Document

EX-99.2 3 wfc4qer01-13x23ex992xsuppl.htm EXHIBIT-99.2 Document

Exhibit 99.2

4Q22 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 Annual Report on Form 10-K for the year ended December 31, 2022, 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							Dec 31, 2022 % Change from			Year ended
(in millions, except per share amounts)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Selected Income Statement Data
Total revenue	$	19,660		19,505	17,028	17,592	20,856	1	%	(6)	$	73,785		78,492	(6)	%
Noninterest expense	16,202			14,327	12,883	13,870	13,198	13		23	57,282			53,831	6
Pre-tax pre-provision profit (PTPP) (1)	3,458			5,178	4,145	3,722	7,658	(33)		(55)	16,503			24,661	(33)
Provision for credit losses	957			784	580	(787)	(452)	22		312	1,534			(4,155)	NM
Wells Fargo net income	2,864			3,528	3,119	3,671	5,750	(19)		(50)	13,182			21,548	(39)
Wells Fargo net income applicable to common stock	2,585			3,250	2,839	3,393	5,470	(20)		(53)	12,067			20,256	(40)

Common Share Data
Diluted earnings per common share	0.67			0.85	0.74	0.88	1.38	(21)		(51)	3.14			4.95	(37)
Dividends declared per common share	0.30			0.30	0.25	0.25	0.20	—		50	1.10			0.60	83
Common shares outstanding	3,833.8			3,795.4	3,793.0	3,789.9	3,885.8	1		(1)
Average common shares outstanding	3,799.9			3,796.5	3,793.8	3,831.1	3,927.6	—		(3)	3,805.2			4,061.9	(6)
Diluted average common shares outstanding	3,832.7			3,825.1	3,819.6	3,868.9	3,964.7	—		(3)	3,837.0			4,096.2	(6)
Book value per common share (2)	$	41.89		41.34	41.72	42.21	43.32	1		(3)
Tangible book value per common share (2)(3)	34.89			34.27	34.66	35.13	36.35	2		(4)

Selected Equity Data (period-end)
Total equity	181,875			178,409	179,793	181,689	190,110	2		(4)
Common stockholders' equity	160,614			156,914	158,256	159,968	168,331	2		(5)
Tangible common equity (3)	133,752			130,082	131,460	133,144	141,254	3		(5)

Performance Ratios
Return on average assets (ROA) (4)	0.61		%	0.74	0.66	0.78	1.17				0.70		%	1.11
Return on average equity (ROE) (5)	6.4			8.0	7.1	8.4	12.8				7.5			12.0
Return on average tangible common equity (ROTCE) (3)	7.6			9.6	8.6	10.0	15.3				9.0			14.3
Efficiency ratio (6)	82			73	76	79	63				78			69
Net interest margin on a taxable-equivalent basis	3.14			2.83	2.39	2.16	2.11				2.63			2.05
Average deposit cost	0.46			0.14	0.04	0.03	0.02				0.16			0.03

NM – Not meaningful

(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)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.

(3)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.

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

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

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

-3-

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)


	Quarter ended							Dec 31, 2022 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change
Selected Balance Sheet Data (average)
Loans	$	948,517		945,465	926,567	898,005	875,036	—	%	8	$	929,820	864,288	8	%
Assets	1,875,217			1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	1,894,309		1,941,905	(2)
Deposits	1,380,459			1,407,851	1,445,793	1,464,072	1,470,027	(2)		(6)	1,424,269		1,437,812	(1)

Selected Balance Sheet Data (period-end)
Debt securities	496,808			502,035	516,772	535,916	537,531	(1)		(8)
Loans	955,871			945,906	943,734	911,807	895,394	1		7
Allowance for credit losses for loans	13,609			13,225	12,884	12,681	13,788	3		(1)
Equity securities	64,414			59,560	61,774	70,755	72,886	8		(12)
Assets	1,881,016			1,877,745	1,881,142	1,939,709	1,948,068	—		(3)
Deposits	1,383,985			1,398,151	1,425,153	1,481,354	1,482,479	(1)		(7)

Headcount (#) (period-end)	238,698			239,209	243,674	246,577	249,435	—		(4)

Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.6		%	10.3	10.4	10.5	11.4
Tier 1 capital	12.1			11.9	11.9	12.0	12.9
Total capital	14.8			14.6	14.6	14.7	15.8
Risk-weighted assets (RWAs) (in billions)	$	1,259.7		1,255.6	1,253.6	1,265.5	1,239.0	—		2

Advanced Approach:
Common Equity Tier 1 (CET1)	12.0		%	11.8	11.6	11.8	12.6
Tier 1 capital	13.7			13.5	13.3	13.5	14.3
Total capital	15.9			15.7	15.6	15.9	16.7
Risk-weighted assets (RWAs) (in billions)	$	1,112.2		1,104.1	1,121.6	1,119.5	1,116.1	1		—

Tier 1 leverage ratio	8.3		%	8.0	8.0	8.0	8.3
Supplementary Leverage Ratio (SLR)	6.9			6.7	6.6	6.6	6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)	23.3			23.0	22.7	22.3	23.0
Liquidity Coverage Ratio (LCR) (4)	122			123	121	119	118

(1)Ratios and metrics for December 31, 2022, 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						Dec 31, 2022 % Change from			Year ended
(in millions, except per share amounts)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change







Interest income	$	17,793	14,494	11,556	10,181	10,121	23	%	76	$	54,024	39,694	36	%





Interest expense	4,360		2,396	1,358	960	859	82		408	9,074		3,915	132
Net interest income	13,433		12,098	10,198	9,221	9,262	11		45	44,950		35,779	26
Noninterest income
Deposit-related fees	1,178		1,289	1,376	1,473	1,462	(9)		(19)	5,316		5,475	(3)
Lending-related fees	344		358	353	342	357	(4)		(4)	1,397		1,445	(3)
Investment advisory and other asset-based fees	2,049		2,111	2,346	2,498	2,579	(3)		(21)	9,004		11,011	(18)
Commissions and brokerage services fees	601		562	542	537	558	7		8	2,242		2,299	(2)
Investment banking fees	331		375	286	447	669	(12)		(51)	1,439		2,354	(39)
Card fees	1,095		1,119	1,112	1,029	1,071	(2)		2	4,355		4,175	4
Mortgage banking	79		324	287	693	1,035	(76)		(92)	1,383		4,956	(72)
Net gains (losses) from trading activities	552		900	446	218	(177)	(39)		412	2,116		284	645
Net gains from debt securities	—		6	143	2	119	(100)		(100)	151		553	(73)
Net gains (losses) from equity securities	(733)		(34)	(615)	576	2,470	NM		NM	(806)		6,427	NM
Lease income	287		322	333	327	46	(11)		524	1,269		996	27
Other	444		75	221	229	1,405	492		(68)	969		2,738	(65)
Total noninterest income	6,227		7,407	6,830	8,371	11,594	(16)		(46)	28,835		42,713	(32)
Total revenue	19,660		19,505	17,028	17,592	20,856	1		(6)	73,785		78,492	(6)



Provision for credit losses	957		784	580	(787)	(452)	22		312	1,534		(4,155)	137
Noninterest expense
Personnel	8,415		8,212	8,442	9,271	8,475	2		(1)	34,340		35,541	(3)
Technology, telecommunications and equipment	902		798	799	876	827	13		9	3,375		3,227	5
Occupancy	722		732	705	722	725	(1)		—	2,881		2,968	(3)
Operating losses	3,517		2,218	576	673	512	59		587	6,984		1,568	345
Professional and outside services	1,357		1,235	1,310	1,286	1,468	10		(8)	5,188		5,723	(9)
Leases (1)	191		186	185	188	195	3		(2)	750		867	(13)
Advertising and promotion	178		126	102	99	225	41		(21)	505		600	(16)
Restructuring charges	—		—	—	5	66	NM		(100)	5		76	(93)
Other	920		820	764	750	705	12		30	3,254		3,261	—
Total noninterest expense	16,202		14,327	12,883	13,870	13,198	13		23	57,282		53,831	6
Income before income tax expense	2,501		4,394	3,565	4,509	8,110	(43)		(69)	14,969		28,816	(48)
Income tax expense (benefit)	(127)		894	613	707	1,711	NM		NM	2,087		5,578	(63)
Net income before noncontrolling interests	2,628		3,500	2,952	3,802	6,399	(25)		(59)	12,882		23,238	(45)
Less: Net income (loss) from noncontrolling interests	(236)		(28)	(167)	131	649	NM		NM	(300)		1,690	NM
Wells Fargo net income	$	2,864	3,528	3,119	3,671	5,750	(19)	%	(50)	$	13,182	21,548	(39)	%
Less: Preferred stock dividends and other	279		278	280	278	280	—		—	1,115		1,292	(14)
Wells Fargo net income applicable to common stock	$	2,585	3,250	2,839	3,393	5,470	(20)	%	(53)	$	12,067	20,256	(40)	%
Per share information
Earnings per common share	$	0.68	0.86	0.75	0.89	1.39	(21)	%	(51)	$	3.17	4.99	(36)	%
Diluted earnings per common share	0.67		0.85	0.74	0.88	1.38	(21)		(51)	3.14		4.95	(37)

