|
|
|
63.0
|
|
|
|
|
54.8
|
|
|
|
|
(49.9
|
)
|
|
|
|
(44.0
|
)
|
|
|
|
912.3
|
|
|
|
|
849.4
|
|
Average assets
|
|
|
|
|
921.4
|
|
|
|
|
891.2
|
|
|
|
|
755.4
|
|
|
|
|
668.8
|
|
|
|
|
197.9
|
|
|
|
|
188.2
|
|
|
|
|
(87.4
|
)
|
|
|
|
(84.4
|
)
|
|
|
|
1,787.3
|
|
|
|
|
1,663.8
|
|
Average deposits
|
|
|
|
|
663.7
|
|
|
|
|
629.4
|
|
|
|
|
449.3
|
|
|
|
|
424.0
|
|
|
|
|
177.9
|
|
|
|
|
165.5
|
|
|
|
|
(74.1
|
)
|
|
|
|
(69.1
|
)
|
|
|
|
1,216.8
|
|
|
|
|
1,149.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended Dec 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (3)
|
|
|
|
$
|
29,242
|
|
|
|
|
27,999
|
|
|
|
|
14,350
|
|
|
|
|
14,073
|
|
|
|
|
3,478
|
|
|
|
|
3,032
|
|
|
|
|
(1,769
|
)
|
|
|
|
(1,577
|
)
|
|
|
|
45,301
|
|
|
|
|
43,527
|
|
Provision (reversal of provision) for credit losses
|
|
|
|
|
2,427
|
|
|
|
|
1,796
|
|
|
|
|
27
|
|
|
|
|
(382
|
)
|
|
|
|
(25
|
)
|
|
|
|
(50
|
)
|
|
|
|
13
|
|
|
|
|
31
|
|
|
|
|
2,442
|
|
|
|
|
1,395
|
|
Noninterest income
|
|
|
|
|
20,099
|
|
|
|
|
20,159
|
|
|
|
|
11,554
|
|
|
|
|
11,325
|
|
|
|
|
12,299
|
|
|
|
|
12,237
|
|
|
|
|
(3,196
|
)
|
|
|
|
(2,901
|
)
|
|
|
|
40,756
|
|
|
|
|
40,820
|
|
Noninterest expense
|
|
|
|
|
26,781
|
|
|
|
|
26,290
|
|
|
|
|
14,116
|
|
|
|
|
13,831
|
|
|
|
|
12,067
|
|
|
|
|
11,993
|
|
|
|
|
(3,190
|
)
|
|
|
|
(3,077
|
)
|
|
|
|
49,774
|
|
|
|
|
49,037
|
|
Income (loss) before income tax expense (benefit)
|
|
|
|
|
20,133
|
|
|
|
|
20,072
|
|
|
|
|
11,761
|
|
|
|
|
11,949
|
|
|
|
|
3,735
|
|
|
|
|
3,326
|
|
|
|
|
(1,788
|
)
|
|
|
|
(1,432
|
)
|
|
|
|
33,841
|
|
|
|
|
33,915
|
|
Income tax expense (benefit)
|
|
|
|
|
6,268
|
|
|
|
|
6,049
|
|
|
|
|
3,424
|
|
|
|
|
3,540
|
|
|
|
|
1,420
|
|
|
|
|
1,262
|
|
|
|
|
(681
|
)
|
|
|
|
(544
|
)
|
|
|
|
10,431
|
|
|
|
|
10,307
|
|
Net income (loss) before noncontrolling interests
|
|
|
|
|
13,865
|
|
|
|
|
14,023
|
|
|
|
|
8,337
|
|
|
|
|
8,409
|
|
|
|
|
2,315
|
|
|
|
|
2,064
|
|
|
|
|
(1,107
|
)
|
|
|
|
(888
|
)
|
|
|
|
23,410
|
|
|
|
|
23,608
|
|
Less: Net income (loss) from noncontrolling interests
|
|
|
|
|
240
|
|
|
|
|
337
|
|
|
|
|
143
|
|
|
|
|
210
|
|
|
|
|
(1
|
)
|
|
|
|
4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
382
|
|
|
|
|
551
|
|
Net income (loss)
|
|
|
|
$
|
13,625
|
|
|
|
|
13,686
|
|
|
|
|
8,194
|
|
|
|
|
8,199
|
|
|
|
|
2,316
|
|
|
|
|
2,060
|
|
|
|
|
(1,107
|
)
|
|
|
|
(888
|
)
|
|
|
|
23,028
|
|
|
|
|
23,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans
|
|
|
|
$
|
475.9
|
|
|
|
|
468.8
|
|
|
|
|
397.3
|
|
|
|
|
355.6
|
|
|
|
|
60.1
|
|
|
|
|
52.1
|
|
|
|
|
(47.9
|
)
|
|
|
|
(42.1
|
)
|
|
|
|
885.4
|
|
|
|
|
834.4
|
|
Average assets
|
|
|
|
|
910.0
|
|
|
|
|
853.2
|
|
|
|
|
724.9
|
|
|
|
|
636.5
|
|
|
|
|
192.8
|
|
|
|
|
186.1
|
|
|
|
|
(84.8
|
)
|
|
|
|
(82.5
|
)
|
|
|
|
1,742.9
|
|
|
|
|
1,593.3
|
|
Average deposits
|
|
|
|
|
654.4
|
|
|
|
|
614.3
|
|
|
|
|
438.9
|
|
|
|
|
404.0
|
|
|
|
|
172.3
|
|
|
|
|
