Exhibit 99.1

		News Release Corporate Communications

		Media		Investors
		Janis Smith		Bob Strickland		Jim Rowe
		(415) 396-7711		(415) 396-0523		(415) 396-8216

Wednesday, January 28, 2009

WELLS FARGO REPORTS FULL YEAR NET INCOME OF $2.84 BILLION, $0.75 PER SHARE,

FOURTH QUARTER NET LOSS OF $2.55 BILLION, $0.79 PER SHARE, AFTER SIGNIFICANT DE-RISKING AND MERGER-RELATED ACTIONS;

AMONG THE LEADERS IN BANKING INDUSTRY INCREASING LOANS AND ASSETS TO CONSUMERS AND BUSINESSES BY 28 PERCENT SINCE CREDIT CRISIS BEGAN;

COMPLETES WACHOVIA ACQUISITION;

DECLARES COMMON STOCK DIVIDEND OF $0.34 PER SHARE

Full Year 2008:

•		Record revenue of $42.23 billion, up 7 percent from prior year
•		Positive operating leverage (revenue growth of 7 percent; expense decline of 1 percent), best among large bank peers
•		Net income of $2.84 billion, including $8.14 billion (pre tax) credit reserve build, $1.68 billion (pre tax) other-than-temporary impairment and $124 million (pre tax) of merger-related expenses
•		Diluted earnings per share of $0.75, including credit reserve build ($1.51 per share) and other-than-temporary impairment ($0.31 per share)
•		Industry-leading annual results – highest growth in pre-tax pre-provision earnings (up 18 percent), highest net interest margin (4.83 percent), return on equity, return on assets and highest total shareholder return among large bank peers (up 2 percent)

Fourth Quarter 2008:

•

Successfully closed Wachovia acquisition on December 31, 2008

	o		Integration proceeding as planned and on schedule
	o		Completed updated analysis of Wachovia loan portfolios and remain comfortable in the aggregate with original credit assumptions
	o		Comfortable with original assumptions on cost saves and earnings per share accretion
	o		Announced leadership structure for merged company
	o		Wachovia deposit inflows and loan originations have resumed
	o		Wachovia recorded fourth quarter loss of $11.2 billion, including $2.8 billion deferred tax asset write-down, $4.2 billion credit reserve build and $4.3 billion of market disruption losses

•

Significantly reduced the risk, or “de-risked,” the balance sheet and future earnings stream of the new Wells Fargo

o

De-risking at Wachovia:

	•		$37.2 billion of credit write-downs taken at December 31, 2008, through purchase accounting adjustments on $93.9 billion of high-risk loans segregated in Wachovia’s loan portfolio; reduces need for provisions in future
	•		Fourth quarter net charge-offs included $1.2 billion on legacy Pick-a-Pay portfolio
	•		$4.2 billion credit reserve build
	•		Reduced the cost basis of the Wachovia securities portfolio by $9.6 billion reflecting $2.4 billion of recognized losses and write-off of $7.2 billion of unrealized losses previously reflected in negative cumulative other comprehensive income
	•		Additional net $2.9 billion of negative cumulative other comprehensive income also written off, primarily related to pension obligations
	•		Wachovia period-end loans, securities, trading assets and loans held for sale reduced by $115.2 billion, or 17 percent, from June 30, 2008

o

De-risking at Wells Fargo:

	•		$5.6 billion credit reserve build, including $3.9 billion provision to conform to most conservative credit reserve practices from each company
	•		Wells Fargo securities portfolio written down by $473 million for other-than-temporary impairment
	•		$413 million write-down of aged loans in mortgage warehouse and additions to the mortgage repurchase reserve

o

Combined allowance for credit losses of $21.7 billion at December 31, 2008

	•		3.2 times coverage of nonaccrual loans, highest coverage of any large bank in the U.S.
	•		Allowance now covers 12 months of estimated losses for all consumer portfolios and at least 24 months of estimated losses for all commercial and commercial real estate portfolios

•		Tier 1 capital was $86.4 billion at December 31, 2008, after the impact of de-risking the balance sheet for credit impairment of loans and write-down of negative cumulative other comprehensive income at Wachovia, which, in the aggregate, reduced the Tier 1 capital ratio by approximately 230 basis points to 7.9 percent at year end
•		Board of Directors declares quarterly dividend of $0.34 per share
•		No plans to request additional TARP capital
•		Continued to grow the Wells Fargo franchise and increased market share in fourth quarter:

	o		Pre-tax pre-provision earnings of $4.0 billion
	o		Average loans up 11 percent from prior year, up 10 percent (annualized) from prior quarter
	o		Record 31 percent annualized growth in average core deposits from prior quarter
	o		Net new checking accounts up 6.2 percent from prior year
	o		410,000 new households served in 2008
	o		Record cross-sell of 5.73 for retail bank households and 6.4 for wholesale customers
	o		Mortgage applications of $116 billion, up 158 percent (annualized) linked quarter; December was 4th highest application month in Company’s history

	o		Mortgage application pipeline of $71 billion at year end
	o		Mortgage market share rose to 12 percent (based on third quarter 2008 data) from 10 percent a year earlier
	o		Industry-leading net interest margin of 4.90 percent, up 28 basis points from prior year, up 11 basis points from prior quarter

•

Among the banking industry’s leaders in increasing loans and assets, remained “open for business” in providing credit to consumers, small business and commercial customers

	o		Average earning assets, primarily loans and securities, up $119 billion, or 28 percent, since the start of the credit crisis in mid-2007
	o		New loan commitments to consumer and commercial customers of $187 billion since mid-2007
	o		Residential real estate originations of $354 billion since mid-2007
	o		Average loans in fourth quarter up $9.7 billion, or 10 percent (annualized), linked quarter; new loan commitments of $22 billion
	o		Residential real estate originations of $50 billion in fourth quarter

•

Continued to help homeowners remain in their homes

	o		Working with government agencies, HOPE NOW and others, Wells Fargo has led the industry in development of programs for at-risk customers to avoid foreclosure
	o		More than 498,000 solutions delivered to customers in 2008, including more than 143,000 solutions in fourth quarter
	o		Announced new program to give 478,000 Wachovia mortgage customers, including those with Pick-a-Pay loans, access to Wells Fargo solutions to avoid preventable foreclosures and help stabilize communities

