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: 2018 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Interest income | |||
| Debt securities (1) | $ 14,406 | 12,946 | 11,244 |
| Mortgage loans held for sale | 777 | 786 | 784 |
| Loans held for sale (1) | 140 | 50 | 38 [1] |
| Loans | 43,974 | 41,388 | 39,505 |
| Equity securities (1) | 992 | 799 | 635 |
| Other interest income (1) | 4,358 | 2,940 | 1,457 |
| Total interest income | 64,647 | 58,909 | 53,663 |
| Interest expense | |||
| Deposits | 5,622 | 3,013 | 1,395 |
| Short-term borrowings | 1,717 | 758 | 330 |
| Long-term debt | 6,703 | 5,157 | 3,830 |
| Other interest expense | 610 | 424 | 354 |
| Total interest expense | 14,652 | 9,352 | 5,909 |
| Net interest income | 49,995 | 49,557 | 47,754 |
| Provision for credit losses | 1,744 | 2,528 | 3,770 |
| Net interest income after provision for credit losses | 48,251 | 47,029 | 43,984 |
| Noninterest income | |||
| Mortgage banking | 3,017 | 4,350 | 6,096 |
| Insurance | 429 | 1,049 | 1,268 |
| Net gains from trading activities (1) | 602 | 542 | 610 |
| Net gains on debt securities (2) | 108 [2] | 479 | 942 |
| Net gains from equity securities (1)(3) | 1,515 | 1,779 | 1,103 [3] |
| Lease income | 1,753 | 1,907 | 1,927 |
| Other | 2,473 | 1,603 | 1,289 |
| Total noninterest income | 36,413 | 38,832 | 40,513 |
| Noninterest expense | |||
| Salaries | 17,834 | 17,363 | 16,552 |
| Commission and incentive compensation | 10,264 | 10,442 | 10,247 |
| Employee benefits | 4,926 | 5,566 | 5,094 |
| Equipment | 2,444 | 2,237 | 2,154 |
| Net occupancy | 2,888 | 2,849 | 2,855 |
| Core deposit and other intangibles | 1,058 | 1,152 | 1,192 |
| FDIC and other deposit assessments | 1,110 | 1,287 | 1,168 |
| Other | 15,602 | 17,588 | 13,115 |
| Total noninterest expense | 56,126 | 58,484 | 52,377 |
| Income before income tax expense | 28,538 | 27,377 | 32,120 |
| Income tax expense | 5,662 | 4,917 | 10,075 |
| Net income before noncontrolling interests | 22,876 | 22,460 | 22,045 |
| Less: Net income from noncontrolling interests | 483 | 277 | 107 |
| Wells Fargo net income | 22,393 | 22,183 | 21,938 |
| Less: Preferred stock dividends and other | 1,704 | 1,629 | 1,565 |
| Wells Fargo net income applicable to common stock | 20,689 | 20,554 | 20,373 |
| Per share information | |||
| Earnings per common share (in dollars per share) | 4.31 | 4.14 | 4.03 |
| Diluted earnings per common share (in dollars per share) | 4.28 | 4.10 | 3.99 |
| Average common shares outstanding (in shares) | 4,799,700 | 4,964,600 | 5,052,800 |
| Diluted average common shares outstanding (in shares) | 4,838,400 | 5,017,300 | 5,108,300 |
| Product and Service | |||
| Service charges on deposit accounts | |||
| Fee income | 4,716 | 5,111 | 5,372 |
| Trust and investment fees | |||
| Fee income | 14,509 | 14,495 | 14,243 |
| Card fees | |||
| Fee income | 3,907 | 3,960 | 3,936 |
| Other fees | |||
| Fee income | 3,384 | 3,557 | 3,727 |
| [1] (1)Financial information for the prior periods has been revised to reflect presentation changes made in connection with our adoption in first quarter 2018 of Accounting Standards Update (ASU) 2016-01 Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
| [2] (2)Total other-than-temporary impairment (OTTI) losses were $17 million, $205 million and $207 million for the years ended December 31, 2018, 2017 and 2016, respectively. Of total OTTI, losses of $28 million, $262 million and $189 million were recognized in earnings, and losses (reversal of losses) of $(11) million, $(57) million and $18 million were recognized as non-credit-related OTTI in other comprehensive income for the years ended December 31, 2018, 2017 and 2016, respectively. | |||
