Skip to content
AnalystLens

WFC · WELLS FARGO & COMPANY/MN

50 filings

10-Q

WFC 10-Q Quarterly Reports

WELLS FARGO & COMPANY/MN - 50 quarterly reports

Filing record · 2016–202610-K410-Q128-K584

WFC filed 4 annual reports (10-K), 12 quarterly reports (10-Q) and 584 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  1. 2026-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2026

    Wells Fargo's second quarter 2026 results were strong on the headline line. Net income was $6.4 billion ($2.00 diluted EPS), up from $5.5 billion ($1.60) a year earlier, and first-half net income reached $11.7 billion ($3.60 diluted EPS). Total revenue rose 9% year over year to $22.6 billion, driven by a 13% increase in noninterest income (notably equity-security gains, investment banking fees, and asset-based advisory fees) and a 5% increase in net interest income. Noninterest expense rose only 2%, so the efficiency ratio improved to 60% from 64%, and return on average tangible common equity reached 17.7%. Quality of earnings deserves some nuance. Net interest margin compressed to 2.43% from 2.68% as growth in lower-yielding Markets assets and interest-bearing deposits outpaced the benefit of lower deposit costs. Second-quarter net income also benefited from an unusually low effective tax rate of 17.4% versus 14.3% a year ago, and from $847 million of equity-security gains, including venture capital results. Credit quality was broadly stable to improving: nonperforming assets fell to $7.9 billion (0.77% of loans), net charge-offs declined 11%, and the allowance for loan losses was essentially flat at 1.40% of loans. Commercial and industrial loans rose 6% year to date, and the criticized C&I portfolio grew to $16.9 billion from $15.9 billion, a trend worth monitoring. Capital and liquidity remain well above requirements. The Standardized CET1 ratio was 10.26% (binding framework, against an 8.50% requirement), the TLAC ratio was 22.81%, and the LCR was 119%. The company repurchased 84 million shares for $7.1 billion in the first half, and the Board approved raising the third-quarter dividend to $0.50 per share from $0.45. Standardized CET1 slipped from 10.29% in the first quarter as risk-weighted assets grew 2% sequentially, and the company remains subject to a proposed Basel III final-rule revision.

    Jul 28, 2026
  2. 2026-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2026

    Wells Fargo's first quarter 2026 10-Q shows a solid earnings print with clear pressure points beneath the headline. Net income was $5.3 billion ($1.60 diluted EPS), up 7% year over year, on total revenue of $21.4 billion (up 6%). Growth came from higher noninterest income (up 8%, led by investment advisory fees, card fees, and equity gains) and net interest income (up 5%). However, noninterest expense rose 3% to $14.3 billion, the provision for credit losses climbed 22% to $1.1 billion, and the efficiency ratio deteriorated to 67% from 69% a year ago (and from 64% in fourth quarter 2025). Net interest margin compressed to 2.47% from 2.67% a year earlier, reflecting growth in lower-yielding Markets assets and higher interest-bearing deposits and short-term borrowings. Credit quality shows mixed signals. Net charge-offs rose 10% to $1.1 billion, driven by commercial and industrial losses, including a single fraud-related loss in CIB. Nonperforming assets rose to $8.8 billion (0.86% of loans), and commercial and industrial nonaccruals increased. Offsetting this, consumer credit card losses declined and commercial real estate reserves were released on improved performance. Total loans grew 11% year over year to $1.02 trillion at period-end, led by commercial and industrial lending and auto loans, which adds to forward credit-cost risk. Capital and liquidity remain well above requirements, though ratios fell sequentially. The Standardized CET1 ratio was 10.29% (versus 10.61% at year-end 2025 and 11.09% a year ago), against a required minimum of 8.50%, and the TLAC ratio was 22.98%. The LCR was 120%. Management continued returning capital, repurchasing 46 million shares for $4.0 billion and paying $1.6 billion in dividends, while the common dividend was held at $0.45 per share (up 13% year over year). The Board's remaining buyback authorization stood at about $25.8 billion. Share count fell 6% year over year, which is a meaningful driver of EPS growth. Also notable: the FRB terminated a 2018 consent order on governance and operational risk, and the company completed the sale of its rail car leasing business.

    Apr 29, 2026
  3. 2025-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2025

    Wells Fargo's third-quarter 2025 10-Q shows a strong quarter, with net income of $5.6 billion and diluted EPS of $1.66, up from $1.42 a year earlier (+17%). Total revenue rose 5% to $21.4 billion, driven by a $810 million (9%) increase in noninterest income, including higher investment advisory fees, investment banking fees and card fees. Net interest income grew 2% to $11.95 billion, though net interest margin compressed to 2.61% from 2.67%. Provision for credit losses fell 36% to $681 million as commercial real estate and consumer charge-offs declined, while noninterest expense rose 6% to $13.8 billion on higher severance, revenue-related compensation and technology costs. The efficiency ratio was 65% for the quarter, versus 64% a year earlier. The balance sheet grew to $2.06 trillion, up 7% year over year, while average deposits declined modestly and average loans rose 2%. Capital remained strong: the Standardized CET1 ratio was 10.99%, down from 11.34% a year earlier, and the binding framework's Tier 1 leverage and SLR ratios declined to 7.71% and 6.42%. The company repurchased 74.6 million shares in the quarter and had about $34.8 billion of remaining repurchase authority. Book value per share rose to $52.30 and tangible book value per share to $44.18. Nonperforming assets were $7.8 billion, or 0.83% of loans, and the allowance coverage for total loans eased to 1.52%. Investors should note several items: the third-quarter results were supported by a $253 million merchant services gain in the first nine months, a $263 million gain on the sale of a commercial mortgage servicing business, and reduced litigation and remediation costs. Subsequent to quarter-end, the company agreed to settle several legal matters, including $84 million for the 401(k) plan case and $85 million for a diversity hiring securities class action. Overall, the filing reflects improving earnings momentum and credit quality alongside a gradual drawdown of CET1 capital ratios.

    Oct 31, 2025
  4. 2025-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2025

    Wells Fargo's second quarter 2025 10-Q shows a strong earnings quarter. Wells Fargo net income rose 12% year over year to $5.5 billion, and diluted EPS reached $1.60 versus $1.33 a year earlier. Total revenue increased 1% to $20.8 billion, driven by a 4% rise in noninterest income, which more than offset a 2% decline in net interest income. Lower provisions for credit losses (down 19% to $1.0 billion) and a 14.3% effective tax rate, down from 20.3%, also lifted profitability. Noninterest expense rose 1% to $13.4 billion, and the efficiency ratio improved to 64% from 64% in the prior-year quarter, with ROE of 12.8% and ROTCE of 15.2%. Balance sheet and capital trends were constructive. Total assets reached $1.98 trillion, and the Federal Reserve removed the asset cap from its 2018 consent order on June 3, 2025. The Standardized CET1 ratio was 11.13%, above the 9.70% requirement, and the company repurchased 88 million shares in the first half for $6.6 billion. The board approved an increase in the third-quarter 2025 dividend to $0.45 per share, and the expected stress capital buffer is set to fall to 2.50%, subject to a pending FRB proposal that would set it at 2.60%. Average loans declined 1% year over year on lower commercial real estate and residential mortgage balances, while average deposits fell 1%. Credit quality was stable to improving. Net charge-offs fell 23% to $997 million, nonaccrual loans were $7.8 billion (0.84% of loans), and the ACL for loans was $14.6 billion (1.58% of loans). Risks remain in commercial real estate office exposure and in a consent order and AML-related regulatory matters, and legal exposure above accruals could reach about $2.0 billion.

    Aug 5, 2025
  5. 2025-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2025

    Wells Fargo's first quarter 2025 results show net income of $4.9 billion ($1.39 diluted EPS), up 6% from $4.6 billion ($1.20) a year earlier, driven mainly by a $447 million (3%) decline in noninterest expense and a $442 million drop in income tax expense (effective rate 9.6% vs. 17.3%). Total revenue fell 3% to $20.1 billion as net interest income declined 6% to $11.5 billion on lower rates, lower loan balances and deposit repricing, partially offset by a 0% change in noninterest income to $8.7 billion, which benefited from a $263 million gain on the sale of the non-agency commercial mortgage servicing business and higher investment advisory fees. Credit quality was stable: net charge-offs fell 13% to $1.0 billion, the provision was $932 million, and total nonperforming assets rose 4% to $8.2 billion (0.90% of loans), driven by commercial and industrial nonaccruals. Capital and liquidity remain strong. The Standardized CET1 ratio was 11.09% against a 9.80% requirement, the TLAC ratio was 25.11% against a 21.50% minimum, and the LCR was 125%. Book value per share rose 7% year over year to $49.86, and tangible book value per share rose 8% to $42.24. The company repurchased $3.5 billion of stock in the quarter, and its board authorized an additional $40 billion repurchase program on April 29, 2025. Management also reported that the CFPB consent order terminated in April 2025 and that the OCC terminated the Home Lending consent order in March 2025, while the 2018 Federal Reserve asset cap remains in effect. The main investor watch items are continued balance-sheet shrinkage and deposit pressure (average loans down 2%, average deposits down 1%), a net interest margin that compressed to 2.67% from 2.81%, and efficiency ratio flat at 69%. Net interest income sensitivity disclosures show benefit from higher rates and downside from lower rates, and the unresolved consent orders and litigation (including a March 2025 trial verdict in the Seminole Tribe trustee case) remain relevant risks.

