WELLS FARGO & COMPANY/MN (Form: 8-K, Received: 04/14/2023 06:46:29)

WELLS FARGO & COMPANY/MN0000072971falseNYSE5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R00000729712023-04-142023-04-140000072971us-gaap:CommonStockMember2023-04-142023-04-140000072971wfc:A7.5NonCumulativePerpetualConvertibleClassAPreferredStockSeriesLMember2023-04-142023-04-140000072971wfc:FixedtoFloatingRate5.85NonCumulativePerpetualClassAPFDStockSeriesQMember2023-04-142023-04-140000072971wfc:FixedtoFloatingRate6.625NonCumulativePerpetualClassAPFDStockSeriesRMember2023-04-142023-04-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesYMember2023-04-142023-04-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesZMember2023-04-142023-04-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesAAMember2023-04-142023-04-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesCCMember2023-04-142023-04-140000072971wfc:NonCumulativePerpetualClassAPreferredStockSeriesDDMember2023-04-142023-04-140000072971wfc:GuaranteeofMediumTermNotesSeriesAdueOctober302028ofWellsFargoFinanceLLCMember2023-04-142023-04-14

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 14, 2023

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-02979

No.

41-0449260

(State or Other Jurisdiction
of Incorporation)

(Commission File
Number)

(IRS Employer
Identification No.)

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 1-866-249-3302

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3	WFC	New York Stock Exchange (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 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 Y	WFC.PRY	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z	WFC.PRZ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA	WFC.PRA	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC	WFC.PRC	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD	WFC.PRD	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b‑2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On April 14, 2023, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended March 31, 2023, and posted on its website its 1Q23 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended March 31, 2023. The news release is included as Exhibit 99.1 and the 1Q23 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure.

On April 14, 2023, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s first quarter 2023 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.


Exhibit No.	Description	Location
99.1	News Release dated April 14, 2023	Filed herewith
99.2	1Q23 Quarterly Supplement	Filed herewith
99.3	Presentation Materials – 1Q23 Financial Results	Furnished herewith
104	Cover Page Interactive Data File	Embedded within the Inline XBRL document

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated:	April 14, 2023	WELLS FARGO & COMPANY

		By:	/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President, Chief Accounting Officer and Controller


			News Release \| April 14, 2023 Wells Fargo Reports First Quarter 2023 Net Income of $5.0 billion, or $1.23 per Diluted Share


Company-wide Financial Summary

		Quarter ended
		Mar 31, 2023			Mar 31, 2022
Selected Income Statement Data ($ in millions except per share amounts)
	Total revenue	$	20,729		17,728
	Noninterest expense	13,676			13,851
	Provision for credit losses1	1,207			(787)
	Net income	4,991			3,788
	Diluted earnings per common share	1.23			0.91
Selected Balance Sheet Data ($ in billions)
	Average loans	$	948.7		898.0
	Average deposits	1,356.7			1,464.1
	CET12	10.8		%	10.5
Performance Metrics
	ROE3	11.7		%	8.7
	ROTCE4	14.0			10.4


Operating Segments and Other Highlights

	Quarter ended		Mar 31, 2023 % Change from
($ in billions)	Mar 31, 2023			Dec 31, 2022		Mar 31, 2022
Average loans
Consumer Banking and Lending	$	338.3		—	%	4
Commercial Banking	222.8			2		15
Corporate and Investment Banking	294.7			(1)		4
Wealth and Investment Management	83.6			(1)		(1)
Average deposits
Consumer Banking and Lending	841.3			(3)		(5)
Commercial Banking	170.5			(3)		(15)
Corporate and Investment Banking	157.6			1		(7)
Wealth and Investment Management	126.6			(11)		(32)

Capital

◦Repurchased 86.4 million shares, or $4.0 billion, of common stock in first quarter 2023


Chief Executive Officer Charlie Scharf commented, “We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives. Delinquencies and net charge-offs continued to slowly increase, as expected. Our CET1 ratio, which was already strong, increased and we resumed our repurchase program, buying back $4 billion in common stock.” “We are glad to have been in a strong position to help support the U.S. financial system during the recent events that impacted the banking industry. Regional and community banks are an important part of our financial system and are uniquely positioned to serve their customers and communities. We believe our own franchise offers many benefits including operating at a broad scale with a large branch network. Our customers benefit from our size and the range of banking services we provide, which helps us build a full relationship with individuals and companies. Our diversified business model, strong capital position, mix of deposits, access to funding sources, and continued focus on financial and credit risk management allow us to support our customers throughout economic cycles,” Scharf added. “Looking ahead, we continue to move forward on our risk and control agenda, which is our top priority. While we have made progress, our work is not done, and we remain focused on completing the work in a timely fashion. At the same time, we are executing on our other strategic objectives, including developing improved products and services to better serve our customers, investing in our communities, and generating appropriate risk-adjusted returns,” Scharf concluded.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

1 Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

2 Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q23 Quarterly Supplement for more information on CET1. CET1 for March 31, 2023, is a preliminary estimate.

3 Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

4 Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We adopted ASU 2018-12 with retrospective application, which required revision of prior period financial statements. Prior period risk-based capital and certain other regulatory related metrics were not revised. For additional information, including the financial statement line items impacted by the adoption of ASU 2018-12, see page 28 of the 1Q23 Quarterly Supplement.

Selected Company-wide Financial Information


					Quarter ended		Mar 31, 2023 % Change from
		Mar 31, 2023			Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings ($ in millions except per share amounts)
	Net interest income	$	13,336		13,433	9,221	(1)	%	45
	Noninterest income	7,393			6,601	8,507	12		(13)
	Total revenue	20,729			20,034	17,728	3		17
	Net charge-offs	564			560	305	1		85
	Change in the allowance for credit losses	643			397	(1,092)	62		159
	Provision for credit losses (a)	1,207			957	(787)	26		253
	Noninterest expense	13,676			16,186	13,851	(16)		(1)
	Income tax expense (benefit)	966			(29)	746	NM		29

	Wells Fargo net income	$	4,991		3,155	3,788	58		32
	Diluted earnings per common share	1.23			0.75	0.91	64		35

Balance Sheet Data (average) ($ in billions)
	Loans	$	948.7		948.5	898.0	—		6
	Deposits	1,356.7			1,380.5	1,464.1	(2)		(7)
	Assets	1,863.7			1,875.2	1,919.4	(1)		(3)

Financial Ratios
	Return on assets (ROA)	1.09		%	0.67	0.80
	Return on equity (ROE)	11.7			7.1	8.7
	Return on average tangible common equity (ROTCE) (b)	14.0			8.5	10.4
	Efficiency ratio (c)	66			81	78
	Net interest margin on a taxable-equivalent basis	3.20			3.14	2.16

NM – Not meaningful

(a)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

(b)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

(c)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

First Quarter 2023 vs. First Quarter 2022

◦Net interest income increased 45%, primarily due to the impact of higher interest rates, higher loan balances, and lower mortgage-backed securities premium amortization, partially offset by lower deposit balances

◦Noninterest income decreased 13%, driven by lower results in our affiliated venture capital and private equity businesses; a decline in mortgage banking income on lower originations and gain on sale margins, as well as lower gains from the resecuritization of loans purchased from securitization pools; lower asset-based fees in Wealth and Investment Management on lower market valuations; and lower deposit-related and investment banking fees. These decreases were partially offset by improved results in our Markets business

◦Noninterest expense decreased 1% driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher personnel expense

◦Provision for credit losses in first quarter 2023 included a $643 million increase in the allowance for credit losses reflecting an increase for commercial real estate loans, primarily office loans, as well as an increase for credit card and auto loans

Selected Company-wide Capital and Liquidity Information


					Quarter ended
($ in billions)		Mar 31, 2023			Dec 31, 2022	Mar 31, 2022
Capital:
	Total equity	$	183.2		182.2	181.6
	Common stockholders’ equity	161.9			161.0	159.9
	Tangible common equity (a)	135.0			134.1	133.1
	Common Equity Tier 1 (CET1) ratio (b)	10.8		%	10.6	10.5
	Total loss absorbing capacity (TLAC) ratio (c)	23.3			23.3	22.3
	Supplementary Leverage Ratio (SLR) (d)	7.0			6.9	6.6

Liquidity:
	Liquidity Coverage Ratio (LCR) (e)	122		%	122	119

(a)Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24-25 of the 1Q23 Quarterly Supplement.

