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: 2019 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Interest income | |||
| Debt securities | $ 14,955 | 14,406 | 12,946 |
| Mortgage loans held for sale | 813 | 777 | 786 |
| Loans held for sale | 79 | 140 | 50 |
| Loans | 44,146 | 43,974 | 41,388 |
| Equity securities | 962 | 992 | 799 |
| Other interest income | 5,128 | 4,358 | 2,940 |
| Total interest income | 66,083 | 64,647 | 58,909 |
| Interest expense | |||
| Deposits | 8,635 | 5,622 | 3,013 |
| Short-term borrowings | 2,316 | 1,717 | 758 |
| Long-term debt | 7,350 | 6,703 | 5,157 |
| Other interest expense | 551 | 610 | 424 |
| Total interest expense | 18,852 | 14,652 | 9,352 |
| Net interest income | 47,231 | 49,995 | 49,557 |
| Provision for credit losses | 2,687 | 1,744 | 2,528 |
| Net interest income after provision for credit losses | 44,544 | 48,251 | 47,029 |
| Noninterest income | |||
| Mortgage banking | 2,715 | 3,017 | 4,350 |
| Insurance | 378 | 429 | 1,049 |
| Net gains from trading activities | 993 | 602 | 542 |
| Net gains on debt securities (1) | 140 [1] | 108 | 479 |
| Net gains from equity securities (2) | 2,843 | 1,515 | 1,779 |
| Lease income | 1,612 | 1,753 | 1,907 |
| Other | 3,181 | 2,473 | 1,603 |
| Total noninterest income | 37,832 | 36,413 | 38,832 |
| Noninterest expense | |||
| Salaries | 18,382 | 17,834 | 17,363 |
| Commission and incentive compensation | 10,828 | 10,264 | 10,442 |
| Employee benefits | 5,874 | 4,926 | 5,566 |
| Technology and equipment | 2,763 | 2,444 | 2,237 |
| Net occupancy | 2,945 | 2,888 | 2,849 |
| Core deposit and other intangibles | 108 | 1,058 | 1,152 |
| FDIC and other deposit assessments | 526 | 1,110 | 1,287 |
| Other | 16,752 | 15,602 | 17,588 |
| Total noninterest expense | 58,178 | 56,126 | 58,484 |
| Income before income tax expense | 24,198 | 28,538 | 27,377 |
| Income tax expense | 4,157 | 5,662 | 4,917 |
| Net income before noncontrolling interests | 20,041 | 22,876 | 22,460 |
| Less: Net income from noncontrolling interests | 492 | 483 | 277 |
| Wells Fargo net income | 19,549 | 22,393 | 22,183 |
| Less: Preferred stock dividends and other | 1,611 | 1,704 | 1,629 |
| Wells Fargo net income applicable to common stock | 17,938 | 20,689 | 20,554 |
| Per share information | |||
| Earnings per common share (in dollars per share) | 4.08 | 4.31 | 4.14 |
| Diluted earnings per common share (in dollars per share) | 4.05 | 4.28 | 4.10 |
| Average common shares outstanding (in shares) | 4,393,100 | 4,799,700 | 4,964,600 |
| Diluted average common shares outstanding (in shares) | 4,425,400 | 4,838,400 | 5,017,300 |
| Product and Service | |||
| Service charges on deposit accounts | |||
| Fee income | 4,798 | 4,716 | 5,111 |
| Trust and investment fees | |||
| Fee income | 14,072 | 14,509 | 14,495 |
| Card fees | |||
| Fee income | 4,016 | 3,907 | 3,960 |
| Other fees | |||
| Fee income | 3,084 | 3,384 | 3,557 |
| [1] (1)Total other-than-temporary impairment (OTTI) losses were $64 million, $17 million and $205 million for the years ended December 31, 2019, 2018 and 2017, respectively. Of total OTTI, losses of $63 million, $28 million and $262 million were recognized in earnings, and losses (reversal of losses) of $1 million, $(11) million and $(57) million were recognized as non-credit-related OTTI in other comprehensive income for the years ended December 31, 2019, 2018 and 2017, respectively. | |||
| External Links | |
| WELLS FARGO & COMPANY/MN (WFC) Fiscal Year 2019 | |
| 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 |