NM – Not meaningful

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET


							Dec 31, 2022 % Change from
(in millions)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021
Assets
Cash and due from banks	$	34,596	27,634	29,716	27,454	24,616	25	%	41
Interest-earning deposits with banks	124,561		137,821	125,424	174,441	209,614	(10)		(41)
Total cash, cash equivalents, and restricted cash	159,157		165,455	155,140	201,895	234,230	(4)		(32)
Federal funds sold and securities purchased under resale agreements	68,036		55,840	55,546	67,764	66,223	22		3
Debt securities:
Trading, at fair value	86,155		85,766	89,157	86,672	88,265	—		(2)
Available-for-sale, at fair value	113,594		115,835	125,832	168,436	177,244	(2)		(36)
Held-to-maturity, at amortized cost	297,059		300,434	301,783	280,808	272,022	(1)		9
Loans held for sale	7,104		9,434	9,674	19,824	23,617	(25)		(70)
Loans	955,871		945,906	943,734	911,807	895,394	1		7
Allowance for loan losses	(12,985)		(12,571)	(11,786)	(11,504)	(12,490)	(3)		(4)
Net loans	942,886		933,335	931,948	900,303	882,904	1		7
Mortgage servicing rights	10,480		11,027	10,386	9,753	8,189	(5)		28
Premises and equipment, net	8,350		8,493	8,444	8,473	8,571	(2)		(3)
Goodwill	25,173		25,172	25,178	25,181	25,180	—		—
Derivative assets	22,774		29,253	24,896	27,365	21,478	(22)		6
Equity securities	64,414		59,560	61,774	70,755	72,886	8		(12)
Other assets	75,834		78,141	81,384	72,480	67,259	(3)		13
Total assets	$	1,881,016	1,877,745	1,881,142	1,939,709	1,948,068	—		(3)
Liabilities
Noninterest-bearing deposits	$	458,010	494,594	515,437	529,957	527,748	(7)		(13)
Interest-bearing deposits	925,975		903,557	909,716	951,397	954,731	2		(3)
Total deposits	1,383,985		1,398,151	1,425,153	1,481,354	1,482,479	(1)		(7)
Short-term borrowings	51,145		48,382	37,075	33,601	34,409	6		49
Derivative liabilities	20,085		23,400	17,168	15,499	9,424	(14)		113
Accrued expenses and other liabilities	69,056		72,991	71,662	74,229	70,957	(5)		(3)
Long-term debt	174,870		156,412	150,291	153,337	160,689	12		9
Total liabilities	1,699,141		1,699,336	1,701,349	1,758,020	1,757,958	—		(3)
Equity
Wells Fargo stockholders’ equity:
Preferred stock	19,448		20,057	20,057	20,057	20,057	(3)		(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	60,319		60,216	60,024	59,899	60,196	—		—
Retained earnings	187,649		186,551	184,475	182,623	180,322	1		4
Accumulated other comprehensive income (loss)	(13,381)		(14,344)	(10,608)	(6,767)	(1,702)	7		NM
Treasury stock (1)	(82,853)		(84,781)	(84,906)	(85,059)	(79,757)	2		(4)
Unearned ESOP shares	(429)		(646)	(646)	(646)	(646)	34		34
Total Wells Fargo stockholders’ equity	179,889		176,189	177,532	179,243	187,606	2		(4)
Noncontrolling interests	1,986		2,220	2,261	2,446	2,504	(11)		(21)
Total equity	181,875		178,409	179,793	181,689	190,110	2		(4)
Total liabilities and equity	$	1,881,016	1,877,745	1,881,142	1,939,709	1,948,068	—		(3)

NM – Not meaningful

(1)Number of shares of treasury stock were 1,648,007,022, 1,686,372,007, 1,688,846,993, 1,691,916,667, and 1,596,009,977 at December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively.

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Wells Fargo & Company and Subsidiaries

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


	Quarter ended							Dec 31, 2022 % Change from			Year ended				% Change
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021
Average Balances

Assets
Interest-earning deposits with banks	$	127,854		130,761	146,271	179,051	216,061	(2)	%	(41)	$	145,802		236,281	(38)	%
Federal funds sold and securities purchased under resale agreements	65,860			57,432	60,450	64,845	65,388	15		1	62,137			69,720	(11)
Trading debt securities	94,465			91,618	89,258	90,677	92,597	3		2	91,515			88,282	4
Available-for-sale debt securities	122,271			127,821	147,138	169,048	178,770	(4)		(32)	141,404			189,237	(25)
Held-to-maturity debt securities	303,391			305,063	298,101	279,245	264,695	(1)		15	296,540			245,304	21
Loans held for sale	9,932			11,458	14,828	19,513	24,149	(13)		(59)	13,900			27,554	(50)
Loans	948,517			945,465	926,567	898,005	875,036	—		8	929,820			864,288	8
Equity securities	28,587			29,722	30,770	33,282	35,711	(4)		(20)	30,575			31,946	(4)
Other	11,932			13,577	16,085	11,498	11,514	(12)		4	13,275			10,052	32
Total interest-earning assets	1,712,809			1,712,917	1,729,468	1,745,164	1,763,921	—		(3)	1,724,968			1,762,664	(2)
Total noninterest-earning assets	162,408			167,773	173,103	174,228	179,509	(3)		(10)	169,341			179,241	(6)
Total assets	$	1,875,217		1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	$	1,894,309		1,941,905	(2)
Liabilities
Interest-bearing deposits	$	902,564		902,219	924,526	945,335	938,682	—		(4)	$	918,499		938,168	(2)
Short-term borrowings	51,246			39,447	35,591	32,758	37,845	30		35	39,810			47,265	(16)
Long-term debt	166,796			158,984	151,230	153,803	161,335	5		3	157,742			178,742	(12)
Other liabilities	33,559			36,217	35,583	31,092	28,245	(7)		19	34,126			28,809	18
Total interest-bearing liabilities	1,154,165			1,136,867	1,146,930	1,162,988	1,166,107	2		(1)	1,150,177			1,192,984	(4)
Noninterest-bearing demand deposits	477,895			505,632	521,267	518,737	531,345	(5)		(10)	505,770			499,644	1
Other noninterest-bearing liabilities	60,608			55,154	53,358	51,330	55,234	10		10	55,138			58,058	(5)
Total liabilities	1,692,668			1,697,653	1,721,555	1,733,055	1,752,686	—		(3)	1,711,085			1,750,686	(2)
Total equity	182,549			183,037	181,016	186,337	190,744	—		(4)	183,224			191,219	(4)
Total liabilities and equity	$	1,875,217		1,880,690	1,902,571	1,919,392	1,943,430	—		(4)	$	1,894,309		1,941,905	(2)

Average Interest Rates

Interest-earning assets
Interest-earning deposits with banks	3.50		%	2.12	0.88	0.22	0.16				1.54		%	0.13
Federal funds sold and securities purchased under resale agreements	3.29			1.73	0.47	(0.05)	(0.01)				1.38			0.02
Trading debt securities	3.17			2.75	2.50	2.44	2.39				2.72			2.39
Available-for-sale debt securities	3.10			2.47	1.91	1.72	1.55				2.24			1.55
Held-to-maturity debt securities	2.45			2.23	2.06	1.98	1.86				2.19			1.87
Loans held for sale	5.11			4.18	3.41	2.86	2.79				3.69			3.14
Loans	5.13			4.28	3.52	3.25	3.32				4.06			3.32
Equity securities	2.63			2.09	2.51	2.05	2.16				2.31			1.91
Other	3.57			1.97	0.65	0.12	0.09				1.54			0.06
Total interest-earning assets	4.16			3.39	2.70	2.38	2.31				3.16			2.28
Interest-bearing liabilities
Interest-bearing deposits	0.70			0.23	0.07	0.04	0.04				0.26			0.04
Short-term borrowings	3.15			1.59	0.34	(0.17)	(0.14)				1.46			(0.09)
Long-term debt	5.22			3.90	2.67	1.98	1.71				3.49			1.78
Other liabilities	2.09			1.89	1.78	1.68	1.38				1.87			1.37
Total interest-bearing liabilities	1.50			0.84	0.47	0.33	0.29				0.79			0.33

Interest rate spread on a taxable-equivalent basis (2)	2.66			2.55	2.23	2.05	2.02				2.37			1.95
Net interest margin on a taxable-equivalent basis (2)	3.14			2.83	2.39	2.16	2.11				2.63			2.05

