Delaware
|
|
001-02979
|
|
No. 41-0449260
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission File
Number)
|
|
(IRS Employer
Identification No.)
|
[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
|
Trading Symbol
|
Name of Each Exchange
on Which Registered |
Common Stock, par value $1-2/3
|
WFC
|
NYSE
|
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
|
WFC.PRL
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N
|
WFC.PRN
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O
|
WFC.PRO
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P
|
WFC.PRP
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q
|
WFC.PRQ
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
|
WFC.PRR
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series T
|
WFC.PRT
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V
|
WFC.PRV
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W
|
WFC.PRW
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X
|
WFC.PRX
|
NYSE
|
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
|
WFC.PRY
|
NYSE
|
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III
|
WBTP
|
NYSE
|
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
|
WFC/28A
|
NYSE
|
|
|
|
Exhibit No.
|
Description
|
Location
|
|
|
|
Filed herewith
|
||
|
|
|
Furnished herewith
|
Dated:
|
July 16, 2019
|
WELLS FARGO & COMPANY
|
|
|
|
|
|
|
|
By:
|
/s/ RICHARD D. LEVY
|
|
|
|
Richard D. Levy
|
|
|
|
Executive Vice President and Controller
|
|
|
|
(Principal Accounting Officer)
|
|
|
News Release
|
|
|
|
Tuesday, July 16, 2019
|
•
|
Financial results:
|
◦
|
Net income of
$6.2 billion
, compared with
$5.2 billion
in
second
quarter
2018
|
◦
|
Diluted earnings per share (EPS) of
$1.30
, compared with
$0.98
|
◦
|
Revenue of
$21.6 billion
|
•
|
Net interest income of
$12.1 billion
,
down
$446 million
|
•
|
Noninterest income of
$9.5 billion
,
up
$477 million
|
◦
|
Noninterest expense of
$13.4 billion
,
down
$533 million
|
◦
|
Average deposits of
$1.3 trillion
,
down
$2.4 billion
|
◦
|
Average loans of
$947.5 billion
,
up
$3.4 billion
|
◦
|
Return on assets (ROA) of
1.31%
, return on equity (ROE) of
13.26%
, and return on average tangible common equity (ROTCE) of
15.78%
1
|
▪
|
Credit quality:
|
◦
|
Provision expense of
$503 million
,
up
$51 million
from
second
quarter
2018
|
•
|
Net charge-offs of
$653 million
,
up
$51 million
|
▪
|
Net charge-offs of
0.28%
of average loans (annualized),
up
from
0.26%
|
•
|
Reserve release
2
of $150 million, equal to the amount released in second quarter 2018
|
◦
|
Nonaccrual loans of
$5.9 billion
,
down
$1.2 billion
, or
17%
|
▪
|
Strong capital position while returning more capital to shareholders:
|
◦
|
Returned $6.1 billion to shareholders through common stock dividends and net share repurchases, up 52% from $4.0 billion in second quarter 2018
|
◦
|
Common Equity Tier 1 ratio (fully phased-in) of
12.0%
3
, which continued to exceed both the regulatory minimum of 9% and our current internal target of 10%
|
◦
|
Received a non-objection to the Company's 2019 Capital Plan submission from the Federal Reserve
|
•
|
As part of the plan, the Company expects to increase its third quarter 2019 common stock dividend to $0.51 per share from
$0.45
per share, subject to approval by the Company's Board of Directors. The plan also includes up to $23.1 billion of gross common stock repurchases, subject to management discretion, for the four-quarter period from third quarter 2019 through second quarter 2020.
|
|
|
|
Quarter ended
|
|
|||||
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Earnings
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
1.30
|
|
|
1.20
|
|
|
0.98
|
|
Wells Fargo net income (in billions)
|
6.21
|
|
|
5.86
|
|
|
5.19
|
|
|
Return on assets (ROA)
|
1.31
|
%
|
|
1.26
|
|
|
1.10
|
|
|
Return on equity (ROE)
|
13.26
|
|
|
12.71
|
|
|
10.60
|
|
|
Return on average tangible common equity (ROTCE) (a)
|
15.78
|
|
|
15.16
|
|
|
12.62
|
|
|
Asset Quality
|
|
|
|
|
|
||||
Net charge-offs (annualized) as a % of average total loans
|
0.28
|
%
|
|
0.30
|
|
|
0.26
|
|
|
Allowance for credit losses as a % of total loans
|
1.12
|
|
|
1.14
|
|
|
1.18
|
|
|
Allowance for credit losses as a % of annualized net charge-offs
|
405
|
|
|
384
|
|
|
460
|
|
|
Other
|
|
|
|
|
|
||||
Revenue (in billions)
|
$
|
21.6
|
|
|
21.6
|
|
|
21.6
|
|
Efficiency ratio (b)
|
62.3
|
%
|
|
64.4
|
|
|
64.9
|
|
|
Average loans (in billions)
|
$
|
947.5
|
|
|
950.0
|
|
|
944.1
|
|
Average deposits (in billions)
|
1,269.0
|
|
|
1,262.1
|
|
|
1,271.3
|
|
|
Net interest margin
|
2.82
|
%
|
|
2.91
|
|
|
2.93
|
|
(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 securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on page 36.
|
(b)
|
The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
|
•
|
Service charges on deposit accounts were
$1.2 billion
, up from
$1.1 billion
in first quarter 2019, due to seasonally lower fees and higher fee waivers in the first quarter, as well as higher treasury management fees in the second quarter.
|
•
|
Trust and investment fees were
$3.6 billion
,
up
from
$3.4 billion
in
first
quarter
2019
, driven by higher asset-based fees on retail brokerage advisory assets reflecting higher market valuations at March 31, 2019, and higher investment banking fees on increased debt and equity underwriting.
|
•
|
Card fees were
$1.0 billion
, up from a seasonally lower first quarter of
$944 million
.
|
•
|
Mortgage banking income was
$758 million
,
up
from
$708 million
in
first
quarter
2019
. Net mortgage servicing income was
$277 million
,
down
from
$364 million
in the
first
quarter primarily due to the impact of lower interest rates including higher loan payoffs. The production margin on residential held-for-sale mortgage loan originations
5
decreased to
0.98%
from
1.05%
in the
first
quarter. Residential held-for-sale mortgage loan originations increased in the
second
quarter to $33 billion from $22 billion in the
first
quarter, primarily due to seasonality, as well as lower mortgage loan interest rates in the second quarter.
|
•
|
Market sensitive revenue
4
was
$871 million
,
down
from
$1.3 billion
in
first
quarter
2019
, and included lower net gains from equity securities driven by a $258 million decrease in deferred compensation plan investment results in the second quarter (largely offset by lower employee benefits expense). Net gains from trading activities
decreased
$128 million
compared with the prior quarter, driven by lower credit trading results. Net gains from debt securities
decreased
$105 million
compared with the prior quarter, which included gains related to the sale of non-agency residential mortgage-backed securities.
|
•
|
Other income was
$744 million
and included a $721 million gain from the sale of $1.9 billion of Pick-a-Pay purchased credit-impaired (PCI) loans.
|
•
|
Real estate 1-4 family first mortgage loans
increased
$1.9 billion
, as $19.8 billion of held-for-investment mortgage loan originations were partially offset by paydowns, the sale of $1.9 billion of Pick-a-Pay PCI loans, and the reclassification of $1.8 billion of mortgage loans to held for sale
|
•
|
Real estate 1-4 family junior lien mortgage loans
decreased
$1.0 billion
, as paydowns continued to exceed originations
|
•
|
Credit card loans
increased
$541 million
, up from a seasonally lower first quarter
|
•
|
Automobile loans
increased
$751 million
, as originations of $6.3 billion outpaced paydowns, resulting in linked-quarter growth for the first time since third quarter 2016
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Commercial
|
$
|
512,245
|
|
|
512,226
|
|
|
513,405
|
|
|
501,886
|
|
|
503,105
|
|
Consumer
|
437,633
|
|
|
436,023
|
|
|
439,705
|
|
|
440,414
|
|
|
441,160
|
|
|
Total loans
|
$
|
949,878
|
|
|
948,249
|
|
|
953,110
|
|
|
942,300
|
|
|
944,265
|
|
Change from prior quarter
|
$
|
1,629
|
|
|
(4,861
|
)
|
|
10,810
|
|
|
(1,965
|
)
|
|
(3,043
|
)
|
|
Quarter ended
|
|
||||||||||||||||||
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
||||||||||||
($ in millions)
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|
Net loan
charge-
offs
|
|
|
As a % of
average
loans (a)
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
159
|
|
|
0.18
|
%
|
|
$
|
133
|
|
|
0.15
|
%
|
|
$
|
58
|
|
|
0.07
|
%
|
Real estate mortgage
|
4
|
|
|
0.01
|
|
|
6
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|||
Real estate construction
|
(2
|
)
|
|
(0.04
|
)
|
|
(2
|
)
|
|
(0.04
|
)
|
|
(6
|
)
|
|
(0.09
|
)
|
|||
Lease financing
|
4
|
|
|
0.09
|
|
|
8
|
|
|
0.17
|
|
|
15
|
|
|
0.32
|
|
|||
Total commercial
|
165
|
|
|
0.13
|
|
|
145
|
|
|
0.11
|
|
|
67
|
|
|
0.05
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate 1-4 family first mortgage
|
(30
|
)
|
|
(0.04
|
)
|
|
(12
|
)
|
|
(0.02
|
)
|
|
(23
|
)
|
|
(0.03
|
)
|
|||
Real estate 1-4 family junior lien mortgage
|
(19
|
)
|
|
(0.24
|
)
|
|
(9
|
)
|
|
(0.10
|
)
|
|
(13
|
)
|
|
(0.13
|
)
|
|||
Credit card
|
349
|
|
|
3.68
|
|
|
352
|
|
|
3.73
|
|
|
323
|
|
|
3.61
|
|
|||
Automobile
|
52
|
|
|
0.46
|
|
|
91
|
|
|
0.82
|
|
|
113
|
|
|
0.93
|
|
|||
Other revolving credit and installment
|
136
|
|
|
1.56
|
|
|
128
|
|
|
1.47
|
|
|
135
|
|
|
1.44
|
|
|||
Total consumer
|
488
|
|
|
0.45
|
|
|
550
|
|
|
0.51
|
|
|
535
|
|
|
0.49
|
|
|||
Total
|
$
|
653
|
|
|
0.28
|
%
|
|
$
|
695
|
|
|
0.30
|
%
|
|
$
|
602
|
|
|
0.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Quarterly net charge-offs (recoveries) as a percentage of average loans are annualized.
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
||||||||||||
($ in millions)
|
Total
balances
|
|
|
As a % of
total
loans
|
|
|
Total balances
|
|
|
As a
% of
total
loans
|
|
|
Total
balances
|
|
|
As a
% of
total
loans
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
1,634
|
|
|
0.47
|
%
|
|
$
|
1,986
|
|
|
0.57
|
%
|
|
$
|
1,559
|
|
|
0.46
|
%
|
Real estate mortgage
|
737
|
|
|
0.60
|
|
|
699
|
|
|
0.57
|
|
|
765
|
|
|
0.62
|
|
|||
Real estate construction
|
36
|
|
|
0.17
|
|
|
36
|
|
|
0.16
|
|
|
51
|
|
|
0.22
|
|
|||
Lease financing
|
63
|
|
|
0.33
|
|
|
76
|
|
|
0.40
|
|
|
80
|
|
|
0.41
|
|
|||
Total commercial
|
2,470
|
|
|
0.48
|
|
|
2,797
|
|
|
0.55
|
|
|
2,455
|
|
|
0.49
|
|
|||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate 1-4 family first mortgage
|
2,425
|
|
|
0.85
|
|
|
3,026
|
|
|
1.06
|
|
|
3,469
|
|
|
1.23
|
|
|||
Real estate 1-4 family junior lien mortgage
|
868
|
|
|
2.71
|
|
|
916
|
|
|
2.77
|
|
|
1,029
|
|
|
2.82
|
|
|||
Automobile
|
115
|
|
|
0.25
|
|
|
116
|
|
|
0.26
|
|
|
119
|
|
|
0.25
|
|
|||
Other revolving credit and installment
|
44
|
|
|
0.13
|
|
|
50
|
|
|
0.14
|
|
|
54
|
|
|
0.14
|
|
|||
Total consumer
|
3,452
|
|
|
0.79
|
|
|
4,108
|
|
|
0.94
|
|
|
4,671
|
|
|
1.06
|
|
|||
Total nonaccrual loans (a)
|
5,922
|
|
|
0.62
|
|
|
6,905
|
|
|
0.73
|
|
|
7,126
|
|
|
0.75
|
|
|||
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Government insured/guaranteed
|
68
|
|
|
|
|
75
|
|
|
|
|
90
|
|
|
|
||||||
Non-government insured/guaranteed
|
309
|
|
|
|
|
361
|
|
|
|
|
409
|
|
|
|
||||||
Total foreclosed assets
|
377
|
|
|
|
|
436
|
|
|
|
|
499
|
|
|
|
||||||
Total nonperforming assets
|
$
|
6,299
|
|
|
0.66
|
%
|
|
$
|
7,341
|
|
|
0.77
|
%
|
|
$
|
7,625
|
|
|
0.81
|
%
|
Change from prior quarter:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total nonaccrual loans (a)
|
$
|
(983
|
)
|
|
|
|
$
|
409
|
|
|
|
|
$
|
(213
|
)
|
|
|
|||
Total nonperforming assets
|
(1,042
|
)
|
|
|
|
394
|
|
|
|
|
(285
|
)
|
|
|
(a)
|
Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale (MLHFS), loans held for sale (LHFS) and loans held at fair value. For additional information, see the “Five Quarter Nonperforming Assets” table on page 33.
|
|
Quarter ended
|
|
|||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Community Banking
|
$
|
3,147
|
|
|
2,823
|
|
|
2,496
|
|
Wholesale Banking
|
2,789
|
|
|
2,770
|
|
|
2,635
|
|
|
Wealth and Investment Management
|
602
|
|
|
577
|
|
|
445
|
|
|
Quarter ended
|
|
|||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Total revenue
|
$
|
11,805
|
|
|
11,750
|
|
|
11,806
|
|
Provision for credit losses
|
479
|
|
|
710
|
|
|
484
|
|
|
Noninterest expense
|
7,212
|
|
|
7,689
|
|
|
7,290
|
|
|
Segment net income
|
3,147
|
|
|
2,823
|
|
|
2,496
|
|
|
(in billions)
|
|
|
|
|
|
||||
Average loans
|
457.7
|
|
|
458.2
|
|
|
463.8
|
|
|
Average assets
|
1,024.8
|
|
|
1,015.4
|
|
|
1,034.3
|
|
|
Average deposits
|
777.6
|
|
|
765.6
|
|
|
760.6
|
|
•
|
Net income of
$3.1 billion
,
up
$324 million
, or
11%
|
•
|
Revenue was
$11.8 billion
, flat compared with the prior quarter, as higher service charges on deposit accounts, card fees, and other income were predominantly offset by lower net interest income, and lower market sensitive revenue
4
reflecting lower deferred compensation plan investment results (largely offset by lower employee benefits expense)
|
•
|
Noninterest expense of
$7.2 billion
decreased
$477 million
, or
6%
, predominantly driven by lower personnel expense, which was seasonally elevated in the first quarter, as well as lower deferred compensation expense (largely offset by lower net gains from equity securities), partially offset by higher advertising and promotion expense
|
•
|
Provision for credit losses
decreased
$231 million
, primarily due to credit improvement in the automobile and consumer real estate portfolios
|
•
|
Net income was
up
$651 million
, or
26%
, driven by net discrete tax expense of $481 million in second quarter 2018
|
•
|
Revenue was flat compared with a year ago, as lower net interest income was offset by higher gains from sales of Pick-a-Pay PCI loans and higher service charges on deposit accounts
|
•
|
Noninterest expense
decreased
$78 million
, or
1%
, driven by lower core deposit and other intangibles amortization, FDIC expense, and operating losses, partially offset by higher personnel, equipment, and advertising and promotion expense
|
•
|
Primary consumer checking customers
7
,
8
of 24.3 million, up 1.3% from a year ago. The sale of 52 branches and $1.8 billion of deposits which closed in fourth quarter 2018 reduced the growth rate by 0.4%
|
•
|
Branch customer experience surveys completed during second quarter 2019 reflected higher scores from the previous quarter, with both ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ scores reaching their highest level in more than three years
|
•
|
Debit card point-of-sale purchase volume
9
of $93.2 billion in the
second
quarter, up 6% year-over-year
|
•
|
General purpose credit card point-of-sale purchase volume of $20.4 billion in the
second
quarter, up 6% year-over-year
|
•
|
30.0 million digital (online and mobile) active customers, including 23.7 million mobile active customers
8,
10
|
•
|
5,442 retail bank branches as of the end of
second
quarter
2019
, reflecting 78 branch consolidations in the first half of 2019
|
•
|
Home Lending
|
◦
|
Originations of
$53 billion
,
up
from
$33 billion
in the prior quarter, primarily due to seasonality, as well as lower mortgage loan interest rates
|
▪
|
Originations of loans held-for-sale and loans held-for-investment were $33 billion and $20 billion, respectively
|
▪
|
Production margin on residential held-for-sale mortgage loan originations
5
of
0.98%
,
down
from
1.05%
in the prior quarter
|
◦
|
Applications of
$90 billion
,
up
from
$64 billion
in the prior quarter, driven primarily by seasonality, as well as lower mortgage loan interest rates
|
◦
|
Unclosed application pipeline of
$44 billion
at quarter end,
up
from
$32 billion
at
March 31, 2019
, driven primarily by seasonality, as well as lower mortgage loan interest rates
|
•
|
Automobile originations of $6.3 billion in the
second
quarter, up 43% from the prior year, reflecting our focus on growing auto loans following the restructuring of the business
|
•
|
For the third year in a row, Wells Fargo was #1 in Nilson's annual ranking of the top 50 U.S. debit card issuers, receiving the top ranking by both purchase volume and number of transactions (April 2019)
|
|
Quarter ended
|
|
|||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Total revenue
|
$
|
7,065
|
|
|
7,111
|
|
|
7,197
|
|
Provision (reversal of provision) for credit losses
|
28
|
|
|
134
|
|
|
(36
|
)
|
|
Noninterest expense
|
3,882
|
|
|
3,838
|
|
|
4,219
|
|
|
Segment net income
|
2,789
|
|
|
2,770
|
|
|
2,635
|
|
|
(in billions)
|
|
|
|
|
|
||||
Average loans
|
474.0
|
|
|
476.4
|
|
|
464.7
|
|
|
Average assets
|
852.2
|
|
|
844.5
|
|
|
826.4
|
|
|
Average deposits
|
410.4
|
|
|
409.8
|
|
|
414.0
|
|
•
|
Net income of
$2.8 billion
,
up
$19 million
, or
1%
|
•
|
Revenue of
$7.1 billion
decreased
$46 million
, or
1%
, driven by lower market sensitive revenue
4
, partially offset by higher investment banking fees, mortgage banking fees, commercial real estate brokerage fees, and treasury management fees
|
•
|
Noninterest expense of
$3.9 billion
increased
$44 million
, or
1%
, reflecting higher regulatory, risk, and technology expense, partially offset by lower personnel expense, which was seasonally elevated in the first quarter
|
•
|
Provision for credit losses
decreased
$106 million
, driven by lower nonaccrual loans and improvement in overall credit quality
|
•
|
Net income
increased
$154 million
, or
6%
|
•
|
Revenue
decreased
$132 million
, or
2%
, largely due to lower net interest income and treasury management fees, partially offset by higher market sensitive revenue
4
and mortgage banking fees
|
•
|
Noninterest expense
decreased
$337 million
, or
8%
, on lower operating losses, FDIC expense, and core deposit and other intangibles amortization, partially offset by higher regulatory, risk, and technology expense
|
•
|
Provision for credit losses
increased
$64 million
, reflecting higher loan losses and lower recoveries in second quarter 2019
|
•
|
Commercial card spend volume
11
of $8.7 billion, up 6% from the prior year on increased transaction volumes, and up 3% compared with first quarter 2019
|
•
|
U.S. investment banking market share of 3.5% year-to-date 2019
12
, compared with 3.3% year-to-date 2018
12
|
|
Quarter ended
|
|
|||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Total revenue
|
$
|
4,050
|
|
|
4,079
|
|
|
3,951
|
|
Provision (reversal of provision) for credit losses
|
(1
|
)
|
|
4
|
|
|
(2
|
)
|
|
Noninterest expense
|
3,246
|
|
|
3,303
|
|
|
3,361
|
|
|
Segment net income
|
602
|
|
|
577
|
|
|
445
|
|
|
(in billions)
|
|
|
|
|
|
||||
Average loans
|
75.0
|
|
|
74.4
|
|
|
74.7
|
|
|
Average assets
|
83.8
|
|
|
83.2
|
|
|
84.0
|
|
|
Average deposits
|
143.5
|
|
|
153.2
|
|
|
167.1
|
|
•
|
Net income of
$602 million
,
up
$25 million
, or
4%
|
•
|
Revenue of
$4.1 billion
decreased
$29 million
, or
1%
, mostly due to lower net gains from equity securities on lower deferred compensation plan investment results of $97 million (largely offset by lower employee benefits expense), and lower net interest income, partially offset by higher trust and investment fees, up
5%
driven by higher asset-based fees
|
•
|
Noninterest expense of
$3.2 billion
decreased
$57 million
, or
2%
, primarily driven by lower personnel expense, which was seasonally higher in the first quarter, and lower employee benefits expense from deferred compensation plan expense of $95 million (largely offset by lower net gains from equity securities), partially offset by higher broker commissions
|
•
|
Net income
up
$157 million
, or
35%
|
•
|
Revenue increased
$99 million
, or
3%
, primarily driven by higher net gains from equity securities primarily on lower other-than-temporary impairment compared with second quarter 2018 which included an impairment of $214 million related to the sale of Wells Fargo Asset Management's (WFAM) ownership stake in The Rock Creek Group, LP (RockCreek), partially offset by lower net interest income and asset-based fees
|
•
|
Noninterest expense
decreased
$115 million
, or
3%
, primarily due to lower operating losses and core deposit and other intangibles amortization, partially offset by higher personnel expense
|
•
|
WIM total client assets of $1.9 trillion, down 1% from a year ago
|
•
|
Average loan balances were flat compared with a year ago
|
•
|
Second quarter
2019
closed referred investment assets (referrals resulting from the WIM/Community Banking partnership) up 1% compared with second quarter 2018, reaching their highest quarterly amount in two years
|
•
|
Client assets of $1.6 trillion, flat compared with the prior year
|
•
|
Advisory assets of $561 billion, up 3% from the prior year, driven primarily by higher market valuations, partially offset by net outflows
|
•
|
Client assets of $231 billion, down 3% from the prior year, driven primarily by net outflows, partially offset by higher market valuations
|
•
|
Total assets under management (AUM) of $495 billion, flat compared with the prior year, as higher market valuations and money market fund net inflows were offset by equity and fixed income net outflows, as well as the sale of WFAM's ownership stake in RockCreek and removal of the associated AUM
|
•
|
IRA assets of $414 billion, up 3% from the prior year
|
•
|
Institutional Retirement plan assets of $388 billion, flat compared with the prior year
|
•
|
On July 1, 2019, we closed the previously announced sale of our Institutional Retirement and Trust business
|
•
|
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 any 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;
|
•
|
developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;
|
•
|
our ability to realize any efficiency ratio or expense 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 interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans 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 debt securities and equity securities portfolios;
|
•
|
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 and from other instances where customers may have experienced financial harm, 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;
|
•
|
resolution of regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
|
•
|
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, 2018
.
