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Wells Fargo Companymn (WFC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Wells Fargo Company

CIK: 72971 Ticker: WFC
Exhibit 99.1

erwellsfargoimagea06b.jpg
News Release | October 14, 2021
Wells Fargo Reports Third Quarter 2021 Net Income of $5.1 billion, or $1.17 per Diluted Share
Company-wide Financial Summary
Quarter ended
Sep 30,
2021
Sep 30,
2020
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue$18,834 19,316 
Noninterest expense13,303 15,229 
Provision for credit losses(1,395)769 
Net income5,122 3,216 
Diluted earnings per
common share
1.17 0.70 
Selected Balance Sheet Data
($ in billions)
Average loans$854.0 931.7 
Average deposits1,450.9 1,399.0 
CET1111.6 %11.4 
Performance Metrics
ROE211.1 %7.2 
ROTCE313.2 8.7 
Operating Segments and Other Highlights
Quarter endedSep 30, 2021
% Change from
($ in billions)Sep 30,
2021
Jun 30,
2021
Sep 30,
2020
Average loans
Consumer Banking and Lending$325.6 (2)%(14)
Commercial Banking178.6 — (12)
Corporate and Investment Banking257.3 
Wealth and Investment Management82.8 
Average deposits
Consumer Banking and Lending848.4 12 
Commercial Banking199.2 11 
Corporate and Investment Banking189.4 (1)(16)
Wealth and Investment Management176.6 
Capital
Repurchased 114.2 million shares, or $5.3 billion, of common stock in third quarter 2021
Increased the common stock dividend to $0.20 per share, up from $0.10 per share in the prior quarter
Third quarter 2021 results included:
$1.7 billion, or $0.30 per share, decrease in the allowance for credit losses
$(250) million, or $(0.05) per share, impact of an operating loss associated with the September 2021 Office of the Comptroller of the Currency (OCC) enforcement action
Chief Executive Officer Charlie Scharf commented on the quarter, “The actions we’re taking to improve operating effectiveness and financial returns are coming through in our results, in addition to the benefits we’re experiencing from the economic recovery. We recorded a $1.7 billion pre-tax reduction in the allowance for credit losses and had strong equity gains. More importantly, charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020. Expenses continued to decline as we made progress on our efficiency initiatives, and we increased our capital return to shareholders by repurchasing $5.3 billion of common stock and increasing our dividend.”

“While the recent expiration of the 2018 CFPB consent order regarding retail sales practices is an important milestone in our progress to correct our past practices, the recent OCC enforcement actions are a reminder that the significant deficiencies that existed when I arrived must remain our top priority. We are a different company today and the operational and cultural changes we’ve made are enabling us to execute with significantly greater discipline than we have in the past. I believe we are making significant progress, and I remain confident in our ability to continue to close the remaining gaps over the next several years, though we may continue to have setbacks along the way,” Scharf continued.

“The investments we’re making in risk and regulatory-related work come alongside investments we’re making in customer experience. These include new digital and mobile capabilities, a new digital infrastructure strategy, and new products with unique value propositions, including the Wells Fargo ReflectSM Card, which is the second new product in our redesigned portfolio of consumer credit cards,” Scharf added.

“Finally, we continue to invest in our communities. We have donated $305 million from our Open for Business Fund, which has helped nearly 150,000 small businesses across the country navigate the challenges posed by the COVID-19 pandemic. Business owners have used the funding to pay their employees, pivot to new business models, buy needed supplies, and meet other business needs. We’re really proud of it,” Scharf concluded.
1 Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 27-28 of the 3Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.
2 Return on equity (ROE) represents Wells Fargo net income (loss) 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 3Q21 Quarterly Supplement.


The following information was filed by Wells Fargo Company (WFC) on Thursday, October 14, 2021 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
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)
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 And Purchased Credit Derivatives (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share 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 And Other Expenses (Details)
Employee Benefits, Components Of Net Periodic Benefit Cost (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)
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, Lease Costs (Details)
Leasing Activity, Leasing Revenue (Details)
Leasing Activity, Operating Lease Right Of Use (Rou) Assets And Lease Liabilities (Details)
Legal Actions
Legal Actions (Details)
Loans And 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, 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)
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
Other Assets (Details)
Other Assets (Tables)
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)
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)
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 (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, Other Transactions (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-Q Quarterly Report
Accession Number: 0000072971-21-000317
Submitted to the SEC: Mon Nov 01 2021 5:19:43 PM EST
Accepted by the SEC: Mon Nov 01 2021
Period: Thursday, September 30, 2021
Industry: National Commercial Banks

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