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

(2)Includes taxable-equivalent adjustments of $116 million, $105 million, $108 million, $107 million, and $106 million for the quarters ended December 31, September 30, June 30, and March 31, 2022, and December 31, 2021, respectively, and $436 million and $427 million for the years ended December 31, 2022 and 2021, 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 December 31, 2022
(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	$	7,574	2,357	2,416	1,124	78	(116)	13,433
Noninterest income	1,889		792	1,723	2,571	(367)	(381)	6,227
Total revenue	9,463		3,149	4,139	3,695	(289)	(497)	19,660
Provision for credit losses	936		(43)	41	11	12	—	957
Noninterest expense	7,088		1,523	1,837	2,731	3,023	—	16,202
Income (loss) before income tax expense (benefit)	1,439		1,669	2,261	953	(3,324)	(497)	2,501
Income tax expense (benefit)	362		428	569	238	(1,227)	(497)	(127)
Net income (loss) before noncontrolling interests	1,077		1,241	1,692	715	(2,097)	—	2,628
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(239)	—	(236)
Net income (loss)	$	1,077	1,238	1,692	715	(1,858)	—	2,864

						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	284	(380)	7,407
Total revenue	9,277		2,952	4,060	3,665	36	(485)	19,505
Provision for credit losses	917		(168)	32	8	(5)	—	784
Noninterest expense	6,758		1,526	1,900	2,796	1,347	—	14,327
Income (loss) before income tax expense (benefit)	1,602		1,594	2,128	861	(1,306)	(485)	4,394
Income tax expense (benefit)	401		409	536	222	(189)	(485)	894
Net income (loss) before noncontrolling interests	1,201		1,185	1,592	639	(1,117)	—	3,500
Less: Net income (loss) from noncontrolling interests	—		3	—	—	(31)	—	(28)
Net income (loss)	$	1,201	1,182	1,592	639	(1,086)	—	3,528

						Quarter ended December 31, 2021
Net interest income	$	5,867	1,273	1,982	666	(420)	(106)	9,262
Noninterest income	2,866		1,011	1,530	2,982	3,540	(335)	11,594
Total revenue	8,733		2,284	3,512	3,648	3,120	(441)	20,856
Provision for credit losses	126		(384)	(194)	(3)	3	—	(452)
Noninterest expense	6,126		1,393	1,765	2,898	1,016	—	13,198
Income (loss) before income tax expense (benefit)	2,481		1,275	1,941	753	2,101	(441)	8,110
Income tax expense (benefit)	619		318	488	189	538	(441)	1,711
Net income before noncontrolling interests	1,862		957	1,453	564	1,563	—	6,399
Less: Net income (loss) from noncontrolling interests	—		3	(1)	—	647	—	649
Net income	$	1,862	954	1,454	564	916	—	5,750

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

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

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

-8-

Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (continued) (1)


						Year ended December 31, 2022
(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	$	27,044	7,289	8,733	3,927	(1,607)	(436)	44,950
Noninterest income	8,766		3,631	6,509	10,895	609	(1,575)	28,835
Total revenue	35,810		10,920	15,242	14,822	(998)	(2,011)	73,785
Provision for credit losses	2,276		(534)	(185)	(25)	2	—	1,534
Noninterest expense	26,277		6,058	7,560	11,613	5,774	—	57,282
Income (loss) before income tax expense (benefit)	7,257		5,396	7,867	3,234	(6,774)	(2,011)	14,969
Income tax expense (benefit)	1,816		1,366	1,989	812	(1,885)	(2,011)	2,087
Net income (loss) before noncontrolling interests	5,441		4,030	5,878	2,422	(4,889)	—	12,882
Less: Net income (loss) from noncontrolling interests	—		12	—	—	(312)	—	(300)
Net income (loss)	$	5,441	4,018	5,878	2,422	(4,577)	—	13,182

						Year ended December 31, 2021
Net interest income	$	22,807	4,960	7,410	2,570	(1,541)	(427)	35,779
Noninterest income	12,070		3,589	6,429	11,776	10,036	(1,187)	42,713
Total revenue	34,877		8,549	13,839	14,346	8,495	(1,614)	78,492
Provision for credit losses	(1,178)		(1,500)	(1,439)	(95)	57	—	(4,155)
Noninterest expense	24,648		5,862	7,200	11,734	4,387	—	53,831
Income (loss) before income tax expense (benefit)	11,407		4,187	8,078	2,707	4,051	(1,614)	28,816
Income tax expense (benefit)	2,852		1,045	2,019	680	596	(1,614)	5,578
Net income before noncontrolling interests	8,555		3,142	6,059	2,027	3,455	—	23,238
Less: Net income (loss) from noncontrolling interests	—		8	(3)	—	1,685	—	1,690
Net income	$	8,555	3,134	6,062	2,027	1,770	—	21,548

-9-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT


	Quarter ended						Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change
Income Statement
Net interest income	$	7,574	7,102	6,372	5,996	5,867	7	%	29	$	27,044	22,807	19	%
Noninterest income:
Deposit-related fees	696		773	779	845	853	(10)		(18)	3,093		3,045	2
Card fees	1,025		1,043	1,038	961	1,007	(2)		2	4,067		3,930	3
Mortgage banking	23		212	211	654	905	(89)		(97)	1,100		4,490	(76)
Other	145		147	107	107	101	(1)		44	506		605	(16)
Total noninterest income	1,889		2,175	2,135	2,567	2,866	(13)		(34)	8,766		12,070	(27)
Total revenue	9,463		9,277	8,507	8,563	8,733	2		8	35,810		34,877	3
Net charge-offs	525		435	358	375	408	21		29	1,693		1,439	18
Change in the allowance for credit losses	411		482	255	(565)	(282)	(15)		246	583		(2,617)	122
Provision for credit losses	936		917	613	(190)	126	2		643	2,276		(1,178)	293
Noninterest expense	7,088		6,758	6,036	6,395	6,126	5		16	26,277		24,648	7
Income before income tax expense	1,439		1,602	1,858	2,358	2,481	(10)		(42)	7,257		11,407	(36)
Income tax expense	362		401	465	588	619	(10)		(42)	1,816		2,852	(36)
Net income	$	1,077	1,201	1,393	1,770	1,862	(10)		(42)	$	5,441	8,555	(36)
Revenue by Line of Business
Consumer and Small Business Banking	$	6,608	6,232	5,510	5,071	4,872	6		36	$	23,421	18,958	24
Consumer Lending:
Home Lending	786		973	972	1,490	1,843	(19)		(57)	4,221		8,154	(48)
Credit Card	1,353		1,349	1,304	1,265	1,271	—		6	5,271		4,928	7
Auto	413		423	436	444	470	(2)		(12)	1,716		1,733	(1)
Personal Lending	303		300	285	293	277	1		9	1,181		1,104	7
Total revenue	$	9,463	9,277	8,507	8,563	8,733	2		8	$	35,810	34,877	3
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,590	9,895	10,453	10,605	12,573	(3)		(24)	$	10,132	16,625	(39)
Consumer Lending:
Home Lending	222,546		221,870	218,371	213,714	214,900	—		4	219,157		224,446	(2)
Credit Card	37,152		35,052	32,825	31,503	30,375	6		22	34,151		29,052	18
Auto	54,490		55,430	56,813	57,278	55,773	(2)		(2)	55,994		52,293	7
Personal Lending	14,219		13,397	12,397	11,955	11,787	6		21	12,999		11,469	13
Total loans	$	337,997	335,644	330,859	325,055	325,408	1		4	$	332,433	333,885	—
Total deposits	864,623		888,037	898,650	881,339	864,373	(3)		—	883,130		834,739	6
Allocated capital	48,000		48,000	48,000	48,000	48,000	—		—	48,000		48,000	—

Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer and Small Business Banking	$	9,704	9,898	10,400	11,006	11,270	(2)		(14)	$	9,704	11,270	(14)
Consumer Lending:
Home Lending	223,525		222,471	222,088	215,858	214,407	—		4	223,525		214,407	4
Credit Card	38,475		35,965	34,075	31,974	31,671	7		21	38,475		31,671	21
Auto	54,281		55,116	56,224	57,652	57,260	(2)		(5)	54,281		57,260	(5)
Personal Lending	14,544		13,902	12,945	12,068	11,966	5		22	14,544		11,966	22
Total loans	$	340,529	337,352	335,732	328,558	326,574	1		4	$	340,529	326,574	4
Total deposits	859,695		886,991	892,373	909,896	883,674	(3)		(3)	859,695		883,674	(3)

-10-

Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)


	Quarter ended							Dec 31, 2022 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	8.3		%	9.4	11.1	14.4	14.8				10.8		%	17.2
Efficiency ratio (2)	75			73	71	75	70				73			71

Retail bank branches (#)	4,598			4,612	4,660	4,705	4,777	—	%	(4)	4,598			4,777	(4)	%
Digital active customers (# in millions) (3)	33.5			33.6	33.4	33.7	33.0	—		2	33.5			33.0	2
Mobile active customers (# in millions) (3)	28.3			28.3	28.0	27.8	27.3	—		4	28.3			27.3	4