(b)Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See tables on pages 26-27 of the 1Q23 Quarterly Supplement for more information on CET1. CET1 for March 31, 2023, is a preliminary estimate.

(c)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2023, is a preliminary estimate.

(d)SLR for March 31, 2023, is a preliminary estimate.

(e)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2023, is a preliminary estimate.

Selected Company-wide Loan Credit Information


					Quarter ended
($ in millions)		Mar 31, 2023			Dec 31, 2022	Mar 31, 2022

Net loan charge-offs		$	604		560	305
	Net loan charge-offs as a % of average total loans (annualized)	0.26		%	0.23	0.14

Total nonaccrual loans		$	6,010		5,626	6,871
	As a % of total loans	0.63		%	0.59	0.75
Total nonperforming assets		$	6,142		5,763	7,001
	As a % of total loans	0.65		%	0.60	0.77

Allowance for credit losses for loans		$	13,705		13,609	12,681
	As a % of total loans	1.45		%	1.42	1.39

First Quarter 2023 vs. Fourth Quarter 2022

◦Commercial net loan charge-offs as a percentage of average loans were 0.05% (annualized), down from 0.06%. The consumer net loan charge-off rate increased to 0.56% (annualized), up from 0.48%, primarily due to higher net loan charge-offs in the credit card portfolio

◦Nonperforming assets increased $379 million, or 7%, driven by higher commercial real estate nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.

Selected Financial Information


			Quarter ended				Mar 31, 2023 % Change from
			Mar 31, 2023		Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings (in millions)
	Consumer and Small Business Banking		$	6,486	6,608	5,071	(2)	%	28
	Consumer Lending:
		Home Lending	863		786	1,490	10		(42)
		Credit Card	1,305		1,353	1,265	(4)		3
		Auto	392		413	444	(5)		(12)
		Personal Lending	318		303	293	5		9

	Total revenue		9,364		9,463	8,563	(1)		9
	Provision for credit losses		867		936	(190)	(7)		556
	Noninterest expense		6,038		7,088	6,395	(15)		(6)

	Net income		$	1,841	1,077	1,770	71		4

Average balances (in billions)
	Loans		$	338.3	338.0	325.1	—		4
	Deposits		841.3		864.6	881.3	(3)		(5)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 9%

▪Consumer and Small Business Banking was up 28% driven by the impact of higher interest rates, partially offset by lower deposit balances. Deposit-related fees declined reflecting the elimination of non-sufficient funds fees and other efforts to help customers avoid overdraft fees

▪Home Lending was down 42% on lower mortgage banking income driven by lower originations and lower revenue from the resecuritization of loans purchased from securitization pools

▪Credit Card was up 3% driven by higher loan balances, including the impact of higher point of sale volume and new product launches, which included the impact of introductory promotional rates

▪Auto was down 12% driven by lower loan balances and loan spread compression

▪Personal Lending was up 9% on higher loan balances, partially offset by loan spread compression

◦Noninterest expense decreased 6% reflecting lower operating losses and personnel expense, including the impact of efficiency initiatives, partially offset by higher operating costs

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

Selected Financial Information


		Quarter ended				Mar 31, 2023 % Change from
		Mar 31, 2023		Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings (in millions)
	Middle Market Banking	$	2,155	2,076	1,246	4	%	73
	Asset-Based Lending and Leasing	1,152		1,073	1,081	7		7
	Total revenue	3,307		3,149	2,327	5		42
	Provision for credit losses	(43)		(43)	(344)	—		88
	Noninterest expense	1,752		1,523	1,531	15		14

	Net income	$	1,196	1,238	857	(3)		40

Average balances (in billions)
	Loans	$	222.8	218.4	194.4	2		15
	Deposits	170.5		175.4	200.7	(3)		(15)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 42%

▪Middle Market Banking was up 73% due to the impact of higher interest rates and higher loan balances, partially offset by lower deposit balances. Deposit-related fees declined driven by the impact of higher earnings credit rates, which result in lower fees for commercial customers

▪Asset-Based Lending and Leasing was up 7% driven by loan growth, partially offset by lower net gains from equity securities

◦Noninterest expense increased 14% primarily due to higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives

Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.

Selected Financial Information


			Quarter ended				Mar 31, 2023 % Change from
			Mar 31, 2023		Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings (in millions)
	Banking:
		Lending	$	692	593	521	17	%	33
		Treasury Management and Payments	785		738	432	6		82
		Investment Banking	280		317	331	(12)		(15)
	Total Banking		1,757		1,648	1,284	7		37
	Commercial Real Estate		1,311		1,267	995	3		32
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,285		935	877	37		47
		Equities	437		279	267	57		64
		Credit Adjustment (CVA/DVA) and Other	71		(35)	25	303		184
	Total Markets		1,793		1,179	1,169	52		53
	Other		41		45	22	(9)		86
	Total revenue		4,902		4,139	3,470	18		41
	Provision for credit losses		252		41	(196)	515		229
	Noninterest expense		2,217		1,837	1,983	21		12

	Net income		$	1,818	1,692	1,258	7		45

Average balances (in billions)
	Loans		$	294.7	298.3	284.5	(1)		4
	Deposits		157.6		156.2	169.2	1		(7)

First Quarter 2023 vs. First Quarter 2022

◦Revenue increased 41%

▪Banking was up 37% driven by stronger treasury management results reflecting the impact of higher interest rates and higher lending revenue, partially offset by lower investment banking fees reflecting lower market activity

▪Commercial Real Estate was up 32% reflecting the impact of higher interest rates and higher loan balances

▪Markets was up 53% due to higher trading results across all asset classes

◦Noninterest expense increased 12% driven by higher operating costs and personnel expense, partially offset by the impact of efficiency initiatives

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.