    Apr 29, 2025
  6. 2024-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2024

    Wells Fargo's third-quarter 2024 10-Q shows a bank still under heavy regulatory constraint but with a stable capital base and modestly improving operating momentum in some areas. Net income for Q3 2024 was $5.1 billion ($1.42 diluted EPS), down 11% from $5.8 billion ($1.48) a year earlier. The decline was driven mainly by a $1.4 billion (11%) drop in net interest income as deposit costs rose and loan balances fell, partly offset by a $924 million (12%) increase in noninterest income, led by investment advisory fees, investment banking fees and trading gains. Nine-month net income was $14.6 billion ($3.94 diluted EPS), roughly flat on EPS versus $3.96 a year ago. Total revenue fell 2% in the quarter, while noninterest expense was flat, and provision for credit losses declined 11%. Credit quality is mixed. Net charge-offs rose 29% in the quarter to $1.1 billion, with commercial charge-offs driven by office commercial real estate and consumer charge-offs driven by credit cards. Nonperforming assets were $8.4 billion (0.92% of loans), roughly flat year-to-date, and the allowance for loan credit losses was 1.62% of total loans. Average loans and deposits both declined year over year, reflecting weaker loan demand in a higher-rate environment and customer migration to higher-yielding deposit products. Capital remains strong: the Standardized CET1 ratio was 11.34%, well above the 8.90% minimum, though the stress capital buffer rose to 3.80% effective October 1, 2024, raising the CET1 requirement to 9.80%. The company repurchased about $15.6 billion of stock year-to-date and raised its quarterly dividend to $0.40 per share from $0.35. The filing stresses that Wells Fargo remains subject to multiple consent orders and regulatory actions, including the Federal Reserve asset cap, and that it expects a multi-year remediation process. Investors should weigh the capital return capacity and fee-income momentum against the continued regulatory overhang, expense-related customer remediation, and sensitivity of net interest income to rates.

    Oct 31, 2024
  7. 2024-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2024

    Wells Fargo's second quarter 2024 Form 10-Q shows a bank that remains profitable and well capitalized, but with revenue pressure and credit deterioration in commercial real estate. Q2 2024 net income was $4.9 billion, or $1.33 diluted EPS, flat on net income versus a year ago and up from $1.25 in Q2 2023. Total revenue rose only 1% to $20.7 billion, as a 19% jump in noninterest income (driven by trading, investment banking, and asset-based fees) offset a 9% decline in net interest income. Noninterest expense rose 2% to $13.3 billion, held up by higher operating losses and customer remediation costs. Credit quality is the main area of concern. Provision for credit losses fell 28% to $1.2 billion, but net charge-offs rose 71% to $1.3 billion, driven by credit cards and commercial real estate office loans. Nonperforming assets reached $8.7 billion, up 2% from year-end 2023, with nonaccrual loans concentrated in CRE office. Average loans fell 3% year over year as the company shrank its Home Lending and Auto portfolios, and average deposits were roughly flat, with deposit costs rising sharply. Capital and regulatory overhang remain central to the investment case. The CET1 ratio was 11.01% under the Standardized Approach, comfortably above the 8.90% requirement, and the Board raised the Q3 2024 dividend to $0.40 per share. The stress capital buffer is set to rise to 3.80% from 2.90%, and the company still operates under multiple consent orders with an asset cap in place. Management also disclosed ongoing SEC investigation of advisory account cash sweep programs and continuing legal, AML, and customer remediation matters.

    Aug 1, 2024
  8. 2024-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2024

    Wells Fargo reported first-quarter 2024 net income of $4.6 billion ($1.20 diluted EPS), down 7% from $5.0 billion ($1.23) a year earlier. Total revenue rose 1% to $20.9 billion as noninterest income climbed 17% to $8.6 billion, driven by investment banking fees (+92%), investment advisory fees (+10%) and lease income, which offset a 8% decline in net interest income to $12.2 billion. Net interest margin compressed to 2.81% from 3.20% as deposit costs rose and average loans fell 2%. Noninterest expense rose 5% to $14.3 billion, pressured by higher operating losses (including $428 million of customer remediation) and a $284 million FDIC special assessment. The efficiency ratio deteriorated to 69% from 66%. Credit quality showed mixed trends. Net charge-offs more than doubled to $1.16 billion, led by commercial real estate office loans and credit card losses, while the provision for credit losses fell 22% to $938 million after a reserve release. Nonperforming assets were $8.2 billion, or 0.89% of loans, slightly improved from year-end. Capital remained strong, with the Standardized CET1 ratio at 11.19% versus a 8.90% requirement, and the company repurchased $6.1 billion of common stock in the quarter. Tangible book value per share rose 9% year over year to $39.17. The filing continues to stress the company's ongoing consent orders with the Federal Reserve, OCC and CFPB, including the asset cap that remains in place. Management warned that pending CFPB overdraft-fee and FRB debit interchange proposals would significantly reduce fee revenue if adopted as proposed, and that further customer remediation and legal costs could follow.

    May 2, 2024
  9. 2023-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2023

    Wells Fargo reported third-quarter 2023 net income of $5.8 billion and diluted EPS of $1.48, up from $3.6 billion and $0.86 a year earlier, driven mainly by an $1.0 billion increase in net interest income and a $1.2 billion decline in noninterest expense. Total revenue rose 7% to $20.9 billion. Nine-month net income reached $15.7 billion ($3.96 diluted EPS), up 49%, though the provision for credit losses rose sharply to $4.1 billion, reflecting commercial real estate (primarily office) and credit card reserve builds. Nonperforming assets climbed 42% since year-end 2022 to $8.2 billion, and criticized commercial loans rose to $31.9 billion, signaling credit pressure in CRE that investors should monitor. Capital and liquidity remain strong. The Standardized CET1 ratio was 11.01%, above the 9.20% requirement, and the LCR was 123%. Management, however, flagged significant headwinds: a proposed capital rule expected to materially increase risk-weighted assets and capital requirements, a proposed FDIC special assessment of up to $1.8 billion pre-tax expected to be expensed in Q4 2023, and a proposed debit interchange fee cut that management expects to significantly reduce card fee revenue. The Company also remains under multiple consent orders, which management says will take years to resolve and could bring further penalties or business restrictions if milestones slip. Overall, the quarter shows an earnings rebound from lower operating losses and higher rate-driven net interest income, while deposits and average loans continued to shrink and credit costs are rising. Investors should weigh the improved profitability against the emerging CRE credit cycle, regulatory overhang, and pending rule changes that could weigh on future capital and fee income.

    Oct 31, 2023
  10. 2023-Q2-A

    WELLS FARGO & COMPANY/MN Quarterly Report (Amendment) for Q2 Ended Jun 30, 2023

    Wells Fargo & Company (WFC) filed its quarterly report amendment for the period ending June 29, 2023, on August 3, 2023. This filing primarily serves to provide updated exhibits to the original 10-Q filing. Investors should note that this amendment does not appear to contain substantial new financial performance data or significant business developments beyond what was likely in the initial 10-Q. The core financial health and operational results for the second quarter of 2023 would have been detailed in the original filing. For a comprehensive understanding of WFC's performance, investors should refer to the initial Form 10-Q filed for the period. This amendment is mainly procedural, focusing on the formal submission of required exhibits. Therefore, while important for regulatory compliance, it's less critical for immediate investment decision-making compared to the primary quarterly financial report.