|
|
|
|
|
Pages
|
|
|
Summary Information
|
|
|
|
Income
|
|
Five Quarter Deferred Compensation Plan Investment Results
|
|
|
|
Balance Sheet
|
|
Trading Activities
|
|
Debt
Securities
|
|
Equity Securities
|
|
|
|
Loans
|
|
Changes in Allowance for Credit Losses
|
|
|
|
Equity
|
|
Tangible Common Equity
|
|
|
|
Operating Segments
|
|
|
|
Other
|
|
|
Quarter ended
|
|
|
% Change
Jun 30, 2019 from |
|
|
Six months ended
|
|
|
|
|||||||||||||||
($ in millions, except per share amounts)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Mar 31,
2019 |
|
|
Jun 30,
2018 |
|
|
Jun 30,
2019 |
|
|
Jun 30,
2018 |
|
|
%
Change |
|
||
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wells Fargo net income
|
$
|
6,206
|
|
|
5,860
|
|
|
5,186
|
|
|
6
|
%
|
|
20
|
|
|
$
|
12,066
|
|
|
10,322
|
|
|
17
|
%
|
Wells Fargo net income applicable to common stock
|
5,848
|
|
|
5,507
|
|
|
4,792
|
|
|
6
|
|
|
22
|
|
|
11,355
|
|
|
9,525
|
|
|
19
|
|
||
Diluted earnings per common share
|
1.30
|
|
|
1.20
|
|
|
0.98
|
|
|
8
|
|
|
33
|
|
|
2.50
|
|
|
1.94
|
|
|
29
|
|
||
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wells Fargo net income to average assets (ROA)
|
1.31
|
%
|
|
1.26
|
|
|
1.10
|
|
|
4
|
|
|
19
|
|
|
1.29
|
%
|
|
1.10
|
|
|
17
|
|
||
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)
|
13.26
|
|
|
12.71
|
|
|
10.60
|
|
|
4
|
|
|
25
|
|
|
12.99
|
|
|
10.59
|
|
|
23
|
|
||
Return on average tangible common equity (ROTCE)(1)
|
15.78
|
|
|
15.16
|
|
|
12.62
|
|
|
4
|
|
|
25
|
|
|
15.47
|
|
|
12.62
|
|
|
23
|
|
||
Efficiency ratio (2)
|
62.3
|
|
|
64.4
|
|
|
64.9
|
|
|
(3
|
)
|
|
(4
|
)
|
|
63.4
|
|
|
66.7
|
|
|
(5
|
)
|
||
Total revenue
|
$
|
21,584
|
|
|
21,609
|
|
|
21,553
|
|
|
—
|
|
|
—
|
|
|
$
|
43,193
|
|
|
43,487
|
|
|
(1
|
)
|
Pre-tax pre-provision profit (PTPP) (3)
|
8,135
|
|
|
7,693
|
|
|
7,571
|
|
|
6
|
|
|
7
|
|
|
15,828
|
|
|
14,463
|
|
|
9
|
|
||
Dividends declared per common share
|
0.45
|
|
|
0.45
|
|
|
0.39
|
|
|
—
|
|
|
15
|
|
|
0.90
|
|
|
0.78
|
|
|
15
|
|
||
Average common shares outstanding
|
4,469.4
|
|
|
4,551.5
|
|
|
4,865.8
|
|
|
(2
|
)
|
|
(8
|
)
|
|
4,510.2
|
|
|
4,875.7
|
|
|
(7
|
)
|
||
Diluted average common shares outstanding
|
4,495.0
|
|
|
4,584.0
|
|
|
4,899.8
|
|
|
(2
|
)
|
|
(8
|
)
|
|
4,540.1
|
|
|
4,916.1
|
|
|
(8
|
)
|
||
Average loans
|
$
|
947,460
|
|
|
950,010
|
|
|
944,079
|
|
|
—
|
|
|
—
|
|
|
$
|
948,728
|
|
|
947,532
|
|
|
—
|
|
Average assets
|
1,900,627
|
|
|
1,883,091
|
|
|
1,884,884
|
|
|
1
|
|
|
1
|
|
|
1,891,907
|
|
|
1,900,304
|
|
|
—
|
|
||
Average total deposits
|
1,268,979
|
|
|
1,262,062
|
|
|
1,271,339
|
|
|
1
|
|
|
—
|
|
|
1,265,539
|
|
|
1,284,187
|
|
|
(1
|
)
|
||
Average consumer and small business banking deposits (4)
|
742,671
|
|
|
739,654
|
|
|
754,047
|
|
|
—
|
|
|
(2
|
)
|
|
741,171
|
|
|
754,898
|
|
|
(2
|
)
|
||
Net interest margin
|
2.82
|
%
|
|
2.91
|
|
|
2.93
|
|
|
(3
|
)
|
|
(4
|
)
|
|
2.86
|
%
|
|
2.89
|
|
|
(1
|
)
|
||
At Period End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
482,067
|
|
|
483,467
|
|
|
475,495
|
|
|
—
|
|
|
1
|
|
|
$
|
482,067
|
|
|
475,495
|
|
|
1
|
|
Loans
|
949,878
|
|
|
948,249
|
|
|
944,265
|
|
|
—
|
|
|
1
|
|
|
949,878
|
|
|
944,265
|
|
|
1
|
|
||
Allowance for loan losses
|
9,692
|
|
|
9,900
|
|
|
10,193
|
|
|
(2
|
)
|
|
(5
|
)
|
|
9,692
|
|
|
10,193
|
|
|
(5
|
)
|
||
Goodwill
|
26,415
|
|
|
26,420
|
|
|
26,429
|
|
|
—
|
|
|
—
|
|
|
26,415
|
|
|
26,429
|
|
|
—
|
|
||
Equity securities
|
61,537
|
|
|
58,440
|
|
|
57,505
|
|
|
5
|
|
|
7
|
|
|
61,537
|
|
|
57,505
|
|
|
7
|
|
||
Assets
|
1,923,388
|
|
|
1,887,792
|
|
|
1,879,700
|
|
|
2
|
|
|
2
|
|
|
1,923,388
|
|
|
1,879,700
|
|
|
2
|
|
||
Deposits
|
1,288,426
|
|
|
1,264,013
|
|
|
1,268,864
|
|
|
2
|
|
|
2
|
|
|
1,288,426
|
|
|
1,268,864
|
|
|
2
|
|
||
Common stockholders' equity
|
177,235
|
|
|
176,025
|
|
|
181,386
|
|
|
1
|
|
|
(2
|
)
|
|
177,235
|
|
|
181,386
|
|
|
(2
|
)
|
||
Wells Fargo stockholders’ equity
|
199,042
|
|
|
197,832
|
|
|
205,188
|
|
|
1
|
|
|
(3
|
)
|
|
199,042
|
|
|
205,188
|
|
|
(3
|
)
|
||
Total equity
|
200,037
|
|
|
198,733
|
|
|
206,069
|
|
|
1
|
|
|
(3
|
)
|
|
200,037
|
|
|
206,069
|
|
|
(3
|
)
|
||
Tangible common equity (1)
|
148,864
|
|
|
147,723
|
|
|
152,580
|
|
|
1
|
|
|
(2
|
)
|
|
148,864
|
|
|
152,580
|
|
|
(2
|
)
|
||
Common shares outstanding
|
4,419.6
|
|
|
4,511.9
|
|
|
4,849.1
|
|
|
(2
|
)
|
|
(9
|
)
|
|
4,419.6
|
|
|
4,849.1
|
|
|
(9
|
)
|
||
Book value per common share (5)
|
$
|
40.10
|
|
|
39.01
|
|
|
37.41
|
|
|
3
|
|
|
7
|
|
|
$
|
40.10
|
|
|
37.41
|
|
|
7
|
|
Tangible book value per common share (1)(5)
|
33.68
|
|
|
32.74
|
|
|
31.47
|
|
|
3
|
|
|
7
|
|
|
33.68
|
|
|
31.47
|
|
|
7
|
|
||
Team members (active, full-time equivalent)
|
262,800
|
|
|
262,100
|
|
|
264,500
|
|
|
—
|
|
|
(1
|
)
|
|
262,800
|
|
|
264,500
|
|
|
(1
|
)
|
(1)
|
Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity 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 36.
|
(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.
|
|
Quarter ended
|
|
|||||||||||||
($ in millions, except per share amounts)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
For the Quarter
|
|
|
|
|
|
|
|
|
|
||||||
Wells Fargo net income
|
$
|
6,206
|
|
|
5,860
|
|
|
6,064
|
|
|
6,007
|
|
|
5,186
|
|
Wells Fargo net income applicable to common stock
|
5,848
|
|
|
5,507
|
|
|
5,711
|
|
|
5,453
|
|
|
4,792
|
|
|
Diluted earnings per common share
|
1.30
|
|
|
1.20
|
|
|
1.21
|
|
|
1.13
|
|
|
0.98
|
|
|
Profitability ratios (annualized):
|
|
|
|
|
|
|
|
|
|
||||||
Wells Fargo net income to average assets (ROA)
|
1.31
|
%
|
|
1.26
|
|
|
1.28
|
|
|
1.27
|
|
|
1.10
|
|
|
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)
|
13.26
|
|
|
12.71
|
|
|
12.89
|
|
|
12.04
|
|
|
10.60
|
|
|
Return on average tangible common equity (ROTCE)(1)
|
15.78
|
|
|
15.16
|
|
|
15.39
|
|
|
14.33
|
|
|
12.62
|
|
|
Efficiency ratio (2)
|
62.3
|
|
|
64.4
|
|
|
63.6
|
|
|
62.7
|
|
|
64.9
|
|
|
Total revenue
|
$
|
21,584
|
|
|
21,609
|
|
|
20,980
|
|
|
21,941
|
|
|
21,553
|
|
Pre-tax pre-provision profit (PTPP) (3)
|
8,135
|
|
|
7,693
|
|
|
7,641
|
|
|
8,178
|
|
|
7,571
|
|
|
Dividends declared per common share
|
0.45
|
|
|
0.45
|
|
|
0.43
|
|
|
0.43
|
|
|
0.39
|
|
|
Average common shares outstanding
|
4,469.4
|
|
|
4,551.5
|
|
|
4,665.8
|
|
|
4,784.0
|
|
|
4,865.8
|
|
|
Diluted average common shares outstanding
|
4,495.0
|
|
|
4,584.0
|
|
|
4,700.8
|
|
|
4,823.2
|
|
|
4,899.8
|
|
|
Average loans
|
$
|
947,460
|
|
|
950,010
|
|
|
946,336
|
|
|
939,462
|
|
|
944,079
|
|
Average assets
|
1,900,627
|
|
|
1,883,091
|
|
|
1,879,047
|
|
|
1,876,283
|
|
|
1,884,884
|
|
|
Average total deposits
|
1,268,979
|
|
|
1,262,062
|
|
|
1,268,948
|
|
|
1,266,378
|
|
|
1,271,339
|
|
|
Average consumer and small business banking deposits (4)
|
742,671
|
|
|
739,654
|
|
|
736,295
|
|
|
743,503
|
|
|
754,047
|
|
|
Net interest margin
|
2.82
|
%
|
|
2.91
|
|
|
2.94
|
|
|
2.94
|
|
|
2.93
|
|
|
At Quarter End
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities
|
$
|
482,067
|
|
|
483,467
|
|
|
484,689
|
|
|
472,283
|
|
|
475,495
|
|
Loans
|
949,878
|
|
|
948,249
|
|
|
953,110
|
|
|
942,300
|
|
|
944,265
|
|
|
Allowance for loan losses
|
9,692
|
|
|
9,900
|
|
|
9,775
|
|
|
10,021
|
|
|
10,193
|
|
|
Goodwill
|
26,415
|
|
|
26,420
|
|
|
26,418
|
|
|
26,425
|
|
|
26,429
|
|
|
Equity securities
|
61,537
|
|
|
58,440
|
|
|
55,148
|
|
|
61,755
|
|
|
57,505
|
|
|
Assets
|
1,923,388
|
|
|
1,887,792
|
|
|
1,895,883
|
|
|
1,872,981
|
|
|
1,879,700
|
|
|
Deposits
|
1,288,426
|
|
|
1,264,013
|
|
|
1,286,170
|
|
|
1,266,594
|
|
|
1,268,864
|
|
|
Common stockholders' equity
|
177,235
|
|
|
176,025
|
|
|
174,359
|
|
|
176,934
|
|
|
181,386
|
|
|
Wells Fargo stockholders’ equity
|
199,042
|
|
|
197,832
|
|
|
196,166
|
|
|
198,741
|
|
|
205,188
|
|
|
Total equity
|
200,037
|
|
|
198,733
|
|
|
197,066
|
|
|
199,679
|
|
|
206,069
|
|
|
Tangible common equity (1)
|
148,864
|
|
|
147,723
|
|
|
145,980
|
|
|
148,391
|
|
|
152,580
|
|
|
Common shares outstanding
|
4,419.6
|
|
|
4,511.9
|
|
|
4,581.3
|
|
|
4,711.6
|
|
|
4,849.1
|
|
|
Book value per common share (5)
|
$
|
40.10
|
|
|
39.01
|
|
|
38.06
|
|
|
37.55
|
|
|
37.41
|
|
Tangible book value per common share (1)(5)
|
33.68
|
|
|
32.74
|
|
|
31.86
|
|
|
31.49
|
|
|
31.47
|
|
|
Team members (active, full-time equivalent)
|
262,800
|
|
|
262,100
|
|
|
258,700
|
|
|
261,700
|
|
|
264,500
|
|
(1)
|
Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity 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 36.
|
(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.
|
|
Quarter ended June 30,
|
|
|
%
|
|
|
Six months ended June 30,
|
|
|
%
|
|
||||||||
(in millions, except per share amounts)
|
2019
|
|
|
2018
|
|
|
Change
|
|
|
2019
|
|
|
2018
|
|
|
Change
|
|
||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
3,781
|
|
|
3,594
|
|
|
5
|
%
|
|
$
|
7,722
|
|
|
7,008
|
|
|
10
|
%
|
Mortgage loans held for sale
|
195
|
|
|
198
|
|
|
(2
|
)
|
|
347
|
|
|
377
|
|
|
(8
|
)
|
||
Loans held for sale
|
20
|
|
|
48
|
|
|
(58
|
)
|
|
44
|
|
|
72
|
|
|
(39
|
)
|
||
Loans
|
11,316
|
|
|
10,912
|
|
|
4
|
|
|
22,670
|
|
|
21,491
|
|
|
5
|
|
||
Equity securities
|
236
|
|
|
221
|
|
|
7
|
|
|
446
|
|
|
452
|
|
|
(1
|
)
|
||
Other interest income
|
1,438
|
|
|
1,042
|
|
|
38
|
|
|
2,760
|
|
|
1,962
|
|
|
41
|
|
||
Total interest income
|
16,986
|
|
|
16,015
|
|
|
6
|
|
|
33,989
|
|
|
31,362
|
|
|
8
|
|
||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
2,213
|
|
|
1,268
|
|
|
75
|
|
|
4,239
|
|
|
2,358
|
|
|
80
|
|
||
Short-term borrowings
|
646
|
|
|
398
|
|
|
62
|
|
|
1,242
|
|
|
709
|
|
|
75
|
|
||
Long-term debt
|
1,900
|
|
|
1,658
|
|
|
15
|
|
|
3,827
|
|
|
3,234
|
|
|
18
|
|
||
Other interest expense
|
132
|
|
|
150
|
|
|
(12
|
)
|
|
275
|
|
|
282
|
|
|
(2
|
)
|
||
Total interest expense
|
4,891
|
|
|
3,474
|
|
|
41
|
|
|
9,583
|
|
|
6,583
|
|
|
46
|
|
||
Net interest income
|
12,095
|
|
|
12,541
|
|
|
(4
|
)
|
|
24,406
|
|
|
24,779
|
|
|
(2
|
)
|
||
Provision for credit losses
|
503
|
|
|
452
|
|
|
11
|
|
|
1,348
|
|
|
643
|
|
|
110
|
|
||
Net interest income after provision for credit losses
|
11,592
|
|
|
12,089
|
|
|
(4
|
)
|
|
23,058
|
|
|
24,136
|
|
|
(4
|
)
|
||
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
1,206
|
|
|
1,163
|
|
|
4
|
|
|
2,300
|
|
|
2,336
|
|
|
(2
|
)
|
||
Trust and investment fees
|
3,568
|
|
|
3,675
|
|
|
(3
|
)
|
|
6,941
|
|
|
7,358
|
|
|
(6
|
)
|
||
Card fees
|
1,025
|
|
|
1,001
|
|
|
2
|
|
|
1,969
|
|
|
1,909
|
|
|
3
|
|
||
Other fees
|
800
|
|
|
846
|
|
|
(5
|
)
|
|
1,570
|
|
|
1,646
|
|
|
(5
|
)
|
||
Mortgage banking
|
758
|
|
|
770
|
|
|
(2
|
)
|
|
1,466
|
|
|
1,704
|
|
|
(14
|
)
|
||
Insurance
|
93
|
|
|
102
|
|
|
(9
|
)
|
|
189
|
|
|
216
|
|
|
(13
|
)
|
||
Net gains from trading activities
|
229
|
|
|
191
|
|
|
20
|
|
|
586
|
|
|
434
|
|
|
35
|
|
||
Net gains on debt securities
|
20
|
|
|
41
|
|
|
(51
|
)
|
|
145
|
|
|
42
|
|
|
245
|
|
||
Net gains from equity securities
|
622
|
|
|
295
|
|
|
111
|
|
|
1,436
|
|
|
1,078
|
|
|
33
|
|
||
Lease income
|
424
|
|
|
443
|
|
|
(4
|
)
|
|
867
|
|
|
898
|
|
|
(3
|
)
|
||
Other
|
744
|
|
|
485
|
|
|
53
|
|
|
1,318
|
|
|
1,087
|
|
|
21
|
|
||
Total noninterest income
|
9,489
|
|
|
9,012
|
|
|
5
|
|
|
18,787
|
|
|
18,708
|
|
|
—
|
|
||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries
|
4,541
|
|
|
4,465
|
|
|
2
|
|
|
8,966
|
|
|
8,828
|
|
|
2
|
|
||
Commission and incentive compensation
|
2,597
|
|
|
2,642
|
|
|
(2
|
)
|
|
5,442
|
|
|
5,410
|
|
|
1
|
|
||
Employee benefits
|
1,336
|
|
|
1,245
|
|
|
7
|
|
|
3,274
|
|
|
2,843
|
|
|
15
|
|
||
Equipment
|
607
|
|
|
550
|
|
|
10
|
|
|
1,268
|
|
|
1,167
|
|
|
9
|
|
||
Net occupancy
|
719
|
|
|
722
|
|
|
—
|
|
|
1,436
|
|
|
1,435
|
|
|
—
|
|
||
Core deposit and other intangibles
|
27
|
|
|
265
|
|
|
(90
|
)
|
|
55
|
|
|
530
|
|
|
(90
|
)
|
||
FDIC and other deposit assessments
|
144
|
|
|
297
|
|
|
(52
|
)
|
|
303
|
|
|
621
|
|
|
(51
|
)
|
||
Other
|
3,478
|
|
|
3,796
|
|
|
(8
|
)
|
|
6,621
|
|
|
8,190
|
|
|
(19
|
)
|
||
Total noninterest expense
|
13,449
|
|
|
13,982
|
|
|
(4
|
)
|
|
27,365
|
|
|
29,024
|
|
|
(6
|
)
|
||
Income before income tax expense
|
7,632
|
|
|
7,119
|
|
|
7
|
|
|
14,480
|
|
|
13,820
|
|
|
5
|
|
||
Income tax expense
|
1,294
|
|
|
1,810
|
|
|
(29
|
)
|
|
2,175
|
|
|
3,184
|
|
|
(32
|
)
|
||
Net income before noncontrolling interests
|
6,338
|
|
|
5,309
|
|
|
19
|
|
|
12,305
|
|
|
10,636
|
|
|
16
|
|
||
Less: Net income from noncontrolling interests
|
132
|
|
|
123
|
|
|
7
|
|
|
239
|
|
|
314
|
|
|
(24
|
)
|
||
Wells Fargo net income
|
$
|
6,206
|
|
|
5,186
|
|
|
20
|
|
|
$
|
12,066
|
|
|
10,322
|
|
|
17
|
|
Less: Preferred stock dividends and other
|
358
|
|
|
394
|
|
|
(9
|
)
|
|
711
|
|
|
797
|
|
|
(11
|
)
|
||
Wells Fargo net income applicable to common stock
|
$
|
5,848
|
|
|
4,792
|
|
|
22
|
|
|
$
|
11,355
|
|
|
9,525
|
|
|
19
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share
|
$
|
1.31
|
|
|
0.98
|
|
|
34
|
|
|
$
|
2.52
|
|
|
1.95
|
|
|
29
|
|
Diluted earnings per common share
|
1.30
|
|
|
0.98
|
|
|
33
|
|
|
2.50
|
|
|
1.94
|
|
|
29
|
|
||
Average common shares outstanding
|
4,469.4
|
|
|
4,865.8
|
|
|
(8
|
)
|
|
4,510.2
|
|
|
4,875.7
|
|
|
(7
|
)
|
||
Diluted average common shares outstanding
|
4,495.0
|
|
|
4,899.8
|
|
|
(8
|
)
|
|
4,540.1
|
|
|
4,916.1
|
|
|
(8
|
)
|
|
Quarter ended
|
|
|||||||||||||
(in millions, except per share amounts)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities
|
$
|
3,781
|
|
|
3,941
|
|
|
3,803
|
|
|
3,595
|
|
|
3,594
|
|
Mortgage loans held for sale
|
195
|
|
|
152
|
|
|
190
|
|
|
210
|
|
|
198
|
|
|
Loans held for sale
|
20
|
|
|
24
|
|
|
33
|
|
|
35
|
|
|
48
|
|
|
Loans
|
11,316
|
|
|
11,354
|
|
|
11,367
|
|
|
11,116
|
|
|
10,912
|
|
|
Equity securities
|
236
|
|
|
210
|
|
|
260
|
|
|
280
|
|
|
221
|
|
|
Other interest income
|
1,438
|
|
|
1,322
|
|
|
1,268
|
|
|
1,128
|
|
|
1,042
|
|
|
Total interest income
|
16,986
|
|
|
17,003
|
|
|
16,921
|
|
|
16,364
|
|
|
16,015
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
2,213
|
|
|
2,026
|
|
|
1,765
|
|
|
1,499
|
|
|
1,268
|
|
|
Short-term borrowings
|
646
|
|
|
596
|
|
|
546
|
|
|
462
|
|
|
398
|
|
|
Long-term debt
|
1,900
|
|
|
1,927
|
|
|
1,802
|
|
|
1,667
|
|
|
1,658
|
|
|
Other interest expense
|
132
|
|
|
143
|
|
|
164
|
|
|
164
|
|
|
150
|
|
|
Total interest expense
|
4,891
|
|
|
4,692
|
|
|
4,277
|
|
|
3,792
|
|
|
3,474
|
|
|
Net interest income
|
12,095
|
|
|
12,311
|
|
|
12,644
|
|
|
12,572
|
|
|
12,541
|
|
|
Provision for credit losses
|
503
|
|
|
845
|
|
|
521
|
|
|
580
|
|
|
452
|
|
|
Net interest income after provision for credit losses
|
11,592
|
|
|
11,466
|
|
|
12,123
|
|
|
11,992
|
|
|
12,089
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
1,206
|
|
|
1,094
|
|
|
1,176
|
|
|
1,204
|
|
|
1,163
|
|
|
Trust and investment fees
|
3,568
|
|
|
3,373
|
|
|
3,520
|
|
|
3,631
|
|
|
3,675
|
|
|
Card fees
|
1,025
|
|
|
944
|
|
|
981
|
|
|
1,017
|
|
|
1,001
|
|
|
Other fees
|
800
|
|
|
770
|
|
|
888
|
|
|
850
|
|
|
846
|
|
|
Mortgage banking
|
758
|
|
|
708
|
|
|
467
|
|
|
846
|
|
|
770
|
|
|
Insurance
|
93
|
|
|
96
|
|
|
109
|
|
|
104
|
|
|
102
|
|
|
Net gains from trading activities
|
229
|
|
|
357
|
|
|
10
|
|
|
158
|
|
|
191
|
|
|
Net gains on debt securities
|
20
|
|
|
125
|
|
|
9
|
|
|
57
|
|
|
41
|
|
|
Net gains from equity securities
|
622
|
|
|
814
|
|
|
21
|
|
|
416
|
|
|
295
|
|
|
Lease income
|
424
|
|
|
443
|
|
|
402
|
|
|
453
|
|
|
443
|
|
|
Other
|
744
|
|
|
574
|
|
|
753
|
|
|
633
|
