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 |
| [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 | |||
| [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. | |||
| 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 |