    Aug 4, 2023
  11. 2023-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2023

    Wells Fargo reported second-quarter 2023 net income of $4.9 billion, or $1.25 diluted EPS, up from $3.1 billion and $0.75 a year earlier, as net interest income rose 29% to $13.2 billion on higher rates. First-half net income was $9.9 billion ($2.48 diluted EPS). Total revenue rose 20% year over year to $20.5 billion, while noninterest expense was roughly flat at $13.0 billion, lowering the efficiency ratio to 63% from 75%. Earnings were held back by a $1.7 billion provision for credit losses, driven by commercial real estate (primarily office) and credit card losses. Credit quality is the main watch item. Nonperforming assets rose 22% from year-end to $7.0 billion (0.74% of loans), criticized commercial loans reached $29.0 billion, and the allowance for loan losses rose to 1.56% of loans. Deposits fell 6% year over year to $1.34 trillion as customers moved money into higher-yielding products, and average deposit costs climbed to 1.13%. Management also flagged a potential FDIC special assessment of up to $1.8 billion pre-tax and a proposed capital rule that the company expects to significantly increase risk-weighted assets. Capital remains strong: the CET1 ratio was 10.73% (standardized, binding), against a 9.20% requirement, and the TLAC ratio was 23.12%. The Board raised the third-quarter dividend to $0.35 per share from $0.30 and authorized a new $30 billion buyback. The consent orders with regulators remain in place, including the asset cap, and management said resolving them will take multiple years.

    Aug 1, 2023
  12. 2023-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2023

    Wells Fargo's first quarter 2023 10-Q shows a sharp rebound in profitability: net income rose 32% year over year to $5.0 billion ($1.23 diluted EPS vs. $0.91), driven mainly by a $4.1 billion (45%) increase in net interest income as higher rates lifted asset yields. Total revenue grew 17% to $20.7 billion, though noninterest income fell 13% on weaker mortgage banking, equity securities losses and lower investment advisory fees. Efficiency improved to 66% from 78%, and return on average tangible common equity rose to 14.0% from 10.4%. Credit costs are rising. The provision for credit losses swung to $1.2 billion from a $787 million benefit a year earlier, reflecting higher commercial real estate reserves, primarily for office loans, and higher credit card and auto losses. Nonperforming assets reached $6.1 billion (0.65% of loans), and consumer net charge-offs rose to 0.56% of average loans. Management flagged that FDIC special assessments will further increase deposit insurance costs. Capital and liquidity remain strong, with a Standardized CET1 ratio of 10.81% against a 9.20% requirement, a TLAC ratio of 23.34%, and an LCR of 122%. The company repurchased $4.0 billion of stock in the quarter. Average deposits fell 7% year over year as customers moved cash into higher-yielding alternatives, and the company remains under multiple consent orders that constrain its business and require continued remediation.

    May 2, 2023
  13. 2022-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2022

    Wells Fargo's third-quarter 2022 10-Q shows a sharp earnings decline from a year ago, driven by a collapse in mortgage banking and equity-security gains, a swing to a higher provision, and a jump in operating losses, partially offset by much higher net interest income. Net income was $3.5 billion ($0.85 diluted EPS) versus $5.1 billion ($1.17) in third quarter 2021. Total revenue rose 4% to $19.5 billion as net interest income climbed 36% to $12.1 billion on higher rates, while noninterest income fell 25% to $7.4 billion. Noninterest expense rose 8% to $14.3 billion, including $2.0 billion of accruals for litigation, customer remediation and regulatory matters, and management flagged that further significant expense from these matters is possible in coming quarters. Credit quality remained broadly sound, with nonperforming assets down 22% year-to-date to $5.7 billion and commercial net charge-offs near zero, though consumer net charge-offs rose to 0.40% on auto and credit card losses and the loan allowance was reduced to $13.2 billion. Capital and liquidity remained comfortably above requirements, with a 10.33% standardized CET1 ratio versus a 9.10% requirement, a 23.00% TLAC ratio and a 123% LCR. The Company also repurchased $6 billion of stock year-to-date. The filing reiterates that the firm remains under several consent orders, including the Federal Reserve asset cap, and that resolving them will take multiple years. For investors, the key trade-off is improved net interest income and a strong capital base against elevated operating losses, regulatory overhang and pressure on fee-based businesses. Unrealized losses on securities (AOCI fell $12.6 billion year-to-date) and a $48.6 billion transfer from AFS to HTM also weigh on tangible book value, which declined to $34.27 per share.

    Oct 31, 2022
  14. 2022-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2022

    Wells Fargo's second-quarter 2022 10-Q shows a sharp earnings decline from the prior year, driven mainly by a swing in equity securities results and lower mortgage banking income. Net income was $3.1 billion ($0.74 diluted EPS) versus $6.0 billion ($1.38) a year earlier, and first-half net income was $6.8 billion ($1.62 EPS) versus $10.7 billion ($2.40). Total revenue fell 16% to $17.0 billion, as noninterest income dropped 40% on a $2.7 billion-plus swing in net gains from equity securities (a $615 million loss versus a $2.7 billion gain) and a $1.2 billion decline in net gains on mortgage loan originations. Net interest income rose 16% to $10.2 billion, with net interest margin widening to 2.39% from 2.02% on higher rates. Noninterest expense fell 3% and the provision for credit losses swung to a $580 million charge from a $1.26 billion release, reflecting loan growth and a modestly weaker economic outlook. Credit quality remained sound: nonaccrual loans fell to $6.0 billion (0.64% of loans) and the allowance for credit losses for loans was $12.9 billion (1.37% of loans), down from 1.54% at year-end 2021. Capital stayed strong, with a 10.38% Standardized CET1 ratio that is the binding ratio and exceeds the 9.10% requirement, and a TLAC ratio of 22.72%. The company repurchased $6 billion of stock in the first half, and the Board raised the third-quarter dividend to $0.30 per share from $0.25. The asset cap imposed under the Federal Reserve consent order remains in effect and total assets fell to $1.88 trillion, so the bank continues to face regulatory constraints on growth. For investors, the key questions are whether core net interest income growth can offset the fading of nonrecurring equity gains and mortgage volumes, and how quickly the company can satisfy its multi-year consent orders. The filing notes that addressing these regulatory actions will take multiple years and that failure to meet requirements could bring additional penalties.

    Aug 1, 2022
  15. 2022-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2022

    Wells Fargo reported first-quarter 2022 net income of $3.7 billion and diluted EPS of $0.88, down from $4.6 billion and $1.02 a year earlier, as a $1.4 billion drop in noninterest income (mortgage banking down 48%, investment advisory fees down 9%, lower 'other' income) more than offset a $413 million rise in net interest income to $9.2 billion. Total revenue fell 5% to $17.6 billion, while noninterest expense fell 1% to $13.9 billion, though operating losses rose 216% on higher customer remediation costs. The provision for credit losses was a $787 million benefit, reflecting lower net charge-offs and a reduced COVID-related reserve build, and the allowance for loan losses dropped to $12.7 billion (1.39% of loans). Capital and liquidity remained above requirements but weakened. The Standardized CET1 ratio fell to 10.45% from 11.35% at year-end, driven mainly by a $5.1 billion hit to other comprehensive income from unrealized losses on AFS debt securities as rates rose, and by $6.0 billion of share repurchases (110 million shares). The CET1 requirement is 9.10%, and the LCR is 119%. Tangible book value per share declined to $35.13 from $36.35, and ROTCE fell to 10.0%. The filing stresses that the company remains under several consent orders, including the Federal Reserve asset cap, which continues to constrain deposit growth and is reflected in lower Corporate and Investment Banking deposits. Management also flagged ongoing remediation costs and additional regulatory penalties as possible risks. Headcount fell 7% year over year, and the dividend was raised to $0.25 per share from $0.10.

    May 3, 2022
  16. 2021-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2021

    Wells Fargo's third-quarter 2021 Form 10-Q shows a sharp earnings recovery from the year-earlier period, though the quarter was weaker than the second quarter. Net income was $5.1 billion ($1.17 diluted EPS) versus $3.2 billion ($0.70) in 3Q 2020, driven mainly by a $2.2 billion swing in the provision for credit losses to a $1.4 billion net benefit and a $1.9 billion (13%) decline in noninterest expense. Relative to 2Q 2021, however, net income fell 15% and EPS fell 15% from $1.38, as pre-tax pre-provision profit dropped 20% on lower revenue (down 7% sequentially) and an effective tax rate of 22.9% weighed on results. Nine-month net income of $15.8 billion ($3.57 diluted EPS) reflects a strong year-to-date rebound from a loss-making 2020 period. Revenue remains under pressure: net interest income fell 5% year over year to $8.9 billion, and net interest margin compressed to 2.03% from 2.13%, reflecting lower rates, soft loan demand, and elevated prepayments. Average loans declined 8% year over year, with residential mortgage paydowns and weak commercial demand offsetting growth in deposits, which rose 4% to $1.45 trillion on stimulus-driven liquidity. Noninterest income was flat at $9.9 billion, as higher investment advisory fees, investment banking fees, and card fees offset lower mortgage banking and trading income. Credit quality improved markedly: nonaccrual loans fell to $7.1 billion and the allowance for loan losses declined to $14.7 billion (1.70% of loans) from $19.7 billion at year-end 2020. The filing is dominated by regulatory overhang. The OCC assessed a $250 million civil money penalty on September 9, 2021, and entered a new consent order on loss mitigation in Home Lending, which also restricts certain mortgage servicing acquisitions. The Federal Reserve asset cap remains in place, and the company continues to work through multiple consent orders, which management says will take years to resolve. On the positive side, capital and liquidity remain solid, with a CET1 ratio of 11.62% (standardized, binding), a stress capital buffer of 3.10% for the next cycle, and an LCR of 119%. Corporate Trust Services and Wells Fargo Asset Management sales closed on November 1, 2021, subsequent to quarter-end.

