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Last10K.com | 10-K Annual Report Wed Feb 27 2013
Exhibit 99.1
|
|
| Media | Investors | |||||
| Mary Eshet | Jim Rowe | |||||
| 704-383-7777 | 415-396-8216 |
Friday, January 11, 2013
WELLS FARGO REPORTS RECORD FULL YEAR AND QUARTERLY NET INCOME
2012 Net Income of $18.9 Billion, Up 19% from 2011; Record EPS of $3.36
Q4 Net Income of $5.1 Billion, Up 24% YoY; Record EPS of $0.91
| • | Continued strong financial results: |
| o | Full year 2012: |
| ¡ | Record net income of $18.9 billion, up 19 percent from 2011 |
| ¡ | Record diluted EPS of $3.36, up 19 percent from 2011 |
| ¡ | Revenue of $86.1 billion, up 6 percent from 2011 |
| ¡ | Positive operating leverage (revenue growth of 6 percent exceeded expense growth of 2 percent) |
| ¡ | Returned more capital to shareholders through a higher common stock dividend (up 83 percent), and common stock repurchases (approximately 120 million shares) |
| o | Fourth quarter 2012: |
| ¡ | Record net income of $5.1 billion, up 24 percent from fourth quarter 2011 |
| ¡ | Record diluted EPS of $0.91, up 25 percent from fourth quarter 2011 |
| ¡ | Revenue of $21.9 billion, up 7 percent from fourth quarter 2011 |
| ¡ | Total average core checking and savings deposits up $72.0 billion from fourth quarter 2011 |
| ¡ | Total loans of $799.6 billion, up $29.9 billion from fourth quarter 2011 |
| ¡ | Core loan portfolio up $47.7 billion from fourth quarter 20111 |
| • | Fourth quarter 2012 results2 included: |
| o | $393 million, or $0.05 per share, in above-average quarterly equity gains3 |
| o | $(644) million, or $(0.09) per share, in operating losses from an incremental accrual to fully reserve for the costs associated with the Independent Foreclosure Review (IFR) settlement and additional remediation-related costs |
| o | $(250) million, or $(0.03) per share, in noninterest expense for a contribution to the Wells Fargo Foundation |
| o | $332 million, or $0.06 per share, in lower tax expense due to a benefit associated with the realization for tax purposes of a previously written-down Wachovia life insurance investment |
1 See table on page 6 for more information on core and non-strategic/liquidating loan portfolios.
2 Fourth quarter 2012 effective tax rate of 27.4 percent used in the calculation of per share amounts.
3 Fourth quarter 2012 net gains from equity investments of $715 million were $393 million higher than previous seven quarter average net gains of $322 million.
The following information was filed by Wells Fargo Company (WFC) on Friday, January 11, 2013 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.
View differences made from one year to another to evaluate Wells Fargo Company's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Wells Fargo Company.
Assess how Wells Fargo Company's management team is paid from their Annual Proxy
Wells Fargo Company's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
Tools
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual 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 Changes In Equity (textuals)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Comprehensive Income (alternative)
Consolidated Statement Of Income
Consolidated Statement Of Income (parenthetical)
Business Combinations
Business Combinations (details)
Business Combinations (tables)
Cash, Loan And Dividend Restrictions
Cash, Loan And Dividend Restrictions (details)
Common Stock And Stock Plans
Common Stock And Stock Plans (tables)
Common Stock And Stock Plans Textuals (details)
Common Stock And Stock Plans, Esop (details)
Common Stock And Stock Plans, Restricted Share Rights (details)
Common Stock And Stock Plans, Shares Reserved, Issued And Authorized (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, Weighted-average Per Share Fair Value Of Options Granted (details)
Deposits
Deposits (details)
Deposits (tables)
Derivatives
Derivatives (tables)
Derivatives Textuals (details)
Derivatives, Net Gains (losses) In Income Related To Derivatives Not Designated As Hedging Instruments (details)
Derivatives, Net Gains (losses) In Income Related To Fair Value Hedges (details)
Derivatives, Net Gains (losses) Related To Cash Flow Hedges (details)
Derivatives, Notional Or Contractual Amounts (details)
Derivatives, Sold And Purchased Credit Derivatives (details)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share Textuals (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 And Other Expenses
Employee Benefits And Other Expenses (tables)
Employee Benefits And Other Expenses Textuals (details)
Employee Benefits And Other Expenses, Expenses Not Otherwise Shown Separately In Financial Statements (details)
Employee Benefits, Amounts Recognized In Accumulated Oci And Weighted-average Assumptions In Determining Net Periodic Benefit Cost (details)
Employee Benefits, Balances Of Pension Plan And Other Benefit Plan Assets Measured At Fair Value (details)
Employee Benefits, Changes In Benefit Obligation And Plan Assets (details)
Employee Benefits, Changes In Fair Value In Pension Plan And Other Benefit Plan Assets Measured At Fair Value (details)
Employee Benefits, Components Of Net Periodic Benefit Cost (details)
Employee Benefits, Future Benefits Expected To Be Paid Under The Pension And Other Benefit Plans (details)
Employee Benefits, Pension Plans With Benefit Obligations In Excess Of Plan Assets (details)
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 Not Carried At Fair Value (details)