|
|
485
|
|
|
Total noninterest income
|
9,489
|
|
|
9,298
|
|
|
8,336
|
|
|
9,369
|
|
|
9,012
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||
Salaries
|
4,541
|
|
|
4,425
|
|
|
4,545
|
|
|
4,461
|
|
|
4,465
|
|
|
Commission and incentive compensation
|
2,597
|
|
|
2,845
|
|
|
2,427
|
|
|
2,427
|
|
|
2,642
|
|
|
Employee benefits
|
1,336
|
|
|
1,938
|
|
|
706
|
|
|
1,377
|
|
|
1,245
|
|
|
Equipment
|
607
|
|
|
661
|
|
|
643
|
|
|
634
|
|
|
550
|
|
|
Net occupancy
|
719
|
|
|
717
|
|
|
735
|
|
|
718
|
|
|
722
|
|
|
Core deposit and other intangibles
|
27
|
|
|
28
|
|
|
264
|
|
|
264
|
|
|
265
|
|
|
FDIC and other deposit assessments
|
144
|
|
|
159
|
|
|
153
|
|
|
336
|
|
|
297
|
|
|
Other
|
3,478
|
|
|
3,143
|
|
|
3,866
|
|
|
3,546
|
|
|
3,796
|
|
|
Total noninterest expense
|
13,449
|
|
|
13,916
|
|
|
13,339
|
|
|
13,763
|
|
|
13,982
|
|
|
Income before income tax expense
|
7,632
|
|
|
6,848
|
|
|
7,120
|
|
|
7,598
|
|
|
7,119
|
|
|
Income tax expense
|
1,294
|
|
|
881
|
|
|
966
|
|
|
1,512
|
|
|
1,810
|
|
|
Net income before noncontrolling interests
|
6,338
|
|
|
5,967
|
|
|
6,154
|
|
|
6,086
|
|
|
5,309
|
|
|
Less: Net income from noncontrolling interests
|
132
|
|
|
107
|
|
|
90
|
|
|
79
|
|
|
123
|
|
|
Wells Fargo net income
|
$
|
6,206
|
|
|
5,860
|
|
|
6,064
|
|
|
6,007
|
|
|
5,186
|
|
Less: Preferred stock dividends and other
|
358
|
|
|
353
|
|
|
353
|
|
|
554
|
|
|
394
|
|
|
Wells Fargo net income applicable to common stock
|
$
|
5,848
|
|
|
5,507
|
|
|
5,711
|
|
|
5,453
|
|
|
4,792
|
|
Per share information
|
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share
|
$
|
1.31
|
|
|
1.21
|
|
|
1.22
|
|
|
1.14
|
|
|
0.98
|
|
Diluted earnings per common share
|
1.30
|
|
|
1.20
|
|
|
1.21
|
|
|
1.13
|
|
|
0.98
|
|
|
Average common shares outstanding
|
4,469.4
|
|
|
4,551.5
|
|
|
4,665.8
|
|
|
4,784.0
|
|
|
4,865.8
|
|
|
Diluted average common shares outstanding
|
4,495.0
|
|
|
4,584.0
|
|
|
4,700.8
|
|
|
4,823.2
|
|
|
4,899.8
|
|
|
Quarter ended June 30,
|
|
|
%
|
|
Six months ended June 30,
|
|
|
%
|
||||||||
(in millions)
|
2019
|
|
|
2018
|
|
|
Change
|
|
2019
|
|
|
2018
|
|
|
Change
|
||
Wells Fargo net income
|
$
|
6,206
|
|
|
5,186
|
|
|
20%
|
|
$
|
12,066
|
|
|
10,322
|
|
|
17%
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
1,709
|
|
|
(617
|
)
|
|
NM
|
|
4,540
|
|
|
(4,060
|
)
|
|
NM
|
||
Reclassification of net (gains) losses to net income
|
39
|
|
|
49
|
|
|
(20)
|
|
(42
|
)
|
|
117
|
|
|
NM
|
||
Derivative and hedging activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
57
|
|
|
(150
|
)
|
|
NM
|
|
22
|
|
|
(392
|
)
|
|
NM
|
||
Reclassification of net losses to net income
|
79
|
|
|
77
|
|
|
3
|
|
158
|
|
|
137
|
|
|
15
|
||
Defined benefit plans adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net actuarial and prior service gains (losses) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
(4
|
)
|
|
6
|
|
|
NM
|
||
Amortization of net actuarial loss, settlements and other to net income
|
33
|
|
|
29
|
|
|
14
|
|
68
|
|
|
61
|
|
|
11
|
||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
14
|
|
|
(83
|
)
|
|
NM
|
|
56
|
|
|
(85
|
)
|
|
NM
|
||
Other comprehensive income (loss), before tax
|
1,931
|
|
|
(695
|
)
|
|
NM
|
|
4,798
|
|
|
(4,216
|
)
|
|
NM
|
||
Income tax benefit (expense) related to other comprehensive income
|
(473
|
)
|
|
154
|
|
|
NM
|
|
(1,167
|
)
|
|
1,016
|
|
|
NM
|
||
Other comprehensive income (loss), net of tax
|
1,458
|
|
|
(541
|
)
|
|
NM
|
|
3,631
|
|
|
(3,200
|
)
|
|
NM
|
||
Less: Other comprehensive loss from noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(100)
|
|
—
|
|
|
(1
|
)
|
|
(100)
|
||
Wells Fargo other comprehensive income (loss), net of tax
|
1,458
|
|
|
(540
|
)
|
|
NM
|
|
3,631
|
|
|
(3,199
|
)
|
|
NM
|
||
Wells Fargo comprehensive income
|
7,664
|
|
|
4,646
|
|
|
65
|
|
15,697
|
|
|
7,123
|
|
|
120
|
||
Comprehensive income from noncontrolling interests
|
132
|
|
|
122
|
|
|
8
|
|
239
|
|
|
313
|
|
|
(24)
|
||
Total comprehensive income
|
$
|
7,796
|
|
|
4,768
|
|
|
64
|
|
$
|
15,936
|
|
|
7,436
|
|
|
114
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Balance, beginning of period
|
$
|
198,733
|
|
|
197,066
|
|
|
199,679
|
|
|
206,069
|
|
|
205,910
|
|
Cumulative effect from change in accounting policies (1)
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Wells Fargo net income
|
6,206
|
|
|
5,860
|
|
|
6,064
|
|
|
6,007
|
|
|
5,186
|
|
|
Wells Fargo other comprehensive income (loss), net of tax
|
1,458
|
|
|
2,173
|
|
|
537
|
|
|
(1,012
|
)
|
|
(540
|
)
|
|
Noncontrolling interests
|
94
|
|
|
1
|
|
|
(38
|
)
|
|
57
|
|
|
(77
|
)
|
|
Common stock issued
|
399
|
|
|
1,139
|
|
|
239
|
|
|
156
|
|
|
73
|
|
|
Common stock repurchased (2)
|
(4,898
|
)
|
|
(4,820
|
)
|
|
(7,299
|
)
|
|
(7,382
|
)
|
|
(2,923
|
)
|
|
Preferred stock redeemed (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,150
|
)
|
|
—
|
|
|
Preferred stock released by ESOP
|
193
|
|
|
—
|
|
|
268
|
|
|
260
|
|
|
490
|
|
|
Common stock warrants repurchased/exercised
|
—
|
|
|
—
|
|
|
(131
|
)
|
|
(36
|
)
|
|
(1
|
)
|
|
Common stock dividends
|
(2,015
|
)
|
|
(2,054
|
)
|
|
(2,016
|
)
|
|
(2,062
|
)
|
|
(1,900
|
)
|
|
Preferred stock dividends
|
(358
|
)
|
|
(353
|
)
|
|
(353
|
)
|
|
(399
|
)
|
|
(394
|
)
|
|
Stock incentive compensation expense
|
247
|
|
|
544
|
|
|
144
|
|
|
202
|
|
|
258
|
|
|
Net change in deferred compensation and related plans
|
(22
|
)
|
|
(812
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
(13
|
)
|
|
Balance, end of period
|
$
|
200,037
|
|
|
198,733
|
|
|
197,066
|
|
|
199,679
|
|
|
206,069
|
|
(1)
|
Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates and ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20):
Premium Amortization on Purchased Callable Debt Securities
.
|
(2)
|
For the quarter ended June 30, 2018, includes $1.0 billion related to a private forward repurchase transaction that settled in third quarter 2018 for 18.8 million shares of common stock.
|
(3)
|
Represents the impact of the redemption of preferred stock, Series J, in third quarter 2018.
|
|
Quarter ended June 30,
|
|
||||||||||||||||||
|
2019
|
|
|
2018
|
|
|||||||||||||||
(in millions)
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Interest
income/
expense
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Interest
income/
expense
|
|
|||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks
|
$
|
141,045
|
|
|
2.33
|
%
|
|
$
|
819
|
|
|
154,846
|
|
|
1.75
|
%
|
|
$
|
676
|
|
Federal funds sold and securities purchased under resale agreements
|
98,130
|
|
|
2.44
|
|
|
598
|
|
|
80,020
|
|
|
1.73
|
|
|
344
|
|
|||
Debt securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Trading debt securities
|
86,514
|
|
|
3.45
|
|
|
746
|
|
|
80,661
|
|
|
3.45
|
|
|
695
|
|
|||
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities of U.S. Treasury and federal agencies
|
15,402
|
|
|
2.21
|
|
|
85
|
|
|
6,425
|
|
|
1.66
|
|
|
27
|
|
|||
Securities of U.S. states and political subdivisions
|
45,769
|
|
|
4.02
|
|
|
460
|
|
|
47,388
|
|
|
3.91
|
|
|
464
|
|
|||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal agencies
|
149,761
|
|
|
2.99
|
|
|
1,120
|
|
|
154,929
|
|
|
2.75
|
|
|
1,065
|
|
|||
Residential and commercial
|
5,562
|
|
|
4.02
|
|
|
56
|
|
|
8,248
|
|
|
4.86
|
|
|
101
|
|
|||
Total mortgage-backed securities
|
155,323
|
|
|
3.03
|
|
|
1,176
|
|
|
163,177
|
|
|
2.86
|
|
|
1,166
|
|
|||
Other debt securities
|
45,063
|
|
|
4.40
|
|
|
494
|
|
|
47,009
|
|
|
4.33
|
|
|
506
|
|
|||
Total available-for-sale debt securities
|
261,557
|
|
|
3.39
|
|
|
2,215
|
|
|
263,999
|
|
|
3.28
|
|
|
2,163
|
|
|||
Held-to-maturity debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities of U.S. Treasury and federal agencies
|
44,762
|
|
|
2.19
|
|
|
244
|
|
|
44,731
|
|
|
2.19
|
|
|
244
|
|
|||
Securities of U.S. states and political subdivisions
|
6,958
|
|
|
4.06
|
|
|
71
|
|
|
6,255
|
|
|
4.34
|
|
|
68
|
|
|||
Federal agency and other mortgage-backed securities
|
95,506
|
|
|
2.64
|
|
|
632
|
|
|
94,964
|
|
|
2.33
|
|
|
552
|
|
|||
Other debt securities
|
58
|
|
|
3.86
|
|
|
—
|
|
|
584
|
|
|
4.66
|
|
|
7
|
|
|||
Total held-to-maturity debt securities
|
147,284
|
|
|
2.57
|
|
|
947
|
|
|
146,534
|
|
|
2.38
|
|
|
871
|
|
|||
Total debt securities
|
495,355
|
|
|
3.16
|
|
|
3,908
|
|
|
491,194
|
|
|
3.04
|
|
|
3,729
|
|
|||
Mortgage loans held for sale (4)
|
18,464
|
|
|
4.22
|
|
|
195
|
|
|
18,788
|
|
|
4.22
|
|
|
198
|
|
|||
Loans held for sale (4)
|
1,642
|
|
|
4.80
|
|
|
20
|
|
|
3,481
|
|
|
5.48
|
|
|
48
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial - U.S.
|
285,084
|
|
|
4.47
|
|
|
3,176
|
|
|
275,259
|
|
|
4.16
|
|
|
2,851
|
|
|||
Commercial and industrial - Non U.S.
|
62,905
|
|
|
3.90
|
|
|
611
|
|
|
59,716
|
|
|
3.51
|
|
|
524
|
|
|||
Real estate mortgage
|
121,869
|
|
|
4.58
|
|
|
1,390
|
|
|
123,982
|
|
|
4.27
|
|
|
1,319
|
|
|||
Real estate construction
|
21,568
|
|
|
5.36
|
|
|
288
|
|
|
23,637
|
|
|
4.88
|
|
|
287
|
|
|||
Lease financing
|
19,133
|
|
|
4.71
|
|
|
226
|
|
|
19,266
|
|
|
4.48
|
|
|
216
|
|
|||
Total commercial loans
|
510,559
|
|
|
4.47
|
|
|
5,691
|
|
|
501,860
|
|
|
4.15
|
|
|
5,197
|
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate 1-4 family first mortgage
|
286,169
|
|
|
3.88
|
|
|
2,776
|
|
|
283,101
|
|
|
4.06
|
|
|
2,870
|
|
|||
Real estate 1-4 family junior lien mortgage
|
32,609
|
|
|
5.75
|
|
|
468
|
|
|
37,249
|
|
|
5.32
|
|
|
495
|
|
|||
Credit card
|
38,154
|
|
|
12.65
|
|
|
1,204
|
|
|
35,883
|
|
|
12.66
|
|
|
1,133
|
|
|||
Automobile
|
45,179
|
|
|
5.23
|
|
|
589
|
|
|
48,568
|
|
|
5.18
|
|
|
628
|
|
|||
Other revolving credit and installment
|
34,790
|
|
|
7.12
|
|
|
617
|
|
|
37,418
|
|
|
6.62
|
|
|
617
|
|
|||
Total consumer loans
|
436,901
|
|
|
5.18
|
|
|
5,654
|
|
|
442,219
|
|
|
5.20
|
|
|
5,743
|
|
|||
Total loans (4)
|
947,460
|
|
|
4.80
|
|
|
11,345
|
|
|
944,079
|
|
|
4.64
|
|
|
10,940
|
|
|||
Equity securities
|
35,215
|
|
|
2.70
|
|
|
237
|
|
|
37,330
|
|
|
2.38
|
|
|
222
|
|
|||
Other
|
4,693
|
|
|
1.76
|
|
|
20
|
|
|
5,518
|
|
|
1.48
|
|
|
21
|
|
|||
Total earning assets
|
$
|
1,742,004
|
|
|
3.94
|
%
|
|
$
|
17,142
|
|
|
1,735,256
|
|
|
3.73
|
%
|
|
$
|
16,178
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing checking
|
$
|
57,549
|
|
|
1.46
|
%
|
|
$
|
210
|
|
|
80,324
|
|
|
0.90
|
%
|
|
$
|
181
|
|
Market rate and other savings
|
690,677
|
|
|
0.59
|
|
|
1,009
|
|
|
676,668
|
|
|
0.26
|
|
|
434
|
|
|||
Savings certificates
|
30,620
|
|
|
1.62
|
|
|
124
|
|
|
20,033
|
|
|
0.43
|
|
|
21
|
|
|||
Other time deposits
|
96,887
|
|
|
2.61
|
|
|
630
|
|
|
82,061
|
|
|
2.26
|
|
|
465
|
|
|||
Deposits in foreign offices
|
51,875
|
|
|
1.86
|
|
|
240
|
|
|
51,474
|
|
|
1.30
|
|
|
167
|
|
|||
Total interest-bearing deposits
|
927,608
|
|
|
0.96
|
|
|
2,213
|
|
|
910,560
|
|
|
0.56
|
|
|
1,268
|
|
|||
Short-term borrowings
|
114,754
|
|
|
2.26
|
|
|
646
|
|
|
103,795
|
|
|
1.54
|
|
|
398
|
|
|||
Long-term debt
|
236,734
|
|
|
3.21
|
|
|
1,900
|
|
|
223,800
|
|
|
2.97
|
|
|
1,658
|
|
|||
Other liabilities
|
24,314
|
|
|
2.18
|
|
|
132
|
|
|
28,202
|
|
|
2.12
|
|
|
150
|
|
|||
Total interest-bearing liabilities
|
1,303,410
|
|
|
1.50
|
|
|
4,891
|
|
|
1,266,357
|
|
|
1.10
|
|
|
3,474
|
|
|||
Portion of noninterest-bearing funding sources
|
438,594
|
|
|
—
|
|
|
—
|
|
|
468,899
|
|
|
—
|
|
|
—
|
|
|||
Total funding sources
|
$
|
1,742,004
|
|
|
1.12
|
|
|
4,891
|
|
|
1,735,256
|
|
|
0.80
|
|
|
3,474
|
|
||
Net interest margin and net interest income on a taxable-equivalent basis (5)
|
|
|
2.82
|
%
|
|
$
|
12,251
|
|
|
|
|
2.93
|
%
|
|
$
|
12,704
|
|
|||
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and due from banks
|
$
|
19,475
|
|
|
|
|
|
|
18,609
|
|
|
|
|
|
||||||
Goodwill
|
26,415
|
|
|
|
|
|
|
26,444
|
|
|
|
|
|
|||||||
Other
|
112,733
|
|
|
|
|
|
|
104,575
|
|
|
|
|
|
|||||||
Total noninterest-earning assets
|
$
|
158,623
|
|
|
|
|
|
|
149,628
|
|
|
|
|
|
||||||
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits
|
$
|
341,371
|
|
|
|
|
|
|
360,779
|
|
|
|
|
|
||||||
Other liabilities
|
56,161
|
|
|
|
|
|
|
51,681
|
|
|
|
|
|
|||||||
Total equity
|
199,685
|
|
|
|
|
|
|
206,067
|
|
|
|
|
|
|||||||
Noninterest-bearing funding sources used to fund earning assets
|
(438,594
|
)
|
|
|
|
|
|
(468,899
|
)
|
|
|
|
|
|||||||
Net noninterest-bearing funding sources
|
$
|
158,623
|
|
|
|
|
|
|
149,628
|
|
|
|
|
|
||||||
Total assets
|
$
|
1,900,627
|
|
|
|
|
|
|
1,884,884
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Our average prime rate was
5.50%
and
4.80%
for the quarters ended
June 30,
2019
and
2018
, respectively. The average three-month London Interbank Offered Rate (LIBOR) was
2.51%
and
2.34%
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
$156 million
and
$163 million
for the quarters ended
June 30,
2019
and
2018
, respectively,
predominantly
related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
|
|
Six months ended June 30,
|
|
||||||||||||||||||
|
2019
|
|
|
2018
|
|
|||||||||||||||
(in millions)
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Interest
income/
expense
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Interest
income/
expense
|
|
|||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks
|
$
|
140,915
|
|
|
2.33
|
%
|
|
$
|
1,629
|
|
|
163,520
|
|
|
1.61
|
%
|
|
$
|
1,308
|
|
Federal funds sold and securities purchased under resale agreements
|
90,875
|
|
|
2.42
|
|
|
1,093
|
|
|
79,083
|
|
|
1.57
|
|
|
615
|
|
|||
Debt securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Trading debt securities
|
87,938
|
|
|
3.52
|
|
|
1,544
|
|
|
79,693
|
|
|
3.35
|
|
|
1,332
|
|
|||
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities of U.S. Treasury and federal agencies
|
14,740
|
|
|
2.18
|
|
|
159
|
|
|
6,426
|
|
|
1.66
|
|
|
53
|
|
|||
Securities of U.S. states and political subdivisions
|
47,049
|
|
|
4.02
|
|
|
946
|
|
|
48,665
|
|
|
3.64
|
|
|
885
|
|
|||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal agencies
|
150,623
|
|
|
3.04
|
|
|
2,293
|
|
|
156,690
|
|
|
2.73
|
|
|
2,141
|
|
|||
Residential and commercial
|
5,772
|
|
|
4.17
|
|
|
120
|
|
|
8,558
|
|
|
4.48
|
|
|
192
|
|
|||
Total mortgage-backed securities
|
156,395
|
|
|
3.09
|
|
|
2,413
|
|
|
165,248
|
|
|
2.82
|
|
|
2,333
|
|
|||
Other debt securities
|
45,920
|
|
|
4.43
|
|
|
1,011
|
|
|
47,549
|
|
|
4.02
|
|
|
950
|
|
|||
Total available-for-sale debt securities
|
264,104
|
|
|
3.44
|
|
|
4,529
|
|
|
267,888
|
|
|
3.16
|
|
|
4,221
|
|
|||
Held-to-maturity debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities of U.S. Treasury and federal agencies
|
44,758
|
|
|
2.20
|
|
|
487
|
|
|
44,727
|
|
|
2.20
|
|
|
487
|
|
|||
Securities of U.S. states and political subdivisions
|
6,560
|
|
|
4.05
|
|
|
133
|
|
|
6,257
|
|
|
4.34
|
|
|
136
|
|
|||
Federal agency and other mortgage-backed securities
|
95,753
|
|
|
2.69
|
|
|
1,288
|
|
|
92,888
|
|
|
2.35
|
|
|
1,093
|
|
|||
Other debt securities
|
60
|
|
|
3.91
|
|
|
1
|
|
|
639
|
|
|
3.89
|
|
|
12
|
|
|||
Total held-to-maturity debt securities
|
147,131
|
|
|
2.60
|
|
|
1,909
|
|
|
144,511
|
|
|
2.40
|
|
|
1,728
|
|
|||
Total debt securities
|
499,173
|
|
|
3.20
|
|
|
7,982
|
|
|
492,092
|
|
|
2.96
|
|
|
7,281
|
|
|||
Mortgage loans held for sale (4)
|
16,193
|
|
|
4.28
|
|
|
347
|
|
|
18,598
|
|
|
4.06
|
|
|
377
|
|
|||
Loans held for sale (4)
|
1,752
|
|
|
5.04
|
|
|
44
|
|
|
2,750
|
|
|
5.28
|
|
|
72
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial - U.S.
