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. | |||
| 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 |