Document

EX-99.2 3 wfc4qer01-15x25ex992xsuppl.htm EXHIBIT 99.2 Document

Exhibit 99.2

4Q24 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS


			Page
Consolidated Results

Summary Financial Data			3


Consolidated Statement of Income			5


Consolidated Balance Sheet			6
Average Balances and Interest Rates (Taxable-Equivalent Basis)			7









Reportable Operating Segment Results
Combined Segment Results			8
Consumer Banking and Lending			10
Commercial Banking			12
Corporate and Investment Banking			14
Wealth and Investment Management			16
Corporate			17

Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates			18
Net Loan Charge-offs			19
Changes in Allowance for Credit Losses for Loans			20
Allocation of the Allowance for Credit Losses for Loans			21
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			22


Commercial and Industrial Loans and Lease Financing by Industry			23
Commercial Real Estate Loans by Property Type			24

Trading Activities
Net Interest Income and Net Gains from Trading Activities			25

Equity
Tangible Common Equity			26

Risk-Based Capital Ratios Under Basel III			28

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Dec 31, 2024 % Change from			Year ended
(in millions, except ratios and per share amounts)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023	% Change
Selected Income Statement Data
Total revenue	$	20,378		20,366	20,689	20,863	20,478	—	%	—	$	82,296		82,597	—	%
Noninterest expense	13,900			13,067	13,293	14,338	15,786	6		(12)	54,598			55,562	(2)
Pre-tax pre-provision profit (PTPP) (1)	6,478			7,299	7,396	6,525	4,692	(11)		38	27,698			27,035	2
Provision for credit losses (2)	1,095			1,065	1,236	938	1,282	3		(15)	4,334			5,399	(20)
Wells Fargo net income	5,079			5,114	4,910	4,619	3,446	(1)		47	19,722			19,142	3
Wells Fargo net income applicable to common stock	4,801			4,852	4,640	4,313	3,160	(1)		52	18,606			17,982	3

Common Share Data
Diluted earnings per common share	1.43			1.42	1.33	1.20	0.86	1		66	5.37			4.83	11
Dividends declared per common share	0.40			0.40	0.35	0.35	0.35	—		14	1.50			1.30	15
Common shares outstanding	3,288.9			3,345.5	3,402.7	3,501.7	3,598.9	(2)		(9)
Average common shares outstanding	3,312.8			3,384.8	3,448.3	3,560.1	3,620.9	(2)		(9)	3,426.1			3,688.3	(7)
Diluted average common shares outstanding	3,360.7			3,425.1	3,486.2	3,600.1	3,657.0	(2)		(8)	3,467.6			3,720.4	(7)
Book value per common share (3)	$	48.85		49.26	47.01	46.40	46.25	(1)		6
Tangible book value per common share (3)(4)	41.24			41.76	39.57	39.17	39.23	(1)		5

Selected Equity Data (period-end)
Total equity	181,066			185,011	178,148	182,674	187,443	(2)		(3)
Common stockholders' equity	160,656			164,801	159,963	162,481	166,444	(3)		(3)
Tangible common equity (4)	135,628			139,711	134,660	137,163	141,193	(3)		(4)

Performance Ratios
Return on average assets (ROA) (5)	1.05		%	1.06	1.03	0.97	0.72				1.03		%	1.02
Return on average equity (ROE) (6)	11.7			11.7	11.5	10.5	7.6				11.4			11.0
Return on average tangible common equity (ROTCE) (4)	13.9			13.9	13.7	12.3	9.0				13.4			13.1
Efficiency ratio (7)	68			64	64	69	77				66			67
Net interest margin on a taxable-equivalent basis	2.70			2.67	2.75	2.81	2.92				2.73			3.06
Average deposit cost	1.73			1.91	1.84	1.74	1.58				1.80			1.23

(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

(2)Includes provision for credit losses for loans, debt securities, and other financial assets.

(3)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 26 and 27.

(5)Represents Wells Fargo net income divided by average assets.

(6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

(7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Dec 31, 2024 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Selected Balance Sheet Data (average)
Loans	$	906,353		910,255	916,977	928,075	938,041	—	%	(3)	$	915,376	943,916	(3)	%
Assets	1,918,536			1,916,612	1,914,647	1,916,974	1,907,535	—		1	1,916,697		1,885,475	2
Deposits	1,353,836			1,341,680	1,346,478	1,341,628	1,340,916	1		1	1,345,915		1,346,282	—

Selected Balance Sheet Data (period-end)
Debt securities	519,131			529,832	520,254	506,280	490,458	(2)		6
Loans	912,745			909,711	917,907	922,784	936,682	—		(3)
Allowance for credit losses for loans	14,636			14,739	14,789	14,862	15,088	(1)		(3)
Equity securities	60,644			59,771	60,763	59,556	57,336	1		6
Assets	1,929,845			1,922,125	1,940,073	1,959,153	1,932,468	—		—
Deposits	1,371,804			1,349,646	1,365,894	1,383,147	1,358,173	2		1

Headcount (#) (period-end)	217,502			220,167	222,544	224,824	225,869	(1)		(4)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.1		%	11.3	11.0	11.2	11.4
Tier 1 capital	12.6			12.8	12.3	12.7	13.0
Total capital	15.2			15.5	15.0	15.4	15.7
Risk-weighted assets (RWAs) (in billions)	$	1,215.8		1,219.9	1,219.5	1,221.6	1,231.7	—		(1)

Advanced Approach:
Common Equity Tier 1 (CET1)	12.4		%	12.7	12.3	12.4	12.6
Tier 1 capital	14.1			14.4	13.8	14.1	14.3
Total capital	16.1			16.4	15.8	16.2	16.4
Risk-weighted assets (RWAs) (in billions)	$	1,085.5		1,089.3	1,093.0	1,099.6	1,114.3	—		(3)

Tier 1 leverage ratio	8.1		%	8.3	8.0	8.2	8.5
Supplementary Leverage Ratio (SLR)	6.7			6.9	6.7	6.9	7.1
Total Loss Absorbing Capacity (TLAC) Ratio (3)	24.8			25.3	24.8	25.1	25.0
Liquidity Coverage Ratio (LCR) (4)	125			127	124	126	125

(1)Ratios and metrics for December 31, 2024, are preliminary estimates.

(2)See the table on page 28 for more information on CET1, tier 1 capital, and total capital.

(3)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.

(4)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


	Quarter ended						Dec 31, 2024 % Change from			Year ended
(in millions, except per share amounts)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change







Interest income	$	22,055	22,998	22,884	22,840	22,839	(4)	%	(3)	$	90,777	85,118	7	%





Interest expense	10,219		11,308	10,961	10,613	10,068	(10)		1	43,101		32,743	32
Net interest income	11,836		11,690	11,923	12,227	12,771	1		(7)	47,676		52,375	(9)
Noninterest income
Deposit-related fees	1,237		1,299	1,249	1,230	1,202	(5)		3	5,015		4,694	7
Lending-related fees	388		376	369	367	366	3		6	1,500		1,446	4
Investment advisory and other asset-based fees	2,566		2,463	2,415	2,331	2,169	4		18	9,775		8,670	13
Commissions and brokerage services fees	635		646	614	626	619	(2)		3	2,521		2,375	6
Investment banking fees	725		672	641	627	455	8		59	2,665		1,649	62
Card fees	1,084		1,096	1,101	1,061	1,027	(1)		6	4,342		4,256	2
Mortgage banking	294		280	243	230	202	5		46	1,047		829	26
Net gains from trading activities	950		1,438	1,442	1,454	1,070	(34)		(11)	5,284		4,799	10
Net gains (losses) from debt securities	(448)		(447)	—	(25)	—	—		NM	(920)		10	NM
Net gains (losses) from equity securities	715		257	80	18	35	178		NM	1,070		(441)	343
Lease income	241		277	292	421	292	(13)		(17)	1,231		1,237	—
Other	155		319	320	296	270	(51)		(43)	1,090		698	56
Total noninterest income	8,542		8,676	8,766	8,636	7,707	(2)		11	34,620		30,222	15
Total revenue	20,378		20,366	20,689	20,863	20,478	—		—	82,296		82,597	—