    Nov 1, 2021
  17. 2021-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2021

    Wells Fargo's second-quarter 2021 results show a sharp recovery from the prior year's loss. The company earned $6.0 billion of net income and $1.38 diluted EPS, compared with a net loss of $3.8 billion (-$1.01 EPS) in Q2 2020. The swing was driven mainly by a $10.8 billion decline in the provision for credit losses, which turned to a $1.3 billion net release, along with a $3.1 billion increase in noninterest income (led by equity securities gains and mortgage banking) and a $1.2 billion decline in noninterest expense. Net interest income fell 11% to $8.8 billion on lower rates and loan balances, and average loans declined 12% year over year. Credit quality continued to improve. The ACL for loans fell to $16.4 billion (1.92% of loans) from $19.7 billion at year-end 2020, nonaccrual loans dropped to $7.4 billion, and quarterly net charge-offs were just 0.18% of average loans. Capital remained strong, with CET1 at 12.07% (Standardized) and 12.73% (Advanced) against a 9.0% requirement. The Board raised the Q3 2021 dividend to $0.20 per share from $0.10 and plans roughly $18 billion of gross buybacks over the four quarters starting Q3 2021, now that the Fed's post-2020 capital distribution limits have expired. The filing also flags that Wells Fargo remains under multiple consent orders (the 2018 Federal Reserve governance order, which keeps the asset cap in place, and the CFPB/OCC orders), with ongoing legal exposures and reputational risk. The asset cap continues to restrain deposit and trading balances in the Corporate and Investment Banking segment. Investors should weigh the strong earnings and capital rebound against the unresolved regulatory remediation, which management expects to take multiple years, and against the fact that the quarter benefited from a reserve release and large equity gains that may not recur.

    Jul 28, 2021
  18. 2021-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2021

    Wells Fargo's first quarter 2021 results showed a sharp earnings rebound driven by a much lower provision for credit losses and strong noninterest income. Net income was $4.7 billion ($1.05 diluted EPS), versus $653 million ($0.01) a year earlier. Total revenue rose 2% to $18.1 billion, as a $2.9 billion increase in noninterest income (led by $1.8 billion of higher net equity securities gains and $947 million of higher mortgage banking income) offset a $2.5 billion decline in net interest income. The provision for credit losses was a $1.0 billion benefit versus a $4.0 billion expense in Q1 2020, reflecting improving economic conditions. Noninterest expense rose 7% to $14.0 billion, mainly on higher personnel costs, though efficiency initiatives are beginning to show in lower professional services and branch staffing. Balance sheet and capital remained a central theme. Total assets were roughly flat at $1.96 trillion, while period-end loans fell 15% year over year to $862 billion and deposits grew 4% to $1.44 trillion. The company remains under an asset cap imposed by the Federal Reserve, which continues to constrain balance sheet growth, and management reported further declines in trading-related assets and corporate and investment banking deposits to manage under that cap. Capital strength improved: the CET1 ratio (Standardized) rose to 11.85% from 10.67% a year earlier, against a 9% requirement and a 10% internal target, and the SLR was 7.91%. Net interest margin compressed to 2.05% from 2.58%. Investors should weigh the improved near-term earnings and credit trends against ongoing regulatory constraints. The company still faces multiple consent orders, the asset cap, and a range of legal matters, and the expected sale of Wells Fargo Asset Management ($2.1 billion) and Corporate Trust Services ($750 million) in the second half of 2021 will alter the business mix. Dividends remain constrained by Federal Reserve limits at $0.10 per quarter.

    May 5, 2021
  19. 2020-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2020

    Wells Fargo & Company (WFC) reported a net income of $2.035 billion for the third quarter of 2020, a significant decrease from $4.610 billion in the same quarter last year. Diluted earnings per share were $0.42, down from $0.92 in Q3 2019. The nine-month period showed a net income of $309 million compared to $16.7 billion in the prior year, with a diluted loss per share of $0.23 versus earnings of $3.43 per share a year ago. Performance was impacted by $961 million in customer remediation accruals and $718 million in restructuring charges for the quarter, and $14.3 billion in provision for credit losses, $1.9 billion in customer remediation accruals, and $718 million in restructuring charges for the nine-month period. Total revenue decreased 14% year-over-year for the quarter and 17% for the nine-month period, primarily due to lower net interest income and noninterest income. The company's capital and liquidity positions remained strong, with a Common Equity Tier 1 ratio of 11.38% and a Liquidity Coverage Ratio of 134%. The Federal Reserve's prohibition on capital distributions was extended through the fourth quarter of 2020.

    Nov 2, 2020
  20. 2020-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2020

    Wells Fargo & Company/MN (WFC) reported a significant net loss of $2.4 billion for the second quarter of 2020, a stark contrast to the $6.2 billion net income reported in the same period of the previous year. This downturn was primarily driven by an $8.1 billion increase in the provision for credit losses, reflecting the economic impact of the COVID-19 pandemic, alongside a decrease in net interest income and noninterest income. Despite the net loss, the company maintained strong capital and liquidity positions. Total assets stood at $1.97 trillion, with total equity at $180.1 billion. Regulatory capital ratios remained robust, with the Common Equity Tier 1 (CET1) ratio at 10.97%, exceeding regulatory minimums. The company also announced a reduction in its common stock dividend to $0.10 per share for the third quarter of 2020. The increase in allowance for credit losses and net loan charge-offs highlight the significant challenges posed by the economic environment during the quarter.

    Aug 4, 2020
  21. 2020-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2020

    Wells Fargo & Company (WFC) reported a significant decline in net income for the first quarter of 2020, with net income attributable to common stock falling to $42 million, or $0.01 per diluted share, compared to $5.5 billion, or $1.20 per diluted share, in the first quarter of 2019. This sharp decrease was primarily driven by a substantial $4.0 billion provision for credit losses and a $950 million impairment of debt and equity securities, largely attributed to the economic and market conditions stemming from the COVID-19 pandemic. Total revenue also declined by 11% year-over-year to $17.7 billion. Despite the challenging quarter, Wells Fargo maintained strong capital and liquidity levels. The company temporarily suspended share repurchases in March 2020, aligning with industry peers and its objective to support customers and the broader economy. The company highlighted its proactive measures in response to the COVID-19 pandemic, including suspending residential property foreclosures, offering fee waivers, and providing payment deferrals to customers. For employees, remote work capabilities were expanded, and safety measures were implemented for those working on-site. The company also committed $175 million in charitable donations to support communities. Regulatory matters, including the ongoing consent order with the Federal Reserve Board regarding governance and risk management, continue to be a focus, with asset cap compliance noted despite total assets exceeding the prior year-end December 31, 2017, level, due to averaging methodologies and relief for PPP and Main Street Lending Program loans.

    May 5, 2020
  22. 2019-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2019

    Wells Fargo & Company (WFC) reported a net income of $4.61 billion for the third quarter of 2019, translating to $0.92 diluted earnings per common share. This represents a decrease from the $6.0 billion net income or $1.13 diluted EPS recorded in the same quarter of the prior year. The year-over-year decline was primarily influenced by a $1.6 billion discrete litigation accrual for retail sales practices matters, partially offset by a $1.1 billion gain from the sale of the Institutional Retirement and Trust (IRT) business. Total revenue increased slightly to $22.0 billion, driven by a $1.0 billion increase in noninterest income, which more than offset a $947 million decrease in net interest income. The company maintained a strong capital position, with its Common Equity Tier 1 (CET1) ratio at 11.61%, exceeding its internal target. Notably, Wells Fargo returned $9.0 billion to shareholders through dividends and share repurchases, marking the 17th consecutive quarter of returning over $3.0 billion.

    Nov 1, 2019
  23. 2019-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2019

    Wells Fargo & Company reported a strong second quarter of 2019, with net income of $6.2 billion, or $1.30 per diluted share, up from $5.2 billion, or $0.98 per diluted share, in the prior year. Total revenue remained stable year-over-year at $21.6 billion, driven by a $477 million increase in noninterest income offsetting a $446 million decrease in net interest income. The company saw a 4% decrease in noninterest expense to $13.4 billion, primarily due to lower remediation and FDIC assessment expenses. Profitability ratios, including ROA and ROE, improved compared to the prior year. Capital ratios remained strong, with the Common Equity Tier 1 ratio at 11.97%, well above the company's internal target. Wells Fargo successfully reduced its common shares outstanding through buybacks and returned $6.1 billion to shareholders via dividends and net share repurchases, a 52% increase from the previous year's second quarter.

