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: 2021 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Supplemental Income Statement Elements [Abstract] | |||
| Interest income | |||
| Debt securities | $ 9,253 | 11,234 | 14,955 |
| Loans held for sale | 865 | 947 | 892 |
| Loans | 28,634 | 34,230 | 44,218 |
| Equity securities | 608 | 554 | 962 |
| Other interest income | 334 | 954 | 5,128 |
| Total interest income | 39,694 | 47,919 | 66,155 |
| Interest expense | |||
| Deposits | 388 | 2,804 | 8,635 |
| Short-term borrowings | (41) | 250 | 2,316 |
| Long-term debt | 3,173 | 4,471 | 7,350 |
| Other interest expense | 395 | 438 | 551 |
| Total interest expense | 3,915 | 7,963 | 18,852 |
| Net interest income | 35,779 | 39,956 | 47,303 |
| Noninterest income | |||
| Deposit and lending-related fees | 6,920 | 6,602 | 7,293 |
| Card fees | 4,175 | 3,544 | 4,016 |
| Mortgage banking | 4,956 | 3,493 | 2,715 |
| Net gains on trading and securities | 7,264 | 2,710 | 3,976 |
| Other | 3,734 | 3,847 | 7,457 |
| Total noninterest income | 42,713 | 34,308 | 39,529 |
| Total revenue | 78,492 | 74,264 | 86,832 |
| Provision for credit losses | (4,155) | 14,129 | 2,687 |
| Noninterest expense | |||
| Personnel | 35,541 | 34,811 | 35,128 |
| Technology, telecommunications and equipment | 3,227 | 3,099 | 3,276 |
| Occupancy | 2,968 | 3,263 | 2,945 |
| Operating losses | 1,568 | 3,523 | 4,321 |
| Professional and outside services | 5,723 | 6,706 | 6,745 |
| Advertising and promotion | 600 | 600 | 1,076 |
| Restructuring charges | 76 | 1,499 | 0 |
| Other | 4,128 | 4,129 | 4,687 |
| Total noninterest expense | 53,831 | 57,630 | 58,178 |
| Income before income tax expense (benefit) | 28,816 | 2,505 | 25,967 |
| Income tax expense (benefit) | 5,578 | (1,157) | 5,761 |
| Net income before noncontrolling interests | 23,238 | 3,662 | 20,206 |
| Less: Net income from noncontrolling interests | 1,690 | 285 | 491 |
| Net income (loss) | 21,548 | 3,377 | 19,715 |
| Less: Preferred stock dividends and other | 1,292 | 1,591 | 1,612 |
| Wells Fargo net income applicable to common stock | 20,256 | 1,786 | 18,103 |
| Per share information | |||
| Earnings per common share (in dollars per share) | 4.99 | 0.43 | 4.12 |
| Diluted earnings per common share (in dollars per share) | 4.95 | 0.43 | 4.09 |
| Average common shares outstanding (in shares) | 4,061,900 | 4,118,000 | 4,393,100 |
| Diluted average common shares outstanding (in shares) | 4,096,200 | 4,134,200 | 4,425,400 |
| Product and Service | |||
| Investment advisory and other asset-based fees | |||
| Fee income | 11,011 | 9,863 | 9,814 |
| Commissions and brokerage service fees | |||
| Fee income | 2,299 | 2,384 | 2,461 [1] |
| Investment banking fees | |||
| Fee income | 2,354 | 1,865 | 1,797 |
| [1] In first quarter 2021, trust and investment management fees and asset-based brokerage fees were combined into a single line item for investment advisory and other asset-based fees, and brokerage commissions and other brokerage services fees were combined into a single line item for commissions and brokerage services fees. Prior period balances have been revised to conform with the current period presentation. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2021 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Supplemental Income Statement Elements [Abstract] | |||
| Net income before noncontrolling interests | $ 23,238 | 3,662 | 20,206 |
| Other comprehensive income (loss), net of tax: | |||
| Net change in debt securities | (2,375) | 1,487 | 4,193 |
| Net change in derivatives and hedging activities | 159 | 149 | 207 |