Consumer and Small Business Banking:
Deposit spread (4)	2.4		%	2.1	1.7	1.6	1.4				2.0		%	1.5
Debit card purchase volume ($ in billions) (5)	$	124.0		122.4	125.2	115.0	122.4	1		1	$	486.6		471.5	3
Debit card purchase transactions (# in millions) (5)	2,496			2,501	2,517	2,338	2,523	—		(1)	9,852			9,808	—

Home Lending:
Mortgage banking:
Net servicing income	$	94		81	77	116	125	16		(25)	$	368		35	951
Net gains (losses) on mortgage loan originations/sales	(71)			131	134	538	780	NM		NM	732			4,455	(84)
Total mortgage banking	$	23		212	211	654	905	(89)		(97)	$	1,100		4,490	(76)

Originations ($ in billions):
Retail	$	8.2		12.4	19.6	24.1	32.8	(34)		(75)	$	64.3		138.5	(54)
Correspondent	6.4			9.1	14.5	13.8	15.3	(30)		(58)	43.8			66.5	(34)
Total originations	$	14.6		21.5	34.1	37.9	48.1	(32)		(70)	$	108.1		205.0	(47)

% of originations held for sale (HFS)	60.7		%	59.2	46.1	51.4	55.7				52.5		%	64.6
Third party mortgage loans serviced (period-end) ($ in billions) (6)	$	679.2		687.4	696.9	704.2	716.8	(1)		(5)	$	679.2		716.8	(5)
Mortgage servicing rights (MSR) carrying value (period-end)	9,310			9,828	9,163	8,511	6,920	(5)		35	9,310			6,920	35
Ratio of MSR carrying value (period-end) to third party mortgage loans serviced (period-end) (6)	1.37		%	1.43	1.31	1.21	0.97				1.37		%	0.97
Home lending loans 30+ days delinquency rate (7)(8)(9)	0.31			0.29	0.28	0.29	0.39				0.31			0.39

Credit Card:
Point of sale (POS) volume ($ in billions)	$	32.3		30.7	30.1	26.0	27.5	5		17	$	119.1		95.3	25
New accounts (# in thousands)	561			584	524	484	525	(4)		7	2,153			1,640	31
Credit card loans 30+ days delinquency rate	2.08		%	1.81	1.54	1.58	1.52				2.08		%	1.52
Credit card loans 90+ days delinquency rate	1.01			0.85	0.74	0.78	0.72				1.01			0.72

Auto:
Auto originations ($ in billions)	$	5.0		5.4	5.4	7.3	9.4	(7)		(47)	$	23.1		33.9	(32)
Auto loans 30+ days delinquency rate (8)	2.64		%	2.19	1.95	1.68	1.84				2.64		%	1.84

Personal Lending:
New volume ($ in billions)	$	3.2		3.5	3.3	2.6	2.7	(9)		19	$	12.6		9.8	29

NM – Not meaningful

(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.

(9)Beginning in second quarter 2020, customer payment deferral activities instituted in response to the COVID-19 pandemic may have delayed the recognition of delinquencies for those customers who would have otherwise moved into past due or nonaccrual status.

-11-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT


	Quarter ended							Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Income Statement
Net interest income	$	2,357		1,991	1,580	1,361	1,273	18	%	85	$	7,289		4,960	47	%
Noninterest income:
Deposit-related fees	237			256	310	328	320	(7)		(26)	1,131			1,285	(12)
Lending-related fees	122			126	122	121	129	(3)		(5)	491			532	(8)
Lease income	176			176	179	179	170	—		4	710			682	4
Other	257			403	301	338	392	(36)		(34)	1,299			1,090	19
Total noninterest income	792			961	912	966	1,011	(18)		(22)	3,631			3,589	1
Total revenue	3,149			2,952	2,492	2,327	2,284	7		38	10,920			8,549	28
Net charge-offs	32			(3)	4	(29)	(7)	NM		557	4			101	(96)
Change in the allowance for credit losses	(75)			(165)	17	(315)	(377)	55		80	(538)			(1,601)	66
Provision for credit losses	(43)			(168)	21	(344)	(384)	74		89	(534)			(1,500)	64
Noninterest expense	1,523			1,526	1,478	1,531	1,393	—		9	6,058			5,862	3
Income before income tax expense	1,669			1,594	993	1,140	1,275	5		31	5,396			4,187	29
Income tax expense	428			409	249	280	318	5		35	1,366			1,045	31
Less: Net income from noncontrolling interests	3			3	3	3	3	—		—	12			8	50
Net income	$	1,238		1,182	741	857	954	5		30	$	4,018		3,134	28

Revenue by Line of Business
Middle Market Banking	$	2,076		1,793	1,459	1,246	1,167	16		78	$	6,574		4,642	42
Asset-Based Lending and Leasing	1,073			1,159	1,033	1,081	1,117	(7)		(4)	4,346			3,907	11
Total revenue	$	3,149		2,952	2,492	2,327	2,284	7		38	$	10,920		8,549	28

Revenue by Product
Lending and leasing	$	1,357		1,333	1,308	1,255	1,236	2		10	$	5,253		4,835	9
Treasury management and payments	1,519			1,242	943	779	711	22		114	4,483			2,825	59
Other	273			377	241	293	337	(28)		(19)	1,184			889	33
Total revenue	$	3,149		2,952	2,492	2,327	2,284	7		38	$	10,920		8,549	28

Selected Metrics
Return on allocated capital	24.2		%	23.1	14.3	16.9	18.5				19.7		%	15.1
Efficiency ratio	48			52	59	66	61				55			69

NM – Not meaningful

-12-

Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)


	Quarter ended						Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	159,236	150,365	143,833	135,792	125,011	6	%	27	$	147,379	120,396	22	%
Commercial real estate	45,551		45,121	44,790	45,053	45,755	1		—	45,130		47,018	(4)
Lease financing and other	13,635		13,511	13,396	13,550	13,855	1		(2)	13,523		13,823	(2)
Total loans	$	218,422	208,997	202,019	194,395	184,621	5		18	$	206,032	181,237	14

Loans by Line of Business:
Middle Market Banking	$	119,740	117,031	113,033	108,583	103,594	2		16	$	114,634	102,882	11
Asset-Based Lending and Leasing	98,682		91,966	88,986	85,812	81,027	7		22	91,398		78,355	17
Total loans	$	218,422	208,997	202,019	194,395	184,621	5		18	$	206,032	181,237	14

Total deposits	175,442		180,231	188,286	200,699	207,678	(3)		(16)	186,079		197,269	(6)
Allocated capital	19,500		19,500	19,500	19,500	19,500	—		—	19,500		19,500	—

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	163,797	155,400	146,656	140,932	131,078	5		25	$	163,797	131,078	25
Commercial real estate	45,816		45,540	44,992	44,428	45,467	1		1	45,816		45,467	1
Lease financing and other	13,916		13,645	13,593	13,473	13,803	2		1	13,916		13,803	1
Total loans	$	223,529	214,585	205,241	198,833	190,348	4		17	$	223,529	190,348	17

Loans by Line of Business:
Middle Market Banking	$	121,192	118,627	116,064	110,258	106,834	2		13	$	121,192	106,834	13
Asset-Based Lending and Leasing	102,337		95,958	89,177	88,575	83,514	7		23	102,337		83,514	23
Total loans	$	223,529	214,585	205,241	198,833	190,348	4		17	$	223,529	190,348	17

Total deposits	173,942		172,727	183,145	195,549	205,428	1		(15)	173,942		205,428	(15)

-13-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT


	Quarter ended							Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Income Statement
Net interest income	$	2,416		2,270	2,057	1,990	1,982	6	%	22	$	8,733		7,410	18	%
Noninterest income:
Deposit-related fees	240			255	280	293	283	(6)		(15)	1,068			1,112	(4)
Lending-related fees	191			198	195	185	192	(4)		(1)	769			761	1
Investment banking fees	331			392	307	462	678	(16)		(51)	1,492			2,405	(38)
Net gains (losses) from trading activities	606			674	378	228	(174)	(10)		448	1,886			272	593
Other	355			271	356	312	551	31		(36)	1,294			1,879	(31)
Total noninterest income	1,723			1,790	1,516	1,480	1,530	(4)		13	6,509			6,429	1
Total revenue	4,139			4,060	3,573	3,470	3,512	2		18	15,242			13,839	10
Net charge-offs	10			(16)	(11)	(31)	8	163		25	(48)			(22)	NM
Change in the allowance for credit losses	31			48	(51)	(165)	(202)	(35)		115	(137)			(1,417)	90
Provision for credit losses	41			32	(62)	(196)	(194)	28		121	(185)			(1,439)	87
Noninterest expense	1,837			1,900	1,840	1,983	1,765	(3)		4	7,560			7,200	5
Income before income tax expense	2,261			2,128	1,795	1,683	1,941	6		16	7,867			8,078	(3)
Income tax expense	569			536	459	425	488	6		17	1,989			2,019	(1)
Less: Net loss from noncontrolling interests	—			—	—	—	(1)	—		100	—			(3)	100
Net income	$	1,692		1,592	1,336	1,258	1,454	6		16	$	5,878		6,062	(3)