|
285,827
|
|
|
4.47
|
|
|
6,345
|
|
|
273,658
|
|
|
4.00
|
|
|
5,435
|
|
|||
Commercial and industrial - Non U.S.
|
62,863
|
|
|
3.90
|
|
|
1,215
|
|
|
59,964
|
|
|
3.37
|
|
|
1,003
|
|
|||
Real estate mortgage
|
121,644
|
|
|
4.58
|
|
|
2,763
|
|
|
125,085
|
|
|
4.16
|
|
|
2,581
|
|
|||
Real estate construction
|
21,999
|
|
|
5.40
|
|
|
589
|
|
|
24,041
|
|
|
4.70
|
|
|
561
|
|
|||
Lease financing
|
19,261
|
|
|
4.66
|
|
|
450
|
|
|
19,266
|
|
|
4.89
|
|
|
471
|
|
|||
Total commercial loans
|
511,594
|
|
|
4.48
|
|
|
11,362
|
|
|
502,014
|
|
|
4.03
|
|
|
10,051
|
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate 1-4 family first mortgage
|
285,694
|
|
|
3.92
|
|
|
5,597
|
|
|
283,651
|
|
|
4.04
|
|
|
5,722
|
|
|||
Real estate 1-4 family junior lien mortgage
|
33,197
|
|
|
5.75
|
|
|
949
|
|
|
38,042
|
|
|
5.23
|
|
|
988
|
|
|||
Credit card
|
38,168
|
|
|
12.76
|
|
|
2,416
|
|
|
36,174
|
|
|
12.71
|
|
|
2,280
|
|
|||
Automobile
|
45,007
|
|
|
5.21
|
|
|
1,163
|
|
|
50,010
|
|
|
5.17
|
|
|
1,283
|
|
|||
Other revolving credit and installment
|
35,068
|
|
|
7.13
|
|
|
1,240
|
|
|
37,641
|
|
|
6.54
|
|
|
1,221
|
|
|||
Total consumer loans
|
437,134
|
|
|
5.22
|
|
|
11,365
|
|
|
445,518
|
|
|
5.18
|
|
|
11,494
|
|
|||
Total loans (4)
|
948,728
|
|
|
4.82
|
|
|
22,727
|
|
|
947,532
|
|
|
4.57
|
|
|
21,545
|
|
|||
Equity securities
|
34,154
|
|
|
2.63
|
|
|
448
|
|
|
38,536
|
|
|
2.37
|
|
|
455
|
|
|||
Other
|
4,555
|
|
|
1.69
|
|
|
38
|
|
|
5,765
|
|
|
1.34
|
|
|
40
|
|
|||
Total earning assets
|
$
|
1,736,345
|
|
|
3.97
|
%
|
|
$
|
34,308
|
|
|
1,747,876
|
|
|
3.64
|
%
|
|
$
|
31,693
|
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing checking
|
$
|
56,905
|
|
|
1.44
|
%
|
|
$
|
407
|
|
|
74,084
|
|
|
0.84
|
%
|
|
$
|
310
|
|
Market rate and other savings
|
689,628
|
|
|
0.54
|
|
|
1,856
|
|
|
677,861
|
|
|
0.24
|
|
|
802
|
|
|||
Savings certificates
|
27,940
|
|
|
1.46
|
|
|
202
|
|
|
20,025
|
|
|
0.38
|
|
|
38
|
|
|||
Other time deposits
|
97,356
|
|
|
2.64
|
|
|
1,275
|
|
|
79,340
|
|
|
2.06
|
|
|
812
|
|
|||
Deposits in foreign offices
|
53,649
|
|
|
1.88
|
|
|
499
|
|
|
73,023
|
|
|
1.09
|
|
|
396
|
|
|||
Total interest-bearing deposits
|
925,478
|
|
|
0.92
|
|
|
4,239
|
|
|
924,333
|
|
|
0.51
|
|
|
2,358
|
|
|||
Short-term borrowings
|
111,719
|
|
|
2.24
|
|
|
1,243
|
|
|
102,793
|
|
|
1.39
|
|
|
710
|
|
|||
Long-term debt
|
234,963
|
|
|
3.27
|
|
|
3,827
|
|
|
224,924
|
|
|
2.88
|
|
|
3,234
|
|
|||
Other liabilities
|
24,801
|
|
|
2.23
|
|
|
275
|
|
|
28,065
|
|
|
2.02
|
|
|
282
|
|
|||
Total interest-bearing liabilities
|
1,296,961
|
|
|
1.49
|
|
|
9,584
|
|
|
1,280,115
|
|
|
1.03
|
|
|
6,584
|
|
|||
Portion of noninterest-bearing funding sources
|
439,384
|
|
|
—
|
|
|
—
|
|
|
467,761
|
|
|
—
|
|
|
—
|
|
|||
Total funding sources
|
$
|
1,736,345
|
|
|
1.11
|
|
|
9,584
|
|
|
1,747,876
|
|
|
0.75
|
|
|
6,584
|
|
||
Net interest margin and net interest income on a taxable-equivalent basis (5)
|
|
|
2.86
|
%
|
|
$
|
24,724
|
|
|
|
|
2.89
|
%
|
|
$
|
25,109
|
|
|||
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and due from banks
|
$
|
19,544
|
|
|
|
|
|
|
18,730
|
|
|
|
|
|
||||||
Goodwill
|
26,417
|
|
|
|
|
|
|
26,480
|
|
|
|
|
|
|||||||
Other
|
109,601
|
|
|
|
|
|
|
107,218
|
|
|
|
|
|
|||||||
Total noninterest-earning assets
|
$
|
155,562
|
|
|
|
|
|
|
152,428
|
|
|
|
|
|
||||||
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits
|
$
|
340,061
|
|
|
|
|
|
|
359,854
|
|
|
|
|
|
||||||
Other liabilities
|
55,864
|
|
|
|
|
|
|
54,212
|
|
|
|
|
|
|||||||
Total equity
|
199,021
|
|
|
|
|
|
|
206,123
|
|
|
|
|
|
|||||||
Noninterest-bearing funding sources used to fund earning assets
|
(439,384
|
)
|
|
|
|
|
|
(467,761
|
)
|
|
|
|
|
|||||||
Net noninterest-bearing funding sources
|
$
|
155,562
|
|
|
|
|
|
|
152,428
|
|
|
|
|
|
||||||
Total assets
|
$
|
1,891,907
|
|
|
|
|
|
|
1,900,304
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Our average prime rate was
5.50%
and
4.66%
for
first half of 2019
and
2018
, respectively. The average three-month London Interbank Offered Rate (LIBOR) was
2.60%
and
2.13%
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)
|
Yields and rates are based on interest income/expense amounts for the period. 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
$318 million
and
$330 million
for the
first half of 2019
and
2018
, respectively,
predominantly
related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
|
|
Quarter ended
|
|
||||||||||||||||||||||||||||||||
|
Jun 30, 2019
|
|
|
Mar 31, 2019
|
|
|
Dec 31, 2018
|
|
|
Sep 30, 2018
|
|
|
Jun 30, 2018
|
|
||||||||||||||||||||
($ in billions)
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|
Average
balance
|
|
|
Yields/
rates
|
|
|||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning deposits with banks
|
$
|
141.0
|
|
|
2.33
|
%
|
|
$
|
140.8
|
|
|
2.33
|
%
|
|
$
|
150.1
|
|
|
2.18
|
%
|
|
$
|
148.6
|
|
|
1.93
|
%
|
|
$
|
154.8
|
|
|
1.75
|
%
|
Federal funds sold and securities purchased under resale agreements
|
98.1
|
|
|
2.44
|
|
|
83.5
|
|
|
2.40
|
|
|
76.1
|
|
|
2.22
|
|
|
79.9
|
|
|
1.93
|
|
|
80.0
|
|
|
1.73
|
|
|||||
Debt securities (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Trading debt securities
|
86.5
|
|
|
3.45
|
|
|
89.4
|
|
|
3.58
|
|
|
90.1
|
|
|
3.52
|
|
|
84.5
|
|
|
3.45
|
|
|
80.7
|
|
|
3.45
|
|
|||||
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Securities of U.S. Treasury and federal agencies
|
15.4
|
|
|
2.21
|
|
|
14.1
|
|
|
2.14
|
|
|
7.2
|
|
|
1.80
|
|
|
6.4
|
|
|
1.65
|
|
|
6.4
|
|
|
1.66
|
|
|||||
Securities of U.S. states and political subdivisions
|
45.8
|
|
|
4.02
|
|
|
48.3
|
|
|
4.02
|
|
|
47.6
|
|
|
4.05
|
|
|
46.6
|
|
|
3.76
|
|
|
47.4
|
|
|
3.91
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Federal agencies
|
149.8
|
|
|
2.99
|
|
|
151.5
|
|
|
3.10
|
|
|
155.3
|
|
|
2.91
|
|
|
155.5
|
|
|
2.77
|
|
|
154.9
|
|
|
2.75
|
|
|||||
Residential and commercial
|
5.6
|
|
|
4.02
|
|
|
6.0
|
|
|
4.31
|
|
|
6.7
|
|
|
4.87
|
|
|
7.3
|
|
|
4.68
|
|
|
8.2
|
|
|
4.86
|
|
|||||
Total mortgage-backed securities
|
155.4
|
|
|
3.03
|
|
|
157.5
|
|
|
3.14
|
|
|
162.0
|
|
|
2.99
|
|
|
162.8
|
|
|
2.86
|
|
|
163.1
|
|
|
2.86
|
|
|||||
Other debt securities
|
45.0
|
|
|
4.40
|
|
|
46.8
|
|
|
4.46
|
|
|
46.1
|
|
|
4.46
|
|
|
46.4
|
|
|
4.39
|
|
|
47.1
|
|
|
4.33
|
|
|||||
Total available-for-sale debt securities
|
261.6
|
|
|
3.39
|
|
|
266.7
|
|
|
3.48
|
|
|
262.9
|
|
|
3.41
|
|
|
262.2
|
|
|
3.26
|
|
|
264.0
|
|
|
3.28
|
|
|||||
Held-to-maturity debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Securities of U.S. Treasury and federal agencies
|
44.8
|
|
|
2.19
|
|
|
44.7
|
|
|
2.20
|
|
|
44.7
|
|
|
2.19
|
|
|
44.7
|
|
|
2.18
|
|
|
44.7
|
|
|
2.19
|
|
|||||
Securities of U.S. states and political subdivisions
|
7.0
|
|
|
4.06
|
|
|
6.2
|
|
|
4.03
|
|
|
6.2
|
|
|
4.34
|
|
|
6.3
|
|
|
4.33
|
|
|
6.3
|
|
|
4.34
|
|
|||||
Federal agency and other mortgage-backed securities
|
95.4
|
|
|
2.64
|
|
|
95.9
|
|
|
2.74
|
|
|
95.8
|
|
|
2.46
|
|
|
95.3
|
|
|
2.27
|
|
|
94.9
|
|
|
2.33
|
|
|||||
Other debt securities
|
0.1
|
|
|
3.86
|
|
|
0.1
|
|
|
3.96
|
|
|
0.1
|
|
|
3.65
|
|
|
0.1
|
|
|
5.61
|
|
|
0.6
|
|
|
4.66
|
|
|||||
Total held-to-maturity debt securities
|
147.3
|
|
|
2.57
|
|
|
146.9
|
|
|
2.63
|
|
|
146.8
|
|
|
2.46
|
|
|
146.4
|
|
|
2.33
|
|
|
146.5
|
|
|
2.38
|
|
|||||
Total debt securities
|
495.4
|
|
|
3.16
|
|
|
503.0
|
|
|
3.25
|
|
|
499.8
|
|
|
3.15
|
|
|
493.1
|
|
|
3.02
|
|
|
491.2
|
|
|
3.04
|
|
|||||
Mortgage loans held for sale
|
18.5
|
|
|
4.22
|
|
|
13.9
|
|
|
4.37
|
|
|
17.0
|
|
|
4.46
|
|
|
19.3
|
|
|
4.33
|
|
|
18.8
|
|
|
4.22
|
|
|||||
Loans held for sale
|
1.6
|
|
|
4.80
|
|
|
1.9
|
|
|
5.25
|
|
|
2.0
|
|
|
6.69
|
|
|
2.6
|
|
|
5.28
|
|
|
3.5
|
|
|
5.48
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial - U.S.
|
285.1
|
|
|
4.47
|
|
|
286.6
|
|
|
4.48
|
|
|
281.4
|
|
|
4.40
|
|
|
273.8
|
|
|
4.22
|
|
|
275.3
|
|
|
4.16
|
|
|||||
Commercial and industrial - Non U.S.
|
62.9
|
|
|
3.90
|
|
|
62.8
|
|
|
3.90
|
|
|
62.0
|
|
|
3.73
|
|
|
60.9
|
|
|
3.63
|
|
|
59.7
|
|
|
3.51
|
|
|||||
Real estate mortgage
|
121.9
|
|
|
4.58
|
|
|
121.4
|
|
|
4.58
|
|
|
120.4
|
|
|
4.51
|
|
|
121.3
|
|
|
4.35
|
|
|
124.0
|
|
|
4.27
|
|
|||||
Real estate construction
|
21.6
|
|
|
5.36
|
|
|
22.4
|
|
|
5.43
|
|
|
23.1
|
|
|
5.32
|
|
|
23.3
|
|
|
5.05
|
|
|
23.6
|
|
|
4.88
|
|
|||||
Lease financing
|
19.1
|
|
|
4.71
|
|
|
19.4
|
|
|
4.61
|
|
|
19.5
|
|
|
4.48
|
|
|
19.5
|
|
|
4.69
|
|
|
19.3
|
|
|
4.48
|
|
|||||
Total commercial loans
|
510.6
|
|
|
4.47
|
|
|
512.6
|
|
|
4.48
|
|
|
506.4
|
|
|
4.39
|
|
|
498.8
|
|
|
4.24
|
|
|
501.9
|
|
|
4.15
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Real estate 1-4 family first mortgage
|
286.2
|
|
|
3.88
|
|
|
285.2
|
|
|
3.96
|
|
|
285.3
|
|
|
4.02
|
|
|
284.1
|
|
|
4.07
|
|
|
283.1
|
|
|
4.06
|
|
|||||
Real estate 1-4 family junior lien mortgage
|
32.6
|
|
|
5.75
|
|
|
33.8
|
|
|
5.75
|
|
|
34.8
|
|
|
5.60
|
|
|
35.9
|
|
|
5.50
|
|
|
37.2
|
|
|
5.32
|
|
|||||
Credit card
|
38.2
|
|
|
12.65
|
|
|
38.2
|
|
|
12.88
|
|
|
37.9
|
|
|
12.69
|
|
|
36.9
|
|
|
12.77
|
|
|
35.9
|
|
|
12.66
|
|
|||||
Automobile
|
45.2
|
|
|
5.23
|
|
|
44.8
|
|
|
5.19
|
|
|
45.5
|
|
|
5.16
|
|
|
47.0
|
|
|
5.20
|
|
|
48.6
|
|
|
5.18
|
|
|||||
Other revolving credit and installment
|
34.7
|
|
|
7.12
|
|
|
35.4
|
|
|
7.14
|
|
|
36.4
|
|
|
6.95
|
|
|
36.8
|
|
|
6.78
|
|
|
37.4
|
|
|
6.62
|
|
|||||
Total consumer loans
|
436.9
|
|
|
5.18
|
|
|
437.4
|
|
|
5.26
|
|
|
439.9
|
|
|
5.25
|
|
|
440.7
|
|
|
5.26
|
|
|
442.2
|
|
|
5.20
|
|
|||||
Total loans
|
947.5
|
|
|
4.80
|
|
|
950.0
|
|
|
4.84
|
|
|
946.3
|
|
|
4.79
|
|
|
939.5
|
|
|
4.72
|
|
|
944.1
|
|
|
4.64
|
|
|||||
Equity securities
|
35.2
|
|
|
2.70
|
|
|
33.1
|
|
|
2.56
|
|
|
37.4
|
|
|
2.79
|
|
|
37.9
|
|
|
2.98
|
|
|
37.3
|
|
|
2.38
|
|
|||||
Other
|
4.7
|
|
|
1.76
|
|
|
4.4
|
|
|
1.63
|
|
|
4.2
|
|
|
1.78
|
|
|
4.7
|
|
|
1.47
|
|
|
5.6
|
|
|
1.48
|
|
|||||
Total earning assets
|
$
|
1,742.0
|
|
|
3.94
|
%
|
|
$
|
1,730.6
|
|
|
4.00
|
%
|
|
$
|
1,732.9
|
|
|
3.93
|
%
|
|
$
|
1,725.6
|
|
|
3.81
|
%
|
|
$
|
1,735.3
|
|
|
3.73
|
%
|
Funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking
|
$
|
57.5
|
|
|
1.46
|
%
|
|
$
|
56.3
|
|
|
1.42
|
%
|
|
$
|
54.0
|
|
|
1.21
|
%
|
|
$
|
51.2
|
|
|
1.01
|
%
|
|
$
|
80.3
|
|
|
0.90
|
%
|
Market rate and other savings
|
690.7
|
|
|
0.59
|
|
|
688.6
|
|
|
0.50
|
|
|
689.6
|
|
|
0.43
|
|
|
693.9
|
|
|
0.35
|
|
|
676.7
|
|
|
0.26
|
|
|||||
Savings certificates
|
30.6
|
|
|
1.62
|
|
|
25.2
|
|
|
1.26
|
|
|
22.0
|
|
|
0.87
|
|
|
20.6
|
|
|
0.62
|
|
|
20.0
|
|
|
0.43
|
|
|||||
Other time deposits
|
96.9
|
|
|
2.61
|
|
|
97.8
|
|
|
2.67
|
|
|
92.6
|
|
|
2.46
|
|
|
87.8
|
|
|
2.35
|
|
|
82.1
|
|
|
2.26
|
|
|||||
Deposits in foreign offices
|
51.9
|
|
|
1.86
|
|
|
55.4
|
|
|
1.89
|
|
|
56.1
|
|
|
1.66
|
|
|
53.9
|
|
|
1.50
|
|
|
51.5
|
|
|
1.30
|
|
|||||
Total interest-bearing deposits
|
927.6
|
|
|
0.96
|
|
|
923.3
|
|
|
0.89
|
|
|
914.3
|
|
|
0.77
|
|
|
907.4
|
|
|
0.66
|
|
|
910.6
|
|
|
0.56
|
|
|||||
Short-term borrowings
|
114.8
|
|
|
2.26
|
|
|
108.6
|
|
|
2.23
|
|
|
106.0
|
|
|
2.04
|
|
|
105.5
|
|
|
1.74
|
|
|
103.8
|
|
|
1.54
|
|
|||||
Long-term debt
|
236.7
|
|
|
3.21
|
|
|
233.2
|
|
|
3.32
|
|
|
226.6
|
|
|
3.17
|
|
|
220.7
|
|
|
3.02
|
|
|
223.8
|
|
|
2.97
|
|
|||||
Other liabilities
|
24.3
|
|
|
2.18
|
|
|
25.3
|
|
|
2.28
|
|
|
27.4
|
|
|
2.41
|
|
|
27.0
|
|
|
2.40
|
|
|
28.2
|
|
|
2.12
|
|
|||||
Total interest-bearing liabilities
|
1,303.4
|
|
|
1.50
|
|
|
1,290.4
|
|
|
1.47
|
|
|
1,274.3
|
|
|
1.34
|
|
|
1,260.6
|
|
|
1.20
|
|
|
1,266.4
|
|
|
1.10
|
|
|||||
Portion of noninterest-bearing funding sources
|
438.6
|
|
|
—
|
|
|
440.2
|
|
|
—
|
|
|
458.6
|
|
|
—
|
|
|
465.0
|
|
|
—
|
|
|
468.9
|
|
|
—
|
|
|||||
Total funding sources
|
$
|
1,742.0
|
|
|
1.12
|
|
|
$
|
1,730.6
|
|
|
1.09
|
|
|
$
|
1,732.9
|
|
|
0.99
|
|
|
$
|
1,725.6
|
|
|
0.87
|
|
|
$
|
1,735.3
|
|
|
0.80
|
|
Net interest margin on a taxable-equivalent basis
|
|
|
2.82
|
%
|
|
|
|
2.91
|
%
|
|
|
|
2.94
|
%
|
|
|
|
2.94
|
%
|
|
|
|
2.93
|
%
|
||||||||||
Noninterest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash and due from banks
|
$
|
19.5
|
|
|
|
|
19.6
|
|
|
|
|
19.3
|
|
|
|
|
18.4
|
|
|
|
|
18.6
|
|
|
|
|||||||||
Goodwill
|
26.4
|
|
|
|
|
26.4
|
|
|
|
|
26.4
|
|
|
|
|
26.4
|
|
|
|
|
26.4
|
|
|
|
||||||||||
Other
|
112.7
|
|
|
|
|
106.5
|
|
|
|
|
100.4
|
|
|
|
|
105.9
|
|
|
|
|
104.6
|
|
|
|
||||||||||
Total noninterest-earnings assets
|
$
|
158.6
|
|
|
|
|
152.5
|
|
|
|
|
146.1
|
|
|
|
|
150.7
|
|
|
|
|
149.6
|
|
|
|
|||||||||
Noninterest-bearing funding sources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits
|
$
|
341.4
|
|
|
|
|
338.8
|
|
|
|
|
354.6
|
|
|
|
|
359.0
|
|
|
|
|
360.7
|
|
|
|
|||||||||
Other liabilities
|
56.1
|
|
|
|
|
55.6
|
|
|
|
|
51.7
|
|
|
|
|
53.9
|
|
|
|
|
51.7
|
|
|
|
||||||||||
Total equity
|
199.7
|
|
|
|
|
198.3
|
|
|
|
|
198.4
|
|
|
|
|
202.8
|
|
|
|
|
206.1
|
|
|
|
||||||||||
Noninterest-bearing funding sources used to fund earning assets
|
(438.6
|
)
|
|
|
|
(440.2
|
)
|
|
|
|
(458.6
|
)
|
|
|
|
(465.0
|
)
|
|
|
|
(468.9
|
)
|
|
|
||||||||||
Net noninterest-bearing funding sources
|
$
|
158.6
|
|
|
|
|
152.5
|
|
|
|
|
146.1
|
|
|
|
|
150.7
|
|
|
|
|
149.6
|
|
|
|
|||||||||
Total assets
|
$
|
1,900.6
|
|
|
|
|
1,883.1
|
|
|
|
|
1,879.0
|
|
|
|
|
1,876.3
|
|
|
|
|
1,884.9
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Our average prime rate was
5.50%
for the quarter ended
June 30, 2019
,
5.50%
for the quarter ended
March 31
,
2019
,
5.28%
for the quarter ended
December 31
,
2018
,
5.01%
for the quarter ended
September 30
,
2018
, and
4.80%
for the quarter ended
June 30,
2018
. The average three-month London Interbank Offered Rate (LIBOR) was
2.51%
,
2.69%
,
2.62%
,
2.34%
and
2.34%
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.
