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 Wells Fargo Reports $5.3 Billion in Quarterly Net Income
   Friday, January 13, 2017 8:00:15 AM ET

Wells Fargo & Company (WFC ):

-- Full year 2016 -- Net income of $21.9 billion, compared with $22.9 billion in 2015

-- Diluted earnings per share (EPS) of $3.99, compared with $4.12

-- Revenue of $88.3 billion, up 3 percent

-- Return on assets (ROA) of 1.16 percent and return on equity (ROE) of 11.49 percent

-- Returned $12.5 billion to shareholders through common stock dividends and net share repurchases

-- Fourth quarter 2016 -- Net income of $5.3 billion, compared with $5.6 billion in fourth quarter 2015 -- Included net hedge ineffectiveness accounting impact of $(592) million



-- Diluted EPS of $0.96, compared with $1.00 -- Included net hedge ineffectiveness accounting impact of $(0.07)

-- Revenue of $21.6 billion, consistent with fourth quarter 2015 -- Net interest income of $12.4 billion, up 7 percent

-- ROA of 1.08 percent and ROE of 10.94 percent

-- Total average loans of $964.1 billion, up $51.9 billion, or 6 percent

-- Total average deposits of $1.3 trillion, up $67.3 billion, or 6 percent

-- Provision expense of $805 million, down $26 million, or 3%

-- Nonaccrual loans of $10.4 billion, down $998 million, or 9 percent

-- Common Equity Tier 1 ratio (fully phased-in) of 10.7 percent(1)

                                                                                                                                           
Selected Financial Information
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  Quarter ended                                       Year ended Dec. 31,
                                                                                      ------------------------------------------------------------------------------------------                     -------------------------------------
                                                                                         Dec 31,                                           Sep 30,   Dec 31,                               
                                                      2016        2016      2015      2016      2015
---------------------------------------------------------------  -------------------- ---------  -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
Earnings
Diluted earnings per common share                                                        $  0.96                                              1.03                         1.00                         3.99                         4.12
Wells Fargo net income (in billions)                                                        5.27                                              5.64                         5.58                        21.94                        22.89
Return on assets (ROA)                                                                      1.08                    %                         1.17                         1.24                         1.16                         1.31
Return on equity (ROE)                                                                     10.94                                             11.60                        11.93                        11.49                        12.60
Return on average tangible common equity (ROTCE)(a)                                        13.16                                             13.96                        14.30                        13.85                        15.17
Asset Quality
Net charge-offs (annualized) as a % of average total loans                                  0.37                    %                         0.33                         0.36                         0.37                         0.33
Allowance for credit losses as a % of total loans                                           1.30                                              1.32                         1.37                         1.30                         1.37
Allowance for credit losses as a % of annualized net charge-offs                             348                                               396                          380                          356                          433
Other
Revenue (in billions)                                                                    $  21.6                                              22.3                         21.6                         88.3                         86.1
Efficiency ratio (b)                                                                        61.2                    %                         59.4                         58.4                         59.3                         58.1
Average loans (in billions)                                                              $ 964.1                                             957.5                        912.3                        950.0                        885.4
Average deposits (in billions)                                                           1,284.2                                           1,261.5                      1,216.8                      1,250.6                      1,194.1
Net interest margin                                                      2.87                    %      2.82      2.92      2.86      2.95
------------------------------------------------------------------------------------- ------------------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
(a) 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 investments 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 35.
(b) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
 

Wells Fargo & Company (WFC ) reported diluted earnings per common share of $3.99 for 2016, compared with $4.12 for 2015. Full year net income in 2016 was $21.9 billion, compared with $22.9 billion in 2015. For fourth quarter 2016, net income was $5.3 billion, or $0.96 per share, compared with $5.6 billion, or $1.00 per share, for fourth quarter 2015, and $5.6 billion, or $1.03 per share, for third quarter 2016.

Chief Executive Officer Tim Sloan said, "We continued to make progress in the fourth quarter in rebuilding the trust of our customers, team members and other key stakeholders. I am pleased with the progress we have made in customer remediation, the ongoing review of sales practices across the company and fulfilling our regulatory requirements for sales practices matters. As planned, we launched our new Retail Bank compensation program this month, which is based on building lifelong relationships with our customers. While we have more work to do, I am proud of the effort of our entire team to make things right for our customers and team members and to continue building a better Wells Fargo for the future."

Chief Financial Officer John Shrewsberry said, "Wells Fargo had solid underlying performance in the fourth quarter as we continued to benefit from our diversified business model. Net interest income increased from the prior quarter, largely driven by growth in loans and investments, as well as higher interest rates. Noninterest income declined from the prior quarter due to net hedge accounting ineffectiveness associated with our hedging of long-term debt as part of our asset/liability management program, as well as lower market-sensitive revenue. Other sources of noninterest income were diversified and stable with the prior quarter. Credit quality remained solid in the quarter, and we returned $3.0 billion to shareholders in the quarter, with a full year 2016 net payout ratio(2) of 61 percent."

Net Interest Income

Net interest income in fourth quarter 2016 increased $450 million from third quarter 2016 to $12.4 billion, primarily due to growth in loans and investment securities, higher interest income on trading assets, higher variable income including periodic dividends and fees, and a modest benefit from higher interest rates in the quarter.

Net interest margin was 2.87 percent, up 5 basis points from third quarter 2016, driven by growth in loans, investment securities and trading assets, and the impact from higher interest rates. Income from variable sources contributed approximately two basis points in the quarter. These benefits were partially offset by growth in funding balances, primarily long-term debt and deposits.

Noninterest Income

Noninterest income in the fourth quarter was $9.2 billion, compared with $10.4 billion in third quarter 2016. Fee income in many of the businesses in the quarter was stable compared with the prior quarter; however, linked-quarter results included a $592 million loss due to the impact of higher interest rates and currency movements on hedging results (net hedge ineffectiveness accounting loss) reflected in Other income. The linked-quarter decline also reflected decreases in trading income and mortgage banking fees, partially offset by higher equity gains and stronger investment banking fees.

Net loss from trading activities was $109 million in the fourth quarter, compared with a net gain of $415 million in the third quarter. Of the total linked-quarter decline of $524 million, $223 million resulted from a decrease in secondary trading, reflecting lower client volumes compared with a strong third quarter, as well as seasonality and fewer trading days in the quarter. Market-driven changes in credit spreads and higher swap rates resulted in a $61 million decline from credit valuation adjustments (CVA) in the quarter. Additionally, $204 million of the decline was associated with items that were offset in other areas, and were therefore neutral to net income:

-- $98 million of losses resulted from certain hedged trading positions in our equity and residential mortgage-backed security books in which dividend and interest payments were recognized in net interest income and corresponding declines in the value of associated hedges were reflected in trading losses.

-- Deferred compensation trading gains, which were largely offset in employee benefits expense, declined $106 million from the third quarter.

Mortgage banking noninterest income was $1.4 billion, compared with $1.7 billion in third quarter 2016. Residential mortgage loan originations were $72 billion in the fourth quarter, up from $70 billion in the third quarter. The production margin on residential held-for-sale mortgage loan originations(3) was 1.68 percent, down from 1.81 percent in the third quarter. Mortgage servicing income declined to $196 million in the fourth quarter from $359 million in the third quarter, primarily due to higher unreimbursed servicing costs.

Other income was $(382) million, compared with $315 million in third quarter, and included $592 million in hedge ineffectiveness losses, net of related economic hedges, resulting from certain key interest rate and foreign currency fluctuations. Full year 2016 net hedge ineffectiveness losses were $15 million, as prior quarters included net gains. Substantially all of the ineffectiveness related to hedges of U.S. dollar and non-U.S. dollar long-term debt.

Background on Hedge Ineffectiveness

As part of Wells Fargo’s ongoing funding strategy, the Company is a regular issuer of long-term debt, which typically is fixed rate in order to meet the demands of debt investors. As part of the Company’s asset/liability management program, however, this fixed rate is typically swapped to floating rate in order to balance the Company’s deposit-oriented liability structure to better align with the interest rate sensitivity characteristics of the Company’s assets. While the majority of long-term debt is issued in U.S. dollars, non-U.S. dollar issuances are also used to diversify funding sources. Any non-U.S. dollar issuance is either swapped to U.S. dollars or is identified to be directly funding non-U.S. dollar assets. While the Company believes this hedging strategy is prudent from an asset/liability management perspective, it is generally not possible to achieve a perfect accounting hedge due to differences in the required valuation measurement of the hedging instrument, such as an interest rate swap, and the hedged risk component of the Company’s long-term debt.

From an accounting standpoint, the measurement of the "effectiveness" of the hedge occurs throughout the quarter up to and including the last day of the quarter and results, therefore, can be affected by that point-in time calculation. While the hedge ineffectiveness recognized over the life of hedging relationships is expected to be zero as long as hedge accounting is maintained and the hedges are held to maturity, periodic ineffectiveness is recognized in other noninterest income as interest rate and foreign currency fluctuations occur. In first quarter 2016, for example, a sharp decline in interest rates and foreign currency fluctuations drove a net hedge accounting gain of $379 million in the Company’s other noninterest income. Conversely, the net hedge accounting losses in fourth quarter 2016 were driven by a sharp increase in certain interest rates and foreign currency fluctuations. Reported results in any quarter can also be affected by a related but separate economic hedging strategy the Company employs, also utilizing interest rate swaps, to partially offset the periodic volatility caused by the required effectiveness measurement.

The Financial Accounting Standards Board issued an exposure draft on hedge accounting guidelines and is expected to issue new guidance in 2017. If issued in its current form, the interest rate-related ineffectiveness associated with the Company’s long-term debt hedges would be significantly reduced.

Noninterest Expense

Noninterest expense in the fourth quarter declined $53 million from the prior quarter to $13.2 billion, primarily due to lower operating losses, charitable donations, which were elevated in the third quarter due to a $107 million donation to the Wells Fargo Foundation, and deferred compensation expense (included in employee benefits expense and largely offset in revenue). Fourth quarter expenses included typically higher outside professional services, equipment, and advertising. Fourth quarter foreclosed asset expense increased from the third quarter which included an elevated level of commercial real estate recoveries. The efficiency ratio increased to 61.2 percent in fourth quarter 2016, compared with 59.4 percent in the prior quarter, primarily due to the impact of hedge ineffectiveness losses on revenue. The efficiency ratio for full year 2016 was 59.3 percent. The Company expects the efficiency ratio to remain at an elevated level.

Loans

Total loans were $967.6 billion at December 31, 2016, up $6.3 billion from September 30, 2016. Loan growth in the quarter was affected by the deconsolidation of certain previously sold reverse mortgage loans, which resulted from the sale of the related servicing, and reduced real estate 1-4 family first mortgages by $3.8 billion (offset in long-term debt). Commercial and industrial, commercial real estate, credit card and lease financing all grew in the quarter, while real estate 1-4 family junior lien mortgage and automobile declined. Total average loans were $964.1 billion in the fourth quarter, up $6.7 billion from the prior quarter.

                                                                                                                        
Period-End Loan Balances                      
------------------------- -------------------- --------------------  -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                             Dec 31,                                   Sep 30,                                   Jun 30,                                   Mar 31,                                   Dec 31,
(in millions)                                2016                   2016                   2016                   2016                   2015
------------------------- -------------------- --------------------  -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Commercial                                              $    506,536                                   496,454                                   494,538                                   488,205                                   456,583
Consumer                                  461,068                464,872                462,619                459,053                459,976
------------------------- -------------------- ------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Total loans                       $    967,604                961,326                957,157                947,258                916,559
------------------------- -------------------- ---------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Change from prior quarter            $      6,278                  4,169                  9,899                 30,699                 13,326
------------------------- -------------------- ---------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                         

Investment Securities

Investment securities were $407.9 billion at December 31, 2016, up $17.1 billion from third quarter, as approximately $44 billion of purchases, predominantly federal agency mortgage-backed securities in the available-for-sale portfolio, were partially offset by run-off.

Net unrealized losses on available-for-sale securities were $1.8 billion at December 31, 2016, compared with net unrealized gains on available-for-sale securities of $4.5 billion at September 30, 2016, as the impact from higher interest rates was partially offset by tighter credit spreads.

Deposits

Total average deposits for fourth quarter 2016 were $1.3 trillion, up 2 percent from the prior quarter, driven by both commercial and consumer growth. The average deposit cost for fourth quarter 2016 was 12 basis points, up 1 basis point from the prior quarter.

Capital

Capital levels remained strong in the fourth quarter, with a Common Equity Tier 1 ratio (fully phased-in) of 10.7 percent(1). While flat from the prior quarter, Common Equity Tier 1 experienced a decline due to changes in unrealized gains/losses recognized in Other comprehensive income (OCI) resulting from higher interest rates experienced in the fourth quarter, which were largely offset by a decline in standardized risk-weighted assets, primarily due to a decrease in the Company’s exposure to counterparty risk. In fourth quarter 2016, the Company repurchased 24.9 million shares of its common stock and entered into a $750 million forward repurchase transaction, which settled on January 12, 2017, for 14.7 million shares. The Company paid a quarterly common stock dividend of $0.38 per share, up from $0.375 per share a year ago.

Credit Quality

"Credit results were stable in the fourth quarter and overall credit quality continued to be driven by strong performance in the commercial and consumer real estate portfolios," said Chief Risk Officer Mike Loughlin. "Continued improvement in residential real estate and stabilization in oil and gas industry conditions drove a $100 million reserve release(4) in the fourth quarter."

Net Loan Charge-offs

The quarterly loss rate of 0.37 percent (annualized) reflected commercial losses of 0.20 percent and consumer losses of 0.56 percent. Credit losses were $905 million in fourth quarter 2016, up $100 million, from third quarter 2016. Consumer losses increased $64 million, driven by losses in the credit card, automobile and other revolving credit and installment portfolios. Commercial losses were up $36 million, driven by $32 million in lower recoveries.

                                                
Net Loan Charge-Offs                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      --------------------
                                                                                                                                                                                                                                                                                                         Quarter ended  
                                                                    --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     December 31, 2016                                                                                           September 30, 2016                                                                                                June 30, 2016  
------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------                      -----------------------------------------------------------------------------------------------------------------------------                      -----------------------------------------------------------------------------------------------------------------------------
                                                                                                     Net loan                                   As a % of                                                                            Net loan                                   As a % of                                                                            Net loan                                   As a % of
                                                                                                      charge-                                                        average                                                                             charge-                                                        average                                                                             charge-                                                        average
($ in millions)                                                                       offs                loans (a)                                          offs                loans (a)                                          offs                loans (a)  
---------------------------------------------  -------------------- ----------------------------------------  -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------  -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------  -------------------- -------------------- -------------------- --------------------
Commercial:
   Commercial and industrial                                                           $                  256                                                           0.31                    %                                         $                  259                                                           0.32                    %                                         $                  368                                                           0.46                    %
   Real estate mortgage                                                                                   (12 )                                                        (0.04 )                                                                               (28 )                                                        (0.09 )                                                                               (20 )                                                        (0.06 )
   Real estate construction                                                                                (8 )                                                        (0.13 )                                                                               (18 )                                                        (0.32 )                                                                                (3 )                                                        (0.06 )
   Lease financing                                                                      15                                        0.32                                                                                   2                                        0.04                                                                                  12                                        0.27
------------------------------------------------------------------- --------------------------------------------------------------                                                                                     --------------------------------------------------------------                                                                                     --------------------------------------------------------------
Total commercial                                                                       251                                        0.20                                                                                 215                                        0.17                                                                                 357                                        0.29
------------------------------------------------------------------- --------------------------------------------------------------                                                                                     --------------------------------------------------------------                                                                                     --------------------------------------------------------------
Consumer:
   Real estate 1-4 family first mortgage                                                                   (3 )                                               --                                                                                  20                                                           0.03                                                                                  14                                                           0.02  
   Real estate 1-4 family junior lien mortgage                                                             44                                                           0.38                                                                                  49                                                           0.40                                                                                  62                                                           0.49
   Credit card                                                                                            275                                                           3.09                                                                                 245                                                           2.82                                                                                 270                                                           3.25
   Automobile                                                                                             166                                                           1.05                                                                                 137                                                           0.87                                                                                  90                                                           0.59
   Other revolving credit and installment                                              172                                        1.70                                                                                 139                                        1.40                                                                                 131                                        1.32
------------------------------------------------------------------- --------------------------------------------------------------                                                                                     --------------------------------------------------------------                                                                                     --------------------------------------------------------------
Total consumer                                                                         654                                        0.56                                                                                 590                                        0.51                                                                                 567                                        0.49
------------------------------------------------------------------- --------------------------------------------------------------                                                                                     --------------------------------------------------------------                                                                                     --------------------------------------------------------------
      Total                                                         $                  905                                        0.37                    %                                         $                  805                                        0.33                    %                                         $                  924                                        0.39                    %
------------------------------------------------------------------- -------------------- -------------------- --------------------                                                                                     -------------------- -------------------- --------------------                                                                                     -------------------- -------------------- --------------------
                                                                     
------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(a) Quarterly net charge-offs as a percentage of average loans are
annualized. See explanation on page 31 of the accounting for
purchased credit-impaired (PCI) loans and the impact on selected
financial ratios.
 

Nonperforming Assets

Nonperforming assets decreased $644 million from third quarter 2016 to $11.4 billion. Nonaccrual loans decreased $602 million from third quarter to $10.4 billion reflecting lower consumer real estate, commercial and industrial, and commercial real estate nonaccruals.

                                                                                                                                                                                                                                                    
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       December 31, 2016                                                             September 30, 2016                                                                  June 30, 2016  
---------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------- -------------------- -----------------------------------------------------------------------------------------------
                                                                                                                       As a                                                                                              As a                                                                                              As a
                                                                                                                                          % of                                                                                                                 % of                                                                                                                 % of
                                                                          Total                                                          total                                                 Total                                                          total                                                 Total                                                          total
($ in millions)                                     balances                    loans        balances                    loans        balances                    loans  
---------------------------------------------- -------------------- ----------  -------------------- -------------------- -------------------- -------------------- -------------------- ----------  -------------------- -------------------- -------------------- -------------------- -------------------- ----------  -------------------- -------------------- -------------------- --------------------
Commercial:
   Commercial and industrial                                           $  3,216                                                           0.97                    %                         $  3,331                                                           1.03                    %                         $  3,464                                                           1.07                    %
   Real estate mortgage                                                     685                                                           0.52                                                   780                                                           0.60                                                   872                                                           0.68
   Real estate construction                                                  43                                                           0.18                                                    59                                                           0.25                                                    59                                                           0.25
   Lease financing                                       115                                        0.60                                                    92                                        0.49                                                   112                                        0.59
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
Total commercial                                       4,059                                        0.80                                                 4,262                                        0.86                                                 4,507                                        0.91
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
Consumer:
   Real estate 1-4 family first mortgage                                  4,962                                                           1.80                                                 5,310                                                           1.91                                                 5,970                                                           2.15
   Real estate 1-4 family junior lien mortgage                            1,206                                                           2.61                                                 1,259                                                           2.62                                                 1,330                                                           2.67
   Automobile                                                               106                                                           0.17                                                   108                                                           0.17                                                   111                                                           0.18
   Other revolving credit and installment                 51                                        0.13                                                    47                                        0.12                                                    45                                        0.11
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
Total consumer                                         6,325                                        1.37                                                 6,724                                        1.45                                                 7,456                                        1.61
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
      Total nonaccrual loans                          10,384                                        1.07                                                10,986                                        1.14                                                11,963                                        1.25
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
Foreclosed assets:
   Government insured/guaranteed                                            197                                                                                                                  282                                                                                                                  321
   Non-government insured/guaranteed                     781                                                                                               738                                                                                               796  
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
      Total foreclosed assets                            978                                                                                             1,020                                                                                             1,117  
---------------------------------------------- -------------------- --------------------------------                                                                                     --------------------------------                                                                                     --------------------------------
         Total nonperforming assets                 $ 11,362                                        1.17                    %                         $ 12,006                                        1.25                    %                         $ 13,080                                        1.37                    %
---------------------------------------------- -------------------- ---- ------ --------------------                                                                                     ---- ------ --------------------                                                                                     ---- ------ --------------------
Change from prior quarter:
   Total nonaccrual loans                                              $   (602 )                                                                                                           $   (977 )                                                                                                           $   (271 )
   Total nonperforming assets                           (644 )                                 (1,074 )                                   (433 )                         
---------------------------------------------- -------------------- -------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                          

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $12.5 billion at December 31, 2016, which was down $154 million from September 30, 2016. The allowance coverage for total loans was 1.30 percent, compared with 1.32 percent in third quarter 2016. The allowance covered 3.5 times annualized fourth quarter net charge-offs, compared with 4.0 times in the prior quarter. The allowance coverage for nonaccrual loans was 121 percent at December 31, 2016, compared with 116 percent at September 30, 2016. "We believe the allowance was appropriate for losses inherent in the loan portfolio at December 31, 2016," said Loughlin.

Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. Effective fourth quarter 2016, we realigned some personnel and business activities from Wholesale Banking to Community Banking, as a result of the formation of the new Payments, Virtual Solutions, and Innovation Group. Results for these operating segments reflect the shift prospectively from November 1, 2016. Segment net income for each of the three business segments was:

                 
-------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                Quarter ended
                                                      ---------------------------------------------------------------------------------------------------------------------------
                                                        Dec 31,     Sep 30,                  Dec 31,
(in millions)                           2016        2016                     2015
-------------------------------- -------------------- --------  -------------------- -------------------- ------- -------------------- -------------------- --------------------
Community Banking                                       $ 2,733                                             3,227                                                          3,169
Wholesale Banking                                         2,194                                             2,047                                                          2,104
Wealth and Investment Management         653         677                      595
-------------------------------- -------------------- ------------------------------ -------------------- ------- -------------------- -------------------- --------------------
                                                                                                                                                             

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending. Community Banking also offers investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.

                                
Selected Financial Information                    
------------------------------ -------------------- --------------------  ------------------------------  ----------------------------------------
                                                                                                                                      Quarter ended
                                                    ------------------------------------------------------------------------------------------------
                                                                  Dec 31,      Sep 30,                Dec 31,
(in millions)                                     2016         2016                   2015
------------------------------ -------------------- --------------------  -------------------- ---------- -------------------- --------------------
Total revenue                                                $     11,661                          12,387                                    12,330
Provision for credit losses                                           631                             651                                       704
Noninterest expense                                                 6,985                           6,953                                     6,893
Segment net income                                                  2,733                           3,227                                     3,169
(in billions)
Average loans                                                       488.1                           489.2                                     482.2
Average assets                                                    1,000.7                           993.6                                     921.4
Average deposits                                 709.8        708.0                  663.7
------------------------------ -------------------- ------------------------------------------ ---------- -------------------- --------------------
                                                                                                                                

Community Banking reported net income of $2.7 billion, down $494 million, or 15 percent, from third quarter 2016. Revenue of $11.7 billion decreased $726 million, or 6 percent, from third quarter 2016 due to lower other income (hedge ineffectiveness), mortgage banking revenue, and deposit service charges, partially offset by higher net interest income, market sensitive revenue, primarily higher gains on sales of debt securities and equity investments, and other fees. Noninterest expense increased $32 million, compared with third quarter 2016, due to higher equipment, project-related, and advertising expense, which are typically elevated in the fourth quarter, as well as higher legal expense. The increase in noninterest expense was partially offset by lower operating losses and a donation to the Wells Fargo Foundation in the prior quarter. The provision for credit losses decreased $20 million from the prior quarter.

Net income was down $436 million, or 14 percent, from fourth quarter 2015. Revenue decreased $669 million, or 5 percent, compared with a year ago due to lower other income (hedge ineffectiveness), mortgage banking revenue, and gains on equity investments, partially offset by higher net interest income and other fees. Noninterest expense increased $92 million, or 1 percent, from a year ago driven by higher personnel, legal, project-related, and FDIC expense, partially offset by lower operating losses. The provision for credit losses decreased $73 million from a year ago due to improvement in the consumer real estate portfolios.

Retail Banking and Consumer Payments

-- We recently launched a new compensation plan in our Retail Bank focused on customer service, growth in primary customers, household relationship growth and risk management. These measures are consistent with other success metrics we have introduced in the recent past and, as part of this evolution, the cross-sell metric will not be included going forward.

-- Branch customer experience survey scores continued to improve throughout the fourth quarter, with many metrics reaching close to pre-settlement ranges by the end of December; loyalty, which has also shown a strong improvement trajectory, will require a longer period to recover previous highs.

-- Primary consumer checking customers(5) up 3.5 percent year-over-year(6)

-- Primary consumer checking customers(5) in December up 3.0 percent year-over-year

-- Debit card purchase volume(7) of $78.4 billion in fourth quarter, up 7 percent year-over-year

-- Credit card purchase volume of $20.2 billion in fourth quarter, up 7 percent year-over-year

-- Credit card penetration in retail banking households rose to 45.5 percent, up from 45.4 percent in prior year(6,8)

-- 27.4 million digital (online and mobile) active customers, including 19.6 million mobile active users(6,9)

Consumer Lending

-- Auto originations of $6.4 billion in fourth quarter, down 21 percent from prior quarter and down 15 percent from prior year

-- Home Lending -- Originations of $72 billion, up from $70 billion in prior quarter

-- Applications of $75 billion, down from $100 billion in prior quarter

-- Application pipeline of $30 billion at quarter end, down from $50 billion at September 30, 2016

Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $5 million. Products and businesses include Business Banking, Middle Market Commercial Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Wells Fargo Securities, Principal Investments and Asset Backed Finance.

                                
Selected Financial Information                    
------------------------------ -------------------- --------------------  ------------------------------  ----------------------------------------
                                                                                                                                      Quarter ended
                                                    ------------------------------------------------------------------------------------------------
                                                                  Dec 31,      Sep 30,                Dec 31,
(in millions)                                     2016         2016                   2015
------------------------------ -------------------- --------------------  -------------------- ---------- -------------------- --------------------
Total revenue                                                $      7,153                           7,147                                     6,559
Provision for credit losses                                           168                             157                                       126
Noninterest expense                                                 4,002                           4,120                                     3,491
Segment net income                                                  2,194                           2,047                                     2,104
(in billions)
Average loans                                                       461.5                           454.3                                     417.0
Average assets                                                      811.9                           794.2                                     755.4
Average deposits                                 459.2        441.2                  449.3
------------------------------ -------------------- ------------------------------------------ ---------- -------------------- --------------------
                                                                                                                                

Wholesale Banking reported net income of $2.2 billion, up $147 million, or 7 percent, from third quarter 2016. Revenue of $7.2 billion increased $6 million as higher net interest income, investment banking fees, equity investment gains and commercial real estate brokerage fees were partially offset by lower sales and trading results, and lower mortgage banking fees in multi-family capital and structured real estate. Noninterest expense decreased $118 million, or 3 percent, from the prior quarter primarily due to lower personnel expense and operating losses. The provision for credit losses increased $11 million from the prior quarter on lower recoveries.

Net income was up $90 million, or 4 percent, from fourth quarter 2015. Revenue increased $594 million, or 9 percent, from fourth quarter 2015, on increased net interest income driven by strong loan growth, including the GE Capital portfolio acquisitions, and higher trading and other earning assets. Noninterest income was down 1 percent from the prior year due to lower insurance fees driven by the sale of our crop insurance business in first quarter 2016, lower gains from trading activities, and lower gains on debt securities, partially offset by higher leasing income related to the GE Capital portfolio acquisitions and strong investment banking fees. Noninterest expense increased $511 million, or 15 percent, from a year ago primarily due to the GE Capital portfolio acquisitions and higher expenses related to growth initiatives, compliance, and regulatory requirements. The provision for credit losses increased $42 million from a year ago primarily due to higher oil and gas net charge-offs.

-- Average loans increased 11 percent from fourth quarter 2015, on broad-based growth, including asset-backed finance, commercial real estate, corporate banking, equipment finance, government and institutional banking, international, and structured real estate as well as the GE Capital portfolio acquisitions

-- Treasury management revenue up 4 percent from fourth quarter 2015

Wealth and Investment Management (WIM) provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S. based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo Institutional Retirement and Trust, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve customers’ brokerage needs, supply retirement and trust services to institutional clients and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds.

                                                     
Selected Financial Information
---------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               Quarter ended  
                                                                         ----------------------------------------------------------------------------------------
                                                                           Dec 31,   Sep 30,   Dec 31,
(in millions)                                              2016      2016      2015  
--------------------------------------------------- -------------------- --------  -------------------- ------- -------------------- ------- --------------------
Total revenue                                                              $ 4,074                        4,099                        3,947
Provision (reversal of provision) for credit losses                              3                            4                           (6 )
Noninterest expense                                                          3,042                        2,999                        2,998
Segment net income                                                             653                          677                          595
(in billions)
Average loans                                                                 70.0                         68.4                         63.0
Average assets                                                               220.4                        212.1                        197.9
Average deposits                                          194.9     189.2     177.9  
--------------------------------------------------- -------------------- ------------------------------ ------- -------------------- ------- --------------------
                                                                                                                                              

Wealth and Investment Management reported net income of $653 million, down $24 million, or 4 percent, from third quarter 2016. Revenue of $4.1 billion decreased $25 million, or 1 percent, from the prior quarter, primarily due to lower deferred compensation plan investment results (offset in employee benefits expense), transaction revenue and other fee income, partially offset by higher net interest income and asset-based fees. Noninterest expense increased $43 million, or 1 percent, from the prior quarter, largely driven by higher operating losses and other non-personnel expenses, partially offset by lower deferred compensation plan expense (offset in trading revenue). The provision for credit losses decreased $1 million from third quarter 2016.

Net income was up $58 million, or 10 percent, from fourth quarter 2015. Revenue increased $127 million, or 3 percent, from a year ago primarily driven by higher net interest income and asset-based fees, partially offset by lower transaction revenue and deferred compensation plan investment results (offset in employee benefits expense). Noninterest expense increased $44 million, or 1 percent, from a year ago, primarily due to higher broker commissions and non-personnel expenses, partially offset by lower deferred compensation plan expense (offset in trading revenue). The provision for credit losses increased $9 million from a year ago.

Retail Brokerage

-- Client assets of $1.5 trillion, up 7 percent from prior year

-- Advisory assets of $464 billion, up 10 percent from prior year, primarily driven by higher market valuations and positive net flows

-- Strong loan growth, with average balances up 16 percent from prior year largely due to continued growth in non-conforming mortgage loans and security-based lending

Wealth Management

-- Client assets of $231 billion, up 3 percent from prior year

-- Average loan balances up 9 percent over prior year primarily driven by continued growth in non-conforming mortgage loans, security-based lending and commercial loans

Retirement

-- IRA assets of $379 billion, up 7 percent from prior year

-- Institutional Retirement plan assets of $351 billion, up 5 percent from prior year

Asset Management

-- Total assets under management of $482 billion, down 2 percent from prior year primarily due to equity and money market net outflows, partially offset by higher market valuations, fixed income inflows and assets acquired during the quarter

Conference Call

The Company will host a live conference call on Friday, January 13, at 8:30 a.m. PT (11:30 a.m. ET). You may participate by dialing 866-872-5161 (U.S. and Canada) or 706-643-1962 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~31502149.

A replay of the conference call will be available beginning at 11:30 a.m. PT (2:30 p.m. ET) on Friday, January 13 through Friday, January 27. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #31502149. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~31502149.

     
Endnotes
(1)                       See table on page 36 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.
(2)                       Net payout ratio means the ratio of (i) common stock dividends and
                          share repurchases less issuances and stock compensation-related
                          items, divided by (ii) net income applicable to common stock.
(3)                       Production margin represents net gains on residential mortgage loan
                          origination/sales activities divided by total residential
                          held-for-sale mortgage originations. See the Selected Five Quarter
                          Residential Mortgage Production Data table on page 41 for more
                          information.
(4)                       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.
(5)                       Customers who actively use their checking account with transactions
                          such as debit card purchases, online bill payments, and direct
                          deposit.
(6)                       Data as of November 2016, comparisons with November 2015.
(7)                       Combined consumer and business debit card purchase volume dollars.
(8)                       Credit card penetration defined as the percentage of Retail Banking
                          households that have a credit card with Wells Fargo. Effective
                          second quarter 2016, Retail Banking households reflect only those
                          households that maintain a retail checking account, which we believe
                          provides the foundation for long-term retail banking relationships.
                          Prior period metrics have been revised to conform with the updated
                          definition of Retail Banking households. Credit card household
                          penetration rates have not been adjusted to reflect the impact of
                          the approximately 565,000 potentially unauthorized accounts
                          identified by an independent consulting firm because the maximum
                          impact in any one quarter was not greater than 86 basis points, or
                          approximately 2 percent.
(9)                       Primarily includes retail banking, consumer lending, small business
                          and business banking customers.
                          

Forward-Looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

-- current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and the overall slowdown in global economic growth;

-- our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

-- financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

-- the extent of our success in our loan modification efforts, as well as the effects of regulatory requirements or guidance regarding loan modifications;

-- the amount of mortgage loan repurchase demands that we receive and our ability to satisfy any such demands without having to repurchase loans related thereto or otherwise indemnify or reimburse third parties, and the credit quality of or losses on such repurchased mortgage loans;

-- negative effects relating to our mortgage servicing and foreclosure practices, as well as changes in industry standards or practices, regulatory or judicial requirements, penalties or fines, increased servicing and other costs or obligations, including loan modification requirements, or delays or moratoriums on foreclosures;

-- our ability to realize our efficiency ratio target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

-- the effect of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

-- significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our investment securities portfolio;

-- the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;

-- negative effects from the retail banking sales practices matter, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified team members, and our reputation;

-- reputational damage from negative publicity, protests, fines, penalties and other negative consequences from regulatory violations and legal actions;

-- a failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber attacks;

-- the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

-- fiscal and monetary policies of the Federal Reserve Board; and

-- the other risk factors and uncertainties described under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2015 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2015 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Wells Fargo

Wells Fargo & Company (WFC ) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

                                                                    
                          Wells Fargo & Company and Subsidiaries
                                                  QUARTERLY
                                               FINANCIAL DATA
                                              TABLE OF CONTENTS
                                                   
------------------------------------------------------------------ -------------------- --------------------
                                                                                                Pages
                                                                                        --------------------
                                                                                         
Summary Information                                                                      
------------------------------------------------------------------
Summary Financial Data                                                                                    16
                                                                                         
Income
------------------------------------------------------------------
Consolidated Statement of Income                                                                          18
Consolidated Statement of Comprehensive Income                                                            20
Condensed Consolidated Statement of Changes in Total Equity                                               20
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)                                        21
Five Quarter Average Balances, Yields and Rates Paid                                                      23
(Taxable-Equivalent Basis)
Noninterest Income and Noninterest Expense                                                                24
                                                                                         
Balance Sheet
------------------------------------------------------------------
Consolidated Balance Sheet                                                                                26
Investment Securities                                                                                     28
                                                                                         
Loans
------------------------------------------------------------------
Loans                                                                                                     28
Nonperforming Assets                                                                                      29
Loans 90 Days or More Past Due and Still Accruing                                                         30
Purchased Credit-Impaired Loans                                                                           31
Pick-A-Pay Portfolio                                                                                      32
Changes in Allowance for Credit Losses                                                                    34
                                                                                         
Equity
------------------------------------------------------------------
Tangible Common Equity                                                                                    35
Common Equity Tier 1 Under Basel III                                                                      36
                                                                                         
Operating Segments
------------------------------------------------------------------
Operating Segment Results                                                                                 37
                                                                                         
Other
------------------------------------------------------------------
Mortgage Servicing and other related data                                                                 39
                                                                                         
                                                                                                                                                                                                                                                                                                                                                                
Wells Fargo & Company and Subsidiaries
SUMMARY
FINANCIAL DATA
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                    % Change
                                                                                                                                                                                                  Quarter ended                                                                            Dec 31, 2016 from                                                                                                 Year ended
                                                                                           -------------------------------------------------------------------------------------------------------------                             --------------------------------------------------------------------                                              ------------------------------------------------------------
                                                                                                Dec 31,                          Sep 30,       Dec 31,                             Sep 30,                               Dec 31,                                                Dec 31,                          Dec 31,                           %
($ in millions, except per share amounts)                                       2016          2016          2015             2016               2015             2016          2015   Change  
--------------------------------------------------------------------- -------------------- -----------  -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -----------  -------------------- -------------------- --------- -------------------- ------ --------------------
For the Period
Wells Fargo net income                                                                        $   5,274                                               5,644                                               5,575                                  (7                   )%                                  (5 )                                            $  21,938                                              22,894                          (4                   )%
Wells Fargo net income applicable to common stock                                                 4,872                                               5,243                                               5,203                                  (7 )                                                     (6 )                                               20,373                                              21,470                          (5 )
Diluted earnings per common share                                                                  0.96                                                1.03                                                1.00                                  (7 )                                                     (4 )                                                 3.99                                                4.12                          (3 )
Profitability ratios (annualized):
   Wells Fargo net income to average assets (ROA)                                                  1.08                    %                           1.17                                                1.24                                  (8 )                                                    (13 )                                                 1.16                    %                           1.31                         (11 )
   Wells Fargo net income applicable to common stock to average Wells                             10.94                                               11.60                                               11.93                                  (6 )                                                     (8 )                                                11.49                                               12.60                          (9 )
   Fargo common stockholders’ equity (ROE)
   Return on average tangible common equity (ROTCE)(1)                                            13.16                                               13.96                                               14.30                                  (6 )                                                     (8 )                                                13.85                                               15.17                          (9 )
Efficiency ratio (2)                                                                               61.2                                                59.4                                                58.4                                   3                                                        5                                                   59.3                                                58.1                           2
Total revenue                                                                                 $  21,582                                              22,328                                              21,586                                  (3 )                                         --                                              $  88,267                                              86,057                           3
Pre-tax pre-provision profit (PTPP) (3)                                                           8,367                                               9,060                                               8,987                                  (8 )                                                     (7 )                                               35,890                                              36,083                          (1 )
Dividends declared per common share                                                               0.380                                               0.380                                               0.375                      --                                                        1                                                  1.515                                               1.475                           3
Average common shares outstanding                                                               5,025.6                                             5,043.4                                             5,108.5                      --                                                       (2 )                                              5,052.8                                             5,136.5                          (2 )
Diluted average common shares outstanding                                                       5,078.2                                             5,094.6                                             5,177.9                      --                                                       (2 )                                              5,108.3                                             5,209.8                          (2 )
Average loans                                                                                 $ 964,147                                             957,484                                             912,280                                   1                                                        6                                              $ 949,960                                             885,432                           7
Average assets                                                                                1,944,250                                           1,914,586                                           1,787,287                                   2                                                        9                                              1,885,441                                           1,742,919                           8
Average total deposits                                                                        1,284,158                                           1,261,527                                           1,216,809                                   2                                                        6                                              1,250,566                                           1,194,073                           5
Average consumer and small business banking deposits (4)                                        749,946                                             739,066                                             696,484                                   1                                                        8                                                732,620                                             680,221                           8
Net interest margin                                                                                2.87                    %                           2.82                                                2.92                                   2                                                       (2 )                                                 2.86                    %                           2.95                          (3 )
At Period End
Investment securities                                                                         $ 407,947                                             390,832                                             347,555                                   4                                                       17                                              $ 407,947                                             347,555                          17
Loans                                                                                           967,604                                             961,326                                             916,559                                   1                                                        6                                                967,604                                             916,559                           6
Allowance for loan losses                                                                        11,419                                              11,583                                              11,545                                  (1 )                                                     (1 )                                               11,419                                              11,545                          (1 )
Goodwill                                                                                         26,693                                              26,688                                              25,529                      --                                                        5                                                 26,693                                              25,529                           5
Assets                                                                                        1,930,115                                           1,942,124                                           1,787,632                                  (1 )                                                      8                                              1,930,115                                           1,787,632                           8
Deposits                                                                                      1,306,079                                           1,275,894                                           1,223,312                                   2                                                        7                                              1,306,079                                           1,223,312                           7
Common stockholders’ equity                                                                     176,469                                             179,916                                             172,036                                  (2 )                                                      3                                                176,469                                             172,036                           3
Wells Fargo stockholders’ equity                                     199,581                                             203,028                                             192,998                                  (2 )                                                      3                                                199,581                                             192,998                           3
Total equity                                                                                    200,497                                             203,958                                             193,891                                  (2 )                                                      3                                                200,497                                             193,891                           3
Tangible common equity (1)                                                                      146,737                                             149,829                                             143,337                                  (2 )                                                      2                                                146,737                                             143,337                           2
Common shares outstanding                                                                       5,016.1                                             5,023.9                                             5,092.1                      --                                                       (1 )                                              5,016.1                                             5,092.1                          (1 )
Book value per common share (5)                                                               $   35.18                                               35.81                                               33.78                                  (2 )                                                      4                                              $   35.18                                               33.78                           4
Tangible book value per common share (1)(5)                                                       29.25                                               29.82                                               28.15                                  (2 )                                                      4                                                  29.25                                               28.15                           4
Common stock price:
   High                                                                                           58.02                                               51.00                                               56.34                                  14                                                        3                                                  58.02                                               58.77                          (1 )
   Low                                                                                            43.55                                               44.10                                               49.51                                  (1 )                                                    (12 )                                                43.55                                               47.75                          (9 )
   Period end                                                                                     55.11                                               44.28                                               54.36                                  24                                                        1                                                  55.11                                               54.36                           1
Team members (active, full-time equivalent)                                  269,100       268,800       264,700   --                  2          269,100       264,700        2  
--------------------------------------------------------------------- -------------------- --------------------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------------------- -------------------- --------- -------------------- ------ --------------------
(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 investments 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 and tangible book value per common share, which
utilize tangible common equity, are useful financial measures
because they enable 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 35.
(2) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
(3) Pre-tax pre-provision profit (PTPP) is total revenue less
noninterest expense. Management believes that PTPP is a useful
financial measure because it enables investors and others to
assess the Company’s ability to generate capital to cover credit
losses through a credit cycle.
(4) Consumer and small business banking deposits are total
deposits excluding mortgage escrow and wholesale deposits.
(5) Book value per common share is common stockholders’ equity
divided by common shares outstanding. Tangible book value per
common share is tangible common equity divided by common shares
outstanding.
 
