Document

EX-99.2 3 wfc3qer10-13x23ex992xsuppl.htm EXHIBIT 99.2 Document

Exhibit 99.2

3Q23 Quarterly Supplement

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS


			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			10
Commercial Banking			12
Corporate and Investment Banking			14
Wealth and Investment Management			16
Corporate			17

Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates			18
Net Loan Charge-offs			19
Changes in Allowance for Credit Losses for Loans			20
Allocation of the Allowance for Credit Losses for Loans			21
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			22


Commercial and Industrial Loans and Lease Financing by Industry			23
Commercial Real Estate Loans by Property Type			24

Equity
Tangible Common Equity			25

Risk-Based Capital Ratios Under Basel III – Standardized Approach			27
Risk-Based Capital Ratios Under Basel III – Advanced Approach			28

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 September 30, 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.

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
(in millions, except ratios and per share amounts)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Selected Income Statement Data
Total revenue	$	20,857		20,533	20,729	20,034	19,566	2	%	7	$	62,119		54,334	14	%
Noninterest expense	13,113			12,987	13,676	16,186	14,306	1		(8)	39,776			41,019	(3)
Pre-tax pre-provision profit (PTPP) (1)	7,744			7,546	7,053	3,848	5,260	3		47	22,343			13,315	68
Provision for credit losses (2)	1,197			1,713	1,207	957	784	(30)		53	4,117			577	614
Wells Fargo net income	5,767			4,938	4,991	3,155	3,592	17		61	15,696			10,522	49
Wells Fargo net income applicable to common stock	5,450			4,659	4,713	2,877	3,313	17		65	14,822			9,685	53

Common Share Data
Diluted earnings per common share	1.48			1.25	1.23	0.75	0.86	18		72	3.96			2.52	57
Dividends declared per common share	0.35			0.30	0.30	0.30	0.30	17		17	0.95			0.80	19
Common shares outstanding	3,637.9			3,667.7	3,763.2	3,833.8	3,795.4	(1)		(4)
Average common shares outstanding	3,648.8			3,699.9	3,785.6	3,799.9	3,796.5	(1)		(4)	3,710.9			3,807.0	(3)
Diluted average common shares outstanding	3,680.6			3,724.9	3,818.7	3,832.7	3,825.1	(1)		(4)	3,741.6			3,838.5	(3)
Book value per common share (3)	$	44.37		43.87	43.02	41.98	41.36	1		7
Tangible book value per common share (3)(4)	37.43			36.53	35.87	34.98	34.29	2		9

Selected Equity Data (period-end)
Total equity	182,373			181,952	183,220	182,213	178,478	—		2
Common stockholders' equity	161,424			160,916	161,893	160,952	156,983	—		3
Tangible common equity (4)	136,153			133,990	134,992	134,090	130,151	2		5

Performance Ratios
Return on average assets (ROA) (5)	1.21		%	1.05	1.09	0.67	0.76				1.12		%	0.74
Return on average equity (ROE) (6)	13.3			11.4	11.7	7.1	8.1				12.2			8.0
Return on average tangible common equity (ROTCE) (4)	15.9			13.7	14.0	8.5	9.8				14.6			9.6
Efficiency ratio (7)	63			63	66	81	73				64			75
Net interest margin on a taxable-equivalent basis	3.03			3.09	3.20	3.14	2.83				3.10			2.46
Average deposit cost	1.36			1.13	0.83	0.46	0.14				1.11			0.07

(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 other financial assets.

(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 25 and 26.

(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).

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023		Sep 30, 2022	% Change
Selected Balance Sheet Data (average)
Loans	$	943,193		945,906	948,651	948,517	945,465	—	%	—	$	945,896	923,520	2	%
Assets	1,891,883			1,878,253	1,863,676	1,875,191	1,880,689	1		1	1,878,040		1,900,744	(1)
Deposits	1,340,307			1,347,449	1,356,694	1,380,459	1,407,851	(1)		(5)	1,348,090		1,439,033	(6)

Selected Balance Sheet Data (period-end)
Debt securities	490,726			503,468	511,597	496,808	502,035	(3)		(2)
Loans	942,424			947,960	947,991	955,871	945,906	(1)		—
Allowance for credit losses for loans	15,064			14,786	13,705	13,609	13,225	2		14
Equity securities	56,026			67,471	60,610	64,414	59,560	(17)		(6)
Assets	1,909,261			1,876,320	1,886,400	1,881,020	1,877,719	2		2
Deposits	1,354,010			1,344,584	1,362,629	1,383,985	1,398,151	1		(3)

Headcount (#) (period-end)	227,363			233,834	235,591	238,698	239,209	(3)		(5)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	11.0		%	10.7	10.8	10.6	10.3
Tier 1 capital	12.6			12.2	12.3	12.1	11.9
Total capital	15.3			15.0	15.1	14.8	14.6
Risk-weighted assets (RWAs) (in billions)	$	1,233.7		1,250.7	1,243.8	1,259.9	1,255.6	(1)		(2)

Advanced Approach:
Common Equity Tier 1 (CET1)	12.0		%	12.0	12.0	12.0	11.8
Tier 1 capital	13.7			13.7	13.7	13.7	13.5
Total capital	15.8			15.8	15.9	15.9	15.7
Risk-weighted assets (RWAs) (in billions)	$	1,130.3		1,118.4	1,117.9	1,112.3	1,104.1	1		2

Tier 1 leverage ratio	8.3		%	8.3	8.4	8.3	8.0
Supplementary Leverage Ratio (SLR)	6.9			6.9	7.0	6.9	6.7
Total Loss Absorbing Capacity (TLAC) Ratio (3)	24.0			23.1	23.3	23.3	23.0
Liquidity Coverage Ratio (LCR) (4)	123			123	122	122	123

(1)Ratios and metrics for September 30, 2023, are preliminary estimates.

(2)See the tables on pages 27 and 28 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.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME


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







Interest income	$	22,093	20,830	19,356	17,793	14,494	6	%	52	$	62,279	36,231	72	%





Interest expense	8,988		7,667	6,020	4,360	2,396	17		275	22,675		4,714	381
Net interest income	13,105		13,163	13,336	13,433	12,098	—		8	39,604		31,517	26
Noninterest income
Deposit-related fees	1,179		1,165	1,148	1,178	1,289	1		(9)	3,492		4,138	(16)
Lending-related fees	372		352	356	344	358	6		4	1,080		1,053	3
Investment advisory and other asset-based fees	2,224		2,163	2,114	2,049	2,111	3		5	6,501		6,955	(7)
Commissions and brokerage services fees	567		570	619	601	562	(1)		1	1,756		1,641	7
Investment banking fees	492		376	326	331	375	31		31	1,194		1,108	8
Card fees	1,098		1,098	1,033	1,095	1,119	—		(2)	3,229		3,260	(1)
Mortgage banking	193		202	232	79	324	(4)		(40)	627		1,304	(52)
Net gains from trading activities	1,265		1,122	1,342	552	900	13		41	3,729		1,564	138
Net gains from debt securities	6		4	—	—	6	50		—	10		151	(93)
Net losses from equity securities	(25)		(94)	(357)	(733)	(34)	73		26	(476)		(73)	NM
Lease income	291		307	347	287	322	(5)		(10)	945		982	(4)
Other	90		105	233	818	136	(14)		(34)	428		734	(42)
Total noninterest income	7,752		7,370	7,393	6,601	7,468	5		4	22,515		22,817	(1)
Total revenue	20,857		20,533	20,729	20,034	19,566	2		7	62,119		54,334	14




Provision for credit losses (1)	1,197		1,713	1,207	957	784	(30)		53	4,117		577	614
Noninterest expense
Personnel	8,627		8,606	9,415	8,415	8,212	—		5	26,648		25,925	3
Technology, telecommunications and equipment	975		947	922	902	798	3		22	2,844		2,473	15
Occupancy	724		707	713	722	732	2		(1)	2,144		2,159	(1)
Operating losses	329		232	267	3,517	2,218	42		(85)	828		3,467	(76)
Professional and outside services	1,310		1,304	1,229	1,357	1,235	—		6	3,843		3,831	—
Leases (2)	172		180	177	191	186	(4)		(8)	529		559	(5)
Advertising and promotion	215		184	154	178	126	17		71	553		327	69
Restructuring charges	—		—	—	—	—	NM		NM	—		5	(100)
Other	761		827	799	904	799	(8)		(5)	2,387		2,273	5
Total noninterest expense	13,113		12,987	13,676	16,186	14,306	1		(8)	39,776		41,019	(3)
Income before income tax expense (benefit)	6,547		5,833	5,846	2,891	4,476	12		46	18,226		12,738	43
Income tax expense (benefit)	811		930	966	(29)	912	(13)		(11)	2,707		2,280	19
Net income before noncontrolling interests	5,736		4,903	4,880	2,920	3,564	17		61	15,519		10,458	48
Less: Net loss from noncontrolling interests	(31)		(35)	(111)	(235)	(28)	11		(11)	(177)		(64)	NM
Wells Fargo net income	$	5,767	4,938	4,991	3,155	3,592	17	%	61	$	15,696	10,522	49	%
Less: Preferred stock dividends and other	317		279	278	278	279	14		14	874		837	4
Wells Fargo net income applicable to common stock	$	5,450	4,659	4,713	2,877	3,313	17	%	65	$	14,822	9,685	53	%
Per share information
Earnings per common share	$	1.49	1.26	1.24	0.76	0.87	18	%	71	$	3.99	2.54	57	%
Diluted earnings per common share	1.48		1.25	1.23	0.75	0.86	18		72	3.96		2.52	57

NM – Not meaningful

(1)Includes provision for credit losses for loans, debt securities, and other financial assets.