Selected Financial Information


		Quarter ended				Mar 31, 2023 % Change from
		Mar 31, 2023		Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings (in millions)
	Net interest income	$	1,044	1,124	799	(7)	%	31
	Noninterest income	2,637		2,571	2,958	3		(11)
	Total revenue	3,681		3,695	3,757	—		(2)
	Provision for credit losses	11		11	(37)	—		130
	Noninterest expense	3,061		2,731	3,175	12		(4)

	Net income	$	457	715	465	(36)		(2)

Total client assets (in billions)		1,929		1,861	2,080	4		(7)

Average balances (in billions)
	Loans	$	83.6	84.8	84.8	(1)		(1)
	Deposits	126.6		142.2	185.8	(11)		(32)

First Quarter 2023 vs. First Quarter 2022

◦Revenue decreased 2%

▪Net interest income was up 31% due to the impact of higher interest rates, partially offset by lower deposit balances as customers continued to reallocate cash into higher yielding alternatives

▪Noninterest income was down 11% on lower asset-based fees driven by a decrease in market valuations

◦Noninterest expense decreased 4% driven by lower revenue-related compensation and the impact of efficiency initiatives

Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

Selected Financial Information


		Quarter ended				Mar 31, 2023 % Change from
		Mar 31, 2023		Dec 31, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Earnings (in millions)
	Net interest income	$	16	78	(818)	(79)	%	102
	Noninterest income	5		7	942	(29)		(99)
	Total revenue	21		85	124	(75)		(83)
	Provision for credit losses	120		12	(20)	900		700
	Noninterest expense	608		3,007	767	(80)		(21)

	Net loss	$	(321)	(1,567)	(562)	80		43

First Quarter 2023 vs. First Quarter 2022

◦Revenue decreased $103 million

▪Net interest income increased due to the impact of higher interest rates

▪Noninterest income decreased driven by lower results in our affiliated venture capital and private equity businesses. First quarter 2023 included $342 million of net losses on equity securities ($223 million pre-tax and net of noncontrolling interests)

◦Noninterest expense decreased reflecting the impact of business divestitures

The Company will host a live conference call on Friday, April 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 7928529#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsvbooth.com/wf1Qearnings0423.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Friday, April 14 through

Friday, April 28. Please dial 1-800-813-5529 (U.S. and Canada) or 203-369-3826 (International/U.S. Toll) and enter passcode: 7515#. The replay will also be available online at

https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnectionsvbooth.com/wf1Qearnings0423.

Forward-Looking Statements

This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental, social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies.

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

•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters (including the conflict in Ukraine), and any slowdown in global economic growth;

•the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;

•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;

•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial 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 or our strategic plans for the business;

•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 or in the level or composition of our assets or liabilities 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 impairments of 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 and wealth management businesses;

•negative effects from the retail banking sales practices matter and from 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 employees, 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;

•changes to U.S. tax guidance and regulations as well as the effect of discrete items on our effective income tax rate;

•our ability to develop and execute effective business plans and strategies; 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, 2022.

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

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov5.

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

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

5 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy.

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

John M. Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

1Q23 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA


			Pages
Consolidated Results

Summary Financial Data			3


Consolidated Statement of Income			5


Consolidated Balance Sheet			6
Average Balances and Interest Rates (Taxable-Equivalent Basis)			7









Reportable Operating Segment Results
Combined Segment Results			8
Consumer Banking and Lending			9
Commercial Banking			11
Corporate and Investment Banking			13
Wealth and Investment Management			15
Corporate			16

Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates			17
Net Loan Charge-offs			18
Changes in Allowance for Credit Losses for Loans			19
Allocation of the Allowance for Credit Losses for Loans			20
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			21


Commercial and Industrial Loans and Lease Financing by Industry			22
Commercial Real Estate Loans by Property Type			23

Equity
Tangible Common Equity			24

Risk-Based Capital Ratios Under Basel III – Standardized Approach			26
Risk-Based Capital Ratios Under Basel III – Advanced Approach			27

Other
Adoption of ASU 2018-12			28

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Mar 31, 2023 % Change from
(in millions, except ratios and per share amounts)	Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Selected Income Statement Data
Total revenue	$	20,729		20,034	19,566	17,040	17,728	3	%	17
Noninterest expense	13,676			16,186	14,306	12,862	13,851	(16)		(1)
Pre-tax pre-provision profit (PTPP) (1)	7,053			3,848	5,260	4,178	3,877	83		82
Provision for credit losses (2)	1,207			957	784	580	(787)	26		253
Wells Fargo net income	4,991			3,155	3,592	3,142	3,788	58		32
Wells Fargo net income applicable to common stock	4,713			2,877	3,313	2,863	3,509	64		34

Common Share Data
Diluted earnings per common share	1.23			0.75	0.86	0.75	0.91	64		35
Dividends declared per common share	0.30			0.30	0.30	0.25	0.25	—		20
Common shares outstanding	3,763.2			3,833.8	3,795.4	3,793.0	3,789.9	(2)		(1)
Average common shares outstanding	3,785.6			3,799.9	3,796.5	3,793.8	3,831.1	—		(1)
Diluted average common shares outstanding	3,818.7			3,832.7	3,825.1	3,819.6	3,868.9	—		(1)
Book value per common share (3)	$	43.02		41.98	41.36	41.72	42.18	2		2
Tangible book value per common share (3)(4)	35.87			34.98	34.29	34.66	35.11	3		2

Selected Equity Data (period-end)
Total equity	183,220			182,213	178,478	179,798	181,597	1		1
Common stockholders' equity	161,893			160,952	156,983	158,260	159,876	1		1
Tangible common equity (4)	134,992			134,090	130,151	131,464	133,052	1		1

Performance Ratios
Return on average assets (ROA) (5)	1.09		%	0.67	0.76	0.66	0.80
Return on average equity (ROE) (6)	11.7			7.1	8.1	7.2	8.7
Return on average tangible common equity (ROTCE) (4)	14.0			8.5	9.8	8.7	10.4
Efficiency ratio (7)	66			81	73	75	78
Net interest margin on a taxable-equivalent basis	3.20			3.14	2.83	2.39	2.16
Average deposit cost	0.83			0.46	0.14	0.04	0.03

(1)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.

(2)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

(3)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.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 24 and 25.

(5)Represents Wells Fargo net income divided by average assets.

(6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

(7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Mar 31, 2023 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Selected Balance Sheet Data (average)
Loans	$	948,651		948,517	945,465	926,567	898,005	—	%	6
Assets	1,863,676			1,875,191	1,880,689	1,902,571	1,919,397	(1)		(3)
Deposits	1,356,694			1,380,459	1,407,851	1,445,793	1,464,072	(2)		(7)

Selected Balance Sheet Data (period-end)
Debt securities	511,597			496,808	502,035	516,772	535,916	3		(5)
Loans	947,991			955,871	945,906	943,734	911,807	(1)		4
Allowance for credit losses for loans	13,705			13,609	13,225	12,884	12,681	1		8
Equity securities	60,610			64,414	59,560	61,774	70,755	(6)		(14)
Assets	1,886,400			1,881,020	1,877,719	1,881,141	1,939,709	—		(3)
Deposits	1,362,629			1,383,985	1,398,151	1,425,153	1,481,354	(2)		(8)

Headcount (#) (period-end)	235,591			238,698	239,209	243,674	246,577	(1)		(4)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.8		%	10.6	10.3	10.4	10.5
Tier 1 capital	12.3			12.1	11.9	11.9	12.0
Total capital	15.1			14.8	14.6	14.6	14.7
Risk-weighted assets (RWAs) (in billions)	$	1,244.0		1,259.9	1,255.6	1,253.6	1,265.5	(1)		(2)

Advanced Approach:
Common Equity Tier 1 (CET1)	12.0		%	12.0	11.8	11.6	11.8
Tier 1 capital	13.7			13.7	13.5	13.3	13.5
Total capital	15.9			15.9	15.7	15.6	15.9
Risk-weighted assets (RWAs) (in billions)	$	1,119.5		1,112.3	1,104.1	1,121.6	1,119.5	1		—

Tier 1 leverage ratio	8.4		%	8.3	8.0	8.0	8.0
Supplementary Leverage Ratio (SLR)	7.0			6.9	6.7	6.6	6.6
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.3			23.3	23.0	22.7	22.3
Liquidity Coverage Ratio (LCR) (4)	122			122	123	121	119

(1)Ratios and metrics for March 31, 2023, are preliminary estimates.