                                                                       
Wells Fargo & Company and Subsidiaries
FIVE
QUARTER SUMMARY FINANCIAL DATA
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                         Quarter ended
                                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Dec 31,                          Sep 30,     Jun 30,     Mar 31,                Dec 31,
($ in millions, except per share amounts)                                          2016          2016        2016        2016                   2015
--------------------------------------------------------------------- -------------------- --------------  -------------------- -------------------- --------- -------------------- --------- -------------------- --------- -------------------- --------------------
For the Quarter
Wells Fargo net income                                                                           $   5,274                                               5,644                          5,558                          5,462                                     5,575
Wells Fargo net income applicable to common stock                                                    4,872                                               5,243                          5,173                          5,085                                     5,203
Diluted earnings per common share                                                                     0.96                                                1.03                           1.01                           0.99                                      1.00
Profitability ratios (annualized):
   Wells Fargo net income to average assets (ROA)                                                     1.08                    %                           1.17                           1.20                           1.21                                      1.24
   Wells Fargo net income applicable to common stock to average Wells                                10.94                                               11.60                          11.70                          11.75                                     11.93
   Fargo common stockholders’ equity (ROE)
   Return on average tangible common equity (ROTCE)(1)                                               13.16                                               13.96                          14.15                          14.15                                     14.30
Efficiency ratio (2)                                                                                  61.2                                                59.4                           58.1                           58.7                                      58.4
Total revenue                                                                                    $  21,582                                              22,328                         22,162                         22,195                                    21,586
Pre-tax pre-provision profit (PTPP) (3)                                                              8,367                                               9,060                          9,296                          9,167                                     8,987
Dividends declared per common share                                                                  0.380                                               0.380                          0.380                          0.375                                     0.375
Average common shares outstanding                                                                  5,025.6                                             5,043.4                        5,066.9                        5,075.7                                   5,108.5
Diluted average common shares outstanding                                                          5,078.2                                             5,094.6                        5,118.1                        5,139.4                                   5,177.9
Average loans                                                                                    $ 964,147                                             957,484                        950,751                        927,220                                   912,280
Average assets                                                                                   1,944,250                                           1,914,586                      1,862,084                      1,819,875                                 1,787,287
Average total deposits                                                                           1,284,158                                           1,261,527                      1,236,658                      1,219,430                                 1,216,809
Average consumer and small business banking deposits (4)                                           749,946                                             739,066                        726,359                        714,837                                   696,484
Net interest margin                                                                                   2.87                    %                           2.82                           2.86                           2.90                                      2.92
At Quarter End
Investment securities                                                                            $ 407,947                                             390,832                        353,426                        334,899                                   347,555
Loans                                                                                              967,604                                             961,326                        957,157                        947,258                                   916,559
Allowance for loan losses                                                                           11,419                                              11,583                         11,664                         11,621                                    11,545
Goodwill                                                                                            26,693                                              26,688                         26,963                         27,003                                    25,529
Assets                                                                                           1,930,115                                           1,942,124                      1,889,235                      1,849,182                                 1,787,632
Deposits                                                                                         1,306,079                                           1,275,894                      1,245,473                      1,241,490                                 1,223,312
Common stockholders’ equity                                                                        176,469                                             179,916                        178,633                        175,534                                   172,036
Wells Fargo stockholders’ equity                                        199,581                                             203,028                        201,745                        197,496                                   192,998
Total equity                                                                                       200,497                                             203,958                        202,661                        198,504                                   193,891
Tangible common equity (1)                                                                         146,737                                             149,829                        148,110                        144,679                                   143,337
Common shares outstanding                                                                          5,016.1                                             5,023.9                        5,048.5                        5,075.9                                   5,092.1
Book value per common share (5)                                                                  $   35.18                                               35.81                          35.38                          34.58                                     33.78
Tangible book value per common share (1)(5)                                                          29.25                                               29.82                          29.34                          28.50                                     28.15
Common stock price:
   High                                                                                              58.02                                               51.00                          51.41                          53.27                                     56.34
   Low                                                                                               43.55                                               44.10                          44.50                          44.50                                     49.51
   Period end                                                                                        55.11                                               44.28                          47.33                          48.36                                     54.36
Team members (active, full-time equivalent)                                     269,100       268,800     267,900     268,600                264,700
--------------------------------------------------------------------- -------------------- ------------------------------------ -------------------- --------- -------------------- --------- -------------------- --------- -------------------- --------------------
(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 investments 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 and tangible book value per common share, which
utilize tangible common equity, are useful financial measures
because they enable 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 35.
(2) The efficiency ratio is noninterest expense divided by total
revenue (net interest income and noninterest income).
(3) Pre-tax pre-provision profit (PTPP) is total revenue less
noninterest expense. Management believes that PTPP is a useful
financial measure because it enables investors and others to
assess the Company’s ability to generate capital to cover credit
losses through a credit cycle.
(4) Consumer and small business banking deposits are total
deposits excluding mortgage escrow and wholesale deposits.
(5) Book value per common share is common stockholders’ equity
divided by common shares outstanding. Tangible book value per
common share is tangible common equity divided by common shares
outstanding.
                                                                                                                                                                                                                                                   
                                                                                                                                                                                                         
Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              Quarter ended December 31,                                   %                                                             Year ended December 31,                                   %
                                                                           --------------------------------------------------------------                                                                              ------------------------------------------
(in millions, except per share amounts)                        2016        2015           Change             2016      2015           Change  
----------------------------------------------------- -------------------- -------------------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- --------------------------------- ------- -------------------- -------------- --------------------
Interest income                                                                                                                                                                                                   
Trading assets                                                                 $   745                                               558                                  34                    %                          $  2,506                        1,971                                  27                    %
Investment securities                                                            2,512                                             2,323                                   8                                                  9,248                        8,937                                   3
Mortgages held for sale                                                            235                                               176                                  34                                                    784                          785                      --
Loans held for sale                                                                  2                                                 5                                 (60 )                                                    9                           19                                 (53 )
Loans                                                                           10,128                                             9,323                                   9                                                 39,505                       36,575                                   8
Other interest income                                           436         258                                  69                               1,611       990                                  63
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
   Total interest income                                     14,058      12,643                                  11                              53,663    49,277                                   9
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Interest expense
Deposits                                                                           400                                               241                                  66                                                  1,395                          963                                  45
Short-term borrowings                                                              101                                                13                                 677                                                    330                           64                                 416
Long-term debt                                                                   1,061                                               713                                  49                                                  3,830                        2,592                                  48
Other interest expense                                           94          88                                   7                                 354       357                                  (1 )
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
   Total interest expense                                     1,656       1,055                                  57                               5,909     3,976                                  49
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Net interest income                                                             12,402                                            11,588                                   7                                                 47,754                       45,301                                   5
Provision for credit losses                                     805         831                                  (3 )                             3,770     2,442                                  54
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Net interest income after provision for credit losses        11,597      10,757                                   8                              43,984    42,859                                   3
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Noninterest income
Service charges on deposit accounts                                              1,357                                             1,329                                   2                                                  5,372                        5,168                                   4
Trust and investment fees                                                        3,698                                             3,511                                   5                                                 14,243                       14,468                                  (2 )
Card fees                                                                        1,001                                               966                                   4                                                  3,936                        3,720                                   6
Other fees                                                                         962                                             1,040                                  (8 )                                                3,727                        4,324                                 (14 )
Mortgage banking                                                                 1,417                                             1,660                                 (15 )                                                6,096                        6,501                                  (6 )
Insurance                                                                          262                                               427                                 (39 )                                                1,268                        1,694                                 (25 )
Net gains (losses) from trading activities                                        (109 )                                              99                                  NM                                                    834                          614                                  36
Net gains on debt securities                                                       145                                               346                                 (58 )                                                  942                          952                                  (1 )
Net gains from equity investments                                                  306                                               423                                 (28 )                                                  879                        2,230                                 (61 )
Lease income                                                                       523                                               145                                 261                                                  1,927                          621                                 210
Other                                                          (382 )                           52                                  NM                               1,289       464                                 178
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
   Total noninterest income                                   9,180       9,998                                  (8 )                            40,513    40,756                                  (1 )
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Noninterest expense
Salaries                                                                         4,193                                             4,061                                   3                                                 16,552                       15,883                                   4
Commission and incentive compensation                                            2,478                                             2,457                                   1                                                 10,247                       10,352                                  (1 )
Employee benefits                                                                1,101                                             1,042                                   6                                                  5,094                        4,446                                  15
Equipment                                                                          642                                               640                      --                                                  2,154                        2,063                                   4
Net occupancy                                                                      710                                               725                                  (2 )                                                2,855                        2,886                                  (1 )
Core deposit and other intangibles                                                 301                                               311                                  (3 )                                                1,192                        1,246                                  (4 )
FDIC and other deposit assessments                                                 353                                               258                                  37                                                  1,168                          973                                  20
Other                                                         3,437       3,105                                  11                              13,115    12,125                                   8
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
   Total noninterest expense                                 13,215      12,599                                   5                              52,377    49,974                                   5
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Income before income tax expense                                                 7,562                                             8,156                                  (7 )                                               32,120                       33,641                                  (5 )
Income tax expense                                            2,258       2,533                                 (11 )                            10,075    10,365                                  (3 )
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Net income before noncontrolling interests                                       5,304                                             5,623                                  (6 )                                               22,045                       23,276                                  (5 )
Less: Net income from noncontrolling interests                   30          48                                 (38 )                               107       382                                 (72 )
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Wells Fargo net income                                      $ 5,274       5,575                                  (5 )                          $ 21,938    22,894                                  (4 )
----------------------------------------------------- -------------------- ----- ----- -------------------- -------------------- -------                                                          -------------------- ----- ------ -------------------- -------
Less: Preferred stock dividends and other                       402         372                                   8                               1,565     1,424                                  10
----------------------------------------------------- -------------------- -------------------------------- -------------------- -------                                                          -------------------- --------------------------------- -------
Wells Fargo net income applicable to common stock           $ 4,872       5,203                                  (6 )                          $ 20,373    21,470                                  (5 )
----------------------------------------------------- -------------------- ----- ----- -------------------- -------------------- -------                                                          -------------------- ----- ------ -------------------- -------
Per share information
    Earnings per common share                                                  $  0.97                                              1.02                                  (5 )                                             $   4.03                         4.18                                  (4 )
    Diluted earnings per common share                                             0.96                                              1.00                                  (4 )                                                 3.99                         4.12                                  (3 )
    Dividends declared per common share                                          0.380                                             0.375                                   1                                                  1.515                        1.475                                   3
Average common shares outstanding                                              5,025.6                                           5,108.5                                  (2 )                                              5,052.8                      5,136.5                                  (2 )
Diluted average common shares outstanding                   5,078.2     5,177.9               (2 )                           5,108.3   5,209.8               (2 )
----------------------------------------------------- -------------------- -------------------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- --------------------------------- ------- -------------------- -------------- --------------------
NM - Not meaningful
                                                                                                                                                                                                                                                                                                      
                                                           
Wells Fargo & Company and Subsidiaries                                                                
FIVE
QUARTER CONSOLIDATED STATEMENT OF INCOME
--------------------------------------------------------- -------------------- --------------------  -----------------------------------------------   ------------------------------  ------------------------------  ----------------------------------------
                                                                                                                                                                                                                                                   Quarter ended
                                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                             Dec 31,                        Sep 30,      Jun 30,      Mar 31,                Dec 31,
(in millions, except per share amounts)                                      2016        2016         2016         2016                   2015
--------------------------------------------------------- -------------------- --------------------  -------------------- -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Interest income
Trading assets                                                                          $        745                                               593                             572                             596                                       558
Investment securities                                                                          2,512                                             2,298                           2,176                           2,262                                     2,323
Mortgages held for sale                                                                          235                                               207                             181                             161                                       176
Loans held for sale                                                                                2                                                 2                               3                               2                                         5
Loans                                                                                         10,128                                             9,978                           9,822                           9,577                                     9,323
Other interest income                                                         436         409          392          374                    258
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
   Total interest income                                                   14,058      13,487       13,146       12,972                 12,643
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Interest expense
Deposits                                                                                         400                                               356                             332                             307                                       241
Short-term borrowings                                                                            101                                                85                              77                              67                                        13
Long-term debt                                                                                 1,061                                             1,006                             921                             842                                       713
Other interest expense                                                         94          88           83           89                     88
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
   Total interest expense                                                   1,656       1,535        1,413        1,305                  1,055
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Net interest income                                                                           12,402                                            11,952                          11,733                          11,667                                    11,588
Provision for credit losses                                                   805         805        1,074        1,086                    831
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Net interest income after provision for credit losses                      11,597      11,147       10,659       10,581                 10,757
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Noninterest income
Service charges on deposit accounts                                                            1,357                                             1,370                           1,336                           1,309                                     1,329
Trust and investment fees                                                                      3,698                                             3,613                           3,547                           3,385                                     3,511
Card fees                                                                                      1,001                                               997                             997                             941                                       966
Other fees                                                                                       962                                               926                             906                             933                                     1,040
Mortgage banking                                                                               1,417                                             1,667                           1,414                           1,598                                     1,660
Insurance                                                                                        262                                               293                             286                             427                                       427
Net gains (losses) from trading activities                                                      (109 )                                             415                             328                             200                                        99
Net gains on debt securities                                                                     145                                               106                             447                             244                                       346
Net gains from equity investments                                                                306                                               140                             189                             244                                       423
Lease income                                                                                     523                                               534                             497                             373                                       145
Other                                                                        (382 )                          315          482          874                     52
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
   Total noninterest income                                                 9,180      10,376       10,429       10,528                  9,998
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Noninterest expense
Salaries                                                                                       4,193                                             4,224                           4,099                           4,036                                     4,061
Commission and incentive compensation                                                          2,478                                             2,520                           2,604                           2,645                                     2,457
Employee benefits                                                                              1,101                                             1,223                           1,244                           1,526                                     1,042
Equipment                                                                                        642                                               491                             493                             528                                       640
Net occupancy                                                                                    710                                               718                             716                             711                                       725
Core deposit and other intangibles                                                               301                                               299                             299                             293                                       311
FDIC and other deposit assessments                                                               353                                               310                             255                             250                                       258
Other                                                                       3,437       3,483        3,156        3,039                  3,105
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
   Total noninterest expense                                               13,215      13,268       12,866       13,028                 12,599
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Income before income tax expense                                                               7,562                                             8,255                           8,222                           8,081                                     8,156
Income tax expense                                                          2,258       2,601        2,649        2,567                  2,533
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Net income before noncontrolling interests                                                     5,304                                             5,654                           5,573                           5,514                                     5,623
Less: Net income from noncontrolling interests                                 30          10           15           52                     48
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Wells Fargo net income                                               $      5,274       5,644        5,558        5,462                  5,575
--------------------------------------------------------- -------------------- ---------- ---------- -------------------- -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Less: Preferred stock dividends and other                                     402         401          385          377                    372
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Wells Fargo net income applicable to common stock                    $      4,872       5,243        5,173        5,085                  5,203
--------------------------------------------------------- -------------------- ---------- ---------- -------------------- -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
Per share information
   Earnings per common share                                                            $       0.97                                              1.04                            1.02                            1.00                                      1.02
   Diluted earnings per common share                                                            0.96                                              1.03                            1.01                            0.99                                      1.00
   Dividends declared per common share                                                         0.380                                             0.380                           0.380                           0.375                                     0.375
Average common shares outstanding                                                            5,025.6                                           5,043.4                         5,066.9                         5,075.7                                   5,108.5
Diluted average common shares outstanding                                 5,078.2     5,094.6      5,118.1      5,139.4                5,177.9
--------------------------------------------------------- -------------------- ------------------------------------------ -------------------- ------- -------------------- ---------- -------------------- ---------- -------------------- --------------------
                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                          --------------------
                                                                                                                                 Quarter ended Dec 31,                                                                      %                                                                                Year ended Dec 31,                                                                        %
                                                                                                                  -------------------------------------------------------------------------------------------------------------------------------                                                                                                                        -------------------------------------------------------------------------------------------------------------------------------
(in millions)                                                                                              2016         2015               Change                                      2016         2015               Change  
----------------------------------------------------------------------- -------------------- -------------------- -------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- --------------------
Wells Fargo net income                                                                         $          5,274        5,575                                                         (5 )%                                                                                $         21,938       22,894                                                         (4 )%
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Other comprehensive income (loss), before tax:                                                                                                                                                                                                                                                                                                                                                 
   Investment securities:
      Net unrealized losses arising during the period                                                                                          (5,936 )                                                              (1,301 )                                                                         356                                                                                             (3,458 )                                                              (3,318 )                                                                           4
      Reclassification of net gains to net income                                                                                                (239 )                                                                (573 )                                                                         (58 )                                                                                           (1,240 )                                                              (1,530 )                                                                         (19 )
   Derivatives and hedging activities:
      Net unrealized gains (losses) arising during the period                                                                                  (2,434 )                                                                (684 )                                                                         256                                                                                                177                                                                 1,549                                                                           (89 )
      Reclassification of net gains on cash flow hedges to net income                                                                            (246 )                                                                (294 )                                                                         (16 )                                                                                           (1,029 )                                                              (1,089 )                                                                          (6 )
   Defined benefit plans adjustments:
      Net actuarial and prior service gains (losses) arising during the                                                                           422                                                                  (501 )                                                                          NM                                                                                                (52 )                                                                (512 )                                                                         (90 )
      period
      Amortization of net actuarial loss, settlements and other to net                                                                             43                                                                    11                                                                           291                                                                                                158                                                                   114                                                                            39
      income
   Foreign currency translation adjustments:
      Net unrealized losses arising during the period                                                                                             (30 )                                                                 (33 )                                                                          (9 )                                                                                               (3 )                                                                (137 )                                                                         (98 )
      Reclassification of net gains to net income                             --           (5 )                                                              --                                                                  --           (5 )                                                              --
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Other comprehensive loss, before tax                                                                                                           (8,420 )                                                              (3,380 )                                                                         149                                                                                             (5,447 )                                                              (4,928 )                                                                          11
Income tax benefit related to other comprehensive income                               3,106        1,230                                                        153                                                                           1,996        1,774                                                         13
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Other comprehensive loss, net of tax                                                                                                           (5,314 )                                                              (2,150 )                                                                         147                                                                                             (3,451 )                                                              (3,154 )                                                                           9
Less: Other comprehensive income (loss) from noncontrolling interests                      7          (58 )                                                                          NM                                                                             (17 )                            67                                                         NM
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Wells Fargo other comprehensive loss, net of tax                                      (5,321 )                        (2,092 )                                                                         154                                                                          (3,434 )                        (3,221 )                                                                           7
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Wells Fargo comprehensive income (loss)                                                                                                           (47 )                                                               3,483                                                                            NM                                                                                             18,504                                                                19,673                                                                            (6 )
Comprehensive income (loss) from noncontrolling interests                                 37          (10 )                                                                          NM                                                                              90          449                                                        (80 )
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------                                                                                                                         -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Total comprehensive income (loss)                                                              $            (10 )                         3,473                   NM                          $         18,594       20,122                   (8 )
----------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- --------------------
NM - Not meaningful
                                                                                                                                                                                                                                      
FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN                                                                                                                                                                                                                                      
TOTAL EQUITY
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                --------------------
                                                                                                                                                                                                                                                                                                     Quarter ended  
                                                                                   --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                               Dec 31,                               Sep 30,                               Jun 30,                               Mar 31,                               Dec 31,
(in millions)                                                                                  2016               2016               2016               2016               2015  
------------------------------------------------------------- -------------------- -------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Balance, beginning of period                                                                          $        203,958                                                  202,661                                                  198,504                                                  193,891                                                  194,043
Cumulative effect from change in consolidation accounting (1)                                           --                                           --                                           --                                                      121                                           --
Wells Fargo net income                                                                                           5,274                                                    5,644                                                    5,558                                                    5,462                                                    5,575
Wells Fargo other comprehensive income (loss), net of tax                                                       (5,321 )                                                   (764 )                                                  1,174                                                    1,477                                                   (2,092 )
Noncontrolling interests                                                                                           (13 )                                                     14                                                      (92 )                                                     (5 )                                                   (100 )
Common stock issued                                                                                                610                                                      300                                                      397                                                    1,079                                                      310
Common stock repurchased (2)                                                                                    (2,034 )                                                 (1,839 )                                                 (2,214 )                                                 (2,029 )                                                 (1,974 )
Preferred stock released by ESOP                                                                                    43                                                      236                                                      371                                                      313                                                      210
Common stock warrants repurchased/exercised                                                             --                                                      (17 )                                         --                                           --                                           --
Preferred stock issued                                                                                  --                                           --                                                    1,126                                                      975                                           --
Common stock dividends                                                                                          (1,909 )                                                 (1,918 )                                                 (1,930 )                                                 (1,904 )                                                 (1,917 )
Preferred stock dividends                                                                                         (401 )                                                   (401 )                                                   (386 )                                                   (378 )                                                   (371 )
Tax benefit from stock incentive compensation                                                                       74                                                       31                                                       23                                                      149                                                       22
Stock incentive compensation expense                                                                               232                                                       39                                                      139                                                      369                                                      204
Net change in deferred compensation and related plans                        (16 )                                 (28 )                                  (9 )                              (1,016 )                                 (19 )
------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Balance, end of period                                                             $        200,497            203,958            202,661            198,504            193,891  
------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
(1) Effective January 1, 2016, we adopted changes in consolidation
accounting pursuant to Accounting Standards Update 2015-02 (Amendments
to the Consolidation Analysis). Accordingly, we recorded a
$121 million net increase to beginning noncontrolling interests as
a cumulative-effect adjustment.
(2) For the quarter ended December 31, 2016, includes $750 million
related to a private forward repurchase transaction that settled
in first quarter 2017 for 14.7 million shares of common stock. For
the quarter ended December 31, 2015, includes $500 million related
to a private forward repurchase transaction that settled in first
quarter 2016 for 9.2 million shares of common stock.
                                                                                                                                                                                                                                      