| [3] (3)Includes OTTI losses of $352 million, $344 million and $453 million for the years ended December 31, 2018, 2017 and 2016, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2018 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Wells Fargo net income | $ 22,393 | 22,183 | 21,938 |
| Other comprehensive income (loss), before tax: | |||
| Debt securities (1): | |||
| Net unrealized gains (losses) arising during the period | (4,493) | 2,719 [1] | (3,458) |
| Reclassification of net (gains) losses to net income | 248 | (737) | (1,240) |
| Derivatives and hedging activities: | |||
| Net unrealized gains (losses) arising during the period | (532) | (540) | 177 |
| Reclassification of net (gains) losses on cash flow hedges to net income | 294 | (543) | (1,029) |
| Defined benefit plans adjustments: | |||
| Net actuarial and prior service gains (losses) arising during the period | (434) | 49 | (52) |
| Amortization of net actuarial loss, settlements and other to net income | 253 | 153 | 158 |
| Foreign currency translation adjustments: | |||
| Net unrealized gains (losses) arising during the period | (156) | 96 | (3) |
| Other comprehensive income (loss), before tax | (4,820) | 1,197 | (5,447) |
| Income tax benefit (expense) related to other comprehensive income | 1,144 | (434) | 1,996 |
| Other comprehensive income (loss), net of tax | (3,676) | 763 | (3,451) |
| Less: Other comprehensive loss from noncontrolling interests | (2) | (62) | (17) |
| Wells Fargo other comprehensive income (loss), net of tax | (3,674) | 825 | (3,434) |
| Wells Fargo comprehensive income | 18,719 | 23,008 | 18,504 |
| Comprehensive income from noncontrolling interests | 481 | 215 | 90 |
| Total comprehensive income | 19,200 | 23,223 | 18,594 |
| [1] (1)The year ended December 31, 2017, and December 31, 2016, includes net unrealized gains (losses) arising during the period from equity securities of $81 million and $259 million and reclassification of net (gains) losses to net income related to equity securities of $(456) million and $(300) million, respectively. In connection with our adoption in first quarter 2018 of ASU 2016-01, the year ended December 31, 2018, reflects net unrealized gains (losses) arising during the period and reclassification of n | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2018 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash flows from operating activities: | |||
| Net income before noncontrolling interests | $ 22,876 | 22,460 | 22,045 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 1,744 | 2,528 | 3,770 |
| Changes in fair value of MSRs, MLHFS and LHFS carried at fair value | 453 | 886 | 139 |
| Depreciation, amortization and accretion | 5,593 | 5,406 | 4,970 |
| Other net gains (1) | (7,630) | (1,518) | (6,337) |
| Stock-based compensation | 2,255 | 2,046 | 1,945 |
| Originations and purchases of mortgage loans held for sale (1) | (152,832) | (181,269) | (205,300) |
| Proceeds from sales of and paydowns on mortgages loans held for sale (1) | 119,097 | 134,984 | 127,479 |
| Net change in: | |||
| Debt and equity securities, held for trading (1) | 35,054 | 33,505 | 63,309 |
| Loans held for sale (1) | (960) | 327 [1] | (451) |
| Deferred income taxes | 1,970 | 666 | 1,793 |
| Derivative assets and liabilities | 1,513 | (5,025) | 2,089 |
| Other assets (1) | 7,805 | (1,214) | (14,232) |
| Other accrued expenses and liabilities | (865) | 4,837 | (211) |
| Net cash provided by operating activities | 36,073 | 18,619 | 1,008 |