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Sep 30, 2023 % Change from
(in millions)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022
Assets
Cash and due from banks	$	30,815	31,915	31,958	34,596	27,634	(3)	%	12
Interest-earning deposits with banks	187,081		123,418	130,478	124,561	137,821	52		36

Federal funds sold and securities purchased under resale agreements	70,431		66,500	67,288	68,036	55,840	6		26
Debt securities:
Trading, at fair value	97,075		96,857	90,052	86,155	85,766	—		13
Available-for-sale, at fair value	126,437		134,251	144,398	113,594	115,835	(6)		9
Held-to-maturity, at amortized cost	267,214		272,360	277,147	297,059	300,434	(2)		(11)
Loans held for sale	4,308		6,029	6,199	7,104	9,434	(29)		(54)
Loans	942,424		947,960	947,991	955,871	945,906	(1)		—
Allowance for loan losses	(14,554)		(14,258)	(13,120)	(12,985)	(12,571)	(2)		(16)
Net loans	927,870		933,702	934,871	942,886	933,335	(1)		(1)
Mortgage servicing rights	9,526		9,345	9,950	10,480	11,027	2		(14)
Premises and equipment, net	8,559		8,392	8,416	8,350	8,493	2		1
Goodwill	25,174		25,175	25,173	25,173	25,172	—		—
Derivative assets	21,096		17,990	17,117	22,774	29,253	17		(28)
Equity securities	56,026		67,471	60,610	64,414	59,560	(17)		(6)
Other assets	77,649		82,915	82,743	75,838	78,115	(6)		(1)
Total assets	$	1,909,261	1,876,320	1,886,400	1,881,020	1,877,719	2		2
Liabilities
Noninterest-bearing deposits	$	384,330	402,322	434,912	458,010	494,594	(4)		(22)
Interest-bearing deposits	969,680		942,262	927,717	925,975	903,557	3		7
Total deposits	1,354,010		1,344,584	1,362,629	1,383,985	1,398,151	1		(3)
Short-term borrowings (1)	93,330		84,255	81,007	51,145	48,382	11		93
Derivative liabilities	23,463		21,431	16,897	20,067	23,379	9		—
Accrued expenses and other liabilities	66,050		73,466	69,181	68,740	72,917	(10)		(9)
Long-term debt (2)	190,035		170,632	173,466	174,870	156,412	11		21
Total liabilities	1,726,888		1,694,368	1,703,180	1,698,807	1,699,241	2		2
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		19,448	19,448	19,448	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	60,365		60,173	59,946	60,319	60,216	—		—
Retained earnings	199,287		195,164	191,688	187,968	186,579	2		7
Accumulated other comprehensive income (loss)	(15,877)		(13,441)	(12,572)	(13,362)	(14,303)	(18)		(11)
Treasury stock (3)	(91,215)		(89,860)	(86,049)	(82,853)	(84,781)	(2)		(8)
Unearned ESOP shares	(429)		(429)	(429)	(429)	(646)	—		34
Total Wells Fargo stockholders’ equity	180,715		180,191	181,168	180,227	176,258	—		3
Noncontrolling interests	1,658		1,761	2,052	1,986	2,220	(6)		(25)
Total equity	182,373		181,952	183,220	182,213	178,478	—		2
Total liabilities and equity	$	1,909,261	1,876,320	1,886,400	1,881,020	1,877,719	2		2

(1)Includes $0.0 billion, $2.0 billion, $5.0 billion, $7.0 billion, and $9.0 billion of Federal Home Loan Bank (FHLB) advances at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

(2)Includes $36.0 billion, $23.0 billion, $24.0 billion, $27.0 billion, and $10.0 billion of FHLB advances at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

(3)Number of shares of treasury stock were 1,843,884,672, 1,814,145,600, 1,718,587,875, 1,648,007,022, and 1,686,372,007 at September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively.

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Wells Fargo & Company and Subsidiaries

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


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

Assets
Interest-earning deposits with banks	$	158,893		129,236	114,858	127,854	130,761	23	%	22	$	134,490		151,851	(11)	%
Federal funds sold and securities purchased under resale agreements	68,715			69,505	68,633	65,860	57,432	(1)		20	68,951			60,882	13
Trading debt securities	109,802			102,605	96,405	94,465	91,618	7		20	102,986			90,521	14
Available-for-sale debt securities	139,511			149,320	145,894	122,271	127,821	(7)		9	144,885			147,852	(2)
Held-to-maturity debt securities	273,948			279,093	279,955	303,391	305,063	(2)		(10)	277,644			294,231	(6)
Loans held for sale	5,437			6,031	6,611	9,932	11,458	(10)		(53)	6,022			15,237	(60)
Loans	943,193			945,906	948,651	948,517	945,465	—		—	945,896			923,520	2
Equity securities	25,019			27,891	28,651	28,587	29,722	(10)		(16)	27,174			31,244	(13)
Other	8,565			10,118	11,043	11,932	13,577	(15)		(37)	9,900			13,727	(28)
Total interest-earning assets	1,733,083			1,719,705	1,700,701	1,712,809	1,712,917	1		1	1,717,948			1,729,065	(1)
Total noninterest-earning assets	158,800			158,548	162,975	162,382	167,772	—		(5)	160,092			171,679	(7)
Total assets	$	1,891,883		1,878,253	1,863,676	1,875,191	1,880,689	1		1	$	1,878,040		1,900,744	(1)
Liabilities
Interest-bearing deposits	$	953,500		936,886	920,226	902,564	902,219	2		6	$	936,993		923,869	1
Short-term borrowings	90,078			83,059	58,496	51,246	39,447	8		128	77,327			35,956	115
Long-term debt	181,955			170,843	172,567	166,796	158,984	7		14	175,156			154,691	13
Other liabilities	32,564			34,496	33,427	33,559	36,217	(6)		(10)	33,492			34,317	(2)
Total interest-bearing liabilities	1,258,097			1,225,284	1,184,716	1,154,165	1,136,867	3		11	1,222,968			1,148,833	6
Noninterest-bearing demand deposits	386,807			410,563	436,468	477,895	505,632	(6)		(24)	411,097			515,164	(20)
Other noninterest-bearing liabilities	62,151			57,963	58,195	60,510	55,148	7		13	59,450			53,397	11
Total liabilities	1,707,055			1,693,810	1,679,379	1,692,570	1,697,647	1		1	1,693,515			1,717,394	(1)
Total equity	184,828			184,443	184,297	182,621	183,042	—		1	184,525			183,350	1
Total liabilities and equity	$	1,891,883		1,878,253	1,863,676	1,875,191	1,880,689	1		1	$	1,878,040		1,900,744	(1)

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	4.81		%	4.50	4.12	3.50	2.12				4.52		%	0.98
Federal funds sold and securities purchased under resale agreements	5.13			4.73	4.12	3.29	1.73				4.66			0.69
Trading debt securities	3.86			3.50	3.33	3.17	2.75				3.57			2.57
Available-for-sale debt securities	3.92			3.72	3.54	3.10	2.47				3.72			2.00
Held-to-maturity debt securities	2.65			2.62	2.55	2.45	2.23				2.61			2.09
Loans held for sale	6.40			6.22	5.90	5.11	4.18				6.16			3.38
Loans	6.23			5.99	5.69	5.13	4.28				5.97			3.70
Equity securities	2.42			2.79	2.39	2.63	2.09				2.54			2.22
Other	4.93			4.76	4.60	3.57	1.97				4.75			0.94
Total interest-earning assets	5.09			4.88	4.62	4.16	3.39				4.87			2.82
Interest-bearing liabilities
Interest-bearing deposits	1.92			1.63	1.22	0.70	0.23				1.59			0.11
Short-term borrowings	4.99			4.64	3.95	3.15	1.59				4.61			0.65
Long-term debt	6.67			6.31	5.83	5.22	3.90				6.28			2.87
Other liabilities	2.54			2.41	2.16	2.09	1.89				2.37			1.79
Total interest-bearing liabilities	2.84			2.51	2.05	1.50	0.84				2.48			0.55

Interest rate spread on a taxable-equivalent basis (2)	2.25			2.37	2.57	2.66	2.55				2.39			2.27
Net interest margin on a taxable-equivalent basis (2)	3.03			3.09	3.20	3.14	2.83				3.10			2.46

(1)The average balance amounts represent amortized costs. The average 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 $104 million, $105 million, $107 million, $116 million, and $105 million for the quarters ended September 30, June 30, and March 31, 2023, and December 31, and September 30, 2022, respectively, and $316 million and $320 million for the first nine months of 2023 and 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.