| Defined benefit plans adjustments | 349 | (181) | 73 |
| Net change in foreign currency translation adjustments | (30) | 50 | 71 |
| Other comprehensive income (loss), after tax | (1,897) | 1,505 | 4,544 |
| Total comprehensive income before noncontrolling interests | 21,341 | 5,167 | 24,750 |
| Less: Other comprehensive loss from noncontrolling interests | (1) | 0 | 0 |
| Less: Net income from noncontrolling interests | 1,690 | 285 | 491 |
| Equity Components | |||
| Total Wells Fargo stockholders' equity | |||
| Other comprehensive income (loss), after tax | (1,896) | 1,505 | 4,544 |
| Wells Fargo comprehensive income | 19,652 | 4,882 [1] | 24,259 |
| [1] In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2021 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Cash flows from operating activities: | |||
| Net income before noncontrolling interests | $ 23,238 | 3,662 | 20,206 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | (4,155) | 14,129 | 2,687 |
| Changes in fair value of MSRs and LHFS carried at fair value | (1,188) | 4,321 | 3,702 |
| Depreciation, amortization and accretion | 7,890 | 8,219 | 6,573 [1] |
| Deferred income tax benefit | (1,292) | (3,289) | (3,192) |
| Other, net | (12,194) | 7,024 | (3,239) |
| Originations and purchases of loans held for sale | (158,923) | (181,961) | (159,309) |
| Proceeds from sales of and paydowns on loans originally classified as held for sale | 101,293 | 122,592 | 114,155 |
| Net change in: | |||
| Debt and equity securities, held for trading | 19,334 | 43,214 | 22,066 |
| Derivative assets and liabilities | (2,472) | (5,492) | (2,665) |
| Other assets | 15,477 | (12,304) | 3,034 |
| Other accrued expenses and liabilities | 1,467 | 1,936 | 2,712 |
| Net cash provided (used) by operating activities | (11,525) | 2,051 | 6,730 |
| Cash flows from investing activities: | |||
| Net change in: | |||
| Federal funds sold and securities purchased under resale agreements | (551) | 36,468 | (21,933) |
| Available-for-sale debt securities: | |||
| Proceeds from sales | 17,958 | 48,638 | 9,386 |
| Prepayments and maturities | 75,701 | 78,174 | 46,542 |
| Purchases | (110,431) | (91,545) | (57,015) |
| Held-to-maturity debt securities: | |||
| Paydowns and maturities | 79,517 | 36,641 | 13,684 |
| Purchases | (71,245) | (46,755) | (8,649) |
| Equity securities, not held for trading: | |||
| Proceeds from sales and capital returns | 4,933 | 12,187 | 6,143 |
| Purchases | (7,680) | (8,677) | (6,865) |
| Loans: | |||
| Loans originated by banking subsidiaries, net of principal collected | (28,809) | 53,718 | (23,698) |
| Proceeds from sales of loans originally classified as held for investment | 31,847 | 9,359 | 12,038 |
| Purchases of loans | (389) | (1,313) | (2,033) |
| Principal collected on nonbank entities loans | 8,985 | 7,927 | 3,912 |
| Loans originated by nonbank entities | (11,237) | (13,052) | (5,274) |
| Other, net | 3,782 | 784 | 4,131 |
| Net cash provided (used) by investing activities | (7,619) | 122,554 | (29,631) |
| Cash flows from financing activities: | |||
| Net change in: | |||
| Deposits | 78,582 | 81,755 | 36,137 |
| Short-term borrowings | (24,590) | (45,513) | (1,275) |
| Long-term debt: | |||
| Proceeds from issuance | 1,275 | 38,136 | 53,381 |
| Repayment | (47,134) | (65,347) | (60,996) |
| Preferred stock: | |||
| Proceeds from issuance | 5,756 | 3,116 | 0 |
| Redeemed | (6,675) | (3,602) | (1,550) |
| Cash dividends paid | (1,205) | (1,290) | (1,391) |
| Common stock: | |||
| Repurchased | (14,464) | (3,415) | (24,533) |
| Cash dividends paid | (2,422) | (4,852) | (8,198) |
