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Wells Fargo Companymn (WFC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Wells Fargo Company

CIK: 72971 Ticker: WFC
Exhibit 99.1


 
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News Release
 
 
 
Friday, October 12, 2018
Wells Fargo Reports $6.0 Billion in Quarterly Net Income; Diluted EPS of $1.13
Financial results:
Net income of $6.0 billion, compared with $4.5 billion in third quarter 2017
Diluted earnings per share (EPS) of $1.13, compared with $0.83
Third quarter 2018 included the redemption of our Series J Preferred Stock, which reduced diluted EPS by $0.03 per share
Revenue of $21.9 billion, up from $21.8 billion
Net interest income of $12.6 billion, up $123 million, or 1 percent
Noninterest income of $9.4 billion, down $31 million
Noninterest expense of $13.8 billion, down $588 million, or 4 percent
Average deposits of $1.3 trillion, down $40.0 billion, or 3 percent
Average loans of $939.5 billion, down $12.9 billion, or 1 percent
Return on assets (ROA) of 1.27 percent, return on equity (ROE) of 12.04 percent, and return on average tangible common equity (ROTCE) of 14.33 percent1
Credit quality:
Provision expense of $580 million, down $137 million, or 19 percent, from third quarter 2017
Net charge-offs decreased $37 million to $680 million, or 0.29 percent of average loans (annualized)
Reserve release2 of $100 million
Nonaccrual loans of $7.1 billion, down $1.6 billion, or 18 percent
Strong capital position while returning more capital to shareholders:
Common Equity Tier 1 ratio (fully phased-in) of 11.9 percent3
Returned $8.9 billion to shareholders through common stock dividends and net share repurchases, which more than doubled from $4.0 billion in third quarter 2017
Net share repurchases of $6.8 billion, which more than tripled from $2.0 billion
Period-end common shares outstanding down 216.3 million shares, or 4 percent
Quarterly common stock dividend of $0.43 per share, up 10 percent from $0.39 per share
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, 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.
1 Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 36.
2 Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses.
3 See table on page 37 for more information on Common Equity Tier 1. Common Equity Tier 1 (fully phased-in) is a preliminary estimate and is calculated assuming the full phase-in of the Basel III capital rules.