Revenue by Line of Business
Banking:
Lending	$	593		580	528	521	519	2		14	$	2,222		1,948	14
Treasury Management and Payments	738			670	529	432	373	10		98	2,369			1,468	61
Investment Banking	317			336	222	331	464	(6)		(32)	1,206			1,654	(27)
Total Banking	1,648			1,586	1,279	1,284	1,356	4		22	5,797			5,070	14
Commercial Real Estate	1,267			1,212	1,060	995	1,095	5		16	4,534			3,963	14
Markets:
Fixed Income, Currencies, and Commodities (FICC)	935			914	934	877	794	2		18	3,660			3,710	(1)
Equities	279			316	253	267	205	(12)		36	1,115			897	24
Credit Adjustment (CVA/DVA) and Other	(35)			17	13	25	13	NM		NM	20			91	(78)
Total Markets	1,179			1,247	1,200	1,169	1,012	(5)		17	4,795			4,698	2
Other	45			15	34	22	49	200		(8)	116			108	7
Total revenue	$	4,139		4,060	3,573	3,470	3,512	2		18	$	15,242		13,839	10

Selected Metrics
Return on allocated capital	17.7		%	16.6	13.8	13.2	16.0				15.3		%	16.9
Efficiency ratio	44			47	51	57	50				50			52

NM – Not meaningful

-14-

Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)


	Quarter ended						Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	196,697	205,185	200,527	191,152	182,778	(4)	%	8	$	198,424	170,713	16	%
Commercial real estate	101,553		101,055	98,167	93,346	89,216	—		14	98,560		86,323	14
Total loans	$	298,250	306,240	298,694	284,498	271,994	(3)		10	$	296,984	257,036	16

Loans by Line of Business:
Banking	$	104,187	109,909	109,123	102,485	101,589	(5)		3	$	106,440	93,766	14
Commercial Real Estate	137,680		137,568	133,212	126,248	116,630	—		18	133,719		110,978	20
Markets	56,383		58,763	56,359	55,765	53,775	(4)		5	56,825		52,292	9
Total loans	$	298,250	306,240	298,694	284,498	271,994	(3)		10	$	296,984	257,036	16
Trading-related assets:
Trading account securities	$	111,803	110,919	110,499	115,687	118,147	1		(5)	$	112,213	110,386	2
Reverse repurchase agreements/securities borrowed	52,814		45,486	48,909	54,832	53,526	16		(1)	50,491		59,044	(14)
Derivative assets	24,556		28,050	30,845	26,244	24,267	(12)		1	27,421		25,315	8
Total trading-related assets	$	189,173	184,455	190,253	196,763	195,940	3		(3)	$	190,125	194,745	(2)
Total assets	553,308		560,509	564,306	551,404	543,946	(1)		2	557,396		523,344	7
Total deposits	156,205		156,830	164,860	169,181	182,101	—		(14)	161,720		189,176	(15)
Allocated capital	36,000		36,000	36,000	36,000	34,000	—		6	36,000		34,000	6

Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	196,529	198,253	207,414	194,201	191,391	(1)		3	$	196,529	191,391	3
Commercial real estate	101,848		101,440	100,872	96,426	92,983	—		10	101,848		92,983	10
Total loans	$	298,377	299,693	308,286	290,627	284,374	—		5	$	298,377	284,374	5

Loans by Line of Business:
Banking	$	101,183	103,809	111,639	107,081	101,926	(3)		(1)	$	101,183	101,926	(1)
Commercial Real Estate	137,495		137,077	137,083	129,375	125,926	—		9	137,495		125,926	9
Markets	59,699		58,807	59,564	54,171	56,522	2		6	59,699		56,522	6
Total loans	$	298,377	299,693	308,286	290,627	284,374	—		5	$	298,377	284,374	5
Trading-related assets:
Trading account securities	$	111,801	113,488	109,634	113,763	108,697	(1)		3	$	111,801	108,697	3
Reverse repurchase agreements/securities borrowed	55,407		44,194	42,696	57,579	55,973	25		(1)	55,407		55,973	(1)
Derivative assets	22,218		28,545	24,540	26,695	21,398	(22)		4	22,218		21,398	4
Total trading-related assets	$	189,426	186,227	176,870	198,037	186,068	2		2	$	189,426	186,068	2
Total assets	550,177		550,695	567,733	564,976	546,549	—		1	550,177		546,549	1
Total deposits	157,217		154,550	162,439	168,467	168,609	2		(7)	157,217		168,609	(7)

-15-

Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT


	Quarter ended							Dec 31, 2022 % Change from			Year ended
($ in millions, unless otherwise noted)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Income Statement
Net interest income	$	1,124		1,088	916	799	666	3	%	69	$	3,927		2,570	53	%
Noninterest income:
Investment advisory and other asset-based fees	1,999			2,066	2,306	2,476	2,429	(3)		(18)	8,847			9,574	(8)
Commissions and brokerage services fees	532			486	459	454	484	9		10	1,931			2,010	(4)
Other	40			25	24	28	69	60		(42)	117			192	(39)
Total noninterest income	2,571			2,577	2,789	2,958	2,982	—		(14)	10,895			11,776	(7)
Total revenue	3,695			3,665	3,705	3,757	3,648	1		1	14,822			14,346	3
Net charge-offs	(2)			(1)	—	(4)	19	(100)		NM	(7)			10	NM
Change in the allowance for credit losses	13			9	(7)	(33)	(22)	44		159	(18)			(105)	83
Provision for credit losses	11			8	(7)	(37)	(3)	38		467	(25)			(95)	74
Noninterest expense	2,731			2,796	2,911	3,175	2,898	(2)		(6)	11,613			11,734	(1)
Income before income tax expense	953			861	801	619	753	11		27	3,234			2,707	19
Income tax expense	238			222	198	154	189	7		26	812			680	19

Net income	$	715		639	603	465	564	12		27	$	2,422		2,027	19

Selected Metrics
Return on allocated capital	31.9		%	28.4	27.1	21.0	25.0				27.1		%	22.6
Efficiency ratio	74			76	79	85	79				78			82

Advisory assets ($ in billions)	$	797		756	800	912	964	5		(17)	$	797		964	(17)
Other brokerage assets and deposits ($ in billions)	1,064			1,003	1,035	1,168	1,219	6		(13)	1,064			1,219	(13)
Total client assets ($ in billions)	$	1,861		1,759	1,835	2,080	2,183	6		(15)	$	1,861		2,183	(15)
Annualized revenue per advisor ($ in thousands) (1)	1,230			1,212	1,213	1,221	1,171	1		5	1,219			1,114	9
Total financial and wealth advisors (#) (period-end)	12,027			12,011	12,184	12,250	12,367	—		(3)	12,027			12,367	(3)

Selected Balance Sheet Data (average)
Total loans	$	84,760		85,472	85,912	84,765	84,007	(1)		1	$	85,228		82,364	3
Total deposits	142,230			158,367	173,670	185,814	180,939	(10)		(21)	164,883			176,562	(7)
Allocated capital	8,750			8,750	8,750	8,750	8,750	—		—	8,750			8,750	—

Selected Balance Sheet Data (period-end)
Total loans	$	84,273		85,180	85,342	84,688	84,101	(1)		—	84,273			84,101	—
Total deposits	138,760			148,890	165,633	183,727	192,548	(7)		(28)	138,760			192,548	(28)

NM – Not meaningful

(1)Represents annualized segment total revenue divided by average total financial and wealth advisors for the period.