|
|
Quarter ended June 30,
|
|
|
%
|
|
|
Six months ended June 30,
|
|
|
%
|
|
||||||||
(in millions)
|
2019
|
|
|
2018
|
|
|
Change
|
|
|
2019
|
|
|
2018
|
|
|
Change
|
|
||
Service charges on deposit accounts
|
$
|
1,206
|
|
|
1,163
|
|
|
4
|
%
|
|
$
|
2,300
|
|
|
2,336
|
|
|
(2
|
)%
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brokerage advisory, commissions and other fees
|
2,318
|
|
|
2,354
|
|
|
(2
|
)
|
|
4,511
|
|
|
4,757
|
|
|
(5
|
)
|
||
Trust and investment management
|
795
|
|
|
835
|
|
|
(5
|
)
|
|
1,581
|
|
|
1,685
|
|
|
(6
|
)
|
||
Investment banking
|
455
|
|
|
486
|
|
|
(6
|
)
|
|
849
|
|
|
916
|
|
|
(7
|
)
|
||
Total trust and investment fees
|
3,568
|
|
|
3,675
|
|
|
(3
|
)
|
|
6,941
|
|
|
7,358
|
|
|
(6
|
)
|
||
Card fees
|
1,025
|
|
|
1,001
|
|
|
2
|
|
|
1,969
|
|
|
1,909
|
|
|
3
|
|
||
Other fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lending related charges and fees (1)
|
349
|
|
|
376
|
|
|
(7
|
)
|
|
696
|
|
|
756
|
|
|
(8
|
)
|
||
Cash network fees
|
117
|
|
|
120
|
|
|
(3
|
)
|
|
226
|
|
|
246
|
|
|
(8
|
)
|
||
Commercial real estate brokerage commissions
|
105
|
|
|
109
|
|
|
(4
|
)
|
|
186
|
|
|
194
|
|
|
(4
|
)
|
||
Wire transfer and other remittance fees
|
121
|
|
|
121
|
|
|
—
|
|
|
234
|
|
|
237
|
|
|
(1
|
)
|
||
All other fees
|
108
|
|
|
120
|
|
|
(10
|
)
|
|
228
|
|
|
213
|
|
|
7
|
|
||
Total other fees
|
800
|
|
|
846
|
|
|
(5
|
)
|
|
1,570
|
|
|
1,646
|
|
|
(5
|
)
|
||
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Servicing income, net
|
277
|
|
|
406
|
|
|
(32
|
)
|
|
641
|
|
|
874
|
|
|
(27
|
)
|
||
Net gains on mortgage loan origination/sales activities
|
481
|
|
|
364
|
|
|
32
|
|
|
825
|
|
|
830
|
|
|
(1
|
)
|
||
Total mortgage banking
|
758
|
|
|
770
|
|
|
(2
|
)
|
|
1,466
|
|
|
1,704
|
|
|
(14
|
)
|
||
Insurance
|
93
|
|
|
102
|
|
|
(9
|
)
|
|
189
|
|
|
216
|
|
|
(13
|
)
|
||
Net gains from trading activities
|
229
|
|
|
191
|
|
|
20
|
|
|
586
|
|
|
434
|
|
|
35
|
|
||
Net gains on debt securities
|
20
|
|
|
41
|
|
|
(51
|
)
|
|
145
|
|
|
42
|
|
|
245
|
|
||
Net gains from equity securities
|
622
|
|
|
295
|
|
|
111
|
|
|
1,436
|
|
|
1,078
|
|
|
33
|
|
||
Lease income
|
424
|
|
|
443
|
|
|
(4
|
)
|
|
867
|
|
|
898
|
|
|
(3
|
)
|
||
Life insurance investment income
|
167
|
|
|
162
|
|
|
3
|
|
|
326
|
|
|
326
|
|
|
—
|
|
||
All other
|
577
|
|
|
323
|
|
|
79
|
|
|
992
|
|
|
761
|
|
|
30
|
|
||
Total
|
$
|
9,489
|
|
|
9,012
|
|
|
5
|
|
|
$
|
18,787
|
|
|
18,708
|
|
|
—
|
|
(1)
|
Represents combined amount of previously reported “Charges and fees on loans” and “Letters of credit fees”.
|
|
Quarter ended June 30,
|
|
|
%
|
|
|
Six months ended June 30,
|
|
|
%
|
|
||||||||
(in millions)
|
2019
|
|
|
2018
|
|
|
Change
|
|
|
2019
|
|
|
2018
|
|
|
Change
|
|
||
Salaries
|
$
|
4,541
|
|
|
4,465
|
|
|
2
|
%
|
|
$
|
8,966
|
|
|
8,828
|
|
|
2
|
%
|
Commission and incentive compensation
|
2,597
|
|
|
2,642
|
|
|
(2
|
)
|
|
5,442
|
|
|
5,410
|
|
|
1
|
|
||
Employee benefits
|
1,336
|
|
|
1,245
|
|
|
7
|
|
|
3,274
|
|
|
2,843
|
|
|
15
|
|
||
Equipment
|
607
|
|
|
550
|
|
|
10
|
|
|
1,268
|
|
|
1,167
|
|
|
9
|
|
||
Net occupancy (1)
|
719
|
|
|
722
|
|
|
—
|
|
|
1,436
|
|
|
1,435
|
|
|
—
|
|
||
Core deposit and other intangibles
|
27
|
|
|
265
|
|
|
(90
|
)
|
|
55
|
|
|
530
|
|
|
(90
|
)
|
||
FDIC and other deposit assessments
|
144
|
|
|
297
|
|
|
(52
|
)
|
|
303
|
|
|
621
|
|
|
(51
|
)
|
||
Outside professional services
|
821
|
|
|
881
|
|
|
(7
|
)
|
|
1,499
|
|
|
1,702
|
|
|
(12
|
)
|
||
Contract services
|
624
|
|
|
536
|
|
|
16
|
|
|
1,187
|
|
|
983
|
|
|
21
|
|
||
Operating losses
|
247
|
|
|
619
|
|
|
(60
|
)
|
|
485
|
|
|
2,087
|
|
|
(77
|
)
|
||
Leases (2)
|
311
|
|
|
311
|
|
|
—
|
|
|
597
|
|
|
631
|
|
|
(5
|
)
|
||
Advertising and promotion
|
329
|
|
|
227
|
|
|
45
|
|
|
566
|
|
|
380
|
|
|
49
|
|
||
Outside data processing
|
175
|
|
|
164
|
|
|
7
|
|
|
342
|
|
|
326
|
|
|
5
|
|
||
Travel and entertainment
|
163
|
|
|
157
|
|
|
4
|
|
|
310
|
|
|
309
|
|
|
—
|
|
||
Postage, stationery and supplies
|
119
|
|
|
121
|
|
|
(2
|
)
|
|
241
|
|
|
263
|
|
|
(8
|
)
|
||
Telecommunications
|
93
|
|
|
88
|
|
|
6
|
|
|
184
|
|
|
180
|
|
|
2
|
|
||
Foreclosed assets
|
35
|
|
|
44
|
|
|
(20
|
)
|
|
72
|
|
|
82
|
|
|
(12
|
)
|
||
Insurance
|
25
|
|
|
24
|
|
|
4
|
|
|
50
|
|
|
50
|
|
|
—
|
|
||
All other
|
536
|
|
|
624
|
|
|
(14
|
)
|
|
1,088
|
|
|
1,197
|
|
|
(9
|
)
|
||
Total
|
$
|
13,449
|
|
|
13,982
|
|
|
(4
|
)
|
|
$
|
27,365
|
|
|
29,024
|
|
|
(6
|
)
|
(1)
|
Represents expenses for both leased and owned properties.
|
(2)
|
Represents expenses for assets we lease to customers.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Service charges on deposit accounts
|
$
|
1,206
|
|
|
1,094
|
|
|
1,176
|
|
|
1,204
|
|
|
1,163
|
|
Trust and investment fees:
|
|
|
|
|
|
|
|
|
|
||||||
Brokerage advisory, commissions and other fees
|
2,318
|
|
|
2,193
|
|
|
2,345
|
|
|
2,334
|
|
|
2,354
|
|
|
Trust and investment management
|
795
|
|
|
786
|
|
|
796
|
|
|
835
|
|
|
835
|
|
|
Investment banking
|
455
|
|
|
394
|
|
|
379
|
|
|
462
|
|
|
486
|
|
|
Total trust and investment fees
|
3,568
|
|
|
3,373
|
|
|
3,520
|
|
|
3,631
|
|
|
3,675
|
|
|
Card fees
|
1,025
|
|
|
944
|
|
|
981
|
|
|
1,017
|
|
|
1,001
|
|
|
Other fees:
|
|
|
|
|
|
|
|
|
|
||||||
Lending related charges and fees (1)
|
349
|
|
|
347
|
|
|
400
|
|
|
370
|
|
|
376
|
|
|
Cash network fees
|
117
|
|
|
109
|
|
|
114
|
|
|
121
|
|
|
120
|
|
|
Commercial real estate brokerage commissions
|
105
|
|
|
81
|
|
|
145
|
|
|
129
|
|
|
109
|
|
|
Wire transfer and other remittance fees
|
121
|
|
|
113
|
|
|
120
|
|
|
120
|
|
|
121
|
|
|
All other fees
|
108
|
|
|
120
|
|
|
109
|
|
|
110
|
|
|
120
|
|
|
Total other fees
|
800
|
|
|
770
|
|
|
888
|
|
|
850
|
|
|
846
|
|
|
Mortgage banking:
|
|
|
|
|
|
|
|
|
|
||||||
Servicing income, net
|
277
|
|
|
364
|
|
|
109
|
|
|
390
|
|
|
406
|
|
|
Net gains on mortgage loan origination/sales activities
|
481
|
|
|
344
|
|
|
358
|
|
|
456
|
|
|
364
|
|
|
Total mortgage banking
|
758
|
|
|
708
|
|
|
467
|
|
|
846
|
|
|
770
|
|
|
Insurance
|
93
|
|
|
96
|
|
|
109
|
|
|
104
|
|
|
102
|
|
|
Net gains from trading activities
|
229
|
|
|
357
|
|
|
10
|
|
|
158
|
|
|
191
|
|
|
Net gains on debt securities
|
20
|
|
|
125
|
|
|
9
|
|
|
57
|
|
|
41
|
|
|
Net gains from equity securities
|
622
|
|
|
814
|
|
|
21
|
|
|
416
|
|
|
295
|
|
|
Lease income
|
424
|
|
|
443
|
|
|
402
|
|
|
453
|
|
|
443
|
|
|
Life insurance investment income
|
167
|
|
|
159
|
|
|
158
|
|
|
167
|
|
|
162
|
|
|
All other
|
577
|
|
|
415
|
|
|
595
|
|
|
466
|
|
|
323
|
|
|
Total
|
$
|
9,489
|
|
|
9,298
|
|
|
8,336
|
|
|
9,369
|
|
|
9,012
|
|
(1)
|
Represents combined amount of previously reported “Charges and fees on loans” and “Letters of credit fees”.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Salaries
|
$
|
4,541
|
|
|
4,425
|
|
|
4,545
|
|
|
4,461
|
|
|
4,465
|
|
Commission and incentive compensation
|
2,597
|
|
|
2,845
|
|
|
2,427
|
|
|
2,427
|
|
|
2,642
|
|
|
Employee benefits
|
1,336
|
|
|
1,938
|
|
|
706
|
|
|
1,377
|
|
|
1,245
|
|
|
Equipment
|
607
|
|
|
661
|
|
|
643
|
|
|
634
|
|
|
550
|
|
|
Net occupancy (1)
|
719
|
|
|
717
|
|
|
735
|
|
|
718
|
|
|
722
|
|
|
Core deposit and other intangibles
|
27
|
|
|
28
|
|
|
264
|
|
|
264
|
|
|
265
|
|
|
FDIC and other deposit assessments
|
144
|
|
|
159
|
|
|
153
|
|
|
336
|
|
|
297
|
|
|
Outside professional services
|
821
|
|
|
678
|
|
|
843
|
|
|
761
|
|
|
881
|
|
|
Contract services
|
624
|
|
|
563
|
|
|
616
|
|
|
593
|
|
|
536
|
|
|
Operating losses
|
247
|
|
|
238
|
|
|
432
|
|
|
605
|
|
|
619
|
|
|
Leases (2)
|
311
|
|
|
286
|
|
|
392
|
|
|
311
|
|
|
311
|
|
|
Advertising and promotion
|
329
|
|
|
237
|
|
|
254
|
|
|
223
|
|
|
227
|
|
|
Outside data processing
|
175
|
|
|
167
|
|
|
168
|
|
|
166
|
|
|
164
|
|
|
Travel and entertainment
|
163
|
|
|
147
|
|
|
168
|
|
|
141
|
|
|
157
|
|
|
Postage, stationery and supplies
|
119
|
|
|
122
|
|
|
132
|
|
|
120
|
|
|
121
|
|
|
Telecommunications
|
93
|
|
|
91
|
|
|
91
|
|
|
90
|
|
|
88
|
|
|
Foreclosed assets
|
35
|
|
|
37
|
|
|
47
|
|
|
59
|
|
|
44
|
|
|
Insurance
|
25
|
|
|
25
|
|
|
25
|
|
|
26
|
|
|
24
|
|
|
All other
|
536
|
|
|
552
|
|
|
698
|
|
|
451
|
|
|
624
|
|
|
Total
|
$
|
13,449
|
|
|
13,916
|
|
|
13,339
|
|
|
13,763
|
|
|
13,982
|
|
(1)
|
Represents expenses for both leased and owned properties.
|
(2)
|
Represents expenses for assets we lease to customers.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Net interest income
|
$
|
18
|
|
|
13
|
|
|
23
|
|
|
14
|
|
|
13
|
|
Net gains (losses) from equity securities
|
87
|
|
|
345
|
|
|
(452
|
)
|
|
118
|
|
|
37
|
|
|
Total revenue (losses) from deferred compensation plan investments
|
105
|
|
|
358
|
|
|
(429
|
)
|
|
132
|
|
|
50
|
|
|
Employee benefits expense (1)
|
114
|
|
|
357
|
|
|
(428
|
)
|
|
129
|
|
|
53
|
|
|
Income (loss) before income tax expense
|
$
|
(9
|
)
|
|
1
|
|
|
(1
|
)
|
|
3
|
|
|
(3
|
)
|
(1)
|
Represents change in deferred compensation plan liability.