163.5
|
|
|
|
|
(71.5
|
)
|
|
|
|
(67.7
|
)
|
|
|
|
1,194.1
|
|
|
|
|
1,114.1
|
|
(1) The management accounting process measures the performance of
the operating segments based on our management structure and is
not necessarily comparable with other similar information for
other financial services companies. We define our operating
segments by product type and customer segment. Effective third
quarter 2015, we realigned our asset management business from
Wholesale Banking to Wealth and Investment Management (WIM)
(formerly Wealth, Brokerage and Retirement), and realigned our
reinsurance business from WIM and our strategic auto investments
from Community Banking to Wholesale Banking. Effective fourth
quarter 2015, we realigned our business banking and merchant
payment services businesses from Community Banking to Wholesale
Banking. Results for these operating segments were revised for
prior periods to reflect the impact of these realignments.
|
|
(2) Includes items not specific to a business segment and
elimination of certain items that are included in more than one
business segment, substantially all of which represents services
for wealth management customers provided in Community Banking
stores.
|
|
(3) Net interest income is the difference between interest earned
on assets and the cost of liabilities to fund those assets.
Interest earned includes actual interest earned on segment assets
and, if the segment has excess liabilities, interest credits for
providing funding to other segments. The cost of liabilities
includes interest expense on segment liabilities and, if the
segment does not have enough liabilities to fund its assets, a
funding charge based on the cost of excess liabilities from
another segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER OPERATING SEGMENT RESULTS (1)
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(income/expense in millions, average balances in billions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
COMMUNITY BANKING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
$
|
7,409
|
|
|
|
7,409
|
|
|
|
7,277
|
|
|
|
7,147
|
|
|
|
7,149
|
|
|
Provision for credit losses
|
|
|
|
|
704
|
|
|
|
668
|
|
|
|
397
|
|
|
|
658
|
|
|
|
506
|
|
|
Noninterest income
|
|
|
|
|
4,921
|
|
|
|
5,524
|
|
|
|
4,690
|
|
|
|
4,964
|
|
|
|
5,009
|
|
|
Noninterest expense
|
|
|
|
|
6,693
|
|
|
|
6,778
|
|
|
|
6,719
|
|
|
|
6,591
|
|
|
|
6,827
|
|
|
Income before income tax expense
|
|
|
|
|
4,933
|
|
|
|
5,487
|
|
|
|
4,851
|
|
|
|
4,862
|
|
|
|
4,825
|
|
|
Income tax expense
|
|
|
|
|
1,573
|
|
|
|
1,785
|
|
|
|
1,620
|
|
|
|
1,290
|
|
|
|
1,484
|
|
|
Net income before noncontrolling interests
|
|
|
|
|
3,360
|
|
|
|
3,702
|
|
|
|
3,231
|
|
|
|
3,572
|
|
|
|
3,341
|
|
|
Less: Net income from noncontrolling interests
|
|
|
|
|
57
|
|
|
|
142
|
|
|
|
16
|
|
|
|
25
|
|
|
|
8
|
|
|
Segment net income
|
|
|
|
$
|
3,303
|
|
|
|
3,560
|
|
|
|
3,215
|
|
|
|
3,547
