10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2020 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Supplemental Income Statement Elements [Abstract] | |||
| Interest income | |||
| Debt securities | $ 11,234 | 14,955 | 14,406 |
| Loans held for sale | 947 | 892 [1] | 917 |
| Loans | 34,109 | 44,146 | 43,974 |
| Equity securities | 554 | 962 | 992 |
| Other interest income | 954 | 5,128 | 4,358 |
| Total interest income | 47,798 | 66,083 | 64,647 |
| Interest expense | |||
| Deposits | 2,804 | 8,635 | 5,622 |
| Short-term borrowings | 250 | 2,316 | 1,717 |
| Long-term debt | 4,471 | 7,350 | 6,703 |
| Other interest expense | 438 | 551 | 610 |
| Total interest expense | 7,963 | 18,852 | 14,652 |
| Net interest income | 39,835 | 47,231 | 49,995 |
| Noninterest income | |||
| Deposit and lending-related fees | 6,602 | 7,293 | 7,369 |
| Card fees | 3,544 | 4,016 | 3,907 |
| Mortgage banking | 3,493 | 2,715 | 3,017 |
| Net gains on trading and securities | 2,710 | 3,976 | 2,225 |
| Other | 2,044 | 5,760 | 5,386 |
| Total noninterest income | 32,505 | 37,832 | 36,413 |
| Total revenue | 72,340 | 85,063 | 86,408 |
| Provision for credit losses | 14,129 | 2,687 | 1,744 |
| Noninterest expense | |||
| Personnel | 34,811 | 35,128 | 33,085 |
| Technology, telecommunications and equipment | 3,099 | 3,276 | 2,903 |
| Occupancy | 3,263 | 2,945 | 2,888 |
| Operating losses | 3,523 | 4,321 | 3,124 |
| Professional and outside services | 6,706 | 6,745 | 6,588 |
| Advertising and promotion | 600 | 1,076 | 857 |
| Restructuring charges | 1,499 | 0 | 0 [2] |
| Other | 4,129 | 4,687 | 6,681 |
| Total noninterest expense | 57,630 | 58,178 | 56,126 |
| Income before income tax expense (benefit) | 581 | 24,198 | 28,538 |
| Income tax expense (benefit) | (3,005) | 4,157 | 5,662 |
| Net income before noncontrolling interests | 3,586 | 20,041 | 22,876 |
| Less: Net income from noncontrolling interests | 285 | 492 | 483 |
| Wells Fargo net income | 3,301 | 19,549 | 22,393 |
| Less: Preferred stock dividends and other | 1,591 | 1,611 | 1,704 |
| Wells Fargo net income applicable to common stock | 1,710 | 17,938 | 20,689 |
| Per share information | |||
| Earnings per common share (in dollars per share) | 0.42 | 4.08 | 4.31 |
| Diluted earnings per common share (in dollars per share) | 0.41 | 4.05 | 4.28 |
| Average common shares outstanding (in shares) | 4,118,000 | 4,393,100 | 4,799,700 |
| Diluted average common shares outstanding (in shares) | 4,134,200 | 4,425,400 | 4,838,400 |
| Product and Service | |||
| Brokerage fees | |||
| Fee income | 9,375 | 9,237 | 9,436 |
| Trust and investment management fees | |||
| Fee income | 2,872 | 3,038 | 3,316 |
| Investment banking fees | |||
| Fee income | 1,865 | 1,797 | 1,757 |
| [1] In 2020, interest income on mortgage loans held for sale was reclassified into loans held for sale. Prior period balances have been revised to conform with the current period presentation. | |||
| [2] In 2020, personnel-related expenses were combined into a single line item, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have be | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2020 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Supplemental Income Statement Elements [Abstract] | |||
| Net income before noncontrolling interests | $ 3,586 | 20,041 | 22,876 |
| Other comprehensive income (loss), net of tax: | |||
| Net change in debt securities | 1,487 | 4,193 | (3,206) |
| Net change in derivatives and hedging activities | 149 | 207 | (180) |
| Defined benefit plans adjustments | (181) | 73 | (135) |
| Net change in foreign currency translation adjustments | 51 | 71 | (155) |
| Other comprehensive income (loss), net of tax | 1,506 | 4,544 | (3,676) |