|
(in millions, except shares)
|
Jun 30,
2019 |
|
|
Dec 31,
2018 |
|
|
%
Change
|
|
|
Assets
|
|
|
|
|
|
||||
Cash and due from banks
|
$
|
20,880
|
|
|
23,551
|
|
|
(11
|
)%
|
Interest-earning deposits with banks
|
143,547
|
|
|
149,736
|
|
|
(4
|
)
|
|
Total cash, cash equivalents, and restricted cash
|
164,427
|
|
|
173,287
|
|
|
(5
|
)
|
|
Federal funds sold and securities purchased under resale agreements
|
112,119
|
|
|
80,207
|
|
|
40
|
|
|
Debt securities:
|
|
|
|
|
|
|
|||
Trading, at fair value
|
70,208
|
|
|
69,989
|
|
|
—
|
|
|
Available-for-sale, at fair value
|
265,983
|
|
|
269,912
|
|
|
(1
|
)
|
|
Held-to-maturity, at cost
|
145,876
|
|
|
144,788
|
|
|
1
|
|
|
Mortgage loans held for sale
|
22,998
|
|
|
15,126
|
|
|
52
|
|
|
Loans held for sale
|
1,181
|
|
|
2,041
|
|
|
(42
|
)
|
|
Loans
|
949,878
|
|
|
953,110
|
|
|
—
|
|
|
Allowance for loan losses
|
(9,692
|
)
|
|
(9,775
|
)
|
|
(1
|
)
|
|
Net loans
|
940,186
|
|
|
943,335
|
|
|
—
|
|
|
Mortgage servicing rights:
|
|
|
|
|
|
|
|||
Measured at fair value
|
12,096
|
|
|
14,649
|
|
|
(17
|
)
|
|
Amortized
|
1,407
|
|
|
1,443
|
|
|
(2
|
)
|
|
Premises and equipment, net
|
9,435
|
|
|
8,920
|
|
|
6
|
|
|
Goodwill
|
26,415
|
|
|
26,418
|
|
|
—
|
|
|
Derivative assets
|
13,162
|
|
|
10,770
|
|
|
22
|
|
|
Equity securities
|
61,537
|
|
|
55,148
|
|
|
12
|
|
|
Other assets
|
76,358
|
|
|
79,850
|
|
|
(4
|
)
|
|
Total assets
|
$
|
1,923,388
|
|
|
1,895,883
|
|
|
1
|
|
Liabilities
|
|
|
|
|
|
|
|||
Noninterest-bearing deposits
|
$
|
340,813
|
|
|
349,534
|
|
|
(2
|
)
|
Interest-bearing deposits
|
947,613
|
|
|
936,636
|
|
|
1
|
|
|
Total deposits
|
1,288,426
|
|
|
1,286,170
|
|
|
—
|
|
|
Short-term borrowings
|
115,344
|
|
|
105,787
|
|
|
9
|
|
|
Derivative liabilities
|
8,399
|
|
|
8,499
|
|
|
(1
|
)
|
|
Accrued expenses and other liabilities
|
69,706
|
|
|
69,317
|
|
|
1
|
|
|
Long-term debt
|
241,476
|
|
|
229,044
|
|
|
5
|
|
|
Total liabilities
|
1,723,351
|
|
|
1,698,817
|
|
|
1
|
|
|
Equity
|
|
|
|
|
|
|
|||
Wells Fargo stockholders’ equity:
|
|
|
|
|
|
|
|||
Preferred stock
|
23,021
|
|
|
23,214
|
|
|
(1
|
)
|
|
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
|
9,136
|
|
|
9,136
|
|
|
—
|
|
|
Additional paid-in capital
|
60,625
|
|
|
60,685
|
|
|
—
|
|
|
Retained earnings
|
164,551
|
|
|
158,163
|
|
|
4
|
|
|
Cumulative other comprehensive income (loss)
|
(2,224
|
)
|
|
(6,336
|
)
|
|
(65
|
)
|
|
Treasury stock – 1,062,220,2
7
7 shares and 900,557,866 shares
|
(54,775
|
)
|
|
(47,194
|
)
|
|
16
|
|
|
Unearned ESOP shares
|
(1,292
|
)
|
|
(1,502
|
)
|
|
(14
|
)
|
|
Total Wells Fargo stockholders’ equity
|
199,042
|
|
|
196,166
|
|
|
1
|
|
|
Noncontrolling interests
|
995
|
|
|
900
|
|
|
11
|
|
|
Total equity
|
200,037
|
|
|
197,066
|
|
|
2
|
|
|
Total liabilities and equity
|
$
|
1,923,388
|
|
|
1,895,883
|
|
|
1
|
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
20,880
|
|
|
20,650
|
|
|
23,551
|
|
|
18,791
|
|
|
20,450
|
|
Interest-earning deposits with banks
|
143,547
|
|
|
128,318
|
|
|
149,736
|
|
|
140,732
|
|
|
142,999
|
|
|
Total cash, cash equivalents, and restricted cash
|
164,427
|
|
|
148,968
|
|
|
173,287
|
|
|
159,523
|
|
|
163,449
|
|
|
Federal funds sold and securities purchased under resale agreements
|
112,119
|
|
|
98,621
|
|
|
80,207
|
|
|
83,471
|
|
|
80,184
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||
Trading, at fair value
|
70,208
|
|
|
70,378
|
|
|
69,989
|
|
|
65,188
|
|
|
65,602
|
|
|
Available-for-sale, at fair value
|
265,983
|
|
|
268,099
|
|
|
269,912
|
|
|
262,964
|
|
|
265,687
|
|
|
Held-to-maturity, at cost
|
145,876
|
|
|
144,990
|
|
|
144,788
|
|
|
144,131
|
|
|
144,206
|
|
|
Mortgage loans held for sale
|
22,998
|
|
|
15,016
|
|
|
15,126
|
|
|
19,225
|
|
|
21,509
|
|
|
Loans held for sale
|
1,181
|
|
|
1,018
|
|
|
2,041
|
|
|
1,765
|
|
|
3,408
|
|
|
Loans
|
949,878
|
|
|
948,249
|
|
|
953,110
|
|
|
942,300
|
|
|
944,265
|
|
|
Allowance for loan losses
|
(9,692
|
)
|
|
(9,900
|
)
|
|
(9,775
|
)
|
|
(10,021
|
)
|
|
(10,193
|
)
|
|
Net loans
|
940,186
|
|
|
938,349
|
|
|
943,335
|
|
|
932,279
|
|
|
934,072
|
|
|
Mortgage servicing rights:
|
|
|
|
|
|
|
|
|
|
||||||
Measured at fair value
|
12,096
|
|
|
13,336
|
|
|
14,649
|
|
|
15,980
|
|
|
15,411
|
|
|
Amortized
|
1,407
|
|
|
1,427
|
|
|
1,443
|
|
|
1,414
|
|
|
1,407
|
|
|
Premises and equipment, net
|
9,435
|
|
|
8,825
|
|
|
8,920
|
|
|
8,802
|
|
|
8,882
|
|
|
Goodwill
|
26,415
|
|
|
26,420
|
|
|
26,418
|
|
|
26,425
|
|
|
26,429
|
|
|
Derivative assets
|
13,162
|
|
|
11,238
|
|
|
10,770
|
|
|
11,811
|
|
|
11,099
|
|
|
Equity securities
|
61,537
|
|
|
58,440
|
|
|
55,148
|
|
|
61,755
|
|
|
57,505
|
|
|
Other assets
|
76,358
|
|
|
82,667
|
|
|
79,850
|
|
|
78,248
|
|
|
80,850
|
|
|
Total assets
|
$
|
1,923,388
|
|
|
1,887,792
|
|
|
1,895,883
|
|
|
1,872,981
|
|
|
1,879,700
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits
|
$
|
340,813
|
|
|
341,399
|
|
|
349,534
|
|
|
352,869
|
|
|
365,021
|
|
Interest-bearing deposits
|
947,613
|
|
|
922,614
|
|
|
936,636
|
|
|
913,725
|
|
|
903,843
|
|
|
Total deposits
|
1,288,426
|
|
|
1,264,013
|
|
|
1,286,170
|
|
|
1,266,594
|
|
|
1,268,864
|
|
|
Short-term borrowings
|
115,344
|
|
|
106,597
|
|
|
105,787
|
|
|
105,451
|
|
|
104,496
|
|
|
Derivative liabilities
|
8,399
|
|
|
7,393
|
|
|
8,499
|
|
|
8,586
|
|
|
8,507
|
|
|
Accrued expenses and other liabilities
|
69,706
|
|
|
74,717
|
|
|
69,317
|
|
|
71,348
|
|
|
72,480
|
|
|
Long-term debt
|
241,476
|
|
|
236,339
|
|
|
229,044
|
|
|
221,323
|
|
|
219,284
|
|
|
Total liabilities
|
1,723,351
|
|
|
1,689,059
|
|
|
1,698,817
|
|
|
1,673,302
|
|
|
1,673,631
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
||||||
Wells Fargo stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
||||||
Preferred stock
|
23,021
|
|
|
23,214
|
|
|
23,214
|
|
|
23,482
|
|
|
25,737
|
|
|
Common stock
|
9,136
|
|
|
9,136
|
|
|
9,136
|
|
|
9,136
|
|
|
9,136
|
|
|
Additional paid-in capital
|
60,625
|
|
|
60,409
|
|
|
60,685
|
|
|
60,738
|
|
|
59,644
|
|
|
Retained earnings
|
164,551
|
|
|
160,776
|
|
|
158,163
|
|
|
154,576
|
|
|
150,803
|
|
|
Cumulative other comprehensive income (loss)
|
(2,224
|
)
|
|
(3,682
|
)
|
|
(6,336
|
)
|
|
(6,873
|
)
|
|
(5,461
|
)
|
|
Treasury stock
|
(54,775
|
)
|
|
(50,519
|
)
|
|
(47,194
|
)
|
|
(40,538
|
)
|
|
(32,620
|
)
|
|
Unearned ESOP shares
|
(1,292
|
)
|
|
(1,502
|
)
|
|
(1,502
|
)
|
|
(1,780
|
)
|
|
(2,051
|
)
|
|
Total Wells Fargo stockholders’ equity
|
199,042
|
|
|
197,832
|
|
|
196,166
|
|
|
198,741
|
|
|
205,188
|
|
|
Noncontrolling interests
|
995
|
|
|
901
|
|
|
900
|
|
|
938
|
|
|
881
|
|
|
Total equity
|
200,037
|
|
|
198,733
|
|
|
197,066
|
|
|
199,679
|
|
|
206,069
|
|
|
Total liabilities and equity
|
$
|
1,923,388
|
|
|
1,887,792
|
|
|
1,895,883
|
|
|
1,872,981
|
|
|
1,879,700
|
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Trading assets
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities
|
$
|
70,208
|
|
|
70,378
|
|
|
69,989
|
|
|
65,188
|
|
|
65,602
|
|
Equity securities
|
23,327
|
|
|
20,933
|
|
|
19,449
|
|
|
26,138
|
|
|
22,978
|
|
|
Loans held for sale
|
1,118
|
|
|
998
|
|
|
1,469
|
|
|
1,266
|
|
|
1,350
|
|
|
Gross trading derivative assets
|
34,683
|
|
|
30,002
|
|
|
29,216
|
|
|
30,302
|
|
|
30,758
|
|
|
Netting (1)
|
(22,827
|
)
|
|
(20,809
|
)
|
|
(19,807
|
)
|
|
(19,188
|
)
|
|
(20,687
|
)
|
|
Total trading derivative assets
|
11,856
|
|
|
9,193
|
|
|
9,409
|
|
|
11,114
|
|
|
10,071
|
|
|
Total trading assets
|
106,509
|
|
|
101,502
|
|
|
100,316
|
|
|
103,706
|
|
|
100,001
|
|
|
Trading liabilities
|
|
|
|
|
|
|
|
|
|
||||||
Short sales
|
15,955
|
|
|
21,586
|
|
|
19,720
|
|
|
23,992
|
|
|
21,765
|
|
|
Gross trading derivative liabilities
|
33,458
|
|
|
28,994
|
|
|
28,717
|
|
|
29,268
|
|
|
29,847
|
|
|
Netting (1)
|
(26,417
|
)
|
|
(22,810
|
)
|
|
(21,178
|
)
|
|
(21,842
|
)
|
|
(22,311
|
)
|
|
Total trading derivative liabilities
|
7,041
|
|
|
6,184
|
|
|
7,539
|
|
|
7,426
|
|
|
7,536
|
|
|
Total trading liabilities
|
$
|
22,996
|
|
|
27,770
|
|
|
27,259
|
|
|
31,418
|
|
|
29,301
|
|
(1)
|
Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Trading debt securities
|
$
|
70,208
|
|
|
70,378
|
|
|
69,989
|
|
|
65,188
|
|
|
65,602
|
|
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|
||||||
Securities of U.S. Treasury and federal agencies
|
15,319
|
|
|
15,106
|
|
|
13,348
|
|
|
6,187
|
|
|
6,271
|
|
|
Securities of U.S. states and political subdivisions
|
45,095
|
|
|
49,700
|
|
|
49,264
|
|
|
48,216
|
|
|
47,559
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
||||||
Federal agencies
|
155,858
|
|
|
150,663
|
|
|
153,203
|
|
|
153,511
|
|
|
154,556
|
|
|
Residential and commercial
|
5,443
|
|
|
5,828
|
|
|
7,000
|
|
|
6,939
|
|
|
8,286
|
|
|
Total mortgage-backed securities
|
161,301
|
|
|
156,491
|
|
|
160,203
|
|
|
160,450
|
|
|
162,842
|
|
|
Other debt securities
|
44,268
|
|
|
46,802
|
|
|
47,097
|
|
|
48,111
|
|
|
49,015
|
|
|
Total available-for-sale debt securities
|
265,983
|
|
|
268,099
|
|
|
269,912
|
|
|
262,964
|
|
|
265,687
|
|
|
Held-to-maturity debt securities:
|
|
|
|
|
|
|
|
|
|
||||||
Securities of U.S. Treasury and federal agencies
|
44,766
|
|
|
44,758
|
|
|
44,751
|
|
|
44,743
|
|
|
44,735
|
|
|
Securities of U.S. states and political subdivisions
|
7,948
|
|
|
6,163
|
|
|
6,286
|
|
|
6,293
|
|
|
6,300
|
|
|
Federal agency and other mortgage-backed securities (1)
|
93,105
|
|
|
94,009
|
|
|
93,685
|
|
|
93,020
|
|
|
93,016
|
|
|
Other debt securities
|
57
|
|
|
60
|
|
|
66
|
|
|
75
|
|
|
155
|
|
|
Total held-to-maturity debt securities
|
145,876
|
|
|
144,990
|
|
|
144,788
|
|
|
144,131
|
|
|
144,206
|
|
|
Total debt securities
|
$
|
482,067
|
|
|
483,467
|
|
|
484,689
|
|
|
472,283
|
|
|
475,495
|
|
(1)
|
Predominantly
consists of federal agency mortgage-backed securities.
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Held for trading at fair value:
|
|
|
|
|
|
|
|
|
|
||||||
Marketable equity securities
|
$
|
23,327
|
|
|
20,933
|
|
|
19,449
|
|
|
26,138
|
|
|
22,978
|
|
Not held for trading:
|
|
|
|
|
|
|
|
|
|
||||||
Fair value:
|
|
|
|
|
|
|
|
|
|
||||||
Marketable equity securities (1)
|
5,379
|
|
|
5,135
|
|
|
4,513
|
|
|
5,705
|
|
|
5,273
|
|
|
Nonmarketable equity securities
|
7,244
|
|
|
6,518
|
|
|
5,594
|
|
|
6,479
|
|
|
5,876
|
|
|
Total equity securities at fair value
|
12,623
|
|
|
11,653
|
|
|
10,107
|
|
|
12,184
|
|
|
11,149
|
|
|
Equity method:
|
|
|
|
|
|
|
|
|
|
||||||
Low-income housing tax credit investments
|
11,162
|
|
|
10,925
|
|
|
10,999
|
|
|
10,453
|
|
|
10,361
|
|
|
Private equity
|
3,352
|
|
|
3,890
|
|
|
3,832
|
|
|
3,838
|
|
|
3,732
|
|
|
Tax-advantaged renewable energy
|
3,051
|
|
|
3,041
|
|
|
3,073
|
|
|
1,967
|
|
|
1,950
|
|
|
New market tax credit and other
|
294
|
|
|
305
|
|
|
311
|
|
|
259
|
|
|
262
|
|
|
Total equity method
|
17,859
|
|
|
18,161
|
|
|
18,215
|
|
|
16,517
|
|
|
16,305
|
|
|
Other:
|
|
|
|
|
|
|
|
|
|
||||||
Federal Reserve Bank stock and other at cost (2)
|
5,622
|
|
|
5,732
|
|
|
5,643
|
|
|
5,467
|
|
|
5,673
|
|
|
Private equity (3)
|
2,106
|
|
|
1,961
|
|
|
1,734
|
|
|
1,449
|
|
|
1,400
|
|
|
Total equity securities not held for trading
|
38,210
|
|
|
37,507
|
|
|
35,699
|
|
|
35,617
|
|
|
34,527
|
|
|
Total equity securities
|
$
|
61,537
|
|
|
58,440
|
|
|
55,148
|
|
|
61,755
|
|
|
57,505
|
|
(1)
|
Includes $
3.5 billion
,
$3.5 billion
,
$3.2 billion
,
$3.6 billion
and
$3.5 billion
at
June 30
and
March 31
,
2019
, and
December 31
,
September 30
and
June 30,
2018
, respectively, related to securities held as economic hedges of our deferred compensation plan obligations.
|
(2)
|
Includes $
5.6 billion
,
$5.7 billion
,
$5.6 billion
,
$5.4 billion
and
$5.6 billion
at
June 30
and
March 31
,
2019
, and
December 31
,
September 30
and
June 30,
2018
, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.
|
(3)
|
Represents nonmarketable equity securities for which we have elected to account for the security under the measurement alternative.
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
348,846
|
|
|
349,134
|
|
|
350,199
|
|
|
338,048
|
|
|
336,590
|
|
Real estate mortgage
|
123,008
|
|
|
122,113
|
|
|
121,014
|
|
|
120,403
|
|
|
123,964
|
|
|
Real estate construction
|
21,067
|
|
|
21,857
|
|
|
22,496
|
|
|
23,690
|
|
|
22,937
|
|
|
Lease financing
|
19,324
|
|
|
19,122
|
|
|
19,696
|
|
|
19,745
|
|
|
19,614
|
|
|
Total commercial
|
512,245
|
|
|
512,226
|
|
|
513,405
|
|
|
501,886
|
|
|
503,105
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||
Real estate 1-4 family first mortgage
|
286,427
|
|
|
284,545
|
|
|
285,065
|
|
|
284,273
|
|
|
283,001
|
|
|
Real estate 1-4 family junior lien mortgage
|
32,068
|
|
|
33,099
|
|
|
34,398
|
|
|
35,330
|
|
|
36,542
|
|
|
Credit card
|
38,820
|
|
|
38,279
|
|
|
39,025
|
|
|
37,812
|
|
|
36,684
|
|
|
Automobile
|
45,664
|
|
|
44,913
|
|
|
45,069
|
|
|
46,075
|
|
|
47,632
|
|
|
Other revolving credit and installment
|
34,654
|
|
|
35,187
|
|
|
36,148
|
|
|
36,924
|
|
|
37,301
|
|
|
Total consumer
|
437,633
|
|
|
436,023
|
|
|
439,705
|
|
|
440,414
|
|
|
441,160
|
|
|
Total loans (1)
|
$
|
949,878
|
|
|
948,249
|
|
|
953,110
|
|
|
942,300
|
|
|
944,265
|
|
(1)
|
Includes
$1.2 billion
,
$3.2 billion
,
$5.0 billion
,
$6.9 billion
, and
$9.0 billion
of purchased credit-impaired (PCI) loans at
June 30
and
March 31, 2019
, and
December 31
,
September 30
and
June 30,
2018
, respectively.
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Commercial foreign loans:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
63,296
|
|
|
63,158
|
|
|
62,564
|
|
|
61,696
|
|
|
61,732
|
|
Real estate mortgage
|
6,801
|
|
|
7,049
|
|
|
6,731
|
|
|
6,891
|
|
|
7,617
|
|
|
Real estate construction
|
1,287
|
|
|
1,138
|
|
|
1,011
|
|
|
726
|
|
|
542
|
|
|
Lease financing
|
1,215
|
|
|
1,167
|
|
|
1,159
|
|
|
1,187
|
|
|
1,097
|
|
|
Total commercial foreign loans
|
$
|
72,599
|
|
|
72,512
|
|
|
71,465
|
|
|
70,500
|
|
|
70,988
|
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
1,634
|
|
|
1,986
|
|
|
1,486
|
|
|
1,555
|
|
|
1,559
|
|
Real estate mortgage
|
737
|
|
|
699
|
|
|
580
|
|
|
603
|
|
|
765
|
|
|
Real estate construction
|
36
|
|
|
36
|
|
|
32
|
|
|
44
|
|
|
51
|
|
|
Lease financing
|
63
|
|
|
76
|
|
|
90
|
|
|
96
|
|
|
80
|
|
|
Total commercial
|
2,470
|
|
|
2,797
|
|
|
2,188
|
|
|
2,298
|
|
|
2,455
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||
Real estate 1-4 family first mortgage
|
2,425
|
|
|
3,026
|
|
|
3,183
|
|
|
3,267
|
|
|
3,469
|
|
|
Real estate 1-4 family junior lien mortgage
|
868
|
|
|
916
|
|
|
945
|
|
|
983
|
|
|
1,029
|
|
|
Automobile
|
115
|
|
|
116
|
|
|
130
|
|
|
118
|
|
|
119
|
|
|
Other revolving credit and installment
|
44
|
|
|
50
|
|
|
50
|
|
|
48
|
|
|
54
|
|
|
Total consumer
|
3,452
|
|
|
4,108
|
|
|
4,308
|
|
|
4,416
|
|
|
4,671
|
|
|
Total nonaccrual loans (1)(2)(3)
|
$
|
5,922
|
|
|
6,905
|
|
|
6,496
|
|
|
6,714
|
|
|
7,126
|
|
As a percentage of total loans
|
0.62
|
%
|
|
0.73
|
|
|
0.68
|
|
|
0.71
|
|
|
0.75
|
|
|
Foreclosed assets:
|
|
|
|
|
|
|
|
|
|
||||||
Government insured/guaranteed
|
$
|
68
|
|
|
75
|
|
|
88
|
|
|
87
|
|
|
90
|
|
Non-government insured/guaranteed
|
309
|
|
|
361
|
|
|
363
|
|
|
435
|
|
|
409
|
|
|
Total foreclosed assets
|
377
|
|
|
436
|
|
|
451
|
|
|
522
|
|
|
499
|
|
|
Total nonperforming assets
|
$
|
6,299
|
|
|
7,341
|
|
|
6,947
|
|
|
7,236
|
|
|
7,625
|
|
As a percentage of total loans
|
0.66
|
%
|
|
0.77
|
|
|
0.73
|
|
|
0.77
|
|
|
0.81
|
|
(1)
|
Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale (MLHFS), loans held for sale (LHFS) and loans held at fair value of
$339 million
, and
$360 million
at
September 30
, and
June 30, 2018
, respectively.
|
(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) are not placed on nonaccrual status because they are insured or guaranteed.
|
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Total (excluding PCI)(2):
|
$
|
7,258
|
|
|
7,870
|
|
|
8,704
|
|
|
8,838
|
|
|
9,087
|
|
Less: FHA insured/VA guaranteed (3)
|
6,478
|
|
|
6,996
|
|
|
7,725
|
|
|
7,906
|
|
|
8,246
|
|
|
Total, not government insured/guaranteed
|
$
|
780
|
|
|
874
|
|
|
979
|
|
|
932
|
|
|
841
|
|
By segment and class, not government insured/guaranteed:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
17
|
|
|
42
|
|
|
43
|
|
|
42
|
|
|
23
|
|
Real estate mortgage
|
24
|
|
|
20
|
|
|
51
|
|
|
56
|
|
|
26
|
|
|
Real estate construction
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial
|
41
|
|
|
67
|
|
|
94
|
|
|
98
|
|
|
49
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||
Real estate 1-4 family first mortgage
|
108
|
|
|
117
|
|
|
124
|
|
|
128
|
|
|
132
|
|
|
Real estate 1-4 family junior lien mortgage
|
27
|
|
|
28
|
|
|
32
|
|
|
32
|
|
|
33
|
|
|
Credit card
|
449
|
|
|
502
|
|
|
513
|
|
|
460
|
|
|
429
|
|
|
Automobile
|
63
|
|
|
68
|
|
|
114
|
|
|
108
|
|
|
105
|
|
|
Other revolving credit and installment
|
92
|
|
|
92
|
|
|
102
|
|
|
106
|
|
|
93
|
|
|
Total consumer
|
739
|
|
|
807
|
|
|
885
|
|
|
834
|
|
|
792
|
|
|
Total, not government insured/guaranteed
|
$
|
780
|
|
|
874
|
|
|
979
|
|
|
932
|
|
|
841
|
|
(1)
|
Financial information for periods prior to December 31, 2018, has been revised to exclude MLHFS, LHFS and loans held at fair value, which reduced “Total, not government insured/guaranteed” by
$1 million
at September 30 and June 30, 2018, respectively.
|
(2)
|
PCI loans totaled
$156 million
,
$243 million
,
$370 million
,
$567 million
and
$811 million
, at
June 30
and
March 31, 2019
, and
December 31
,
September 30
and
June 30, 2018
, respectively.
|
(3)
|
Represents loans whose repayments are
predominantly
insured by the FHA or guaranteed by the VA.