|
|
|
|
3,333
|
|
|
Average loans
|
|
|
|
$
|
482.2
|
|
|
|
477.0
|
|
|
|
472.3
|
|
|
|
472.2
|
|
|
|
469.6
|
|
|
Average assets
|
|
|
|
|
921.4
|
|
|
|
898.9
|
|
|
|
910.0
|
|
|
|
909.5
|
|
|
|
891.2
|
|
|
Average deposits
|
|
|
|
|
663.7
|
|
|
|
655.6
|
|
|
|
654.8
|
|
|
|
643.4
|
|
|
|
629.4
|
|
|
WHOLESALE BANKING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
$
|
3,711
|
|
|
|
3,611
|
|
|
|
3,591
|
|
|
|
3,437
|
|
|
|
3,633
|
|
|
Provision (reversal of provision) for credit losses
|
|
|
|
|
126
|
|
|
|
36
|
|
|
|
(84
|
)
|
|
|
(51
|
)
|
|
|
(33
|
)
|
|
Noninterest income
|
|
|
|
|
2,848
|
|
|
|
2,715
|
|
|
|
3,019
|
|
|
|
2,972
|
|
|
|
2,899
|
|
|
Noninterest expense
|
|
|
|
|
3,491
|
|
|
|
3,503
|
|
|
|
3,504
|
|
|
|
3,618
|
|
|
|
3,533
|
|
|
Income before income tax expense
|
|
|
|
|
2,942
|
|
|
|
2,787
|
|
|
|
3,190
|
|
|
|
2,842
|
|
|
|
3,032
|
|
|
Income tax expense
|
|
|
|
|
841
|
|
|
|
815
|
|
|
|
951
|
|
|
|
817
|
|
|
|
864
|
|
|
Net income before noncontrolling interests
|
|
|
|
|
2,101
|
|
|
|
1,972
|
|
|
|
2,239
|
|
|
|
2,025
|
|
|
|
2,168
|
|
|
Less: Net income (loss) from noncontrolling interests
|
|
|
|
|
(3
|
)
|
|
|
47
|
|
|
|
48
|
|
|
|
51
|
|
|
|
73
|
|
|
Segment net income
|
|
|
|
$
|
2,104
|
|
|
|
1,925
|
|
|
|
2,191
|
|
|
|
1,974
|
|
|
|
2,095
|
|
|
Average loans
|
|
|
|
$
|
417.0
|
|
|
|
405.6
|
|
|
|
386.2
|
|
|
|
380.0
|
|
|
|
369.0
|
|
|
Average assets
|
|
|
|
|
755.4
|
|
|
|
739.1
|
|
|
|
713.7
|
|
|
|
690.6
|
|
|
|
668.8
|
|
|
Average deposits
|
|
|
|
|
449.3
|
|
|
|
442.0
|
|
|
|
432.4
|
|
|
|
431.7
|
|
|
|
424.0
|
|
|
WEALTH AND INVESTMENT MANAGEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
$
|
933
|
|
|
|
887
|
|
|
|
832
|
|
|
|
826
|
|
|
|
811
|
|
|
Provision (reversal of provision) for credit losses
|
|
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
|
(10
|
)
|
|
|
(3
|
)
|
|
|
8
|
|
|
Noninterest income
|
|
|
|
|
3,014
|
|
|
|
2,991
|
|
|
|
3,144
|
|
|
|
3,150
|
|
|
|
3,102
|
|
|
Noninterest expense
|
|
|
|
|
2,998
|
|
|
|
2,909
|
|
|
|
3,038
|
|
|
|
3,122
|
|
|
|
3,066
|
|
|
Income before income tax expense
|
|
|
|
|
955
|
|
|
|
975
|
|
|
|
948
|
|
|
|
857
|
|
|
|
839
|
|
|
Income tax expense
|
|
|
|
|
366
|
|
|
|
371
|
|
|
|
359
|
|
|
|
324
|
|
|
|
318
|
|
|
Net income before noncontrolling interests
|
|
|
|
|
589
|
|
|
|
604
|
|
|
|
589
|
|
|
|
533
|
|
|
|
521
|
|
|
Less: Net income (loss) from noncontrolling interests
|
|
|
|
|
(6
|
)
|
|
|
(2
|
)
|
|
|
3
|
|
|
|
4
|
|
|
|
2
|
|
|
Segment net income
|
|
|
|
$
|
595
|
|
|
|
606
|
|
|
|
586
|
|
|
|
529
|
|
|
|
519
|
|
|
Average loans
|
|
|
|
$
|
63.0
|
|
|
|
61.1
|
|
|
|
59.3
|
|
|
|
56.9
|
|
|
|
54.8
|
|
|
Average assets
|
|
|
|
|
197.9
|
|
|
|
192.6
|
|
|
|
189.1
|
|
|
|
191.6
|
|
|
|
188.2
|
|
|
Average deposits
|
|
|
|
|
177.9
|
|
|
|
172.6
|
|
|
|
168.2
|
|
|
|
170.3
|
|
|
|
165.5
|
|
|
OTHER (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
$
|
(465
|
)
|
|
