1Q24 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

Page

Consolidated Results

Summary Financial Data

3

Consolidated Statement of Income

5

Consolidated Balance Sheet

6

Average Balances and Interest Rates (Taxable-Equivalent Basis)

7

Reportable Operating Segment Results

Combined Segment Results

8

Consumer Banking and Lending

9

Commercial Banking

11

Corporate and Investment Banking

13

Wealth and Investment Management

15

Corporate

16

Credit-Related Information

Consolidated Loans Outstanding - Period-End Balances, Average Balances, and Average Interest Rates

17

Net Loan Charge-offs

18

Changes in Allowance for Credit Losses for Loans

19

Allocation of the Allowance for Credit Losses for Loans

20

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

21

Commercial and Industrial Loans and Lease Financing by Industry

22

Commercial Real Estate Loans by Property Type

23

Equity

Tangible Common Equity

24

Risk-Based Capital Ratios Under Basel III - Standardized Approach

26

Risk-Based Capital Ratios Under Basel III - Advanced Approach

27

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

Quarter ended

Mar 31, 2024

% Change from

(in millions, except ratios and per share amounts)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Selected Income Statement Data

Total revenue

$

20,863

20,478

20,857

20,533

20,729

2 %

1

Noninterest expense

14,338

15,786

13,113

12,987

13,676

(9)

5

Pre-taxpre-provision profit (PTPP) (1)

6,525

4,692

7,744

7,546

7,053

39

(7)

Provision for credit losses (2)

938

1,282

1,197

1,713

1,207

(27)

(22)

Wells Fargo net income

4,619

3,446

5,767

4,938

4,991

34

(7)

Wells Fargo net income applicable to common stock

4,313

3,160

5,450

4,659

4,713

36

(8)

Common Share Data

Diluted earnings per common share

1.20

0.86

1.48

1.25

1.23

40

(2)

Dividends declared per common share

0.35

0.35

0.35

0.30

0.30

-

17

Common shares outstanding

3,501.7

3,598.9

3,637.9

3,667.7

3,763.2

(3)

(7)

Average common shares outstanding

3,560.1

3,620.9

3,648.8

3,699.9

3,785.6

(2)

(6)

Diluted average common shares outstanding

3,600.1

3,657.0

3,680.6

3,724.9

3,818.7

(2)

(6)

Book value per common share (3)

$

46.40

46.25

44.37

43.87

43.02

-

8

Tangible book value per common share (3)(4)

39.17

39.23

37.43

36.53

35.87

-

9

Selected Equity Data (period-end)

Total equity

182,674

187,443

182,373

181,952

183,220

(3)

-

Common stockholders' equity

162,481

166,444

161,424

160,916

161,893

(2)

-

Tangible common equity (4)

137,163

141,193

136,153

133,990

134,992

(3)

2

Performance Ratios

Return on average assets (ROA) (5)

0.97 %

0.72

1.21

1.05

1.09

Return on average equity (ROE) (6)

10.5

7.6

13.3

11.4

11.7

Return on average tangible common equity (ROTCE) (4)

12.3

9.0

15.9

13.7

14.0

Efficiency ratio (7)

69

77

63

63

66

Net interest margin on a taxable-equivalent basis

2.81

2.92

3.03

3.09

3.20

Average deposit cost

1.74

1.58

1.36

1.13

0.83

  1. Pre-taxpre-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. Includes provision for credit losses for loans, debt securities, and other financial assets.
  3. Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
  4. Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 24 and 25.
  5. Represents Wells Fargo net income divided by average assets.
  6. Represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.
  7. The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

Quarter ended

Mar 31, 2024

% Change from

($ in millions, unless otherwise noted)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Selected Balance Sheet Data (average)

Loans

$

928,075

938,041

943,193

945,906

948,651

(1)%

(2)

Assets

1,916,974

1,907,535

1,891,883

1,878,253

1,863,676

-

3

Deposits

1,341,628

1,340,916

1,340,307

1,347,449

1,356,694

-

(1)

Selected Balance Sheet Data (period-end)

Debt securities

506,280

490,458

490,726

503,468

511,597

3

(1)

Loans

922,784

936,682

942,424

947,960

947,991

(1)

(3)

Allowance for credit losses for loans

14,862

15,088

15,064

14,786

13,705

(1)

8

Equity securities

59,556

57,336

56,026

67,471

60,610

4

(2)

Assets

1,959,153

1,932,468

1,909,261

1,876,320

1,886,400

1

4

Deposits

1,383,147

1,358,173

1,354,010

1,344,584

1,362,629

2

2

Headcount (#) (period-end)