(2)See the tables on pages 26 and 27 for more information on CET1, tier 1 capital, and total capital.

(3)Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.

(4)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


	Quarter ended						Mar 31, 2023 % Change from
(in millions, except per share amounts)	Mar 31, 2023		Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022







Interest income	$	19,356	17,793	14,494	11,556	10,181	9	%	90





Interest expense	6,020		4,360	2,396	1,358	960	38		527
Net interest income	13,336		13,433	12,098	10,198	9,221	(1)		45
Noninterest income
Deposit-related fees	1,148		1,178	1,289	1,376	1,473	(3)		(22)
Lending-related fees	356		344	358	353	342	3		4
Investment advisory and other asset-based fees	2,114		2,049	2,111	2,346	2,498	3		(15)
Commissions and brokerage services fees	619		601	562	542	537	3		15
Investment banking fees	326		331	375	286	447	(2)		(27)
Card fees	1,033		1,095	1,119	1,112	1,029	(6)		—
Mortgage banking	232		79	324	287	693	194		(67)
Net gains from trading activities	1,342		552	900	446	218	143		516
Net gains from debt securities	—		—	6	143	2	NM		(100)
Net gains (losses) from equity securities	(357)		(733)	(34)	(615)	576	51		NM
Lease income	347		287	322	333	327	21		6
Other	233		818	136	233	365	(72)		(36)
Total noninterest income	7,393		6,601	7,468	6,842	8,507	12		(13)
Total revenue	20,729		20,034	19,566	17,040	17,728	3		17




Provision for credit losses (1)	1,207		957	784	580	(787)	26		253
Noninterest expense
Personnel	9,415		8,415	8,212	8,442	9,271	12		2
Technology, telecommunications and equipment	922		902	798	799	876	2		5
Occupancy	713		722	732	705	722	(1)		(1)
Operating losses	267		3,517	2,218	576	673	(92)		(60)
Professional and outside services	1,229		1,357	1,235	1,310	1,286	(9)		(4)
Leases (2)	177		191	186	185	188	(7)		(6)
Advertising and promotion	154		178	126	102	99	(13)		56
Restructuring charges	—		—	—	—	5	NM		(100)
Other	799		904	799	743	731	(12)		9
Total noninterest expense	13,676		16,186	14,306	12,862	13,851	(16)		(1)
Income before income tax expense (benefit)	5,846		2,891	4,476	3,598	4,664	102		25
Income tax expense (benefit)	966		(29)	912	622	746	NM		29
Net income before noncontrolling interests	4,880		2,920	3,564	2,976	3,918	67		25
Less: Net income (loss) from noncontrolling interests	(111)		(235)	(28)	(166)	130	53		NM
Wells Fargo net income	$	4,991	3,155	3,592	3,142	3,788	58	%	32
Less: Preferred stock dividends and other	278		278	279	279	279	—		—
Wells Fargo net income applicable to common stock	$	4,713	2,877	3,313	2,863	3,509	64	%	34
Per share information
Earnings per common share	$	1.24	0.76	0.87	0.75	0.92	63	%	35
Diluted earnings per common share	1.23		0.75	0.86	0.75	0.91	64		35

NM – Not meaningful

(1)Includes provision for credit losses for loans, debt securities, and interest-earning deposits with banks.

(2)Represents expenses for assets we lease to customers.

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Mar 31, 2023 % Change from
(in millions)	Mar 31, 2023		Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Assets
Cash and due from banks	$	31,958	34,596	27,634	29,716	27,454	(8)	%	16
Interest-earning deposits with banks	130,478		124,561	137,821	125,424	174,441	5		(25)

Federal funds sold and securities purchased under resale agreements	67,288		68,036	55,840	55,546	67,764	(1)		(1)
Debt securities:
Trading, at fair value	90,052		86,155	85,766	89,157	86,672	5		4
Available-for-sale, at fair value	144,398		113,594	115,835	125,832	168,436	27		(14)
Held-to-maturity, at amortized cost	277,147		297,059	300,434	301,783	280,808	(7)		(1)
Loans held for sale	6,199		7,104	9,434	9,674	19,824	(13)		(69)
Loans	947,991		955,871	945,906	943,734	911,807	(1)		4
Allowance for loan losses	(13,120)		(12,985)	(12,571)	(11,786)	(11,504)	(1)		(14)
Net loans	934,871		942,886	933,335	931,948	900,303	(1)		4
Mortgage servicing rights	9,950		10,480	11,027	10,386	9,753	(5)		2
Premises and equipment, net	8,416		8,350	8,493	8,444	8,473	1		(1)
Goodwill	25,173		25,173	25,172	25,178	25,181	—		—
Derivative assets	17,117		22,774	29,253	24,896	27,365	(25)		(37)
Equity securities	60,610		64,414	59,560	61,774	70,755	(6)		(14)
Other assets	82,743		75,838	78,115	81,383	72,480	9		14
Total assets	$	1,886,400	1,881,020	1,877,719	1,881,141	1,939,709	—		(3)
Liabilities
Noninterest-bearing deposits	$	434,912	458,010	494,594	515,437	529,957	(5)		(18)
Interest-bearing deposits	927,717		925,975	903,557	909,716	951,397	—		(2)
Total deposits	1,362,629		1,383,985	1,398,151	1,425,153	1,481,354	(2)		(8)
Short-term borrowings (1)	81,007		51,145	48,382	37,075	33,601	58		141
Derivative liabilities	16,897		20,067	23,379	17,149	15,489	(16)		9
Accrued expenses and other liabilities	69,181		68,740	72,917	71,675	74,331	1		(7)
Long-term debt (2)	173,466		174,870	156,412	150,291	153,337	(1)		13
Total liabilities	1,703,180		1,698,807	1,699,241	1,701,343	1,758,112	—		(3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		19,448	20,057	20,057	20,057	—		(3)
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136	9,136	9,136	9,136	—		—
Additional paid-in capital	59,946		60,319	60,216	60,024	59,899	(1)		—
Retained earnings	191,688		187,968	186,579	184,439	182,563	2		5
Accumulated other comprehensive income (loss)	(12,572)		(13,362)	(14,303)	(10,568)	(6,799)	6		(85)
Treasury stock (3)	(86,049)		(82,853)	(84,781)	(84,906)	(85,059)	(4)		(1)
Unearned ESOP shares	(429)		(429)	(646)	(646)	(646)	—		34
Total Wells Fargo stockholders’ equity	181,168		180,227	176,258	177,536	179,151	1		1
Noncontrolling interests	2,052		1,986	2,220	2,262	2,446	3		(16)
Total equity	183,220		182,213	178,478	179,798	181,597	1		1
Total liabilities and equity	$	1,886,400	1,881,020	1,877,719	1,881,141	1,939,709	—		(3)

(1)Includes $5.0 billion, $7.0 billion, $9.0 billion, $0.0 billion, and $0.0 billion of Federal Home Loan Bank (FHLB) advances at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

(2)Includes $24.0 billion, $27.0 billion, $10.0 billion, $0.0 billion, and $0.0 billion of FHLB advances at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

(3)Number of shares of treasury stock were 1,718,587,875, 1,648,007,022, 1,686,372,007, 1,688,846,993, and 1,691,916,667 at March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively.