Provision for credit losses (1)	1,095		1,065	1,236	938	1,282	3		(15)	4,334		5,399	(20)
Noninterest expense
Personnel	9,071		8,591	8,575	9,492	9,181	6		(1)	35,729		35,829	—
Technology, telecommunications and equipment	1,282		1,142	1,106	1,053	1,076	12		19	4,583		3,920	17
Occupancy	789		786	763	714	740	—		7	3,052		2,884	6
Operating losses	338		293	493	633	355	15		(5)	1,757		1,183	49
Professional and outside services	1,237		1,130	1,139	1,101	1,242	9		—	4,607		5,085	(9)
Leases (2)	158		152	159	164	168	4		(6)	633		697	(9)
Advertising and promotion	243		205	224	197	259	19		(6)	869		812	7
Other	782		768	834	984	2,765	2		(72)	3,368		5,152	(35)
Total noninterest expense	13,900		13,067	13,293	14,338	15,786	6		(12)	54,598		55,562	(2)
Income before income tax expense (benefit)	5,383		6,234	6,160	5,587	3,410	(14)		58	23,364		21,636	8
Income tax expense (benefit)	120		1,064	1,251	964	(100)	(89)		NM	3,399		2,607	30
Net income before noncontrolling interests	5,263		5,170	4,909	4,623	3,510	2		50	19,965		19,029	5
Less: Net income (loss) from noncontrolling interests	184		56	(1)	4	64	229		188	243		(113)	315
Wells Fargo net income	$	5,079	5,114	4,910	4,619	3,446	(1)	%	47	$	19,722	19,142	3	%
Less: Preferred stock dividends and other	278		262	270	306	286	6		(3)	1,116		1,160	(4)
Wells Fargo net income applicable to common stock	$	4,801	4,852	4,640	4,313	3,160	(1)	%	52	$	18,606	17,982	3	%
Per share information
Earnings per common share	$	1.45	1.43	1.35	1.21	0.87	1	%	67	$	5.43	4.88	11	%
Diluted earnings per common share	1.43		1.42	1.33	1.20	0.86	1		66	5.37		4.83	11

NM – Not meaningful

(1)Includes provision for credit losses for loans, debt securities, and other financial assets.

(2)Represents expenses for assets we lease to customers.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Dec 31, 2024 % Change from
(in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023
Assets
Cash and due from banks	$	37,080	33,530	32,701	30,180	33,026	11	%	12
Interest-earning deposits with banks	166,281		152,016	199,322	239,467	204,193	9		(19)

Federal funds sold and securities purchased under resale agreements	105,330		105,390	82,259	68,751	80,456	—		31
Debt securities:
Trading, at fair value	121,205		120,677	120,766	109,324	97,302	—		25
Available-for-sale, at fair value	162,978		166,004	148,752	138,245	130,448	(2)		25
Held-to-maturity, at amortized cost	234,948		243,151	250,736	258,711	262,708	(3)		(11)
Loans held for sale	6,260		7,275	7,312	5,473	4,936	(14)		27
Loans	912,745		909,711	917,907	922,784	936,682	—		(3)
Allowance for loan losses	(14,183)		(14,330)	(14,360)	(14,421)	(14,606)	1		3
Net loans	898,562		895,381	903,547	908,363	922,076	—		(3)
Mortgage servicing rights	7,779		7,493	8,027	8,248	8,508	4		(9)
Premises and equipment, net	10,297		9,955	9,648	9,426	9,266	3		11
Goodwill	25,167		25,173	25,172	25,173	25,175	—		—
Derivative assets	20,012		17,721	18,721	17,653	18,223	13		10
Equity securities	60,644		59,771	60,763	59,556	57,336	1		6
Other assets	73,302		78,588	72,347	80,583	78,815	(7)		(7)
Total assets	$	1,929,845	1,922,125	1,940,073	1,959,153	1,932,468	—		—
Liabilities
Noninterest-bearing deposits	$	383,616	370,005	348,525	356,162	360,279	4		6
Interest-bearing deposits	988,188		979,641	1,017,369	1,026,985	997,894	1		(1)
Total deposits	1,371,804		1,349,646	1,365,894	1,383,147	1,358,173	2		1
Short-term borrowings (1)	108,806		111,894	118,834	109,014	89,559	(3)		21
Derivative liabilities	16,335		11,390	16,237	17,116	18,495	43		(12)
Accrued expenses and other liabilities	78,756		82,169	81,824	79,438	71,210	(4)		11
Long-term debt (2)	173,078		182,015	179,136	187,764	207,588	(5)		(17)
Total liabilities	1,748,779		1,737,114	1,761,925	1,776,479	1,745,025	1		—
Equity
Wells Fargo stockholders’ equity:
Preferred stock	18,608		18,608	16,608	18,608	19,448	—		(4)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	60,817		60,623	60,373	60,131	60,555	—		—
Retained earnings	214,198		210,749	207,281	203,870	201,136	2		6
Accumulated other comprehensive loss	(12,176)		(8,372)	(12,721)	(12,546)	(11,580)	(45)		(5)
Treasury stock (3)	(111,463)		(107,479)	(104,247)	(98,256)	(92,960)	(4)		(20)

Total Wells Fargo stockholders’ equity	179,120		183,265	176,430	180,943	185,735	(2)		(4)
Noncontrolling interests	1,946		1,746	1,718	1,731	1,708	11		14
Total equity	181,066		185,011	178,148	182,674	187,443	(2)		(3)
Total liabilities and equity	$	1,929,845	1,922,125	1,940,073	1,959,153	1,932,468	—		—

(1)Includes $1.0 billion, $1.0 billion, $1.0 billion, $8.0 billion, and $0.0 billion of Federal Home Loan Bank (FHLB) advances at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.

(2)Includes $3.0 billion, $6.0 billion, $11.0 billion, $20.0 billion, and $38.0 billion of FHLB advances at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.

(3)Number of shares of treasury stock were 2,192,867,645, 2,136,319,281, 2,079,100,421, 1,980,132,879, and 1,882,948,892 at December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively.

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Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS) (1)


	Quarter ended							Dec 31, 2024 % Change from			Year ended				% Change
($ in millions)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023
Average Balances

Assets
Interest-earning deposits with banks	$	171,100		182,219	196,436	207,568	193,647	(6)	%	(12)	$	189,261		149,401	27	%
Federal funds sold and securities purchased under resale agreements	93,294			81,549	71,769	69,719	72,626	14		28	79,128			69,878	13
Trading debt securities	127,639			125,083	120,590	112,170	109,340	2		17	121,398			104,588	16
Available-for-sale debt securities	168,511			160,729	150,024	139,986	136,389	5		24	154,866			142,743	8
Held-to-maturity debt securities	242,961			250,010	258,631	264,755	268,905	(3)		(10)	254,048			275,441	(8)
Loans held for sale	7,210			7,032	7,091	5,835	4,990	3		44	6,794			5,762	18
Loans	906,353			910,255	916,977	928,075	938,041	—		(3)	915,376			943,916	(3)
Equity securities	29,211			27,480	26,332	21,350	22,198	6		32	26,105			25,920	1
Other interest-earning assets	10,079			9,711	8,128	8,940	8,861	4		14	9,219			9,638	(4)
Total interest-earning assets	1,756,358			1,754,068	1,755,978	1,758,398	1,754,997	—		—	1,756,195			1,727,287	2
Total noninterest-earning assets	162,178			162,544	158,669	158,576	152,538	—		6	160,502			158,188	1
Total assets	$	1,918,536		1,916,612	1,914,647	1,916,974	1,907,535	—		1	$	1,916,697		1,885,475	2
Liabilities
Interest-bearing deposits	$	984,438		986,206	1,006,806	996,874	974,890	—		1	$	993,536		946,545	5
Short-term borrowings	109,178			109,902	106,685	94,988	92,032	(1)		19	105,212			81,033	30
Long-term debt	175,414			183,586	182,201	197,116	196,213	(4)		(11)	184,551			180,464	2
Other interest-bearing liabilities	36,245			34,735	34,613	32,821	31,342	4		16	34,608			32,950	5
Total interest-bearing liabilities	1,305,275			1,314,429	1,330,305	1,321,799	1,294,477	(1)		1	1,317,907			1,240,992	6
Noninterest-bearing deposits	369,398			355,474	339,672	344,754	366,026	4		1	352,379			399,737	(12)
Other noninterest-bearing liabilities	60,930			62,341	63,118	63,752	61,179	(2)		—	62,532			59,886	4
Total liabilities	1,735,603			1,732,244	1,733,095	1,730,305	1,721,682	—		1	1,732,818			1,700,615	2
Total equity	182,933			184,368	181,552	186,669	185,853	(1)		(2)	183,879			184,860	(1)
Total liabilities and equity	$	1,918,536		1,916,612	1,914,647	1,916,974	1,907,535	—		1	$	1,916,697		1,885,475	2

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	4.36		%	4.95	5.05	4.99	4.98				4.85		%	4.67
Federal funds sold and securities purchased under resale agreements	4.66			5.24	5.27	5.28	5.30				5.08			4.83
Trading debt securities	4.16			4.25	4.14	4.08	3.82				4.16			3.64
Available-for-sale debt securities	4.45			4.33	4.21	3.99	3.87				4.26			3.76
Held-to-maturity debt securities	2.51			2.57	2.64	2.70	2.69				2.61			2.63
Loans held for sale	6.38			7.33	7.53	7.82	6.75				7.23			6.29
Loans	6.16			6.41	6.40	6.38	6.35				6.34			6.07
Equity securities	2.40			2.26	2.99	2.82	2.99				2.60			2.63
Other interest-earning assets	4.73			5.12	5.42	5.14	4.99				5.08			4.80
Total interest-earning assets	5.02			5.24	5.25	5.24	5.20				5.19			4.95
Interest-bearing liabilities
Interest-bearing deposits	2.37			2.60	2.46	2.34	2.17				2.44			1.74
Short-term borrowings	4.67			5.20	5.19	5.16	5.10				5.05			4.75
Long-term debt	6.35			6.89	6.95	6.80	6.78				6.75			6.41
Other interest-bearing liabilities	3.01			3.05	3.13	2.88	2.87				3.02			2.49
Total interest-bearing liabilities	3.12			3.43	3.31	3.22	3.09				3.27			2.64

Interest rate spread on a taxable-equivalent basis (2)	1.90			1.81	1.94	2.02	2.11				1.92			2.31
Net interest margin on a taxable-equivalent basis (2)	2.70			2.67	2.75	2.81	2.92				2.73			3.06

(1)The average balance amounts represent amortized costs. The average interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)Includes taxable-equivalent adjustments of $78 million, $84 million, $89 million, $89 million, and $104 million for the quarters ended December 31, September 30, June 30, and March 31, 2024, and December 31, 2023, respectively, and $340 million and $420 million for the years ended December 31, 2024 and 2023, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)


						Quarter ended December 31, 2024
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated Company
Net interest income	$	7,020	2,248	2,054	856	(264)	(78)	11,836
Noninterest income	1,960		923	2,559	3,102	368	(370)	8,542
Total revenue	8,980		3,171	4,613	3,958	104	(448)	20,378
Provision for credit losses	911		33	205	(27)	(27)	—	1,095
Noninterest expense	5,925		1,525	2,300	3,307	843	—	13,900
Income (loss) before income tax expense (benefit)	2,144		1,613	2,108	678	(712)	(448)	5,383
Income tax expense (benefit)	542		408	528	170	(1,080)	(448)	120
Net income before noncontrolling interests	1,602		1,205	1,580	508	368	—	5,263
Less: Net income from noncontrolling interests	—		2	—	—	182	—	184
Net income	$	1,602	1,203	1,580	508	186	—	5,079

						Quarter ended September 30, 2024
Net interest income	$	7,149	2,289	1,909	842	(415)	(84)	11,690
Noninterest income	1,975		1,044	3,002	3,036	78	(459)	8,676
Total revenue	9,124		3,333	4,911	3,878	(337)	(543)	20,366
Provision for credit losses	930		85	26	16	8	—	1,065
Noninterest expense	5,624		1,480	2,229	3,154	580	—	13,067
Income (loss) before income tax expense (benefit)	2,570		1,768	2,656	708	(925)	(543)	6,234
Income tax expense (benefit)	646		448	664	179	(330)	(543)	1,064
Net income (loss) before noncontrolling interests	1,924		1,320	1,992	529	(595)	—	5,170
Less: Net income from noncontrolling interests	—		2	—	—	54	—	56
Net income (loss)	$	1,924	1,318	1,992	529	(649)	—	5,114

						Quarter ended December 31, 2023
Net interest income	$	7,629	2,525	2,359	906	(544)	(104)	12,771
Noninterest income	1,890		843	2,376	2,754	284	(440)	7,707
Total revenue	9,519		3,368	4,735	3,660	(260)	(544)	20,478
Provision for credit losses	790		40	498	(19)	(27)	—	1,282
Noninterest expense	6,046		1,630	2,132	3,023	2,955	—	15,786
Income (loss) before income tax expense (benefit)	2,683		1,698	2,105	656	(3,188)	(544)	3,410
Income tax expense (benefit)	672		423	523	165	(1,339)	(544)	(100)
Net income (loss) before noncontrolling interests	2,011		1,275	1,582	491	(1,849)	—	3,510
Less: Net income from noncontrolling interests	—		2	—	—	62	—	64
Net income (loss)	$	2,011	1,273	1,582	491	(1,911)	—	3,446

(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.

(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)


						Year ended December 31, 2024
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated Company
Net interest income	$	28,303	9,096	7,935	3,473	(791)	(340)	47,676
Noninterest income	7,898		3,682	11,409	11,963	1,129	(1,461)	34,620
Total revenue	36,201		12,778	19,344	15,436	338	(1,801)	82,296
Provision for credit losses	3,561		290	521	(22)	(16)	—	4,334
Noninterest expense	23,274		6,190	9,029	12,884	3,221	—	54,598
Income (loss) before income tax expense (benefit)	9,366		6,298	9,794	2,574	(2,867)	(1,801)	23,364
Income tax expense (benefit)	2,357		1,599	2,456	672	(1,884)	(1,801)	3,399
Net income (loss) before noncontrolling interests	7,009		4,699	7,338	1,902	(983)	—	19,965
Less: Net income from noncontrolling interests	—		10	—	—	233	—	243
Net income (loss)	$	7,009	4,689	7,338	1,902	(1,216)	—	19,722

						Year ended December 31, 2023
Net interest income	$	30,185	10,034	9,498	3,966	(888)	(420)	52,375
Noninterest income	7,734		3,415	9,693	10,725	431	(1,776)	30,222
Total revenue	37,919		13,449	19,191	14,691	(457)	(2,196)	82,597
Provision for credit losses	3,299		75	2,007	6	12	—	5,399
Noninterest expense	24,024		6,555	8,618	12,064	4,301	—	55,562
Income (loss) before income tax expense (benefit)	10,596		6,819	8,566	2,621	(4,770)	(2,196)	21,636
Income tax expense (benefit)	2,657		1,704	2,140	657	(2,355)	(2,196)	2,607
Net income (loss) before noncontrolling interests	7,939		5,115	6,426	1,964	(2,415)	—	19,029
Less: Net income (loss) from noncontrolling interests	—		11	—	—	(124)	—	(113)
Net income (loss)	$	7,939	5,104	6,426	1,964	(2,291)	—	19,142

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Income Statement
Net interest income	$	7,020	7,149	7,024	7,110	7,629	(2)	%	(8)	$	28,303	30,185	(6)	%
Noninterest income:
Deposit-related fees	657		710	690	677	694	(7)		(5)	2,734		2,702	1
Card fees	1,019		1,031	1,036	990	960	(1)		6	4,076		3,967	3
Mortgage banking	185		137	135	193	115	35		61	650		512	27
Other	99		97	121	121	121	2		(18)	438		553	(21)
Total noninterest income	1,960		1,975	1,982	1,981	1,890	(1)		4	7,898		7,734	2
Total revenue	8,980		9,124	9,006	9,091	9,519	(2)		(6)	36,201		37,919	(5)
Net charge-offs	887		871	907	881	852	2		4	3,546		2,784	27
Change in the allowance for credit losses	24		59	25	(93)	(62)	(59)		139	15		515	(97)
Provision for credit losses	911		930	932	788	790	(2)		15	3,561		3,299	8
Noninterest expense	5,925		5,624	5,701	6,024	6,046	5		(2)	23,274		24,024	(3)
Income before income tax expense	2,144		2,570	2,373	2,279	2,683	(17)		(20)	9,366		10,596	(12)
Income tax expense	542		646	596	573	672	(16)		(19)	2,357		2,657	(11)
Net income	$	1,602	1,924	1,777	1,706	2,011	(17)		(20)	$	7,009	7,939	(12)
Revenue by Line of Business
Consumer, Small and Business Banking	$	6,067	6,222	6,129	6,092	6,554	(2)		(7)	$	24,510	25,922	(5)
Consumer Lending:
Home Lending	854		842	823	864	839	1		2	3,383		3,389	—
Credit Card	1,489		1,471	1,452	1,496	1,449	1		3	5,908		5,809	2
Auto	263		273	282	300	334	(4)		(21)	1,118		1,464	(24)
Personal Lending	307		316	320	339	343	(3)		(10)	1,282		1,335	(4)
Total revenue	$	8,980	9,124	9,006	9,091	9,519	(2)		(6)	$	36,201	37,919	(5)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	6,105	6,230	6,370	6,465	6,494	(2)		(6)	$	6,292	6,740	(7)
Consumer Lending:
Home Lending	207,780		209,825	211,994	214,335	216,733	(1)		(4)	210,972		219,601	(4)
Credit Card	50,243		49,141	47,463	46,412	45,842	2		10	48,322		42,894	13
Auto	43,005		43,949	45,650	47,621	49,078	(2)		(12)	45,048		51,689	(13)
Personal Lending	14,291		14,470	14,462	14,896	15,386	(1)		(7)	14,529		14,996	(3)
Total loans	$	321,424	323,615	325,939	329,729	333,533	(1)		(4)	$	325,163	335,920	(3)
Total deposits	773,631		773,554	778,228	773,248	779,490	—		(1)	774,660		811,091	(4)
Allocated capital	45,500		45,500	45,500	45,500	44,000	—		3	45,500		44,000	3

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	6,256	6,372	6,513	6,584	6,735	(2)		(7)
Consumer Lending:
Home Lending	207,022		209,083	211,172	213,289	215,823	(1)		(4)
Credit Card	50,992		49,521	48,400	46,867	46,735	3		9
Auto	42,914		43,356	44,780	46,692	48,283	(1)		(11)
Personal Lending	14,246		14,413	14,495	14,575	15,291	(1)		(7)
Total loans	$	321,430	322,745	325,360	328,007	332,867	—		(3)
Total deposits	783,490		775,745	781,817	794,160	782,309	1		—

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Dec 31, 2024 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	13.4		%	16.3	15.1	14.5	17.6				14.8		%	17.5
Efficiency ratio (2)	66			62	63	66	64				64			63

Retail bank branches (#, period-end)	4,177			4,196	4,227	4,247	4,311	—	%	(3)
Digital active customers (# in millions, period-end) (3)	36.0			35.8	35.6	35.5	34.8	1		3
Mobile active customers (# in millions, period-end) (3)	31.4			31.2	30.8	30.5	29.9	1		5

Consumer, Small and Business Banking:
Deposit spread (4)	2.5		%	2.5	2.5	2.5	2.7				2.5		%	2.6
Debit card purchase volume ($ in billions) (5)	$	131.0		126.8	128.2	121.5	126.1	3		4	$	507.5		492.8	3	%
Debit card purchase transactions (# in millions) (5)	2,622			2,585	2,581	2,442	2,546	1		3	10,230			10,000	2

Home Lending:
Mortgage banking:
Net servicing income	$	128		114	89	91	113	12		13	$	422		300	41
Net gains on mortgage loan originations/sales	57			23	46	102	2	148		NM	228			212	8
Total mortgage banking	$	185		137	135	193	115	35		61	$	650		512	27


Retail originations ($ in billions)	$	5.9		5.5	5.3	3.5	4.5	7		31	$	20.2		24.2	(17)



% of originations held for sale (HFS)	40.3		%	41.0	38.6	43.5	45.4				40.6		%	44.6
Third party mortgage loans serviced ($ in billions, period-end) (6)	$	486.9		499.1	512.8	527.5	559.7	(2)		(13)
Mortgage servicing rights (MSR) carrying value (period-end)	6,844			6,544	7,061	7,249	7,468	5		(8)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	1.41		%	1.31	1.38	1.37	1.33
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)	0.29			0.30	0.33	0.30	0.32

Credit Card:
Point of sale (POS) volume ($ in billions)	$	45.1		43.4	42.9	39.1	41.2	4		9	$	170.5		153.1	11
New accounts (# in thousands)	486			615	677	651	655	(21)		(26)	2,429			2,566	(5)
Credit card loans 30+ days delinquency rate (period-end) (8)(9)	2.91		%	2.87	2.71	2.92	2.80
Credit card loans 90+ days delinquency rate (period-end) (8)(9)	1.51			1.43	1.40	1.55	1.41

Auto:
Auto originations ($ in billions)	$	5.0		4.1	3.7	4.1	3.3	22		52	$	16.9		17.2	(2)
Auto loans 30+ days delinquency rate (period-end) (8)(9)	2.31		%	2.28	2.31	2.36	2.80

Personal Lending:
New volume ($ in billions)	$	2.5		2.7	2.7	2.2	2.6	(7)		(4)	$	10.1		11.9	(15)

NM – Not meaningful

(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).

(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).

(8)Excludes loans held for sale.

(9)Delinquency balances exclude nonaccrual loans.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT


	Quarter ended							Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023	% Change
Income Statement
Net interest income	$	2,248		2,289	2,281	2,278	2,525	(2)	%	(11)	$	9,096		10,034	(9)	%
Noninterest income:
Deposit-related fees	303			303	290	284	257	—		18	1,180			998	18
Lending-related fees	140			138	139	138	138	1		1	555			531	5
Lease income	124			126	133	149	155	(2)		(20)	532			644	(17)
Other	356			477	279	303	293	(25)		22	1,415			1,242	14
Total noninterest income	923			1,044	841	874	843	(12)		9	3,682			3,415	8
Total revenue	3,171			3,333	3,122	3,152	3,368	(5)		(6)	12,778			13,449	(5)
Net charge-offs	111			50	97	75	35	122		217	333			96	247
Change in the allowance for credit losses	(78)			35	(68)	68	5	NM		NM	(43)			(21)	NM
Provision for credit losses	33			85	29	143	40	(61)		(18)	290			75	287
Noninterest expense	1,525			1,480	1,506	1,679	1,630	3		(6)	6,190			6,555	(6)
Income before income tax expense	1,613			1,768	1,587	1,330	1,698	(9)		(5)	6,298			6,819	(8)
Income tax expense	408			448	402	341	423	(9)		(4)	1,599			1,704	(6)
Less: Net income from noncontrolling interests	2			2	3	3	2	—		—	10			11	(9)
Net income	$	1,203		1,318	1,182	986	1,273	(9)		(5)	$	4,689		5,104	(8)

Revenue by Line of Business
Middle Market Banking	$	2,144		2,187	2,153	2,078	2,196	(2)		(2)	$	8,562		8,762	(2)
Asset-Based Lending and Leasing	1,027			1,146	969	1,074	1,172	(10)		(12)	4,216			4,687	(10)
Total revenue	$	3,171		3,333	3,122	3,152	3,368	(5)		(6)	$	12,778		13,449	(5)

Revenue by Product
Lending and leasing	$	1,291		1,293	1,308	1,309	1,337	—		(3)	$	5,201		5,314	(2)
Treasury management and payments	1,423			1,434	1,412	1,421	1,527	(1)		(7)	5,690			6,214	(8)
Other	457			606	402	422	504	(25)		(9)	1,887			1,921	(2)
Total revenue	$	3,171		3,333	3,122	3,152	3,368	(5)		(6)	$	12,778		13,449	(5)

Selected Metrics
Return on allocated capital	17.4		%	19.2	17.3	14.3	19.0				17.1		%	19.1
Efficiency ratio	48			44	48	53	48				48			49

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended						Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	162,060	161,967	164,027	163,273	162,877	—	%	(1)	$	162,827	164,062	(1)	%
Commercial real estate	44,555		44,756	44,990	45,296	45,393	—		(2)	44,898		45,705	(2)
Lease financing and other	15,180		15,393	15,406	15,352	15,062	(1)		1	15,332		14,335	7
Total loans	$	221,795	222,116	224,423	223,921	223,332	—		(1)	$	223,057	224,102	—

Loans by Line of Business:
Middle Market Banking	$	126,767	127,321	128,259	119,273	118,971	—		7	$	125,414	120,819	4
Asset-Based Lending and Leasing	95,028		94,795	96,164	104,648	104,361	—		(9)	97,643		103,283	(5)
Total loans	$	221,795	222,116	224,423	223,921	223,332	—		(1)	$	223,057	224,102	—

Total deposits	184,293		173,158	166,892	164,027	163,299	6		13	172,129		165,235	4
Allocated capital	26,000		26,000	26,000	26,000	25,500	—		2	26,000		25,500	2

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	163,464	163,878	165,878	166,842	163,797	—		—
Commercial real estate	44,506		44,715	44,978	45,292	45,534	—		(2)
Lease financing and other	15,348		15,406	15,617	15,526	15,443	—		(1)
Total loans	$	223,318	223,999	226,473	227,660	224,774	—		(1)

Loans by Line of Business:
Middle Market Banking	$	126,877	127,048	129,023	120,401	118,482	—		7
Asset-Based Lending and Leasing	96,441		96,951	97,450	107,259	106,292	(1)		(9)
Total loans	$	223,318	223,999	226,473	227,660	224,774	—		(1)

Total deposits	188,650		178,406	168,979	168,547	162,526	6		16

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023	% Change
Income Statement
Net interest income	$	2,054		1,909	1,945	2,027	2,359	8	%	(13)	$	7,935		9,498	(16)	%
Noninterest income:
Deposit-related fees	269			279	263	262	246	(4)		9	1,073			976	10
Lending-related fees	221			213	205	203	199	4		11	842			790	7
Investment banking fees	726			668	634	647	489	9		48	2,675			1,738	54
Net gains from trading activities	933			1,366	1,387	1,405	1,022	(32)		(9)	5,091			4,553	12
Other	410			476	404	438	420	(14)		(2)	1,728			1,636	6
Total noninterest income	2,559			3,002	2,893	2,955	2,376	(15)		8	11,409			9,693	18
Total revenue	4,613			4,911	4,838	4,982	4,735	(6)		(3)	19,344			19,191	1
Net charge-offs	214			196	303	196	376	9		(43)	909			581	56
Change in the allowance for credit losses	(9)			(170)	(18)	(191)	122	95		NM	(388)			1,426	NM
Provision for credit losses	205			26	285	5	498	688		(59)	521			2,007	(74)
Noninterest expense	2,300			2,229	2,170	2,330	2,132	3		8	9,029			8,618	5
Income before income tax expense	2,108			2,656	2,383	2,647	2,105	(21)		—	9,794			8,566	14
Income tax expense	528			664	598	666	523	(20)		1	2,456			2,140	15

Net income	$	1,580		1,992	1,785	1,981	1,582	(21)		—	$	7,338		6,426	14

Revenue by Line of Business
Banking:
Lending	$	691		698	688	681	774	(1)		(11)	$	2,758		2,872	(4)
Treasury Management and Payments	644			695	687	686	742	(7)		(13)	2,712			3,036	(11)
Investment Banking	491			419	430	474	383	17		28	1,814			1,404	29
Total Banking	1,826			1,812	1,805	1,841	1,899	1		(4)	7,284			7,312	—
Commercial Real Estate	1,274			1,364	1,283	1,223	1,291	(7)		(1)	5,144			5,311	(3)
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,179			1,327	1,228	1,359	1,122	(11)		5	5,093			4,688	9
Equities	385			396	558	450	457	(3)		(16)	1,789			1,809	(1)
Credit Adjustment (CVA/DVA/FVA) and Other (1)	(71)			31	7	19	(8)	NM		NM	(14)			65	NM
Total Markets	1,493			1,754	1,793	1,828	1,571	(15)		(5)	6,868			6,562	5
Other	20			(19)	(43)	90	(26)	205		177	48			6	700
Total revenue	$	4,613		4,911	4,838	4,982	4,735	(6)		(3)	$	19,344		19,191	1

Selected Metrics
Return on allocated capital	13.4		%	17.1	15.4	17.2	13.4				15.7		%	13.8
Efficiency ratio	50			45	45	47	45				47			45

NM – Not meaningful

(1)In fourth quarter 2024, we implemented a change to incorporate funding valuation adjustments (FVA) for our derivatives, which resulted in a loss of $85 million.

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	185,677	183,255	180,789	185,432	191,014	1	%	(3)	$	183,792	191,602	(4)	%
Commercial real estate	88,285		91,963	94,998	97,811	99,077	(4)		(11)	93,247		100,373	(7)
Total loans	$	273,962	275,218	275,787	283,243	290,091	—		(6)	$	277,039	291,975	(5)

Loans by Line of Business:
Banking	$	85,722	86,548	86,130	90,897	94,699	(1)		(9)	$	87,318	95,783	(9)
Commercial Real Estate	119,414		124,056	128,107	131,709	133,921	(4)		(11)	125,799		135,702	(7)
Markets	68,826		64,614	61,550	60,637	61,471	7		12	63,922		60,490	6
Total loans	$	273,962	275,218	275,787	283,243	290,091	—		(6)	$	277,039	291,975	(5)
Trading-related assets:
Trading account securities	$	144,903	140,501	136,101	121,347	118,938	3		22	$	135,751	118,130	15
Reverse repurchase agreements/securities borrowed	87,517		74,041	64,896	62,856	65,678	18		33	72,374		61,510	18
Derivative assets	20,254		19,668	18,552	17,033	19,308	3		5	18,883		18,636	1
Total trading-related assets	$	252,674	234,210	219,549	201,236	203,924	8		24	$	227,008	198,276	14
Total assets	588,154		574,697	558,063	550,933	556,196	2		6	568,035		553,722	3
Total deposits	205,077		194,315	187,545	183,273	173,117	6		18	192,592		162,062	19
Allocated capital	44,000		44,000	44,000	44,000	44,000	—		—	44,000		44,000	—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	192,573	183,341	181,441	178,986	189,379	5		2
Commercial real estate	86,107		90,382	93,889	96,611	98,053	(5)		(12)
Total loans	$	278,680	273,723	275,330	275,597	287,432	2		(3)

Loans by Line of Business:
Banking	$	86,328	88,221	84,054	86,066	93,987	(2)		(8)
Commercial Real Estate	117,213		121,238	126,080	129,627	131,968	(3)		(11)
Markets	75,139		64,264	65,196	59,904	61,477	17		22
Total loans	$	278,680	273,723	275,330	275,597	287,432	2		(3)
Trading-related assets:
Trading account securities	$	142,727	144,148	140,928	133,079	115,562	(1)		24
Reverse repurchase agreements/securities borrowed	96,470		83,562	70,615	62,019	63,614	15		52
Derivative assets	21,332		17,906	19,186	17,726	18,023	19		18
Total trading-related assets	$	260,529	245,616	230,729	212,824	197,199	6		32
Total assets	597,278		583,144	565,334	553,105	547,203	2		9
Total deposits	212,948		199,700	200,920	195,969	185,142	7		15

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Dec 31, 2024 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023	% Change
Income Statement
Net interest income	$	856		842	906	869	906	2	%	(6)	$	3,473		3,966	(12)	%
Noninterest income:
Investment advisory and other asset-based fees	2,504			2,406	2,357	2,267	2,111	4		19	9,534			8,446	13
Commissions and brokerage services fees	539			548	521	545	531	(2)		2	2,153			2,058	5
Other	59			82	74	61	112	(28)		(47)	276			221	25
Total noninterest income	3,102			3,036	2,952	2,873	2,754	2		13	11,963			10,725	12
Total revenue	3,958			3,878	3,858	3,742	3,660	2		8	15,436			14,691	5
Net charge-offs	(1)			(5)	(2)	6	—	80		NM	(2)			(1)	(100)
Change in the allowance for credit losses	(26)			21	(12)	(3)	(19)	NM		(37)	(20)			7	NM
Provision for credit losses	(27)			16	(14)	3	(19)	NM		(42)	(22)			6	NM
Noninterest expense	3,307			3,154	3,193	3,230	3,023	5		9	12,884			12,064	7
Income before income tax expense	678			708	679	509	656	(4)		3	2,574			2,621	(2)
Income tax expense	170			179	195	128	165	(5)		3	672			657	2

Net income	$	508		529	484	381	491	(4)		3	$	1,902		1,964	(3)

Selected Metrics
Return on allocated capital	30.2		%	31.5	29.0	22.7	30.4				28.3		%	30.7
Efficiency ratio	84			81	83	86	83				83			82

Client assets ($ in billions, period-end):
Advisory assets	$	998		993	945	939	891	1		12
Other brokerage assets and deposits	1,295			1,301	1,255	1,247	1,193	—		9
Total client assets	$	2,293		2,294	2,200	2,186	2,084	—		10

Selected Balance Sheet Data (average)
Total loans	$	83,570		82,797	83,166	82,483	82,181	1		2	$	83,005		82,755	—
Total deposits	118,327			107,991	102,843	101,474	102,130	10		16	107,689			112,069	(4)
Allocated capital	6,500			6,500	6,500	6,500	6,250	—		4	6,500			6,250	4

Selected Balance Sheet Data (period-end)
Total loans	$	84,340		83,023	83,338	82,999	82,555	2		2
Total deposits	127,008			112,472	103,722	102,478	103,902	13		22

NM – Not meaningful

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Income Statement
Net interest income	$	(264)	(415)	(144)	32	(544)	36	%	51	$	(791)	(888)	11	%
Noninterest income	368		78	392	291	284	372		30	1,129		431	162
Total revenue	104		(337)	248	323	(260)	131		140	338		(457)	174
Net charge-offs	(23)		(1)	(2)	(1)	(5)	NM		NM	(27)		(10)	NM
Change in the allowance for credit losses	(4)		9	6	—	(22)	NM		82	11		22	(50)
Provision for credit losses	(27)		8	4	(1)	(27)	NM		—	(16)		12	NM
Noninterest expense	843		580	723	1,075	2,955	45		(71)	3,221		4,301	(25)
Loss before income tax benefit	(712)		(925)	(479)	(751)	(3,188)	23		78	(2,867)		(4,770)	40
Income tax benefit	(1,080)		(330)	(157)	(317)	(1,339)	NM		19	(1,884)		(2,355)	20
Less: Net income (loss) from noncontrolling interests	182		54	(4)	1	62	237		194	233		(124)	288
Net income (loss)	$	186	(649)	(318)	(435)	(1,911)	129		110	$	(1,216)	(2,291)	47




Selected Balance Sheet Data (average)

Available-for-sale debt securities	$	153,969	147,093	131,822	122,794	115,346	5		33	$	138,983	123,542	12
Held-to-maturity debt securities	235,661		242,621	251,100	257,088	261,103	(3)		(10)	246,577		267,672	(8)
Equity securities	15,027		15,216	15,571	15,958	15,906	(1)		(6)	15,441		15,635	(1)

Total assets	639,324		648,930	656,535	663,483	645,573	(1)		(1)	652,024		619,002	5
Total deposits	72,508		92,662	110,970	119,606	122,880	(22)		(41)	98,845		95,825	3

Selected Balance Sheet Data (period-end)

Available-for-sale debt securities	$	154,397	157,042	138,087	127,084	118,923	(2)		30
Held-to-maturity debt securities	231,892		240,174	247,746	255,761	259,748	(3)		(11)
Equity securities	15,437		14,861	15,297	15,798	15,810	4		(2)

Total assets	633,799		642,618	670,494	699,401	674,075	(1)		(6)
Total deposits	59,708		83,323	110,456	121,993	124,294	(28)		(52)

NM – Not meaningful

(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

-17-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES


	Quarter ended							Dec 31, 2024 $ Change from
($ in millions)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024	Dec 31, 2023
Period-End Loans
Commercial and industrial	$	381,241		372,750	374,588	372,963	380,388	8,491	853


Commercial real estate	136,505			141,410	145,318	148,786	150,616	(4,905)	(14,111)
Lease financing	16,413			16,482	16,705	16,579	16,423	(69)	(10)
Total commercial	534,159			530,642	536,611	538,328	547,427	3,517	(13,268)



Residential mortgage	250,269			252,676	255,085	257,622	260,724	(2,407)	(10,455)
Credit card	56,542			55,046	53,756	52,035	52,230	1,496	4,312
Auto	42,367			42,815	44,280	46,202	47,762	(448)	(5,395)
Other consumer	29,408			28,532	28,175	28,597	28,539	876	869
Total consumer	378,586			379,069	381,296	384,456	389,255	(483)	(10,669)
Total loans	$	912,745		909,711	917,907	922,784	936,682	3,034	(23,937)

Average Loans
Commercial and industrial	$	372,848		370,911	371,514	375,593	380,566	1,937	(7,718)


Commercial real estate	139,111			143,187	146,750	150,083	151,665	(4,076)	(12,554)
Lease financing	16,301			16,529	16,519	16,363	16,123	(228)	178
Total commercial	528,260			530,627	534,783	542,039	548,354	(2,367)	(20,094)



Residential mortgage	251,256			253,667	256,189	259,053	261,776	(2,411)	(10,520)
Credit card	55,699			54,580	52,642	51,708	51,249	1,119	4,450
Auto	42,466			43,430	45,164	47,114	48,554	(964)	(6,088)
Other consumer	28,672			27,951	28,199	28,161	28,108	721	564
Total consumer	378,093			379,628	382,194	386,036	389,687	(1,535)	(11,594)
Total loans	$	906,353		910,255	916,977	928,075	938,041	(3,902)	(31,688)

Average Interest Rates
Commercial and industrial	6.73		%	7.16	7.22	7.18	7.20


Commercial real estate	6.52			6.90	6.93	6.94	6.88
Lease financing	5.77			5.68	5.47	5.34	5.17
Total commercial	6.65			7.05	7.08	7.06	7.05



Residential mortgage	3.68			3.67	3.65	3.61	3.60
Credit card	12.53			12.73	12.75	13.14	13.03
Auto	5.29			5.22	5.09	4.98	4.90
Other consumer	7.97			8.56	8.56	8.62	8.68
Total consumer	5.48			5.51	5.43	5.42	5.37
Total loans	6.16			6.41	6.40	6.38	6.35

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Dec 31, 2023				Dec 31, 2024 $ Change from
($ in millions)	Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Sep 30, 2024		Dec 31, 2023
By product:
Commercial and industrial	$	132	0.14	%	$	129	0.14	%	$	188	0.20	%	$	148	0.16	%	$	90	0.09	%	$	3	42


Commercial real estate	261		0.74		184		0.51		271		0.74		187		0.50		377		0.99		77		(116)
Lease financing	10		0.23		10		0.25		9		0.21		6		0.13		5		0.14		—		5
Total commercial	403		0.30		323		0.24		468		0.35		341		0.25		472		0.34		80		(69)


Residential mortgage	(14)		(0.02)		(23)		(0.04)		(19)		(0.03)		(13)		(0.02)		3		—		9		(17)
Credit card	628		4.49		601		4.38		649		4.96		577		4.48		520		4.02		27		108
Auto	82		0.77		83		0.76		79		0.70		112		0.96		130		1.06		(1)		(48)
Other consumer	112		1.56		127		1.82		124		1.77		132		1.88		127		1.79		(15)		(15)
Total consumer	808		0.85		788		0.83		833		0.88		808		0.84		780		0.79		20		28
Total net loan charge-offs	$	1,211	0.53	%	$	1,111	0.49	%	$	1,301	0.57	%	$	1,149	0.50	%	$	1,252	0.53	%	$	100	(41)
By segment:
Consumer Banking and Lending	$	887	1.10	%	$	871	1.07	%	$	907	1.12	%	$	881	1.07	%	$	852	1.01	%	$	16	35
Commercial Banking	111		0.20		50		0.09		94		0.17		75		0.13		35		0.06		61		76
Corporate and Investing Banking	214		0.31		196		0.28		303		0.44		188		0.27		370		0.51		18		(156)
Wealth and Investment Management	(1)		—		(5)		(0.02)		(2)		(0.01)		6		0.03		—		—		4		(1)
Corporate	—		—		(1)		(0.06)		(1)		(0.05)		(1)		(0.05)		(5)		(0.22)		1		5
Total net loan charge-offs	$	1,211	0.53	%	$	1,111	0.49	%	$	1,301	0.57	%	$	1,149	0.50	%	$	1,252	0.53	%	$	100	(41)

(1)Quarterly net loan charge-offs (recoveries) as a percentage of average loans are annualized.

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended							Dec 31, 2024 $ Change from
($ in millions)	Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024	Dec 31, 2023


Balance, beginning of period	14,739			14,789	14,862	15,088	15,064	(50)	(325)
Provision for credit losses for loans	1,116			1,059	1,229	926	1,274	57	(158)
Net loan charge-offs:
Commercial and industrial	(132)			(129)	(188)	(148)	(90)	(3)	(42)


Commercial real estate	(261)			(184)	(271)	(187)	(377)	(77)	116
Lease financing	(10)			(10)	(9)	(6)	(5)	—	(5)
Total commercial	(403)			(323)	(468)	(341)	(472)	(80)	69


Residential mortgage	14			23	19	13	(3)	(9)	17
Credit card	(628)			(601)	(649)	(577)	(520)	(27)	(108)
Auto	(82)			(83)	(79)	(112)	(130)	1	48
Other consumer	(112)			(127)	(124)	(132)	(127)	15	15
Total consumer	(808)			(788)	(833)	(808)	(780)	(20)	(28)
Net loan charge-offs	(1,211)			(1,111)	(1,301)	(1,149)	(1,252)	(100)	41
Other	(8)			2	(1)	(3)	2	(10)	(10)
Balance, end of period	$	14,636		14,739	14,789	14,862	15,088	(103)	(452)
Components:
Allowance for loan losses	$	14,183		14,330	14,360	14,421	14,606	(147)	(423)
Allowance for unfunded credit commitments	453			409	429	441	482	44	(29)
Allowance for credit losses for loans	$	14,636		14,739	14,789	14,862	15,088	(103)	(452)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	2.95x			3.24	2.74	3.12	2.94
Allowance for loan losses as a percentage of:
Total loans	1.55		%	1.58	1.56	1.56	1.56
Nonaccrual loans	183			175	170	179	177
Allowance for credit losses for loans as a percentage of:
Total loans	1.60			1.62	1.61	1.61	1.61
Nonaccrual loans	189			180	175	184	183

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Dec 31, 2023
($ in millions)	ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class
By product:
Commercial and industrial	$	4,151	1.09	%	$	4,230	1.13	%	$	4,276	1.14	%	$	4,332	1.16	%	$	4,272	1.12	%


Commercial real estate	3,583		2.62		3,653		2.58		3,754		2.58		3,782		2.54		3,939		2.62
Lease financing	212		1.29		209		1.27		206		1.23		203		1.22		201		1.22
Total commercial	7,946		1.49		8,092		1.52		8,236		1.53		8,317		1.54		8,412		1.54



Residential mortgage (1)	541		0.22		542		0.21		521		0.20		596		0.23		652		0.25
Credit card	4,869		8.61		4,704		8.55		4,517		8.40		4,321		8.30		4,223		8.09
Auto	636		1.50		726		1.70		804		1.82		894		1.93		1,042		2.18
Other consumer	644		2.19		675		2.37		711		2.52		734		2.57		759		2.66
Total consumer	6,690		1.77		6,647		1.75		6,553		1.72		6,545		1.70		6,676		1.72
Total allowance for credit losses for loans	$	14,636	1.60	%	$	14,739	1.62	%	$	14,789	1.61	%	$	14,862	1.61	%	$	15,088	1.61	%
By segment:
Consumer Banking and Lending	$	7,470	2.32	%	$	7,445	2.31	%	$	7,386	2.27	%	$	7,361	2.24	%	$	7,453	2.24	%
Commercial Banking	2,364		1.06		2,443		1.09		2,408		1.06		2,472		1.09		2,406		1.07
Corporate and Investing Banking	4,551		1.63		4,573		1.67		4,738		1.72		4,758		1.73		4,955		1.72
Wealth and Investment Management	241		0.29		266		0.32		245		0.29		258		0.31		260		0.31
Corporate	10		0.20		12		0.19		12		0.16		13		0.15		14		0.15
Total allowance for credit losses for loans	$	14,636	1.60	%	$	14,739	1.62	%	$	14,789	1.61	%	$	14,862	1.61	%	$	15,088	1.61	%

(1)Includes negative allowance for expected recoveries of amounts previously charged off.

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Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Dec 31, 2023				Dec 31, 2024 $ Change from
($ in millions)	Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Sep 30, 2024		Dec 31, 2023
By product:
Nonaccrual loans:
Commercial and industrial	$	763	0.20	%	$	743	0.20	%	$	754	0.20	%	$	750	0.20	%	$	662	0.17	%	$	20	101


Commercial real estate	3,771		2.76		4,115		2.91		4,321		2.97		3,913		2.63		4,188		2.78		(344)		(417)
Lease financing	84		0.51		94		0.57		86		0.51		76		0.46		64		0.39		(10)		20
Total commercial	4,618		0.86		4,952		0.93		5,161		0.96		4,739		0.88		4,914		0.90		(334)		(296)



Residential mortgage (1)	2,991		1.20		3,086		1.22		3,135		1.23		3,193		1.24		3,192		1.22		(95)		(201)
Auto	89		0.21		99		0.23		103		0.23		109		0.24		115		0.24		(10)		(26)
Other consumer	32		0.11		35		0.12		35		0.12		34		0.12		35		0.12		(3)		(3)
Total consumer	3,112		0.82		3,220		0.85		3,273		0.86		3,336		0.87		3,342		0.86		(108)		(230)
Total nonaccrual loans	7,730		0.85		8,172		0.90		8,434		0.92		8,075		0.88		8,256		0.88		(442)		(526)



Foreclosed assets	206				212				216				165				187				(6)		19
Total nonperforming assets	$	7,936	0.87	%	$	8,384	0.92	%	$	8,650	0.94	%	$	8,240	0.89	%	$	8,443	0.90	%	$	(448)	(507)
By segment:
Consumer Banking and Lending	$	3,029	0.94	%	$	3,144	0.97	%	$	3,194	0.98	%	$	3,240	0.99	%	$	3,273	0.98	%	$	(115)	(244)
Commercial Banking	1,173		0.53		1,120		0.50		980		0.43		932		0.41		1,012		0.45		53		161
Corporate and Investing Banking	3,508		1.26		3,912		1.43		4,265		1.55		3,831		1.39		3,935		1.37		(404)		(427)
Wealth and Investment Management	226		0.27		208		0.25		211		0.25		237		0.29		223		0.27		18		3
Corporate	—		—		—		—		—		—		—		—		—		—		—		—
Total nonperforming assets	$	7,936	0.87	%	$	8,384	0.92	%	$	8,650	0.94	%	$	8,240	0.89	%	$	8,443	0.90	%	$	(448)	(507)

(1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.

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Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY


	Dec 31, 2024							Sep 30, 2024							Dec 31, 2023
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)
Financials except banks	$	24	156,831	17	%	$	254,276	$	53	146,597	16	%	$	240,418	$	9	146,635	16	%	$	234,513
Technology, telecom and media	106		23,590	3		61,813		155		23,907	3		60,300		60		25,460	3		59,216
Real estate and construction	92		24,839	3		52,741		91		25,082	3		53,248		55		24,987	3		54,345
Equipment, machinery and parts manufacturing	35		25,135	3		51,150		33		25,931	3		49,762		37		24,785	3		48,265
Retail	91		17,709	2		43,374		50		19,964	2		45,313		72		19,596	2		48,829
Materials and commodities	100		13,624	1		37,365		31		14,019	2		36,518		112		14,235	2		37,758
Food and beverage manufacturing	9		16,665	2		35,079		16		16,501	2		35,207		15		16,047	2		33,957
Health care and pharmaceuticals	27		13,620	1		30,726		28		14,394	2		29,669		26		14,863	2		30,386
Auto related	8		16,507	2		30,537		9		16,741	2		30,944		8		15,203	2		28,795
Oil, gas and pipelines	3		10,503	1		30,486		3		10,042	1		30,129		2		10,730	1		32,544
Commercial services	78		11,152	1		26,968		35		10,774	1		27,501		37		11,095	1		26,025
Utilities	—		6,641	*		24,735		1		6,518	*		24,169		1		8,325	*		25,710
Diversified or miscellaneous	9		9,115	*		22,847		62		8,857	*		22,268		67		8,284	*		22,877
Entertainment and recreation	53		12,672	1		19,691		24		12,227	1		18,940		18		13,968	1		20,250
Transportation services	154		9,560	1		16,477		168		9,230	1		15,907		134		9,277	*		16,750
Insurance and fiduciaries	2		4,368	*		15,753		2		5,154	*		16,314		1		4,715	*		15,724
Government and education	29		5,897	*		11,711		42		5,291	*		11,371		26		5,603	*		11,552
Agribusiness	13		6,349	*		11,225		14		6,115	*		11,209		31		6,466	*		12,080
Banks	—		7,772	*		8,701		1		8,620	*		9,663		—		11,820	1		12,981
Other	14		5,105	*		12,687		19		3,268	*		10,921		15		4,717	*		12,297
Total	$	847	397,654	44	%	$	798,342	$	837	389,232	43	%	$	779,771	$	726	396,811	42	%	$	784,854

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)


	Dec 31, 2024							Sep 30, 2024							Dec 31, 2023
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)
Apartments	$	85	39,758	4	%	$	44,783	$	27	41,349	5	%	$	47,382	$	56	42,585	5	%	$	51,749
Office	3,136		27,380	3		28,768		3,529		28,996	3		30,563		3,357		31,526	3		34,295
Industrial/warehouse	74		24,038	3		26,178		52		24,603	3		26,816		28		25,413	3		28,493
Hotel/motel	190		11,506	1		12,015		213		11,465	1		11,885		171		12,725	1		13,612
Retail (excluding shopping center)	161		11,345	1		11,951		94		11,376	1		12,125		272		11,670	1		12,338
Shopping center	93		8,113	*		8,571		164		8,585	*		9,117		183		8,745	*		9,356
Institutional	12		5,186	*		5,524		13		5,393	*		5,812		81		5,986	*		6,568
Mixed use properties	18		2,316	*		2,427		18		2,575	*		2,737		32		3,511	*		3,763
Mobile home park	—		2,273	*		2,376		—		2,192	*		2,351		—		2,119	*		2,332
Storage facility	—		2,088	*		2,240		—		2,197	*		2,363		—		2,782	*		3,002
Other	2		2,502	*		4,177		5		2,679	*		4,459		8		3,554	*		5,959
Total	$	3,771	136,505	15	%	$	149,010	$	4,115	141,410	16	%	$	155,610	$	4,188	150,616	16	%	$	171,467

*Less than 1%.

(1)Our commercial real estate (CRE) loan portfolio is comprised of CRE mortgage and CRE construction loans.

(2)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.

-24-

Wells Fargo & Company and Subsidiaries

NET INTEREST INCOME AND NET GAINS FROM TRADING ACTIVITIES


	Quarter ended						Dec 31, 2024 % Change from			Year ended
($ in millions)	Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024		Dec 31, 2023	% Change
Interest income	$	1,476	1,453	1,369	1,243	1,149	2	%	28	$	5,541	4,229	31	%
Interest expense	270		211	212	181	176	28		53	874		643	36
Total net interest income	1,206		1,242	1,157	1,062	973	(3)		24	4,667		3,586	30
Net gains from trading activities	950		1,438	1,442	1,454	1,070	(34)		(11)	5,284		4,799	10
Total trading-related net interest and noninterest income	$	2,156	2,680	2,599	2,516	2,043	(20)		6	$	9,951	8,385	19

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Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.


								Dec 31, 2024 % Change from
($ in millions)		Dec 31, 2024		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2024		Dec 31, 2023
Tangible book value per common share:
Total equity		181,066		185,011	178,148	182,674	187,443	(2)	%	(3)
Adjustments:
Preferred stock		(18,608)		(18,608)	(16,608)	(18,608)	(19,448)	—		4
Additional paid-in capital on preferred stock		144		144	141	146	157	—		(8)

Noncontrolling interests		(1,946)		(1,746)	(1,718)	(1,731)	(1,708)	(11)		(14)
Total common stockholders' equity	(A)	160,656		164,801	159,963	162,481	166,444	(3)		(3)
Adjustments:
Goodwill		(25,167)		(25,173)	(25,172)	(25,173)	(25,175)	—		—
Certain identifiable intangible assets (other than MSRs)		(73)		(85)	(96)	(107)	(118)	14		38
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (1)		(735)		(772)	(968)	(965)	(878)	5		16
Applicable deferred taxes related to goodwill and other intangible assets (2)		947		940	933	927	920	1		3
Tangible common equity	(B)	$	135,628	139,711	134,660	137,163	141,193	(3)		(4)
Common shares outstanding	(C)	3,288.9		3,345.5	3,402.7	3,501.7	3,598.9	(2)		(9)
Book value per common share	(A)/(C)	48.85		49.26	47.01	46.40	46.25	(1)		6
Tangible book value per common share	(B)/(C)	41.24		41.76	39.57	39.17	39.23	(1)		5

(1)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on private equity investments in consolidated portfolio companies.

(2)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

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Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)


		Quarter ended						Dec 31, 2024 % Change from		Year ended
($ in millions)		Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024		Dec 31, 2023	Sep 30, 2024		Dec 31, 2023	Dec 31, 2024			Dec 31, 2023		% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	4,801		4,852	4,640	4,313		3,160	(1)	%	52	$	18,606		17,982		3	%
Average total equity		182,933			184,368	181,552	186,669		185,853	(1)		(2)	183,879			184,860		(1)
Adjustments:
Preferred stock		(18,608)			(18,129)	(18,300)	(19,291)		(19,448)	(3)		4	(18,581)			(19,698)		6
Additional paid-in capital on preferred stock		144			143	145	155		157	1		(8)	147			168		(13)

Noncontrolling interests		(1,803)			(1,748)	(1,743)	(1,710)		(1,664)	(3)		(8)	(1,751)			(1,844)		5
Average common stockholders’ equity	(B)	162,666			164,634	161,654	165,823		164,898	(1)		(1)	163,694			163,486		—
Adjustments:
Goodwill		(25,170)			(25,172)	(25,172)	(25,174)		(25,173)	—		—	(25,172)			(25,173)		—
Certain identifiable intangible assets (other than MSRs)		(78)			(89)	(101)	(112)		(124)	12		37	(95)			(136)		30
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (1)		(772)			(965)	(965)	(879)		(878)	20		12	(895)			(2,083)		57
Applicable deferred taxes related to goodwill and other intangible assets (2)		945			938	931	924		918	1		3	935			906		3
Average tangible common equity	(C)	$	137,591		139,346	136,347	140,582		139,641	(1)		(1)	$	138,467		137,000		1
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	11.7		%	11.7	11.5	10.5		7.6				11.4		%	11.0	%
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	13.9			13.9	13.7	12.3		9.0				13.4			13.1

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Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)


		Estimated
($ in billions)		Dec 31, 2024			Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023
Total equity		181.1			185.0	178.1	182.7	187.4


Adjustments:
Preferred stock		(18.6)			(18.6)	(16.6)	(18.6)	(19.4)
Additional paid-in capital on preferred stock		0.1			0.1	0.2	0.1	0.1
Noncontrolling interests		(1.9)			(1.7)	(1.7)	(1.7)	(1.7)
Total common stockholders' equity		160.7			164.8	160.0	162.5	166.4
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)
Certain identifiable intangible assets (other than MSRs)		(0.1)			(0.1)	(0.1)	(0.1)	(0.1)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(0.7)			(0.8)	(1.0)	(1.0)	(0.9)
Applicable deferred taxes related to goodwill and other intangible assets (2)		0.9			0.9	0.9	0.9	0.9
Other (3)		(1.0)			(1.3)	(0.4)	(0.4)	(0.3)
Common Equity Tier 1 under the Standardized and Advanced Approaches	(A)	134.6			138.3	134.2	136.7	140.8
Preferred stock		18.6			18.6	16.6	18.6	19.4
Additional paid-in capital on preferred stock		(0.1)			(0.1)	(0.2)	(0.1)	(0.1)
Other		(0.2)			(0.2)	(0.1)	(0.3)	(0.3)
Total Tier 1 capital under the Standardized and Advanced Approaches	(B)	152.9			156.6	150.5	154.9	159.8

Long-term debt and other instruments qualifying as Tier 2		17.6			17.7	18.3	19.0	19.0
Qualifying allowance for credit losses (4)		14.5			14.6	14.7	14.7	14.9
Other		(0.3)			(0.4)	(0.3)	(0.5)	(0.6)
Total Tier 2 capital under the Standardized Approach	(C)	31.8			31.9	32.7	33.2	33.3
Total qualifying capital under the Standardized Approach	(B)+(C)	$	184.7		188.5	183.2	188.1	193.1

Long-term debt and other instruments qualifying as Tier 2		17.6			17.7	18.3	19.0	19.0
Qualifying allowance for credit losses (4)		4.3			4.3	4.4	4.4	4.5
Other		(0.3)			(0.4)	(0.3)	(0.5)	(0.6)
Total Tier 2 capital under the Advanced Approach	(D)	21.6			21.6	22.4	22.9	22.9
Total qualifying capital under the Advanced Approach	(B)+(D)	$	174.5		178.2	172.9	177.8	182.7

Total risk-weighted assets (RWAs) under the Standardized Approach	(E)	$	1,215.8		1,219.9	1,219.5	1,221.6	1,231.7
Total RWAs under the Advanced Approach	(F)	$	1,085.5		1,089.3	1,093.0	1,099.6	1,114.3

Ratios under the Standardized Approach:
Common Equity Tier 1	(A)/(E)	11.1		%	11.3	11.0	11.2	11.4
Tier 1 capital	(B)/(E)	12.6			12.8	12.3	12.7	13.0
Total capital	(B)+(C)/(E)	15.2			15.5	15.0	15.4	15.7

Ratios under the Advanced Approach:
Common Equity Tier 1	(A)/(F)	12.4		%	12.7	12.3	12.4	12.6
Tier 1 capital	(B)/(F)	14.1			14.4	13.8	14.1	14.3
Total capital	(B)+(D)/(F)	16.1			16.4	15.8	16.2	16.4

(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches.

(3)Includes a $60 million increase for each period in 2024 and a $120 million increase for each period in 2023 related to a current expected credit loss accounting standard (CECL) transition provision. In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.

(4)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.

-28-