 
Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                            Quarter ended December 31,
                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                           2016                                                                                                                                               2015
                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                 Interest                                                                                                                        Interest
                                                                                                                 Average                                                  Yields/                                                                       income/                        Average                                                  Yields/                                                                       income/
(in millions)                                                                                 balance              rates                                 expense     balance              rates                                 expense
-------------------------------------------------------------------- -------------------- --------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------------------------------------------------- --------- -------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------
Earning assets
Federal funds sold, securities purchased under resale agreements and                                         $   273,073                                                     0.56 %                                                            $            381                        274,589                                                     0.28 %                                                            $            195
other short-term investments
Trading assets                                                                                                   102,757                                                     2.96                                                                           761                         68,833                                                     3.33                                                                           573
Investment securities (3):
   Available-for-sale securities:
      Securities of U.S. Treasury and federal agencies                                                            25,935                                                     1.53                                                                            99                         34,617                                                     1.58                                                                           137
      Securities of U.S. states and political subdivisions                                                        53,917                                                     4.06                                                                           547                         49,300                                                     4.37                                                                           539
      Mortgage-backed securities:
         Federal agencies                                                                                        147,980                                                     2.37                                                                           875                        102,281                                                     2.79                                                                           712
         Residential and commercial                                         16,456                                  5.87                                                        242                         21,502                                  5.51                                                        297
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total mortgage-backed securities                                                                     164,436                                                     2.72                                                                         1,117                        123,783                                                     3.26                                                                         1,009
      Other debt and equity securities                                      52,692                                  3.71                                                        492                         52,701                                  3.35                                                        444
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
               Total available-for-sale securities                         296,980                                  3.03                                                      2,255                        260,401                                  3.27                                                      2,129
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
   Held-to-maturity securities:
      Securities of U.S. Treasury and federal agencies                                                            44,686                                                     2.20                                                                           246                         44,656                                                     2.18                                                                           246
      Securities of U.S. states and political subdivisions                                                         4,738                                                     5.31                                                                            63                          2,158                                                     6.07                                                                            33
      Federal agency and other mortgage-backed securities                                                         46,009                                                     1.81                                                                           209                         28,185                                                     2.42                                                                           170
      Other debt securities                                                  3,597                                  2.26                                                         20                          4,876                                  1.77                                                         22
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
               Total held-to-maturity securities                            99,030                                  2.17                                                        538                         79,875                                  2.35                                                        471
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                  Total investment securities                                                                    396,010                                                     2.82                                                                         2,793                        340,276                                                     3.05                                                                         2,600
Mortgages held for sale (4)                                                                                       27,503                                                     3.43                                                                           235                         19,189                                                     3.66                                                                           176
Loans held for sale (4)                                                                                              155                                                     5.42                                                                             2                            363                                                     4.96                                                                             5
Loans:
   Commercial:
      Commercial and industrial - U.S.                                                                           272,828                                                     3.46                                                                         2,369                        250,445                                                     3.25                                                                         2,048
      Commercial and industrial - Non U.S.                                                                        54,410                                                     2.58                                                                           352                         47,972                                                     1.97                                                                           239
      Real estate mortgage                                                                                       131,195                                                     3.44                                                                         1,135                        121,844                                                     3.30                                                                         1,012
      Real estate construction                                                                                    23,850                                                     3.61                                                                           216                         21,993                                                     3.27                                                                           182
      Lease financing                                                       18,904                                  5.78                                                        273                         12,241                                  4.48                                                        136
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total commercial                                                  501,187                                  3.45                                                      4,345                        454,495                                  3.16                                                      3,617
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                      277,732                                                     4.01                                                                         2,785                        272,871                                                     4.04                                                                         2,759
      Real estate 1-4 family junior lien mortgage                                                                 47,203                                                     4.42                                                                           524                         53,788                                                     4.28                                                                           579
      Credit card                                                                                                 35,383                                                    11.73                                                                         1,043                         32,795                                                    11.61                                                                           960
      Automobile                                                                                                  62,521                                                     5.54                                                                           870                         59,505                                                     5.74                                                                           862
      Other revolving credit and installment                                40,121                                  5.91                                                        595                         38,826                                  5.83                                                        571
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total consumer                                                    462,960                                  5.01                                                      5,817                        457,785                                  4.99                                                      5,731
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total loans (4)                                                                                      964,147                                                     4.20                                                                        10,162                        912,280                                                     4.08                                                                         9,348
Other                                                                        6,729                                  3.27                                                         56                          5,166                                  4.82                                                         61
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                  Total earning assets                                                    $ 1,770,374                                  3.24 %                                                            $         14,390                      1,620,696                                  3.18 %                                                            $         12,958
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
Funding sources
Deposits:
   Interest-bearing checking                                                                                 $    46,907                                                     0.17 %                                                            $             19                         39,082                                                     0.05 %                                                            $              5
   Market rate and other savings                                                                                 676,365                                                     0.07                                                                           122                        640,503                                                     0.06                                                                            93
   Savings certificates                                                                                           24,362                                                     0.30                                                                            18                         29,654                                                     0.54                                                                            41
   Other time deposits                                                                                            49,170                                                     1.16                                                                           144                         49,806                                                     0.52                                                                            64
   Deposits in foreign offices                                             110,425                                  0.35                                                         97                        107,094                                  0.14                                                         38
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total interest-bearing deposits                                                                      907,229                                                     0.18                                                                           400                        866,139                                                     0.11                                                                           241
Short-term borrowings                                                                                            124,698                                                     0.33                                                                           102                        102,915                                                     0.05                                                                            12
Long-term debt                                                                                                   252,162                                                     1.68                                                                         1,061                        190,861                                                     1.49                                                                           713
Other liabilities                                                           17,210                                  2.15                                                         94                         16,453                                  2.14                                                         88
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total interest-bearing liabilities                                                                 1,301,299                                                     0.51                                                                         1,657                      1,176,368                                                     0.36                                                                         1,054
Portion of noninterest-bearing funding sources                             469,075                        --                                             --                        444,328                        --                                             --
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                  Total funding sources                                                   $ 1,770,374                                  0.37                                   1,657                      1,620,696                                  0.26                                   1,054
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                      -------------- --------------------                      -------------------- --------------                      --------- --------------------                      -------------- --------------------                      -------------------- --------------
Net interest margin and net interest income on a                                                                                                                             2.87 %                                         $         12,733                                                                                    2.92 %                                         $         11,904
taxable-equivalent basis (5)
                                                                                                                                                                   -------------- -------------------- -------------------- -------------------- --------------                                                                          -------------- -------------------- -------------------- -------------------- --------------
Noninterest-earning assets
Cash and due from banks                                                                                      $    18,967                                                                                                                                                                17,804
Goodwill                                                                                                          26,713                                                                                                                                                                25,580
Other                                                                      128,196                                                                                                                                            123,207  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                  Total noninterest-earning assets                                        $   173,876                                                                                                                                            166,591  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
Noninterest-bearing funding sources
Deposits                                                                                                     $   376,929                                                                                                                                                               350,670
Other liabilities                                                                                                 64,775                                                                                                                                                                65,224
Total equity                                                                                                     201,247                                                                                                                                                               195,025
Noninterest-bearing funding sources used to fund earning assets           (469,075 )                                                                                                                                                            (444,328 )
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                  Net noninterest-bearing funding sources                                 $   173,876                                                                                                                                            166,591  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                    Total assets                                                          $ 1,944,250                                                                                                                                          1,787,287  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Our average prime rate was 3.54% and 3.29% for the quarters
ended December 31, 2016 and 2015, respectively. The average
three-month London Interbank Offered Rate (LIBOR) was 0.92% and
0.41% for the same quarters, respectively.
(2) Yields/rates and amounts include the effects of hedge and risk
management activities associated with the respective asset and
liability categories.
(3) Yields and rates are based on interest income/expense amounts
for the period, annualized based on the accrual basis for the
respective accounts. The average balance amounts represent
amortized cost for the periods presented.
(4) Nonaccrual loans and related income are included in their
respective loan categories.
(5) Includes taxable-equivalent adjustments of $331 million and
$316 million for the quarters ended December 31, 2016 and 2015,
respectively, predominantly related to tax-exempt income on
certain loans and securities. The federal statutory tax rate was
35% for the periods presented.
 
 
Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT
BASIS) (1)(2)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                            Year ended December 31,
                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                           2016                                                                                                                                               2015
                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                 Interest                                                                                                                        Interest
                                                                                                                 Average                                                  Yields/                                                                       income/                        Average                                                  Yields/                                                                       income/
(in millions)                                                                                 balance              rates                                 expense     balance              rates                                 expense
-------------------------------------------------------------------- -------------------- --------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------------------------------------------------- --------- -------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------
Earning assets
Federal funds sold, securities purchased under resale agreements and                                         $   287,718                                                     0.51 %                                                            $          1,457                        266,832                                                     0.28 %                                                            $            738
other short-term investments
Trading assets                                                                                                    88,400                                                     2.89                                                                         2,553                         66,679                                                     3.01                                                                         2,010
Investment securities (3):
   Available-for-sale securities:
      Securities of U.S. Treasury and federal agencies                                                            29,418                                                     1.56                                                                           457                         32,093                                                     1.58                                                                           505
      Securities of U.S. states and political subdivisions                                                        52,959                                                     4.20                                                                         2,225                         47,404                                                     4.23                                                                         2,007
      Mortgage-backed securities:
         Federal agencies                                                                                        110,637                                                     2.50                                                                         2,764                        100,218                                                     2.73                                                                         2,733
         Residential and commercial                                         18,725                                  5.49                                                      1,029                         22,490                                  5.73                                                      1,289
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total mortgage-backed securities                                                                     129,362                                                     2.93                                                                         3,793                        122,708                                                     3.28                                                                         4,022
      Other debt and equity securities                                      53,433                                  3.44                                                      1,841                         49,752                                  3.42                                                      1,701
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
               Total available-for-sale securities                         265,172                                  3.14                                                      8,316                        251,957                                  3.27                                                      8,235
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
   Held-to-maturity securities:
      Securities of U.S. Treasury and federal agencies                                                            44,675                                                     2.19                                                                           979                         44,173                                                     2.19                                                                           968
      Securities of U.S. states and political subdivisions                                                         2,893                                                     5.32                                                                           154                          2,087                                                     5.40                                                                           113
      Federal agency and other mortgage-backed securities                                                         39,330                                                     2.00                                                                           786                         21,967                                                     2.23                                                                           489
      Other debt securities                                                  4,043                                  2.01                                                         81                          5,821                                  1.73                                                        101
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
               Total held-to-maturity securities                            90,941                                  2.20                                                      2,000                         74,048                                  2.26                                                      1,671
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                  Total investment securities                                                                    356,113                                                     2.90                                                                        10,316                        326,005                                                     3.04                                                                         9,906
Mortgages held for sale (4)                                                                                       22,412                                                     3.50                                                                           784                         21,603                                                     3.63                                                                           785
Loans held for sale (4)                                                                                              218                                                     4.01                                                                             9                            573                                                     3.25                                                                            19
Loans:
   Commercial:
      Commercial and industrial - U.S.                                                                           268,182                                                     3.45                                                                         9,243                        237,844                                                     3.29                                                                         7,836
      Commercial and industrial - Non U.S.                                                                        51,601                                                     2.36                                                                         1,219                         46,028                                                     1.90                                                                           877
      Real estate mortgage                                                                                       127,232                                                     3.44                                                                         4,371                        116,893                                                     3.41                                                                         3,984
      Real estate construction                                                                                    23,197                                                     3.55                                                                           824                         20,979                                                     3.57                                                                           749
      Lease financing                                                       17,950                                  5.10                                                        916                         12,301                                  4.70                                                        577
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total commercial                                                  488,162                                  3.39                                                     16,573                        434,045                                  3.23                                                     14,023
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                      276,712                                                     4.01                                                                        11,096                        268,560                                                     4.10                                                                        11,002
      Real estate 1-4 family junior lien mortgage                                                                 49,735                                                     4.39                                                                         2,183                         56,242                                                     4.25                                                                         2,391
      Credit card                                                                                                 34,178                                                    11.62                                                                         3,970                         31,307                                                    11.70                                                                         3,664
      Automobile                                                                                                  61,566                                                     5.62                                                                         3,458                         57,766                                                     5.84                                                                         3,374
      Other revolving credit and installment                                39,607                                  5.93                                                      2,350                         37,512                                  5.89                                                      2,209
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total consumer                                                    461,798                                  4.99                                                     23,057                        451,387                                  5.02                                                     22,640
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
            Total loans (4)                                                                                      949,960                                                     4.17                                                                        39,630                        885,432                                                     4.14                                                                        36,663
Other                                                                        6,262                                  2.51                                                        157                          4,947                                  5.11                                                        252
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                                                                                          $ 1,711,083                                  3.21 %                                                            $         54,906                      1,572,071                                  3.20 %                                                            $         50,373
                  Total earning assets
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
Funding sources
Deposits:
   Interest-bearing checking                                                                                 $    42,379                                                     0.14 %                                                            $             60                         38,640                                                     0.05 %                                                            $             20
   Market rate and other savings                                                                                 663,557                                                     0.07                                                                           449                        625,549                                                     0.06                                                                           367
   Savings certificates                                                                                           25,912                                                     0.35                                                                            91                         31,887                                                     0.63                                                                           201
   Other time deposits                                                                                            55,846                                                     0.91                                                                           508                         51,790                                                     0.45                                                                           232
   Deposits in foreign offices                                             103,206                                  0.28                                                        287                        107,138                                  0.13                                                        143
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total interest-bearing deposits                                                                         890,900                                                     0.16                                                                         1,395                        855,004                                                     0.11                                                                           963
Short-term borrowings                                                                                            115,187                                                     0.29                                                                           333                         87,465                                                     0.07                                                                            64
Long-term debt                                                                                                   239,471                                                     1.60                                                                         3,830                        185,078                                                     1.40                                                                         2,592
Other liabilities                                                           16,702                                  2.12                                                        354                         16,545                                  2.15                                                        357
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
         Total interest-bearing liabilities                                                                    1,262,260                                                     0.47                                                                         5,912                      1,144,092                                                     0.35                                                                         3,976
Portion of noninterest-bearing funding sources                             448,823                        --                                             --                        427,979                        --                                             --
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                               -------------------- --------------                      --------- --------------------                                                                               -------------------- --------------
                  Total funding sources                                                   $ 1,711,083                                  0.35                                   5,912                      1,572,071                                  0.25                                   3,976
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                      -------------- --------------------                      -------------------- --------------                      --------- --------------------                      -------------- --------------------                      -------------------- --------------
Net interest margin and net interest income on a                                                                                                                             2.86 %                                         $         48,994                                                                                    2.95 %                                         $         46,397
taxable-equivalent basis (5)
                                                                                                                                                                   -------------- -------------------- -------------------- -------------------- --------------                                                                          -------------- -------------------- -------------------- -------------------- --------------
Noninterest-earning assets
Cash and due from banks                                                                                      $    18,617                                                                                                                                                                17,327
Goodwill                                                                                                          26,700                                                                                                                                                                25,673
Other                                                                      129,041                                                                                                                                            127,848  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                  Total noninterest-earning assets                                        $   174,358                                                                                                                                            170,848  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
Noninterest-bearing funding sources
Deposits                                                                                                     $   359,666                                                                                                                                                               339,069
Other liabilities                                                                                                 62,825                                                                                                                                                                68,174
Total equity                                                                                                     200,690                                                                                                                                                               191,584
Noninterest-bearing funding sources used to fund earning assets           (448,823 )                                                                                                                                                            (427,979 )
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                  Net noninterest-bearing funding sources                                 $   174,358                                                                                                                                            170,848  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
                    Total assets                                                          $ 1,885,441                                                                                                                                          1,742,919  
-------------------------------------------------------------------- -------------------- -------------------- --------- --------------------                                                                                                                                        --------- --------------------
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Our average prime rate was 3.51% and 3.26% for the years ended
December 31, 2016 and 2015, respectively. The average three-month
London Interbank Offered Rate (LIBOR) was 0.74% and 0.32% for the
same periods, respectively.
(2) Yields/rates and amounts include the effects of hedge and risk
management activities associated with the respective asset and
liability categories.
(3) The average balance amounts represent amortized cost for the
periods presented.
(4) Nonaccrual loans and related income are included in their
respective loan categories.
(5) Includes taxable-equivalent adjustments of $1.2 billion and
$1.1 billion for the years ended December 31, 2016 and 2015,
respectively, predominantly related to tax-exempt income on
certain loans and securities. The federal statutory tax rate was
35% for the periods presented.
 