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS) (1)


	Quarter ended							Mar 31, 2023 % Change from
($ in millions)	Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Average Balances

Assets
Interest-earning deposits with banks	$	114,858		127,854	130,761	146,271	179,051	(10)	%	(36)
Federal funds sold and securities purchased under resale agreements	68,633			65,860	57,432	60,450	64,845	4		6
Trading debt securities	96,405			94,465	91,618	89,258	90,677	2		6
Available-for-sale debt securities	145,894			122,271	127,821	147,138	169,048	19		(14)
Held-to-maturity debt securities	279,955			303,391	305,063	298,101	279,245	(8)		—
Loans held for sale	6,611			9,932	11,458	14,828	19,513	(33)		(66)
Loans	948,651			948,517	945,465	926,567	898,005	—		6
Equity securities	28,651			28,587	29,722	30,770	33,282	—		(14)
Other	11,043			11,932	13,577	16,085	11,498	(7)		(4)
Total interest-earning assets	1,700,701			1,712,809	1,712,917	1,729,468	1,745,164	(1)		(3)
Total noninterest-earning assets	162,975			162,382	167,772	173,103	174,233	—		(6)
Total assets	$	1,863,676		1,875,191	1,880,689	1,902,571	1,919,397	(1)		(3)
Liabilities
Interest-bearing deposits	$	920,226		902,564	902,219	924,526	945,335	2		(3)
Short-term borrowings	58,496			51,246	39,447	35,591	32,758	14		79
Long-term debt	172,567			166,796	158,984	151,230	153,803	3		12
Other liabilities	33,427			33,559	36,217	35,583	31,092	—		8
Total interest-bearing liabilities	1,184,716			1,154,165	1,136,867	1,146,930	1,162,988	3		2
Noninterest-bearing demand deposits	436,468			477,895	505,632	521,267	518,737	(9)		(16)
Other noninterest-bearing liabilities	58,195			60,510	55,148	53,448	51,555	(4)		13
Total liabilities	1,679,379			1,692,570	1,697,647	1,721,645	1,733,280	(1)		(3)
Total equity	184,297			182,621	183,042	180,926	186,117	1		(1)
Total liabilities and equity	$	1,863,676		1,875,191	1,880,689	1,902,571	1,919,397	(1)		(3)

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	4.12		%	3.50	2.12	0.88	0.22
Federal funds sold and securities purchased under resale agreements	4.12			3.29	1.73	0.47	(0.05)
Trading debt securities	3.33			3.17	2.75	2.50	2.44
Available-for-sale debt securities	3.54			3.10	2.47	1.91	1.72
Held-to-maturity debt securities	2.55			2.45	2.23	2.06	1.98
Loans held for sale	5.90			5.11	4.18	3.41	2.86
Loans	5.69			5.13	4.28	3.52	3.25
Equity securities	2.39			2.63	2.09	2.51	2.05
Other	4.60			3.57	1.97	0.65	0.12
Total interest-earning assets	4.62			4.16	3.39	2.70	2.38
Interest-bearing liabilities
Interest-bearing deposits	1.22			0.70	0.23	0.07	0.04
Short-term borrowings	3.95			3.15	1.59	0.34	(0.17)
Long-term debt	5.83			5.22	3.90	2.67	1.98
Other liabilities	2.16			2.09	1.89	1.78	1.68
Total interest-bearing liabilities	2.05			1.50	0.84	0.47	0.33

Interest rate spread on a taxable-equivalent basis (2)	2.57			2.66	2.55	2.23	2.05
Net interest margin on a taxable-equivalent basis (2)	3.20			3.14	2.83	2.39	2.16

(1)The average balance amounts represent amortized costs. The interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)Includes taxable-equivalent adjustments of $107 million, $116 million, $105 million, $108 million, and $107 million for the quarters ended March 31, 2023, and December 31, September 30, June 30, and March 31, 2022, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)


						Quarter ended March 31, 2023
(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (2)	Reconciling Items (3)	Consolidated Company
Net interest income	$	7,433	2,489	2,461	1,044	16	(107)	13,336
Noninterest income	1,931		818	2,441	2,637	5	(439)	7,393
Total revenue	9,364		3,307	4,902	3,681	21	(546)	20,729
Provision for credit losses	867		(43)	252	11	120	—	1,207
Noninterest expense	6,038		1,752	2,217	3,061	608	—	13,676
Income (loss) before income tax expense (benefit)	2,459		1,598	2,433	609	(707)	(546)	5,846
Income tax expense (benefit)	618		399	615	152	(272)	(546)	966
Net income (loss) before noncontrolling interests	1,841		1,199	1,818	457	(435)	—	4,880
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(114)	—	(111)
Net income (loss)	$	1,841	1,196	1,818	457	(321)	—	4,991

						Quarter ended December 31, 2022
Net interest income	$	7,574	2,357	2,416	1,124	78	(116)	13,433
Noninterest income	1,889		792	1,723	2,571	7	(381)	6,601
Total revenue	9,463		3,149	4,139	3,695	85	(497)	20,034
Provision for credit losses	936		(43)	41	11	12	—	957
Noninterest expense	7,088		1,523	1,837	2,731	3,007	—	16,186
Income (loss) before income tax expense (benefit)	1,439		1,669	2,261	953	(2,934)	(497)	2,891
Income tax expense (benefit)	362		428	569	238	(1,129)	(497)	(29)
Net income (loss) before noncontrolling interests	1,077		1,241	1,692	715	(1,805)	—	2,920
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(238)	—	(235)
Net income (loss)	$	1,077	1,238	1,692	715	(1,567)	—	3,155

						Quarter ended March 31, 2022
Net interest income	$	5,996	1,361	1,990	799	(818)	(107)	9,221
Noninterest income	2,567		966	1,480	2,958	942	(406)	8,507
Total revenue	8,563		2,327	3,470	3,757	124	(513)	17,728
Provision for credit losses	(190)		(344)	(196)	(37)	(20)	—	(787)
Noninterest expense	6,395		1,531	1,983	3,175	767	—	13,851
Income (loss) before income tax expense (benefit)	2,358		1,140	1,683	619	(623)	(513)	4,664
Income tax expense (benefit)	588		280	425	154	(188)	(513)	746
Net income (loss) before noncontrolling interests	1,770		860	1,258	465	(435)	—	3,918
Less: Net income from noncontrolling interests	—		3	—	—	127	—	130
Net income (loss)	$	1,770	857	1,258	465	(562)	—	3,788

(1)The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.