| Cash flows from investing activities: | |||
| Net change in: | |||
| Federal funds sold and securities purchased under resale agreements (2) | (1,184) | (21,497) | (15,747) |
| Available-for-sale debt securities: | |||
| Proceeds from sales (1) | 7,320 | 42,067 | 30,958 |
| Prepayments and maturities (1) | 36,725 | 45,688 | 40,998 |
| Purchases (1) | (60,067) | (103,656) | (120,978) |
| Held-to-maturity securities: | |||
| Paydowns and maturities | 10,934 | 10,673 | 7,957 |
| Purchases | 0 | 0 | (23,593) |
| Equity securities, not held for trading: | |||
| Proceeds from sales and capital returns (1) | 6,242 | 5,451 | 3,711 |
| Purchases (1) | (6,433) | (3,735) | (5,383) |
| Loans: | |||
| Loans originated by banking subsidiaries, net of principal collected | (18,619) | 317 | (39,002) |
| Proceeds from sales (including participations) of loans held for investment | 16,294 | 10,439 | 10,061 |
| Purchases (including participations) of loans | (2,088) | (3,702) | (6,221) |
| Principal collected on nonbank entities loans | 6,791 | 7,448 | 6,844 |
| Loans originated by nonbank entities | (6,482) | (6,814) | (7,743) |
| Net cash paid for acquisitions | (10) | (320) | (30,584) |
| Proceeds from sales of foreclosed assets and short sales | 3,592 | 5,198 | 7,311 |
| Other, net (2) | (769) | (709) | (508) |
| Net cash used by investing activities | (7,754) | (13,152) | (141,919) |
| Cash flows from financing activities: | |||
| Net change in: | |||
| Deposits | (48,034) | 29,912 | 82,767 |
| Short-term borrowings | 2,531 | 14,020 | (1,198) |
| Long-term debt: | |||
| Proceeds from issuance | 47,595 | 43,575 | 90,111 |
| Repayment | (40,565) | (80,802) | (34,462) |
| Preferred stock: | |||
| Proceeds from issuance | 0 | 677 | 2,101 |
| Redeemed | (2,150) | 0 | 0 |
| Cash dividends paid | (1,622) | (1,629) | (1,566) |
| Common stock: | |||
| Proceeds from issuance | 632 | 1,211 | 1,415 |
| Stock tendered for payment of withholding taxes | (331) | (393) | (494) |
| Repurchased | (20,633) | (9,908) | (8,116) |
| Cash dividends paid | (7,692) | (7,480) | (7,472) |
| Net change in noncontrolling interests | (462) | 30 | (188) |
| Other, net | (248) | (133) | (107) |
| Net cash provided (used) by financing activities | (70,979) | (10,920) | 122,791 |
| Net change in cash, cash equivalents, and restricted cash (2) | (42,660) | (5,453) | (18,120) |
| Cash, cash equivalents, and restricted cash at beginning of year (2) | 215,947 | 221,400 [2] | 239,520 |
| Cash, cash equivalents, and restricted cash at end of year (2) | 173,287 | 215,947 | 221,400 [2] |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 14,366 | 9,103 | 5,573 |
| Cash paid for income taxes | 1,977 | 6,592 | 8,446 |
| [1] (1)Financial information for the prior periods has been revised to reflect presentation changes made in connection with our adoption in first quarter 2018 of ASU 2016-01 Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
| [2] (2)Financial information has been revised to reflect the impact of our adoption in first quarter 2018 of ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
WELLS FARGO & COMPANY/MN | ||
Ticker: WFC Fiscal Year: 2018 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and due from banks | $ 23,551 | 23,367 |
| Interest-earning deposits with banks (1) | 149,736 | 192,580 [1] |
| Total cash, cash equivalents, and restricted cash (1) | 173,287 | 215,947 |
| Federal funds sold and securities purchased under resale agreements (1) | 80,207 | 80,025 |
| Debt securities: | ||
| Trading, at fair value (2) | 69,989 | 57,624 |