-16-

Wells Fargo & Company and Subsidiaries

CORPORATE (1)


	Quarter ended						Dec 31, 2022 % Change from			Year ended
($ in millions)	Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022		Dec 31, 2021	% Change
Income Statement
Net interest income	$	78	(248)	(619)	(818)	(420)	131	%	119	$	(1,607)	(1,541)	(4)	%
Noninterest income	(367)		284	(114)	806	3,540	NM		NM	609		10,036	(94)
Total revenue	(289)		36	(733)	(12)	3,120	NM		NM	(998)		8,495	NM
Net charge-offs	(5)		(16)	(6)	(6)	(5)	69		—	(33)		54	NM
Change in the allowance for credit losses	17		11	21	(14)	8	55		113	35		3	NM
Provision for credit losses	12		(5)	15	(20)	3	340		300	2		57	(96)
Noninterest expense	3,023		1,347	618	786	1,016	124		198	5,774		4,387	32
Income (loss) before income tax expense (benefit)	(3,324)		(1,306)	(1,366)	(778)	2,101	NM		NM	(6,774)		4,051	NM
Income tax expense (benefit)	(1,227)		(189)	(242)	(227)	538	NM		NM	(1,885)		596	NM
Less: Net income (loss) from noncontrolling interests	(239)		(31)	(170)	128	647	NM		NM	(312)		1,685	NM
Net income (loss)	$	(1,858)	(1,086)	(954)	(679)	916	(71)		NM	$	(4,577)	1,770	NM




Selected Balance Sheet Data (average)
Cash, cash equivalents, and restricted cash	$	130,329	134,725	145,637	178,747	216,156	(3)		(40)	$	147,192	236,124	(38)
Available-for-sale debt securities	102,650		110,575	127,997	156,756	169,953	(7)		(40)	124,308		181,841	(32)
Held-to-maturity debt securities	295,494		297,335	291,710	275,510	262,969	(1)		12	290,087		244,735	19
Equity securities	15,918		15,423	15,681	15,760	15,172	3		5	15,695		12,720	23
Total loans	9,088		9,112	9,083	9,292	9,006	—		1	9,143		9,766	(6)
Total assets	605,526		617,713	642,606	687,341	727,818	(2)		(17)	638,017		743,089	(14)
Total deposits	41,959		24,386	20,327	27,039	34,936	72		20	28,457		40,066	(29)

Selected Balance Sheet Data (period-end)
Cash, cash equivalents, and restricted cash	$	127,106	141,743	123,872	175,201	209,696	(10)		(39)	$	127,106	209,696	(39)
Available-for-sale debt securities	102,669		104,726	114,469	157,164	165,926	(2)		(38)	102,669		165,926	(38)
Held-to-maturity debt securities	294,141		297,530	298,895	277,965	269,285	(1)		9	294,141		269,285	9
Equity securities	15,508		15,581	15,004	16,137	16,549	—		(6)	15,508		16,549	(6)
Total loans	9,163		9,096	9,133	9,101	9,997	1		(8)	9,163		9,997	(8)
Total assets	601,214		615,408	611,658	682,912	721,335	(2)		(17)	601,214		721,335	(17)
Total deposits	54,371		34,993	21,563	23,715	32,220	55		69	54,371		32,220	69

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 affiliated venture capital and private equity businesses. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company, as well as previously divested businesses.

-17-

Wells Fargo & Company and Subsidiaries

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


	Quarter ended							Dec 31, 2022 $ Change from
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022	Dec 31, 2021
Period-End Loans
Commercial and industrial	$	386,806		379,694	380,235	362,137	350,436	7,112	36,370


Commercial real estate	155,802			155,659	155,154	150,108	147,825	143	7,977
Lease financing	14,908			14,617	14,530	14,469	14,859	291	49
Total commercial	557,516			549,970	549,919	526,714	513,120	7,546	44,396



Residential mortgage	269,117			268,065	267,545	260,634	258,888	1,052	10,229
Credit card	46,293			43,558	41,222	38,639	38,453	2,735	7,840
Auto	53,669			54,545	55,658	57,083	56,659	(876)	(2,990)
Other consumer	29,276			29,768	29,390	28,737	28,274	(492)	1,002
Total consumer	398,355			395,936	393,815	385,093	382,274	2,419	16,081
Total loans	$	955,871		945,906	943,734	911,807	895,394	9,965	60,477

Average Loans
Commercial and industrial	$	381,889		381,375	370,615	353,829	335,752	514	46,137


Commercial real estate	155,674			155,291	152,456	147,723	144,606	383	11,068
Lease financing	14,656			14,526	14,445	14,586	15,227	130	(571)
Total commercial	552,219			551,192	537,516	516,138	495,585	1,027	56,634



Residential mortgage	268,232			267,609	263,877	258,900	259,832	623	8,400
Credit card	44,829			42,407	39,614	38,164	37,041	2,422	7,788
Auto	53,917			54,874	56,262	56,701	55,161	(957)	(1,244)
Other consumer	29,320			29,383	29,298	28,102	27,417	(63)	1,903
Total consumer	396,298			394,273	389,051	381,867	379,451	2,025	16,847
Total loans	$	948,517		945,465	926,567	898,005	875,036	3,052	73,481

Average Interest Rates
Commercial and industrial	5.41		%	4.13	2.92	2.41	2.45


Commercial real estate	5.45			4.23	3.08	2.74	2.70
Lease financing	4.45			3.76	4.24	4.24	4.27
Total commercial	5.40			4.14	3.00	2.56	2.58



Residential mortgage	3.38			3.27	3.20	3.20	3.33
Credit card	12.00			11.51	11.13	11.32	11.25
Auto	4.46			4.27	4.18	4.17	4.37
Other consumer	6.89			5.58	4.26	3.69	3.67
Total consumer	4.76			4.47	4.23	4.20	4.28
Total loans	5.13		%	4.28	3.52	3.25	3.32

-18-

Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS


	Quarter ended
	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Dec 31, 2022 $ 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)		Sep 30, 2022		Dec 31, 2021
By product:
Commercial and industrial	$	66	0.07	%	$	13	0.01	%	$	27	0.03	%	$	(23)	(0.03)	%	$	3	—	%	$	53	63


Commercial real estate	10		0.03		(12)		(0.03)		(4)		(0.01)		(5)		(0.01)		22		0.06		22		(12)
Lease financing	3		0.06		5		0.15		—		—		(1)		(0.02)		3		0.09		(2)		—
Total commercial	79		0.06		6		—		23		0.02		(29)		(0.02)		28		0.02		73		51


Residential mortgage	(12)		(0.02)		(14)		(0.02)		(16)		(0.03)		(21)		(0.03)		118		0.18		2		(130)
Credit card	274		2.42		202		1.90		199		2.02		176		1.87		150		1.61		72		124
Auto	137		1.00		121		0.87		68		0.49		96		0.68		58		0.41		16		79
Other consumer	82		1.13		84		1.13		70		0.98		83		1.20		67		0.96		(2)		15
Total consumer	481		0.48		393		0.40		321		0.33		334		0.35		393		0.41		88		88
Total net charge-offs	$	560	0.23	%	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	161	139
By segment:
Consumer Banking and Lending	$	525	0.62	%	$	435	0.51	%	$	358	0.43	%	$	375	0.47	%	$	410	0.50	%	$	90	115
Commercial Banking	32		0.06		(3)		(0.01)		3		0.01		(29)		(0.06)		(9)		(0.02)		35		41
Corporate and Investing Banking	10		0.01		(16)		(0.02)		(11)		(0.01)		(31)		(0.04)		8		0.01		26		2
Wealth and Investment Management	(2)		(0.01)		(1)		—		—		—		(4)		(0.02)		18		0.09		(1)		(20)
Corporate	(5)		(0.22)		(16)		(0.70)		(6)		(0.26)		(6)		(0.26)		(6)		(0.26)		11		1
Total net charge-offs	$	560	0.23	%	$	399	0.17	%	$	344	0.15	%	$	305	0.14	%	$	421	0.19	%	$	161	139

(1)Quarterly net 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							Dec 31, 2022 $ Change from
($ in millions)	Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022	Dec 31, 2021
Balance, beginning of period	$	13,225		12,884	12,681	13,788	14,705	341	(1,480)
Provision for credit losses	968			773	578	(775)	(464)	195	1,432
Interest income on certain loans (1)	(26)			(26)	(27)	(29)	(33)	—	7
Net loan charge-offs:
Commercial and industrial	(66)			(13)	(27)	23	(3)	(53)	(63)


Commercial real estate	(10)			12	4	5	(22)	(22)	12
Lease financing	(3)			(5)	—	1	(3)	2	—
Total commercial	(79)			(6)	(23)	29	(28)	(73)	(51)


Residential mortgage	12			14	16	21	(118)	(2)	130
Credit card	(274)			(202)	(199)	(176)	(150)	(72)	(124)
Auto	(137)			(121)	(68)	(96)	(58)	(16)	(79)
Other consumer	(82)			(84)	(70)	(83)	(67)	2	(15)
Total consumer	(481)			(393)	(321)	(334)	(393)	(88)	(88)
Net loan charge-offs	(560)			(399)	(344)	(305)	(421)	(161)	(139)
Other	2			(7)	(4)	2	1	9	1
Balance, end of period	$	13,609		13,225	12,884	12,681	13,788	384	(179)
Components:
Allowance for loan losses	$	12,985		12,571	11,786	11,504	12,490	414	495
Allowance for unfunded credit commitments	624			654	1,098	1,177	1,298	(30)	(674)
Allowance for credit losses for loans	$	13,609		13,225	12,884	12,681	13,788	384	(179)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)	5.85x			7.94	8.54	9.31	7.49
Allowance for loan losses as a percentage of:
Total loans	1.36		%	1.33	1.25	1.26	1.39
Nonaccrual loans	231			225	197	167	173
Allowance for credit losses for loans as a percentage of:
Total loans	1.42			1.40	1.37	1.39	1.54
Nonaccrual loans	242			237	215	185	191

(1)Loans with an allowance for credit losses measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in the allowance for credit losses attributable to the passage of time as interest income.