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID                                                                                                                                                                                                                                      
(TAXABLE-EQUIVALENT BASIS) (1)(2)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                   --------------------
                                                                                                                                                                                                                                                                                                            Quarter ended  
                                                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Dec 31, 2016                                                                              Sep 30, 2016                                                                              Jun 30, 2016                                                                              Mar 31, 2016                                                                              Dec 31, 2015  
-------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------------------
                                                                                                               Average                               Yields/                                             Average                               Yields/                                             Average                               Yields/                                             Average                               Yields/                                             Average                               Yields/
($ in billions)                                                                             balance              rates                          balance              rates                          balance              rates                          balance              rates                          balance              rates  
-------------------------------------------------------------------- -------------------- ------------------------------------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------------------- -------------------- -------------- --------------------
Earning assets
Federal funds sold, securities purchased under resale agreements and                                         $   273.1                                                     0.56 %                                                            $   299.4                                                     0.50 %                                                            $   293.8                                                     0.49 %                                                            $   284.7                                                     0.49 %                                                            $   274.6                                                     0.28 %
other short-term investments
Trading assets                                                                                                   102.8                                                     2.96                                                                   88.8                                                     2.72                                                                   81.4                                                     2.86                                                                   80.5                                                     3.01                                                                   68.8                                                     3.33
Investment securities (3):
   Available-for-sale securities:
      Securities of U.S. Treasury and federal agencies                                                            25.9                                                     1.53                                                                   25.8                                                     1.52                                                                   31.5                                                     1.56                                                                   34.4                                                     1.59                                                                   34.6                                                     1.58
      Securities of U.S. states and political subdivisions                                                        53.9                                                     4.06                                                                   55.2                                                     4.28                                                                   52.2                                                     4.24                                                                   50.5                                                     4.24                                                                   49.3                                                     4.37
      Mortgage-backed securities:
         Federal agencies                                                                                        148.0                                                     2.37                                                                  105.8                                                     2.39                                                                   92.0                                                     2.53                                                                   96.5                                                     2.80                                                                  102.3                                                     2.79
         Residential and commercial                                         16.5                                  5.87                                                18.1                                  5.54                                                19.6                                  5.44                                                20.8                                  5.20                                                21.5                                  5.51
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
            Total mortgage-backed securities                                                                     164.5                                                     2.72                                                                  123.9                                                     2.85                                                                  111.6                                                     3.04                                                                  117.3                                                     3.23                                                                  123.8                                                     3.26
      Other debt and equity securities                                      52.7                                  3.71                                                54.2                                  3.37                                                53.3                                  3.48                                                53.6                                  3.21                                                52.7                                  3.35
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
               Total available-for-sale securities                         297.0                                  3.03                                               259.1                                  3.13                                               248.6                                  3.20                                               255.8                                  3.20                                               260.4                                  3.27
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
   Held-to-maturity securities:
         Securities of U.S. Treasury and federal agencies                                                         44.7                                                     2.20                                                                   44.6                                                     2.19                                                                   44.6                                                     2.19                                                                   44.7                                                     2.20                                                                   44.7                                                     2.18
         Securities of U.S. states and political subdivisions                                                      4.7                                                     5.31                                                                    2.5                                                     5.24                                                                    2.2                                                     5.41                                                                    2.1                                                     5.41                                                                    2.1                                                     6.07
         Federal agency and other mortgage-backed securities                                                      46.0                                                     1.81                                                                   48.0                                                     1.97                                                                   35.1                                                     1.90                                                                   28.1                                                     2.49                                                                   28.2                                                     2.42
         Other debt securities                                               3.6                                  2.26                                                 3.9                                  1.98                                                 4.1                                  1.92                                                 4.6                                  1.92                                                 4.9                                  1.77
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
               Total held-to-maturity securities                            99.0                                  2.17                                                99.0                                  2.15                                                86.0                                  2.14                                                79.5                                  2.37                                                79.9                                  2.35
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
                  Total investment securities                                                                    396.0                                                     2.82                                                                  358.1                                                     2.86                                                                  334.6                                                     2.93                                                                  335.3                                                     3.01                                                                  340.3                                                     3.05
Mortgages held for sale                                                                                           27.5                                                     3.43                                                                   24.1                                                     3.44                                                                   20.1                                                     3.60                                                                   17.9                                                     3.59                                                                   19.2                                                     3.66
Loans held for sale                                                                                                0.2                                                     5.42                                                                    0.2                                                     3.04                                                                    0.2                                                     4.83                                                                    0.3                                                     3.23                                                                    0.4                                                     4.96
Loans:
   Commercial:
      Commercial and industrial - U.S.                                                                           272.8                                                     3.46                                                                  271.2                                                     3.48                                                                  270.9                                                     3.45                                                                  257.7                                                     3.39                                                                  250.5                                                     3.25
      Commercial and industrial - Non U.S.                                                                        54.4                                                     2.58                                                                   51.3                                                     2.40                                                                   51.2                                                     2.35                                                                   49.5                                                     2.10                                                                   48.0                                                     1.97
      Real estate mortgage                                                                                       131.2                                                     3.44                                                                  128.8                                                     3.48                                                                  126.1                                                     3.41                                                                  122.7                                                     3.41                                                                  121.8                                                     3.30
      Real estate construction                                                                                    23.9                                                     3.61                                                                   23.2                                                     3.50                                                                   23.1                                                     3.49                                                                   22.6                                                     3.61                                                                   22.0                                                     3.27
      Lease financing                                                       18.9                                  5.78                                                18.9                                  4.70                                                19.0                                  5.12                                                15.1                                  4.74                                                12.2                                  4.48
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
         Total commercial                                                  501.2                                  3.45                                               493.4                                  3.42                                               490.3                                  3.39                                               467.6                                  3.31                                               454.5                                  3.16
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                      277.7                                                     4.01                                                                  278.5                                                     3.97                                                                  275.9                                                     4.01                                                                  274.7                                                     4.05                                                                  272.9                                                     4.04
      Real estate 1-4 family junior lien mortgage                                                                 47.2                                                     4.42                                                                   48.9                                                     4.37                                                                   50.6                                                     4.37                                                                   52.2                                                     4.39                                                                   53.8                                                     4.28
      Credit card                                                                                                 35.4                                                    11.73                                                                   34.6                                                    11.60                                                                   33.4                                                    11.52                                                                   33.4                                                    11.61                                                                   32.8                                                    11.61
      Automobile                                                                                                  62.5                                                     5.54                                                                   62.5                                                     5.60                                                                   61.1                                                     5.66                                                                   60.1                                                     5.67                                                                   59.5                                                     5.74
      Other revolving credit and installment                                40.1                                  5.91                                                39.6                                  5.92                                                39.5                                  5.91                                                39.2                                  5.99                                                38.8                                  5.83
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
         Total consumer                                                    462.9                                  5.01                                               464.1                                  4.97                                               460.5                                  4.98                                               459.6                                  5.02                                               457.8                                  4.99
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
            Total loans                                                                                          964.1                                                     4.20                                                                  957.5                                                     4.17                                                                  950.8                                                     4.16                                                                  927.2                                                     4.16                                                                  912.3                                                     4.08
Other                                                                        6.7                                  3.27                                                 6.4                                  2.30                                                 6.0                                  2.30                                                 5.8                                  2.06                                                 5.1                                  4.82
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
                 Total earning assets                                                     $ 1,770.4                                  3.24 %                                                            $ 1,734.5                                  3.17 %                                                            $ 1,686.9                                  3.20 %                                                            $ 1,651.7                                  3.22 %                                                            $ 1,620.7                                  3.18 %
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
Funding sources
Deposits:
   Interest-bearing checking                                                                                 $    46.9                                                     0.17 %                                                            $    44.0                                                     0.15 %                                                            $    39.8                                                     0.13 %                                                            $    38.7                                                     0.12 %                                                            $    39.1                                                     0.05 %
   Market rate and other savings                                                                                 676.4                                                     0.07                                                                  667.2                                                     0.07                                                                  659.0                                                     0.07                                                                  651.5                                                     0.07                                                                  640.5                                                     0.06
   Savings certificates                                                                                           24.4                                                     0.30                                                                   25.2                                                     0.30                                                                   26.2                                                     0.35                                                                   27.9                                                     0.45                                                                   29.6                                                     0.54
   Other time deposits                                                                                            49.2                                                     1.16                                                                   54.9                                                     0.93                                                                   61.2                                                     0.85                                                                   58.2                                                     0.74                                                                   49.8                                                     0.52
   Deposits in foreign offices                                             110.4                                  0.35                                               107.1                                  0.30                                                97.5                                  0.23                                                97.7                                  0.21                                               107.1                                  0.14
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
         Total interest-bearing deposits                                                                         907.3                                                     0.18                                                                  898.4                                                     0.16                                                                  883.7                                                     0.15                                                                  874.0                                                     0.14                                                                  866.1                                                     0.11
Short-term borrowings                                                                                            124.7                                                     0.33                                                                  116.2                                                     0.29                                                                  111.8                                                     0.28                                                                  107.9                                                     0.25                                                                  102.9                                                     0.05
Long-term debt                                                                                                   252.2                                                     1.68                                                                  252.4                                                     1.59                                                                  236.2                                                     1.56                                                                  216.9                                                     1.56                                                                  190.9                                                     1.49
Other liabilities                                                           17.1                                  2.15                                                16.8                                  2.11                                                16.3                                  2.06                                                16.5                                  2.14                                                16.5                                  2.14
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
         Total interest-bearing liabilities                                                                    1,301.3                                                     0.51                                                                1,283.8                                                     0.48                                                                1,248.0                                                     0.45                                                                1,215.3                                                     0.43                                                                1,176.4                                                     0.36
Portion of noninterest-bearing funding sources                             469.1                        --                                               450.7                        --                                               438.9                        --                                               436.4                        --                                               444.3                        --
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
               Total funding sources                                                      $ 1,770.4                                  0.37                                           $ 1,734.5                                  0.35                                           $ 1,686.9                                  0.34                                           $ 1,651.7                                  0.32                                           $ 1,620.7                                  0.26  
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                      -------------- --------------------                      -------------------- ------- --------------------                      -------------- --------------------                      -------------------- ------- --------------------                      -------------- --------------------                      -------------------- ------- --------------------                      -------------- --------------------                      -------------------- ------- --------------------                      -------------- --------------------
Net interest margin on a taxable-equivalent basis                                                                                                                          2.87 %                                                                                                                          2.82 %                                                                                                                          2.86 %                                                                                                                          2.90 %                                                                                                                          2.92 %
                                                                                                                                                                 -------------- --------------------                                                                                             -------------- --------------------                                                                                             -------------- --------------------                                                                                             -------------- --------------------                                                                                             -------------- --------------------
Noninterest-earning assets
Cash and due from banks                                                                                      $    19.0                                                                                                                            18.7                                                                                                                            18.8                                                                                                                            18.0                                                                                                                            17.8
Goodwill                                                                                                          26.7                                                                                                                            27.0                                                                                                                            27.0                                                                                                                            26.1                                                                                                                            25.6
Other                                                                      128.2                                                                                     134.4                                                                                     129.4                                                                                     124.1                                                                                     123.2  
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
               Total noninterest-earnings assets                                          $   173.9                                                                                     180.1                                                                                     175.2                                                                                     168.2                                                                                     166.6  
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
Noninterest-bearing funding sources
Deposits                                                                                                     $   376.9                                                                                                                           363.1                                                                                                                           353.0                                                                                                                           345.4                                                                                                                           350.7
Other liabilities                                                                                                 64.9                                                                                                                            63.8                                                                                                                            60.1                                                                                                                            62.6                                                                                                                            65.2
Total equity                                                                                                     201.2                                                                                                                           203.9                                                                                                                           201.0                                                                                                                           196.6                                                                                                                           195.0
Noninterest-bearing funding sources used to fund earning assets           (469.1 )                                                                                                     (450.7 )                                                                                                     (438.9 )                                                                                                     (436.4 )                                                                                                     (444.3 )
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
               Net noninterest-bearing funding sources                                    $   173.9                                                                                     180.1                                                                                     175.2                                                                                     168.2                                                                                     166.6  
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
                  Total assets                                                            $ 1,944.3                                                                                   1,914.6                                                                                   1,862.1                                                                                   1,819.9                                                                                   1,787.3  
-------------------------------------------------------------------- -------------------- -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------                                                                               -------------------- ------- --------------------
                                                                                                                                                                                                                                       
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Our average prime rate was 3.54% for the quarter ended
December 31, 2016, 3.50% for the quarters ended September 30, June
30 and March 31, 2016, and 3.29% for the quarter ended December
31, 2015. The average three-month London Interbank Offered Rate
(LIBOR) was 0.92%, 0.79%, 0.64%, 0.62% and 0.41% for the same
quarters, respectively.
(2) Yields/rates include the effects of hedge and risk management
activities associated with the respective asset and liability
categories.
(3) Yields and rates are based on interest income/expense amounts
for the period, annualized based on the accrual basis for the
respective accounts. The average balance amounts represent
amortized cost for the periods presented.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                   --------------------
                                                                                                Quarter ended December 31,                                                  %                                                   Year ended December 31,                                  %
                                                                                ------------------------------------------------------------------------------------------------                                                                              -----------------------------------------------------------------------------
(in millions)                                                                      2016      2015             Change                            2016     2015     Change  
---------------------------------------------------------- -------------------- ----------------------------------------------- -------------------- ----- -------------------- -------------------- -------------- -------------------- -------------------- ------------------------------------------------ ------ -------------------- -------------------- ------ --------------------
Service charges on deposit accounts                                                                $ 1,357                        1,329                                                        2 %                                                            $  5,372    5,168                                                4 %
Trust and investment fees:
   Brokerage advisory, commissions and other fees                                                    2,342                                           2,288                                                        2                                                                 9,216                       9,435                                               (2 )
   Trust and investment management                                                                     837                                             838                                           --                                                                 3,336                       3,394                                               (2 )
   Investment banking                                            519       385                                    35                                              1,691    1,639                             3
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
      Total trust and investment fees                          3,698     3,511                                     5                                             14,243   14,468                            (2 )
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
Card fees                                                                                            1,001                                             966                                                        4                                                                 3,936                       3,720                                                6
Other fees:
   Charges and fees on loans                                                                           305                                             308                                                       (1 )                                                               1,241                       1,228                                                1
   Cash network fees                                                                                   130                                             129                                                        1                                                                   537                         522                                                3
   Commercial real estate brokerage commissions                                                        172                                             224                                                      (23 )                                                                 494                         618                                              (20 )
   Letters of credit fees                                                                               79                                              86                                                       (8 )                                                                 321                         353                                               (9 )
   Wire transfer and other remittance fees                                                             105                                              95                                                       11                                                                   401                         370                                                8
   All other fees (1)(2)(3)                                      171       198                                   (14 )                                              733    1,233                           (41 )
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
      Total other fees                                           962     1,040                                    (8 )                                            3,727    4,324                           (14 )
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
Mortgage banking:
   Servicing income, net                                                                               196                                             730                                                      (73 )                                                               1,765                       2,441                                              (28 )
   Net gains on mortgage loan origination/sales activities     1,221       930                                    31                                              4,331    4,060                             7
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
      Total mortgage banking                                   1,417     1,660                                   (15 )                                            6,096    6,501                            (6 )
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
Insurance                                                                                              262                                             427                                                      (39 )                                                               1,268                       1,694                                              (25 )
Net gains (losses) from trading activities                                                            (109 )                                            99                                                       NM                                                                   834                         614                                               36
Net gains on debt securities                                                                           145                                             346                                                      (58 )                                                                 942                         952                                               (1 )
Net gains from equity investments                                                                      306                                             423                                                      (28 )                                                                 879                       2,230                                              (61 )
Lease income                                                                                           523                                             145                                                      261                                                                 1,927                         621                                              210
Life insurance investment income                                                                       132                                             139                                                       (5 )                                                                 587                         579                                                1
All other (3)                                                   (514 )                        (87 )                                                    491                                                702     (115 )                                             NM
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- --------------------                                                                               -------------------- ------ -------------------- ------ --------------------
         Total                                                                  $ 9,180     9,998                 (8 )                                         $ 40,513   40,756         (1 )
---------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ -------------------- ------ -------------------- -------------------- ------ --------------------
NM - Not meaningful
(1) Wire transfer and other remittance fees, reflected in all other
fees prior to 2016, have been separately disclosed.
(2) All other fees have been revised to include merchant processing
fees for all periods presented.
(3) Effective fourth quarter 2015, the Company’s proportionate share
of its merchant services joint venture earnings is included in All
other income.
                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                    
NONINTEREST EXPENSE                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      --------------------
                                                                                                 Quarter ended Dec 31,                  %                                                                                    Year ended Dec 31,          %
                                                                                -----------------------------------------------------------------------------                                                                                                                        -----------------------------------------------------------------------------
(in millions)                                                    2016       2015             Change                              2016       2015     Change  
------------------------------------- -------------------- -------------------- ------------------------------------------------ -------------------- ------ -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------------------------------------------------ -------------------- ------ -------------------- -------------------- ------ --------------------
Salaries                                                                                           $  4,193      4,061                                                        3 %                                                                                 $ 16,552     15,883                                                4 %
Commission and incentive compensation                                                                 2,478                                            2,457                                                        1                                                                                     10,247                                           10,352                                               (1 )
Employee benefits                                                                                     1,101                                            1,042                                                        6                                                                                      5,094                                            4,446                                               15
Equipment                                                                                               642                                              640                                           --                                                                                      2,154                                            2,063                                                4
Net occupancy                                                                                           710                                              725                                                       (2 )                                                                                    2,855                                            2,886                                               (1 )
Core deposit and other intangibles                                                                      301                                              311                                                       (3 )                                                                                    1,192                                            1,246                                               (4 )
FDIC and other deposit assessments                                                                      353                                              258                                                       37                                                                                      1,168                                              973                                               20
Outside professional services                                                                           984                                              827                                                       19                                                                                      3,138                                            2,665                                               18
Operating losses                                                                                        243                                              532                                                      (54 )                                                                                    1,608                                            1,871                                              (14 )
Operating leases                                                                                        379                                               73                                                      419                                                                                      1,329                                              278                                              378
Contract services                                                                                       325                                              266                                                       22                                                                                      1,203                                              978                                               23
Outside data processing                                                                                 222                                              205                                                        8                                                                                        888                                              985                                              (10 )
Travel and entertainment                                                                                195                                              196                                                       (1 )                                                                                      704                                              692                                                2
Postage, stationery and supplies                                                                        156                                              177                                                      (12 )                                                                                      622                                              702                                              (11 )
Advertising and promotion                                                                               178                                              184                                                       (3 )                                                                                      595                                              606                                               (2 )
Telecommunications                                                                                       96                                              106                                                       (9 )                                                                                      383                                              439                                              (13 )
Foreclosed assets                                                                                        75                                               20                                                      275                                                                                        202                                              381                                              (47 )
Insurance                                                                                                23                                               57                                                      (60 )                                                                                      179                                              448                                              (60 )
All other                                      561        462                                                       21                                                                   2,264      2,080                                                9
------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------                                                                                                                         -------------------- ------ -------------------- -------------------- ------
   Total                                                     $ 13,215     12,599                  5                          $ 52,377     49,974          5  
------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------              --------------------
                                                                                                                                                                                                                                           Quarter ended  
                                                                                ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      Dec 31,                        Sep 30,                        Jun 30,   Mar 31,   Dec 31,
(in millions)                                                                         2016        2016        2016      2016      2015  
---------------------------------------------------------- -------------------- -------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
Service charges on deposit accounts                                                                $    1,357                                             1,370                                             1,336                        1,309                        1,329
Trust and investment fees:
   Brokerage advisory, commissions and other fees                                                       2,342                                             2,344                                             2,291                        2,239                        2,288
   Trust and investment management                                                                        837                                               849                                               835                          815                          838
   Investment banking                                               519         420         421       331       385  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
      Total trust and investment fees                             3,698       3,613       3,547     3,385     3,511  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
Card fees                                                                                               1,001                                               997                                               997                          941                          966
Other fees:
   Charges and fees on loans                                                                              305                                               306                                               317                          313                          308
   Cash network fees                                                                                      130                                               138                                               138                          131                          129
   Commercial real estate brokerage commissions                                                           172                                               119                                                86                          117                          224
   Letters of credit fees                                                                                  79                                                81                                                83                           78                           86
   Wire transfer and other remittance fees                                                                105                                               103                                               101                           92                           95
   All other fees (1)(2)(3)                                         171         179         181       202       198  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
      Total other fees                                              962         926         906       933     1,040  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
Mortgage banking:
   Servicing income, net                                                                                  196                                               359                                               360                          850                          730
   Net gains on mortgage loan origination/sales activities        1,221       1,308       1,054       748       930  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
      Total mortgage banking                                      1,417       1,667       1,414     1,598     1,660  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
Insurance                                                                                                 262                                               293                                               286                          427                          427
Net gains (losses) from trading activities                                                               (109 )                                             415                                               328                          200                           99
Net gains on debt securities                                                                              145                                               106                                               447                          244                          346
Net gains from equity investments                                                                         306                                               140                                               189                          244                          423
Lease income                                                                                              523                                               534                                               497                          373                          145
Life insurance investment income                                                                          132                                               152                                               149                          154                          139
All other (3)                                                      (514 )                          163         333       720       (87 )
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
         Total                                                                  $    9,180      10,376      10,429    10,528     9,998  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
(1) Wire transfer and other remittance fees, reflected in all
other fees prior to 2016, have been separately disclosed.
(2) All other fees have been revised to include merchant processing
fees for all periods presented.
(3) Effective fourth quarter 2015, the Company’s proportionate
share of its merchant services joint venture earnings is included
in All other income.
                                                                                                                                                                                                                                                                             