224,824

225,869

227,363

233,834

235,591

-

(5)

Capital and other metrics (1)

Risk-based capital ratios and components (2):

Standardized Approach:

Common Equity Tier 1 (CET1)

11.2 %

11.4

11.0

10.7

10.8

Tier 1 capital

12.7

13.0

12.6

12.2

12.3

Total capital

15.4

15.7

15.3

15.0

15.1

Risk-weighted assets (RWAs) (in billions)

$

1,220.7

1,231.7

1,237.1

1,250.7

1,243.8

(1)

(2)

Advanced Approach:

Common Equity Tier 1 (CET1)

12.4 %

12.6

12.0

12.0

12.0

Tier 1 capital

14.1

14.3

13.7

13.7

13.7

Total capital

16.2

16.4

15.8

15.8

15.9

Risk-weighted assets (RWAs) (in billions)

$

1,098.6

1,114.3

1,130.8

1,118.4

1,117.9

(1)

(2)

Tier 1 leverage ratio

8.2 %

8.5

8.3

8.3

8.4

Supplementary Leverage Ratio (SLR)

6.9

7.1

6.9

6.9

7.0

Total Loss Absorbing Capacity (TLAC) Ratio (3)

25.1

25.0

24.0

23.1

23.3

Liquidity Coverage Ratio (LCR) (4)

126

125

123

123

122

  1. Ratios and metrics for March 31, 2024, are preliminary estimates.
  2. See the tables on pages 26 and 27 for more information on CET1, tier 1 capital, and total capital.
  3. Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.
  4. Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.

-4-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

Quarter ended

Mar 31, 2024

% Change from

(in millions, except per share amounts)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Interest income

$

22,840

22,839

22,093

20,830

19,356

- %

18

Interest expense

10,613

10,068

8,988

7,667

6,020

5

76

Net interest income

12,227

12,771

13,105

13,163

13,336

(4)

(8)

Noninterest income

Deposit-related fees

1,230

1,202

1,179

1,165

1,148

2

7

Lending-related fees

367

366

372

352

356

-

3

Investment advisory and other asset-based fees

2,331

2,169

2,224

2,163

2,114

7

10

Commissions and brokerage services fees

626

619

567

570

619

1

1

Investment banking fees

627

455

492

376

326

38

92

Card fees

1,061

1,027

1,098

1,098

1,033

3

3

Mortgage banking

230

202

193

202

232

14

(1)

Net gains from trading activities

1,454

1,070

1,265

1,122

1,342

36

8

Net gains (losses) from debt securities

(25)

-

6

4

-

NM

NM

Net gains (losses) from equity securities

18

35

(25)

(94)

(357)

(49)

105

Lease income

421

292

291

307

347

44

21

Other

296

270

90

105

233

10

27

Total noninterest income

8,636

7,707

7,752

7,370

7,393

12

17

Total revenue

20,863

20,478

20,857

20,533

20,729

2

1

Provision for credit losses (1)

938

1,282

1,197

1,713

1,207

(27)

(22)

Noninterest expense

Personnel

9,492

9,181

8,627

8,606

9,415

3

1

Technology, telecommunications and equipment

1,053

1,076

975

947

922

(2)

14

Occupancy

714

740

724

707

713

(4)

-

Operating losses

633

355

329

232

267

78

137

Professional and outside services

1,101

1,242

1,310

1,304

1,229

(11)

(10)

Leases (2)

164

168

172

180

177

(2)

(7)

Advertising and promotion

197

259

215

184

154

(24)

28

Other

984

2,765

761

827

799

(64)

23

Total noninterest expense

14,338

15,786

13,113

12,987

13,676

(9)

5

Income before income tax expense (benefit)

5,587

3,410

6,547

5,833

5,846

64

(4)

Income tax expense (benefit)

964

(100)

811

930

966

NM

-

Net income before noncontrolling interests

4,623

3,510

5,736

4,903

4,880

32

(5)

Less: Net income (loss) from noncontrolling interests

4

64

(31)

(35)

(111)

(94)

104

Wells Fargo net income

$

4,619

3,446

5,767

4,938

4,991

34 %

(7)

Less: Preferred stock dividends and other

306

286

317

279

278

7

10

Wells Fargo net income applicable to common stock

$

4,313

3,160

5,450

4,659

4,713

36 %

(8)

Per share information

Earnings per common share

$

1.21

0.87

1.49

1.26

1.24

39 %

(2)

Diluted earnings per common share

1.20

0.86

1.48

1.25

1.23

40

(2)

NM - Not meaningful

  1. Includes provision for credit losses for loans, debt securities, and other financial assets.
  2. Represents expenses for assets we lease to customers.