-20-

Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS


	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021
($ 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	$	4,507	1.17	%	$	4,547	1.20	%	$	4,620	1.22	%	$	4,625	1.28	%	$	4,873	1.39	%


Commercial real estate	2,231		1.43		2,233		1.43		2,188		1.41		2,249		1.50		2,516		1.70
Lease financing	218		1.46		211		1.44		274		1.89		274		1.89		402		2.71
Total commercial	6,956		1.25		6,991		1.27		7,082		1.29		7,148		1.36		7,791		1.52



Residential mortgage (1)	1,096		0.41		1,001		0.37		1,018		0.38		929		0.36		1,286		0.50
Credit card	3,567		7.71		3,364		7.72		3,253		7.89		3,094		8.01		3,290		8.56
Auto	1,380		2.57		1,340		2.46		1,045		1.88		1,030		1.80		928		1.64
Other consumer	610		2.08		529		1.78		486		1.65		480		1.67		493		1.74
Total consumer	6,653		1.67		6,234		1.57		5,802		1.47		5,533		1.44		5,997		1.57
Total allowance for credit losses for loans	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%
By segment:
Consumer Banking and Lending	$	7,394	2.17	%	$	7,002	2.08	%	$	6,540	1.95	%	$	6,305	1.92	%	$	6,891	2.11	%
Commercial Banking	2,397		1.07		2,477		1.15		2,644		1.29		2,631		1.32		2,950		1.55
Corporate and Investing Banking	3,552		1.19		3,517		1.17		3,480		1.13		3,532		1.22		3,705		1.30
Wealth and Investment Management	253		0.30		240		0.28		231		0.27		238		0.28		271		0.32
Corporate	13		0.14		(11)		(0.12)		(11)		(0.12)		(25)		(0.27)		(29)		(0.29)
Total allowance for credit losses for loans	$	13,609	1.42	%	$	13,225	1.40	%	$	12,884	1.37	%	$	12,681	1.39	%	$	13,788	1.54	%

(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)


	Dec 31, 2022				Sep 30, 2022				Jun 30, 2022				Mar 31, 2022				Dec 31, 2021				Dec 31, 2022 $ Change from
($ in millions)	Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Balance		% of total loans		Sep 30, 2022		Dec 31, 2021
By product:
Nonaccrual loans:
Commercial and industrial	$	746	0.19	%	$	742	0.20	%	$	722	0.19	%	$	799	0.22	%	$	980	0.28	%	$	4	(234)


Commercial real estate	958		0.61		853		0.55		901		0.58		1,037		0.69		1,248		0.84		105		(290)
Lease financing	119		0.80		108		0.74		96		0.66		117		0.81		148		1.00		11		(29)
Total commercial	1,823		0.33		1,703		0.31		1,719		0.31		1,953		0.37		2,376		0.46		120		(553)



Residential mortgage (1)	3,611		1.34		3,677		1.37		4,051		1.51		4,675		1.79		4,604		1.78		(66)		(993)
Auto	153		0.29		171		0.31		188		0.34		208		0.36		198		0.35		(18)		(45)
Other consumer	39		0.13		36		0.12		35		0.12		35		0.12		34		0.12		3		5
Total consumer	3,803		0.95		3,884		0.98		4,274		1.09		4,918		1.28		4,836		1.27		(81)		(1,033)
Total nonaccrual loans	5,626		0.59		5,587		0.59		5,993		0.64		6,871		0.75		7,212		0.81		39		(1,586)



Foreclosed assets	137				125				130				130				112				12		25
Total nonperforming assets	$	5,763	0.60	%	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	51	(1,561)
By segment:
Consumer Banking and Lending	$	3,747	1.10	%	$	3,811	1.13	%	$	4,179	1.24	%	$	4,754	1.45	%	$	4,672	1.43	%	$	(64)	(925)
Commercial Banking	1,029		0.46		1,025		0.48		1,065		0.52		1,242		0.62		1,520		0.80		4		(491)
Corporate and Investing Banking	764		0.26		673		0.22		646		0.21		706		0.24		778		0.27		91		(14)
Wealth and Investment Management	199		0.24		203		0.24		233		0.27		299		0.35		354		0.42		(4)		(155)
Corporate	24		0.26		—		—		—		—		—		—		—		—		24		24
Total nonperforming assets	$	5,763	0.60	%	$	5,712	0.60	%	$	6,123	0.65	%	$	7,001	0.77	%	$	7,324	0.82	%	$	51	(1,561)

(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


	Dec 31, 2022							Sep 30, 2022							Dec 31, 2021
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)
Financials except banks	$	44	147,171	15	%	$	247,936	$	53	144,595	15	%	$	248,059	$	104	142,283	16	%	$	236,133
Technology, telecom and media	31		27,767	3		78,230		69		27,892	3		67,050		64		23,345	3		62,984
Real estate and construction	73		24,478	3		57,138		65		25,572	3		59,197		78		25,035	3		55,304
Equipment, machinery and parts manufacturing	83		23,675	2		54,807		14		22,915	2		46,784		24		18,130	2		43,729
Retail	47		19,487	2		54,260		49		19,673	2		45,653		27		17,645	2		41,344
Materials and commodities	86		16,610	2		41,707		78		17,026	2		40,173		32		14,684	2		36,660
Oil, gas and pipelines	55		9,991	1		39,329		55		9,858	1		30,897		197		8,828	*		28,978
Food and beverage manufacturing	17		17,393	2		35,094		18		15,659	2		34,794		7		13,242	1		30,882
Health care and pharmaceuticals	21		14,861	2		30,463		21		14,472	2		29,207		24		12,847	1		28,808
Auto related	10		13,168	1		28,545		9		12,137	1		27,262		31		10,629	1		25,735
Commercial services	50		11,418	1		27,989		28		10,818	1		25,676		78		10,492	1		24,617
Utilities	18		9,457	*		26,918		61		8,848	*		26,090		77		6,982	*		22,406
Entertainment and recreation	28		13,085	1		24,535		35		11,407	1		17,812		23		9,907	1		17,893
Diversified or miscellaneous	2		8,161	*		22,432		11		8,219	*		21,009		3		7,493	*		18,317
Banks	—		14,403	2		16,733		—		15,575	2		17,694		—		16,178	2		16,612
Transportation services	237		8,389	*		16,342		226		7,817	*		15,405		288		8,162	*		14,710
Insurance and fiduciaries	1		4,691	*		15,741		1		4,515	*		15,630		1		3,387	*		13,993
Agribusiness	24		6,180	*		14,063		25		6,301	*		11,417		35		6,086	*		11,576
Government and education	25		6,482	*		12,590		16		6,578	*		12,657		5		5,863	*		11,193
Other	13		4,847	*		14,325		16		4,434	*		11,677		30		4,077	*		11,583
Total	$	865	401,714	42	%	$	859,177	$	850	394,311	42	%	$	804,143	$	1,128	365,295	41	%	$	753,457

*Less than 1%.

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

-23-

Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)


	Dec 31, 2022							Sep 30, 2022							Dec 31, 2021
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)		Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (2)
Apartments	$	8	39,743	4	%	$	51,567	$	9	38,855	4	%	$	51,565	$	13	31,901	4	%	$	42,119
Office buildings	186		36,144	4		40,827		173		35,194	4		40,411		134		36,736	4		42,781
Industrial/warehouse	42		20,634	2		24,546		44		19,453	2		24,465		78		17,714	2		20,967
Hotel/motel	153		12,751	1		13,758		153		13,144	1		14,030		254		12,764	1		13,179
Retail (excluding shopping center)	199		11,753	1		12,486		87		11,853	1		12,576		135		12,450	1		13,014
Shopping center	259		9,534	*		10,131		253		9,825	1		10,434		422		10,448	1		11,082
Institutional	33		7,725	*		9,178		34		7,987	*		9,411		51		7,743	*		9,588
Mixed use properties	54		5,887	*		7,139		57		7,356	*		8,688		81		6,303	*		10,718
Collateral pool	—		3,062	*		3,662		—		3,305	*		3,804		—		3,509	*		4,106
Storage facility	—		2,929	*		3,201		—		2,877	*		3,110		—		2,257	*		2,742
Other	24		5,640	*		8,825		43		5,810	*		8,866		80		6,000	*		8,987
Total	$	958	155,802	16	%	$	185,320	$	853	155,659	16	%	$	187,360	$	1,248	147,825	17	%	$	179,283

*Less than 1%.

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

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

-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.