-7-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)


						Quarter ended September 30, 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	$	7,633	2,519	2,319	1,007	(269)	(104)	13,105
Noninterest income	1,948		886	2,604	2,695	21	(402)	7,752
Total revenue	9,581		3,405	4,923	3,702	(248)	(506)	20,857
Provision for credit losses	768		52	324	(10)	63	—	1,197
Noninterest expense	5,913		1,543	2,182	3,006	469	—	13,113
Income (loss) before income tax expense (benefit)	2,900		1,810	2,417	706	(780)	(506)	6,547
Income tax expense (benefit)	727		453	601	177	(641)	(506)	811
Net income (loss) before noncontrolling interests	2,173		1,357	1,816	529	(139)	—	5,736
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(34)	—	(31)
Net income (loss)	$	2,173	1,354	1,816	529	(105)	—	5,767

						Quarter ended June 30, 2023
Net interest income	$	7,490	2,501	2,359	1,009	(91)	(105)	13,163
Noninterest income	1,965		868	2,272	2,639	121	(495)	7,370
Total revenue	9,455		3,369	4,631	3,648	30	(600)	20,533
Provision for credit losses	874		26	933	24	(144)	—	1,713
Noninterest expense	6,027		1,630	2,087	2,974	269	—	12,987
Income (loss) before income tax expense (benefit)	2,554		1,713	1,611	650	(95)	(600)	5,833
Income tax expense (benefit)	640		429	401	163	(103)	(600)	930
Net income before noncontrolling interests	1,914		1,284	1,210	487	8	—	4,903
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(38)	—	(35)
Net income	$	1,914	1,281	1,210	487	46	—	4,938

						Quarter ended September 30, 2022
Net interest income	$	7,102	1,991	2,270	1,088	(248)	(105)	12,098
Noninterest income	2,175		961	1,790	2,577	345	(380)	7,468
Total revenue	9,277		2,952	4,060	3,665	97	(485)	19,566
Provision for credit losses	917		(168)	32	8	(5)	—	784
Noninterest expense	6,758		1,526	1,900	2,796	1,326	—	14,306
Income (loss) before income tax expense (benefit)	1,602		1,594	2,128	861	(1,224)	(485)	4,476
Income tax expense (benefit)	401		409	536	222	(171)	(485)	912
Net income (loss) before noncontrolling interests	1,201		1,185	1,592	639	(1,053)	—	3,564
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(31)	—	(28)
Net income (loss)	$	1,201	1,182	1,592	639	(1,022)	—	3,592

(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 venture capital and private equity investments. 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. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

(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.

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)


						Nine months ended September 30, 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	$	22,556	7,509	7,139	3,060	(344)	(316)	39,604
Noninterest income	5,844		2,572	7,317	7,971	147	(1,336)	22,515
Total revenue	28,400		10,081	14,456	11,031	(197)	(1,652)	62,119
Provision for credit losses	2,509		35	1,509	25	39	—	4,117
Noninterest expense	17,978		4,925	6,486	9,041	1,346	—	39,776
Income (loss) before income tax expense (benefit)	7,913		5,121	6,461	1,965	(1,582)	(1,652)	18,226
Income tax expense (benefit)	1,985		1,281	1,617	492	(1,016)	(1,652)	2,707
Net income (loss) before noncontrolling interests	5,928		3,840	4,844	1,473	(566)	—	15,519
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(186)	—	(177)
Net income (loss)	$	5,928	3,831	4,844	1,473	(380)	—	15,696

						Nine months ended September 30, 2022
Net interest income	$	19,470	4,932	6,317	2,803	(1,685)	(320)	31,517
Noninterest income	6,877		2,839	4,786	8,324	1,185	(1,194)	22,817
Total revenue	26,347		7,771	11,103	11,127	(500)	(1,514)	54,334
Provision for credit losses	1,340		(491)	(226)	(36)	(10)	—	577
Noninterest expense	19,189		4,535	5,723	8,882	2,690	—	41,019
Income (loss) before income tax expense (benefit)	5,818		3,727	5,606	2,281	(3,180)	(1,514)	12,738
Income tax expense (benefit)	1,454		938	1,420	574	(592)	(1,514)	2,280
Net income (loss) before noncontrolling interests	4,364		2,789	4,186	1,707	(2,588)	—	10,458
Less: Net income (loss) from noncontrolling interests	—		9	—	—	(73)	—	(64)
Net income (loss)	$	4,364	2,780	4,186	1,707	(2,515)	—	10,522

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023		Sep 30, 2022	% Change
Income Statement
Net interest income	$	7,633	7,490	7,433	7,574	7,102	2	%	7	$	22,556	19,470	16	%
Noninterest income:
Deposit-related fees	670		666	672	696	773	1		(13)	2,008		2,397	(16)
Card fees	1,027		1,022	958	1,025	1,043	—		(2)	3,007		3,042	(1)
Mortgage banking	105		132	160	23	212	(20)		(50)	397		1,077	(63)
Other	146		145	141	145	147	1		(1)	432		361	20
Total noninterest income	1,948		1,965	1,931	1,889	2,175	(1)		(10)	5,844		6,877	(15)
Total revenue	9,581		9,455	9,364	9,463	9,277	1		3	28,400		26,347	8
Net charge-offs	722		621	589	525	435	16		66	1,932		1,168	65
Change in the allowance for credit losses	46		253	278	411	482	(82)		(90)	577		172	235
Provision for credit losses	768		874	867	936	917	(12)		(16)	2,509		1,340	87
Noninterest expense	5,913		6,027	6,038	7,088	6,758	(2)		(13)	17,978		19,189	(6)
Income before income tax expense	2,900		2,554	2,459	1,439	1,602	14		81	7,913		5,818	36
Income tax expense	727		640	618	362	401	14		81	1,985		1,454	37
Net income	$	2,173	1,914	1,841	1,077	1,201	14		81	$	5,928	4,364	36
Revenue by Line of Business
Consumer, Small and Business Banking	$	6,665	6,576	6,486	6,608	6,232	1		7	$	19,727	16,813	17
Consumer Lending:
Home Lending	840		847	863	786	973	(1)		(14)	2,550		3,435	(26)
Credit Card	1,375		1,321	1,305	1,353	1,349	4		2	4,001		3,918	2
Auto	360		378	392	413	423	(5)		(15)	1,130		1,303	(13)
Personal Lending	341		333	318	303	300	2		14	992		878	13
Total revenue	$	9,581	9,455	9,364	9,463	9,277	1		3	$	28,400	26,347	8
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	8,983	9,215	9,363	9,590	9,895	(3)		(9)	$	9,186	10,315	(11)
Consumer Lending:
Home Lending	218,546		220,641	222,561	222,546	221,870	(1)		(1)	220,568		218,015	1
Credit Card	41,168		39,225	38,190	37,152	35,052	5		17	39,539		33,139	19
Auto	51,578		52,476	53,676	54,490	55,430	(2)		(7)	52,569		56,500	(7)
Personal Lending	15,270		14,794	14,518	14,219	13,397	3		14	14,863		12,588	18
Total loans	$	335,545	336,351	338,308	337,997	335,644	—		—	$	336,725	330,557	2
Total deposits	801,061		823,339	841,265	864,623	888,037	(3)		(10)	821,741		889,366	(8)
Allocated capital	44,000		44,000	44,000	48,000	48,000	—		(8)	44,000		48,000	(8)

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	9,115	9,299	9,457	9,704	9,898	(2)		(8)
Consumer Lending:
Home Lending	217,955		219,595	222,012	223,525	222,471	(1)		(2)
Credit Card	42,040		40,053	38,201	38,475	35,965	5		17
Auto	50,407		52,175	53,244	54,281	55,116	(3)		(9)
Personal Lending	15,439		15,095	14,597	14,544	13,902	2		11
Total loans	$	334,956	336,217	337,511	340,529	337,352	—		(1)
Total deposits	798,897		820,495	851,304	859,695	886,991	(3)		(10)