    Aug 2, 2019
  24. 2019-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2019

    Wells Fargo & Company/MN (WFC) reported net income of $5.9 billion, or $1.20 per diluted share, for the first quarter of 2019. This represents an increase from $5.1 billion, or $0.96 per diluted share, in the prior year's first quarter. Total revenue for the quarter was $21.6 billion, a slight decrease from $21.9 billion in Q1 2018, driven by lower noninterest income, partially offset by a modest increase in net interest income. The company continues to focus on rebuilding trust and improving risk management, highlighted by ongoing initiatives to address past sales practice issues and enhance compliance programs. Capital ratios remain strong, with Common Equity Tier 1 at 11.92%, well above regulatory minimums. The company returned $6.0 billion to shareholders through dividends and share repurchases, a significant increase from the prior year. Despite the year-over-year earnings growth, the company faces ongoing regulatory scrutiny and remediation efforts stemming from past issues. Total assets remained stable at $1.89 trillion, but average deposits saw a slight decline. Credit quality remained strong with low net charge-offs. The company is actively managing its capital structure and returned capital to shareholders, signaling confidence in its underlying performance and capital position. Investors should monitor the progress of regulatory remediation efforts and the company's ability to drive sustainable revenue growth.

    May 3, 2019
  25. 2018-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2018

    Wells Fargo & Company (WFC) reported strong financial performance for the third quarter of 2018, with net income reaching $6.0 billion, or $1.13 per diluted share, a significant increase from the prior year's $4.5 billion, or $0.83 per diluted share. This growth was driven by higher net interest income and improved credit results, with net charge-offs declining slightly year-over-year. The company also returned substantial capital to shareholders through dividends and share repurchases, exceeding $8.9 billion in the quarter. Despite an ongoing asset cap imposed by the Federal Reserve Board due to consent orders, Wells Fargo maintained a strong balance sheet with solid liquidity and capital positions. Total assets stood at $1.87 trillion. While average deposits decreased by 3% year-over-year, likely influenced by the asset cap and higher-rate alternatives, the bank's capital ratios, including a Common Equity Tier 1 ratio of 11.91%, remained robust and above internal targets. The company also highlighted its commitment to rebuilding trust through various remediation efforts for past sales practices and operational issues, including significant accruals for customer remediation.

    Nov 6, 2018
  26. 2018-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2018

    Wells Fargo & Company reported a net income of $5.2 billion for the second quarter of 2018, a decrease from $5.9 billion in the same period last year, with diluted earnings per share at $0.98 compared to $1.08 a year ago. This decline was partly due to $481 million in net discrete income tax expense related to state income taxes. Total revenue was $21.6 billion, down 3% from the prior year, with net interest income showing a modest 1% increase while noninterest income declined by 8%. The company continued to return capital to shareholders, repurchasing $4.0 billion in common stock dividends and net share repurchases. Despite an ongoing asset cap imposed by the Federal Reserve, Wells Fargo maintained strong capital and liquidity positions, with its Common Equity Tier 1 ratio at 11.98%, above its internal target. The report highlights the company's ongoing efforts to rebuild trust following past sales practice issues, with substantial remediation accruals and customer outreach programs. Significant consent orders with regulatory bodies, including the Federal Reserve, CFPB, and OCC, are discussed, outlining plans for enhanced governance and operational risk management. The company anticipates operating under the asset cap through early 2019. Despite these challenges, the credit quality remained solid, with net charge-offs at 0.26% of average loans and nonperforming assets at their lowest level since 2008.

    Aug 3, 2018
  27. 2018-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2018

    Wells Fargo & Company reported a net income of $5.1 billion, or $0.96 per diluted share, for the first quarter of 2018. This represents a decrease from the prior year's $5.6 billion, or $1.03 per diluted share. The decline in profitability was largely attributed to a significant increase in noninterest expense, up 9% year-over-year, driven by a $1.2 billion increase in operating losses, which included an $800 million litigation accrual related to consent orders with the CFPB and OCC. Total revenue saw a slight decrease of 1% to $21.9 billion, impacted by lower net interest income and noninterest income. The company continues to navigate regulatory challenges, including a consent order with the Federal Reserve that limits total consolidated assets to the level as of December 31, 2017. This asset cap, measured on a two-quarter daily average basis, is expected to impact growth. Additionally, the company entered into consent orders with the CFPB and OCC, agreeing to pay $1 billion in civil money penalties to resolve issues related to its compliance risk management program and past practices in automobile collateral protection insurance and mortgage interest rate lock extensions. These regulatory actions and associated remediation efforts are a key focus for management. Despite the challenges, Wells Fargo maintained a strong capital position with a Common Equity Tier 1 ratio of 11.92% under Basel III, well above its internal target. The company returned $4.0 billion to shareholders through dividends and share repurchases, continuing its practice of returning capital. Credit quality remained solid, with net charge-offs decreasing compared to the prior year and nonaccrual loans at their lowest level since the merger with Wachovia.

    May 4, 2018
  28. 2017-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2017

    Wells Fargo & Company (WFC) reported a net income of $4.6 billion for the third quarter of 2017, which translates to diluted earnings per common share of $0.84. This represents a decrease from the $5.6 billion net income and $1.03 EPS reported in the same quarter of the prior year. The company highlighted a $1.0 billion discrete litigation accrual related to pre-financial crisis mortgage-related regulatory investigations, which was a significant factor in the year-over-year earnings decline and impacted the efficiency ratio. Despite lower net income, the company demonstrated a strong capital position with a Common Equity Tier 1 (CET1) ratio of 11.82%, well above its internal target. Total revenue remained stable year-over-year at $21.9 billion, supported by an increase in net interest income, though offset by a decline in noninterest income, particularly from mortgage banking activities. Average deposits saw a 4% increase year-over-year, reaching a record $1.31 trillion, reflecting solid funding levels. The company continued its commitment to returning capital to shareholders, with $4.0 billion returned in the quarter through dividends and share repurchases.

    Nov 3, 2017
  29. 2017-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2017

    Wells Fargo & Company (WFC) reported strong financial results for the second quarter and first half of 2017. Net income applicable to common stock was $5.4 billion for the quarter, a 7% increase year-over-year, and $10.5 billion for the first half, up 2% year-over-year. Diluted earnings per common share were $1.07 for the quarter, an increase from $1.01 in the prior year. The company demonstrated consistent financial performance with a diversified business model, achieving record average deposits of $1.3 trillion in the second quarter. Total revenue remained stable year-over-year at $22.2 billion for the quarter. The balance sheet remained strong with high liquidity and capital levels, as indicated by a Common Equity Tier 1 ratio of 11.59% under Basel III. The company also returned $3.4 billion to shareholders in the second quarter through dividends and net share repurchases, marking the eighth consecutive quarter of returning over $3 billion.

    Aug 4, 2017
  30. 2017-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2017

    Wells Fargo & Company reported solid financial results for the first quarter of 2017, with net income applicable to common stock reaching $5.06 billion, or $1.00 per diluted share. This performance marks the 18th consecutive quarter of earnings exceeding $5 billion, showcasing the company's resilient business model amid market volatility. Total revenue was $22.0 billion, a slight decrease of 1% year-over-year, primarily due to lower mortgage banking income and other noninterest income, partially offset by a 5% increase in net interest income. Key financial strengths include growth in average loans by 4% to $963.6 billion and record total deposits of $1.3 trillion, up 7% year-over-year. The company also demonstrated strong capital generation, with its Common Equity Tier 1 ratio under Basel III at 11.23%. Wells Fargo continued its commitment to shareholder returns by repurchasing $3.1 billion in common stock and dividends, while also reducing its common shares outstanding to below 5 billion for the first time since 2009. The company is actively addressing the consequences of past sales practices through a comprehensive action plan aimed at rebuilding trust.

    May 5, 2017
  31. 2016-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2016

    Wells Fargo & Company's (WFC) Q3 2016 report shows a slight decrease in net income to $5.6 billion from $5.8 billion in the prior year's quarter, with diluted EPS at $1.03 compared to $1.05 year-over-year. Despite this marginal dip, the company maintained a strong financial position, reporting solid credit quality with low losses and robust capital levels. Total revenue increased by 2% year-over-year to $22.3 billion, driven by growth in net interest income. The company continued its strategic focus on customer relationships and business investments, including significant growth in its investment securities and loan portfolios, with total loans reaching a high of $961.3 billion. The report also highlights substantial increases in deposits and long-term debt, partly attributed to the ongoing integration of the GE Capital business acquisitions. Management's commitment to shareholder returns is evidenced by $3.2 billion returned through dividends and share repurchases in the quarter. However, the report also addresses the significant impact of the retail banking sales practices matter, including leadership changes, forfeited equity awards, and the elimination of product sales goals, with an ongoing investigation by independent directors.