								Dec 31, 2022 % Change from
(in millions, except ratios)		Dec 31, 2022		Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021
Tangible book value per common share:
Total equity		$	181,875	178,409	179,793	181,689	190,110	2	%	(4)
Adjustments:
Preferred stock (1)		(19,448)		(20,057)	(20,057)	(20,057)	(20,057)	3		3
Additional paid-in capital on preferred stock (1)		173		136	135	136	136	27		27
Unearned Employee Stock Ownership Plan (ESOP) shares (1)		—		646	646	646	646	(100)		(100)
Noncontrolling interests		(1,986)		(2,220)	(2,261)	(2,446)	(2,504)	11		21
Total common stockholders' equity	(A)	160,614		156,914	158,256	159,968	168,331	2		(5)
Adjustments:
Goodwill		(25,173)		(25,172)	(25,178)	(25,181)	(25,180)	—		—
Certain identifiable intangible assets (other than MSRs)		(152)		(171)	(191)	(210)	(225)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2,427)		(2,378)	(2,307)	(2,304)	(2,437)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (2)		890		889	880	871	765	—		16
Tangible common equity	(B)	$	133,752	130,082	131,460	133,144	141,254	3		(5)
Common shares outstanding	(C)	3,833.8		3,795.4	3,793.0	3,789.9	3,885.8	1		(1)
Book value per common share	(A)/(C)	$	41.89	41.34	41.72	42.21	43.32	1		(3)
Tangible book value per common share	(B)/(C)	34.89		34.27	34.66	35.13	36.35	2		(4)

(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)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						Dec 31, 2022 % Change from		Year ended
(in millions, except ratios)		Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022		Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Dec 31, 2022			Dec 31, 2021	% Change
Return on average tangible common equity:
Net income applicable to common stock	(A)	$	2,585		3,250	2,839	3,393		5,470	(20)	%	(53)	$	12,067		20,256	(40)	%
Average total equity		182,549			183,037	181,016	186,337		190,744	—		(4)	183,224			191,219	(4)
Adjustments:
Preferred stock (1)		(19,553)			(20,057)	(20,057)	(20,057)		(20,267)	3		4	(19,930)			(21,151)	(6)
Additional paid-in capital on preferred stock (1)		166			135	135	134		120	23		38	143			137	4
Unearned ESOP shares (1)		112			646	646	646		872	(83)		(87)	512			874	(41)
Noncontrolling interests		(2,185)			(2,258)	(2,386)	(2,468)		(2,119)	3		(3)	(2,323)			(1,601)	45
Average common stockholders’ equity	(B)	161,089			161,503	159,354	164,592		169,350	—		(5)	161,626			169,478	(5)
Adjustments:
Goodwill		(25,173)			(25,177)	(25,179)	(25,180)		(25,569)	—		2	(25,177)			(26,087)	(3)
Certain identifiable intangible assets (other than MSRs)		(160)			(181)	(200)	(218)		(246)	12		35	(190)			(294)	(35)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2,378)			(2,359)	(2,304)	(2,395)		(2,309)	(1)		(3)	(2,359)			(2,226)	6
Applicable deferred taxes related to goodwill and other intangible assets (2)		890			886	877	803		848	—		5	864			867	—
Average tangible common equity	(C)	$	134,268		134,672	132,548	137,602		142,074	—		(5)	$	134,764		141,738	(5)
Return on average common stockholders’ equity (ROE) (annualized)	(A)/(B)	6.4		%	8.0	7.1	8.4		12.8				7.5		%	12.0
Return on average tangible common equity (ROTCE) (annualized)	(A)/(C)	7.6			9.6	8.6	10.0		15.3				9.0			14.3

(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							Dec 31, 2022 % Change from
($ in billions)		Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021
Total equity		$	181.9		178.4	179.8	181.7	190.1	2	%	(4)
Adjustments:
Preferred stock (2)		(19.4)			(20.1)	(20.1)	(20.1)	(20.1)	3		3
Additional paid-in capital on preferred stock (2)		0.1			0.1	0.2	0.1	0.1	(46)		(46)
Unearned ESOP shares (2)		—			0.7	0.7	0.7	0.7	(100)		(100)
Noncontrolling interests		(2.0)			(2.2)	(2.3)	(2.4)	(2.5)	11		21
Total common stockholders' equity		160.6			156.9	158.3	160.0	168.3	2		(5)
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2.4)			(2.4)	(2.3)	(2.3)	(2.4)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.9	0.8	—		16
Current expected credit loss (CECL) transition provision (4)		0.2			0.2	0.2	0.2	0.2	—		(25)
Other		(0.4)			(0.4)	(1.6)	(1.1)	(0.9)	—		52
Common Equity Tier 1	(A)	133.5			129.8	130.1	132.3	140.6	3		(5)


Preferred stock (2)		19.4			20.1	20.1	20.1	20.1	(3)		(3)
Additional paid-in capital on preferred stock (2)		(0.1)			(0.1)	(0.2)	(0.1)	(0.2)	—		50
Unearned ESOP shares (2)		—			(0.7)	(0.7)	(0.7)	(0.6)	100		100
Other		(0.2)			(0.3)	(0.2)	(0.3)	(0.2)	27		5
Total Tier 1 capital	(B)	152.6			148.8	149.1	151.3	159.7	3		(4)

Long-term debt and other instruments qualifying as Tier 2		20.5			20.6	21.6	22.3	22.7	—		(10)
Qualifying allowance for credit losses (5)		14.0			13.6	13.2	13.0	14.1	3		(1)
Other		(0.3)			(0.3)	(0.3)	(0.3)	(0.2)	(10)		(57)





Total qualifying capital	(C)	$	186.8		182.7	183.6	186.3	196.3	2		(5)

Total risk-weighted assets (RWAs)	(D)	$	1,259.7		1,255.6	1,253.6	1,265.5	1,239.0	—		2

Common Equity Tier 1 to total RWAs	(A)/(D)	10.6		%	10.3	10.4	10.5	11.4
Tier 1 capital to total RWAs	(B)/(D)	12.1			11.9	11.9	12.0	12.9
Total capital to total RWAs	(C)/(D)	14.8			14.6	14.6	14.7	15.8

(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 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.

(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.

(4)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.

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

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Wells Fargo & Company and Subsidiaries

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


		Estimated							Dec 31, 2022 % Change from
($ in billions)		Dec 31, 2022			Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021
Total equity		$	181.9		178.4	179.8	181.7	190.1	2	%	(4)
Adjustments:
Preferred stock (2)		(19.4)			(20.1)	(20.1)	(20.1)	(20.1)	3		3
Additional paid-in capital on preferred stock (2)		0.1			0.1	0.2	0.1	0.2	(46)		(69)
Unearned ESOP shares (2)		—			0.7	0.7	0.7	0.6	(100)		(100)
Noncontrolling interests		(2.0)			(2.2)	(2.3)	(2.4)	(2.5)	11		21
Total common stockholders' equity		160.6			156.9	158.3	160.0	168.3	2		(5)
Adjustments:
Goodwill		(25.2)			(25.2)	(25.2)	(25.2)	(25.2)	—		—
Certain identifiable intangible assets (other than MSRs)		(0.2)			(0.2)	(0.2)	(0.2)	(0.2)	11		32
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)		(2.4)			(2.4)	(2.3)	(2.3)	(2.4)	(2)		—
Applicable deferred taxes related to goodwill and other intangible assets (3)		0.9			0.9	0.9	0.9	0.8	—		16
CECL transition provision (4)		0.2			0.2	0.2	0.2	0.2	—		(25)
Other		(0.4)			(0.4)	(1.6)	(1.1)	(0.9)	—		52
Common Equity Tier 1	(A)	133.5			129.8	130.1	132.3	140.6	3		(5)


Preferred stock (2)		19.4			20.1	20.1	20.1	20.1	(3)		(3)
Additional paid-in capital on preferred stock (2)		(0.1)			(0.1)	(0.2)	(0.1)	(0.2)	—		50
Unearned ESOP shares (2)		—			(0.7)	(0.7)	(0.7)	(0.6)	100		100
Other		(0.2)			(0.3)	(0.2)	(0.3)	(0.2)	27		5
Total Tier 1 capital	(B)	152.6			148.8	149.1	151.3	159.7	3		(4)

Long-term debt and other instruments qualifying as Tier 2		20.5			20.6	21.6	22.3	22.7	—		(10)
Qualifying allowance for credit losses (5)		4.5			4.4	4.4	4.4	4.4	1		1
Other		(0.3)			(0.3)	(0.3)	(0.3)	(0.2)	(10)		(57)





Total qualifying capital	(C)	$	177.3		173.5	174.8	177.7	186.6	2		(5)

Total RWAs	(D)	$	1,112.2		1,104.1	1,121.6	1,119.5	1,116.1	1		—

Common Equity Tier 1 to total RWAs	(A)/(D)	12.0		%	11.8	11.6	11.8	12.6
Tier 1 capital to total RWAs	(B)/(D)	13.7			13.5	13.3	13.5	14.3
Total capital to total RWAs	(C)/(D)	15.9			15.7	15.6	15.9	16.7

(2)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.

(5)Under the Advanced Approach, the allowance for credit losses 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 allowance for credit losses deducted from total RWAs.

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