•

Fourth quarter net loss of $2.55 billion, or $0.79 per share, included the following significant items:

	o		$(5.6) billion, or $(0.99) per share, credit reserve build through Wells Fargo earnings, which includes $(3.9) billion, or $(0.69) per share, to conform reserve practices of both Wells Fargo and Wachovia
	o		$(473) million, or $(0.08) per share, other-than-temporary impairment
	o		$(413) million, or $(0.07) per share, write-downs on aged loans in mortgage warehouse and additions to the mortgage repurchase reserve
	o		$(294) million, or $(0.05) per share, net charge-offs related to Madoff fraud
	o		$(74) million, or $(0.01) per share, merger-related integration and severance expenses

		Quarter ended
Selected Financial Information		Dec. 31,				Sept. 30,				Dec. 31,
(Wells Fargo only)		2008				2008				2007
Earnings
Diluted earnings (loss) per share		$	(0.79	)		$	0.49			$	0.41
Net income (loss) (in billions)			(2.55	)			1.64				1.36
Asset Quality
Net charge-offs as % of avg. total loans			2.69	%			1.96	%			1.28	%
Allowance as a % of nonperforming loans			319				161				206
Other
Revenue (in billions)		$	9.82			$	10.38			$	10.21
Average loans (in billions)			413.9				404.2				374.4
Average core deposits (in billions)			345.0				320.1				314.8
Net interest margin			4.90	%			4.79	%			4.62	%

Effective December 31, 2008, Wells Fargo & Company acquired Wachovia Corporation. Wachovia’s assets and liabilities are included in the consolidated balance sheet at their respective acquisition date fair value. Because the acquisition was completed at the end of 2008, Wachovia’s results are not included in the income statement or average balance sheet.

SAN FRANCISCO –Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common share of $0.75 for 2008 compared with $2.38 for 2007. Net income was $2.84 billion compared with $8.06 billion in 2007. Full year results included $8.1 billion (pre tax) of credit reserve build ($1.51 per share), which included $3.9 billion of conforming credit reserve adjustments, and $1.7 billion ($0.31 per share) for other-than-temporary impairment charges. Net loss for fourth quarter 2008 was $2.55 billion, or $0.79 per share, compared with earnings of $1.36 billion, or $0.41 per share, in fourth quarter 2007.

“We thank our combined new team of 281,000 for all their hard work and dedication laying the foundation so together we can build the world’s premier financial services company,” said President and CEO John Stumpf. “Asset size is not important to us. As always, we’re focusing on our vision of satisfying all our customers’ financial needs and helping them succeed financially. If we continue to do that, good things will happen for all our stakeholders and we will continue to produce industry-leading returns for our shareholders.

“Despite the unprecedented contraction in the credit markets, we remained ‘open for business’ and continued to lend to credit-worthy customers. We made $106 billion in new loan commitments during 2008 to consumer, small business and commercial customers and originated $230 billion of residential mortgages. The decline in profitability was caused by adding $8.1 billion to credit reserves, which included a $3.9 billion provision to conform reserve practices of both Wachovia and Wells Fargo. The fundamentals of our time-tested business model, however, are as sound as ever. During the quarter, our average core deposits grew at an impressive rate, up 31 percent (annualized) from the prior quarter. We set new records for products per customer for retail (5.73) and commercial (6.4). We were able to increase our lending to creditworthy customers because we were building capital and shrinking our balance sheet in 2005 and 2006 when credit spreads were unrealistically low and were not priced for their underlying risk. We did make some mistakes, but, for the most part, we maintained our credit discipline. We understood our customers’ financial needs. As a result, our company at year-end 2008 was one of the world’s strongest financial institutions.” Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1” and Standard & Poor’s Ratings Services, “AA+.”

Financial Performance

“In 2008, Wells Fargo remained in a league of its own with respect to continued growth, providing the largest increase in loans to households and companies across the country and maintaining industry-leading profit margins,” said Chief Financial Officer Howard Atkins. “Despite the significant challenges facing the industry in 2008, the Company earned a profit of $2.84 billion, even after charging earnings $8.1 billion pre tax to build credit reserves. We are disappointed to report a loss for the fourth quarter. Fourth quarter loss included $6.9 billion of pre-tax charges, largely de-risking and merger related, including $3.9 billion of credit reserve build on Wells Fargo’s books to conform both Wells Fargo’s and Wachovia’s credit reserve practices to the more conservative of each bank. Business momentum in the quarter was consistent with Wells Fargo’s long-standing growth. Average loans were up 11 percent year over year and average core deposits increased 31 percent (annualized) linked quarter. Mortgage applications were $116 billion in the quarter, with December the fourth best application month in the Company’s history, and mortgage applications in the first two weeks of 2009 are running 20 percent higher than the average daily rate in December. The Company’s operating margins once again improved in the quarter, with an 8 percentage point spread between revenue growth and expense growth, and our industry-leading net interest margin was 4.90 percent, up 28 basis points from a year ago and 11 basis points from third quarter.

“While many banks have been retrenching from lending, Wells Fargo has remained ‘open for business’ since the start of the credit crisis in mid-2007, consistently providing credit to consumers, small businesses and middle market customers. During this time, we have provided $187 billion in new loan commitments, including $22 billion in fourth quarter 2008. Mortgage originations in fourth quarter were $50 billion and given the unclosed pipeline of mortgages of $71 billion at December 31, 2008, the first quarter of 2009 is likely to be an even higher origination quarter. Wells Fargo Home Mortgage is the nation’s second largest mortgage servicer and has taken a lead role in developing programs to protect homeowners, help them modify their mortgages and avoid foreclosure. Through repayment plans, modifications and other loss mitigation options, we delivered more than 498,000 solutions to customers in 2008, including 143,000 in the fourth quarter. We are also pleased that in the fourth quarter deposit inflows and new lending resumed at Wachovia.

“As of December 31, 2008, consolidated Tier 1 regulatory capital was $86.4 billion, after the impact of de-risking the balance sheet for credit impairments of loans and write-down of negative cumulative other comprehensive income at Wachovia, which, in the aggregate, reduced the Tier 1 capital ratio by approximately 230 basis points to 7.9 percent at year end, well above regulatory minimums for a well-capitalized bank.

“Given our strong balance sheet and business momentum, the Board of Directors declared a common stock dividend of $0.34 per share. We have no plans to ask for additional TARP capital.”

     Except where noted below, the following results are Wells Fargo stand-alone.