| Other, net | (361) | (231) | (711) [2] |
| Net cash used by financing activities | (11,238) | (1,243) | (9,136) |
| Net change in cash, cash equivalents, and restricted cash | (30,382) | 123,362 | (32,037) |
| Cash, cash equivalents, and restricted cash at beginning of period | 264,612 | 141,250 | |
| Cash, cash equivalents, and restricted cash at end of period | 234,230 | 264,612 | 141,250 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 4,384 | 8,414 | 18,834 |
| Cash paid for income taxes, net | 3,166 | 1,175 | 7,493 |
| [1] In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). | |||
| [2] Prior period balances have been revised to conform with the current period presentation. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
WELLS FARGO & COMPANY/MN | ||
Ticker: WFC Fiscal Year: 2021 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 22, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Supplemental Income Statement Elements [Abstract] | ||
| Assets | ||
| Cash and due from banks | $ 24,616 | 28,236 |
| Interest-earning deposits with banks | 209,614 | 236,376 |
| Total cash, cash equivalents, and restricted cash | 234,230 | 264,612 |
| Federal funds sold and securities purchased under resale agreements | 66,223 | 65,672 |
| Trading, at fair value | 88,265 | 75,095 |
| Available-for-sale, at fair value | 177,244 | 220,392 |
| Held-to-maturity, at amortized cost, net of allowance for credit losses | 272,022 | 205,720 |
| Loans held for sale | 23,617 | 36,384 |
| Loans | 895,394 | 887,637 |
| Allowance for loan losses | (12,490) | (18,516) |
| Net loans | 882,904 | 869,121 |
| Mortgage servicing rights | 8,189 | 7,437 |
| Premises and equipment, net | 8,571 | 8,895 |
| Goodwill | 25,180 | 26,392 |
| Derivative assets | 21,478 | 25,846 |
| Equity securities | 72,886 | 60,008 |
| Other assets | 67,259 | 87,337 |
| Total assets | 1,948,068 [1] | 1,952,911 |
| Liabilities | ||
| Noninterest-bearing deposits | 527,748 | 467,068 |
| Interest-bearing deposits | 954,731 | 937,313 |
| Total deposits | 1,482,479 | 1,404,381 |
| Short-term borrowings | 34,409 | 58,999 |
| Derivative liabilities | 9,424 | 16,509 |
| Accrued expenses and other liabilities | 70,957 | 74,360 |
| Long-term debt | 160,689 | 212,950 |
| Total liabilities | 1,757,958 [2] | 1,767,199 |
| Equity | ||
| Wells Fargo stockholders equity: | ||
| Preferred stock | 20,057 | 21,136 |
| Common stock | 9,136 | 9,136 |
| Additional paid-in capital | 60,196 | 60,197 |
| Retained earnings | 180,322 | 162,683 |
| Cumulative other comprehensive income (loss) | (1,702) | 194 |
| Treasury stock | (79,757) | (67,791) |
| Unearned ESOP shares | (646) | (875) |
| Total Wells Fargo stockholders equity | 187,606 | 184,680 |
| Noncontrolling interests | 2,504 | 1,032 |
| Total equity | 190,110 | 185,712 |
| Total liabilities and equity | 1,948,068 | 1,952,911 |
| [1] Our consolidated assets at December 31, 2021 and 2020, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Debt securities, $71 million and $967 million; Loans, $4.5 billion and $10.9 billion; All other assets, $234 million and $310 million; and Total assets, $4.8 billion and $12.1 billion, respectively. | ||
| [2] Our consolidated liabilities at December 31, 2021 and 2020, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $149 million and $203 million; All other liabilities, $259 million and $900 million; and Total liabilities, $408 million and $1.1 billion, respectively. | ||
| External Links | |
| WELLS FARGO & COMPANY/MN (WFC) Fiscal Year 2021 | |
| 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 |