|
(450
|
)
|
|
|
(430
|
)
|
|
|
(424
|
)
|
|
|
(413
|
)
|
|
Provision (reversal of provision) for credit losses
|
|
|
|
|
7
|
|
|
|
5
|
|
|
|
(3
|
)
|
|
|
4
|
|
|
|
4
|
|
|
Noninterest income
|
|
|
|
|
(785
|
)
|
|
|
(812
|
)
|
|
|
(805
|
)
|
|
|
(794
|
)
|
|
|
(747
|
)
|
|
Noninterest expense
|
|
|
|
|
(783
|
)
|
|
|
(791
|
)
|
|
|
(792
|
)
|
|
|
(824
|
)
|
|
|
(779
|
)
|
|
Loss before income tax benefit
|
|
|
|
|
(474
|
)
|
|
|
(476
|
)
|
|
|
(440
|
)
|
|
|
(398
|
)
|
|
|
(385
|
)
|
|
Income tax benefit
|
|
|
|
|
(181
|
)
|
|
|
(181
|
)
|
|
|
(167
|
)
|
|
|
(152
|
)
|
|
|
(147
|
)
|
|
Net loss before noncontrolling interests
|
|
|
|
|
(293
|
)
|
|
|
(295
|
)
|
|
|
(273
|
)
|
|
|
(246
|
)
|
|
|
(238
|
)
|
|
Less: Net income from noncontrolling interests
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other net loss
|
|
|
|
$
|
(293
|
)
|
|
|
(295
|
)
|
|
|
(273
|
)
|
|
|
(246
|
)
|
|
|
(238
|
)
|
|
Average loans
|
|
|
|
$
|
(49.9
|
)
|
|
|
(48.6
|
)
|
|
|
(47.4
|
)
|
|
|
(45.8
|
)
|
|
|
(44.0
|
)
|
|
Average assets
|
|
|
|
|
(87.4
|
)
|
|
|
(84.2
|
)
|
|
|
(83.5
|
)
|
|
|
(83.9
|
)
|
|
|
(84.4
|
)
|
|
Average deposits
|
|
|
|
|
(74.1
|
)
|
|
|
(71.3
|
)
|
|
|
(70.1
|
)
|
|
|
(70.6
|
)
|
|
|
(69.1
|
)
|
|
CONSOLIDATED COMPANY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
$
|
11,588
|
|
|
|
11,457
|
|
|
|
11,270
|
|
|
|
10,986
|
|
|
|
11,180
|
|
|
Provision for credit losses
|
|
|
|
|
831
|
|
|
|
703
|
|
|
|
300
|
|
|
|
608
|
|
|
|
485
|
|
|
Noninterest income
|
|
|
|
|
9,998
|
|
|
|
10,418
|
|
|
|
10,048
|
|
|
|
10,292
|
|
|
|
10,263
|
|
|
Noninterest expense
|
|
|
|
|
12,399
|
|
|
|
12,399
|
|
|
|
12,469
|
|
|
|
12,507
|
|
|
|
12,647
|
|
|
Income before income tax expense
|
|
|
|
|
8,356
|
|
|
|
8,773
|
|
|
|
8,549
|
|
|
|
8,163
|
|
|
|
8,311
|
|
|
Income tax expense
|
|
|
|
|
2,599
|
|
|
|
2,790
|
|
|
|
2,763
|
|
|
|
2,279
|
|
|
|
2,519
|
|
|
Net income before noncontrolling interests
|
|
|
|
|
5,757
|
|
|
|
5,983
|
|
|
|
5,786
|
|
|
|
5,884
|
|
|
|
5,792
|
|
|
Less: Net income from noncontrolling interests
|
|
|
|
|
48
|
|
|
|
187
|
|
|
|
67
|
|
|
|
80
|
|
|
|
83
|
|
|
Wells Fargo net income
|
|
|
|
$
|
5,709
|
|
|
|
5,796
|
|
|
|
5,719
|
|
|
|
5,804
|
|
|
|
5,709
|
|
|
Average loans
|
|
|
|
$
|
912.3
|
|
|
|
895.1
|
|
|
|
870.4
|
|
|
|
863.3
|
|
|
|
849.4
|
|
|
Average assets
|
|
|
|
|
1,787.3
|
|
|
|
1,746.4
|
|
|
|
1,729.3
|
|
|
|
1,707.8
|
|
|
|
1,663.8
|
|
|
Average deposits
|
|
|
|
|
1,216.8
|
|
|
|
1,198.9
|
|
|
|
1,185.3
|
|
|
|
1,174.8
|
|
|
|
1,149.8
|
|
|
(1) The management accounting process measures the performance of
the operating segments based on our management structure and is
not necessarily comparable with other similar information for
other financial services companies. We define our operating
segments by product type and customer segment. Effective third
quarter 2015, we realigned our asset management business from