Revenue

Full year 2008 revenue was $42.23 billion, up 7 percent from the same period last year. Fourth quarter revenue was $9.82 billion, down 4 percent from a year ago. Year over year, net interest income was up a very strong 23 percent driven by higher asset growth and a wider net interest margin, offset by securities and loan write-downs in the quarter. On a linked-quarter basis, revenue declined 5 percent, reflecting $343 million growth in net interest income offset by an $898 million decline in noninterest income due to impairments and other write-downs.

Loans

Average loans of $413.9 billion increased $39.6 billion, or 11 percent, from a year ago. On a linked-quarter basis, average loans grew $9.7 billion, or 10 percent (annualized). Average commercial and commercial real estate loans increased $32.3 billion, or 22 percent, from fourth quarter 2007 and increased $9.0 billion, or 21 percent (annualized), from third quarter 2008, making this the 17^th consecutive quarter of double-digit, year-over-year growth. Average consumer loans increased $8.6 billion, or 4 percent, from fourth quarter 2007, and increased $1.7 billion, or 3 percent (annualized), from third quarter 2008. Total loans, including Wachovia, were $864.8 billion at December 31, 2008.

“We’re getting particularly good loan growth in the middle-market commercial segment, as we gain market share at attractive terms,” said Atkins. “As we’ve been paring back risk and exiting higher-risk channels, loan balances in products such as auto have been declining and home equity balances are essentially flat.”

Deposits

Average core deposits of $345.0 billion increased $30.1 billion, or 10 percent, from a year ago and $24.9 billion, or 31 percent (annualized), from third quarter 2008. Average mortgage escrow deposits were $19.7 billion, down $136 million from fourth quarter 2007 and down $1.5 billion linked quarter. Average retail core deposits increased $17.3 billion, or 8 percent, from fourth quarter 2007 and increased $9.3 billion, or 16 percent (annualized), linked quarter. Average consumer checking accounts grew a record net 6.2 percent from fourth quarter 2007, with 8.3 percent growth in California. “We believe we picked up significant market share in the quarter, while maintaining our long-standing pricing discipline,” said Atkins. Total core deposits, including Wachovia, were $745.4 billion at December 31, 2008.

Net Interest Income

Net interest income increased $1.24 billion, or 23 percent, from fourth quarter 2007 driven by 15 percent growth in average earning assets and a 28 basis point increase in the net interest margin to 4.90 percent. Net interest income grew $343 million, or 21 percent (annualized), linked quarter due to 11 percent annualized growth in average earning assets and an 11 basis point increase in the net interest margin. For Wells Fargo in 2008, the negatives of the credit crisis in terms of higher net loan charge-offs have been offset by the benefits of the credit crisis in higher net interest income due to market share gains and wider margins.

Noninterest Income

Noninterest income decreased $898 million linked quarter. Items to note in noninterest income for the quarter included:

	•		($473) million other-than-temporary impairment
	•		($413) million write-downs of aged loans in mortgage warehouse due to changes in liquidity and other spreads and additions to the mortgage repurchase reserve
	•		($328) million other changes in mortgage pipeline/warehouse value including change in servicing value, net of pipeline/warehouse hedge results
	•		($346) million mortgage servicing rights (MSRs) mark to market net of hedge loss
	•		$681 million net gains on securities hedging MSRs risk and servicing value associated with the mortgage pipeline and warehouse, included in $721 million total net gains on debt securities

At December 31, 2008, the net unrealized loss on the debt and equity securities available-for-sale portfolio was $10.3 billion for the combined organization, on the combined securities portfolio of $151.6 billion.

Noninterest Expense

Noninterest expense decreased $78 million from fourth quarter 2007 and increased $305 million linked quarter. Fourth quarter expenses included $74 million of merger integration and severance costs and $134 million of insurance premiums for additional reserves at the Company’s captive mortgage reinsurance operation.

Credit Quality

“Further declines in residential real estate values, higher unemployment levels and increased bankruptcies had a negative impact on our credit performance,” said Chief Credit Officer Mike Loughlin. Fourth quarter 2008 net charge-offs were $2.8 billion (2.69 percent of average loans, annualized) compared with $2.00 billion (1.96 percent) in third quarter 2008 and $1.21 billion (1.28 percent) in fourth quarter 2007. Fourth quarter 2008 provision was $8.4 billion, including a

$5.6 billion credit reserve build primarily related to the provision to conform the loss emergence coverage period to the most conservative of each company, as well as higher projected losses in several consumer credit businesses, and growth and credit deterioration in the wholesale portfolios. Since the beginning of fourth quarter 2007, the Company has provided $9.5 billion in excess of net charge-offs. “Compared with year end 2007, our allowance has tripled, which strengthens our balance sheet in these volatile times,” said Loughlin. “We believe the allowance was adequate for losses inherent in the portfolio at December 31, 2008. The allowance covered 12 months of estimated losses in all consumer loan portfolios and at least 24 months of estimated losses in each of the commercial and commercial real estate portfolios. ”

Net charge-offs in the real estate 1-4 family first mortgage portfolio increased $54 million linked quarter, including the $27 million increase from Wells Fargo Financial’s residential real estate portfolio. “Housing price trends and the real estate purchase market will need to improve before we expect to see improvement in loan performance,” said Loughlin. Credit card charge-offs increased $90 million. “The increases in delinquency and loss levels in the consumer unsecured loan portfolios were directly impacted by employment levels.” Losses in the auto portfolio increased $56 million from third quarter 2008 due to credit deterioration, seasonality and depressed used car values. “While we continued to aggressively apply loss mitigation strategies, the economic environment created a headwind against our efforts to manage loan performance.”

Net charge-offs in the real estate 1-4 family junior lien portfolio increased $61 million from third quarter 2008 as residential real estate values continued to deteriorate. “As previously stated, loss levels in this portfolio directly correlate to property values,” said Loughlin. “Until residential real estate values stabilize, our Home Equity portfolios will produce higher than normal loss levels.” More information about the Home Equity portfolios is available on page 37.

Commercial and commercial real estate net charge-offs increased $504 million linked quarter. “The wholesale businesses showed some signs of deterioration, but still performed within expectations. One exception was $294 million in losses for clients who incurred losses related to the Madoff investment firm. Commercial lending opportunities continued for us as credit availability was limited in the marketplace.”