    Nov 3, 2016
  32. 2016-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2016

    Wells Fargo & Company/MN (WFC) reported solid financial results for the second quarter and first half of 2016, demonstrating the resilience of its diversified business model. Net income for the quarter was $5.6 billion, or $1.01 per diluted share, a slight decrease from the prior year but marking the 15th consecutive quarter with earnings exceeding $5 billion. Total revenue increased 4% year-over-year to $22.2 billion, driven by growth in both net interest and non-interest income. The company continued its strong growth in loans, reaching a record $957.2 billion, and deposits, totaling a record $1.25 trillion. Profitability metrics, such as Return on Average Assets (ROA) and Return on Average Common Equity (ROE), remained robust, although slightly down from the prior year, reflecting the persistent low-interest-rate environment. The company also maintained strong capital levels and returned $3.2 billion to shareholders through dividends and share repurchases, underscoring its commitment to capital returns.

    Aug 3, 2016
  33. 2016-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2016

    Wells Fargo & Company (WFC) reported solid financial results for the first quarter of 2016, with net income of $5.5 billion and diluted EPS of $0.99. While net income saw a slight decrease compared to the prior year quarter, this was largely attributed to a discrete tax benefit in Q1 2015. The company demonstrated continued strength in its diversified business model, achieving record loan and deposit levels. Loan growth was robust, up 10% year-over-year, bolstered by strategic acquisitions from GE Capital. Deposit growth also remained strong, particularly in consumer and small business banking. The company's capital position remained solid, with a Common Equity Tier 1 ratio of 10.61% under Basel III. Credit quality generally remained solid, with low losses across most portfolios, although the oil and gas sector presented ongoing challenges, contributing to an increase in net charge-offs. The company proactively managed its credit portfolio by increasing its allowance for credit losses, particularly for the oil and gas portfolio, while benefiting from improvements in the residential real estate market. Wells Fargo also returned $3.0 billion to shareholders through dividends and share repurchases, underscoring its commitment to shareholder value.

    May 4, 2016
  34. 2015-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2015

    Wells Fargo & Company (WFC) reported solid financial results for the third quarter of 2015, demonstrating its diversified business model's resilience. Net income applicable to common stock rose slightly to $5.44 billion from $5.41 billion in the prior year's third quarter, and diluted earnings per share increased by 3% to $1.05 from $1.02 year-over-year. Total revenue grew 3% to $21.88 billion, driven by a 5% increase in net interest income, reflecting growth in earning assets including investment securities and loans. The company maintained strong capital levels, with its Common Equity Tier 1 ratio under Basel III increasing to 10.87%. Loan growth was robust, with total loans reaching a record $903.2 billion, up 8% year-over-year, bolstered by a 9% increase in the core loan portfolio. Deposits also saw healthy growth, reaching a record $1.2 trillion, up 6% year-over-year, supported by strong customer acquisition in checking accounts. The company also announced strategic acquisitions of GE Capital's Commercial Distribution Finance and Vendor Finance platforms, expected to close in early 2016. Credit quality remained strong, with net charge-offs at historically low levels. While the provision for credit losses increased year-over-year due to an increase in commercial allowance for deterioration in the energy sector, consumer credit losses declined. The efficiency ratio improved to 56.7% from 57.7% in the prior year, indicating effective cost management. The company continued its commitment to returning capital to shareholders, repurchasing approximately $2.9 billion of common stock and paying $1.1 billion in dividends during the quarter, with a payout ratio of 60%.

    Nov 4, 2015
  35. 2015-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2015

    Wells Fargo & Company (WFC) reported a solid financial performance for the second quarter of 2015, demonstrating resilience and growth across its diversified business model. Net income was $5.7 billion, or $1.03 per diluted share, largely consistent with the prior year's quarter, indicating stable profitability. Total revenue saw a modest increase of 1% year-over-year to $21.3 billion, driven by a 4% rise in net interest income, supported by a 7% growth in total loans to a record $888.5 billion. The company continued to strengthen its balance sheet with robust loan and deposit growth. Credit quality remained strong, with net charge-offs decreasing by 9% year-over-year. Furthermore, Wells Fargo increased its quarterly dividend by 7% to $0.375 per share, signaling confidence in its financial health and commitment to returning capital to shareholders. The bank also actively managed its capital position by repurchasing shares, indicating a focus on enhancing shareholder value.

    Aug 5, 2015
  36. 2015-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2015

    Wells Fargo & Company's first quarter 2015 results demonstrate continued operational strength and a robust financial position. The company reported a net income of $5.8 billion, or $1.04 per diluted share, largely consistent with the prior year's quarter, reflecting a diversified business model. Revenue saw a 3% increase year-over-year, driven by growth in both net interest income and noninterest income, with loans and deposits showing healthy increases. Credit quality remained strong, with net charge-offs declining and nonperforming assets continuing their downward trend. Capital levels were robust, with total equity increasing and significant share repurchases undertaken. The company also announced a proposed 7% increase in its quarterly dividend for the second quarter of 2015, signaling confidence in its financial performance and commitment to returning capital to shareholders. The company's diversified business segments—Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement—all contributed positively to net income, with Wholesale and Wealth, Brokerage and Retirement showing year-over-year growth. Investors should note the slight increase in the efficiency ratio and the ongoing focus on managing expenses while expanding business activities.

    May 6, 2015
  37. 2014-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2014

    Wells Fargo & Company's (WFC) third quarter 2014 report showcases continued financial strength and growth. Net income rose 3% year-over-year to $5.7 billion, or $1.02 per diluted share, driven by a 4% increase in total revenue and a 7% rise in pre-tax pre-provision profit. The company maintained robust loan growth of 4% and a 9% increase in deposits, reflecting strong customer relationships and a diversified business model. Credit quality remained a strong point, with net charge-offs down 31% year-over-year and nonperforming assets continuing their decline. Capital ratios remained solid, with a Common Equity Tier 1 ratio of 11.11% under Basel III. The company also demonstrated a commitment to shareholder returns, repurchasing a significant number of common shares and increasing dividends per share by 17% year-over-year. Despite a slight decrease in net interest margin due to higher funding balances, overall profitability and stability were evident.

    Nov 5, 2014
  38. 2014-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2014

    Wells Fargo & Company reported a net income of $5.7 billion for the second quarter of 2014, a slight increase from $5.5 billion in the same period last year, with diluted earnings per share of $1.01. The company demonstrated continued strength in loan and deposit growth, with total loans up 4% year-over-year and total deposits up 9%. Credit quality improved significantly, with net charge-offs down 38% year-over-year, reflecting historically low loss levels and decreasing nonperforming assets. The balance sheet remained robust, with total equity increasing by $5.1 billion from the prior quarter, supported by strong earnings and capital generation. The company also continued its capital return program, increasing the common stock dividend by 17% and actively repurchasing shares.

    Aug 6, 2014
  39. 2014-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2014

    Wells Fargo & Company reported strong first-quarter 2014 results, with net income reaching a record $5.9 billion, or $1.05 per diluted share. This marks the company's 17th consecutive quarter of EPS growth and its 12th consecutive quarter of record EPS, highlighting consistent performance across varying economic conditions. The company benefited from a diversified business model, with notable year-over-year improvements in loans, deposits, customer cross-selling, credit quality, and expense management. The balance sheet strengthened with core loan and deposit growth, and credit quality remained robust, with net charge-offs declining significantly and nonperforming assets decreasing. Capital levels also improved, with the estimated Common Equity Tier 1 ratio under Basel III increasing to 10.07%. The company remains focused on returning capital to shareholders, having received a non-objection from the Federal Reserve for its 2014 Capital Plan, which includes a dividend increase and higher planned share repurchases. Revenue was $20.6 billion, slightly down from the prior year due to lower mortgage banking income and trading gains, but offset by growth in trust and investment fees and equity investments. Noninterest expense decreased by 4% year-over-year due to lower personnel expenses and foreclosed asset expenses, leading to an improved efficiency ratio of 57.9%. The company is well-capitalized, meeting or exceeding regulatory requirements, and is optimistic about future economic growth.