-5-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

Mar 31, 2024

% Change from

(in millions)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Assets

Cash and due from banks

$

30,180

33,026

30,815

31,915

31,958

(9)%

(6)

Interest-earning deposits with banks

239,467

204,193

187,081

123,418

130,478

17

84

Federal funds sold and securities purchased under resale agreements

68,751

80,456

70,431

66,500

67,288

(15)

2

Debt securities:

Trading, at fair value

109,324

97,302

97,075

96,857

90,052

12

21

Available-for-sale, at fair value

138,245

130,448

126,437

134,251

144,398

6

(4)

Held-to-maturity, at amortized cost

258,711

262,708

267,214

272,360

277,147

(2)

(7)

Loans held for sale

5,473

4,936

4,308

6,029

6,199

11

(12)

Loans

922,784

936,682

942,424

947,960

947,991

(1)

(3)

Allowance for loan losses

(14,421)

(14,606)

(14,554)

(14,258)

(13,120)

1

(10)

Net loans

908,363

922,076

927,870

933,702

934,871

(1)

(3)

Mortgage servicing rights

8,248

8,508

9,526

9,345

9,950

(3)

(17)

Premises and equipment, net

9,426

9,266

8,559

8,392

8,416

2

12

Goodwill

25,173

25,175

25,174

25,175

25,173

-

-

Derivative assets

17,653

18,223

21,096

17,990

17,117

(3)

3

Equity securities

59,556

57,336

56,026

67,471

60,610

4

(2)

Other assets

80,583

78,815

77,649

82,915

82,743

2

(3)

Total assets

$

1,959,153

1,932,468

1,909,261

1,876,320

1,886,400

1

4

Liabilities

Noninterest-bearing deposits

$

356,162

360,279

384,330

402,322

434,912

(1)

(18)

Interest-bearing deposits

1,026,985

997,894

969,680

942,262

927,717

3

11

Total deposits

1,383,147

1,358,173

1,354,010

1,344,584

1,362,629

2

2

Short-term borrowings (1)

109,014

89,559

93,330

84,255

81,007

22

35

Derivative liabilities

17,116

18,495

23,463

21,431

16,897

(7)

1

Accrued expenses and other liabilities

79,438

71,210

66,050

73,466

69,181

12

15

Long-term debt (2)

187,764

207,588

190,035

170,632

173,466

(10)

8

Total liabilities

1,776,479

1,745,025

1,726,888

1,694,368

1,703,180

2

4

Equity

Wells Fargo stockholders' equity:

Preferred stock

18,608

19,448

19,448

19,448

19,448

(4)

(4)

Common stock - $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares

9,136

9,136

9,136

9,136

9,136

-

-

Additional paid-in capital

60,131

60,555

60,365

60,173

59,946

(1)

-

Retained earnings

203,870

201,136

199,287

195,164

191,688

1

6

Accumulated other comprehensive income (loss)

(12,546)

(11,580)

(15,877)

(13,441)

(12,572)

(8)

-

Treasury stock (3)

(98,256)

(92,960)

(91,215)

(89,860)

(86,049)

(6)

(14)

Unearned ESOP shares

-

-

(429)

(429)

(429)

NM

100

Total Wells Fargo stockholders' equity

180,943

185,735

180,715

180,191

181,168

(3)

-

Noncontrolling interests

1,731

1,708

1,658

1,761

2,052

1

(16)

Total equity

182,674

187,443

182,373

181,952

183,220

(3)

-

Total liabilities and equity

$

1,959,153

1,932,468

1,909,261

1,876,320

1,886,400

1

4

NM - Not meaningful

  1. Includes $8.0 billion, $0.0 billion, $0.0 billion, $2.0 billion, and $5.0 billion of Federal Home Loan Bank (FHLB) advances at March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively.
  2. Includes $20.0 billion, $38.0 billion, $36.0 billion, $23.0 billion, and $24.0 billion of FHLB advances at March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively.
  3. Number of shares of treasury stock were 1,980,132,879, 1,882,948,892, 1,843,884,672, 1,814,145,600, and 1,718,587,875 at March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively.