The following information was filed by Wells Fargo Company (WFC) on Friday, October 12, 2018 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet (Parenthetical)
Consolidated Balance Sheet (Unaudited)
Consolidated Statement Of Cash Flows (Unaudited)
Consolidated Statement Of Changes In Equity (Unaudited)
Consolidated Statement Of Changes In Equity (Unaudited) (Parenthetical)
Consolidated Statement Of Comprehensive Income (Unaudited)
Consolidated Statement Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statement Of Income (Unaudited)
Consolidated Statement Of Income (Unaudited) (Parenthetical)
Afs And Htm Debt Securities
Afs And Htm Debt Securities (Tables)
Afs And Htm Debt Securities, Contractual Maturities (Details)
Afs And Htm Debt Securities, Credit Loss Component (Details)
Afs And Htm Debt Securities, Gross Unrealized Losses And Fair Value (Details)
Afs And Htm Debt Securities, Major Categories (Details)
Afs And Htm Debt Securities, Otti Debt Securities (Details)
Afs And Htm Debt Securities, Otti Included In Earnings (Details)
Afs And Htm Debt Securities, Realized Gains And Losses (Details)
Afs And Htm Debt Securities, Unrealized Loss Position, By Credit Rating (Details)
Business Combinations
Business Combinations (Details)
Cash, Loan And Dividend Restrictions
Cash, Loan And Dividend Restrictions (Details)
Cash, Loan And Dividend Restrictions (Tables)
Derivatives
Derivatives (Tables)
Derivatives Credit-Risk Contingent Feature Textuals (Details)
Derivatives, Derivatives In Fair Value And Cash Flow Hedging Relationships (Details)
Derivatives, Derivatives Not Designated As Hedging Instruments (Details)
Derivatives, Fair Value Hedging Basis Adjustment (Details)
Derivatives, Gross Fair Value Of Derivative Assets And Liabilities (Details)
Derivatives, Notional Or Contractual Amounts And Fair Values Of Derivatives (Details)
Derivatives, Sold And Purchased 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, Antidilutive Securities Excluded From The Calculation Of Diluted Earnings Per Common Share (Details)
Earnings Per Common Share, Calculation Of Earnings And Diluted Earnings Per Common Share (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits, Components Of Net Periodic Benefit Cost (Details)
Equity Securities
Equity Securities (Details)
Equity Securities (Tables)
Esop Preferred Stock (Details)
Fair Value, Assets And Liabilities Measured On A Recurring Basis Level 3 Valuation Techniques And Significant Unobservable Inputs (Details)
Fair Value, Assets And Liabilities Measured On Recurring Basis Level 3 Reconciliation (Details)
Fair Value, Assets And Liabilities Measured On Recurring Basis Level 3 Reconciliation Breakout (Details)
Fair Value, Assets And Liabilities Recorded At Fair Value On A Recurring Basis (Details)
Fair Value, Assets Recorded At Fair Value On A Nonrecurring Basis Level 3 Valuation Techniques And Significant Unobservable Inputs (Details)
Fair Value, Assets Recorded At Fair Value On Nonrecurring Basis (Details)
Fair Value, Changes In Fair Value Of Assets Recorded At Fair Value On Nonrecurring Basis (Details)
Fair Value, Estimates For Financial Instruments Excluding Those Recorded At Fair Value On A Recurring Basis (Details)
Fair Value, Measurements From Brokers Or Third Party Pricing Services (Details)
Fair Value, Option, Carrying Amount (Details)
Fair Value, Option, Gains And Losses (Details)
Fair Value, Option, Instrument Specific Credit Risk (Details)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (Tables)
Guarantees, Offsetting Of Resale And Repurchase Agreements And Securities Borrowing And Lending (Details)
Guarantees, Pledged Assets And Collateral
Guarantees, Pledged Assets And Collateral (Details)
Guarantees, Pledged Assets And Collateral (Tables)
Guarantees, Pledged Assets And Collateral Guarantees, Collateral Type And Contractual Maturities Of Repurchase Agreements And Securities Lending Agreements (Details)
Guarantees, Pledged Assets And Collateral Guarantees, Pledged Assets And Collateral, And Other Commitments Guarantees, Other Commitments (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Intangible Assets, Allocation Of Goodwill To Operating Segments (Details)
Intangible Assets, Amortization Expense (Details)
Legal Actions
Legal Actions (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses, 90 Days Or More Past Due And Still Accruing (Details)
Loans And Allowance For Credit Losses, Allowance Activity By Portfolio Segment (Details)
Loans And Allowance For Credit Losses, Allowance By Credit Impairment Methodology (Details)
Loans And Allowance For Credit Losses, Allowance For Credit Losses (Details)
Loans And Allowance For Credit Losses, Commitments To Lend (Details)
Loans And Allowance For Credit Losses, Impaired Loans (Details)
Loans And Allowance For Credit Losses, Impaired Loans, Average Recorded Investment And Interest Income (Details)
Loans And Allowance For Credit Losses, Loans By Credit Quality Indicator, Commercial (Details)
Loans And Allowance For Credit Losses, Loans By Delinquency Status, Commercial (Details)
Loans And Allowance For Credit Losses, Loans By Delinquency Status, Consumer (Details)
Loans And Allowance For Credit Losses, Loans By Fico Score, Consumer (Details)
Loans And Allowance For Credit Losses, Loans By Loan To Value Ratio, Consumer (Details)
Loans And Allowance For Credit Losses, Loans Outstanding (Details)
Loans And Allowance For Credit Losses, Nonaccrual (Details)
Loans And Allowance For Credit Losses, Pci Loans Outstanding (Details)
Loans And Allowance For Credit Losses, Pci, Accretable Yield (Details)
Loans And Allowance For Credit Losses, Pci, By Credit Quality Indicator (Details)
Loans And Allowance For Credit Losses, Pci, By Delinquency Status, Commercial (Details)
Loans And Allowance For Credit Losses, Pci, By Delinquency Status, Consumer (Details)
Loans And Allowance For Credit Losses, Pci, By Fico Score, Consumer (Details)
Loans And Allowance For Credit Losses, Pci, By Loan To Value Ratio, Consumer (Details)
Loans And Allowance For Credit Losses, Significant Activity (Details)
Loans And Allowance For Credit Losses, Troubled Debt Restructurings Modifications By Type (Details)
Loans And Allowance For Credit Losses, Troubled Debt Restructurings, Current Defaults (Details)
Measurement Alternative (Details)
Mortgage Banking Activities
Mortgage Banking Activities (Tables)
Mortgage Banking Activities, Analysis Of Changes In Amortized Msrs (Details)
Mortgage Banking Activities, Analysis Of Changes In Fair Value Msrs (Details)
Mortgage Banking Activities, Analysis Of Changes In Liability For Mortgage Loan Repurchase Losses (Details)
Mortgage Banking Activities, Managed Servicing Portfolio (Details)
Mortgage Banking Activities, Mortgage Banking Noninterest Income (Details)
Net Gains (Losses) From Equity Securities (Details)
Net Interest Income And Net Gains (Losses) On Trading Activities (Details)
Operating Segments
Operating Segments (Details)
Operating Segments (Tables)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Other Comprehensive Income, Components Of Other Comprehensive Income (Details)
Other Comprehensive Income, Cumulative Oci Balances (Details)
Preferred Stock
Preferred Stock (Details)
Preferred Stock (Tables)
Regulatory And Agency Capital Requirements
Regulatory And Agency Capital Requirements (Details)
Regulatory And Agency Capital Requirements (Tables)
Regulatory And Agency Capital Requirements Minimum Required Regulatory Capital Ratios €“ Transition Requirements (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers, Disaggregation Of Revenue (Details)
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, Balance Sheet Transactions With Vies (Details)
Securitizations And Variable Interest Entities, Cash Flows From Sales And Securitization Activity (Details)
Securitizations And Variable Interest Entities, Off-Balance Sheet Loans Sold Or Securitized (Details)
Securitizations And Variable Interest Entities, Residential Mortgage Servicing Rights (Details)
Securitizations And Variable Interest Entities, Retained Interests From Unconsolidated Vies (Details)
Securitizations And Variable Interest Entities, Transactions With Consolidated Vies And Secured Borrowings (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 Assets And Liabilities (Details)
Ticker: WFC
CIK: 72971
Form Type: 10-Q Quarterly Report
Accession Number: 0000072971-18-000471
Submitted to the SEC: Tue Nov 06 2018 6:07:20 AM EST
Accepted by the SEC: Tue Nov 06 2018
Period: Sunday, September 30, 2018
Industry: National Commercial Banks

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