    May 7, 2014
  40. 2013-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2013

    Wells Fargo & Company (WFC) reported strong financial results for the third quarter of 2013, with net income applicable to common stock of $5.3 billion, a 13% increase year-over-year, and diluted earnings per common share of $0.99, also up 13%. This marks the company's 15th consecutive quarter of EPS growth and 10th consecutive quarter of record EPS, demonstrating the benefits of its diversified business model. Key performance drivers included robust loan and deposit growth, with core loans up 6% year-over-year, and average core deposits up 5%. Credit quality continued to improve, with net charge-offs declining to 48 basis points and provision for credit losses significantly lower than the prior year. Capital levels also strengthened, with the Common Equity Tier 1 ratio under Basel III reaching 9.56%, surpassing the company's target. While total revenue saw a slight decline year-over-year, primarily due to lower mortgage banking revenue, noninterest income from other business lines, such as trust and investment fees, and card fees, showed solid growth. The company remains focused on its cross-sell strategy to deepen customer relationships and drive future earnings growth.

    Nov 6, 2013
  41. 2013-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2013

    Wells Fargo reported record second-quarter 2013 results, with net income of $5.5 billion ($0.98 diluted EPS), up 19% and 20% year over year, and the company's 14th consecutive quarter of EPS growth. Return on assets rose to 1.55% and return on equity to 14.02%, both within management's targeted ranges. Growth was driven by fee income across many businesses, a 3% increase in pre-tax pre-provision profit, and an efficiency ratio that improved 90 basis points to 57.3%. Revenue of $21.4 billion was roughly flat year over year, as net interest income fell to $10.8 billion, reflecting a net interest margin that compressed from 3.91% to 3.46% amid low rates and balance sheet repricing. Credit quality continued to improve. Net charge-offs fell to 0.58% of average loans, the lowest rate since 2006, and the provision for credit losses dropped to $652 million, including a $500 million reserve release. Nonperforming assets declined to $21.1 billion from $24.5 billion at year-end 2012. Loans grew 3% year over year to $802 billion, and deposits rose 10% to a total of $1.02 trillion, while the company reduced its deposit costs for ten consecutive quarters. Capital strengthened further. The Basel I Tier 1 common ratio reached 10.71%, and the estimated Basel III Tier 1 common ratio was 8.62%, which exceeds the 7.0% fully phased-in minimum. The company raised its quarterly dividend to $0.30 per share, repurchased about 26.7 million shares, and entered into a $500 million forward repurchase contract. Management flagged continued net interest margin pressure, potential reductions in unrealized securities gains if rates rise, and pending regulatory items including the Basel III rules, the supplemental leverage ratio proposal, and the Durbin Amendment court ruling.

    Aug 7, 2013
  42. 2013-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2013

    Wells Fargo's first quarter 2013 10-Q (filed May 8, 2013) reports record quarterly net income of $5.2 billion ($0.92 diluted EPS), up 22% in net income and 23% in diluted EPS from first quarter 2012. Growth was driven by a sharp improvement in credit quality: net charge-offs fell to 0.72% of average loans (from 1.25% a year earlier), the provision for credit losses dropped to $1.2 billion from $2.0 billion, and nonperforming assets declined $1.6 billion to $22.9 billion. Pre-tax pre-provision profit rose 2% to $8.9 billion, and the efficiency ratio improved to 58.3% from 60.1%, with noninterest expense down 5% year over year. Top-line trends were softer. Revenue fell 2% to $21.3 billion as net interest income dropped to $10.5 billion from $10.9 billion. Net interest margin compressed to 3.48% from 3.91%, reflecting runoff of higher-yielding assets, growth in lower-yielding short-term investments, and a low-rate environment that management expects to keep pressuring the margin. Noninterest income was roughly flat at $10.8 billion, with strength in deposit service charges, brokerage, investment banking and mortgage servicing offsetting lower mortgage origination gains. Average loans grew 4% year over year to $798 billion and average core deposits rose 6%, funding a balance sheet that grew to $1.44 trillion in assets. Capital position strengthened. The Tier 1 common equity ratio under Basel I rose to 10.39%, although Basel 2.5 market risk rules reduced it by about 25 basis points. The estimated Basel III Tier 1 common ratio was 8.39%, and the company repurchased about 17 million shares in the quarter. The board approved a second-quarter dividend increase to $0.30 per share from $0.25, following a non-objection to the 2013 CCAR capital plan.

    May 8, 2013
  43. 2012-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2012

    Wells Fargo's third-quarter 2012 10-Q shows a strong quarter, with net income of $4.9 billion ($0.88 diluted EPS), up 22% year over year, and an eleventh consecutive quarter of EPS growth. Total revenue rose 8% to $21.2 billion, led by a $974 million increase in mortgage banking income tied to a lower-rate environment and a 56% jump in mortgage originations to $139 billion. The efficiency ratio improved to 57.1%, its lowest in ten quarters and within the company's 55–59% target. Return on assets of 1.45% was the highest in five years, and return on equity rose to 13.38%. Credit quality continued to improve, though third-quarter metrics were distorted by OCC guidance requiring bankruptcy-discharged consumer loans to be written down and placed on nonaccrual. That guidance added $567 million in charge-offs, $1.4 billion to nonaccrual loans, and $4.3 billion in TDRs. Excluding the guidance, net charge-offs were 0.92% of average loans, versus 1.37% a year earlier. Nonperforming assets were $25.3 billion, and the company recorded a $200 million allowance release. Management flagged Hurricane Sandy as a new, not-yet-quantified risk to consumer and commercial real estate portfolios. Capital remained robust, with Tier 1 common equity at 9.92% under Basel I and an estimated 8.02% under Basel III proposals. Net interest margin compressed to 3.66% from 3.84% a year ago as higher-yielding assets ran off and excess liquidity sat in low-yielding short-term investments, and management expects continued pressure. Key risks for investors include mortgage repurchase exposure (liability of $2.0 billion with a reasonably possible additional loss of up to $2.5 billion), the DOJ servicing settlement commitments, and a new FHA insurance lawsuit filed in October 2012.

    Nov 6, 2012
  44. 2012-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2012

    Wells Fargo reported a strong second quarter 2012, with net income of $4.6 billion ($0.82 diluted EPS), up 17% from $3.9 billion ($0.70) a year earlier, and first-half net income of $8.9 billion, up 15%. Total revenue rose 4% year over year to $21.3 billion, driven mainly by a 79% jump in mortgage banking income as origination volume more than doubled to $131 billion. Noninterest expense fell 1% to $12.4 billion, and the efficiency ratio improved to 58.2%, the lowest in nine quarters and within the company's 55-59% target. Management now expects fourth-quarter 2012 expenses to exceed its earlier $11.25 billion target, though it still expects expenses to decline from second-quarter levels for the rest of 2012. Credit quality continued to improve. Net charge-offs fell to 1.15% of average loans from 1.52% a year earlier, nonperforming assets declined to $24.9 billion, and the company released $400 million from the allowance for credit losses. Net interest margin compressed to 3.91% from 4.01%, and management expects continued pressure as the balance sheet reprices in the low-rate environment. Core deposits grew 9% year over year to $880.6 billion on average, and the company paid down deposit costs for seven consecutive quarters. Capital remained strong. Total equity reached $149.4 billion, and the Basel I Tier 1 common ratio rose to 10.08%. Under the June 2012 Basel III proposals, the estimated Tier 1 common ratio is 7.78%, which management says exceeds the 7.0% fully phased-in minimum by 78 basis points. The company repurchased about 53 million shares in the quarter and paid a $0.22 quarterly dividend. Risks flagged in the filing include a $669 million quarterly provision for mortgage repurchase losses, a July 2012 DOJ settlement tied to mortgage lending practices, the $6.6 billion interchange litigation settlement, and ongoing mortgage servicing consent orders.

    Aug 7, 2012
  45. 2012-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2012

    Wells Fargo's first quarter 2012 10-Q shows a strong quarter: net income of $4.2 billion (up 13% year over year), diluted EPS of $0.75 (up 12%), and total revenue of $21.6 billion (up 6%). The efficiency ratio improved to 60.1% from 62.6% a year earlier, and return on assets rose to 1.31%. Growth was driven mainly by a 128% jump in mortgage loan origination/sales gains ($2.6 billion), along with higher net interest income and a lower provision for credit losses. Management also reported its ninth consecutive quarter of EPS growth and a dividend increase of 83% to $0.22 per share. Credit quality kept improving. Net charge-offs fell to 1.25% of average loans from 1.73% a year ago, and the provision of $2.0 billion was $215 million lower than in the prior year. The company released $400 million from its allowance and expects further releases in 2012 absent a significant economic deterioration. Non-performing assets rose to $26.6 billion, but that increase reflects the reclassification of $1.7 billion of junior lien mortgages to nonaccrual under new regulatory guidance; excluding that, nonaccrual loans fell $948 million. The balance sheet and capital position strengthened. Total assets reached $1.33 trillion, deposits grew to $930 billion, and core deposits funded 116% of loans. The Basel I Tier 1 common equity ratio rose to 9.98%, and the estimated Basel III ratio was 7.84%. Key headwinds include a net interest margin that narrowed to 3.91% from 4.05%, management's expectation of continued NIM pressure, and ongoing mortgage servicing and foreclosure settlement costs. Management targets fourth-quarter 2012 noninterest expense of about $11.25 billion and expects expenses to decline in the second quarter.