Net Charge-offs: 2008

Full year 2008 net charge-offs were $7.84 billion (1.97 percent of average total loans) compared with $3.54 billion (1.03 percent) during 2007. Total wholesale charge-offs (excluding business direct) increased $864 million from the prior year, including the previously referenced $294 million of Madoff-related losses, residential real estate construction and industries related to home building. Home Equity charge-offs totaled $2.16 billion (2.57 percent of average Home Equity loans) in 2008 compared with $596 million (0.73 percent) in 2007. Auto charge-offs totaled $1.23 billion (4.50 percent of average auto loans) in 2008 compared with $1.02 billion (3.45 percent) in 2007. Business Direct charge-offs totaled $819 million (6.96 percent of average business direct loans) in 2008 compared with $433 million (3.97 percent) in 2007.

		Quarter ended								Quarter ended
		Dec. 31, 2008								Sept. 30, 2008
		Net loan				As a %				Net loan				As a %
		charge-offs				of average				charge-offs				of average
		(in millions)				loans				(in millions)				loans
Commercial and commercial real estate:
Commercial		$	732				2.71	%		$	278				1.10	%
Other real estate mortgage			9				0.09				8				0.06
Real estate construction			84				1.67				36				0.73
Lease financing			17				0.90				16				0.88
Total commercial and commercial real estate			842				1.86				338				0.78
Consumer:
Real estate 1-4 family first mortgage			193				0.98				139				0.73
Real estate 1-4 family junior lien			702				3.68				641				3.38
Credit card			451				8.69				361				7.20
Other revolving credit and installment			565				4.29				469				3.45
Total consumer			1,911				3.35				1,610				2.84
Foreign			51				3.14				47				2.58
Total		$	2,804				2.69			$	1,995				1.96

Nonperforming Assets

Total nonperforming assets were $9.0 billion (1.04 percent of total loans) at December 31, 2008, and included $6.8 billion of nonperforming loans, $667 million of insured Government National Mortgage Association (GNMA) loan repurchases, and $1.5 billion of foreclosed and repossessed real estate and vehicles. “We will continue to hold more nonperforming assets on our balance sheet as it is currently the most economic option available,” said Loughlin. “Until the credit and liquidity markets improve, nonperforming loan balances will continue to increase.”

Loans 90 days or more past due and still accruing totaled $12.65 billion (Wells Fargo and Wachovia combined), $8.44 billion, and $6.39 billion at December 31, 2008, September 30, 2008, and December 31, 2007, respectively. For the same periods, the totals included $8.18 billion, $6.30 billion and $4.83 billion, respectively, in advances pursuant to our servicing agreement to GNMA mortgage pools and similar loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

Loans 90 Days or More Past Due and Still Accruing
(Excluding Insured/Guaranteed GNMA and Similar Loans)
Includes Wachovia and Wells Fargo at 12/31/08

		Dec. 31,				Sept. 30,				Dec. 31,
(in millions)		2008				2008				2007
Commercial and commercial real estate:
Commercial		$	218			$	46			$	32
Other real estate mortgage			88				111				10
Real estate construction			232				146				24
Total commercial and commercial real estate			538				303				66
Consumer:
Real estate 1-4 family first mortgage			1,565				429				286
Real estate 1-4 family junior lien mortgage			590				257				201
Credit card			687				498				402
Other revolving credit and installment			1,047				617				552
Total consumer			3,889				1,801				1,441
Foreign			34				40				52
Total loans		$	4,461			$	2,144			$	1,559

The previous table does not include loans acquired from Wachovia accounted for under SOP 03-3 that were contractually 90 days past due and still accruing at December 31, 2008. These loans have a related nonaccretable discount that will absorb future losses, therefore charge-offs on these loans are not expected to impact the income statement in future periods.

Allowance for Credit Losses

The allowance for credit losses, including unfunded commitments, totaled $21.7 billion (Wells Fargo and Wachovia combined) at December 31, 2008, compared with $8.0 billion (Wells Fargo only) at September 30, 2008. Fourth quarter 2008 results included a credit reserve build of $5.6 billion at Wells Fargo, primarily for a $3.9 billion provision to conform estimated loss emergence coverage periods to the most conservative of each company within Federal Financial Institutions Examination Council guidance ($1.2 billion for Wachovia and $2.7 billion for Wells Fargo). The balance was attributed to higher projected loss rates across the majority of the consumer credit businesses, and some credit deterioration and growth in the wholesale portfolios.

“With respect to Wachovia, during the months of November and December, officers from both companies evaluated Wachovia’s loan portfolios to identify recent deterioration and estimate future loss potential in the context of the current, unprecedented economic conditions. These loss estimates were then used to assess the value of the loan portfolio as part of the purchase accounting adjustments,” said Loughlin. “While we spent a significant amount of time focused on the Pick-a-Pay and commercial real estate portfolios, all Wachovia loan portfolios were re-evaluated. As a result of this rigorous review process, we were able to develop a better understanding of the risks in the portfolio. Additionally, on our first day as a combined company, Wachovia and Wells Fargo credit officers were in place, prepared to manage risk and available to satisfy customer credit needs.”

Wachovia Fourth Quarter 2008

The Wachovia acquisition was completed on December 31, 2008, and therefore Wachovia’s results are not consolidated in Wells Fargo’s income statement. Wells Fargo’s balance sheet includes Wachovia’s period-end balance sheet data net of closing purchase accounting adjustments. The table below provides highlights of Wachovia’s fourth quarter results on a stand-alone basis.

Wachovia Condensed Income Statement

		Quarter ended
		Dec. 31,				Sept. 30,				%
(in millions)		2008				2008				Change
Net interest income		$	4,505			$	4,991				(10	)%
Noninterest income			(2,800	)			733			NM
Total revenue			1,705				5,724				(70	)
Provision for credit losses			7,404				6,629				12
Noninterest expense			5,330				6,759				(21	)
Goodwill impairment			—				18,786			NM
Minority interest			(115	)			(105	)			10
Income (loss) before income tax expense (benefit)			(10,914	)			(26,345	)			(59	)
Income tax expense (benefit)			133				(2,647	)		NM
Net income (loss)			(11,047	)			(23,698	)			(53	)
Preferred dividends			122				191				(36	)
Net income (loss) applicable to common stock		$	(11,169	)		$	(23,889	)			(53	)

The fourth quarter loss of $11.2 billion reflected a $2.8 billion tax expense primarily related to deferred tax asset write-downs. The pre-tax loss of $10.9 billion was primarily driven by the provision for credit losses of $7.4 billion, which included a $4.2 billion reserve build. The provision also included $2.9 billion relating to the Pick-a-Pay portfolio, including $1.2 billion of charge-offs and $1.7 billion reserve build. Results reflected $4.3 billion of market disruption losses including $1.7 billion in investment banking distribution-related losses, $1.3 billion of investment portfolio securities impairments, $1.1 billion of losses relating to liquidation of certain fund investments, $263 million in net valuation losses relating to the support of money market and other funds as well as losses on auction-rate securities inventory. These results were further negatively affected by lower overall market-related activity and valuation declines, including $1.0 billion of other losses relating to trading and principal investing.  