| Less: Net income from noncontrolling interests | 285 | 492 | 483 |
| Comprehensive income, net of tax | 5,092 | 24,585 | 19,200 |
| Equity Components | |||
| Total Wells Fargo stockholders' equity | |||
| Other comprehensive income (loss), net of tax | 1,505 | 4,544 | (3,674) |
| Comprehensive income, net of tax | 4,806 | 24,093 | 18,719 |
| Noncontrolling interests | |||
| Other comprehensive income (loss), net of tax | 1 | 0 | (2) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2020 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Cash flows from operating activities: | |||
| Net income before noncontrolling interests | $ 3,586 | 20,041 | 22,876 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 14,129 | 2,687 | 1,744 |
| Changes in fair value of MSRs and LHFS carried at fair value | 4,321 | 3,702 | 453 |
| Depreciation, amortization and accretion | 8,736 | 7,075 | 5,593 |
| Other net (gains) losses | 5,258 | (5,513) | (7,551) |
| Stock-based compensation | 1,766 | 2,274 | 2,255 |
| Originations and purchases of loans held for sale | (181,961) | (159,309) | (154,934) |
| Proceeds from sales of and paydowns on loans held for sale | 122,592 | 114,155 | 120,160 [1] |
| Net change in: | |||
| Debt and equity securities, held for trading | 43,214 | 22,066 | 35,054 |
| Deferred income taxes | (3,314) | (3,246) | 1,970 |
| Derivative assets and liabilities | (5,492) | (2,665) | 1,513 |
| Other assets | (12,304) | 3,034 | 7,805 |
| Other accrued expenses and liabilities | 1,520 | 2,429 | (865) |
| Net cash provided by operating activities | 2,051 | 6,730 | 36,073 |
| Cash flows from investing activities: | |||
| Net change in: | |||
| Federal funds sold and securities purchased under resale agreements | 36,468 | (21,933) | (1,184) |
| Available-for-sale debt securities: | |||
| Proceeds from sales | 48,638 | 9,386 | 7,320 |
| Prepayments and maturities | 78,174 | 46,542 | 36,725 |
| Purchases | (91,545) | (57,015) | (60,067) |
| Held-to-maturity debt securities: | |||
| Paydowns and maturities | 36,641 | 13,684 | 10,934 |
| Purchases | (46,755) | (8,649) | 0 |
| Equity securities, not held for trading: | |||
| Proceeds from sales and capital returns | 12,187 | 6,143 | 6,242 |
| Purchases | (8,677) | (6,865) | (6,433) |
| Loans: | |||
| Loans originated by banking subsidiaries, net of principal collected | 53,718 | (23,698) | (18,619) |
| Proceeds from sales (including participations) of loans held for investment | 9,359 | 12,038 | 16,294 |
| Purchases (including participations) of loans | (1,313) | (2,033) | (2,088) |
| Principal collected on nonbank entities loans | 7,927 | 3,912 | 6,791 |
| Loans originated by nonbank entities | (13,052) | (5,274) | (6,482) |
| Proceeds from sales of foreclosed assets and short sales | 1,147 | 2,666 | 3,592 |
| Other, net | (363) | 1,465 | (779) |
| Net cash provided (used) by investing activities | 122,554 | (29,631) | (7,754) |
| Cash flows from financing activities: | |||
| Net change in: | |||
| Deposits | 81,755 | 36,137 | (48,034) |
| Short-term borrowings | (45,513) | (1,275) | 2,531 |
| Long-term debt: | |||
| Proceeds from issuance | 38,136 | 53,381 | 47,595 |
| Repayment | (65,347) | (60,996) | (40,565) |
| Preferred stock: | |||
| Proceeds from issuance | 3,116 | 0 | 0 |
| Redeemed | (3,602) | (1,550) | (2,150) |
| Cash dividends paid | (1,290) | (1,391) | (1,622) |
| Common stock: | |||
| Proceeds from issuance | 571 | 380 | 632 |
| Stock tendered for payment of withholding taxes | (340) | (302) | (331) |
| Repurchased | (3,415) | (24,533) | (20,633) |
| Cash dividends paid | (4,852) | (8,198) | (7,692) |
| Net change in noncontrolling interests | (102) | (513) | (462) |
| Other, net | (360) | (276) | (248) |
| Net cash used by financing activities | (1,243) | (9,136) | (70,979) |