    May 8, 2012
  46. 2011-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2011

    Wells Fargo's third quarter 2011 10-Q shows a strong quarter on earnings and capital, offset by declining revenue. Net income was a record $4.1 billion ($0.72 diluted EPS), up 21% year over year, and nine-month net income reached $11.8 billion, up 31%. The improvement came mainly from a much lower provision for credit losses ($1.8 billion versus $3.4 billion a year earlier) and a 5% decline in noninterest expense to $11.7 billion, which more than offset a 6% drop in revenue to $19.6 billion. Net interest margin compressed to 3.84% from 4.25%, reflecting the repricing of the balance sheet, so investors should view part of the earnings gain as credit-driven rather than purely operational. Credit quality continued to improve. Net charge-offs fell to $2.6 billion (1.37% of average loans) from $4.1 billion a year ago, nonperforming assets declined to $26.8 billion, and the allowance for credit losses was $20.4 billion, or 2.68% of total loans. Management expects future allowance releases absent significant economic deterioration, which could support earnings further but also means the tailwind from reserve reduction is likely to fade over time. Mortgage banking remains a headwind, with noninterest income from mortgage banking down 27% year over year, and trading results weakened, including a $377 million loss on a legacy Wachovia position. Capital strengthened materially. Tier 1 common equity reached 9.34% under Basel I (up from 8.30% at year-end 2010), and management estimates 7.41% under proposed Basel III rules. Wells Fargo redeemed or called $5.8 billion of trust preferred securities, repurchased 22 million shares, and raised its quarterly dividend to $0.12. Management guided toward a quarterly noninterest expense target of about $11 billion by fourth quarter 2012 and noted that Wachovia integration is nearly complete, with remaining activities expected in the first quarter of 2012.

    Nov 8, 2011
  47. 2011-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2011

    Wells Fargo's second-quarter 2011 10-Q shows a company with strong earnings momentum but a shrinking top line. Net income was $3.9 billion ($0.70 diluted EPS), up 29% year over year, and first-half net income reached $7.7 billion, up 37%. Growth was driven by much lower credit costs: the provision for credit losses fell to $1.8 billion from $4.0 billion a year earlier, and net charge-offs dropped to $2.8 billion (1.52% of average loans) from $4.5 billion. Total revenue, however, declined 5% to $20.4 billion, reflecting lower net interest income (margin compressed to 4.01% from 4.38%), weaker mortgage banking income, and lower deposit service charges from Regulation E changes. Credit quality continued to improve. Nonperforming assets fell to $27.9 billion (3.71% of loans) from $30.5 billion a quarter earlier and $32.8 billion a year earlier, and loans 90+ days past due and still accruing (excluding government-insured loans) declined to $1.8 billion. The allowance for credit losses stood at $21.3 billion, and management expects future reserve releases absent economic deterioration. The company also reduced its non-strategic and liquidating portfolios to $121.8 billion. Capital strengthened materially. The Basel I Tier 1 common equity ratio rose to 9.15%, but the estimated Basel III ratio is 7.35%, against a 7.0% fully phased-in minimum. Management has restarted buybacks (35 million shares repurchased in Q2), raised the quarterly dividend to $0.12, and redeemed $3.4 billion of trust preferred securities. Risks flagged include mortgage foreclosure consent orders with the OCC and Federal Reserve, a Federal Reserve civil money penalty of $85 million, the Durbin Amendment reducing quarterly earnings by roughly $250 million after tax from Q4 2011, and mortgage repurchase exposure.

    Aug 5, 2011
  48. 2011-Q1

    WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2011

    Wells Fargo's first quarter 2011 10-Q shows a bank that is earning more while its revenue shrinks. Net income was a record $3.8 billion ($0.67 diluted EPS), up 48% year over year, and ROE rose to 11.98%. Total revenue fell 5% to $20.3 billion, driven by lower mortgage banking income, lower deposit service charges from Regulation E overdraft changes, and a 5% decline in average loans. The earnings improvement came mainly from a sharp drop in the provision for credit losses to $2.2 billion from $5.3 billion a year earlier, which was $1.0 billion below net charge-offs of $3.2 billion, reflecting continued credit improvement. Credit quality and capital both improved. Nonperforming assets fell to $30.6 billion (4.08% of loans) from $32.4 billion at year-end 2010, and loans 90+ days past due and still accruing (excluding government-insured) declined to $2.4 billion. The allowance for credit losses was $22.4 billion, or 2.98% of loans. Tier 1 common equity rose to 8.93% of risk-weighted assets under Basel I, from 8.30% at year-end, and management estimates about 7.2% under its interpretation of Basel III proposals. The board raised the quarterly dividend to $0.12 from $0.05 and added 200 million shares to the buyback authorization, following a Federal Reserve capital plan review. Risks remain. Net interest margin compressed 22 basis points to 4.05% as the company held more low-yielding cash and short-term investments. Noninterest expense rose 5% to $12.7 billion, including $472 million of operating losses mostly tied to foreclosure-related litigation accruals. The company also entered consent orders with the OCC and Federal Reserve over mortgage servicing and foreclosure practices, and management expects a debit interchange fee rule to reduce quarterly income by about $325 million after tax if implemented in 2011.

    May 6, 2011
  49. 2010-Q3

    WELLS FARGO & COMPANY/MN Quarterly Report for Q3 Ended Sep 30, 2010

    Wells Fargo's third-quarter 2010 10-Q shows a company with record quarterly earnings but a revenue base under pressure. Net income was $3.3 billion ($0.60 diluted EPS), its highest quarterly profit ever, though revenue fell 7% year over year to $20.9 billion. Net interest income declined 5% to $11.1 billion as the non-strategic loan portfolios kept running off, and noninterest income fell 9%, driven by lower mortgage banking hedge results and the impact of Regulation E overdraft changes. Nine-month net income was $8.9 billion, down 5% from the prior year, and diluted EPS was $1.60. Credit quality improved for a third consecutive quarter. Net charge-offs fell to $4.1 billion, and the company released $650 million of loan loss reserves. Nonaccrual loans still rose 2% to $28.3 billion, mainly in commercial loans, and the company flagged continuing foreclosure-process and mortgage repurchase exposure, including a $1.3 billion repurchase liability and a voluntary effort to resubmit affidavits on about 55,000 foreclosures. Capital is the standout strength. Tier 1 common equity rose to 8.01% from 6.46% at year-end 2009, and management expects to exceed 7% under proposed Basel III rules within a few quarters. Merger integration with Wachovia is about 85% complete against a $5.0 billion cost-savings target, with the remainder expected in 2011. The main investor questions are how durable earnings are as the loan book shrinks and how quickly credit costs and the foreclosure issues resolve.

    Nov 5, 2010
  50. 2010-Q2

    WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2010

    Wells Fargo's second-quarter 2010 10-Q shows a company that is earning strongly and rebuilding capital, while credit costs are clearly past their peak. Net income was $3.1 billion ($0.55 diluted EPS) in Q2 2010, down 3% from $3.2 billion a year earlier, and first-half net income was $5.6 billion ($1.00 diluted EPS) versus $6.2 billion ($1.13). Total revenue of $21.4 billion was roughly flat sequentially and down 5% year over year, with noninterest income down 7% on weaker mortgage banking results. Pre-tax pre-provision profit was $8.6 billion. The efficiency ratio worsened to 59.6% from 56.4% a year ago, driven by merger integration costs ($498 million), litigation accruals (operating losses of $627 million), and Wells Fargo Financial restructuring severance ($137 million). Credit quality is the central positive. Net charge-offs fell 16% sequentially to $4.5 billion, and management released $500 million of loan loss reserves, saying credit losses peaked in Q4 2009 and provision expense peaked in Q3 2009. Nonaccrual loans still rose modestly to $27.8 billion, and total nonperforming assets reached $32.9 billion (4.30% of loans), so the balance sheet remains under stress even as the trend improves. Mortgage repurchase reserves rose to $1.4 billion as repurchase demands stayed elevated. Capital strengthened markedly. Tier 1 common equity reached 7.61% of risk-weighted assets, up from 6.46% at year-end 2009, and Tier 1 capital was 10.51%. Average loans fell 7% year over year to $772.5 billion, which management views as a reflection of liquidating portfolios and soft demand, while core deposits remained a low-cost funding base. The company also highlighted progress on Wachovia integration (about 80% of targeted run-rate cost savings achieved) and expects $600–650 million of merger costs per quarter in the second half of 2010.

    Aug 9, 2010