The primary drivers of Wachovia’s higher credit costs in the fourth quarter have been largely addressed through purchase accounting adjustments taken at the time of the merger. Wachovia’s loan portfolios have been significantly de-risked at December 31, 2008, by $37.2 billion of credit write-downs through purchase accounting adjustments on $93.9 billion of high-risk loans (primarily Pick-a-Pay and commercial real estate loans).

At closing, the net unrealized losses on Wachovia’s securities portfolio were released from cumulative other comprehensive income as part of purchase accounting, and a new cost basis was established for this portfolio. These closing entries reduce the near-term risk of recording additional other-than-temporary impairment related to securities acquired from Wachovia through the income statement.

Business Segment Performance

Wells Fargo has three lines of business for management reporting: Community Banking, Wholesale Banking and Wells Fargo Financial. Net income (loss) for each of the three business segments was:

		Fourth Quarter
(in millions)		2008				2007
Community Banking		$	(1,223	)		$	658
Wholesale Banking			272				625
Wells Fargo Financial			(790	)			78

More financial information about the business segments is on pages 32 and 33.

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services primarily in 23 midwestern and western states, and mortgage and home equity loans in all 50 states.

Selected Financial Information

		Fourth Quarter								%
(in millions)		2008				2007				Change
Total revenue		$	6,327			$	6,522				(3	)%
Provision for credit losses			4,820				2,082				132
Noninterest expense			3,832				3,822				—
Net income (loss)			(1,223	)			658			NM
(in billions)
Average loans			223.6				210.9				6
Average assets			396.7				346.8				14
Average core deposits			262.9				245.3				7

Community Banking reported a net loss of $1.2 billion in fourth quarter 2008 compared with net income of $658 million a year ago. Pre-tax pre-provision profit decreased $205 million, or 8 percent, from a year ago. Revenue decreased $195 million, or 3 percent, driven by lower mortgage banking income, partially offset by security gains and strong balance sheet growth. Average loans of $223.6 billion grew 6 percent and average core deposits of $262.9 billion grew 7 percent with a portion of the growth due to acquisitions. Noninterest income decreased $985 million from fourth quarter 2007 due primarily to lower mortgage banking income and trading losses partially offset by security gains. Noninterest expense was flat from a year ago. Fourth quarter expenses included $28 million of integration costs related to the Wachovia acquisition. The provision for credit losses increased $2.7 billion from fourth quarter 2007, which included a $3 billion credit reserve build.

Regional Banking

•		Record core product solutions (sales) in 2008 of 23.1 million, up 17 percent from 2007
•		Record core sales per platform banker FTE (active, full-time equivalent) of 5.37 per day, up from 4.93 in 2007
•		Record retail bank household cross-sell of 5.73 products per household, 24 percent of our retail bank households had 8 or more products, our long-term goal
•		Sales of Wells Fargo Packages® (a checking account and at least three other products) up 37 percent from prior year, purchased by a record 76 percent of new checking account customers
•		Consumer checking accounts up a net 6.2 percent from prior year, up 8.3 percent in California
•		Customer loyalty and welcoming and wait time scores both up 8 percent from 2007 (based on customers conducting transactions with tellers)
•		Added 1,330 platform banker FTEs from 2007 through hiring and acquisitions
•		Opened 58 banking stores and converted 32 stores from Greater Bay Bancorp, Farmers State Bank and United Bancorporation of Wyoming
•		Added 124 webATM® machines and converted 672 to Envelope-freeSM webATM machines
•		Business Banking

	o		Store-based business solutions up 18 percent from 2007
	o		Loans to small businesses (loans primarily less than $100,000 on our Business Direct platform) up 8 percent from 2007
	o		Business checking accounts up a net 2.2 percent from prior year
	o		Business Banking cross-sell of 3.61 products per household
	o		Sales of Wells Fargo Business Services Packages (a business checking account and at least three other business products) up 32 percent from prior year, purchased by a record 51 percent of new business checking account customers

“Our team’s performance reflected our commitment to our vision to satisfy all of our customers’ financial needs and help them succeed financially,” said Carrie Tolstedt, senior EVP, Community Banking. “We provided a record 23.1 million core product solutions, up 17 percent from 2007. Retail bank household cross-sell finished the year with a record 5.73 products per household, up from 5.53 in 2007. We continued to achieve gains in net new customer relationships, with consumer checking accounts up a net 6.2 percent, the highest level in six years. In fourth quarter, we welcomed Wachovia Corporation and Century Bancshares to our team, which began our exciting journey to create the country’s premier coast-to-coast banking network.”

Home Mortgage

•		Home Mortgage originations of $230 billion in 2008 and $50 billion in fourth quarter
•		Home Mortgage applications of $116 billion, up 40 percent from prior quarter
•		Mortgage application pipeline of $71 billion, up 73 percent from prior quarter (includes $5 billion from Wachovia)
•		Record owned mortgage servicing portfolio of $2.1 trillion, up 39 percent from prior year (includes $379 billion added from Wachovia)

“During the last half of the quarter, we experienced a significant increase in refinance applications as mortgage rates declined significantly in response to the proposed actions by the Federal Reserve to lower mortgage rates,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “Applications of $63 billion for December were the fourth highest month on record in what is traditionally a seasonal slow period. Given the strong refinance demand due to historically low mortgage rates, the acquisition of Wachovia is very timely as we look forward to the opportunity to satisfy all the financial needs of our Wachovia customers.

“Our talented team was able to manage through a very difficult business environment in 2008 and deliver strong results. Home Mortgage’s balanced business model and strong commitment to fair and responsible lending and servicing, conservative credit culture and focus on traditional conventional and FHA/VA mortgage products helped us avoid many of the problems that have plagued the industry. For the full year, mortgage originations were a solid $230 billion. The unclosed mortgage application pipeline was $71 billion at year end, indicating a strong start to 2009. The combined owned mortgage servicing portfolio reached $2.1 trillion at year end. The ratio of MSRs value to related loans serviced for others was 0.87 percent.