Wholesale Banking to Wealth and Investment Management (WIM)
(formerly Wealth, Brokerage and Retirement), and realigned our
reinsurance business from WIM and our strategic auto investments
from Community Banking to Wholesale Banking. Effective fourth
quarter 2015, we realigned our business banking and merchant
payment services businesses from Community Banking to Wholesale
Banking. Results for these operating segments were revised for
prior periods to reflect the impact of these realignments.
|
|
(2) Net interest income is the difference between interest earned
on assets and the cost of liabilities to fund those assets.
Interest earned includes actual interest earned on segment assets
and, if the segment has excess liabilities, interest credits for
providing funding to other segments. The cost of liabilities
includes interest expense on segment liabilities and, if the
segment does not have enough liabilities to fund its assets, a
funding charge based on the cost of excess liabilities from
another segment.
|
|
(3) Includes items not specific to a business segment and
elimination of certain items that are included in more than one
business segment, substantially all of which represents products
and services for wealth management customers provided in Community
Banking stores.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
MSRs measured using the fair value method:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning of quarter
|
|
|
|
$
|
11,778
|
|
|
|
12,661
|
|
|
|
11,739
|
|
|
|
12,738
|
|
|
|
14,031
|
|
|
Servicing from securitizations or asset transfers
|
|
|
|
|
372
|
|
|
|
448
|
|
|
|
428
|
|
|
|
308
|
|
|
|
296
|
|
|
Sales and other (1)
|
|
|
|
|
(9
|
)
|
|
|
6
|
|
|
|
(5
|
)
|
|
|
(1
|
)
|
|
|
(7
|
)
|
|
Net additions
|
|
|
|
|
363
|
|
|
|
454
|
|
|
|
423
|
|
|
|
307
|
|
|
|
289
|
|
|
Changes in fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to changes in valuation model inputs or assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage interest rates (2)
|
|
|
|
|
560
|
|
|
|
(858
|
)
|
|
|
1,117
|
|
|
|
(572
|
)
|
|
|
(1,016
|
)
|
|
Servicing and foreclosure costs (3)
|
|
|
|
|
(37
|
)
|
|
|
(18
|
)
|
|
|
(10
|
)
|
|
|
(18
|
)
|
|
|
(5
|
)
|
|
Prepayment estimates and other (4)
|
|
|
|
|
244
|
|
|
|
43
|
|
|
|
(54
|
)
|
|
|
(183
|
)
|
|
|
(78
|
)
|
|
Net changes in valuation model inputs or assumptions
|
|
|
|
|
767
|
|
|
|
(833
|
)
|
|
|
1,053
|
|
|
|
(773
|
)
|
|
|
(1,099
|
)
|
|
Other changes in fair value (5)
|
|
|
|
|
(493
|
)
|
|
|
(504
|
)
|
|
|
(554
|
)
|
|
|
(533
|
)
|
|
|
(483
|
)
|
|
Total changes in fair value
|
|
|
|
|
274
|
|
|
|
(1,337
|
)
|
|
|
499
|
|
|
|
(1,306
|
)
|
|
|
(1,582
|
)
|
|
Fair value, end of quarter
|
|
|
|
$
|
12,415
|
|
|
|
11,778
|
|
|
|
12,661
|
|
|
|
11,739
|
|
|
|
12,738
|
|
|
(1) Includes sales and transfers of MSRs, which can result in an
increase of total reported MSRs if the sales or transfers are
related to nonperforming loan portfolios.