|
|
Quarter ended June 30,
|
|
|
Six months ended June 30,
|
|
|||||||
(in millions)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Balance, beginning of period
|
$
|
10,821
|
|
|
11,313
|
|
|
10,707
|
|
|
11,960
|
|
Provision for credit losses
|
503
|
|
|
452
|
|
|
1,348
|
|
|
643
|
|
|
Interest income on certain impaired loans (1)
|
(39
|
)
|
|
(43
|
)
|
|
(78
|
)
|
|
(86
|
)
|
|
Loan charge-offs:
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
(205
|
)
|
|
(134
|
)
|
|
(381
|
)
|
|
(298
|
)
|
|
Real estate mortgage
|
(14
|
)
|
|
(19
|
)
|
|
(26
|
)
|
|
(21
|
)
|
|
Real estate construction
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
Lease financing
|
(12
|
)
|
|
(20
|
)
|
|
(23
|
)
|
|
(37
|
)
|
|
Total commercial
|
(231
|
)
|
|
(173
|
)
|
|
(431
|
)
|
|
(356
|
)
|
|
Consumer:
|
|
|
|
|
|
|
|
|||||
Real estate 1-4 family first mortgage
|
(27
|
)
|
|
(55
|
)
|
|
(70
|
)
|
|
(96
|
)
|
|
Real estate 1-4 family junior lien mortgage
|
(29
|
)
|
|
(47
|
)
|
|
(63
|
)
|
|
(94
|
)
|
|
Credit card
|
(437
|
)
|
|
(404
|
)
|
|
(874
|
)
|
|
(809
|
)
|
|
Automobile
|
(142
|
)
|
|
(216
|
)
|
|
(329
|
)
|
|
(516
|
)
|
|
Other revolving credit and installment
|
(167
|
)
|
|
(164
|
)
|
|
(329
|
)
|
|
(344
|
)
|
|
Total consumer
|
(802
|
)
|
|
(886
|
)
|
|
(1,665
|
)
|
|
(1,859
|
)
|
|
Total loan charge-offs
|
(1,033
|
)
|
|
(1,059
|
)
|
|
(2,096
|
)
|
|
(2,215
|
)
|
|
Loan recoveries:
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
46
|
|
|
76
|
|
|
89
|
|
|
155
|
|
|
Real estate mortgage
|
10
|
|
|
19
|
|
|
16
|
|
|
36
|
|
|
Real estate construction
|
2
|
|
|
6
|
|
|
5
|
|
|
10
|
|
|
Lease financing
|
8
|
|
|
5
|
|
|
11
|
|
|
10
|
|
|
Total commercial
|
66
|
|
|
106
|
|
|
121
|
|
|
211
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|||||
Real estate 1-4 family first mortgage
|
57
|
|
|
78
|
|
|
112
|
|
|
137
|
|
|
Real estate 1-4 family junior lien mortgage
|
48
|
|
|
60
|
|
|
91
|
|
|
115
|
|
|
Credit card
|
88
|
|
|
81
|
|
|
173
|
|
|
154
|
|
|
Automobile
|
90
|
|
|
103
|
|
|
186
|
|
|
195
|
|
|
Other revolving credit and installment
|
31
|
|
|
29
|
|
|
65
|
|
|
60
|
|
|
Total consumer
|
314
|
|
|
351
|
|
|
627
|
|
|
661
|
|
|
Total loan recoveries
|
380
|
|
|
457
|
|
|
748
|
|
|
872
|
|
|
Net loan charge-offs
|
(653
|
)
|
|
(602
|
)
|
|
(1,348
|
)
|
|
(1,343
|
)
|
|
Other
|
(29
|
)
|
|
(10
|
)
|
|
(26
|
)
|
|
(64
|
)
|
|
Balance, end of period
|
$
|
10,603
|
|
|
11,110
|
|
|
10,603
|
|
|
11,110
|
|
Components:
|
|
|
|
|
|
|
|
|||||
Allowance for loan losses
|
$
|
9,692
|
|
|
10,193
|
|
|
9,692
|
|
|
10,193
|
|
Allowance for unfunded credit commitments
|
911
|
|
|
917
|
|
|
911
|
|
|
917
|
|
|
Allowance for credit losses
|
$
|
10,603
|
|
|
11,110
|
|
|
10,603
|
|
|
11,110
|
|
Net loan charge-offs (annualized) as a percentage of average total loans
|
0.28
|
%
|
|
0.26
|
|
|
0.29
|
|
|
0.29
|
|
|
Allowance for loan losses as a percentage of total loans
|
1.02
|
|
|
1.08
|
|
|
1.02
|
|
|
1.08
|
|
|
Allowance for credit losses as a percentage of total loans
|
1.12
|
|
|
1.18
|
|
|
1.12
|
|
|
1.18
|
|
(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.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Balance, beginning of quarter
|
$
|
10,821
|
|
|
10,707
|
|
|
10,956
|
|
|
11,110
|
|
|
11,313
|
|
Provision for credit losses
|
503
|
|
|
845
|
|
|
521
|
|
|
580
|
|
|
452
|
|
|
Interest income on certain impaired loans (1)
|
(39
|
)
|
|
(39
|
)
|
|
(38
|
)
|
|
(42
|
)
|
|
(43
|
)
|
|
Loan charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
(205
|
)
|
|
(176
|
)
|
|
(220
|
)
|
|
(209
|
)
|
|
(134
|
)
|
|
Real estate mortgage
|
(14
|
)
|
|
(12
|
)
|
|
(12
|
)
|
|
(9
|
)
|
|
(19
|
)
|
|
Real estate construction
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Lease financing
|
(12
|
)
|
|
(11
|
)
|
|
(18
|
)
|
|
(15
|
)
|
|
(20
|
)
|
|
Total commercial
|
(231
|
)
|
|
(200
|
)
|
|
(250
|
)
|
|
(233
|
)
|
|
(173
|
)
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||
Real estate 1-4 family first mortgage
|
(27
|
)
|
|
(43
|
)
|
|
(38
|
)
|
|
(45
|
)
|
|
(55
|
)
|
|
Real estate 1-4 family junior lien mortgage
|
(29
|
)
|
|
(34
|
)
|
|
(38
|
)
|
|
(47
|
)
|
|
(47
|
)
|
|
Credit card
|
(437
|
)
|
|
(437
|
)
|
|
(414
|
)
|
|
(376
|
)
|
|
(404
|
)
|
|
Automobile
|
(142
|
)
|
|
(187
|
)
|
|
(217
|
)
|
|
(214
|
)
|
|
(216
|
)
|
|
Other revolving credit and installment
|
(167
|
)
|
|
(162
|
)
|
|
(180
|
)
|
|
(161
|
)
|
|
(164
|
)
|
|
Total consumer
|
(802
|
)
|
|
(863
|
)
|
|
(887
|
)
|
|
(843
|
)
|
|
(886
|
)
|
|
Total loan charge-offs
|
(1,033
|
)
|
|
(1,063
|
)
|
|
(1,137
|
)
|
|
(1,076
|
)
|
|
(1,059
|
)
|
|
Loan recoveries:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
46
|
|
|
43
|
|
|
88
|
|
|
61
|
|
|
76
|
|
|
Real estate mortgage
|
10
|
|
|
6
|
|
|
24
|
|
|
10
|
|
|
19
|
|
|
Real estate construction
|
2
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
6
|
|
|
Lease financing
|
8
|
|
|
3
|
|
|
5
|
|
|
8
|
|
|
5
|
|
|
Total commercial
|
66
|
|
|
55
|
|
|
118
|
|
|
81
|
|
|
106
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||
Real estate 1-4 family first mortgage
|
57
|
|
|
55
|
|
|
60
|
|
|
70
|
|
|
78
|
|
|
Real estate 1-4 family junior lien mortgage
|
48
|
|
|
43
|
|
|
48
|
|
|
56
|
|
|
60
|
|
|
Credit card
|
88
|
|
|
85
|
|
|
76
|
|
|
77
|
|
|
81
|
|
|
Automobile
|
90
|
|
|
96
|
|
|
84
|
|
|
84
|
|
|
103
|
|
|
Other revolving credit and installment
|
31
|
|
|
34
|
|
|
30
|
|
|
28
|
|
|
29
|
|
|
Total consumer
|
314
|
|
|
313
|
|
|
298
|
|
|
315
|
|
|
351
|
|
|
Total loan recoveries
|
380
|
|
|
368
|
|
|
416
|
|
|
396
|
|
|
457
|
|
|
Net loan charge-offs
|
(653
|
)
|
|
(695
|
)
|
|
(721
|
)
|
|
(680
|
)
|
|
(602
|
)
|
|
Other
|
(29
|
)
|
|
3
|
|
|
(11
|
)
|
|
(12
|
)
|
|
(10
|
)
|
|
Balance, end of quarter
|
$
|
10,603
|
|
|
10,821
|
|
|
10,707
|
|
|
10,956
|
|
|
11,110
|
|
Components:
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for loan losses
|
$
|
9,692
|
|
|
9,900
|
|
|
9,775
|
|
|
10,021
|
|
|
10,193
|
|
Allowance for unfunded credit commitments
|
911
|
|
|
921
|
|
|
932
|
|
|
935
|
|
|
917
|
|
|
Allowance for credit losses
|
$
|
10,603
|
|
|
10,821
|
|
|
10,707
|
|
|
10,956
|
|
|
11,110
|
|
Net loan charge-offs (annualized) as a percentage of average total loans
|
0.28
|
%
|
|
0.30
|
|
|
0.30
|
|
|
0.29
|
|
|
0.26
|
|
|
Allowance for loan losses as a percentage of:
|
|
|
|
|
|
|
|
|
|
||||||
Total loans
|
1.02
|
|
|
1.04
|
|
|
1.03
|
|
|
1.06
|
|
|
1.08
|
|
|
Nonaccrual loans
|
164
|
|
|
143
|
|
|
150
|
|
|
149
|
|
|
143
|
|
|
Nonaccrual loans and other nonperforming assets
|
154
|
|
|
135
|
|
|
141
|
|
|
138
|
|
|
134
|
|
|
Allowance for credit losses as a percentage of:
|
|
|
|
|
|
|
|
|
|
||||||
Total loans
|
1.12
|
|
|
1.14
|
|
|
1.12
|
|
|
1.16
|
|
|
1.18
|
|
|
Nonaccrual loans
|
179
|
|
|
157
|
|
|
165
|
|
|
163
|
|
|
156
|
|
|
Nonaccrual loans and other nonperforming assets
|
168
|
|
|
147
|
|
|
154
|
|
|
151
|
|
|
146
|
|
(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.
|
(in millions, except ratios)
|
|
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
|
Tangible book value per common share (1):
|
|
|
|
|
|
|
|
||||||
Total equity
|
|
|
$
|
200,037
|
|
198,733
|
|
197,066
|
|
199,679
|
|
206,069
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||
Preferred stock
|
|
|
(23,021
|
)
|
(23,214
|
)
|
(23,214
|
)
|
(23,482
|
)
|
(25,737
|
)
|
|
Additional paid-in capital on ESOP
preferred stock
|
|
|
(78
|
)
|
(95
|
)
|
(95
|
)
|
(105
|
)
|
(116
|
)
|
|
Unearned ESOP shares
|
|
|
1,292
|
|
1,502
|
|
1,502
|
|
1,780
|
|
2,051
|
|
|
Noncontrolling interests
|
|
|
(995
|
)
|
(901
|
)
|
(900
|
)
|
(938
|
)
|
(881
|
)
|
|
Total common stockholders' equity
|
(A)
|
|
177,235
|
|
176,025
|
|
174,359
|
|
176,934
|
|
181,386
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
(26,415
|
)
|
(26,420
|
)
|
(26,418
|
)
|
(26,425
|
)
|
(26,429
|
)
|
|
Certain identifiable intangible assets
(other than MSRs)
|
|
|
(493
|
)
|
(522
|
)
|
(559
|
)
|
(826
|
)
|
(1,091
|
)
|
|
Other assets (2)
|
|
|
(2,251
|
)
|
(2,131
|
)
|
(2,187
|
)
|
(2,121
|
)
|
(2,160
|
)
|
|
Applicable deferred taxes (3)
|
|
|
788
|
|
771
|
|
785
|
|
829
|
|
874
|
|
|
Tangible common equity
|
(B)
|
|
$
|
148,864
|
|
147,723
|
|
145,980
|
|
148,391
|
|
152,580
|
|
Common shares outstanding
|
(C)
|
|
4,419.6
|
|
4,511.9
|
|
4,581.3
|
|
4,711.6
|
|
4,849.1
|
|
|
Book value per common share
|
(A)/(C)
|
|
$
|
40.10
|
|
39.01
|
|
38.06
|
|
37.55
|
|
37.41
|
|
Tangible book value per common share
|
(B)/(C)
|
|
33.68
|
|
32.74
|
|
31.86
|
|
31.49
|
|
31.47
|
|
|
|
|
Quarter ended
|
|
|
Six months ended
|
|
|||||||||||
(in millions, except ratios)
|
|
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
|
Jun 30,
2019 |
|
Jun 30,
2018 |
|
|
Return on average tangible common equity (1):
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income applicable to common stock
|
(A)
|
|
$
|
5,848
|
|
5,507
|
|
5,711
|
|
5,453
|
|
4,792
|
|
|
11,355
|
|
9,525
|
|
Average total equity
|
|
|
199,685
|
|
198,349
|
|
198,442
|
|
202,826
|
|
206,067
|
|
|
199,021
|
|
206,123
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Preferred stock
|
|
|
(23,023
|
)
|
(23,214
|
)
|
(23,463
|
)
|
(24,219
|
)
|
(26,021
|
)
|
|
(23,118
|
)
|
(26,089
|
)
|
|
Additional paid-in capital on ESOP preferred stock
|
|
|
(78
|
)
|
(95
|
)
|
(105
|
)
|
(115
|
)
|
(129
|
)
|
|
(87
|
)
|
(141
|
)
|
|
Unearned ESOP shares
|
|
|
1,294
|
|
1,502
|
|
1,761
|
|
2,026
|
|
2,348
|
|
|
1,397
|
|
2,428
|
|
|
Noncontrolling interests
|
|
|
(939
|
)
|
(899
|
)
|
(910
|
)
|
(892
|
)
|
(919
|
)
|
|
(919
|
)
|
(958
|
)
|
|
Average common stockholders’ equity
|
(B)
|
|
176,939
|
|
175,643
|
|
175,725
|
|
179,626
|
|
181,346
|
|
|
176,294
|
|
181,363
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
(26,415
|
)
|
(26,420
|
)
|
(26,423
|
)
|
(26,429
|
)
|
(26,444
|
)
|
|
(26,417
|
)
|
(26,480
|
)
|
|
Certain identifiable intangible assets (other than MSRs)
|
|
|
(505
|
)
|
(543
|
)
|
(693
|
)
|
(958
|
)
|
(1,223
|
)
|
|
(524
|
)
|
(1,355
|
)
|
|
Other assets (2)
|
|
|
(2,155
|
)
|
(2,159
|
)
|
(2,204
|
)
|
(2,083
|
)
|
(2,271
|
)
|
|
(2,157
|
)
|
(2,252
|
)
|
|
Applicable deferred taxes (3)
|
|
|
780
|
|
784
|
|
800
|
|
845
|
|
889
|
|
|
782
|
|
911
|
|
|
Average tangible common equity
|
(C)
|
|
$
|
148,644
|
|
147,305
|
|
147,205
|
|
151,001
|
|
152,297
|
|
|
147,978
|
|
152,187
|
|
Return on average common stockholders' equity (ROE) (annualized)
|
(A)/(B)
|
|
13.26
|
|
12.71
|
|
12.89
|
|
12.04
|
|
10.60
|
|
|
12.99
|
|
10.59
|
|
|
Return on average tangible common equity (ROTCE) (annualized)
|
(A)/(C)
|
|
15.78
|
|
15.16
|
|
15.39
|
|
14.33
|
|
12.62
|
|
|
15.47
|
|
12.62
|
|
(1)
|
Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies.
Management believes that return on average tangible common equity 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 securities, 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.
|
|
|
Estimated
|
|
|
|
|
|
|||||
(in billions, except ratio)
|
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
|
Total equity
|
|
$
|
200.0
|
|
198.7
|
|
197.1
|
|
199.7
|
|
206.1
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Preferred stock
|
|
(23.0
|
)
|
(23.2
|
)
|
(23.2
|
)
|
(23.5
|
)
|
(25.7
|
)
|
|
Additional paid-in capital on ESOP
preferred stock
|
|
(0.1
|
)
|
(0.1
|
)
|
(0.1
|
)
|
(0.1
|
)
|
(0.1
|
)
|
|
Unearned ESOP shares
|
|
1.3
|
|
1.5
|
|
1.5
|
|
1.8
|
|
2.0
|
|
|
Noncontrolling interests
|
|
(1.0
|
)
|
(0.9
|
)
|
(0.9
|
)
|
(0.9
|
)
|
(0.9
|
)
|
|
Total common stockholders' equity
|
|
177.2
|
|
176.0
|
|
174.4
|
|
177.0
|
|
181.4
|
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Goodwill
|
|
(26.4
|
)
|
(26.4
|
)
|
(26.4
|
)
|
(26.4
|
)
|
(26.4
|
)
|
|
Certain identifiable intangible assets (other than MSRs)
|
|
(0.5
|
)
|
(0.5
|
)
|
(0.6
|
)
|
(0.8
|
)
|
(1.1
|
)
|
|
Other assets (2)
|
|
(2.3
|
)
|
(2.1
|
)
|
(2.2
|
)
|
(2.1
|
)
|
(2.2
|
)
|
|
Applicable deferred taxes (3)
|
|
0.8
|
|
0.8
|
|
0.8
|
|
0.8
|
|
0.9
|
|
|
Investment in certain subsidiaries and other
|
|
0.4
|
|
0.3
|
|
0.4
|
|
0.4
|
|
0.4
|
|
|
Common Equity Tier 1 (Fully Phased-In) under Basel III
|
(A)
|
149.2
|
|
148.1
|
|
146.4
|
|
148.9
|
|
153.0
|
|
|
Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5)
|
(B)
|
$
|
1,248.2
|
|
1,243.1
|
|
1,247.2
|
|
1,250.2
|
|
1,276.3
|
|
Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (5)
|
(A)/(B)
|
12.0
|
%
|
11.9
|
|
11.7
|
|
11.9
|
|
12.0
|
|
(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. 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. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in.
|
(2)
|
Represents goodwill and other intangibles on nonmarketable equity securities, 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
June 30, 2019
, 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
March 31, 2019, and December 31, September 30 and June 30, 2018
, was calculated under the Basel III Standardized Approach RWAs.
|
(5)
|
The Company’s
June 30, 2019
, RWAs and capital ratio are preliminary estimates.
|
(income/expense in millions,
average balances in billions)
|
Community
Banking |
|
|
Wholesale
Banking
|
|
|
Wealth and Investment Management
|
|
|
Other (2)
|
|
|
Consolidated
Company
|
|
||||||||||||||||
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||
Quarter ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income (3)
|
$
|
7,066
|
|
|
7,346
|
|
|
4,535
|
|
|
4,693
|
|
|
1,037
|
|
|
1,111
|
|
|
(543
|
)
|
|
(609
|
)
|
|
12,095
|
|
|
12,541
|
|
Provision (reversal of provision) for credit losses
|
479
|
|
|
484
|
|
|
28
|
|
|
(36
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
6
|
|
|
503
|
|
|
452
|
|
|
Noninterest income
|
4,739
|
|
|
4,460
|
|
|
2,530
|
|
|
2,504
|
|
|
3,013
|
|
|
2,840
|
|
|
(793
|
)
|
|
(792
|
)
|
|
9,489
|
|
|
9,012
|
|
|
Noninterest expense
|
7,212
|
|
|
7,290
|
|
|
3,882
|
|
|
4,219
|
|
|
3,246
|
|
|
3,361
|
|
|
(891
|
)
|
|
(888
|
)
|
|
13,449
|
|
|
13,982
|
|
|
Income (loss) before income tax expense (benefit)
|
4,114
|
|
|
4,032
|
|
|
3,155
|
|
|
3,014
|
|
|
805
|
|
|
592
|
|
|
(442
|
)
|
|
(519
|
)
|
|
7,632
|
|
|
7,119
|
|
|
Income tax expense (benefit)
|
838
|
|
|
1,413
|
|
|
365
|
|
|
379
|
|
|
201
|
|
|
147
|
|
|
(110
|
)
|
|
(129
|
)
|
|
1,294
|
|
|
1,810
|
|
|
Net income (loss) before noncontrolling interests
|
3,276
|
|
|
2,619
|
|
|
2,790
|
|
|
2,635
|
|
|
604
|
|
|
445
|
|
|
(332
|
)
|
|
(390
|
)
|
|
6,338
|
|
|
5,309
|
|
|
Less: Net income from noncontrolling interests
|
129
|
|
|
123
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
123
|
|
|
Net income (loss)
|
$
|
3,147
|
|
|
2,496
|
|
|
2,789
|
|
|
2,635
|
|
|
602
|
|
|
445
|
|
|
(332
|
)
|
|
(390
|
)
|
|
6,206
|
|
|
5,186
|
|
|
||||||||||||||||||||||||||||||
Average loans
|
$
|
457.7
|
|
|
463.8
|
|
|
474.0
|
|
|
464.7
|
|
|
75.0
|
|
|
74.7
|
|
|
(59.2
|
)
|
|
(59.1
|
)
|
|
947.5
|
|
|
944.1
|
|
Average assets
|
1,024.8
|
|
|
1,034.3
|
|
|
852.2
|
|
|
826.4
|
|
|
83.8
|
|
|
84.0
|
|
|
(60.2
|
)
|
|
(59.8
|
)
|
|
1,900.6
|
|
|
1,884.9
|
|
|
Average deposits
|
777.6
|
|
|
760.6
|
|
|
410.4
|
|
|
414.0
|
|
|
143.5
|
|
|
167.1
|
|
|
(62.5
|
)
|
|
(70.4
|
)
|
|
1,269.0
|
|
|
1,271.3
|
|
|
|
||||||||||||||||||||||||||||||
Six months ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income (3)
|
$
|
14,314
|
|
|
14,541
|
|
|
9,069
|
|
|
9,225
|
|
|
2,138
|
|
|
2,223
|
|
|
(1,115
|
)
|
|
(1,210
|
)
|
|
24,406
|
|
|
24,779
|
|
Provision (reversal of provision) for credit losses
|
1,189
|
|
|
702
|
|
|
162
|
|
|
(56
|
)
|
|
3
|
|
|
(8
|
)
|
|
(6
|
)
|
|
5
|
|
|
1,348
|
|
|
643
|
|
|
Noninterest income
|
9,241
|
|
|
9,095
|
|
|
5,107
|
|
|
5,251
|
|
|
5,991
|
|
|
5,970
|
|
|
(1,552
|
)
|
|
(1,608
|
)
|
|
18,787
|
|
|
18,708
|
|
|
Noninterest expense
|
14,901
|
|
|
15,992
|
|
|
7,720
|
|
|
8,197
|
|
|
6,549
|
|
|
6,651
|
|
|
(1,805
|
)
|
|
(1,816
|
)
|
|
27,365
|
|
|
29,024
|
|
|
Income (loss) before income tax expense (benefit)
|
7,465
|
|
|
6,942
|
|
|
6,294
|
|
|
6,335
|
|
|
1,577
|
|
|
1,550
|
|
|
(856
|
)
|
|
(1,007
|
)
|
|
14,480
|
|
|
13,820
|
|
|
Income tax expense (benefit)
|
1,262
|
|
|
2,222
|
|
|
734
|
|
|
827
|
|
|
393
|
|
|
386
|
|
|
(214
|
)
|
|
(251
|
)
|
|
2,175
|
|
|
3,184
|
|
|
Net income (loss) before noncontrolling interests
|
6,203
|
|
|
4,720
|
|
|
5,560
|
|
|
5,508
|
|
|
1,184
|
|
|
1,164
|
|
|
(642
|
)
|
|
(756
|
)
|
|
12,305
|
|
|
10,636
|
|
|
Less: Net income (loss) from noncontrolling interests
|
233
|
|
|
311
|
|
|
1
|
|
|
(2
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
239
|
|
|
314
|
|
|
Net income (loss)
|
$
|
5,970
|
|
|
4,409
|
|
|
5,559
|
|
|
5,510
|
|
|
1,179
|
|
|
1,159
|
|
|
(642
|
)
|
|
(756
|
)
|
|
12,066
|
|
|
10,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average loans
|
$
|
457.9
|
|
|
467.1
|
|
|
475.2
|
|
|
464.9
|
|
|
74.7
|
|
|
74.3
|
|
|
(59.1
|
)
|
|
(58.8
|
)
|
|
948.7
|
|
|
947.5
|
|
Average assets
|
1,020.1
|
|
|
1,048.0
|
|
|
848.4
|
|
|
827.8
|
|
|
83.5
|
|
|
84.1
|
|
|
(60.1
|
)
|
|
(59.6
|
)
|
|
1,891.9
|
|
|
1,900.3
|
|
|
Average deposits
|
771.6
|
|
|
754.1
|
|
|
410.1
|
|
|
429.9
|
|
|
148.3
|
|
|
172.5
|
|
|
(64.5
|
)
|
|
(72.3
|
)
|
|
1,265.5
|
|
|
1,284.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(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 as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.