“Home Mortgage’s servicing portfolio continued to perform relatively well given the challenges customers are facing in the current economic environment. For our largest product category, prime conventional first mortgages, representing 5.7 million customers and over $1 trillion of servicing, 96 of every 100 customers were current with their payments at year-end compared with 97 of every 100 at September 30, 2008. We are committed to working with our customers, government agencies and our mortgage securities investors to keep people in their homes. More than 498,000 solutions were delivered to customers in 2008 to avert foreclosure. We have already transitioned leadership of refinance and default management for Wachovia’s Pick-a-Pay portfolio to Wells Fargo Home Mortgage and have begun offering enhanced loan modification programs for high-risk customers.”

Wealth Management Group

•		Revenue up 10 percent from prior year
•		Average core deposits of $24.5 billion, up $7 billion, or 40 percent, from prior year
•		Private Bank revenue up 58 percent from prior year
•		Private Bank average core deposits up 38 percent, average loans up 27 percent from prior year
•		WellsTrade® revenue up 42 percent, net income up 104 percent from prior year
•		Wells Fargo Private Bank Elder Services Program expands into Chicago

Online Banking

•		11.1 million active online consumers, up 15 percent from prior year; 69 percent of all consumer checking accounts are managed online
•		5.6 million online money movement customers, up 15 percent from prior year
•		1.1 million active online small business customers, up 10 percent from prior year
•		Wells Fargo ranked #1 for Online Mortgage Experience among banks by Keynote in its fourth quarter 2008 Mortgage Scorecard
•		Announced My Spending Report with Budget Watch, an expansion of Wells Fargo’s free, patented online tool that gives customers a consolidated overview of their personal spending

Wholesale Banking serves customers coast to coast, including middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, corporate trust, capital markets activities and asset management.

Selected Financial Information

		Fourth Quarter								%
(in millions)		2008				2007				Change
Total revenue		$	2,131			$	2,280				(7	)%
Provision for credit losses			415				36			NM
Noninterest expense			1,318				1,294				2
Net income			272				625				(56	)
(in billions)
Average loans			124.0				95.1				30
Average assets			161.3				128.3				26
Average core deposits			82.1				69.5				18

•		Average loans up 30 percent, with double digit increases across nearly all Wholesale businesses
•		Average core deposits up 18 percent from prior year, up 103 percent (annualized) from prior quarter
•		Wells Fargo Shareowner ServicesSM Winner of TALON award for overall satisfaction with transfer agent for 3rd straight year

“Loan growth was broad based across nearly all of our Wholesale Banking business lines with average loans up 30 percent year over year,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “We continue to support our existing customers and bring in more new relationships. It’s in difficult economic periods like these that the benefits of Wells Fargo’s relationship approach to the business are most important to both the bank and its customers. While not immune to the economic environment, our overall credit performance continued to be within our expectations. For 2008, our net loan charge-offs totaled $529 million, or 0.47 percent of average loans. Our nonperforming assets ended the year at $1.97 billion, or 1.38 percent of assets.

“We continued to prudently increase business with new and existing customers consistent with our long-standing relationship banking model. Wholesale Banking’s overall cross-sell increased to 6.4 products per customer relationship; our middle market business and U.S. Corporate Banking group had an average of 7.8 and 7.6 products per relationship, respectively. Our customers continued to embrace the latest technology to save time and money. In December, the number of active CEO^® users increased 10 percent from the same period last year, and CEO Mobile^SM service doubled its active users from last quarter.

“We welcome all of the Wachovia customers and look forward to working with Wachovia’s talented and dedicated team members. The increased scale and scope of many product offerings will benefit all our customers across the Company. We’ve begun to make organizational announcements and look forward to combining the two companies.”

Wholesale Banking reported net income of $272 million in fourth quarter 2008, compared with $625 million a year ago. Revenue decreased by $149 million, driven by lower noninterest income. Net interest income increased $381 million, or 39 percent, driven by strong loan and deposit growth. Average loans of $124 billion were up 30 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses. Average core deposits of $82 billion increased 18 percent from a year ago. Noninterest income decreased $530 million from fourth quarter 2007, primarily due to impairment charges and other losses in our capital markets areas, as well as lower commercial real estate brokerage and trust and investment fees. Noninterest income from service charges on deposit, foreign exchange, loan fees and institutional brokerage all increased. Noninterest expense increased by $24 million, or 2 percent. The provision for credit losses was $415 million, an increase of $379 million from fourth quarter 2007, and included $237 million from higher net charge-offs and $178 million of additional provision taken to build reserves for the wholesale portfolio.

Wells Fargo Financial offers consumer loans primarily through real estate-secured debt consolidation products, automobile financing, consumer and private-label credit cards and commercial services to consumers and businesses throughout the United States, Canada, Puerto Rico and the Pacific Rim.

Selected Financial Information

		Fourth Quarter								%
(in millions)		2008				2007				Change
Total revenue		$	1,366			$	1,403				(3	)%
Provision for credit losses			1,968				494				298
Noninterest expense			672				784				(14	)
Net income (loss)			(790	)			78			NM
(in billions)
Average loans			66.3				68.4				(3	)
Average assets			69.4				74.7				(7	)

•		Average loans of $66.3 billion, down 3 percent from prior year
•		Real estate-secured receivables of $29.2 billion, up 7 percent from prior year
•		Auto finance receivables/operating leases of $24.5 billion, down 18 percent from prior year

“Credit quality across our portfolios was a challenge throughout 2008 as customers faced ongoing stress because of deteriorating economic conditions,” said Dave Kvamme, Wells Fargo Financial president and CEO. “Our net earnings were negatively impacted by credit reserve builds each quarter that totaled $1.7 billion in 2008, including $1.2 billion in the fourth quarter. Our sound and conservative underwriting has enabled us to keep our foreclosure rates well below industry averages, and we are committed to working hard to keep our customers in their homes. All of our originated adjustable-rate mortgages were underwritten to the fully indexed rate, so many of our customers are benefiting from lower monthly payments as a result of decreasing interest rates. We continued to tighten underwriting standards to effectively manage risk in this environment.