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	19.1		%	16.9	16.5	8.3	9.4				17.5		%	11.6
Efficiency ratio (2)	62			64	64	75	73				63			73

Retail bank branches (#, period-end)	4,355			4,455	4,525	4,598	4,612	(2)	%	(6)
Digital active customers (# in millions, period-end) (3)	34.6			34.2	34.3	33.5	33.6	1		3
Mobile active customers (# in millions, period-end) (3)	29.6			29.1	28.8	28.3	28.3	2		5

Consumer, Small and Business Banking:
Deposit spread (4)	2.7		%	2.6	2.5	2.4	2.1				2.6		%	1.8
Debit card purchase volume ($ in billions) (5)	$	124.5		124.9	117.3	124.0	122.4	—		2	$	366.7		362.6	1
Debit card purchase transactions (# in millions) (5)	2,550			2,535	2,369	2,496	2,501	1		2	7,454			7,356	1

Home Lending:
Mortgage banking:
Net servicing income	$	41		62	84	94	81	(34)		(49)	$	187		274	(32)
Net gains (losses) on mortgage loan originations/sales	64			70	76	(71)	131	(9)		(51)	210			803	(74)
Total mortgage banking	$	105		132	160	23	212	(20)		(50)	$	397		1,077	(63)

Originations ($ in billions):
Retail	$	6.4		7.7	5.6	8.2	12.4	(17)		(48)	$	19.7		56.1	(65)
Correspondent	—			0.1	1.0	6.4	9.1	(100)		(100)	1.1			37.4	(97)
Total originations	$	6.4		7.8	6.6	14.6	21.5	(18)		(70)	$	20.8		93.5	(78)

% of originations held for sale (HFS)	40.7		%	45.3	46.8	60.7	59.2				44.4		%	51.2
Third party mortgage loans serviced ($ in billions, period-end) (6)	$	591.8		609.1	666.8	679.2	687.4	(3)		(14)
Mortgage servicing rights (MSR) carrying value (period-end)	8,457			8,251	8,819	9,310	9,828	2		(14)
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	1.43		%	1.35	1.32	1.37	1.43
Home lending loans 30+ days delinquency rate (period-end) (7)(8)	0.29			0.25	0.26	0.31	0.29

Credit Card:
Point of sale (POS) volume ($ in billions)	$	35.2		34.0	30.1	32.3	30.7	4		15	$	99.3		86.8	14
New accounts (# in thousands)	714			611	567	561	584	17		22	1,892			1,592	19
Credit card loans 30+ days delinquency rate (period-end)	2.70		%	2.39	2.26	2.08	1.81
Credit card loans 90+ days delinquency rate (period-end)	1.37			1.17	1.16	1.01	0.85

Auto:
Auto originations ($ in billions)	$	4.1		4.8	5.0	5.0	5.4	(15)		(24)	$	13.9		18.1	(23)
Auto loans 30+ days delinquency rate (period-end) (8)	2.60		%	2.55	2.25	2.64	2.19

Personal Lending:
New volume ($ in billions)	$	3.1		3.3	2.9	3.2	3.5	(6)		(11)	$	9.3		9.4	(1)

(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.

(8)Excludes nonaccrual loans.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Income Statement
Net interest income	$	2,519		2,501	2,489	2,357	1,991	1	%	27	$	7,509		4,932	52	%
Noninterest income:
Deposit-related fees	257			248	236	237	256	4		—	741			894	(17)
Lending-related fees	133			131	129	122	126	2		6	393			369	7
Lease income	153			167	169	176	176	(8)		(13)	489			534	(8)
Other	343			322	284	257	403	7		(15)	949			1,042	(9)
Total noninterest income	886			868	818	792	961	2		(8)	2,572			2,839	(9)
Total revenue	3,405			3,369	3,307	3,149	2,952	1		15	10,081			7,771	30
Net charge-offs	37			63	(39)	32	(3)	(41)		NM	61			(28)	318
Change in the allowance for credit losses	15			(37)	(4)	(75)	(165)	141		109	(26)			(463)	94
Provision for credit losses	52			26	(43)	(43)	(168)	100		131	35			(491)	107
Noninterest expense	1,543			1,630	1,752	1,523	1,526	(5)		1	4,925			4,535	9
Income before income tax expense	1,810			1,713	1,598	1,669	1,594	6		14	5,121			3,727	37
Income tax expense	453			429	399	428	409	6		11	1,281			938	37
Less: Net income from noncontrolling interests	3			3	3	3	3	—		—	9			9	—
Net income	$	1,354		1,281	1,196	1,238	1,182	6		15	$	3,831		2,780	38

Revenue by Line of Business
Middle Market Banking	$	2,212		2,199	2,155	2,076	1,793	1		23	$	6,566		4,498	46
Asset-Based Lending and Leasing	1,193			1,170	1,152	1,073	1,159	2		3	3,515			3,273	7
Total revenue	$	3,405		3,369	3,307	3,149	2,952	1		15	$	10,081		7,771	30

Revenue by Product
Lending and leasing	$	1,321		1,332	1,324	1,357	1,333	(1)		(1)	$	3,977		3,896	2
Treasury management and payments	1,541			1,584	1,562	1,519	1,242	(3)		24	4,687			2,964	58
Other	543			453	421	273	377	20		44	1,417			911	56
Total revenue	$	3,405		3,369	3,307	3,149	2,952	1		15	$	10,081		7,771	30

Selected Metrics
Return on allocated capital	20.2		%	19.3	18.1	24.2	23.1				19.2		%	18.1
Efficiency ratio	45			48	53	48	52				49			58

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended						Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023		Sep 30, 2022	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	164,182	165,980	163,210	159,236	150,365	(1)	%	9	$	164,461	143,383	15	%
Commercial real estate	45,716		45,855	45,862	45,551	45,121	—		1	45,810		44,988	2
Lease financing and other	14,518		13,989	13,754	13,635	13,511	4		7	14,090		13,486	4
Total loans	$	224,416	225,824	222,826	218,422	208,997	(1)		7	$	224,361	201,857	11

Loans by Line of Business:
Middle Market Banking	$	120,509	122,204	121,625	119,740	117,031	(1)		3	$	121,442	112,913	8
Asset-Based Lending and Leasing	103,907		103,620	101,201	98,682	91,966	—		13	102,919		88,944	16
Total loans	$	224,416	225,824	222,826	218,422	208,997	(1)		7	$	224,361	201,857	11

Total deposits	160,556		166,747	170,467	175,442	180,231	(4)		(11)	165,887		189,664	(13)
Allocated capital	25,500		25,500	25,500	19,500	19,500	—		31	25,500		19,500	31

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	165,094	168,492	166,853	163,797	155,400	(2)		6
Commercial real estate	45,663		45,784	45,895	45,816	45,540	—		—
Lease financing and other	15,014		14,435	13,851	13,916	13,645	4		10
Total loans	$	225,771	228,711	226,599	223,529	214,585	(1)		5

Loans by Line of Business:
Middle Market Banking	$	119,354	122,104	121,626	121,192	118,627	(2)		1
Asset-Based Lending and Leasing	106,417		106,607	104,973	102,337	95,958	—		11
Total loans	$	225,771	228,711	226,599	223,529	214,585	(1)		5

Total deposits	160,368		164,764	169,827	173,942	172,727	(3)		(7)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Income Statement
Net interest income	$	2,319		2,359	2,461	2,416	2,270	(2)	%	2	$	7,139		6,317	13	%
Noninterest income:
Deposit-related fees	247			247	236	240	255	—		(3)	730			828	(12)
Lending-related fees	206			191	194	191	198	8		4	591			578	2
Investment banking fees	545			390	314	331	392	40		39	1,249			1,161	8
Net gains from trading activities	1,193			1,081	1,257	606	674	10		77	3,531			1,280	176
Other	413			363	440	355	271	14		52	1,216			939	29
Total noninterest income	2,604			2,272	2,441	1,723	1,790	15		45	7,317			4,786	53
Total revenue	4,923			4,631	4,902	4,139	4,060	6		21	14,456			11,103	30
Net charge-offs	105			83	17	10	(16)	27		756	205			(58)	453
Change in the allowance for credit losses	219			850	235	31	48	(74)		356	1,304			(168)	876
Provision for credit losses	324			933	252	41	32	(65)		913	1,509			(226)	768
Noninterest expense	2,182			2,087	2,217	1,837	1,900	5		15	6,486			5,723	13
Income before income tax expense	2,417			1,611	2,433	2,261	2,128	50		14	6,461			5,606	15
Income tax expense	601			401	615	569	536	50		12	1,617			1,420	14