FIVE QUARTER NONINTEREST EXPENSE                                                                                                                                                                                                       
----------------------------------------------------------------------------------------------------------    -----------------------------------------------   -----------------------------------------------------------------------------------------------------       --------------------
                                                                                                                                                                                                                                                              Quarter ended  
                                                                                ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      Dec 31,                                           Sep 30,                                           Jun 30,                      Mar 31,                      Dec 31,
(in millions)                                                                         2016        2016        2016      2016      2015  
---------------------------------------------------------- -------------------- -------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
Salaries                                                                                           $    4,193                                             4,224                                             4,099                        4,036                        4,061
Commission and incentive compensation                                                                   2,478                                             2,520                                             2,604                        2,645                        2,457
Employee benefits                                                                                       1,101                                             1,223                                             1,244                        1,526                        1,042
Equipment                                                                                                 642                                               491                                               493                          528                          640
Net occupancy                                                                                             710                                               718                                               716                          711                          725
Core deposit and other intangibles                                                                        301                                               299                                               299                          293                          311
FDIC and other deposit assessments                                                                        353                                               310                                               255                          250                          258
Outside professional services                                                                             984                                               802                                               769                          583                          827
Operating losses                                                                                          243                                               577                                               334                          454                          532
Operating leases                                                                                          379                                               363                                               352                          235                           73
Contract services                                                                                         325                                               313                                               283                          282                          266
Outside data processing                                                                                   222                                               233                                               225                          208                          205
Travel and entertainment                                                                                  195                                               144                                               193                          172                          196
Postage, stationery and supplies                                                                          156                                               150                                               153                          163                          177
Advertising and promotion                                                                                 178                                               117                                               166                          134                          184
Telecommunications                                                                                         96                                               101                                                94                           92                          106
Foreclosed assets                                                                                          75                                               (17 )                                              66                           78                           20
Insurance                                                                                                  23                                                23                                                22                          111                           57
All other                                                           561         677         499       527       462  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
   Total                                                                        $   13,215      13,268      12,866    13,028    12,599  
---------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET                                                                                                                                                                                                                          
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------          --------------------
                                                                                                                                Dec 31,                          Dec 31,                %
(in millions, except shares)                                                                                                       2016                             2015           Change  
--------------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------ --------------------------------------------------- -------------- --------------------
Assets
Cash and due from banks                                                                                                   $    20,729                                              19,111                                                        8 %
Federal funds sold, securities purchased under resale agreements and                                                          266,038                                             270,130                                                       (2 )
other short-term investments
Trading assets (1)                                                                                                             74,397                                              64,815                                                       15
Investment securities:
   Available-for-sale, at fair value                                                                                          308,364                                             267,358                                                       15
   Held-to-maturity, at cost                                                                                                   99,583                                              80,197                                                       24
Mortgages held for sale                                                                                                        26,309                                              19,603                                                       34
Loans held for sale                                                                                                                80                                                 279                                                      (71 )
Loans                                                                                                                         967,604                                             916,559                                                        6
Allowance for loan losses                                                               (11,419 )                        (11,545 )                                                     (1 )
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Net loans                                                                            956,185       905,014                                     6
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Mortgage servicing rights:
   Measured at fair value                                                                                                      12,959                                              12,415                                                        4
   Amortized                                                                                                                    1,406                                               1,308                                                        7
Premises and equipment, net                                                                                                     8,333                                               8,704                                                       (4 )
Goodwill                                                                                                                       26,693                                              25,529                                                        5
Derivative assets                                                                                                              14,498                                              17,656                                                      (18 )
Other assets (1)                                                                        114,541        95,513                                    20
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
         Total assets                                                                                  $ 1,930,115     1,787,632                                     8
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Liabilities
Noninterest-bearing deposits                                                                                              $   375,967                                             351,579                                                        7
Interest-bearing deposits                                                               930,112       871,733                                     7
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Total deposits                                                                                                           1,306,079                                           1,223,312                                                        7
Short-term borrowings                                                                                                          96,781                                              97,528                                                       (1 )
Derivative liabilities                                                                                                         14,492                                              13,920                                                        4
Accrued expenses and other liabilities (1)                                                                                     57,189                                              59,445                                                       (4 )
Long-term debt                                                                          255,077       199,536                                    28
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
      Total liabilities                                                               1,729,618     1,593,741                                     9
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Equity
Wells Fargo stockholders’ equity:
   Preferred stock                                                                                                             24,551                                              22,214                                                       11
   Common stock - $1-2/3 par value, authorized 9,000,000,000 shares;                                               9,136                                               9,136                                           --
   issued 5,481,811,474 shares
   Additional paid-in capital                                                                                                  60,234                                              60,714                                                       (1 )
   Retained earnings                                                                                                          133,075                                             120,866                                                       10
   Cumulative other comprehensive income (loss)                                                                                (3,137 )                                               297                                                       NM
   Treasury stock - 465,702,148 shares and 389,682,664 shares                                                    (22,713 )                                           (18,867 )                                                     20
   Unearned ESOP shares                                                                  (1,565 )                         (1,362 )                                                     15
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
      Total Wells Fargo stockholders’ equity                                                       199,581                                             192,998                                                        3
Noncontrolling interests                                                                    916           893                                     3
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
         Total equity                                                                   200,497       193,891                                     3
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
            Total liabilities and equity                                                               $ 1,930,115     1,787,632                  8  
--------------------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- -------------- --------------------
NM - Not meaningful
(1) Prior period has been revised to conform to the current period
presentation of reporting derivative assets and liabilities
separately.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                --------------------
                                                                                                 Dec 31,                          Sep 30,                          Jun 30,                          Mar 31,                          Dec 31,
(in millions)                                                                                       2016          2016          2016          2016          2015  
----------------------------------------------------------------------- -------------------- --------------------------------------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Assets
Cash and due from banks                                                                                         $    20,729                                              19,287                                              20,407                                              19,084                                              19,111
Federal funds sold, securities purchased under resale agreements and                                                266,038                                             298,325                                             295,521                                             300,547                                             270,130
other short-term investments
Trading assets (1)                                                                                                   74,397                                              81,094                                              71,556                                              62,657                                              64,815
Investment securities:
   Available-for-sale, at fair value                                                                                308,364                                             291,591                                             253,006                                             255,551                                             267,358
   Held-to-maturity, at cost                                                                                         99,583                                              99,241                                             100,420                                              79,348                                              80,197
Mortgages held for sale                                                                                              26,309                                              27,423                                              23,930                                              18,041                                              19,603
Loans held for sale                                                                                                      80                                                 183                                                 220                                                 280                                                 279
Loans                                                                                                               967,604                                             961,326                                             957,157                                             947,258                                             916,559
Allowance for loan losses                                                     (11,419 )                        (11,583 )                        (11,664 )                        (11,621 )                        (11,545 )
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Net loans                                                                  956,185       949,743       945,493       935,637       905,014  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Mortgage servicing rights:
   Measured at fair value                                                                                            12,959                                              10,415                                              10,396                                              11,333                                              12,415
   Amortized                                                                                                          1,406                                               1,373                                               1,353                                               1,359                                               1,308
Premises and equipment, net                                                                                           8,333                                               8,322                                               8,289                                               8,349                                               8,704
Goodwill                                                                                                             26,693                                              26,688                                              26,963                                              27,003                                              25,529
Derivative assets                                                                                                    14,498                                              18,736                                              20,999                                              20,043                                              17,656
Other assets (1)                                                              114,541       109,703       110,682       109,950        95,513  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
         Total assets                                                                        $ 1,930,115     1,942,124     1,889,235     1,849,182     1,787,632  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Liabilities
Noninterest-bearing deposits                                                                                    $   375,967                                             376,136                                             361,934                                             348,888                                             351,579
Interest-bearing deposits                                                     930,112       899,758       883,539       892,602       871,733  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Total deposits                                                                                                 1,306,079                                           1,275,894                                           1,245,473                                           1,241,490                                           1,223,312
Short-term borrowings                                                                                                96,781                                             124,668                                             120,258                                             107,703                                              97,528
Derivative liabilities                                                                                               14,492                                              13,603                                              15,483                                              15,184                                              13,920
Accrued expenses and other liabilities (1)                                                                           57,189                                              69,166                                              61,433                                              58,413                                              59,445
Long-term debt                                                                255,077       254,835       243,927       227,888       199,536  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
      Total liabilities                                                     1,729,618     1,738,166     1,686,574     1,650,678     1,593,741  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Equity
Wells Fargo stockholders’ equity:
   Preferred stock                                                                                                   24,551                                              24,594                                              24,830                                              24,051                                              22,214
   Common stock                                                                                                       9,136                                               9,136                                               9,136                                               9,136                                               9,136
   Additional paid-in capital                                                                                        60,234                                              60,685                                              60,691                                              60,602                                              60,714
   Retained earnings                                                                                                133,075                                             130,288                                             127,076                                             123,891                                             120,866
   Cumulative other comprehensive income (loss)                                                                      (3,137 )                                             2,184                                               2,948                                               1,774                                                 297
   Treasury stock                                                                                                   (22,713 )                                           (22,247 )                                           (21,068 )                                           (19,687 )                                           (18,867 )
   Unearned ESOP shares                                                        (1,565 )                         (1,612 )                         (1,868 )                         (2,271 )                         (1,362 )
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
      Total Wells Fargo stockholders’ equity                                             199,581                                             203,028                                             201,745                                             197,496                                             192,998
Noncontrolling interests                                                          916           930           916         1,008           893  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
         Total equity                                                         200,497       203,958       202,661       198,504       193,891  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
            Total liabilities and equity                                                     $ 1,930,115     1,942,124     1,889,235     1,849,182     1,787,632  
----------------------------------------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
(1) Prior periods have been revised to conform to the current
period presentation of reporting derivative assets and liabilities
separately.
                                                                                                                                                                                                                                      
 
Wells Fargo & Company and Subsidiaries
FIVE QUARTER INVESTMENT SECURITIES
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                    Dec 31,     Sep 30,     Jun 30,     Mar 31,     Dec 31,
(in millions)                                                                          2016        2016        2016        2016        2015
---------------------------------------------------------- -------------------- -------------------- ------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Available-for-sale securities:
   Securities of U.S. Treasury and federal agencies                                                                     $  25,819                                            26,376                                            27,939                                            33,813                                            36,250
   Securities of U.S. states and political subdivisions                                                                    51,101                                            55,366                                            54,024                                            51,574                                            49,990
   Mortgage-backed securities:
      Federal agencies                                                                                                    161,230                                           135,692                                            95,868                                            95,463                                           104,546
      Residential and commercial                                  16,318      18,387      19,938      21,246      22,646
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
         Total mortgage-backed securities                                                                                 177,548                                           154,079                                           115,806                                           116,709                                           127,192
   Other debt securities                                          52,685      54,537      53,935      51,956      52,289
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
            Total available-for-sale debt securities                                                                      307,153                                           290,358                                           251,704                                           254,052                                           265,721
   Marketable equity securities                                    1,211       1,233       1,302       1,499       1,637
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
               Total available-for-sale securities               308,364     291,591     253,006     255,551     267,358
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Held-to-maturity securities:
   Securities of U.S. Treasury and federal agencies                                                                        44,690                                            44,682                                            44,675                                            44,667                                            44,660
   Securities of U.S. states and political subdivisions                                                                     6,336                                             2,994                                             2,181                                             2,183                                             2,185
   Federal agency and other mortgage-backed securities (1)                                                                 45,161                                            47,721                                            49,594                                            28,016                                            28,604
   Other debt securities                                           3,396       3,844       3,970       4,482       4,748
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
               Total held-to-maturity debt securities             99,583      99,241     100,420      79,348      80,197
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
                  Total investment securities                                     $ 407,947     390,832     353,426     334,899     347,555
---------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
(1) Predominantly consists of federal agency mortgage-backed
securities.
 
FIVE QUARTER LOANS
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Dec 31,   Sep 30,   Jun 30,   Mar 31,                Dec 31,
(in millions)                                                            2016      2016      2016      2016                   2015
---------------------------------------------- -------------------- ------------------------------------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
Commercial:
   Commercial and industrial                                                           $ 330,840                      324,020                      323,858                      321,547                                   299,892
   Real estate mortgage                                                                  132,491                      130,223                      128,320                      124,711                                   122,160
   Real estate construction                                                               23,916                       23,340                       23,387                       22,944                                    22,164
   Lease financing                                  19,289    18,871    18,973    19,003                 12,367
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
      Total commercial                             506,536   496,454   494,538   488,205                456,583
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
Consumer:
   Real estate 1-4 family first mortgage                                                 275,579                      278,689                      277,162                      274,734                                   273,869
   Real estate 1-4 family junior lien mortgage                                            46,237                       48,105                       49,772                       51,324                                    53,004
   Credit card                                                                            36,700                       34,992                       34,137                       33,139                                    34,039
   Automobile                                                                             62,286                       62,873                       61,939                       60,658                                    59,966
   Other revolving credit and installment           40,266    40,213    39,609    39,198                 39,098
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
      Total consumer                               461,068   464,872   462,619   459,053                459,976
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
         Total loans (1)                                            $ 967,604   961,326   957,157   947,258                916,559
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
(1) Includes $16.7 billion, $17.7 billion, $19.3 billion, $20.3
billion, and $20.0 billion of purchased credit-impaired (PCI)
loans at December 31, September 30, June 30, and March 31, 2016,
and December 31, 2015, respectively.
 
Our foreign loans are reported by respective class of financing
receivable in the table above. Substantially all of our foreign
loan portfolio is commercial loans. Loans are classified as
foreign primarily based on whether the borrower’s primary address
is outside of the United States. The following table presents
total commercial foreign loans outstanding by class of financing
receivable.
 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         Dec 31,                      Sep 30,                      Jun 30,                      Mar 31,                                   Dec 31,
(in millions)                                                            2016      2016      2016      2016                   2015
---------------------------------------------- -------------------- ------------------------------------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
Commercial foreign loans:
   Commercial and industrial                                                           $  55,396                       51,515                       50,515                       51,884                                    49,049
   Real estate mortgage                                                                    8,541                        8,466                        8,467                        8,367                                     8,350
   Real estate construction                                                                  375                          310                          246                          311                                       444
   Lease financing                                     972       958       987       983                    274
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
      Total commercial foreign loans                                $  65,284    61,249    60,215    61,545                 58,117
---------------------------------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- --------------------
                                                                                                                                                                                                              
 
Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND
FORECLOSED ASSETS)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                        Dec 31,                        Sep 30,   Jun 30,   Mar 31,   Dec 31,
(in millions)                                                              2016        2016      2016      2016      2015
------------------------------------------------- -------------------- ------------------------------------------------ -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
Nonaccrual loans:
   Commercial:
      Commercial and industrial                                                           $  3,216                                             3,331                        3,464                        2,911                        1,363
      Real estate mortgage                                                                     685                                               780                          872                          896                          969
      Real estate construction                                                                  43                                                59                           59                           63                           66
      Lease financing                                    115          92       112        99        26
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
         Total commercial                              4,059       4,262     4,507     3,969     2,424
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
   Consumer:
      Real estate 1-4 family first mortgage                                                  4,962                                             5,310                        5,970                        6,683                        7,293
      Real estate 1-4 family junior lien mortgage                                            1,206                                             1,259                        1,330                        1,421                        1,495
      Automobile                                                                               106                                               108                          111                          114                          121
      Other revolving credit and installment              51          47        45        47        49
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
         Total consumer                                6,325       6,724     7,456     8,265     8,958
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
            Total nonaccrual loans (1)(2)(3)                           $ 10,384      10,986    11,963    12,234    11,382
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
            As a percentage of total loans                                                    1.07 %                                            1.14                         1.25                         1.29                         1.24
Foreclosed assets:
   Government insured/guaranteed                                                          $    197                                               282                          321                          386                          446
   Non-government insured/guaranteed                     781         738       796       893       979
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
            Total foreclosed assets                      978       1,020     1,117     1,279     1,425
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
               Total nonperforming assets                              $ 11,362      12,006    13,080    13,513    12,807
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
               As a percentage of total loans           1.17 %                         1.25      1.37      1.43      1.40
------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- ------- -------------------- ------- -------------------- -------
(1) Includes nonaccrual mortgages held for sale and loans held for
sale in their respective loan categories.
(2) Excludes PCI loans because they continue to earn interest
income from accretable yield, independent of performance in
accordance with their contractual terms.
(3) Real estate 1-4 family mortgage loans predominantly insured by
the Federal Housing Administration (FHA) or guaranteed by the
Department of Veterans Affairs (VA) and student loans largely
guaranteed by agencies on behalf of the U.S. Department of
Education under the Federal Family Education Loan Program are not
placed on nonaccrual status because they are insured or guaranteed.
 
 
Wells Fargo & Company and Subsidiaries
LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Dec 31,          Sep 30,          Jun 30,   Mar 31,   Dec 31,
(in millions)                                                                             2016             2016             2016      2016      2015
-------------------------------------------------------- -------------------- -------------------------------------------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
Total (excluding PCI)(1):                                                                        $         11,858                              12,068                              12,385                       13,060                       14,380
   Less: FHA insured/guaranteed by the VA (2)(3)                                                           10,883                              11,198                              11,577                       12,233                       13,373
   Less: Student loans guaranteed under the FFELP (4)                     3               17               20        24        26
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
            Total, not government insured/guaranteed                          $            972              853              788       803       981
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
By segment and class, not government insured/guaranteed:
   Commercial:
      Commercial and industrial                                                                  $             28                                  47                                  36                           24                           97
      Real estate mortgage                                                                                     36                                   4                                  22                            8                           13
      Real estate construction                               --   --   --         2         4
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
         Total commercial                                                64               51               58        34       114
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
   Consumer:
      Real estate 1-4 family first mortgage (3)                                                               175                                 171                                 169                          167                          224
      Real estate 1-4 family junior lien mortgage (3)                                                          56                                  54                                  52                           55                           65
      Credit card                                                                                             452                                 392                                 348                          389                          397
      Automobile                                                                                              112                                  81                                  64                           55                           79
      Other revolving credit and installment                            113              104               97       103       102
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
         Total consumer                                                 908              802              730       769       867
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
            Total, not government insured/guaranteed                          $            972              853              788       803       981
-------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ------- -------------------- -------
(1) PCI loans totaled $2.0 billion, $2.2 billion, $2.4 billion,
$2.7 billion and $2.9 billion, at December 31, September 30, June
30, and March 31, 2016, and December 31, 2015, respectively.
(2) Represents loans whose repayments are predominantly insured by
the FHA or guaranteed by the VA.
(3) Includes mortgages held for sale 90 days or more past due and
still accruing.
(4) Represents loans whose repayments are largely guaranteed by
agencies on behalf of the U.S. Department of Education under the
FFELP.
 
 
Wells Fargo & Company and Subsidiaries
CHANGES IN ACCRETABLE YIELD RELATED TO PURCHASED
CREDIT-IMPAIRED (PCI) LOANS
 
Loans purchased with evidence of credit deterioration since
origination and for which it is probable that all contractually
required payments will not be collected are considered to be
credit impaired. PCI loans predominantly represent loans acquired
from Wachovia that were deemed to be credit impaired. Evidence of
credit quality deterioration as of the purchase date may include
statistics such as past due and nonaccrual status, recent borrower
credit scores and recent LTV percentages. PCI loans are initially
measured at fair value, which includes estimated future credit
losses expected to be incurred over the life of the loan.
Accordingly, the associated allowance for credit losses related to
these loans is not carried over at the acquisition date.
 
As a result of PCI loan accounting, certain credit-related ratios
cannot be used to compare a portfolio that includes PCI loans
against one that does not, or to compare ratios across quarters or
years. The ratios particularly affected include the allowance for
loan losses and allowance for credit losses as percentages of
loans, of nonaccrual loans and of nonperforming assets; nonaccrual
loans and nonperforming assets as a percentage of total loans; and
net charge-offs as a percentage of loans.
 
The excess of cash flows expected to be collected over the
carrying value of PCI loans is referred to as the accretable yield
and is accreted into interest income over the estimated lives of
the PCI loans using the effective yield method. The accretable
yield is affected by:
    ?         Changes in interest rate indices for variable rate PCI loans -
                                              Expected future cash flows are based on the variable rates in
                                              effect at the time of the quarterly assessment of expected cash
                                              flows;
                       ?         Changes in prepayment assumptions - Prepayments affect the
                                              estimated life of PCI loans which may change the amount of
                                              interest income, and possibly principal, expected to be collected;
                                              and
                       ?         Changes in the expected principal and interest payments over the
                                              estimated life - Updates to changes in expected cash flows are
                                              driven by the credit outlook and actions taken with borrowers.
                                              Changes in expected future cash flows from loan modifications are
                                              included in the regular evaluations of cash flows expected to be
                                              collected.
 
The change in the accretable yield related to PCI loans since the
merger with Wachovia is presented in the following table.
                                                                                  
----------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                   Quarter                                        Year                       
                                                                                                                        ended                                                          ended
                                                                                                                      Dec 31,                                                        Dec 31,
(in millions)                                                                                         2016                     2016                2009-2015  
----------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, beginning of period                                                                                 $         11,619                                                         16,301                                                         10,447
   Change in accretable yield due to acquisitions                                                                         (31 )                                                           27                                                            132
   Accretion into interest income (1)                                                                                    (373 )                                                       (1,365 )                                                      (14,212 )
   Accretion into noninterest income due to sales (2)                                                          --                                                             (9 )                                                         (458 )
                                                                                                               --                                                          1,221                                                          9,734
   Reclassification from nonaccretable difference for loans with
   improving credit-related cash flows (3)
                                                                                      1                   (4,959 )                                    10,658  
   Changes in expected cash flows that do not affect nonaccretable
   difference (4)
------------------------------------------------------------------   -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, end of period                                                                    $         11,216                   11,216                   16,301  
----------------------------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(1) Includes accretable yield released as a result of settlements
with borrowers, which is included in interest income.
(2) Includes accretable yield released as a result of sales to third
parties, which is included in noninterest income.
(3) At December 31, 2016, our carrying value for PCI loans totaled
$16.7 billion and the remainder of nonaccretable difference
established in purchase accounting totaled $954 million. The
nonaccretable difference absorbs losses of contractual amounts
that exceed our carrying value for PCI loans.
(4) Represents changes in cash flows expected to be collected due
to the impact of modifications, changes in prepayment assumptions,
changes in interest rates on variable rate PCI loans and sales to
third parties.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
PICK-A-PAY PORTFOLIO (1)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                    --------------------
                                                                                                                                                                                                                                                                 December 31, 2016  
                                               --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                          PCI loans                                                                     All other loans  
                                               ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      ----------------------------------------------------------------------------------------------------
                                                                                                                                               Ratio of                                                                            Ratio of
                                                                  Adjusted                                                                                                                                                 carrying                                                                                                                  carrying
                                                                    unpaid                                             Current                                                                                             value to                                                                                                                  value to
                                                                 principal                                                 LTV                                                              Carrying                        current                                                              Carrying                                             current
(in millions)                               balance (2)     ratio (3)                       value (4)   value (5)                       value (4)     value (5)  
------------------------- -------------------- ------------------------------------------------ -------------------- --------- -------------------- -------------------- ------------------------------------------------ --------- -------------------- -------------------- ------------------------------------------------ -------------------- --------- --------------------
California                                                        $ 14,219                                                  65 %                                                            $ 11,070                             50 %                                                            $  7,871                                                  47 %
Florida                                                              1,648                                                  72                                                                 1,216                             52                                                                 1,651                                                  58
New Jersey                                                             663                                                  77                                                                   470                             54                                                                 1,090                                                  65
New York                                                               483                                                  72                                                                   408                             56                                                                   542                                                  61
Texas                                                                  175                                                  50                                                                   154                             44                                                                   654                                                  39
Other states                   3,323                               72                                              2,585                             55                                              4,581                               59
------------------------- -------------------- -------------------- ------ --------------------                                                                          -------------------- ------                                                                          -------------------- ------ --------------------
   Total Pick-a-Pay loans                      $ 20,511                               67                                                              $ 15,903                             51                                                              $ 16,389                               53
------------------------- -------------------- -------------------- ------ --------------------                                                                          -------------------- ------                                                                          -------------------- ------ --------------------
                                                                                                                                                                                                                                       