|
|
(2) Includes prepayment speed changes as well as other valuation
changes due to changes in mortgage interest rates (such as changes
in estimated interest earned on custodial deposit balances).
|
|
(3) Includes costs to service and unreimbursed foreclosure costs.
|
|
(4) Represents changes driven by other valuation model inputs or
assumptions including prepayment speed estimation changes and
other assumption updates. Prepayment speed estimation changes are
influenced by observed changes in borrower behavior and other
external factors that occur independent of interest rate changes.
|
|
(5) Represents changes due to collection/realization of expected
cash flows over time.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Amortized MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of quarter
|
|
|
|
$
|
1,277
|
|
|
|
1,262
|
|
|
|
1,252
|
|
|
|
1,242
|
|
|
|
1,224
|
|
|
Purchases
|
|
|
|
|
48
|
|
|
|
45
|
|
|
|
29
|
|
|
|
22
|
|
|
|
38
|
|
|
Servicing from securitizations or asset transfers
|
|
|
|
|
49
|
|
|
|
35
|
|
|
|
46
|
|
|
|
50
|
|
|
|
43
|
|
|
Amortization
|
|
|
|
|
(66
|
)
|
|
|
(65
|
)
|
|
|
(65
|
)
|
|
|
(62
|
)
|
|
|
(63
|
)
|
|
Balance, end of quarter
|
|
|
|
$
|
1,308
|
|
|
|
1,277
|
|
|
|
1,262
|
|
|
|
1,252
|
|
|
|
1,242
|
|
|
Fair value of amortized MSRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of quarter
|
|
|
|
$
|
1,643
|
|
|
|
1,692
|
|
|
|
1,522
|
|
|
|
1,637
|
|
|
|
1,647
|
|
|
End of quarter
|
|
|
|
|
1,680
|
|
|
|
1,643
|
|
|
|
1,692
|
|
|
|
1,522
|
|
|
|
1,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Servicing income, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing fees (1)
|
|
|
|
|
|
$
|
872
|
|
|
|
990
|
|
|
|
1,026
|
|
|
|
1,010
|
|
|
|
996
|
|
|
Changes in fair value of MSRs carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to changes in valuation model inputs or assumptions (2)
|
|
|
|
(A)
|
|
|
767
|
|
|
|
(833
|
)
|
|
|
1,053
|
|
|
|
(773
|
)
|
|
|
(1,099
|
)
|
|
Other changes in fair value (3)
|
|
|
|
|
|
|
(493
|
)
|
|
|
(504
|
)
|
|
|
(554
|
)
|
|
|
(533
|
)
|
|
|
(483
|
)
|
|
Total changes in fair value of MSRs carried at fair value
|
|
|
|
|
|
|
274
|
|
|
|
(1,337
|
)
|
|
|
499
|
|
|
|
(1,306
|
)
|
|
|
(1,582
|
)
|
|
Amortization
|
|
|
|
|
|
|
(66
|
)
|
|
|
(65
|
)
|
|
|
(65
|
)
|
|
|
(62
|
)
|
|
|
(63
|
)
|
|
Net derivative gains (losses) from economic hedges (4)
|
|
|
|
(B)
|
|
|
(350
|
)
|
|
|
1,086
|
|
|
|
(946
|
)
|
|
|
881
|
|
|
|
1,334
|
|
|
Total servicing income, net
|
|
|
|
|
|
$
|
730
|
|
|
|
674
|
|
|
|
514
|
|
|
|
523
|
|
|
|
685
|
|
|
Market-related valuation changes to MSRs, net of hedge results (2)(4)
|
|
|
|
(A)+(B)
|
|
$
|
417
|
|
|
|
253
|
|
|
|
107
|
|
|
|
108
|
|
|
|
235
|
|
|
(1) Includes contractually specified servicing fees, late charges
and other ancillary revenues.