Fair Value, Investments In Entities That Calculate Net Asset Value Per Share (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 Value, Transfers Between Fair Value Levels (details)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (tables)
Fair Values Of Assets And Liabilities Textuals (details)
Federal Funds Sold, Securities Purchased Under Resale Agreements And Other Short-term Investments
Federal Funds Sold, Securities Purchased Under Resale Agreements And Other Short-term Investments (details)
Federal Funds Sold, Securities Purchased Under Resale Agreements And Other Short-term Investments (tables)
Guarantees, Pledged Assets And Collateral
Guarantees, Pledged Assets And Collateral (details)
Guarantees, Pledged Assets And Collateral (tables)
Guarantees, Pledged Assets And Collateral Textuals (details)
Income Taxes
Income Taxes (tables)
Income Taxes Textuals (details)
Income Taxes, Change In Unrecognized Tax Benefits (details)
Income Taxes, Components Of Income Tax Expense (details)
Income Taxes, Deferred Tax Asset (liability) (details)
Income Taxes, Effective Income Tax Expense And Rate (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 Textual (details)
Loans And Allowance For Credit Losses, 90 Days Past Due And Still Accruing (details)
Loans And Allowance For Credit Losses, Allowance For Credit Losses (details)
Loans And Allowance For Credit Losses, Allowance For Credit Losses By Category (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 Impairment Methodology (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, Allowance For Credit Losses (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)
Long-term Debt
Long-term Debt (tables)
Long-term Debt Textuals (details)
Long-term Debt, Annual Maturities (details)
Long-term Debt, Summary (details)
Mortgage Banking Activities
Mortgage Banking Activities (tables)
Mortgage Banking Activities Textuals (details)
Mortgage Banking Activities, Amortized Mortgage Servicing Rights (details)
Mortgage Banking Activities, Liability For Mortgage Loan Repurchase Losses (details)
Mortgage Banking Activities, Managed Servicing Portfolio Components (details)
Mortgage Banking Activities, Mortgage Servicing Rights Carried At Fair Value (details)
Mortgage Banking Activities, Noninterest Income (details)
Operating Segments
Operating Segments (details)
Operating Segments (tables)
Other Assets (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, Balance Sheet (details)
Parent-only Financial Statements, Statement Of Cash Flows (details)
Parent-only Financial Statements, Statement Of Comprehensive Income (details)
Parent-only Financial Statements, Statement Of Income (details)
Preferred Stock
Preferred Stock (details)
Preferred Stock (tables)
Preferred Stock Textuals (details)
Premises, Equipment And Lease Commitments (details)
Premises, Equipment, Lease Commitments And Other Assets
Premises, Equipment, Lease Commitments And Other Assets (tables)
Premises, Equipment, Lease Commitments And Other Assets Textuals (details)
Regulatory And Agency Capital Requirements
Regulatory And Agency Capital Requirements (details)
Regulatory And Agency Capital Requirements (tables)
Securities Available For Sale
Securities Available For Sale (tables)
Securities Available For Sale Textuals (details)
Securities Available For Sale, Contractual Maturities (details)
Securities Available For Sale, Credit Loss Component (details)
Securities Available For Sale, Gross Unrealized Losses And Fair Value (details)
Securities Available For Sale, Major Categories (details)
Securities Available For Sale, Other-than-temporary Impaired Debt Securities (details)
Securities Available For Sale, Other-than-temporary Impairment (otti), Included In Earnings (details)
Securities Available For Sale, Realized Gains And Losses (details)
Securities Available For Sale, Residential Mortgage-backed Securities, Credit Loss Component (details)
Securities Available For Sale, Unrealized Loss Position, By Credit Rating (details)
Securitizations And Variable Interest Entities
Securitizations And Variable Interest Entities (details)
Securitizations And Variable Interest Entities (tables)
Securitizations And Variable Interest Entities Textual (details)
Securitizations And Variable Interest Entities, Cash Flow Securitizations (details)
Securitizations And Variable Interest Entities, Key Economic Assumptions - Mortgage Servicing Assets (details)
Securitizations And Variable Interest Entities, Key Economic Assumptions - Mortgage Servicing Rights (details)
Securitizations And Variable Interest Entities, Principal Balances Of Off-balance Sheet Securitized Loans (details)
Securitizations And Variable Interest Entities, Secured Borrowing And Consolidated Variable Interest Entity (details)
Securitizations And Variable Interest Entities, Significant Continuing Involvement - Unconsolidated Vies (details)
Short-term Borrowings
Short-term Borrowings (details)
Short-term Borrowings (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Material Contracts, Statements, Certifications & more
Wells Fargo Company provided additional information to their SEC Filing as exhibits
Exhibit 3.(A): Articles Of Incorporation
Exhibit 10.(A): Material Contract
Exhibit 10.(E): Material Contract
Exhibit 12.(A): Statement Regarding Calculation Of Ratios
Exhibit 12.(B): Statement Regarding Calculation Of Ratios
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
Exhibit 99: Additional Exhibits
Ticker: WFC
CIK: 72971
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-078820
Submitted to the SEC: Wed Feb 27 2013 11:07:48 AM EST
Accepted by the SEC: Wed Feb 27 2013
Period: Monday, December 31, 2012
Industry: National Commercial Banks
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