4Q20 Quarterly Supplement
Wells Fargo & Company and Subsidiaries | ||
QUARTERLY FINANCIAL DATA | ||
TABLE OF CONTENTS | ||
Pages | ||
Consolidated Results | ||
Consolidated Statement of Income | 3 | |
Consolidated Balance Sheet | 4 | |
Average Balances and Interest Rates (Taxable-Equivalent Basis) | 5 | |
Reportable Operating Segment Results | ||
Combined Segment Results | 6 | |
Consumer Banking and Lending | 8 | |
Commercial Banking | 10 | |
Corporate and Investment Banking | 12 | |
Wealth and Investment Management | 14 | |
Corporate | 15 | |
Credit-Related Information | ||
Consolidated Loans Outstanding - Period End | 16 | |
Net Loan Charge-offs | 17 | |
Changes in Allowance for Credit Losses for Loans | 18 | |
Allocation of the Allowance for Credit Losses for Loans | 19 | |
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets) | 20 | |
Commercial and Industrial Loans and Lease Financing by Industry | 21 | |
Commercial Real Estate Loans by Property Type | 22 | |
Equity | ||
Tangible Common Equity | 23 | |
Risk-Based Capital Ratios Under Basel III - Standardized Approach | 25 | |
Risk-Based Capital Ratios Under Basel III - Advanced Approach | 26 | |
Other | ||
Deferred Compensation and Related Hedges | 27 |
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2020, 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 | Dec 31, 2020 | Year ended | |||||||||||||
% Change from | |||||||||||||||
(in millions, except per share amounts) | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | % | |||||
2020 | 2020 | 2020 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Change | ||||||
Selected Income Statement Data | |||||||||||||||
Total revenue | $ | 17,925 | 18,862 | 17,836 | 17,717 | 19,860 | (5)% | (10) | $ | 72,340 | 85,063 | (15)% | |||
Total noninterest expense | 14,802 | 15,229 | 14,551 | 13,048 | 15,614 | (3) | (5) | 57,630 | 58,178 | (1) | |||||
Pre-taxpre-provision profit (PTPP) (1) | 3,123 | 3,633 | 3,285 | 4,669 | 4,246 | (14) | (26) | 14,710 | 26,885 | (45) | |||||
Provision for credit losses | (179) | 769 | 9,534 | 4,005 | 644 | NM | NM | 14,129 | 2,687 | 426 | |||||
Wells Fargo net income (loss) | 2,992 | 2,035 | (2,379) | 653 | 2,873 | 47 | 4 | 3,301 | 19,549 | (83) | |||||
Wells Fargo net income (loss) applicable to common stock | 2,642 | 1,720 | (2,694) | 42 | 2,546 | 54 | 4 | 1,710 | 17,938 | (90) | |||||
Common Share Data | |||||||||||||||
Diluted earnings (loss) per common share | 0.64 | 0.42 | (0.66) | 0.01 | 0.60 | 52 | 7 | 0.41 | 4.05 | (90) | |||||
Dividends declared per common share | 0.10 | 0.10 | 0.51 | 0.51 | 0.51 | - | (80) | 1.22 | 1.92 | (36) | |||||
Common shares outstanding | 4,144.0 | 4,132.5 | 4,119.6 | 4,096.4 | 4,134.4 | - | - | ||||||||
Average common shares outstanding | 4,137.6 | 4,123.8 | 4,105.5 | 4,104.8 | 4,197.1 | - | (1) | 4,118.0 | 4,393.1 | (6) | |||||
Diluted average common shares outstanding (2) | 4,151.3 | 4,132.2 | 4,105.5 | 4,135.3 | 4,234.6 | - | (2) | 4,134.2 | 4,425.4 | (7) | |||||
Book value per common share (3) | $ | 39.76 | 38.99 | 38.67 | 39.71 | 40.31 | 2 | (1) | |||||||
Tangible book value per common share (3)(4) | 33.04 | 32.23 | 31.88 | 32.90 | 33.50 | 3 | (1) | ||||||||
Selected Equity Data (period-end) | |||||||||||||||
Total equity | 185,920 | 182,032 | 180,122 | 183,330 | 187,984 | 2 | (1) | ||||||||
Common stockholders' equity | 164,778 | 161,109 | 159,322 | 162,654 | 166,669 | 2 | (1) | ||||||||
Tangible common equity (4) | 136,935 | 133,179 | 131,329 | 134,787 | 138,506 | 3 | (1) | ||||||||
Performance Ratios | |||||||||||||||
Return on average assets (ROA)(5) | 0.62 % | 0.42 | (0.49) | 0.13 | 0.59 | 0.17 % | 1.02 | ||||||||
Return on average equity (ROE)(6) | 6.4 | 4.2 | (6.6) | 0.1 | 5.9 | 1.0 | 10.2 | ||||||||
Return on average tangible common equity (ROTCE)(4) | 7.7 | 5.1 | (8.0) | 0.1 | 7.1 | 1.3 | 12.2 | ||||||||
Efficiency ratio (7) | 83 | 81 | 82 | 74 | 79 | 80 | 68 | ||||||||
Net interest margin on a taxable-equivalent basis | 2.13 | 2.13 | 2.25 | 2.58 | 2.53 | 2.27 | 2.73 |
NM - Not meaningful
- Pre-taxpre-provision profit (PTPP) is total revenue less total 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.