|
|
(2) Refer to the changes in fair value MSRs table on the previous
page for more detail.
|
|
(3) Represents changes due to collection/realization of expected
cash flows over time.
|
|
(4) Represents results from economic hedges used to hedge the risk
of changes in fair value of MSRs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
(in billions)
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Managed servicing portfolio (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage servicing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviced for others
|
|
|
|
$
|
1,300
|
|
|
|
1,323
|
|
|
|
1,344
|
|
|
|
1,374
|
|
|
|
1,405
|
|
Owned loans serviced
|
|
|
|
|
345
|
|
|
|
346
|
|
|
|
347
|
|
|
|
344
|
|
|
|
342
|
|
Subserviced for others
|
|
|
|
|
4
|
|
|
|
4
|
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
Total residential servicing
|
|
|
|
|
1,649
|
|
|
|
1,673
|
|
|
|
1,696
|
|
|
|
1,723
|
|
|
|
1,752
|
|
Commercial mortgage servicing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviced for others
|
|
|
|
|
478
|
|
|
|
470
|
|
|
|
465
|
|
|
|
461
|
|
|
|
456
|
|
Owned loans serviced
|
|
|
|
|
122
|
|
|
|
121
|
|
|
|
120
|
|
|
|
112
|
|
|
|
112
|
|
Subserviced for others
|
|
|
|
|
7
|
|
|
|
7
|
|
|
|
7
|
|
|
|
7
|
|
|
|
7
|
|
Total commercial servicing
|
|
|
|
|
607
|
|
|
|
598
|
|
|
|
592
|
|
|
|
580
|
|
|
|
575
|
|
Total managed servicing portfolio
|
|
|
|
$
|
2,256
|
|
|
|
2,271
|
|
|
|
2,288
|
|
|
|
2,303
|
|
|
|
2,327
|
|
Total serviced for others
|
|
|
|
$
|
1,778
|
|
|
|
1,793
|
|
|
|
1,809
|
|
|
|
1,835
|
|
|
|
1,861
|
|
Ratio of MSRs to related loans serviced for others
|
|
|
|
|
0.77
|
%
|
|
|
0.73
|
|
|
|
0.77
|
|
|
|
0.71
|
|
|
|
0.75
|
|
Weighted-average note rate (mortgage loans serviced for others)
|
|
|
|
|
4.37
|
|
|
|
4.39
|
|
|
|
4.41
|
|
|
|
4.43
|
|
|
|
4.45
|
|
(1) The components of our managed servicing portfolio are
presented at unpaid principal balance for loans serviced and
subserviced for others and at book value for owned loans serviced.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Company and Subsidiaries
|
|
SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
Net gains on mortgage loan origination/sales activities (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
(A)
|
|
$
|
600
|
|
|
|
736
|
|
|
|
814
|
|
|
|
711
|
|
|
|
605
|
|
Commercial
|
|
|
|
|
|
|
108
|
|
|
|
55
|
|
|
|
108
|
|
|
|
91
|
|
|
|
66
|
|
Residential pipeline and unsold/repurchased loan management (1)
|
|
|
|
|
|
|
222
|
|
|
|
124
|
|
|
|
269
|
|
|
|
222
|
|
|
|
159
|
|
Total
|
|
|
|
|
|
$
|
930
|
|
|
|
915
|
|
|
|
1,191
|
|
|
|
1,024
|
|
|
|
830
|
|
Application data (in billions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo first mortgage quarterly applications
|
|
|
|
|
|
$
|
64
|
|
|
|
73
|
|
|
|
81
|
|
|
|
93
|
|
|
|
66
|
|