Net income	$	1,816		1,210	1,818	1,692	1,592	50		14	$	4,844		4,186	16

Revenue by Line of Business
Banking:
Lending	$	721		685	692	593	580	5		24	$	2,098		1,629	29
Treasury Management and Payments	747			762	785	738	670	(2)		11	2,294			1,631	41
Investment Banking	430			311	280	317	336	38		28	1,021			889	15
Total Banking	1,898			1,758	1,757	1,648	1,586	8		20	5,413			4,149	30
Commercial Real Estate	1,376			1,333	1,311	1,267	1,212	3		14	4,020			3,267	23
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,148			1,133	1,285	935	914	1		26	3,566			2,725	31
Equities	518			397	437	279	316	30		64	1,352			836	62
Credit Adjustment (CVA/DVA) and Other	(12)			14	71	(35)	17	NM		NM	73			55	33
Total Markets	1,654			1,544	1,793	1,179	1,247	7		33	4,991			3,616	38
Other	(5)			(4)	41	45	15	(25)		NM	32			71	(55)
Total revenue	$	4,923		4,631	4,902	4,139	4,060	6		21	$	14,456		11,103	30

Selected Metrics
Return on allocated capital	15.5		%	10.2	15.9	17.7	16.6				13.9		%	14.6
Efficiency ratio	44			45	45	44	47				45			52

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023		Sep 30, 2022	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	191,128	190,529	193,770	196,697	205,185	—	%	(7)	$	191,800	199,006	(4)	%
Commercial real estate	100,523		100,941	100,972	101,553	101,055	—		(1)	100,810		97,551	3
Total loans	$	291,651	291,470	294,742	298,250	306,240	—		(5)	$	292,610	296,557	(1)

Loans by Line of Business:
Banking	$	94,010	95,413	99,078	104,187	109,909	(1)		(14)	$	96,148	107,200	(10)
Commercial Real Estate	135,639		136,473	136,806	137,680	137,568	(1)		(1)	136,302		132,384	3
Markets	62,002		59,584	58,858	56,383	58,763	4		6	60,160		56,973	6
Total loans	$	291,651	291,470	294,742	298,250	306,240	—		(5)	$	292,610	296,557	(1)
Trading-related assets:
Trading account securities	$	122,376	118,462	112,628	111,803	110,919	3		10	$	117,858	112,351	5
Reverse repurchase agreements/securities borrowed	62,284		60,164	57,818	52,814	45,486	4		37	60,105		49,708	21
Derivative assets	19,760		17,522	17,928	24,556	28,050	13		(30)	18,410		28,386	(35)
Total trading-related assets	$	204,420	196,148	188,374	189,173	184,455	4		11	$	196,373	190,445	3
Total assets	559,647		550,091	548,808	553,308	560,509	2		—	552,888		558,773	(1)
Total deposits	157,212		160,251	157,551	156,205	156,830	(2)		—	158,337		163,578	(3)
Allocated capital	44,000		44,000	44,000	36,000	36,000	—		22	44,000		36,000	22

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	190,547	190,317	191,020	196,529	198,253	—		(4)
Commercial real estate	99,783		101,028	100,797	101,848	101,440	(1)		(2)
Total loans	$	290,330	291,345	291,817	298,377	299,693	—		(3)

Loans by Line of Business:
Banking	$	93,723	93,596	97,178	101,183	103,809	—		(10)
Commercial Real Estate	133,939		136,257	135,728	137,495	137,077	(2)		(2)
Markets	62,668		61,492	58,911	59,699	58,807	2		7
Total loans	$	290,330	291,345	291,817	298,377	299,693	—		(3)
Trading-related assets:
Trading account securities	$	120,547	130,008	115,198	111,801	113,488	(7)		6
Reverse repurchase agreements/securities borrowed	64,240		59,020	57,502	55,407	44,194	9		45
Derivative assets	21,231		17,804	16,968	22,218	28,545	19		(26)
Total trading-related assets	$	206,018	206,832	189,668	189,426	186,227	—		11
Total assets	557,642		559,520	542,168	550,177	550,695	—		1
Total deposits	162,776		158,770	158,564	157,217	154,550	3		5

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Sep 30, 2023 % Change from			Nine months ended
($ in millions, unless otherwise noted)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Income Statement
Net interest income	$	1,007		1,009	1,044	1,124	1,088	—	%	(7)	$	3,060		2,803	9	%
Noninterest income:
Investment advisory and other asset-based fees	2,164			2,110	2,061	1,999	2,066	3		5	6,335			6,848	(7)
Commissions and brokerage services fees	492			494	541	532	486	—		1	1,527			1,399	9
Other	39			35	35	40	25	11		56	109			77	42
Total noninterest income	2,695			2,639	2,637	2,571	2,577	2		5	7,971			8,324	(4)
Total revenue	3,702			3,648	3,681	3,695	3,665	1		1	11,031			11,127	(1)
Net charge-offs	1			(1)	(1)	(2)	(1)	200		200	(1)			(5)	80
Change in the allowance for credit losses	(11)			25	12	13	9	NM		NM	26			(31)	184
Provision for credit losses	(10)			24	11	11	8	NM		NM	25			(36)	169
Noninterest expense	3,006			2,974	3,061	2,731	2,796	1		8	9,041			8,882	2
Income before income tax expense	706			650	609	953	861	9		(18)	1,965			2,281	(14)
Income tax expense	177			163	152	238	222	9		(20)	492			574	(14)

Net income	$	529		487	457	715	639	9		(17)	$	1,473		1,707	(14)

Selected Metrics
Return on allocated capital	32.8		%	30.5	28.9	31.9	28.4				30.8		%	25.5
Efficiency ratio	81			82	83	74	76				82			80

Client assets ($ in billions, period-end):
Advisory assets	$	825		850	825	797	756	(3)		9
Other brokerage assets and deposits	1,123			1,148	1,104	1,064	1,003	(2)		12
Total client assets	$	1,948		1,998	1,929	1,861	1,759	(3)		11



Selected Balance Sheet Data (average)
Total loans	$	82,195		83,045	83,621	84,760	85,472	(1)		(4)	$	82,948		85,386	(3)
Total deposits	107,500			112,360	126,604	142,230	158,367	(4)		(32)	115,418			172,516	(33)
Allocated capital	6,250			6,250	6,250	8,750	8,750	—		(29)	6,250			8,750	(29)

Selected Balance Sheet Data (period-end)
Total loans	$	82,331		82,456	82,817	84,273	85,180	—		(3)
Total deposits	103,255			108,532	117,252	138,760	148,890	(5)		(31)

NM – Not meaningful

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Sep 30, 2023 % Change from			Nine months ended
($ in millions)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023		Sep 30, 2022	% Change
Income Statement
Net interest income	$	(269)	(91)	16	78	(248)	NM		(8)	$	(344)	(1,685)	80	%
Noninterest income	21		121	5	7	345	(83)	%	(94)	147		1,185	(88)
Total revenue	(248)		30	21	85	97	NM		NM	(197)		(500)	61
Net charge-offs	(1)		(2)	(2)	(5)	(16)	50		94	(5)		(28)	82
Change in the allowance for credit losses	64		(142)	122	17	11	145		482	44		18	144
Provision for credit losses	63		(144)	120	12	(5)	144		NM	39		(10)	490
Noninterest expense	469		269	608	3,007	1,326	74		(65)	1,346		2,690	(50)
Loss before income tax benefit	(780)		(95)	(707)	(2,934)	(1,224)	NM		36	(1,582)		(3,180)	50
Income tax benefit	(641)		(103)	(272)	(1,129)	(171)	NM		NM	(1,016)		(592)	(72)
Less: Net loss from noncontrolling interests	(34)		(38)	(114)	(238)	(31)	11		(10)	(186)		(73)	NM
Net income (loss)	$	(105)	46	(321)	(1,567)	(1,022)	NM		90	$	(380)	(2,515)	85




Selected Balance Sheet Data (average)
Cash and due from banks, and interest-earning deposits with banks	$	164,900	132,505	117,419	130,329	134,725	24		22	$	138,449	152,875	(9)
Available-for-sale debt securities	119,745		130,496	128,770	102,650	110,575	(8)		8	126,304		131,607	(4)
Held-to-maturity debt securities	266,012		270,999	272,718	295,494	297,335	(2)		(11)	269,885		288,265	(6)
Equity securities	15,784		15,327	15,519	15,918	15,423	3		2	15,544		15,620	—
Total loans	9,386		9,216	9,154	9,088	9,112	2		3	9,252		9,163	1
Total assets	623,339		610,417	596,087	605,500	617,712	2		1	610,047		648,967	(6)
Total deposits	113,978		84,752	60,807	41,959	24,386	34		367	86,707		23,909	263

Selected Balance Sheet Data (period-end)
Cash and due from banks, and interest-earning deposits with banks	$	194,653	128,077	136,093	127,106	141,743	52		37
Available-for-sale debt securities	115,005		123,169	133,311	102,669	104,726	(7)		10
Held-to-maturity debt securities	264,248		269,414	274,202	294,141	297,530	(2)		(11)
Equity securities	15,496		15,097	15,200	15,508	15,581	3		(1)
Total loans	9,036		9,231	9,247	9,163	9,096	(2)		(1)
Total assets	641,455		593,597	620,241	601,218	615,382	8		4
Total deposits	128,714		92,023	65,682	54,371	34,993	40		268

NM – Not meaningful

(1)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 venture capital and private equity investments. 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. In third quarter 2023, we sold investments in certain private equity funds, which had a minimal impact to net income.