| Available-for-sale, at fair value (2) | 269,912 | 276,407 |
| Held-to-maturity, at cost (fair value $142,115 and $138,985) | 144,788 | 139,335 |
| Mortgages held for sale (includes $16,116 and $22,042 carried at fair value) | 15,126 | 20,070 |
| Loans held for sale | 2,041 | 1,131 |
| Loans (includes $376 and $758 carried at fair value) | 953,110 | 956,770 |
| Allowance for loan losses | (9,775) | (11,004) |
| Net loans | 943,335 | 945,766 |
| Mortgage servicing rights: | ||
| Measured at fair value | 14,649 | 13,625 |
| Amortized | 1,443 | 1,424 |
| Premises and equipment, net | 8,920 | 8,847 |
| Goodwill | 26,418 | 26,587 |
| Derivative assets | 10,770 | 12,228 |
| Equity securities | 55,148 | 62,497 [2] |
| Other assets (includes $4,867 and $3,275 carried at fair value) | 79,850 | 90,244 |
| Total assets | 1,895,883 | 1,951,757 [3] |
| Liabilities | ||
| Noninterest-bearing deposits | 349,534 | 373,722 |
| Interest-bearing deposits | 936,636 | 962,269 |
| Total deposits | 1,286,170 | 1,335,991 |
| Short-term borrowings | 105,787 | 103,256 |
| Derivative liabilities | 8,499 | 8,796 |
| Accrued expenses and other liabilities | 69,317 | 70,615 |
| Long-term debt | 229,044 | 225,020 |
| Total liabilities | 1,698,817 [4] | 1,743,678 |
| Equity | ||
| Wells Fargo stockholders equity: | ||
| Preferred stock | 23,214 | 25,358 |
| Common stock $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares | 9,136 | 9,136 |
| Additional paid-in capital | 60,685 | 60,893 |
| Retained earnings | 158,163 | 145,263 |
| Cumulative other comprehensive income (loss) | (6,336) | (2,144) |
| Treasury stock 900,557,866 shares and 590,194,846 shares | (47,194) | (29,892) |
| Unearned ESOP shares | (1,502) | (1,678) |
| Total Wells Fargo stockholders equity | 196,166 | 206,936 |
| Noncontrolling interests | 900 | 1,143 |
| Total equity | 197,066 | 208,079 |
| Total liabilities and equity | 1,895,883 | 1,951,757 |
| [3] (4)Our consolidated assets at December 31, 2018 and 2017, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $139 million and $116 million; Interest-bearing deposits with banks, $8 million and $371 million; Debt securities, $45 million and $0 million; Net loans, $13.6 billion and $12.5 billion; Derivative assets, $0 million and $0 million; Equity securities, $85 million and $306 million; Other asse | ||
| [4] $221 million and $342 million; and Total assets, $14.1 billion and $13.6 billion, respectively.(5)Our consolidated liabilities at December 31, 2018 and 2017, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Derivative liabilities, $0 million and $5 million; Accrued expenses and other liabilities, $191 million and $132 million; Long-term debt, $816 million and $1.5 billion; and Total liabilities, $1.0 billion and $1.6 billion, respectively. | ||
| [1] (1)Financial information has been revised to reflect the impact of our adoption in first quarter 2018 of ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash in which we changed the presentation of our cash and cash equivalents to include both cash and due from banks as well as interest-earning deposits with banks, which are inclusive of any restricted cash. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||
| [2] (2)Financial information for the prior period has been revised to reflect presentation changes in connection with our adoption in first quarter 2018 of ASU 2016-01 Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information. | ||
| External Links | |
| WELLS FARGO & COMPANY/MN (WFC) Fiscal Year 2018 | |
| 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 |