|
|
|
|
|
|
|
|
Quarter ended
|
|
|||||||
(income/expense in millions, average balances in billions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
COMMUNITY BANKING
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (2)
|
$
|
7,066
|
|
|
7,248
|
|
|
7,340
|
|
|
7,338
|
|
|
7,346
|
|
Provision for credit losses
|
479
|
|
|
710
|
|
|
534
|
|
|
547
|
|
|
484
|
|
|
Noninterest income
|
4,739
|
|
|
4,502
|
|
|
4,121
|
|
|
4,478
|
|
|
4,460
|
|
|
Noninterest expense
|
7,212
|
|
|
7,689
|
|
|
7,032
|
|
|
7,467
|
|
|
7,290
|
|
|
Income before income tax expense
|
4,114
|
|
|
3,351
|
|
|
3,895
|
|
|
3,802
|
|
|
4,032
|
|
|
Income tax expense
|
838
|
|
|
424
|
|
|
637
|
|
|
925
|
|
|
1,413
|
|
|
Net income before noncontrolling interests
|
3,276
|
|
|
2,927
|
|
|
3,258
|
|
|
2,877
|
|
|
2,619
|
|
|
Less: Net income from noncontrolling interests
|
129
|
|
|
104
|
|
|
89
|
|
|
61
|
|
|
123
|
|
|
Segment net income
|
$
|
3,147
|
|
|
2,823
|
|
|
3,169
|
|
|
2,816
|
|
|
2,496
|
|
Average loans
|
$
|
457.7
|
|
|
458.2
|
|
|
459.7
|
|
|
460.9
|
|
|
463.8
|
|
Average assets
|
1,024.8
|
|
|
1,015.4
|
|
|
1,015.9
|
|
|
1,024.9
|
|
|
1,034.3
|
|
|
Average deposits
|
777.6
|
|
|
765.6
|
|
|
759.4
|
|
|
760.9
|
|
|
760.6
|
|
|
WHOLESALE BANKING
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (2)
|
$
|
4,535
|
|
|
4,534
|
|
|
4,739
|
|
|
4,726
|
|
|
4,693
|
|
Provision (reversal of provision) for credit losses
|
28
|
|
|
134
|
|
|
(28
|
)
|
|
26
|
|
|
(36
|
)
|
|
Noninterest income
|
2,530
|
|
|
2,577
|
|
|
2,187
|
|
|
2,578
|
|
|
2,504
|
|
|
Noninterest expense
|
3,882
|
|
|
3,838
|
|
|
4,025
|
|
|
3,935
|
|
|
4,219
|
|
|
Income before income tax expense
|
3,155
|
|
|
3,139
|
|
|
2,929
|
|
|
3,343
|
|
|
3,014
|
|
|
Income tax expense
|
365
|
|
|
369
|
|
|
253
|
|
|
475
|
|
|
379
|
|
|
Net income before noncontrolling interests
|
2,790
|
|
|
2,770
|
|
|
2,676
|
|
|
2,868
|
|
|
2,635
|
|
|
Less: Net income from noncontrolling interests
|
1
|
|
|
—
|
|
|
5
|
|
|
17
|
|
|
—
|
|
|
Segment net income
|
$
|
2,789
|
|
|
2,770
|
|
|
2,671
|
|
|
2,851
|
|
|
2,635
|
|
Average loans
|
$
|
474.0
|
|
|
476.4
|
|
|
470.2
|
|
|
462.8
|
|
|
464.7
|
|
Average assets
|
852.2
|
|
|
844.5
|
|
|
839.1
|
|
|
827.2
|
|
|
826.4
|
|
|
Average deposits
|
410.4
|
|
|
409.8
|
|
|
421.6
|
|
|
413.6
|
|
|
414.0
|
|
|
WEALTH AND INVESTMENT MANAGEMENT
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (2)
|
$
|
1,037
|
|
|
1,101
|
|
|
1,116
|
|
|
1,102
|
|
|
1,111
|
|
Provision (reversal of provision) for credit losses
|
(1
|
)
|
|
4
|
|
|
(3
|
)
|
|
6
|
|
|
(2
|
)
|
|
Noninterest income
|
3,013
|
|
|
2,978
|
|
|
2,841
|
|
|
3,124
|
|
|
2,840
|
|
|
Noninterest expense
|
3,246
|
|
|
3,303
|
|
|
3,044
|
|
|
3,243
|
|
|
3,361
|
|
|
Income before income tax expense
|
805
|
|
|
772
|
|
|
916
|
|
|
977
|
|
|
592
|
|
|
Income tax expense
|
201
|
|
|
192
|
|
|
231
|
|
|
244
|
|
|
147
|
|
|
Net income before noncontrolling interests
|
604
|
|
|
580
|
|
|
685
|
|
|
733
|
|
|
445
|
|
|
Less: Net income (loss) from noncontrolling interests
|
2
|
|
|
3
|
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
Segment net income
|
$
|
602
|
|
|
577
|
|
|
689
|
|
|
732
|
|
|
445
|
|
Average loans
|
$
|
75.0
|
|
|
74.4
|
|
|
75.2
|
|
|
74.6
|
|
|
74.7
|
|
Average assets
|
83.8
|
|
|
83.2
|
|
|
83.6
|
|
|
83.8
|
|
|
84.0
|
|
|
Average deposits
|
143.5
|
|
|
153.2
|
|
|
155.5
|
|
|
159.8
|
|
|
167.1
|
|
|
OTHER (
3
)
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (2)
|
$
|
(543
|
)
|
|
(572
|
)
|
|
(551
|
)
|
|
(594
|
)
|
|
(609
|
)
|
Provision (reversal of provision) for credit losses
|
(3
|
)
|
|
(3
|
)
|
|
18
|
|
|
1
|
|
|
6
|
|
|
Noninterest income
|
(793
|
)
|
|
(759
|
)
|
|
(813
|
)
|
|
(811
|
)
|
|
(792
|
)
|
|
Noninterest expense
|
(891
|
)
|
|
(914
|
)
|
|
(762
|
)
|
|
(882
|
)
|
|
(888
|
)
|
|
Loss before income tax benefit
|
(442
|
)
|
|
(414
|
)
|
|
(620
|
)
|
|
(524
|
)
|
|
(519
|
)
|
|
Income tax benefit
|
(110
|
)
|
|
(104
|
)
|
|
(155
|
)
|
|
(132
|
)
|
|
(129
|
)
|
|
Net loss before noncontrolling interests
|
(332
|
)
|
|
(310
|
)
|
|
(465
|
)
|
|
(392
|
)
|
|
(390
|
)
|
|
Less: Net income from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other net loss
|
$
|
(332
|
)
|
|
(310
|
)
|
|
(465
|
)
|
|
(392
|
)
|
|
(390
|
)
|
Average loans
|
$
|
(59.2
|
)
|
|
(59.0
|
)
|
|
(58.8
|
)
|
|
(58.8
|
)
|
|
(59.1
|
)
|
Average assets
|
(60.2
|
)
|
|
(60.0
|
)
|
|
(59.6
|
)
|
|
(59.6
|
)
|
|
(59.8
|
)
|
|
Average deposits
|
(62.5
|
)
|
|
(66.5
|
)
|
|
(67.6
|
)
|
|
(67.9
|
)
|
|
(70.4
|
)
|
|
CONSOLIDATED COMPANY
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (2)
|
$
|
12,095
|
|
|
12,311
|
|
|
12,644
|
|
|
12,572
|
|
|
12,541
|
|
Provision for credit losses
|
503
|
|
|
845
|
|
|
521
|
|
|
580
|
|
|
452
|
|
|
Noninterest income
|
9,489
|
|
|
9,298
|
|
|
8,336
|
|
|
9,369
|
|
|
9,012
|
|
|
Noninterest expense
|
13,449
|
|
|
13,916
|
|
|
13,339
|
|
|
13,763
|
|
|
13,982
|
|
|
Income before income tax expense
|
7,632
|
|
|
6,848
|
|
|
7,120
|
|
|
7,598
|
|
|
7,119
|
|
|
Income tax expense
|
1,294
|
|
|
881
|
|
|
966
|
|
|
1,512
|
|
|
1,810
|
|
|
Net income before noncontrolling interests
|
6,338
|
|
|
5,967
|
|
|
6,154
|
|
|
6,086
|
|
|
5,309
|
|
|
Less: Net income from noncontrolling interests
|
132
|
|
|
107
|
|
|
90
|
|
|
79
|
|
|
123
|
|
|
Wells Fargo net income
|
$
|
6,206
|
|
|
5,860
|
|
|
6,064
|
|
|
6,007
|
|
|
5,186
|
|
Average loans
|
$
|
947.5
|
|
|
950.0
|
|
|
946.3
|
|
|
939.5
|
|
|
944.1
|
|
Average assets
|
1,900.6
|
|
|
1,883.1
|
|
|
1,879.0
|
|
|
1,876.3
|
|
|
1,884.9
|
|
|
Average deposits
|
1,269.0
|
|
|
1,262.1
|
|
|
1,268.9
|
|
|
1,266.4
|
|
|
1,271.3
|
|
(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.
|
(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 as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.
|
(3)
|
Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
MSRs measured using the fair value method:
|
|
|
|
|
|
|
|
|
|
||||||
Fair value, beginning of quarter
|
$
|
13,336
|
|
|
14,649
|
|
|
15,980
|
|
|
15,411
|
|
|
15,041
|
|
Servicing from securitizations or asset transfers (1)
|
400
|
|
|
341
|
|
|
449
|
|
|
502
|
|
|
486
|
|
|
Sales and other (2)
|
(1
|
)
|
|
(281
|
)
|
|
(64
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
Net additions
|
399
|
|
|
60
|
|
|
385
|
|
|
500
|
|
|
485
|
|
|
Changes in fair value:
|
|
|
|
|
|
|
|
|
|
||||||
Due to changes in valuation model inputs or assumptions:
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage interest rates (3)
|
(1,153
|
)
|
|
(940
|
)
|
|
(874
|
)
|
|
582
|
|
|
376
|
|
|
Servicing and foreclosure costs (4)
|
(22
|
)
|
|
12
|
|
|
763
|
|
|
(9
|
)
|
|
30
|
|
|
Discount rates (5)
|
(109
|
)
|
|
100
|
|
|
(821
|
)
|
|
(9
|
)
|
|
—
|
|
|
Prepayment estimates and other (6)
|
206
|
|
|
(63
|
)
|
|
(314
|
)
|
|
(33
|
)
|
|
(61
|
)
|
|
Net changes in valuation model inputs or assumptions
|
(1,078
|
)
|
|
(891
|
)
|
|
(1,246
|
)
|
|
531
|
|
|
345
|
|
|
Changes due to collection/realization of expected cash flows over time
|
(561
|
)
|
|
(482
|
)
|
|
(470
|
)
|
|
(462
|
)
|
|
(460
|
)
|
|
Total changes in fair value
|
(1,639
|
)
|
|
(1,373
|
)
|
|
(1,716
|
)
|
|
69
|
|
|
(115
|
)
|
|
Fair value, end of quarter
|
$
|
12,096
|
|
|
13,336
|
|
|
14,649
|
|
|
15,980
|
|
|
15,411
|
|
(1)
|
Includes impacts associated with exercising our right to repurchase delinquent loans from Government National Mortgage Association (GNMA) loan securitization pools. Total reported MSRs may increase upon repurchase due to servicing liabilities associated with these loans.
|
(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 or portfolios with servicing liabilities.
|
(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)
|
Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.
|
(6)
|
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.
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Amortized MSRs:
|
|
|
|
|
|
|
|
|
|
||||||
Balance, beginning of quarter
|
$
|
1,427
|
|
|
1,443
|
|
|
1,414
|
|
|
1,407
|
|
|
1,411
|
|
Purchases
|
16
|
|
|
24
|
|
|
45
|
|
|
42
|
|
|
22
|
|
|
Servicing from securitizations or asset transfers
|
33
|
|
|
26
|
|
|
52
|
|
|
33
|
|
|
39
|
|
|
Amortization
|
(69
|
)
|
|
(66
|
)
|
|
(68
|
)
|
|
(68
|
)
|
|
(65
|
)
|
|
Balance, end of quarter
|
$
|
1,407
|
|
|
1,427
|
|
|
1,443
|
|
|
1,414
|
|
|
1,407
|
|
Fair value of amortized MSRs:
|
|
|
|
|
|
|
|
|
|
||||||
Beginning of quarter
|
$
|
2,149
|
|
|
2,288
|
|
|
2,389
|
|
|
2,309
|
|
|
2,307
|
|
End of quarter
|
1,897
|
|
|
2,149
|
|
|
2,288
|
|
|
2,389
|
|
|
2,309
|
|
|
|
Quarter ended
|
|
|||||||||||||
(in millions)
|
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Servicing income, net:
|
|
|
|
|
|
|
|
|
|
|
||||||
Servicing fees (1)
|
|
$
|
830
|
|
|
841
|
|
|
925
|
|
|
890
|
|
|
905
|
|
Changes in fair value of MSRs carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
||||||
Due to changes in valuation model inputs or assumptions (2)
|
(A)
|
(1,078
|
)
|
|
(891
|
)
|
|
(1,246
|
)
|
|
531
|
|
|
345
|
|
|
Changes due to collection/realization of expected cash flows over time
|
|
(561
|
)
|
|
(482
|
)
|
|
(470
|
)
|
|
(462
|
)
|
|
(460
|
)
|
|
Total changes in fair value of MSRs carried at fair value
|
|
(1,639
|
)
|
|
(1,373
|
)
|
|
(1,716
|
)
|
|
69
|
|
|
(115
|
)
|
|
Amortization
|
|
(69
|
)
|
|
(66
|
)
|
|
(68
|
)
|
|
(68
|
)
|
|
(65
|
)
|
|
Net derivative gains (losses) from economic hedges (3)
|
(B)
|
1,155
|
|
|
962
|
|
|
968
|
|
|
(501
|
)
|
|
(319
|
)
|
|
Total servicing income, net
|
|
$
|
277
|
|
|
364
|
|
|
109
|
|
|
390
|
|
|
406
|
|
Market-related valuation changes to MSRs, net of hedge results (2)(3)
|
(A)+(B)
|
$
|
77
|
|
|
71
|
|
|
(278
|
)
|
|
30
|
|
|
26
|
|
(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 results from economic hedges used to hedge the risk of changes in fair value of MSRs.
|
(in billions)
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Managed servicing portfolio (
1
):
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage servicing:
|
|
|
|
|
|
|
|
|
|
||||||
Serviced for others
|
$
|
1,107
|
|
|
1,125
|
|
|
1,164
|
|
|
1,184
|
|
|
1,190
|
|
Owned loans serviced
|
340
|
|
|
331
|
|
|
334
|
|
|
337
|
|
|
340
|
|
|
Subserviced for others
|
5
|
|
|
26
|
|
|
4
|
|
|
5
|
|
|
4
|
|
|
Total residential servicing
|
1,452
|
|
|
1,482
|
|
|
1,502
|
|
|
1,526
|
|
|
1,534
|
|
|
Commercial mortgage servicing:
|
|
|
|
|
|
|
|
|
|
||||||
Serviced for others
|
548
|
|
|
552
|
|
|
543
|
|
|
529
|
|
|
518
|
|
|
Owned loans serviced
|
123
|
|
|
122
|
|
|
121
|
|
|
121
|
|
|
124
|
|
|
Subserviced for others
|
9
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|
Total commercial servicing
|
680
|
|
|
683
|
|
|
673
|
|
|
659
|
|
|
652
|
|
|
Total managed servicing portfolio
|
$
|
2,132
|
|
|
2,165
|
|
|
2,175
|
|
|
2,185
|
|
|
2,186
|
|
Total serviced for others
|
$
|
1,655
|
|
|
1,677
|
|
|
1,707
|
|
|
1,713
|
|
|
1,708
|
|
Ratio of MSRs to related loans serviced for others
|
0.82
|
%
|
|
0.88
|
|
|
0.94
|
|
|
1.02
|
|
|
0.98
|
|
|
Weighted-average note rate (mortgage loans serviced for others)
|
4.33
|
|
|
4.34
|
|
|
4.32
|
|
|
4.29
|
|
|
4.27
|
|
(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.
|
|
|
Quarter ended
|
|
|||||||||||||
|
|
Jun 30,
2019 |
|
|
Mar 31,
2019 |
|
|
Dec 31,
2018 |
|
|
Sep 30,
2018 |
|
|
Jun 30,
2018 |
|
|
Net gains on mortgage loan origination/sales activities (in millions):
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
(A)
|
$
|
322
|
|
|
232
|
|
|
245
|
|
|
324
|
|
|
281
|
|
Commercial
|
|
83
|
|
|
47
|
|
|
65
|
|
|
75
|
|
|
49
|
|
|
Residential pipeline and unsold/repurchased loan management (1)
|
|
76
|
|
|
65
|
|
|
48
|
|
|
57
|
|
|
34
|
|
|
Total
|
|
$
|
481
|
|
|
344
|
|
|
358
|
|
|
456
|
|
|
364
|
|
Application data (in billions):
|
|
|
|
|
|
|
|
|
|
|
||||||
Wells Fargo first mortgage quarterly applications
|
|
$
|
90
|
|
|
64
|
|
|
48
|
|
|
57
|
|
|
67
|
|
Refinances as a percentage of applications
|
|
44
|
%
|
|
44
|
|
|
30
|
|
|
26
|
|
|
25
|
|
|
Wells Fargo first mortgage unclosed pipeline, at quarter end
|
|
$
|
44
|
|
|
32
|
|
|
18
|
|
|
22
|
|
|
26
|
|
Residential real estate originations:
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchases as a percentage of originations
|
|
68
|
%
|
|
70
|
|
|
78
|
|
|
81
|
|
|
78
|
|
|
Refinances as a percentage of originations
|
|
32
|
|
|
30
|
|
|
22
|
|
|
19
|
|
|
22
|
|
|
Total
|
|
100
|
%
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
Wells Fargo first mortgage loans (in billions):
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail
|
|
$
|
26
|
|
|
14
|
|
|
16
|
|
|
18
|
|
|
21
|
|
Correspondent
|
|
27
|
|
|
18
|
|
|
21
|
|
|
27
|
|
|
28
|
|
|
Other (2)
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Total quarter-to-date
|
|
$
|
53
|
|
|
33
|
|
|
38
|
|
|
46
|
|
|
50
|
|
Held-for-sale
|
(B)
|
$
|
33
|
|
|
22
|
|
|
28
|
|
|
33
|
|
|
37
|
|
Held-for-investment
|
|
20
|
|
|
11
|
|
|
10
|
|
|
13
|
|
|
13
|
|
|
Total quarter-to-date
|
|
$
|
53
|
|
|
33
|
|
|
38
|
|
|
46
|
|
|
50
|
|
Total year-to-date
|
|
$
|
86
|
|
|
33
|
|
|
177
|
|
|
139
|
|
|
93
|
|
Production margin on residential held-for-sale mortgage originations
|
(A)/(B)
|
0.98
|
%
|
|
1.05
|
|
|
0.89
|
|
|
0.97
|
|
|
0.77
|
|
(1)
|
Predominantly includes the results of sales of modified GNMA loans, interest rate management activities and changes in estimate to the liability for mortgage loan repurchase losses.
|
(2)
|
Consists of home equity loans and lines.
|