-17-

Wells Fargo & Company and Subsidiaries

CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES


	Quarter ended							Sep 30, 2023 $ Change from
($ in millions)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023	Sep 30, 2022
Period-End Loans
Commercial and industrial	$	382,527		386,011	384,690	386,806	379,694	(3,484)	2,833


Commercial real estate	152,486			154,276	154,707	155,802	155,659	(1,790)	(3,173)
Lease financing	16,038			15,334	14,820	14,908	14,617	704	1,421
Total commercial	551,051			555,621	554,217	557,516	549,970	(4,570)	1,081



Residential mortgage	263,174			265,085	267,138	269,117	268,065	(1,911)	(4,891)
Credit card	49,851			47,717	45,766	46,293	43,558	2,134	6,293
Auto	49,865			51,587	52,631	53,669	54,545	(1,722)	(4,680)
Other consumer	28,483			27,950	28,239	29,276	29,768	533	(1,285)
Total consumer	391,373			392,339	393,774	398,355	395,936	(966)	(4,563)
Total loans	$	942,424		947,960	947,991	955,871	945,906	(5,536)	(3,482)

Average Loans
Commercial and industrial	$	382,277		383,361	383,277	381,889	381,375	(1,084)	902


Commercial real estate	153,686			154,660	155,074	155,674	155,291	(974)	(1,605)
Lease financing	15,564			15,010	14,832	14,656	14,526	554	1,038
Total commercial	551,527			553,031	553,183	552,219	551,192	(1,504)	335



Residential mortgage	263,918			266,128	267,984	268,232	267,609	(2,210)	(3,691)
Credit card	48,889			46,762	45,842	44,829	42,407	2,127	6,482
Auto	51,014			51,880	53,065	53,917	54,874	(866)	(3,860)
Other consumer	27,845			28,105	28,577	29,320	29,383	(260)	(1,538)
Total consumer	391,666			392,875	395,468	396,298	394,273	(1,209)	(2,607)
Total loans	$	943,193		945,906	948,651	948,517	945,465	(2,713)	(2,272)

Average Interest Rates
Commercial and industrial	7.03		%	6.70	6.25	5.41	4.13


Commercial real estate	6.83			6.59	6.24	5.45	4.23
Lease financing	4.90			4.76	4.63	4.45	3.76
Total commercial	6.92			6.62	6.20	5.40	4.14



Residential mortgage	3.55			3.48	3.44	3.38	3.27
Credit card	13.08			12.96	12.74	12.00	11.51
Auto	4.78			4.67	4.56	4.46	4.27
Other consumer	8.65			8.29	7.74	6.89	5.58
Total consumer	5.26			5.11	4.98	4.76	4.47
Total loans	6.23		%	5.99	5.69	5.13	4.28

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 2022				Sep 30, 2023 $ Change from
($ in millions)	Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Net loan charge-offs		As a % of average loans (1)		Jun 30, 2023		Sep 30, 2022
By product:
Commercial and industrial	$	93	0.10	%	$	119	0.12	%	$	43	0.05	%	$	66	0.07	%	$	13	0.01	%	$	(26)	80


Commercial real estate	93		0.24		79		0.21		17		0.04		10		0.03		(12)		(0.03)		14		105
Lease financing	2		0.07		2		0.05		3		0.07		3		0.06		5		0.15		—		(3)
Total commercial	188		0.13		200		0.15		63		0.05		79		0.06		6		—		(12)		182


Residential mortgage	(4)		(0.01)		(12)		(0.02)		(11)		(0.02)		(12)		(0.02)		(14)		(0.02)		8		10
Credit card	420		3.41		396		3.39		344		3.05		274		2.42		202		1.90		24		218
Auto	138		1.07		89		0.68		121		0.93		137		1.00		121		0.87		49		17
Other consumer	108		1.55		91		1.31		87		1.21		82		1.13		84		1.13		17		24
Total consumer	662		0.67		564		0.58		541		0.56		481		0.48		393		0.40		98		269
Total net loan charge-offs	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%	$	399	0.17	%	$	86	451
By segment:
Consumer Banking and Lending	$	722	0.85	%	$	621	0.74	%	$	589	0.71	%	$	525	0.62	%	$	435	0.51	%	$	101	287
Commercial Banking	29		0.05		63		0.11		2		—		32		0.06		(3)		(0.01)		(34)		32
Corporate and Investing Banking	99		0.13		83		0.11		17		0.02		10		0.01		(16)		(0.02)		16		115
Wealth and Investment Management	1		—		(1)		—		(1)		—		(2)		(0.01)		(1)		—		2		2
Corporate	(1)		(0.04)		(2)		(0.09)		(3)		(0.13)		(5)		(0.22)		(16)		(0.70)		1		15
Total net loan charge-offs	$	850	0.36	%	$	764	0.32	%	$	604	0.26	%	$	560	0.23	%	$	399	0.17	%	$	86	451

(1)Quarterly net loan charge-offs (recoveries) as a percentage of average loans are annualized.

-19-

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Quarter ended							Sep 30, 2023 $ Change from
($ in millions)	Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023	Sep 30, 2022
Balance, beginning of period	$	14,786		13,705	13,609	13,225	12,884	1,081	1,902
Cumulative effect from change in accounting policy (1)	—			—	(429)	—	—	—	—
Balance, beginning of period, adjusted	14,786			13,705	13,180	13,225	12,884	1,081	1,902
Provision for credit losses for loans	1,143			1,839	1,129	968	773	(696)	370
Interest income on certain loans (2)	—			—	—	(26)	(26)	—	26
Net loan charge-offs:
Commercial and industrial	(93)			(119)	(43)	(66)	(13)	26	(80)


Commercial real estate	(93)			(79)	(17)	(10)	12	(14)	(105)
Lease financing	(2)			(2)	(3)	(3)	(5)	—	3
Total commercial	(188)			(200)	(63)	(79)	(6)	12	(182)


Residential mortgage	4			12	11	12	14	(8)	(10)
Credit card	(420)			(396)	(344)	(274)	(202)	(24)	(218)
Auto	(138)			(89)	(121)	(137)	(121)	(49)	(17)
Other consumer	(108)			(91)	(87)	(82)	(84)	(17)	(24)
Total consumer	(662)			(564)	(541)	(481)	(393)	(98)	(269)
Net loan charge-offs	(850)			(764)	(604)	(560)	(399)	(86)	(451)
Other	(15)			6	—	2	(7)	(21)	(8)
Balance, end of period	$	15,064		14,786	13,705	13,609	13,225	278	1,839
Components:
Allowance for loan losses	$	14,554		14,258	13,120	12,985	12,571	296	1,983
Allowance for unfunded credit commitments	510			528	585	624	654	(18)	(144)
Allowance for credit losses for loans	$	15,064		14,786	13,705	13,609	13,225	278	1,839
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	4.32x			4.65	5.35	5.85	7.94
Allowance for loan losses as a percentage of:
Total loans	1.54		%	1.50	1.38	1.36	1.33
Nonaccrual loans	182			207	218	231	225
Allowance for credit losses for loans as a percentage of:
Total loans	1.60			1.56	1.45	1.42	1.40
Nonaccrual loans	188			215	228	242	237

(1)Represents the decrease in our allowance for credit losses for loans as a result of our adoption of ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023.

(2)Prior to our adoption of ASU 2022-02 on January 1, 2023, certain loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognized changes in the allowance attributable to the passage of time as interest income.