“In response to the difficult economy in 2008, we worked to reduce expenses. We consolidated our consumer store network, eliminating 15 percent, or 158, of our stores in the U.S. and Canada. Across all of our businesses, we eliminated 3,600 positions, leaving us with 17,400 team members at year end, a 17 percent reduction from year-end 2007. The majority of position eliminations were achieved through attrition.

“We also looked for opportunities to grow the business and gain market share in key segments. For example, in December we acquired approximately $730 million in loan and lease receivables from GE Healthcare Financial Services – Equipment Finance, primarily financing of dental and eye care practices and equipment.”

Wells Fargo Financial lost $790 million this quarter reflecting higher credit costs, including a $1.2 billion credit reserve build. Approximately $860 million of the reserve build was to conform estimated loss emergence coverage periods to the most conservative of both Wells Fargo and Wachovia, while the remainder reflected continued softening in the real estate, auto and credit card markets. Fourth quarter revenue of $1.37 billion was down 3 percent from the same period a year ago. Average loans declined 3 percent from fourth quarter 2007. Noninterest expense declined 14 percent from fourth quarter 2007 and 3 percent (annualized) from third quarter 2008.

Recorded Message

A recorded message reviewing Wells Fargo’s results is available at 5:30 a.m. Pacific Time through January 31, 2009. Dial 866-519-1052 (domestic) or 585-295-6792 (international). No password is required. The call is also available on the internet at www.wellsfargo.com/invest_relations/earnings and http://www.investorcalendar.com/IC/CEPage.asp?ID=139241

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements about the Company, including our beliefs and expectations for future credit quality and losses and specifically that we have no plans to request additional TARP capital, that first quarter 2009 is likely to be an even higher mortgage loan origination period than fourth quarter 2008, that housing price trends and the real estate purchase market will need to improve before we expect to see improvement in the real estate 1-4 family first mortgage portfolio, that the Home Equity portfolio will produce higher than normal loss levels until residential real estate values stabilize, that nonperforming loan balances will continue to increase until the credit and liquidity markets improve, and that we do not expect charge-offs on certain Wachovia loans accounted for under SOP 03-3 to impact the income statement in future periods. This news release also contains forward-looking statements about the expected benefits of the Wachovia merger, including assumptions about cost saves and earnings per share accretion. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes that occur after that date.

There are a number of factors that could cause results to differ significantly from our expectations, including further deterioration in the credit quality of our home equity, real estate, auto or other loan portfolios, or in the value of the collateral securing those loans, due to higher interest rates, increased unemployment, declining home or auto values, economic recession or other economic factors. Factors related to the Wachovia merger include the possibility that the integration process may result in the loss of key employees, the disruption of ongoing businesses and the loss of customers and their business and deposits, or that we will not realize the cost savings and other

financial benefits of the merger when and in the amount expected. For a discussion of factors that may cause actual results to differ from expectations, refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, and our Annual Report on Form 10-K for the year ended December 31, 2007, including information incorporated into the 10-K from our 2007 Annual Report to Stockholders, filed with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

Any factor described in this news release or in any document referred to in this news release could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”

# # #

Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (1)

		Quarter ended December 31,								%				Year ended December 31,								%
($ in millions, except per share amounts)		2008				2007				Change				2008				2007				Change
For the Period
Net income (loss)		$	(2,547	)		$	1,361			NM		%		$	2,842			$	8,057				(65	)%
Net income (loss) applicable to common stock			(2,833	)			1,361			NM					2,556				8,057				(68	)
Diluted earnings (loss) per common share			(0.79	)			0.41			NM					0.75				2.38				(68	)
Profitability ratios (annualized):
Net income (loss) to average total assets (ROA)			(1.60	)%			0.97	%		NM					0.47	%			1.55	%			(70	)
Net income (loss) applicable to common stock to average common stockholders’ equity (ROE)			(20.93	)			11.25			NM					5.17				17.12				(70	)
Efficiency ratio (2)			59.3				57.8				3				53.7				57.9				(7	)
Total revenue		$	9,824			$	10,205				(4	)		$	42,225			$	39,390				7
Pre-tax pre-provision profit (3)			4,002				4,305				(7	)			19,564				16,566				18
Dividends declared per common share			0.34				0.31				10				1.30				1.18				10
Average common shares outstanding			3,582.4				3,327.6				8				3,378.1				3,348.5				1
Diluted average common shares outstanding			3,593.6				3,352.2				7				3,391.3				3,382.8				—
Average loans		$	413,940			$	374,372				11			$	398,460			$	344,775				16
Average assets			633,223				555,647				14				604,396				520,752				16
Average core deposits (4)			344,957				314,808				10				325,212				303,091				7
Average retail core deposits (5)			243,464				226,180				8				234,130				221,076				6
Net interest margin			4.90	%			4.62	%			6				4.83	%			4.74	%			2
At Period End
Securities available for sale		$	151,569			$	72,951				108			$	151,569			$	72,951				108
Loans			864,830				382,195				126				864,830				382,195				126
Allowance for loan losses			21,013				5,307				296				21,013				5,307				296
Goodwill			22,627				13,106				73				22,627				13,106				73
Assets			1,309,639				575,442				128				1,309,639				575,442				128
Core deposits (4)			745,432				311,731				139				745,432				311,731				139
Common stockholders’ equity			68,256				47,628				43				68,256				47,628				43
Stockholders’ equity			99,068				47,628				108				99,068				47,628				108
Capital ratios:
Common stockholders’ equity to assets			5.21	%			8.28	%			(37	)			5.21	%			8.28	%			(37	)
Risk-based capital (6)
Tier 1 capital			7.88				7.59				4				7.88				7.59				4
Total capital			11.88				10.68				11				11.88				10.68				11
Tier 1 leverage (6)			14.51				6.83				112				14.51				6.83				112
Book value per common share		$	23.43			$	14.45				62			$	23.43			$	14.45				62
Team members (active, full-time equivalent) (7)			158,900				159,800				(1	)			158,900				159,800				(1	)
Common Stock Price
High		$	38.95			$	37.78				3			$	44.68			$	37.99				18
Low			19.89				29.29				(32	)			19.89				29.29				(32	)
Period end			29.48				30.19				(2	)			29.48				30.19				(2	)

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA (1)