- For second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.
- 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.
- 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 23 and 24.
- Represents Wells Fargo net income (loss) divided by average assets.
- Represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders' equity.
- The efficiency ratio is total noninterest expense divided by total revenue (net interest income and noninterest income).
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Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter ended | Dec 31, 2020 | Year ended | ||||||||||||
% Change from | ||||||||||||||
($ in millions, unless otherwise noted) | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | % | ||||
2020 | 2020 | 2020 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Change | |||||
Selected Balance Sheet Data (average) | ||||||||||||||
Loans | $ | 899,704 | 931,708 | 971,266 | 965,046 | 956,536 | (3)% | (6) | $ 941,788 | 950,956 | (1)% | |||
Assets | 1,926,872 | 1,947,672 | 1,948,939 | 1,950,659 | 1,941,843 | (1) | (1) | 1,943,501 | 1,913,444 | 2 | ||||
Deposits | 1,380,100 | 1,399,028 | 1,386,656 | 1,337,963 | 1,321,913 | (1) | 4 | 1,376,011 | 1,286,261 | 7 | ||||
Selected Balance Sheet Data (period-end) | ||||||||||||||
Debt securities | 501,207 | 476,421 | 472,580 | 501,563 | 497,125 | 5 | 1 | |||||||
Loans | 887,637 | 920,082 | 935,155 | 1,009,843 | 962,265 | (4) | (8) | |||||||
Allowance for loan losses | 18,516 | 19,463 | 18,926 | 11,263 | 9,551 | (5) | 94 | |||||||
Equity securities | 62,260 | 51,169 | 52,494 | 54,047 | 68,241 | 22 | (9) | |||||||
Assets | 1,955,163 | 1,922,220 | 1,968,766 | 1,981,349 | 1,927,555 | 2 | 1 | |||||||
Deposits | 1,404,381 | 1,383,215 | 1,410,711 | 1,376,532 | 1,322,626 | 2 | 6 | |||||||
Headcount (#) | 268,531 | 274,931 | 276,013 | 272,267 | 271,924 | (2) | (1) | |||||||
Capital and other metrics (1) | ||||||||||||||
Risk-based capital ratios and components (2): | ||||||||||||||
Standardized Approach: | ||||||||||||||
CET1 | 11.6 % | 11.4 | 11.0 | 10.7 | 11.1 | |||||||||
Tier 1 capital | 13.3 | 13.1 | 12.6 | 12.2 | 12.8 | |||||||||
Total capital | 16.5 | 16.3 | 15.9 | 15.2 | 15.8 | |||||||||
Risk-weighted assets (RWAs) (in billions) | $ | 1,192.0 | 1,185.6 | 1,213.1 | 1,262.8 | 1,245.9 | 1 | (4) | ||||||
Advanced Approach: | ||||||||||||||
CET1 | 11.9 % | 11.5 | 11.1 | 11.4 | 11.9 | |||||||||
Tier 1 capital | 13.7 | 13.2 | 12.8 | 13.1 | 13.6 | |||||||||
Total capital | 16.1 | 15.7 | 15.3 | 15.6 | 16.2 | |||||||||
Risk-weighted assets (RWAs) (in billions) (3) | $ | 1,158.1 | 1,172.0 | 1,195.4 | 1,181.3 | 1,165.1 | (1) | (1) | ||||||
Tier 1 leverage ratio | 8.3 % | 8.1 | 8.0 | 8.0 | 8.3 | |||||||||
Liquidity Coverage Ratio (LCR) | 133 | 134 | 129 | 121 | 120 | |||||||||
Supplementary Leverage Ratio (SLR) | 8.1 | 7.8 | 7.5 | 6.8 | 7.1 | |||||||||
Total Loss Absorbing Capacity (TLAC) | 25.8 | 25.8 | 25.3 | 23.3 | 23.3 |
- Ratios and metrics for December 31, 2020, are preliminary estimates.
- See tables on pages 25 and 26 for more information on Common Equity Tier 1 (CET1), tier 1 capital, and total capital. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs became fully phased-in. Accordingly, the information presented reflects fully phased-in CET1, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements.
- Amount for December 31, 2019, has been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.
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Wells Fargo & Company published this content on 15 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 13:03:06 UTC