-6-

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENTBASIS) (1)

Quarter ended

Mar 31, 2024

% Change from

($ in millions)

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

Mar 31, 2023

Dec 31, 2023

Mar 31, 2023

Average Balances

Assets

Interest-earning deposits with banks

$

207,568

193,647

158,893

129,236

114,858

7 %

81

Federal funds sold and securities purchased under resale agreements

69,719

72,626

68,715

69,505

68,633

(4)

2

Trading debt securities

112,170

109,340

109,802

102,605

96,405

3

16

Available-for-sale debt securities

139,986

136,389

139,511

149,320

145,894

3

(4)

Held-to-maturity debt securities

264,755

268,905

273,948

279,093

279,955

(2)

(5)

Loans held for sale

5,835

4,990

5,437

6,031

6,611

17

(12)

Loans

928,075

938,041

943,193

945,906

948,651

(1)

(2)

Equity securities

21,350

22,198

25,019

27,891

28,651

(4)

(25)

Other

8,940

8,861

8,565

10,118

11,043

1

(19)

Total interest-earning assets

1,758,398

1,754,997

1,733,083

1,719,705

1,700,701

-

3

Total noninterest-earning assets

158,576

152,538

158,800

158,548

162,975

4

(3)

Total assets

$

1,916,974

1,907,535

1,891,883

1,878,253

1,863,676

-

3

Liabilities

Interest-bearing deposits

$

996,874

974,890

953,500

936,886

920,226

2

8

Short-term borrowings

94,988

92,032

90,078

83,059

58,496

3

62

Long-term debt

197,116

196,213

181,955

170,843

172,567

-

14

Other liabilities

32,821

31,342

32,564

34,496

33,427

5

(2)

Total interest-bearing liabilities

1,321,799

1,294,477

1,258,097

1,225,284

1,184,716

2

12

Noninterest-bearing deposits

344,754

366,026

386,807

410,563

436,468

(6)

(21)

Other noninterest-bearing liabilities

63,752

61,179

62,151

57,963

58,195

4

10

Total liabilities

1,730,305

1,721,682

1,707,055

1,693,810

1,679,379

1

3

Total equity

186,669

185,853

184,828

184,443

184,297

-

1

Total liabilities and equity

$

1,916,974

1,907,535

1,891,883

1,878,253

1,863,676

-

3

Average Interest Rates

Interest-earning assets

Interest-earning deposits with banks

4.99 %

4.98

4.81

4.50

4.12

Federal funds sold and securities purchased under resale agreements

5.28

5.30

5.13

4.73

4.12

Trading debt securities

4.08

3.82

3.86

3.50

3.33

Available-for-sale debt securities

3.99

3.87

3.92

3.72

3.54

Held-to-maturity debt securities

2.70

2.69

2.65

2.62

2.55

Loans held for sale

7.82

6.75

6.40

6.22

5.90

Loans

6.38

6.35

6.23

5.99

5.69

Equity securities

2.82

2.99

2.42

2.79

2.39

Other

5.14

4.99

4.93

4.76

4.60

Total interest-earning assets

5.24

5.20

5.09

4.88

4.62

Interest-bearing liabilities

Interest-bearing deposits

2.34

2.17

1.92

1.63

1.22

Short-term borrowings

5.16

5.10

4.99

4.64

3.95

Long-term debt

6.80

6.78

6.67

6.31

5.83

Other liabilities

2.88

2.87

2.54

2.41

2.16

Total interest-bearing liabilities

3.22

3.09

2.84

2.51

2.05

Interest rate spread on a taxable-equivalent basis (2)

2.02

2.11

2.25

2.37

2.57

Net interest margin on a taxable-equivalent basis (2)

2.81

2.92

3.03

3.09

3.20

  1. The average balance amounts represent amortized costs. The average interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
  2. Includes taxable-equivalent adjustments of $89 million, $104 million, $104 million, $105 million, and $107 million for the quarters ended March 31, 2024, and December 31, September 30, June 30, and March 31, 2023, respectively, predominantly related to tax- exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

Quarter ended March 31, 2024

Consumer

Commercial

Corporate and

Wealth and

Reconciling

Consolidated

(in millions)

Banking and

Investment

Investment

Corporate (2)

Lending

Banking

Banking

Management

Items (3)

Company

Net interest income

$

7,110

2,278

2,027

869

32

(89)

12,227

Noninterest income

1,981

874

2,955

2,873

291

(338)

8,636

Total revenue

9,091

3,152

4,982

3,742

323

(427)

20,863

Provision for credit losses

788

143

5

3

(1)