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 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	$	4,269	1.12	%	$	4,266	1.11	%	$	4,287	1.11	%	$	4,507	1.17	%	$	4,547	1.20	%


Commercial real estate	3,842		2.52		3,618		2.35		2,724		1.76		2,231		1.43		2,233		1.43
Lease financing	199		1.24		197		1.28		213		1.44		218		1.46		211		1.44
Total commercial	8,310		1.51		8,081		1.45		7,224		1.30		6,956		1.25		6,991		1.27



Residential mortgage (1)	718		0.27		734		0.28		751		0.28		1,096		0.41		1,001		0.37
Credit card	4,021		8.07		3,865		8.10		3,641		7.96		3,567		7.71		3,364		7.72
Auto	1,264		2.53		1,408		2.73		1,449		2.75		1,380		2.57		1,340		2.46
Other consumer	751		2.64		698		2.50		640		2.27		610		2.08		529		1.78
Total consumer	6,754		1.73		6,705		1.71		6,481		1.65		6,653		1.67		6,234		1.57
Total allowance for credit losses for loans	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%
By segment:
Consumer Banking and Lending	$	7,515	2.24	%	$	7,469	2.22	%	$	7,215	2.14	%	$	7,394	2.17	%	$	7,002	2.08	%
Commercial Banking	2,401		1.06		2,379		1.04		2,417		1.07		2,397		1.07		2,477		1.15
Corporate and Investing Banking	4,840		1.67		4,634		1.59		3,785		1.30		3,552		1.19		3,517		1.17
Wealth and Investment Management	279		0.34		290		0.35		265		0.32		253		0.30		240		0.28
Corporate	29		0.32		14		0.15		23		0.25		13		0.14		(11)		(0.12)
Total allowance for credit losses for loans	$	15,064	1.60	%	$	14,786	1.56	%	$	13,705	1.45	%	$	13,609	1.42	%	$	13,225	1.40	%

(1)Includes negative allowance for expected recoveries of amounts previously charged off.

-21-

Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)


	Sep 30, 2023				Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Sep 30, 2022				Sep 30, 2023 $ Change from
($ in millions)	Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Jun 30, 2023		Sep 30, 2022
By product:
Nonaccrual loans:
Commercial and industrial	$	638	0.17	%	$	845	0.22	%	$	739	0.19	%	$	746	0.19	%	$	742	0.20	%	$	(207)	(104)


Commercial real estate	3,863		2.53		2,507		1.63		1,450		0.94		958		0.61		853		0.55		1,356		3,010
Lease financing	85		0.53		77		0.50		86		0.58		119		0.80		108		0.74		8		(23)
Total commercial	4,586		0.83		3,429		0.62		2,275		0.41		1,823		0.33		1,703		0.31		1,157		2,883



Residential mortgage (1)	3,258		1.24		3,289		1.24		3,552		1.33		3,611		1.34		3,677		1.37		(31)		(419)
Auto	126		0.25		135		0.26		145		0.28		153		0.29		171		0.31		(9)		(45)
Other consumer	32		0.11		33		0.12		38		0.13		39		0.13		36		0.12		(1)		(4)
Total consumer	3,416		0.87		3,457		0.88		3,735		0.95		3,803		0.95		3,884		0.98		(41)		(468)
Total nonaccrual loans	8,002		0.85		6,886		0.73		6,010		0.63		5,626		0.59		5,587		0.59		1,116		2,415



Foreclosed assets	177				133				132				137				125				44		52
Total nonperforming assets	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%	$	5,712	0.60	%	$	1,160	2,467
By segment:
Consumer Banking and Lending	$	3,354	1.00	%	$	3,416	1.02	%	$	3,689	1.09	%	$	3,747	1.10	%	$	3,811	1.13	%	$	(62)	(457)
Commercial Banking	1,024		0.45		1,164		0.51		1,037		0.46		1,029		0.46		1,025		0.48		(140)		(1)
Corporate and Investing Banking	3,588		1.24		2,243		0.77		1,226		0.42		764		0.26		673		0.22		1,345		2,915
Wealth and Investment Management	213		0.26		196		0.24		190		0.23		199		0.24		203		0.24		17		10
Corporate	—		—		—		—		—		—		24		0.26		—		—		—		—
Total nonperforming assets	$	8,179	0.87	%	$	7,019	0.74	%	$	6,142	0.65	%	$	5,763	0.60	%	$	5,712	0.60	%	$	1,160	2,467

(1)Residential mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.

-22-

Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY


	Sep 30, 2023					Jun 30, 2023					Sep 30, 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	$	10	147,362	16	%	$	10	148,643	16	%	$	53	144,595	15	%
Technology, telecom and media	29		26,817	3		43		27,186	3		69		27,892	3
Real estate and construction	58		25,321	3		61		25,180	3		65		25,572	3
Retail	72		20,913	2		83		20,658	2		49		19,673	2
Equipment, machinery and parts manufacturing	109		25,847	3		187		26,032	3		14		22,915	2
Materials and commodities	168		14,640	2		185		16,073	2		78		17,026	2
Food and beverage manufacturing	3		15,655	2		3		16,161	2		18		15,659	2
Oil, gas and pipelines	3		10,559	1		32		10,456	1		55		9,858	1
Health care and pharmaceuticals	20		14,985	2		19		14,996	2		21		14,472	2
Auto related	7		14,167	2		8		13,888	1		9		12,137	1
Commercial services	36		10,800	1		57		11,206	1		28		10,818	1
Utilities	1		8,099	*		1		7,709	*		61		8,848	*
Diversified or miscellaneous	3		7,673	*		2		8,069	*		11		8,219	*
Entertainment and recreation	19		13,212	1		25		12,935	1		35		11,407	1
Transportation services	140		8,972	*		147		8,993	*		226		7,817	*
Insurance and fiduciaries	1		4,964	*		1		5,016	*		1		4,515	*
Banks	—		11,799	1		—		11,080	1		—		15,575	2
Government and education	29		5,675	*		27		6,168	*		16		6,578	*
Agribusiness	8		5,965	*		6		6,107	*		25		6,301	*
Other	7		5,140	*		25		4,789	*		16		4,434	*
Total	$	723	398,565	42	%	$	922	401,345	42	%	$	850	394,311	42	%

*Less than 1%.

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)


	Sep 30, 2023							Jun 30, 2023							Sep 30, 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	$	144	40,813	4	%	$	49,709	$	9	40,752	4	%	$	50,699	$	9	38,855	4	%	$	51,565
Office (3)	2,790		32,201	3		35,242		1,517		33,089	3		36,757		173		35,194	4		40,411
Industrial/warehouse	29		24,389	3		27,470		38		23,900	3		27,802		44		19,453	2		24,465
Hotel/motel	217		12,826	1		14,396		149		12,923	1		13,910		153		13,144	1		14,030
Retail (excluding shopping center)	272		11,187	1		11,848		357		11,412	1		12,334		87		11,853	1		12,576
Shopping center	183		8,762	*		9,304		193		9,249	*		9,816		253		9,825	1		10,434
Institutional	112		6,125	*		7,001		118		6,099	*		6,906		34		7,987	*		9,411
Mixed use properties	105		5,166	*		5,989		113		5,343	*		6,330		57		7,356	*		8,688
Collateral pool	—		2,867	*		3,272		—		3,031	*		3,410		—		3,305	*		3,804
Storage facility	—		2,815	*		3,028		—		2,983	*		3,299		—		2,877	*		3,110
Other	11		5,335	*		8,012		13		5,495	*		8,361		43		5,810	*		8,866
Total	$	3,863	152,486	16	%	$	175,271	$	2,507	154,276	16	%	$	179,624	$	853	155,659	16	%	$	187,360

*Less than 1%.

(1)Our commercial real estate (CRE) loan portfolio is comprised of CRE mortgage and CRE construction loans.

(2)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.

(3)In second quarter 2023, we reclassified certain CRE loans to better align with regulatory reporting guidance, which resulted in a decrease in loans outstanding of approximately $2.0 billion to the office property type.

-24-

Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.


								Sep 30, 2023 % Change from
($ in millions)		Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022
Tangible book value per common share:
Total equity		$	182,373	181,952	183,220	182,213	178,478	—	%	2
Adjustments:
Preferred stock (1)		(19,448)		(19,448)	(19,448)	(19,448)	(20,057)	—		3
Additional paid-in capital on preferred stock (1)		157		173	173	173	136	(9)		15
Unearned Employee Stock Ownership Plan (ESOP) shares (1)		—		—	—	—	646	NM		(100)
Noncontrolling interests		(1,658)		(1,761)	(2,052)	(1,986)	(2,220)	6		25
Total common stockholders' equity	(A)	161,424		160,916	161,893	160,952	156,983	—		3
Adjustments:
Goodwill		(25,174)		(25,175)	(25,173)	(25,173)	(25,172)	—		—
Certain identifiable intangible assets (other than MSRs)		(132)		(145)	(139)	(152)	(171)	9		23
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)		(878)		(2,511)	(2,486)	(2,427)	(2,378)	65		63
Applicable deferred taxes related to goodwill and other intangible assets (3)		913		905	897	890	889	1		3
Tangible common equity	(B)	$	136,153	133,990	134,992	134,090	130,151	2		5
Common shares outstanding	(C)	3,637.9		3,667.7	3,763.2	3,833.8	3,795.4	(1)		(4)
Book value per common share	(A)/(C)	44.37		43.87	43.02	41.98	41.36	1		7
Tangible book value per common share	(B)/(C)	37.43		36.53	35.87	34.98	34.29	2		9

NM – Not meaningful

(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(2)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.