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) The individual states shown in this table represent the top
five states based on the total net carrying value of the
Pick-a-Pay loans at the beginning of 2016.
(2) Adjusted unpaid principal balance includes write-downs taken
on loans where severe delinquency (normally 180 days) or other
indications of severe borrower financial stress exist that
indicate there will be a loss of contractually due amounts upon
final resolution of the loan.
(3) The current LTV ratio is calculated as the adjusted unpaid
principal balance divided by the collateral value. Collateral
values are generally determined using automated valuation models
(AVM) and are updated quarterly. AVMs are computer-based tools
used to estimate market values of homes based on processing large
volumes of market data including market comparables and price
trends for local market areas.
(4) Carrying value, which does not reflect the allowance for loan
losses, includes remaining purchase accounting adjustments, which,
for PCI loans may include the nonaccretable difference and the
accretable yield and, for all other loans, an adjustment to mark
the loans to a market yield at date of merger less any subsequent
charge-offs.
(5) The ratio of carrying value to current value is calculated as
the carrying value divided by the collateral value.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
CHANGES IN ALLOWANCE FOR CREDIT LOSSES                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------             --------------------
                                                                                                                               Quarter ended December 31,                                     Year ended December 31,  
                                                                                        ---------------------------------------------------------------------------------------------------------                      ----------------------------------------------------------------------------
(in millions)                                                                                       2016       2015       2016       2015  
------------------------------------------------------------------ -------------------- -------------------------------------------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Balance, beginning of period                                                                               $         12,694                        12,562                                           12,512                        13,169
Provision for credit losses                                                                                             805                                              831                                            3,770                                            2,442
Interest income on certain impaired loans (1)                                                                           (52 )                                            (48 )                                           (205 )                                           (198 )
Loan charge-offs:
   Commercial:
      Commercial and industrial                                                                                        (309 )                                           (275 )                                         (1,419 )                                           (734 )
      Real estate mortgage                                                                                              (14 )                                            (11 )                                            (27 )                                            (59 )
      Real estate construction                                                                               --                                               (2 )                                             (1 )                                             (4 )
      Lease financing                                                             (16 )                          (3 )                         (41 )                         (14 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
         Total commercial                                                        (339 )                        (291 )                      (1,488 )                        (811 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                             (86 )                                           (113 )                                           (452 )                                           (507 )
      Real estate 1-4 family junior lien mortgage                                                                      (110 )                                           (134 )                                           (495 )                                           (635 )
      Credit card                                                                                                      (329 )                                           (295 )                                         (1,259 )                                         (1,116 )
      Automobile                                                                                                       (243 )                                           (211 )                                           (845 )                                           (742 )
      Other revolving credit and installment                                     (200 )                        (178 )                        (708 )                        (643 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
         Total consumer                                                          (968 )                        (931 )                      (3,759 )                      (3,643 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
            Total loan charge-offs                                             (1,307 )                      (1,222 )                      (5,247 )                      (4,454 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Loan recoveries:
   Commercial:
      Commercial and industrial                                                                                          53                                               60                                              263                                              252
      Real estate mortgage                                                                                               26                                               30                                              116                                              127
      Real estate construction                                                                                            8                                               12                                               38                                               37
      Lease financing                                                               1          2         11          8  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
         Total commercial                                                          88        104        428        424  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                              89                                               63                                              373                                              245
      Real estate 1-4 family junior lien mortgage                                                                        66                                               64                                              266                                              259
      Credit card                                                                                                        54                                               52                                              207                                              175
      Automobile                                                                                                         77                                               76                                              325                                              325
      Other revolving credit and installment                                       28         32        128        134  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
         Total consumer                                                           314        287      1,299      1,138  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
            Total loan recoveries                                                 402        391      1,727      1,562  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
               Net loan charge-offs                                              (905 )                        (831 )                      (3,520 )                      (2,892 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Other                                                                              (2 )                          (2 )                         (17 )                          (9 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Balance, end of period                                                                  $         12,540     12,512     12,540     12,512  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Components:
   Allowance for loan losses                                                                               $         11,419                                           11,545                                           11,419                                           11,545
   Allowance for unfunded credit commitments                                    1,121        967      1,121        967  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
      Allowance for credit losses                                                       $         12,540     12,512     12,540     12,512  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Net loan charge-offs (annualized) as a percentage of average total                                                     0.37 %                                           0.36                                             0.37                                             0.33
loans
Allowance for loan losses as a percentage of total loans                                                               1.18                                             1.26                                             1.18                                             1.26
Allowance for credit losses as a percentage of total loans                       1.30       1.37       1.30       1.37  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
(1) Certain impaired loans with an allowance calculated by
discounting expected cash flows using the loan’s effective
interest rate over the remaining life of the loan recognize
changes in allowance attributable to the passage of time as
interest income.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                --------------------
                                                                                                                                                                                                                                                                                                          Quarter ended  
                                                                                        --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Dec 31,                               Sep 30,                        Jun 30,                               Mar 31,                        Dec 31,
(in millions)                                                                                       2016               2016        2016               2016        2015  
------------------------------------------------------------------ -------------------- -------------------------------------------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Balance, beginning of quarter                                                                              $         12,694                                                   12,749                                            12,668                                                   12,512                                            12,562
Provision for credit losses                                                                                             805                                                      805                                             1,074                                                    1,086                                               831
Interest income on certain impaired loans (1)                                                                           (52 )                                                    (54 )                                             (51 )                                                    (48 )                                             (48 )
Loan charge-offs:
   Commercial:
      Commercial and industrial                                                                                        (309 )                                                   (324 )                                            (437 )                                                   (349 )                                            (275 )
      Real estate mortgage                                                                                              (14 )                                                     (7 )                                              (3 )                                                     (3 )                                             (11 )
      Real estate construction                                                                               --                                           --                                                (1 )                                         --                                                (2 )
      Lease financing                                                             (16 )                                  (4 )                          (17 )                                  (4 )                           (3 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
         Total commercial                                                        (339 )                                (335 )                         (458 )                                (356 )                         (291 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                             (86 )                                                   (106 )                                            (123 )                                                   (137 )                                            (113 )
      Real estate 1-4 family junior lien mortgage                                                                      (110 )                                                   (119 )                                            (133 )                                                   (133 )                                            (134 )
      Credit card                                                                                                      (329 )                                                   (296 )                                            (320 )                                                   (314 )                                            (295 )
      Automobile                                                                                                       (243 )                                                   (215 )                                            (176 )                                                   (211 )                                            (211 )
      Other revolving credit and installment                                     (200 )                                (170 )                         (163 )                                (175 )                         (178 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
         Total consumer                                                          (968 )                                (906 )                         (915 )                                (970 )                         (931 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
            Total loan charge-offs                                             (1,307 )                              (1,241 )                       (1,373 )                              (1,326 )                       (1,222 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Loan recoveries:
   Commercial:
      Commercial and industrial                                                                                          53                                                       65                                                69                                                       76                                                60
      Real estate mortgage                                                                                               26                                                       35                                                23                                                       32                                                30
      Real estate construction                                                                                            8                                                       18                                                 4                                                        8                                                12
      Lease financing                                                               1                  2           5                  3           2  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
         Total commercial                                                          88                120         101                119         104  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
   Consumer:
      Real estate 1-4 family first mortgage                                                                              89                                                       86                                               109                                                       89                                                63
      Real estate 1-4 family junior lien mortgage                                                                        66                                                       70                                                71                                                       59                                                64
      Credit card                                                                                                        54                                                       51                                                50                                                       52                                                52
      Automobile                                                                                                         77                                                       78                                                86                                                       84                                                76
      Other revolving credit and installment                                       28                 31          32                 37          32  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
         Total consumer                                                           314                316         348                321         287  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
            Total loan recoveries                                                 402                436         449                440         391  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
               Net loan charge-offs                                              (905 )                                (805 )                         (924 )                                (886 )                         (831 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Other                                                                              (2 )                                  (1 )                          (18 )                                   4          (2 )
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Balance, end of quarter                                                                 $         12,540             12,694      12,749             12,668      12,512  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Components:
   Allowance for loan losses                                                                               $         11,419                                                   11,583                                            11,664                                                   11,621                                            11,545
   Allowance for unfunded credit commitments                                    1,121              1,111       1,085              1,047         967  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
      Allowance for credit losses                                                       $         12,540             12,694      12,749             12,668      12,512  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Net loan charge-offs (annualized) as a percentage of average total                                                     0.37 %                                                   0.33                                              0.39                                                     0.38                                              0.36
loans
Allowance for loan losses as a percentage of:
   Total loans                                                                                                         1.18                                                     1.20                                              1.22                                                     1.23                                              1.26
   Nonaccrual loans                                                                                                     110                                                      105                                                98                                                       95                                               101
   Nonaccrual loans and other nonperforming assets                                                                      101                                                       96                                                89                                                       86                                                90
Allowance for credit losses as a percentage of:
   Total loans                                                                                                         1.30                                                     1.32                                              1.33                                                     1.34                                              1.37
   Nonaccrual loans                                                                                                     121                                                      116                                               107                                                      104                                               110
   Nonaccrual loans and other nonperforming assets                                110                106          97                 94          98  
------------------------------------------------------------------ -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
(1) Certain impaired loans with an allowance calculated by
discounting expected cash flows using the loan’s effective
interest rate over the remaining life of the loan recognize
changes in allowance attributable to the passage of time as
interest income.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (1)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                  --------------------
                                                                                                          Dec 31,                        Sep 30,                        Jun 30,                        Mar 31,                        Dec 31,
(in millions, except ratios)                                                              2016        2016        2016        2016        2015  
----------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Tangible book value per common share (1):
Total equity                                                                                                                                  $ 200,497                                           203,958                                           202,661                                           198,504                                           193,891
Adjustments:
   Preferred stock                                                                                                                              (24,551 )                                         (24,594 )                                         (24,830 )                                         (24,051 )                                         (22,214 )
                                                                                                                                                   (126 )                                            (130 )                                            (150 )                                            (182 )                                            (110 )
   Additional paid-in capital on ESOP preferred stock
   Unearned ESOP shares                                                                                                                           1,565                                             1,612                                             1,868                                             2,271                                             1,362
   Noncontrolling interests                                            (916 )                         (930 )                         (916 )                       (1,008 )                         (893 )
----------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Total common stockholders’ equity                                                (A)                                                            176,469                                           179,916                                           178,633                                           175,534                                           172,036
Adjustments:
   Goodwill                                                                                                                                     (26,693 )                                         (26,688 )                                         (26,963 )                                         (27,003 )                                         (25,529 )
                                                                                                                                                 (2,723 )                                          (3,001 )                                          (3,356 )                                          (3,814 )                                          (3,167 )
   Certain identifiable intangible assets (other than MSRs)
   Other assets (2)                                                                                                                              (2,088 )                                          (2,230 )                                          (2,110 )                                          (2,023 )                                          (2,074 )
   Applicable deferred taxes (3)                                      1,772       1,832       1,906       1,985       2,071  
----------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Tangible common equity                                        (B)                                       $ 146,737     149,829     148,110     144,679     143,337  
----------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Common shares outstanding                                                        (C)                                                            5,016.1                                           5,023.9                                           5,048.5                                           5,075.9                                           5,092.1
Book value per common share                                                      (A)/(C)                                                      $   35.18                                             35.81                                             35.38                                             34.58                                             33.78
Tangible book value per common share                          (B)/(C)                    29.25       29.82       29.34       28.50       28.15  
----------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                
-------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                               Quarter ended                                                    Year ended  
                                                                                                                              --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------
                                                                                                                                                   Dec 31,                        Sep 30,                        Jun 30,                        Mar 31,                        Dec 31,                                           Dec 31,                        Dec 31,
(in millions, except ratios)                                                                 2016        2016        2016        2016        2015        2016        2015  
-------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Return on average tangible common equity (1):
Net income applicable to common stock                                               (A)                                                          $   4,872                                             5,243                                             5,173                                             5,085                                             5,203                                            20,373                                            21,470
Average total equity                                                                                                                               201,247                                           203,883                                           201,003                                           196,586                                           195,025                                           200,690                                           191,584
Adjustments:
   Preferred stock                                                                                                                                 (24,579 )                                         (24,813 )                                         (24,091 )                                         (23,963 )                                         (22,407 )                                         (24,363 )                                         (21,715 )
                                                                                                                                                      (128 )                                            (148 )                                            (168 )                                            (201 )                                            (127 )                                            (161 )                                            (138 )
   Additional paid-in capital on ESOP preferred stock
   Unearned ESOP shares                                                                                                                              1,596                                             1,850                                             2,094                                             2,509                                             1,572                                             2,011                                             1,716
   Noncontrolling interests                                               (928 )                         (927 )                         (984 )                         (904 )                         (979 )                         (936 )                       (1,048 )
-------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Average common stockholders’ equity                      (B)                                                            177,208                                           179,845                                           177,854                                           174,027                                           173,084                                           177,241                                           170,399
Adjustments:
   Goodwill                                                                                                                                        (26,713 )                                         (26,979 )                                         (27,037 )                                         (26,069 )                                         (25,580 )                                         (26,700 )                                         (25,673 )
   Certain identifiable intangible assets                                                                                                           (2,871 )                                          (3,145 )                                          (3,600 )                                          (3,407 )                                          (3,317 )                                          (3,254 )                                          (3,793 )
   (other than MSRs)
   Other assets (2)                                                                                                                                 (2,175 )                                          (2,131 )                                          (2,096 )                                          (2,065 )                                          (1,987 )                                          (2,117 )                                          (1,654 )
   Applicable deferred taxes (3)                                         1,785       1,855       1,934       2,014       2,103       1,897       2,248  
-------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Average tangible common equity                                   (C)                                       $ 147,234     149,445     147,055     144,500     144,303     147,067     141,527  
-------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Return on average common stockholders’ equity (ROE)                                 (A)/(B)                                                          10.94 %                                           11.60                                             11.70                                             11.75                                             11.93                                             11.49                                             12.60
Return on average tangible common equity (ROTCE)                 (A)/(C)                    13.16       13.96       14.15       14.15       14.30       13.85       15.17  
-------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
(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 investments 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 and tangible book value per common share, which
utilize tangible common equity, are useful financial measures
because they enable investors and others to assess the Company’s
use of equity.
(2) Represents goodwill and other intangibles on nonmarketable
equity investments, which are included in other assets.
(3) Applicable deferred taxes relate to goodwill and other
intangible assets. They were determined by applying the combined
federal statutory rate and composite state income tax rates to the
difference between book and tax basis of the respective goodwill
and intangible assets at period end.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                  --------------------
                                                                                                                 Estimated                                                                                                                    
                                                                                                                                                         Dec 31,                                           Sep 30,                                           Jun 30,                                           Mar 31,                                           Dec 31,
(in billions, except ratio)                                                                        2016        2016        2016        2016        2015  
-------------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Total equity                                                                                                                                           $   200.5                                             204.0                                             202.7                                             198.5                                             193.9
Adjustments:
   Preferred stock                                                                                                                                         (24.6 )                                           (24.6 )                                           (24.8 )                                           (24.1 )                                           (22.2 )
                                                                                                                                                            (0.1 )                                            (0.1 )                                            (0.2 )                                            (0.2 )                                            (0.1 )
   Additional paid-in capital on ESOP preferred stock
   Unearned ESOP shares                                                                                                                                      1.6                                               1.6                                               1.9                                               2.3                                               1.3
   Noncontrolling interests                                                     (0.9 )                         (1.0 )                         (1.0 )                         (1.0 )                         (0.9 )
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Total common stockholders’ equity                                                                                                                          176.5                                             179.9                                             178.6                                             175.5                                             172.0
Adjustments:
   Goodwill                                                                                                                                                (26.7 )                                           (26.7 )                                           (27.0 )                                           (27.0 )                                           (25.5 )
   Certain identifiable intangible assets (other than MSRs)                                                                                                 (2.7 )                                            (3.0 )                                            (3.4 )                                            (3.8 )                                            (3.2 )
   Other assets (2)                                                                                                                                         (2.1 )                                            (2.2 )                                            (2.0 )                                            (2.1 )                                            (2.1 )
   Applicable deferred taxes (3)                                                                                                                             1.8                                               1.8                                               1.9                                               2.0                                               2.1
   Investment in certain subsidiaries and other                                 (0.4 )                         (2.0 )                         (2.5 )                         (1.9 )                         (0.9 )
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Common Equity Tier 1 (Fully Phased-In) under Basel III                 (A)                        146.4       147.8       145.6       142.7       142.4  
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5)   (B)                                       $ 1,369.8     1,380.0     1,372.9     1,345.1     1,321.7  
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Common Equity Tier 1 to total RWAs anticipated under Basel III         (A)/(B)                     10.7 %                         10.7        10.6        10.6        10.8  
(Fully Phased-In) (5)
-------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
(1) Basel III capital rules, adopted by the Federal Reserve Board
on July 2, 2013, revised the definition of capital, increased
minimum capital ratios, and introduced a minimum Common Equity
Tier 1 (CET1) ratio. These rules established a new comprehensive
capital framework for U.S. banking organizations that implements
the Basel III capital framework and certain provisions of the
Dodd-Frank Act. The rules are being phased in through the end of
2021. Fully phased-in capital amounts, ratios and RWAs are
calculated assuming the full phase-in of the Basel III capital
rules. Fully phased-in regulatory capital amounts, ratios and RWAs
are considered non-GAAP financial measures that are used by
management, bank regulatory agencies, investors and analysts to
assess and monitor the Company’s capital position.
(2) Represents goodwill and other intangibles on nonmarketable
equity investments, which are included in other assets.
(3) Applicable deferred taxes relate to goodwill and other
intangible assets. They were determined by applying the combined
federal statutory rate and composite state income tax rates to the
difference between book and tax basis of the respective goodwill
and intangible assets at period end.
(4) The final Basel III capital rules provide for two capital
frameworks: the Standardized Approach, which replaced Basel I, and
the Advanced Approach applicable to certain institutions. Under
the final rules, we are subject to the lower of our CET1 ratio
calculated under the Standardized Approach and under the Advanced
Approach in the assessment of our capital adequacy. Because the
final determination of our CET1 ratio and which approach will
produce the lower CET1 ratio as of December 31, 2016, is subject
to detailed analysis of considerable data, our CET1 ratio at that
date has been estimated using the Basel III definition of capital
under the Basel III Standardized Approach RWAs. The capital ratio
for September 30, June 30 and March 31, 2016, and December 31,
2015, was calculated under the Basel III Standardized Approach
RWAs.
(5) The Company’s December 31, 2016, RWAs and capital ratio are
preliminary estimates.
                                                                                                                                                                                                                                      
 
Wells Fargo & Company and Subsidiaries
OPERATING SEGMENT RESULTS (1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(income/expense in millions,                                                                                                      Community                                                                             Wholesale                                                                              Wealth and                                                                               Other (2)                                                       Consolidated
average balances in billions)                                                                                                                          Banking                                                                                                  Banking                                                                                                                    Investment                                                                                                                                                                                                                                Company
                                                                                                                                                                                                                                                                                                                                                                                           Management
                                                                           --------------------------------------------------------------------------------                         --------------------------------------------------------------------------------    --------------------                      --------------------------------------------------------------------------------    --------------------                      --------------------------------------------------------------------------------    --------------------                      ------------------------------------------------------------
                                                                                           2016                   2015                   2016                     2015                     2016                     2015                     2016                     2015                     2016                   2015
----------------------------------------------------- -------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Quarter ended Dec 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Net interest income (3)                                                                       $                7,556                                     7,409                                     4,323                                                          3,711                                                          1,061                                                            933                                                           (538 )                                                         (465 )                                                       12,402                                    11,588
Provision (reversal of provision) for credit losses                                                              631                                       704                                       168                                                            126                                                              3                                                             (6 )                                                            3                                                              7                                                            805                                       831
Noninterest income                                                                                             4,105                                     4,921                                     2,830                                                          2,848                                                          3,013                                                          3,014                                                           (768 )                                                         (785 )                                                        9,180                                     9,998
Noninterest expense                                                      6,985                  6,893                  4,002                    3,491                    3,042                    2,998                     (814 )                                      (783 )                                    13,215                 12,599
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Income (loss) before income tax expense (benefit)                                                              4,045                                     4,733                                     2,983                                                          2,942                                                          1,029                                                            955                                                           (495 )                                                         (474 )                                                        7,562                                     8,156
Income tax expense (benefit)                                             1,272                  1,507                    795                      841                      380                      366                     (189 )                                      (181 )                                     2,258                  2,533
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income (loss) before noncontrolling interests                                                              2,773                                     3,226                                     2,188                                                          2,101                                                            649                                                            589                                                           (306 )                                                         (293 )                                                        5,304                                     5,623
Less: Net income (loss) from noncontrolling interests                       40                     57                     (6 )                                        (3 )                                        (4 )                                        (6 )                            --           --                       30                     48
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          $                2,733                  3,169                  2,194                    2,104                      653                      595                     (306 )                                      (293 )                                     5,274                  5,575
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Average loans                                                                                 $                488.1                                     482.2                                     461.5                                                          417.0                                                           70.0                                                           63.0                                                          (55.5 )                                                        (49.9 )                                                        964.1                                     912.3
Average assets                                                                                               1,000.7                                     921.4                                     811.9                                                          755.4                                                          220.4                                                          197.9                                                          (88.7 )                                                        (87.4 )                                                      1,944.3                                   1,787.3
Average deposits                                                                                               709.8                                     663.7                                     459.2                                                          449.3                                                          194.9                                                          177.9                                                          (79.7 )                                                        (74.1 )                                                      1,284.2                                   1,216.8
                                                                                                                                                                                                                                                                                                                                                                                                                   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Year ended Dec 31,
Net interest income (3)                                                                       $               29,833                                    29,242                                    16,052                                                         14,350                                                          3,913                                                          3,478                                                         (2,044 )                                                       (1,769 )                                                       47,754                                    45,301
Provision (reversal of provision) for credit losses                                                            2,691                                     2,427                                     1,073                                                             27                                                             (5 )                                                          (25 )                                                           11                                                             13                                                          3,770                                     2,442
Noninterest income                                                                                            19,033                                    20,099                                    12,490                                                         11,554                                                         12,033                                                         12,299                                                         (3,043 )                                                       (3,196 )                                                       40,513                                    40,756
Noninterest expense                                                     27,422                 26,981                 16,126                   14,116                   12,059                   12,067                   (3,230 )                                    (3,190 )                                    52,377                 49,974
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Income (loss) before income tax expense (benefit)                                                             18,753                                    19,933                                    11,343                                                         11,761                                                          3,892                                                          3,735                                                         (1,868 )                                                       (1,788 )                                                       32,120                                    33,641
Income tax expense (benefit)                                             6,182                  6,202                  3,136                    3,424                    1,467                    1,420                     (710 )                                      (681 )                                    10,075                 10,365
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income (loss) before noncontrolling interests                                                             12,571                                    13,731                                     8,207                                                          8,337                                                          2,425                                                          2,315                                                         (1,158 )                                                       (1,107 )                                                       22,045                                    23,276
Less: Net income (loss) from noncontrolling interests                      136                    240                    (28 )                                       143                       (1 )                                        (1 )                            --           --                      107                    382
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net income (loss)                                                          $               12,435                 13,491                  8,235                    8,194                    2,426                    2,316                   (1,158 )                                    (1,107 )                                    21,938                 22,894
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Average loans                                                                                 $                486.9                                     475.9                                     449.3                                                          397.3                                                           67.3                                                           60.1                                                          (53.5 )                                                        (47.9 )                                                        950.0                                     885.4
Average assets                                                                                                 977.3                                     910.0                                     782.0                                                          724.9                                                          211.5                                                          192.8                                                          (85.4 )                                                        (84.8 )                                                      1,885.4                                   1,742.9
Average deposits                                                                                               701.2                                     654.4                                     438.6                                                          438.9                                                          187.8                                                          172.3                                                          (77.0 )                                                        (71.5 )                                                      1,250.6                                   1,194.1
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) The management accounting process measures the performance of
the operating segments based on our management structure and is
not necessarily comparable with other similar information for
other financial services companies. We define our operating
segments by product type and customer segment. Effective fourth
quarter 2016, we realigned some personnel and business activities
from Wholesale Banking to Community Banking, as a result of the
formation of the new Payments, Virtual Solutions, and Innovation
Group. Results for these operating segments reflect the shift
prospectively from November 1, 2016.
(2) Includes the elimination of certain items that are included in
more than one business segment, substantially all of which
represents products and services for Wealth and Investment
Management customers served through Community Banking distribution
channels.
(3) Net interest income is the difference between interest earned
on assets and the cost of liabilities to fund those assets.
Interest earned includes actual interest earned on segment assets
and, if the segment has excess liabilities, interest credits for
providing funding to other segments. The cost of liabilities
includes interest expense on segment liabilities and, if the
segment does not have enough liabilities to fund its assets, a
funding charge based on the cost of excess liabilities from
another segment.
 