(2)All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital, liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

(3)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for low-income housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Mar 31, 2023 % Change from
($ in millions)	Mar 31, 2023		Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Income Statement
Net interest income	$	7,433	7,574	7,102	6,372	5,996	(2)	%	24
Noninterest income:
Deposit-related fees	672		696	773	779	845	(3)		(20)
Card fees	958		1,025	1,043	1,038	961	(7)		—
Mortgage banking	160		23	212	211	654	596		(76)
Other	141		145	147	107	107	(3)		32
Total noninterest income	1,931		1,889	2,175	2,135	2,567	2		(25)
Total revenue	9,364		9,463	9,277	8,507	8,563	(1)		9
Net charge-offs	589		525	435	358	375	12		57
Change in the allowance for credit losses	278		411	482	255	(565)	(32)		149
Provision for credit losses	867		936	917	613	(190)	(7)		556
Noninterest expense	6,038		7,088	6,758	6,036	6,395	(15)		(6)
Income before income tax expense	2,459		1,439	1,602	1,858	2,358	71		4
Income tax expense	618		362	401	465	588	71		5
Net income	$	1,841	1,077	1,201	1,393	1,770	71		4
Revenue by Line of Business
Consumer and Small Business Banking	$	6,486	6,608	6,232	5,510	5,071	(2)		28
Consumer Lending:
Home Lending	863		786	973	972	1,490	10		(42)
Credit Card	1,305		1,353	1,349	1,304	1,265	(4)		3
Auto	392		413	423	436	444	(5)		(12)
Personal Lending	318		303	300	285	293	5		9
Total revenue	$	9,364	9,463	9,277	8,507	8,563	(1)		9
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,363	9,590	9,895	10,453	10,605	(2)		(12)
Consumer Lending:
Home Lending	222,561		222,546	221,870	218,371	213,714	—		4
Credit Card	38,190		37,152	35,052	32,825	31,503	3		21
Auto	53,676		54,490	55,430	56,813	57,278	(1)		(6)
Personal Lending	14,518		14,219	13,397	12,397	11,955	2		21
Total loans	$	338,308	337,997	335,644	330,859	325,055	—		4
Total deposits	841,265		864,623	888,037	898,650	881,339	(3)		(5)
Allocated capital	44,000		48,000	48,000	48,000	48,000	(8)		(8)

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,457	9,704	9,898	10,400	11,006	(3)		(14)
Consumer Lending:
Home Lending	222,012		223,525	222,471	222,088	215,858	(1)		3
Credit Card	38,201		38,475	35,965	34,075	31,974	(1)		19
Auto	53,244		54,281	55,116	56,224	57,652	(2)		(8)
Personal Lending	14,597		14,544	13,902	12,945	12,068	—		21
Total loans	$	337,511	340,529	337,352	335,732	328,558	(1)		3
Total deposits	851,304		859,695	886,991	892,373	909,896	(1)		(6)

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Mar 31, 2023 % Change from
($ in millions, unless otherwise noted)	Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	16.5		%	8.3	9.4	11.1	14.4
Efficiency ratio (2)	64			75	73	71	75

Retail bank branches (#)	4,525			4,598	4,612	4,660	4,705	(2)	%	(4)
Digital active customers (# in millions) (3)	34.3			33.5	33.6	33.4	33.7	2		2
Mobile active customers (# in millions) (3)	28.8			28.3	28.3	28.0	27.8	2		4

Consumer and Small Business Banking:
Deposit spread (4)	2.5		%	2.4	2.1	1.7	1.6
Debit card purchase volume ($ in billions) (5)	$	117.3		124.0	122.4	125.2	115.0	(5)		2
Debit card purchase transactions (# in millions) (5)	2,369			2,496	2,501	2,517	2,338	(5)		1

Home Lending:
Mortgage banking:
Net servicing income	$	84		94	81	77	116	(11)		(28)
Net gains (losses) on mortgage loan originations/sales	76			(71)	131	134	538	207		(86)
Total mortgage banking	$	160		23	212	211	654	596		(76)

Originations ($ in billions):
Retail	$	5.6		8.2	12.4	19.6	24.1	(32)		(77)
Correspondent	1.0			6.4	9.1	14.5	13.8	(84)		(93)
Total originations	$	6.6		14.6	21.5	34.1	37.9	(55)		(83)

% of originations held for sale (HFS)	46.8		%	60.7	59.2	46.1	51.4
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	666.8		679.2	687.4	696.9	704.2	(2)		(5)
Mortgage servicing rights (MSR) carrying value (period-end)	8,819			9,310	9,828	9,163	8,511	(5)		4
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	1.32		%	1.37	1.43	1.31	1.21
Home lending loans 30+ days delinquency rate (7)(8)	0.26			0.31	0.29	0.28	0.29

Credit Card:
Point of sale (POS) volume ($ in billions)	$	30.1		32.3	30.7	30.1	26.0	(7)		16
New accounts (# in thousands)	567			561	584	524	484	1		17
Credit card loans 30+ days delinquency rate	2.26		%	2.08	1.81	1.54	1.58
Credit card loans 90+ days delinquency rate	1.16			1.01	0.85	0.74	0.78

Auto:
Auto originations ($ in billions)	$	5.0		5.0	5.4	5.4	7.3	—		(32)
Auto loans 30+ days delinquency rate (8)	2.25		%	2.64	2.19	1.95	1.68

Personal Lending:
New volume ($ in billions)	$	2.9		3.2	3.5	3.3	2.6	(9)		12

(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).

(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

(5)Debit card purchase volume and transactions reflect combined activity for both consumer and business debit card purchases.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and loans held for sale.


	Quarter ended						Mar 31, 2023 % Change from
($ in millions)	Mar 31, 2023		Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	163,210	159,236	150,365	143,833	135,792	2	%	20
Commercial real estate	45,862		45,551	45,121	44,790	45,053	1		2
Lease financing and other	13,754		13,635	13,511	13,396	13,550	1		2
Total loans	$	222,826	218,422	208,997	202,019	194,395	2		15

Loans by Line of Business:
Middle Market Banking	$	121,625	119,740	117,031	113,033	108,583	2		12
Asset-Based Lending and Leasing	101,201		98,682	91,966	88,986	85,812	3		18
Total loans	$	222,826	218,422	208,997	202,019	194,395	2		15

Total deposits	170,467		175,442	180,231	188,286	200,699	(3)		(15)
Allocated capital	25,500		19,500	19,500	19,500	19,500	31		31

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	166,853	163,797	155,400	146,656	140,932	2		18
Commercial real estate	45,895		45,816	45,540	44,992	44,428	—		3
Lease financing and other	13,851		13,916	13,645	13,593	13,473	—		3
Total loans	$	226,599	223,529	214,585	205,241	198,833	1		14

Loans by Line of Business:
Middle Market Banking	$	121,626	121,192	118,627	116,064	110,258	—		10
Asset-Based Lending and Leasing	104,973		102,337	95,958	89,177	88,575	3		19
Total loans	$	226,599	223,529	214,585	205,241	198,833	1		14

Total deposits	169,827		173,942	172,727	183,145	195,549	(2)		(13)


	Quarter ended						Mar 31, 2023 % Change from
($ in millions)	Mar 31, 2023		Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	193,770	196,697	205,185	200,527	191,152	(1)	%	1
Commercial real estate	100,972		101,553	101,055	98,167	93,346	(1)		8
Total loans	$	294,742	298,250	306,240	298,694	284,498	(1)		4