| Net change in cash, cash equivalents, and restricted cash | 123,362 | (32,037) | (42,660) |
| Cash, cash equivalents, and restricted cash at beginning of year | 141,250 | 173,287 | 215,947 |
| Cash, cash equivalents, and restricted cash at end of year | 264,612 | 141,250 | 173,287 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 8,414 | 18,834 | 14,366 |
| Cash paid for income taxes, net | 1,175 | 7,493 [2] | (135) |
| [2] In 2020, we presented cash paid for income taxes on a net basis with a reduction for cash received for refunds of income taxes paid. Prior period balances have been revised to conform with the current period presentation. | |||
| [1] Prior periods have been revised to conform to the current period presentation. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
WELLS FARGO & COMPANY/MN | ||
Ticker: WFC Fiscal Year: 2020 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 23, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| Supplemental Income Statement Elements [Abstract] | ||
| Assets | ||
| Cash and due from banks | $ 28,236 | 21,757 |
| Interest-earning deposits with banks | 236,376 | 119,493 |
| Total cash, cash equivalents, and restricted cash | 264,612 | 141,250 |
| Federal funds sold and securities purchased under resale agreements | 65,672 | 102,140 |
| Trading debt securities | 75,095 | 79,733 |
| Available-for-sale, at fair value | 220,392 | 263,459 |
| Held-to-maturity, at amortized cost, net of allowance for credit losses | 205,720 | |
| Held-to-maturity, amortized cost | 205,761 | 153,933 |
| Loans held for sale | 36,384 | 24,319 [1] |
| Loans | 887,637 | 962,265 |
| Allowance for loan losses | (18,516) | (9,551) |
| Net loans | 869,121 | 952,714 |
| Mortgage servicing rights | 7,437 | 12,947 |
| Premises and equipment, net | 8,895 | 9,309 |
| Goodwill | 26,392 | 26,390 |
| Derivative assets | 25,846 | 14,203 |
| Equity securities | 62,260 | 68,241 |
| Other assets | 87,337 | 78,917 |
| Total assets | 1,955,163 | 1,927,555 |
| Liabilities | ||
| Noninterest-bearing deposits | 467,068 | 344,496 |
| Interest-bearing deposits | 937,313 | 978,130 |
| Total deposits | 1,404,381 | 1,322,626 |
| Short-term borrowings | 58,999 | 104,512 |
| Derivative liabilities | 16,509 | 9,079 |
| Accrued expenses and other liabilities | 76,404 | 75,163 |
| Long-term debt | 212,950 | 228,191 |
| Total liabilities | 1,769,243 | 1,739,571 [2] |
| Equity | ||
| Wells Fargo stockholders equity: | ||
| Preferred stock | 21,136 | 21,549 |
| Common stock | 9,136 | 9,136 |
| Additional paid-in capital | 60,197 | 61,049 |
| Retained earnings | 162,890 | 166,697 |
| Cumulative other comprehensive income (loss) | 194 | (1,311) |
| Treasury stock | (67,791) | (68,831) |
| Unearned ESOP shares | 875 | 1,143 |
| Total Wells Fargo stockholders equity | 184,887 | 187,146 |
| Noncontrolling interests | 1,033 | 838 |
| Total equity | 185,920 | 187,984 |
| Total liabilities and equity | 1,955,163 | 1,927,555 |
| [1] In 2020, loans held for sale and mortgage loans held for sale were combined into a single line item, and mortgage servicing rights measured at fair value and at amortized cost were combined into a single line item. Prior period balances have been revised to conform with the current period presentation. | ||
| [2] Our consolidated liabilities at December 31, 2020 and 2019, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $203 million and $587 million; All other liabilities, $900 million and $639 million; and Total liabilities, $1.1 billion and $1.2 billion, respectively. Prior period balances have been conformed to current period presentation. | ||
| External Links | |
| WELLS FARGO & COMPANY/MN (WFC) Fiscal Year 2020 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |