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Wells Fargo Companymn (WFC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Wells Fargo Company

CIK: 72971 Ticker: WFC
Exhibit 99.1
erwellsfargoimagea06b.jpg
News Release | January 14, 2022
Wells Fargo Reports Fourth Quarter 2021 Net Income of $5.8 billion, or $1.38 per Diluted Share
Full Year 2021 Net Income of $21.5 billion, or $4.95 per Diluted Share

Company-wide Financial Summary
Quarter ended
Dec 31,
2021
Dec 31,
2020
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue$20,856 18,489 
Noninterest expense13,198 14,802 
Provision for credit losses(452)(179)
Net income5,750 3,091 
Diluted earnings per common share1.38 0.66 
Selected Balance Sheet Data
($ in billions)
Average loans$875.0 899.7 
Average deposits1,470.0 1,380.1 
CET1111.4 %11.6 
Performance Metrics
ROE212.8 %6.6 
ROTCE315.3 8.0 
Operating Segments and Other Highlights
Quarter endedDec 31, 2021
% Change from
($ in billions)Dec 31,
2021
Sep 30,
2021
Dec 31,
2020
Average loans
Consumer Banking and Lending$325.4 — %(13)
Commercial Banking184.6 (3)
Corporate and Investment Banking272.0 13 
Wealth and Investment Management84.0 
Average deposits
Consumer Banking and Lending864.4 13 
Commercial Banking207.7 12 
Corporate and Investment Banking182.1 (4)(12)
Wealth and Investment Management180.9 
Capital
Repurchased 139.7 million shares, or $7.0 billion, of common stock in fourth quarter 2021

Fourth quarter 2021 results included:
$943 million, or $0.18 per share, net gain on the sales of our Corporate Trust Services (CTS) business and Wells Fargo Asset Management (WFAM)
$875 million, or $0.17 per share, decrease in the allowance for credit losses
($268) million, or ($0.05) per share, impairment of certain leased rail cars
Chief Executive Officer Charlie Scharf commented, “As I look back on my slightly more than two years at Wells Fargo, I’m incredibly proud of what our team has accomplished as we remake this incredible franchise. We have made sweeping changes to the leadership and culture, made significant progress on our risk, regulatory, and control work, improved the efficiency of the company while investing in our business in a more holistic and aggressive way, and have taken a different approach to our customer- and community-facing responsibilities as a large public company. And those on the front lines have worked fearlessly and tirelessly to support our customers through incredibly difficult circumstances.”
“In 2021, we improved our financial returns, including reducing our expenses and returning a significant amount of excess capital to our shareholders by increasing our dividend and repurchasing $14.5 billion of common stock. We also had strong deposit growth and while loan demand was weak early in the year, loans grew 5% in the second half with growth in both our consumer and commercial portfolios. As the economy continued to recover we saw increased consumer spending, higher investment banking fees, higher asset-based fees in our Wealth and Investment Management business, and strong equity gains in our affiliated venture capital and private equity businesses. We continued to manage credit well and the strong economic environment helped reduce charge-offs to historical lows and our results benefitted from reductions in our allowance for credit losses,” Scharf added.
“The changes we’ve made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022. But we also remain cognizant that we still have a multiyear effort to satisfy our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put exposures related to our historical practices behind us,” Scharf continued.
“As we look forward, we will continue to be aggressive in driving progress and improvement in our performance, embrace our responsibility to our customers and communities, and I remain incredibly optimistic about our future,” Scharf concluded.
1 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 27-28 of the 4Q21 Quarterly Supplement for more information on CET1. CET1 for December 31, 2021, is a preliminary estimate.
2 Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
3 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25-26 of the 4Q21 Quarterly Supplement.


The following information was filed by Wells Fargo Company (WFC) on Friday, January 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document - Cover Page
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Afs And Htm Debt Securities
Afs And Htm Debt Securities (Tables)
Afs And Htm Debt Securities, Gross Unrealized Losses And Fair Value (Details)
Afs And Htm Debt Securities, Htm Debt Securities Purchases And Transfers (Details)
Afs And Htm Debt Securities, Income Statement Impacts (Details)
Afs And Htm Debt Securities, Investment Grade Debt Securities (Details)
Afs And Htm Debt Securities, Outstanding (Details)
Afs Debt Securities, Contractual Maturities (Details)
Cash Restrictions (Details)
Common Stock And Stock Plans
Common Stock And Stock Plans (Tables)
Common Stock And Stock Plans, Common Stock Shares Reserved, Issued And Authorized (Details)
Common Stock And Stock Plans, Employee Stock Ownership Plan (Details)
Common Stock And Stock Plans, Stock Incentive Compensation Expense (Details)
Common Stock And Stock Plans, Stock Option Plans (Details)
Common Stock And Stock Plans, Summary Of Performance Awards (Details)
Common Stock And Stock Plans, Summary Of Restricted Share Rights And Restricted Share Awards (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivatives
Derivatives (Tables)
Derivatives Derivatives, Credit-Risk Contingent Feature Textuals (Details)
Derivatives, Derivatives Not Designated As Hedging Instruments (Details)
Derivatives, Fair Value Hedging Basis Adjustment (Details)
Derivatives, Gains (Losses) Recognized On Cash Flow Hedging Relationships (Details)
Derivatives, Gains (Losses) Recognized On Fair Value Hedging Relationships (Details)
Derivatives, Gross Fair Values Of Derivative Assets And Liabilities (Details)
Derivatives, Notional Or Contractual Amounts And Fair Values Of Derivatives (Details)
Derivatives, Sold Credit Derivatives (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share, Dividends Declared Per Common Shares (Details)
Earnings Per Common Share, Earnings Per Common Share Calculations (Details)
Earnings Per Common Share, Outstanding Anti-Dilutive Securities (Details)
Employee Benefits And Other Expenses
Employee Benefits And Other Expenses (Details)
Employee Benefits And Other Expenses (Tables)
Employee Benefits, Benefits Recognized In Cumulative Oci And Weighted-Average Assumptions In Determining Net Periodic Benefit Cost (Details)
Employee Benefits, Changes In Benefit Obligation And Fair Value Of Plan Assets (Details)
Employee Benefits, Fair Value Level 3 Pension And Other Benefit Plan Assets (Details)
Employee Benefits, Net Periodic Benefit Cost And Other Comprehensive Income (Details)
Employee Benefits, Pension And Other Benefit Plan Assets (Details)
Employee Benefits, Pension Plans With Benefit Obligations In Excess Of Plan Assets (Details)
Employee Benefits, Projected Benefits Payments (Details)
Equity Securities
Equity Securities (Details)
Equity Securities (Tables)
Equity Securities - Low-Income Housing Tax Credit Investments (Details)
Equity Securities Measurement Alternative Cumulative Gains (Losses) (Details)
Equity Securities Net Gains (Losses) From Equity Securities (Details)
Equity Securities Net Gains (Losses) From Measurement Alternative Equity Securities (Details)
Esop Preferred Stock (Details)
Fair Value, Assets And Liabilities, Changes In Level 3 Fair Value Assets And Liabilities On A Recurring Basis (Details)
Fair Value, Assets And Liabilities, Changes In Value Of Assets With Nonrecurring Fair Value Adjustment (Details)
Fair Value, Assets And Liabilities, Fair Value Estimates For Financial Instruments (Details)
Fair Value, Assets And Liabilities, Fair Value On A Nonrecurring Basis (Details)
Fair Value, Assets And Liabilities, Fair Value On A Recurring Basis (Details)
Fair Value, Assets And Liabilities, Fair Value Option (Details)
Fair Value, Assets And Liabilities, Valuation Techniques - Nonrecurring Basis (Details)
Fair Value, Assets And Liabilities, Valuation Techniques - Recurring Basis (Details)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (Tables)
Guarantees - Carrying Value And Maximum Exposure To Loss (Details)
Guarantees And Other Commitments
Guarantees And Other Commitments (Tables)
Htm Debt Securities, Contractual Maturities (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes, Change In Unrecognized Tax Benefits (Details)
Income Taxes, Components Of Income Tax Expense (Benefit) (Details)
Income Taxes, Effective Income Tax Expense (Benefit) And Rate (Details)
Income Taxes, Net Deferred Tax Asset (Liability) (Details)
Income Taxes, Tax Examination Status (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Intangible Assets, Allocation Of Goodwill To Operating Segments (Details)
Intangible Assets, Amortization Expense (Details)
Leasing Activity
Leasing Activity (Tables)
Leasing Activity, Investment In Lease Financing (Details)
Leasing Activity, Lease Costs (Details)
Leasing Activity, Lease Payments On Operating Leases (Details)
Leasing Activity, Leasing Revenue (Details)
Leasing Activity, Maturities Of Lease Receivables (Details)
Leasing Activity, Operating Lease Right-Of-Use (Rou) Assets And Lease Liabilities (Details)
Legal Actions
Legal Actions (Details)
Loan And Dividend Restrictions (Details)
Loans And Related Allowance For Credit Losses
Loans And Related Allowance For Credit Losses (Tables)
Loans And Related Allowance For Credit Losses, 90 Days Or More Past Due And Still Accruing (Details)
Loans And Related Allowance For Credit Losses, Allowance For Credit Losses For Loans (Details)
Loans And Related Allowance For Credit Losses, Allowance For Credit Losses For Loans Activity By Portfolio Segment (Details)
Loans And Related Allowance For Credit Losses, Commercial Loan Categories By Risk Categories And Vintage (Details)
Loans And Related Allowance For Credit Losses, Commitments To Lend (Details)
Loans And Related Allowance For Credit Losses, Loan Concentrations (Details)
Loans And Related Allowance For Credit Losses, Loans By Delinquency Status, Commercial (Details)
Loans And Related Allowance For Credit Losses, Loans By Delinquency Status, Consumer (Details)
Loans And Related Allowance For Credit Losses, Loans By Fico Score, Consumer (Details)
Loans And Related Allowance For Credit Losses, Loans By Loan To Value Ratio, Consumer (Details)
Loans And Related Allowance For Credit Losses, Loans Outstanding (Details)
Loans And Related Allowance For Credit Losses, Nonaccrual (Details)
Loans And Related Allowance For Credit Losses, Significant Activity (Details)
Loans And Related Allowance For Credit Losses, Troubled Debt Restructurings Modifications By Type (Details)
Loans And Related Allowance For Credit Losses, Troubled Debt Restructurings, Current Defaults (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt, Maturities (Details)
Long-Term Debt, Summary (Details)
Mortgage Banking Activities
Mortgage Banking Activities (Tables)
Mortgage Banking Activities, Analysis Of Changes In Fair Value Msrs (Details)
Mortgage Banking Activities, Economic Assumptions And Sensitivity Of Residential Msrs (Details)
Mortgage Banking Activities, Managed Servicing Portfolio (Details)
Mortgage Banking Activities, Mortgage Banking Noninterest Income (Details)
Operating Segments
Operating Segments (Details)
Operating Segments (Tables)
Other Assets (Details)
Other Commitments (Details)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Other Comprehensive Income, Components Of Other Comprehensive Income (Details)
Other Comprehensive Income, Cumulative Oci Balances (Details)
Parent-Only Financial Statements
Parent-Only Financial Statements (Tables)
Parent-Only Financial Statements, Parent-Only Balance Sheet (Details)
Parent-Only Financial Statements, Parent-Only Statement Of Cash Flows (Details)
Parent-Only Financial Statements, Parent-Only Statement Of Comprehensive Income (Details)
Parent-Only Financial Statements, Parent-Only Statement Of Income (Details)
Pledged Assets (Details)
Pledged Assets And Collateral
Pledged Assets And Collateral (Tables)
Pledged Assets, Collateral Type And Contractual Maturities Of Gross Obligations (Details)
Pledged Assets, Offsetting - Securities Financing Activities (Details)
Preferred Stock
Preferred Stock (Details)
Preferred Stock (Tables)
Premises, Equipment And Other Assets
Premises, Equipment And Other Assets (Tables)
Premises, Equipment And Other Assets, Premises And Equipment (Details)
Regulatory And Agency Capital Requirements (Details)
Regulatory And Agency Capital Requirements Minimum Required Regulatory Capital Ratios ??? Transition Requirements (Details)
Regulatory Capital Requirements And Other Restrictions
Regulatory Capital Requirements And Other Restrictions (Tables)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges, Accruals For Restructuring Charges (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers, Revenue By Operating Segment (Details)
Securitizations And Variable Interest Entities
Securitizations And Variable Interest Entities (Tables)
Securitizations And Variable Interest Entities, Off-Balance Sheet Loans Sold Or Securitized (Details)
Securitizations And Variable Interest Entities, Resecuritization Activities (Details)
Securitizations And Variable Interest Entities, Residential Mortgage Servicing Rights (Details)
Securitizations And Variable Interest Entities, Sale Of Student Loan Portfolio (Details)
Securitizations And Variable Interest Entities, Transactions With Consolidated Vies (Details)
Securitizations And Variable Interest Entities, Transfers With Continuing Involvement (Details)
Securitizations And Variable Interest Entities, Unconsolidated Vies (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Trading Activities
Trading Activities (Tables)
Trading Activities Net Interest Income And Net Gains (Losses) On Trading Activities (Details)
Trading Assets And Liabilities (Details)
Ticker: WFC
CIK: 72971
Form Type: 10-K Annual Report
Accession Number: 0000072971-22-000096
Submitted to the SEC: Tue Feb 22 2022 5:01:56 PM EST
Accepted by the SEC: Tue Feb 22 2022
Period: Friday, December 31, 2021
Industry: National Commercial Banks

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