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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income        
Debt securities $ 3,781 $ 3,594 $ 7,722 $ 7,008
Mortgage loans held for sale 195 198 347 377
Loans held for sale 20 48 44 72
Loans 11,316 10,912 22,670 21,491
Equity securities 236 221 446 452
Other interest income 1,438 1,042 2,760 1,962
Total interest income 16,986 16,015 33,989 31,362
Interest expense        
Deposits 2,213 1,268 4,239 2,358
Short-term borrowings 646 398 1,242 709
Long-term debt 1,900 1,658 3,827 3,234
Other interest expense 132 150 275 282
Total interest expense 4,891 3,474 9,583 6,583
Net interest income 12,095 12,541 24,406 24,779
Provision for credit losses 503 452 1,348 643
Net interest income after provision for credit losses 11,592 12,089 23,058 24,136
Noninterest income        
Mortgage banking 758 770 1,466 1,704
Insurance 93 102 189 216
Net gains from trading activities 229 191 586 434
Net gains on debt securities (1) [1] 20 41 145 42
Net gains from equity securities (2) [2] 622 295 1,436 1,078
Lease income 424 443 867 898
Other 744 485 1,318 1,087
Total noninterest income 9,489 9,012 18,787 18,708
Noninterest expense        
Salaries 4,541 4,465 8,966 8,828
Commission and incentive compensation 2,597 2,642 5,442 5,410
Employee benefits 1,336 1,245 3,274 2,843
Equipment 607 550 1,268 1,167
Net occupancy 719 722 1,436 1,435
Core deposit and other intangibles 27 265 55 530
FDIC and other deposit assessments 144 297 303 621
Other 3,478 3,796 6,621 8,190
Total noninterest expense 13,449 13,982 27,365 29,024
Income before income tax expense 7,632 7,119 14,480 13,820
Income tax expense 1,294 1,810 2,175 3,184
Net income before noncontrolling interests 6,338 5,309 12,305 10,636
Less: Net income from noncontrolling interests 132 123 239 314
Wells Fargo net income 6,206 5,186 12,066 10,322
Less: Preferred stock dividends and other 358 394 711 797
Wells Fargo net income applicable to common stock $ 5,848 $ 4,792 $ 11,355 $ 9,525
Per share information        
Earnings per common share (in dollars per share) $ 1.31 $ 0.98 $ 2.52 $ 1.95
Diluted earnings per common share (in dollars per share) $ 1.30 $ 0.98 $ 2.50 $ 1.94
Average common shares outstanding (in shares) 4,469.4 4,865.8 4,510.2 4,875.7
Diluted average common shares outstanding (in shares) 4,495.0 4,899.8 4,540.1 4,916.1
Service charges on deposit accounts        
Noninterest income        
Fee income $ 1,206 $ 1,163 $ 2,300 $ 2,336
Trust and investment fees        
Noninterest income        
Fee income 3,568 3,675 6,941 7,358
Card fees        
Noninterest income        
Fee income 1,025 1,001 1,969 1,909
Other fees        
Noninterest income        
Fee income $ 800 $ 846 $ 1,570 $ 1,646
[1]
(1)
Total other-than-temporary impairment (OTTI) losses (reversal of losses) were $6 million and $(3) million for second quarter 2019 and 2018, respectively. Of total OTTI, losses of $7 million and $8 million were recognized in earnings, and losses (reversal of losses) of $(1) million and $(11) million were recognized as non-credit-related OTTI in other comprehensive income for second quarter 2019 and 2018, respectively. Total OTTI losses were $51 million and $14 million for the first half of 2019 and 2018, respectively. Of total OTTI, losses of $52 million and $18 million were recognized in earnings, and losses (reversal of losses) of $(1) million and $(4) million were recognized as non-credit-related OTTI in other comprehensive income for the first half of 2019 and 2018, respectively.
[2]
(2)
Includes OTTI losses of $31 million and $237 million for second quarter 2019 and 2018, respectively, and $67 million and $257 million for the first half of 2019 and 2018, respectively.