Refinances as a percentage of applications
|
|
|
|
|
|
|
48
|
%
|
|
|
44
|
|
|
|
45
|
|
|
|
61
|
|
|
|
52
|
|
Wells Fargo first mortgage unclosed pipeline, at quarter end
|
|
|
|
|
|
$
|
29
|
|
|
|
34
|
|
|
|
38
|
|
|
|
44
|
|
|
|
26
|
|
Residential real estate originations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases as a percentage of originations
|
|
|
|
|
|
|
59
|
%
|
|
|
66
|
|
|
|
54
|
|
|
|
45
|
|
|
|
60
|
|
Refinances as a percentage of originations
|
|
|
|
|
|
|
41
|
|
|
|
34
|
|
|
|
46
|
|
|
|
55
|
|
|
|
40
|
|
Total
|
|
|
|
|
|
|
100
|
%
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
Wells Fargo first mortgage loans (in billions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
|
$
|
27
|
|
|
|
32
|
|
|
|
36
|
|
|
|
28
|
|
|
|
27
|
|
Correspondent
|
|
|
|
|
|
|
19
|
|
|
|
22
|
|
|
|
25
|
|
|
|
20
|
|
|
|
16
|
|
Other (2)
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
Total quarter-to-date
|
|
|
|
|
$
|
47
|
|
|
|
55
|
|
|
|
62
|
|
|
|
49
|
|
|
|
44
|
|
Held-for-sale
|
|
|
|
(B)
|
|
$
|
33
|
|
|
|
39
|
|
|
|
46
|
|
|
|
37
|
|
|
|
31
|
|
Held-for-investment
|
|
|
|
|
|
|
14
|
|
|
|
16
|
|
|
|
16
|
|
|
|
12
|
|
|
|
13
|
|
Total quarter-to-date
|
|
|
|
|
|
$
|
47
|
|
|
|
55
|
|
|
|
62
|
|
|
|
49
|
|
|
|
44
|
|
Total year-to-date
|
|
|
|
|
|
$
|
213
|
|
|
|
166
|
|
|
|
111
|
|
|
|
49
|
|
|
|
175
|
|
Production margin on residential held-for-sale mortgage
originations
|
|
|
|
(A)/(B)
|
|
|
1.83
|
%
|
|
|
1.88
|
|
|
|
1.75
|
|
|
|
1.93
|
|
|
|
1.94
|
|
(1) Primarily includes the results of GNMA loss mitigation
activities, interest rate management activities and changes in
estimate to the liability for mortgage loan repurchase losses.
|
|
(2) Consists of home equity loans and lines.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGES IN MORTGAGE REPURCHASE LIABILITY
|
|
|
|
|
|
Quarter ended
|
|
|
|
Year ended
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sep 30,
|
|
|
|
Jun 30,
|
|
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
(in millions)
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Balance, beginning of period
|
|
|
|
$
|
538
|
|
|
|
557
|
|
|
|
586
|
|
|
|
615
|
|
|
|
899
|
|
|
Provision for repurchase losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan sales
|
|
|
|
|
9
|
|
|
|
11
|
|
|
|
13
|
|
|
|
43
|
|
|
|
44
|
|
|
Change in estimate (1)
|
|
|
|
|
(128
|
)
|
|
|
(17
|
)
|
|
|
(31
|
)
|
|
|
(202
|
)
|
|
|
(184
|
)
|
|
Total reductions
|
|
|
|
|
(119
|
)
|
|
|
(6
|
)
|
|
|
(18
|
)
|
|
|
(159
|
)
|
|
|
(140
|
)
|
|
Losses
|
|
|
|
|
(41
|
)
|
|
|
(13
|
)
|
|
|
(11
|
)
|
|
|
(78
|
)
|
|
|
(144
|
)
|
|
Balance, end of period
|
|
|
|
$
|
378
|
|
|
|
538
|
|
|
|
557
|
|
|
|
378
|
|
|
|
615
|
|
|
(1) Results from changes in investor demand, mortgage insurer
practices, credit and the financial stability of correspondent
lenders.
|