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER OPERATING SEGMENT RESULTS (1)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                --------------------
                                                                                                                                                                                                                                                                                                  Quarter ended  
                                                                                --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Dec 31,                               Sep 30,                               Jun 30,                               Mar 31,                               Dec 31,
(income/expense in millions, average balances in billions)                                  2016               2016               2016               2016               2015  
---------------------------------------------------------- -------------------- -------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
COMMUNITY BANKING
Net interest income (2)                                                                            $          7,556                                                    7,430                                                    7,379                                                    7,468                                                    7,409
Provision for credit losses                                                                                     631                                                      651                                                      689                                                      720                                                      704
Noninterest income                                                                                            4,105                                                    4,957                                                    4,825                                                    5,146                                                    4,921
Noninterest expense                                                     6,985              6,953              6,648              6,836              6,893  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Income before income tax expense                                                                              4,045                                                    4,783                                                    4,867                                                    5,058                                                    4,733
Income tax expense                                                      1,272              1,546              1,667              1,697              1,507  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income before noncontrolling interests                                                                    2,773                                                    3,237                                                    3,200                                                    3,361                                                    3,226
Less: Net income from noncontrolling interests                             40                 10                 21                 65                 57  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Segment net income                                                              $          2,733              3,227              3,179              3,296              3,169  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Average loans                                                                                      $          488.1                                                    489.2                                                    485.7                                                    484.3                                                    482.2
Average assets                                                                                              1,000.7                                                    993.6                                                    967.6                                                    947.4                                                    921.4
Average deposits                                                        709.8              708.0              703.7              683.0              663.7  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
WHOLESALE BANKING
Net interest income (2)                                                                            $          4,323                                                    4,062                                                    3,919                                                    3,748                                                    3,711
Provision for credit losses                                                                                     168                                                      157                                                      385                                                      363                                                      126
Noninterest income                                                                                            2,830                                                    3,085                                                    3,365                                                    3,210                                                    2,848
Noninterest expense                                                     4,002              4,120              4,036              3,968              3,491  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Income before income tax expense                                                                              2,983                                                    2,870                                                    2,863                                                    2,627                                                    2,942
Income tax expense                                                        795                827                795                719                841  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income before noncontrolling interests                                                                    2,188                                                    2,043                                                    2,068                                                    1,908                                                    2,101
Less: Net loss from noncontrolling interests                               (6 )                                  (4 )                                  (5 )                                 (13 )                                  (3 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Segment net income                                                              $          2,194              2,047              2,073              1,921              2,104  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Average loans                                                                                      $          461.5                                                    454.3                                                    451.4                                                    429.8                                                    417.0
Average assets                                                                                                811.9                                                    794.2                                                    772.6                                                    748.6                                                    755.4
Average deposits                                                        459.2              441.2              425.8              428.0              449.3  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)                                                                            $          1,061                                                      977                                                      932                                                      943                                                      933
Provision (reversal of provision) for credit losses                                                               3                                                        4                                                        2                                                      (14 )                                                     (6 )
Noninterest income                                                                                            3,013                                                    3,122                                                    2,987                                                    2,911                                                    3,014
Noninterest expense                                                     3,042              2,999              2,976              3,042              2,998  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Income before income tax expense                                                                              1,029                                                    1,096                                                      941                                                      826                                                      955
Income tax expense                                                        380                415                358                314                366  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income before noncontrolling interests                                                                      649                                                      681                                                      583                                                      512                                                      589
Less: Net income (loss) from noncontrolling interests                      (4 )                                   4                 (1 )                      --                 (6 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Segment net income                                                              $            653                677                584                512                595  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Average loans                                                                                      $           70.0                                                     68.4                                                     66.7                                                     64.1                                                     63.0
Average assets                                                                                                220.4                                                    212.1                                                    205.3                                                    208.1                                                    197.9
Average deposits                                                        194.9              189.2              182.5              184.5              177.9  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
OTHER (3)
Net interest income (2)                                                                            $           (538 )                                                   (517 )                                                   (497 )                                                   (492 )                                                   (465 )
Provision (reversal of provision) for credit losses                                                               3                                                       (7 )                                                     (2 )                                                     17                                                        7
Noninterest income                                                                                             (768 )                                                   (788 )                                                   (748 )                                                   (739 )                                                   (785 )
Noninterest expense                                                      (814 )                                (804 )                                (794 )                                (818 )                                (783 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Loss before income tax benefit                                                                                 (495 )                                                   (494 )                                                   (449 )                                                   (430 )                                                   (474 )
Income tax benefit                                                       (189 )                                (187 )                                (171 )                                (163 )                                (181 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net loss before noncontrolling interests                                                                       (306 )                                                   (307 )                                                   (278 )                                                   (267 )                                                   (293 )
Less: Net income from noncontrolling interests                 --     --     --     --     --  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Other net loss                                                                  $           (306 )                                (307 )                                (278 )                                (267 )                                (293 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Average loans                                                                                      $          (55.5 )                                                  (54.4 )                                                  (53.0 )                                                  (51.0 )                                                  (49.9 )
Average assets                                                                                                (88.7 )                                                  (85.3 )                                                  (83.4 )                                                  (84.2 )                                                  (87.4 )
Average deposits                                                        (79.7 )                               (76.9 )                               (75.3 )                               (76.1 )                               (74.1 )
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
CONSOLIDATED COMPANY
Net interest income (2)                                                                            $         12,402                                                   11,952                                                   11,733                                                   11,667                                                   11,588
Provision for credit losses                                                                                     805                                                      805                                                    1,074                                                    1,086                                                      831
Noninterest income                                                                                            9,180                                                   10,376                                                   10,429                                                   10,528                                                    9,998
Noninterest expense                                                    13,215             13,268             12,866             13,028             12,599  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Income before income tax expense                                                                              7,562                                                    8,255                                                    8,222                                                    8,081                                                    8,156
Income tax expense                                                      2,258              2,601              2,649              2,567              2,533  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income before noncontrolling interests                                                                    5,304                                                    5,654                                                    5,573                                                    5,514                                                    5,623
Less: Net income from noncontrolling interests                             30                 10                 15                 52                 48  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Wells Fargo net income                                                          $          5,274              5,644              5,558              5,462              5,575  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Average loans                                                                                      $          964.1                                                    957.5                                                    950.8                                                    927.2                                                    912.3
Average assets                                                                                              1,944.3                                                  1,914.6                                                  1,862.1                                                  1,819.9                                                  1,787.3
Average deposits                                                      1,284.2            1,261.5            1,236.7            1,219.4            1,216.8  
---------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
(1) The management accounting process measures the performance of
the operating segments based on our management structure and is
not necessarily comparable with other similar information for
other financial services companies. We define our operating
segments by product type and customer segment. Effective fourth
quarter 2016, we realigned some personnel and business activities
from Wholesale Banking to Community Banking, as a result of the
formation of the new Payments, Virtual Solutions, and Innovation
Group. Results for these operating segments reflect the shift
prospectively from November 1, 2016.
(2) Net interest income is the difference between interest earned
on assets and the cost of liabilities to fund those assets.
Interest earned includes actual interest earned on segment assets
and, if the segment has excess liabilities, interest credits for
providing funding to other segments. The cost of liabilities
includes interest expense on segment liabilities and, if the
segment does not have enough liabilities to fund its assets, a
funding charge based on the cost of excess liabilities from
another segment.
(3) Includes the elimination of certain items that are included in
more than one business segment, substantially all of which
represents products and services for Wealth and Investment
Management customers served through Community Banking distribution
channels.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                --------------------
                                                                                                                                                                                                                                                                                                Quarter ended  
                                                                                      --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          Dec 31,                        Sep 30,                        Jun 30,                               Mar 31,                        Dec 31,
(in millions)                                                                             2016        2016        2016               2016        2015  
---------------------------------------------------------------- -------------------- ------------------------------------------------ -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
MSRs measured using the fair value method:
Fair value, beginning of quarter                                                                         $ 10,415                                            10,396                                            11,333                                                   12,415                                            11,778
   Servicing from securitizations or asset transfers (1)                                                      752                                               609                                               477                                                      366                                               372
   Sales and other (2)                                                  (47 )                            4         (22 )                      --          (9 )
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
      Net additions                                                     705         613         455                366         363  
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
   Changes in fair value:
      Due to changes in valuation model inputs or assumptions:
         Mortgage interest rates (3)                                                                        2,367                                                39                                              (779 )                                                 (1,084 )                                             560
         Servicing and foreclosure costs (4)                                                                   93                                               (10 )                                              (4 )                                                     27                                               (37 )
         Prepayment estimates and other (5)                            (106 )                          (37 )                          (41 )                                 100         244  
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
            Net changes in valuation model inputs or assumptions      2,354          (8 )                         (824 )                                (957 )                          767  
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
      Other changes in fair value (6)                                  (515 )                         (586 )                         (568 )                                (491 )                         (493 )
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
         Total changes in fair value                                                                        1,839                                              (594 )                                          (1,392 )                                                 (1,448 )                                             274
Fair value, end of quarter                                                            $ 12,959      10,415      10,396             11,333      12,415  
---------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
(1) Includes impacts associated with exercising our right to
repurchase delinquent loans from GNMA loan securitization pools.
(2) Includes sales and transfers of MSRs, which can result in an
increase of total reported MSRs if the sales or transfers are
related to nonperforming loan portfolios.
(3) Includes prepayment speed changes as well as other valuation
changes due to changes in mortgage interest rates (such as changes
in estimated interest earned on custodial deposit balances)
(4) Includes costs to service and unreimbursed foreclosure costs.
(5) Represents changes driven by other valuation model inputs or
assumptions including prepayment speed estimation changes and
other assumption updates. Prepayment speed estimation changes are
influenced by observed changes in borrower behavior and other
external factors that occur independent of interest rate changes.
(6) Represents changes due to collection/realization of expected
cash flows over time.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                       
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                            Quarter ended  
                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                             Dec 31,                        Sep 30,                        Jun 30,                        Mar 31,                        Dec 31,
(in millions)                                                                2016        2016        2016        2016        2015  
---------------------------------------------------- -------------------- ----------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Amortized MSRs:
Balance, beginning of quarter                                                                $ 1,373                                             1,353                                             1,359                                             1,308                                             1,277
   Purchases                                                                                      34                                                18                                                24                                                21                                                48
   Servicing from securitizations or asset transfers                                              66                                                69                                                38                                                97                                                49
   Amortization                                            (67 )                          (67 )                          (68 )                          (67 )                          (66 )
---------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Balance, end of quarter                                                   $ 1,406       1,373       1,353       1,359       1,308  
---------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Fair value of amortized MSRs:
   Beginning of quarter                                                                      $ 1,627                                             1,620                                             1,725                                             1,680                                             1,643
   End of quarter                                        1,956       1,627       1,620       1,725       1,680  
---------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                      
Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                  --------------------
                                                                                                                                                                                                                                                                                                                                      Quarter ended  
                                                                                                                                       --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                               Dec 31,                                     Sep 30,                                     Jun 30,                                     Mar 31,                                     Dec 31,
(in millions)                                                                                            2016                     2016                     2016                     2016                     2015  
--------------------------------------------------------------------- --------------------- --------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Servicing income, net:
   Servicing fees (1)                                                                                                                                     $        738                                                            878                                                            842                                                            910                                                            872
   Changes in fair value of MSRs carried at fair value:
      Due to changes in valuation model inputs or assumptions (2)                           (A)                                                                  2,354                                                             (8 )                                                         (824 )                                                         (957 )                                                          767
      Other changes in fair value (3)                                                 (515 )                                      (586 )                                      (568 )                                      (491 )                                      (493 )
--------------------------------------------------------------------- --------------------- --------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Total changes in fair value of MSRs carried at fair value                                                                                               1,839                                                           (594 )                                                       (1,392 )                                                       (1,448 )                                                          274
   Amortization                                                                                                                                                    (67 )                                                          (67 )                                                          (68 )                                                          (67 )                                                          (66 )
   Net derivative gains (losses) from economic hedges (4)                (B)                           (2,314 )                                       142                      978                    1,455                     (350 )
--------------------------------------------------------------------- --------------------- --------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            Total servicing income, net                                                          $        196                      359                      360                      850                      730  
--------------------------------------------------------------------- --------------------- --------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Market-related valuation changes to MSRs, net of hedge results (2)(4)    (A)+(B)                                    $         40                      134                      154                      498                      417  
--------------------------------------------------------------------- --------------------- --------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(1) Includes contractually specified servicing fees, late charges
and other ancillary revenues, net of unreimbursed direct servicing
costs.
(2) Refer to the changes in fair value MSRs table on the previous
page for more detail.
(3) Represents changes due to collection/realization of expected
cash flows over time.
(4) Represents results from economic hedges used to hedge the risk
of changes in fair value of MSRs.
                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                       
-------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                               Dec 31,                                                        Sep 30,                                                        Jun 30,                                                        Mar 31,                                                        Dec 31,
(in billions)                                                                                                                                  2016                     2016                     2016                     2016                     2015  
-------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Managed servicing portfolio (1):
   Residential mortgage servicing:
      Serviced for others                                                                                                                                 $      1,205                                                          1,226                                                          1,250                                                          1,280                                                          1,300
      Owned loans serviced                                                                                                                                         347                                                            352                                                            349                                                            342                                                            345
      Subserviced for others                                                                                                   8                        4                        4                        4                        4  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Total residential servicing                                                                                       1,560                    1,582                    1,603                    1,626                    1,649  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Commercial mortgage servicing:
      Serviced for others                                                                                                                                          479                                                            477                                                            478                                                            485                                                            478
      Owned loans serviced                                                                                                                                         132                                                            130                                                            128                                                            125                                                            122
      Subserviced for others                                                                                                   8                        8                        8                        8                        7  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Total commercial servicing                                                                                          619                      615                      614                      618                      607  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            Total managed servicing portfolio                                                                                          $      2,179                    2,197                    2,217                    2,244                    2,256  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total serviced for others                                                                                                                                 $      1,684                                                          1,703                                                          1,728                                                          1,765                                                          1,778
Ratio of MSRs to related loans serviced for others                                                                                                                0.85 %                                                         0.69                                                           0.68                                                           0.72                                                           0.77
Weighted-average note rate (mortgage loans serviced for others)                                                             4.26                     4.28                     4.32                     4.34                     4.37  
-------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(1) The components of our managed servicing portfolio are
presented at unpaid principal balance for loans serviced and
subserviced for others and at book value for owned loans serviced.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                       
Wells Fargo & Company and Subsidiaries
SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                  --------------------
                                                                                                                                                                                                                                                                                                                  Quarter ended  
                                                                                                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      Dec 31,                        Sep 30,                        Jun 30,                        Mar 31,                        Dec 31,
                                                                             2016        2016        2016        2016        2015  
------------------------------------------------------------------ -------------------- -------------------- -------------------- ------------------------------------------------ -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Net gains on mortgage loan origination/sales activities (in
millions):
   Residential                                                                          (A)                                                          $    939                                               953                                               744                                               532                                               600
   Commercial                                                                                                                                              90                                               167                                                72                                                71                                               108
   Residential pipeline and unsold/repurchased loan management (1)            192         188         238         145         222  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
      Total                                                                                 $  1,221       1,308       1,054         748         930  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Application data (in billions):
   Wells Fargo first mortgage quarterly applications                                                                                                 $     75                                               100                                                95                                                77                                                64
   Refinances as a percentage of applications                                                                                                              48 %                                              55                                                46                                                52                                                48
   Wells Fargo first mortgage unclosed pipeline, at quarter end                             $     30          50          47          39          29  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Residential real estate originations:
   Purchases as a percentage of originations                                                                                                               50 %                                              58                                                60                                                55                                                59
   Refinances as a percentage of originations                                  50          42          40          45          41  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
      Total                                                                   100 %                          100         100         100         100  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
   Wells Fargo first mortgage loans (in billions):
      Retail                                                                                                                                         $     35                                                37                                                34                                                24                                                27
      Correspondent                                                                                                                                        36                                                32                                                28                                                19                                                19
   Other (2)                                                                    1           1           1           1           1  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
      Total quarter-to-date                                                                 $     72          70          63          44          47  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
   Held-for-sale                                                                        (B)                                                          $     56                                                53                                                46                                                31                                                33
   Held-for-investment                                                         16          17          17          13          14  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
      Total quarter-to-date                                                                 $     72          70          63          44          47  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
      Total year-to-date                                                                    $    249         177         107          44         213  
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Production margin on residential held-for-sale mortgage              (A)/(B)                    1.68 %                         1.81        1.66        1.68        1.83  
originations
------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
(1) Primarily includes the results of GNMA loss mitigation
activities, interest rate management activities and changes in
estimate to the liability for mortgage loan repurchase losses.
(2) Consists of home equity loans and lines.
                                                                                                                                                                                                                                                                                                                                                                       
CHANGES IN MORTGAGE REPURCHASE LIABILITY                                                                                                                                                                                                                                                   
--------------------------------------------------------------------------------------------------------------------------------------------------------      -----------------------------------------------   -----------------------------------------------   -----------------------------------------------   -----------------------------------------------   --------------------
                                                                                                                                                                                                                                                                                                                                                        Quarter ended  
                                                                                                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      Dec 31,                                           Sep 30,                                           Jun 30,                                           Mar 31,                                           Dec 31,
(in millions)                                                                                                                         2016        2016        2016        2016        2015  
--------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------ -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Balance, beginning of period                                                                                                                         $    239                                               255                                               355                                               378                                               538
   Provision for repurchase losses:
      Loan sales                                                                                                                                           10                                                11                                                 8                                                 7                                                 9
      Change in estimate (1)                                                                                         (7 )                          (24 )                          (89 )                          (19 )                         (128 )
--------------------------------------------------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
         Net additions (reductions)                                                                                                                         3                                               (13 )                                             (81 )                                             (12 )                                            (119 )
   Losses                                                                                                           (13 )                           (3 )                          (19 )                          (11 )                          (41 )
--------------------------------------------------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Balance, end of period                                                                                                            $    229         239         255         355         378  
--------------------------------------------------------------------------------------------------------------------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
(1) Results from changes in investor demand and mortgage insurer
practices, credit deterioration and changes in the financial
stability of correspondent lenders.
                                                                                                                                                                                                                                                                                                                                                                       

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170113005120r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170113005120/en/

SOURCE: Wells Fargo & Company

Wells Fargo & Company 
Media 
Ancel Martinez, 415-222-3858 
or 
Investors 
Jim Rowe, 415-396-8216


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