(3)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.

-25-

Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)


		Quarter ended						Sep 30, 2023 % Change from		Nine months ended
($ in millions)		Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022		Sep 30, 2022	Jun 30, 2023		Sep 30, 2022	Sep 30, 2023			Sep 30, 2022	% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	5,450		4,659	4,713	2,877		3,313	17	%	65	$	14,822		9,685	53	%
Average total equity		184,828			184,443	184,297	182,621		183,042	—		1	184,525			183,350	1
Adjustments:
Preferred stock (1)		(20,441)			(19,448)	(19,448)	(19,553)		(20,057)	(5)		(2)	(19,782)			(20,057)	1
Additional paid-in capital on preferred stock (1)		171			173	173	166		135	(1)		27	172			135	27
Unearned ESOP shares (1)		—			—	—	112		646	NM		(100)	—			646	(100)
Noncontrolling interests		(1,775)			(1,924)	(2,019)	(2,185)		(2,258)	8		21	(1,905)			(2,370)	20
Average common stockholders’ equity	(B)	162,783			163,244	163,003	161,161		161,508	—		1	163,010			161,704	1
Adjustments:
Goodwill		(25,174)			(25,175)	(25,173)	(25,173)		(25,177)	—		—	(25,174)			(25,179)	—
Certain identifiable intangible assets (other than MSRs)		(137)			(140)	(145)	(160)		(181)	2		24	(141)			(199)	29
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (2)		(2,539)			(2,487)	(2,440)	(2,378)		(2,359)	(2)		(8)	(2,489)			(2,352)	(6)
Applicable deferred taxes related to goodwill and other intangible assets (3)		910			903	895	890		886	1		3	902			855	5
Average tangible common equity	(C)	$	135,843		136,345	136,140	134,340		134,677	—		1	$	136,108		134,829	1
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	13.3		%	11.4	11.7	7.1		8.1				12.2		%	8.0
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	15.9		%	13.7	14.0	8.5		9.8				14.6		%	9.6

NM – Not meaningful

(1)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

-26-

Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III – STANDARDIZED APPROACH (1)


		Estimated							Sep 30, 2023 % Change from
($ in billions)		Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022
Total equity (2)		$	182.4		182.0	183.2	182.2	178.5	—	%	2
Effect of accounting policy change (2)		—			—	—	(0.3)	(0.1)
Total equity (as reported)		182.4			182.0	183.2	181.9	178.4	—		2
Adjustments:
Preferred stock (3)		(19.4)			(19.4)	(19.4)	(19.4)	(20.1)	—		3
Additional paid-in capital on preferred stock (3)		0.1			0.1	0.2	0.1	0.1	—		—
Unearned ESOP shares (3)		—			—	—	—	0.7	NM		(100)
Noncontrolling interests		(1.7)			(1.8)	(2.1)	(2.0)	(2.2)	6		23
Total common stockholders' equity		161.4			160.9	161.9	160.6	156.9	—		3
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.1)			(0.1)	(0.1)	(0.2)	(0.2)	—		50
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (4)		(0.9)			(2.5)	(2.5)	(2.4)	(2.4)	64		63
Applicable deferred taxes related to goodwill and other intangible assets (5)		0.9			0.9	0.9	0.9	0.9	—		—
Current expected credit loss (CECL) transition provision (6)		0.1			0.1	0.1	0.2	0.2	—		(50)
Other		—			0.1	(0.6)	(0.4)	(0.4)	(100)		100
Common Equity Tier 1	(A)	136.2			134.2	134.5	133.5	129.8	1		5


Preferred stock (3)		19.4			19.4	19.4	19.4	20.1	—		(3)
Additional paid-in capital on preferred stock (3)		(0.1)			(0.1)	(0.2)	(0.1)	(0.1)	—		—
Unearned ESOP shares (3)		—			—	—	—	(0.7)	NM		100
Other		(0.3)			(0.3)	(0.2)	(0.2)	(0.3)	—		—
Total Tier 1 capital	(B)	155.2			153.2	153.5	152.6	148.8	1		4

Long-term debt and other instruments qualifying as Tier 2		19.1			19.7	20.3	20.5	20.6	(3)		(7)
Qualifying allowance for credit losses (7)		14.9			15.1	14.2	13.9	13.6	(1)		10
Other		(0.5)			(0.4)	(0.3)	(0.3)	(0.3)	(25)		(67)





Total qualifying capital	(C)	$	188.7		187.6	187.7	186.7	182.7	1		3

Total risk-weighted assets (RWAs)	(D)	$	1,233.7		1,250.7	1,243.8	1,259.9	1,255.6	(1)		(2)

Common Equity Tier 1 to total RWAs	(A)/(D)	11.0		%	10.7	10.8	10.6	10.3
Tier 1 capital to total RWAs	(B)/(D)	12.6			12.2	12.3	12.1	11.9
Total capital to total RWAs	(C)/(D)	15.3			15.0	15.1	14.8	14.6

NM – Not meaningful

(1)The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 and total capital ratios under both approaches.

(2)In first quarter 2023, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2018-12. We adopted this ASU 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.

(3)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(4)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on investments in consolidated portfolio companies.

(5)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.

(6)In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses (ACL) under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the benefit is reduced by 25% in year one, 50% in year two and 75% in year three.

(7)Under the Standardized Approach, the ACL is includable in Tier 2 capital up to 1.25% of Standardized credit RWAs with any excess ACL deducted from total RWAs.

-27-

Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III – ADVANCED APPROACH (1)


		Estimated							Sep 30, 2023 % Change from
($ in billions)		Sep 30, 2023			Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Sep 30, 2022
Total equity (2)		$	182.4		182.0	183.2	182.2	178.5	—	%	2
Effect of accounting policy change (2)		—			—	—	(0.3)	(0.1)
Total equity (as reported)		182.4			182.0	183.2	181.9	178.4	—		2
Adjustments:
Preferred stock (3)		(19.4)			(19.4)	(19.4)	(19.4)	(20.1)	—		3
Additional paid-in capital on preferred stock (3)		0.1			0.1	0.2	0.1	0.1	—		—
Unearned ESOP shares (3)		—			—	—	—	0.7	NM		(100)
Noncontrolling interests		(1.7)			(1.8)	(2.1)	(2.0)	(2.2)	6		23
Total common stockholders' equity		161.4			160.9	161.9	160.6	156.9	—		3
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.1)			(0.1)	(0.1)	(0.2)	(0.2)	—		50
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets) (4)		(0.9)			(2.5)	(2.5)	(2.4)	(2.4)	64		63
Applicable deferred taxes related to goodwill and other intangible assets (5)		0.9			0.9	0.9	0.9	0.9	—		—
CECL transition provision (6)		0.1			0.1	0.1	0.2	0.2	—		(50)
Other		—			0.1	(0.6)	(0.4)	(0.4)	(100)		100
Common Equity Tier 1	(A)	136.2			134.2	134.5	133.5	129.8	1		5


Preferred stock (3)		19.4			19.4	19.4	19.4	20.1	—		(3)
Additional paid-in capital on preferred stock (3)		(0.1)			(0.1)	(0.2)	(0.1)	(0.1)	—		—
Unearned ESOP shares (3)		—			—	—	—	(0.7)	NM		100
Other		(0.3)			(0.3)	(0.2)	(0.2)	(0.3)	—		—
Total Tier 1 capital	(B)	155.2			153.2	153.5	152.6	148.8	1		4

Long-term debt and other instruments qualifying as Tier 2		19.1			19.7	20.3	20.5	20.6	(3)		(7)
Qualifying allowance for credit losses (7)		4.6			4.5	4.5	4.5	4.4	2		5
Other		(0.5)			(0.4)	(0.3)	(0.3)	(0.3)	(25)		(67)





Total qualifying capital	(C)	$	178.4		177.0	178.0	177.3	173.5	1		3

Total RWAs	(D)	$	1,130.3		1,118.4	1,117.9	1,112.3	1,104.1	1		2

Common Equity Tier 1 to total RWAs	(A)/(D)	12.0		%	12.0	12.0	12.0	11.8
Tier 1 capital to total RWAs	(B)/(D)	13.7			13.7	13.7	13.7	13.5
Total capital to total RWAs	(C)/(D)	15.8			15.8	15.9	15.9	15.7

NM – Not meaningful

(3)In fourth quarter 2022, we redeemed all outstanding shares of our ESOP Cumulative Convertible Preferred Stock in exchange for shares of the Company’s common stock.

(7)Under the Advanced Approach, the ACL that exceeds expected credit losses is eligible for inclusion in Tier 2 capital, to the extent the excess allowance does not exceed 0.60% of Advanced credit RWAs with any excess ACL deducted from total RWAs.

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