Loans by Line of Business:
Banking	$	99,078	104,187	109,909	109,123	102,485	(5)		(3)
Commercial Real Estate	136,806		137,680	137,568	133,212	126,248	(1)		8
Markets	58,858		56,383	58,763	56,359	55,765	4		6
Total loans	$	294,742	298,250	306,240	298,694	284,498	(1)		4
Trading-related assets:
Trading account securities	$	112,628	111,803	110,919	110,499	115,687	1		(3)
Reverse repurchase agreements/securities borrowed	57,818		52,814	45,486	48,909	54,832	9		5
Derivative assets	17,928		24,556	28,050	30,845	26,244	(27)		(32)
Total trading-related assets	$	188,374	189,173	184,455	190,253	196,763	—		(4)
Total assets	548,808		553,308	560,509	564,306	551,404	(1)		—
Total deposits	157,551		156,205	156,830	164,860	169,181	1		(7)
Allocated capital	44,000		36,000	36,000	36,000	36,000	22		22

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	191,020	196,529	198,253	207,414	194,201	(3)		(2)
Commercial real estate	100,797		101,848	101,440	100,872	96,426	(1)		5
Total loans	$	291,817	298,377	299,693	308,286	290,627	(2)		—

Loans by Line of Business:
Banking	$	97,178	101,183	103,809	111,639	107,081	(4)		(9)
Commercial Real Estate	135,728		137,495	137,077	137,083	129,375	(1)		5
Markets	58,911		59,699	58,807	59,564	54,171	(1)		9
Total loans	$	291,817	298,377	299,693	308,286	290,627	(2)		—
Trading-related assets:
Trading account securities	$	115,198	111,801	113,488	109,634	113,763	3		1
Reverse repurchase agreements/securities borrowed	57,502		55,407	44,194	42,696	57,579	4		—
Derivative assets	16,968		22,218	28,545	24,540	26,695	(24)		(36)
Total trading-related assets	$	189,668	189,426	186,227	176,870	198,037	—		(4)
Total assets	542,168		550,177	550,695	567,733	564,976	(1)		(4)
Total deposits	158,564		157,217	154,550	162,439	168,467	1		(6)


	Quarter ended							Mar 31, 2023 $ Change from
($ in millions)	Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022	Mar 31, 2022
Period-End Loans
Commercial and industrial	$	384,690		386,806	379,694	380,235	362,137	(2,116)	22,553


Commercial real estate	154,707			155,802	155,659	155,154	150,108	(1,095)	4,599
Lease financing	14,820			14,908	14,617	14,530	14,469	(88)	351
Total commercial	554,217			557,516	549,970	549,919	526,714	(3,299)	27,503



Residential mortgage	267,138			269,117	268,065	267,545	260,634	(1,979)	6,504
Credit card	45,766			46,293	43,558	41,222	38,639	(527)	7,127
Auto	52,631			53,669	54,545	55,658	57,083	(1,038)	(4,452)
Other consumer	28,239			29,276	29,768	29,390	28,737	(1,037)	(498)
Total consumer	393,774			398,355	395,936	393,815	385,093	(4,581)	8,681
Total loans	$	947,991		955,871	945,906	943,734	911,807	(7,880)	36,184

Average Loans
Commercial and industrial	$	383,277		381,889	381,375	370,615	353,829	1,388	29,448


Commercial real estate	155,074			155,674	155,291	152,456	147,723	(600)	7,351
Lease financing	14,832			14,656	14,526	14,445	14,586	176	246
Total commercial	553,183			552,219	551,192	537,516	516,138	964	37,045



Residential mortgage	267,984			268,232	267,609	263,877	258,900	(248)	9,084
Credit card	45,842			44,829	42,407	39,614	38,164	1,013	7,678
Auto	53,065			53,917	54,874	56,262	56,701	(852)	(3,636)
Other consumer	28,577			29,320	29,383	29,298	28,102	(743)	475
Total consumer	395,468			396,298	394,273	389,051	381,867	(830)	13,601
Total loans	$	948,651		948,517	945,465	926,567	898,005	134	50,646

Average Interest Rates
Commercial and industrial	6.25		%	5.41	4.13	2.92	2.41


Commercial real estate	6.24			5.45	4.23	3.08	2.74
Lease financing	4.63			4.45	3.76	4.24	4.24
Total commercial	6.20			5.40	4.14	3.00	2.56



Residential mortgage	3.44			3.38	3.27	3.20	3.20
Credit card	12.74			12.00	11.51	11.13	11.32
Auto	4.56			4.46	4.27	4.18	4.17
Other consumer	7.74			6.89	5.58	4.26	3.69
Total consumer	4.98			4.76	4.47	4.23	4.20
Total loans	5.69		%	5.13	4.28	3.52	3.25


	Mar 31, 2023				Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022
($ in millions)	ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class		ACL		ACL as % of loan class
By product:
Commercial and industrial	$	4,287	1.11	%	$	4,507	1.17	%	$	4,547	1.20	%	$	4,620	1.22	%	$	4,625	1.28	%


Commercial real estate	2,724		1.76		2,231		1.43		2,233		1.43		2,188		1.41		2,249		1.50
Lease financing	213		1.44		218		1.46		211		1.44		274		1.89		274		1.89
Total commercial	7,224		1.30		6,956		1.25		6,991		1.27		7,082		1.29		7,148		1.36



Residential mortgage (1)	751		0.28		1,096		0.41		1,001		0.37		1,018		0.38		929		0.36
Credit card	3,641		7.96		3,567		7.71		3,364		7.72		3,253		7.89		3,094		8.01
Auto	1,449		2.75		1,380		2.57		1,340		2.46		1,045		1.88		1,030		1.80
Other consumer	640		2.27		610		2.08		529		1.78		486		1.65		480		1.67
Total consumer	6,481		1.65		6,653		1.67		6,234		1.57		5,802		1.47		5,533		1.44
Total allowance for credit losses for loans	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%
By segment:
Consumer Banking and Lending	$	7,215	2.14	%	$	7,394	2.17	%	$	7,002	2.08	%	$	6,540	1.95	%	$	6,305	1.92	%
Commercial Banking	2,417		1.07		2,397		1.07		2,477		1.15		2,644		1.29		2,631		1.32
Corporate and Investing Banking	3,785		1.30		3,552		1.19		3,517		1.17		3,480		1.13		3,532		1.22
Wealth and Investment Management	265		0.32		253		0.30		240		0.28		231		0.27		238		0.28
Corporate	23		0.25		13		0.14		(11)		(0.12)		(11)		(0.12)		(25)		(0.27)
Total allowance for credit losses for loans	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%


	Mar 31, 2023					Dec 31, 2022				Mar 31, 2022
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans			Nonaccrual loans		Loans outstanding balance	% of total loans		Nonaccrual loans		Loans outstanding balance	% of total loans
Financials except banks	$	13	144,954	15	%		$	44	147,171	15	%	$	59	140,267	15	%
Technology, telecom and media	43		27,807	3			31		27,767	3		63		24,382	3
Real estate and construction	53		24,353	3			73		24,478	3		72		24,961	3
Equipment, machinery and parts manufacturing	177		24,569	3			83		23,675	2		17		19,763	2
Retail	45		19,718	2			47		19,487	2		21		17,529	2
Materials and commodities	82		16,960	2			86		16,610	2		28		16,141	2
Oil, gas and pipelines	48		9,782	1			55		9,991	1		85		8,447	*
Food and beverage manufacturing	5		16,890	2			17		17,393	2		6		14,935	2
Health care and pharmaceuticals	20		15,664	2			21		14,861	2		25		13,279	1
Auto related	8		13,926	1			10		13,168	1		22		10,762	1
Commercial services	32		11,536	1			50		11,418	1		69		10,632	1
Utilities	18		8,342	*			18		9,457	*		78		8,303	*
Entertainment and recreation	26		13,648	1			28		13,085	1		43		11,438	1
Diversified or miscellaneous	3		8,587	*			2		8,161	*		21		8,233	*
Transportation services	196		8,357	*			237		8,389	*		246		8,116	*
Insurance and fiduciaries	1		4,714	*			1		4,691	*		1		4,366	*
Banks	—		12,373	1			—		14,403	2		—		18,336	2
Agribusiness	7		6,215	*			24		6,180	*		32		6,058	*
Government and education	36		6,131	*			25		6,482	*		4		5,717	*
Other	12		4,984	*			13		4,847	*		24		4,941	*
Total	$	825	399,510	42	%		$	865	401,714	42	%	$	916	376,606	41	%


