Wells Fargo Company (WFC) 10-K Annual Report February 2020


•	Operating losses of $1.9 billion, driven by $1.5 billion, or ($0.33) per share, of litigation accruals for a variety of matters, including previously disclosed retail sales practices matters; a majority of the litigation accruals was not tax deductible


◦	Revenue of $19.9 billion, down from $21.0 billion in fourth quarter 2018


•	Net interest income of $11.2 billion, down $1.4 billion


•	Noninterest income of $8.7 billion, up $324 million


◦	Noninterest expense of $15.6 billion, up $2.3 billion primarily due to higher operating losses


◦	Average loans of $956.5 billion, up $10.2 billion, or 1%


◦	Average deposits of $1.3 trillion, up $53.0 billion, or 4%


◦	Credit quality:


•	Provision expense of $644 million, up $123 million from fourth quarter 2018


▪	Net charge-offs of $769 million, up $48 million


◦	Net charge-offs of 0.32% of average loans (annualized), up from 0.30%


▪	Reserve release¹ of $125 million, compared with a $200 million release in fourth quarter 2018


•	Nonaccrual loans of $5.3 billion, down $1.2 billion, or 18%


◦	Strong capital position while returning more capital to shareholders:


•	Common Equity Tier 1 ratio of 11.1%²


•	Returned $9.0 billion to shareholders in fourth quarter 2019 through common stock dividends and net share repurchases, up from $8.8 billion in fourth quarter 2018


▪	Quarterly common stock dividend of $0.51 per share, up 19% from $0.43 per share


▪	Period-end common shares outstanding down 446.8 million shares, or 10%


▪	Full year 2019 financial results:


◦	Net income of $19.5 billion and diluted earnings per share (EPS) of $4.05


◦	Return on assets (ROA) of 1.02%, return on equity (ROE) of 10.23%, and return on average tangible common equity (ROTCE) of 12.20%³

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, 2019, 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 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.

² See table on page 37 for more information on Common Equity Tier 1. Common Equity Tier 1 is a preliminary estimate.

³ Tangible common equity 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 page 36.

The following information was filed by Wells Fargo Company (WFC) on Tuesday, January 14, 2020 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

Material Contracts, Statements, Certifications & more

Wells Fargo Company provided additional information to their SEC Filing as exhibits

Exhibit 3.A: Articles Of Incorporation

Exhibit 4.C: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.A: Material Contract

Exhibit 10.D: Material Contract

Exhibit 10.H: Material Contract

Exhibit 13: Report To Security Holders

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.A: Section 1350 Certification

Exhibit 32.B: Section 1350 Certification

Ticker: WFC
CIK: 72971
Form Type: 10-K Annual Report
Accession Number: 0000072971-20-000217
Submitted to the SEC: Wed Feb 26 2020 9:51:08 PM EST
Accepted by the SEC: Thu Feb 27 2020
Period: Tuesday, December 31, 2019
Industry: National Commercial Banks

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Wells Fargo Companymn (WFC) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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