-

938

Noninterest expense

6,024

1,679

2,330

3,230

1,075

-

14,338

Income (loss) before income tax expense (benefit)

2,279

1,330

2,647

509

(751)

(427)

5,587

Income tax expense (benefit)

573

341

666

128

(317)

(427)

964

Net income (loss) before noncontrolling interests

1,706

989

1,981

381

(434)

-

4,623

Less: Net income from noncontrolling interests

-

3

-

-

1

-

4

Net income (loss)

$

1,706

986

1,981

381

(435)

-

4,619

Quarter ended December 31, 2023

Net interest income

$

7,629

2,525

2,359

906

(544)

(104)

12,771

Noninterest income

1,890

843

2,376

2,754

284

(440)

7,707

Total revenue

9,519

3,368

4,735

3,660

(260)

(544)

20,478

Provision for credit losses

790

40

498

(19)

(27)

-

1,282

Noninterest expense

6,046

1,630

2,132

3,023

2,955

-

15,786

Income (loss) before income tax expense (benefit)

2,683

1,698

2,105

656

(3,188)

(544)

3,410

Income tax expense (benefit)

672

423

523

165

(1,339)

(544)

(100)

Net income (loss) before noncontrolling interests

2,011

1,275

1,582

491

(1,849)

-

3,510

Less: Net income from noncontrolling interests

-

2

-

-

62

-

64

Net income (loss)

$

2,011

1,273

1,582

491

(1,911)

-

3,446

Quarter ended March 31, 2023

Net interest income

$

7,433

2,489

2,461

1,044

16

(107)

13,336

Noninterest income

1,931

818

2,441

2,637

5

(439)

7,393

Total revenue

9,364

3,307

4,902

3,681

21

(546)

20,729

Provision for credit losses

867

(43)

252

11

120

-

1,207

Noninterest expense

6,038

1,752

2,217

3,061

608

-

13,676

Income (loss) before income tax expense (benefit)

2,459

1,598

2,433

609

(707)

(546)

5,846

Income tax expense (benefit)

618

399

615

152

(272)

(546)

966

Net income (loss) before noncontrolling interests

1,841

1,199

1,818

457

(435)

-

4,880

Less: Net income (loss) from noncontrolling interests

-

3

-

-

(114)

-

(111)

Net income (loss)

$

1,841

1,196

1,818

457

(321)

-

4,991

  1. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
  2. All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.
  3. Taxable-equivalentadjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company's consolidated financial results.

-8-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

Quarter ended

Mar 31, 2024

% Change from

($ in millions)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Income Statement

Net interest income

$

7,110

7,629

7,633

7,490

7,433

(7)%

(4)

Noninterest income:

Deposit-related fees

677

694

670

666

672

(2)

1

Card fees

990

960

1,027

1,022

958

3

3

Mortgage banking

193

115

105

132

160

68

21

Other

121

121

146

145

141

-

(14)

Total noninterest income

1,981

1,890

1,948

1,965

1,931

5

3

Total revenue

9,091

9,519

9,581

9,455

9,364

(4)

(3)

Net charge-offs

881

852

722

621

589

3

50

Change in the allowance for credit losses

(93)

(62)

46

253

278

(50)

NM

Provision for credit losses

788

790

768

874

867

-

(9)

Noninterest expense

6,024

6,046

5,913

6,027

6,038

-

-

Income before income tax expense

2,279

2,683

2,900

2,554

2,459

(15)

(7)

Income tax expense

573

672

727

640

618

(15)

(7)

Net income

$

1,706

2,011

2,173

1,914

1,841

(15)

(7)

Revenue by Line of Business

Consumer, Small and Business Banking (1)

$

6,092

6,554

6,546

6,448

6,374

(7)

(4)

Consumer Lending:

Home Lending

864

839

840

847

863

3

-

Credit Card (1)

1,496

1,449

1,494

1,449

1,417

3

6

Auto

300

334

360

378

392

(10)

(23)

Personal Lending

339

343

341

333

318

(1)

7

Total revenue

$

9,091

9,519

9,581

9,455

9,364

(4)

(3)

Selected Balance Sheet Data (average)

Loans by Line of Business:

Consumer, Small and Business Banking (1)

$

6,465

6,494

6,610

6,831

7,037

-

(8)

Consumer Lending:

Home Lending

214,335

216,733

218,546

220,641

222,561

(1)

(4)

Credit Card (1)

46,412

45,842

43,541

41,609

40,516

1

15

Auto

47,621

49,078

51,578

52,476

53,676

(3)