		Estimated							Mar 31, 2023 % Change from
($ in billions)		Mar 31, 2023			Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2022		Mar 31, 2022
Total equity (2)		$	183.2		182.2	178.5	179.8	181.6	1	%	1
Effect of accounting policy change (2)		—			(0.3)	(0.1)	—	0.1
Total equity (as reported)		183.2			181.9	178.4	179.8	181.7	1		1
Adjustments:
Preferred stock (3)		(19.4)			(19.4)	(20.1)	(20.1)	(20.1)	—		3
Additional paid-in capital on preferred stock (3)		0.2			0.1	0.1	0.2	0.1	137		27
Unearned ESOP shares (3)		—			—	0.7	0.7	0.7	NM		(100)
Noncontrolling interests		(2.1)			(2.0)	(2.2)	(2.3)	(2.4)	(3)		16
Total common stockholders' equity		161.9			160.6	156.9	158.3	160.0	1		1
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.1)			(0.2)	(0.2)	(0.2)	(0.2)	9		34
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2.5)			(2.4)	(2.4)	(2.3)	(2.3)	(2)		(8)
Applicable deferred taxes related to goodwill and other intangible assets (4)		0.9			0.9	0.9	0.9	0.9	1		3
Current expected credit loss (CECL) transition provision (5)		0.1			0.2	0.2	0.2	0.2	(33)		(33)
Other		(0.6)			(0.4)	(0.4)	(1.6)	(1.1)	(59)		43
Common Equity Tier 1	(A)	134.5			133.5	129.8	130.1	132.3	1		2


Preferred stock (3)		19.4			19.4	20.1	20.1	20.1	—		(3)
Additional paid-in capital on preferred stock (3)		(0.2)			(0.1)	(0.1)	(0.2)	(0.1)	(100)		(100)
Unearned ESOP shares (3)		—			—	(0.7)	(0.7)	(0.7)	NM		100
Other		(0.2)			(0.2)	(0.3)	(0.2)	(0.3)	(4)		27
Total Tier 1 capital	(B)	153.5			152.6	148.8	149.1	151.3	1		1

Long-term debt and other instruments qualifying as Tier 2		20.3			20.5	20.6	21.6	22.3	(1)		(9)
Qualifying allowance for credit losses (6)		14.2			13.9	13.6	13.2	13.0	2		9
Other		(0.3)			(0.3)	(0.3)	(0.3)	(0.3)	(16)		(17)





Total qualifying capital	(C)	$	187.7		186.7	182.7	183.6	186.3	1		1

Total risk-weighted assets (RWAs)	(D)	$	1,244.0		1,259.9	1,255.6	1,253.6	1,265.5	(1)		(2)

Common Equity Tier 1 to total RWAs	(A)/(D)	10.8		%	10.6	10.3	10.4	10.5
Tier 1 capital to total RWAs	(B)/(D)	12.3			12.1	11.9	11.9	12.0
Total capital to total RWAs	(C)/(D)	15.1			14.8	14.6	14.6	14.7


	Quarter ended													Year ended
	Dec 31, 2022				Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Dec 31, 2022			Dec 31, 2021
($ in millions, except per share amounts)	As reported		Effect of adoption	As revised	As reported	Effect of adoption	As revised	As reported	Effect of adoption	As revised	As reported	Effect of adoption	As revised	As reported	Effect of adoption	As revised	As reported	Effect of adoption	As revised
Selected Income Statement Data
Noninterest income	$	6,227	374	6,601	7,407	61	7,468	6,830	12	6,842	8,371	136	8,507	28,835	583	29,418	42,713	674	43,387
Noninterest expense	16,202		(16)	16,186	14,327	(21)	14,306	12,883	(21)	12,862	13,870	(19)	13,851	57,282	(77)	57,205	53,831	(73)	53,758
Income tax expense (benefit)	(127)		98	(29)	894	18	912	613	9	622	707	39	746	2,087	164	2,251	5,578	186	5,764
Net income	2,864		291	3,155	3,528	64	3,592	3,119	23	3,142	3,671	117	3,788	13,182	495	13,677	21,548	561	22,109
Diluted earnings per common share	0.67		0.08	0.75	0.85	0.01	0.86	0.74	0.01	0.75	0.88	0.03	0.91	3.14	0.13	3.27	4.95	0.13	5.08
Selected Balance Sheet Data
Other assets	$	75,834	4	75,838	78,141	(26)	78,115	81,384	(1)	81,383	72,480	—	72,480	75,834	4	75,838	67,259	5	67,264
Derivative liabilities	20,085		(18)	20,067	23,400	(21)	23,379	17,168	(19)	17,149	15,499	(10)	15,489	20,085	(18)	20,067	9,424	(13)	9,411
Accrued expenses and other liabilities	69,056		(316)	68,740	72,991	(74)	72,917	71,662	13	71,675	74,229	102	74,331	69,056	(316)	68,740	70,957	239	71,196
Retained earnings	187,649		319	187,968	186,551	28	186,579	184,475	(36)	184,439	182,623	(60)	182,563	187,649	319	187,968	180,322	(176)	180,146


	Mar 31, 2023							Dec 31, 2022							Mar 31, 2022
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)
Apartments	$	8	40,032	4	%	$	51,266	$	8	39,743	4	%	$	51,567	$	13	33,501	4	%	$	44,686
Office buildings	725		35,671	4		39,867		186		36,144	4		40,827		130		36,551	4		42,169
Industrial/warehouse	36		20,487	2		24,415		42		20,634	2		24,546		70		17,929	2		21,092
Hotel/motel	151		12,801	1		13,889		153		12,751	1		13,758		200		12,439	1		12,940
Retail (excluding shopping center)	200		11,600	1		12,310		199		11,753	1		12,486		117		12,308	1		12,982
Shopping center	197		9,375	*		10,003		259		9,534	*		10,131		342		10,295	1		10,938
Institutional	31		7,691	*		9,027		33		7,725	*		9,178		39		7,886	*		9,519
Mixed use properties	87		5,396	*		6,555		54		5,887	*		7,139		71		7,503	*		9,051
Collateral pool	—		3,119	*		3,477		—		3,062	*		3,662		—		3,603	*		4,193
1-4 family structure	—		1,249	*		3,325		—		1,324	*		3,589		—		1,122	*		2,860
Other	15		7,286	*		8,685		24		7,245	*		8,437		55		6,971	*		8,566
Total	$	1,450	154,707	16	%	$	182,819	$	958	155,802	16	%	$	185,320	$	1,037	150,108	16	%	$	178,996