		Quarter ended
		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
($ in millions, except per share amounts)		2008				2008				2008				2008				2007
For the Quarter
Net income (loss)		$	(2,547	)		$	1,637			$	1,753			$	1,999			$	1,361
Net income (loss) applicable to common stock			(2,833	)			1,637				1,753				1,999				1,361
Diluted earnings (loss) per common share			(0.79	)			0.49				0.53				0.60				0.41
Profitability ratios (annualized):
Net income (loss) to average total assets (ROA)			(1.60	)%			1.06	%			1.19	%			1.40	%			0.97	%
Net income (loss) applicable to common stock to average common stockholders’ equity (ROE)			(20.93	)			13.63				14.58				16.86				11.25
Efficiency ratio (2)			59.3				53.2				51.1				51.7				57.8
Total revenue		$	9,824			$	10,379			$	11,459			$	10,563			$	10,205
Pre-tax pre-provision profit (3)			4,002				4,862				5,599				5,101				4,305
Dividends declared per common share			0.34				0.34				0.31				0.31				0.31
Average common shares outstanding			3,582.4				3,316.4				3,309.8				3,302.4				3,327.6
Diluted average common shares outstanding			3,593.6				3,331.0				3,321.4				3,317.9				3,352.2
Average loans		$	413,940			$	404,203			$	391,545			$	383,919			$	374,372
Average assets			633,223				614,194				594,749				574,994				555,647
Average core deposits (4)			344,957				320,074				318,377				317,278				314,808
Average retail core deposits (5)			243,464				234,140				230,365				228,448				226,180
Net interest margin			4.90	%			4.79	%			4.92	%			4.69	%			4.62	%
At Quarter End
Securities available for sale		$	151,569			$	86,882			$	91,331			$	81,787			$	72,951
Loans			864,830				411,049				399,237				386,333				382,195
Allowance for loan losses			21,013				7,865				7,375				5,803				5,307
Goodwill			22,627				13,520				13,191				13,148				13,106
Assets			1,309,639				622,361				609,074				595,221				575,442
Core deposits (4)			745,432				334,076				310,410				327,360				311,731
Common stockholders’ equity			68,256				46,957				47,964				48,159				47,628
Stockholders’ equity			99,068				46,957				47,964				48,159				47,628
Capital ratios:
Common stockholders’ equity to assets			5.21	%			7.54	%			7.87	%			8.09	%			8.28	%
Risk-based capital (6)
Tier 1 capital			7.88				8.59				8.24				7.92				7.59
Total capital			11.88				11.51				11.23				11.01				10.68
Tier 1 leverage (6)			14.51				7.54				7.35				7.04				6.83
Book value per common share		$	23.43			$	14.14			$	14.48			$	14.58			$	14.45
Team members (active, full-time equivalent) (7)			158,900				159,000				160,500				160,900				159,800
Common Stock Price
High		$	38.95			$	44.68			$	32.40			$	34.56			$	37.78
Low			19.89				20.46				23.46				24.38				29.29
Period end			29.48				37.53				23.75				29.10				30.19

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

		Quarter ended December 31,								%				Year ended December 31,								%
(in millions, except per share amounts)		2008				2007				Change				2008				2007				Change
INTEREST INCOME
Trading assets		$	51			$	36				42	%		$	177			$	173				2	%
Securities available for sale			1,534				981				56				5,287				3,451				53
Mortgages held for sale			362				456				(21	)			1,573				2,150				(27	)
Loans held for sale			14				19				(26	)			48				70				(31	)
Loans			6,726				7,699				(13	)			27,632				29,040				(5	)
Other interest income			41				51				(20	)			181				293				(38	)
Total interest income			8,728				9,242				(6	)			34,898				35,177				(1	)
INTEREST EXPENSE
Deposits			845				2,136				(60	)			4,521				8,152				(45	)
Short-term borrowings			204				380				(46	)			1,478				1,245				19
Long-term debt			955				1,238				(23	)			3,756				4,806				(22	)
Total interest expense			2,004				3,754				(47	)			9,755				14,203				(31	)
NET INTEREST INCOME			6,724				5,488				23				25,143				20,974				20
Provision for credit losses			8,444				2,612				223				15,979				4,939				224
Net interest income after provision for credit losses			(1,720	)			2,876			NM					9,164				16,035				(43	)
NONINTEREST INCOME
Service charges on deposit accounts			803				788				2				3,190				3,050				5
Trust and investment fees			661				802				(18	)			2,924				3,149				(7	)
Card fees			589				588				—				2,336				2,136				9
Other fees			535				577				(7	)			2,097				2,292				(9	)
Mortgage banking			(195	)			831			NM					2,525				3,133				(19	)
Operating leases			62				153				(59	)			427				703				(39	)
Insurance			337				370				(9	)			1,830				1,530				20
Net gains on debt securities available for sale			721				60			NM					1,037				209				396
Net gains (losses) from equity investments			(261	)			222			NM					(409	)			734			NM
Other			(152	)			326			NM					1,125				1,480				(24	)
Total noninterest income			3,100				4,717				(34	)			17,082				18,416				(7	)
NONINTEREST EXPENSE
Salaries			2,168				2,055				5				8,260				7,762				6
Incentive compensation			671				840				(20	)			2,676				3,284				(19	)
Employee benefits			338				558				(39	)			2,004				2,322				(14	)
Equipment			402				370				9				1,357				1,294				5
Net occupancy			418				413				1				1,619				1,545				5
Operating leases			81				124				(35	)			389				561				(31	)
Other			1,744				1,540				13				6,356				6,056				5
Total noninterest expense			5,822				5,900				(1	)			22,661				22,824				(1	)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)			(4,442	)			1,693			NM					3,585				11,627				(69	)
Income tax expense (benefit)			(1,895	)			332				NM				743				3,570				(79	)
NET INCOME (LOSS)		$	(2,547	)		$	1,361			NM				$	2,842			$	8,057				(65	)
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK		$	(2,833	)		$	1,361			NM				$	2,556			$	8,057				(68	)
EARNINGS (LOSS) PER COMMON SHARE		$	(0.79	)		$	0.41			NM				$	0.76			$	2.41				(68	)
DILUTED EARNINGS (LOSS) PER COMMON SHARE		$	(0.79	)		$	0.41			NM				$	0.75			$	2.38				(68	)
DIVIDENDS DECLARED PER COMMON SHARE		$	0.34			$	0.31				10			$	1.30			$	1.18				10
Average common shares outstanding			3,582.4				3,327.6				8				3,378.1				3,348.5				1
Diluted average common shares outstanding			3,593.6				3,352.2				7				3,391.3				3,382.8				—