(11)

Personal Lending

14,896

15,386

15,270

14,794

14,518

(3)

3

Total loans

$

329,729

333,533

335,545

336,351

338,308

(1)

(3)

Total deposits

773,248

779,490

801,061

823,339

841,265

(1)

(8)

Allocated capital

45,500

44,000

44,000

44,000

44,000

3

3

Selected Balance Sheet Data (period-end)

Loans by Line of Business:

Consumer, Small and Business Banking (1)

$

6,584

6,735

6,746

6,937

7,111

(2)

(7)

Consumer Lending:

Home Lending

213,289

215,823

217,955

219,595

222,012

(1)

(4)

Credit Card (1)

46,867

46,735

44,409

42,415

40,547

-

16

Auto

46,692

48,283

50,407

52,175

53,244

(3)

(12)

Personal Lending

14,575

15,291

15,439

15,095

14,597

(5)

-

Total loans

$

328,007

332,867

334,956

336,217

337,511

(1)

(3)

Total deposits

794,160

782,309

798,897

820,495

851,304

2

(7)

NM - Not meaningful

  1. In first quarter 2024, we transferred our small business credit card business from Consumer, Small and Business Banking to Credit Card. Prior period balances have been revised to conform with the current period presentation.

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

Quarter ended

Mar 31, 2024

% Change from

($ in millions, unless otherwise noted)

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

2024

2023

2023

2023

2023

2023

2023

Selected Metrics

Consumer Banking and Lending:

Return on allocated capital (1)

14.5 %

17.6

19.1

16.9

16.5

Efficiency ratio (2)

66

64

62

64

64

(1)%

(6)

Retail bank branches (#, period-end)

4,247

4,311

4,355

4,455

4,525

Digital active customers (# in millions, period-end) (3)

35.5

34.8

34.6

34.2

34.3

2

3

Mobile active customers (# in millions, period-end) (3)

30.5

29.9

29.6

29.1

28.8

2

6

Consumer, Small and Business Banking:

Deposit spread (4)

2.5 %

2.7

2.7

2.6

2.5

(4)

4

Debit card purchase volume ($ in billions) (5)

$

121.5

126.1

124.5

124.9

117.3

Debit card purchase transactions (# in millions) (5)

2,442

2,546

2,550

2,535

2,369

(4)

3

Home Lending:

Mortgage banking:

Net servicing income

$

91

113

41

62

84

(19)

8

Net gains on mortgage loan originations/sales

102

2

64

70

76

NM

34

Total mortgage banking

$

193

115

105

132

160

68

21

Retail originations ($ in billions)

$

3.5

4.5

6.4

7.7

5.6

(22)

(38)

% of originations held for sale (HFS)

43.5 %

45.4

40.7

45.3

46.8

(6)

(21)

Third party mortgage loans serviced ($ in billions, period-end) (6)

$

527.5

559.7

591.8

609.1

666.8

Mortgage servicing rights (MSR) carrying value (period-end)

7,249

7,468

8,457

8,251

8,819

(3)

(18)

Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)

1.37 %

1.33

1.43

1.35

1.32

Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)

0.30

0.32

0.29

0.25

0.26

Credit Card (10):

(5)

14

Point of sale (POS) volume ($ in billions)

$

39.1

41.2

39.4

38.3

34.2

New accounts (# in thousands)

651

655

714

618

579

(1)

12

Credit card loans 30+ days delinquency rate (period-end) (8)(9)

2.92 %

2.80

2.61

2.31

2.18

Credit card loans 90+ days delinquency rate (period-end) (8)(9)

1.55

1.41

1.29

1.10

1.09

Auto:

24

(18)

Auto originations ($ in billions)

$

4.1

3.3

4.1

4.8

5.0

Auto loans 30+ days delinquency rate (period-end) (8)(9)

2.36 %

2.80

2.60

2.55

2.25

Personal Lending:

New volume ($ in billions)

$

2.2

2.6

3.1

3.3

2.9

(15)

(24)

NM - Not meaningful

  1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
  2. Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
  3. Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
  4. Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
  5. Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.
  6. Excludes residential mortgage loans subserviced for others.
  7. Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).
  8. Excludes loans held for sale.
  9. Delinquency balances exclude nonaccrual loans.
  10. In first quarter 2024, we transferred our small business credit card business from Consumer, Small and Business Banking to Credit Card. Prior period balances have been revised to conform with the current period presentation.

-10-

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Wells Fargo & Company published this content on 11 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 11:19:03 UTC.