EX-99.2 3 wfc1qer04-11x25ex992xsuppl.htm EXHIBIT 99.2

Exhibit 99.2                                                            

1Q25 Quarterly Supplement

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Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

			Page
Consolidated Results
Summary Financial Data			3
Consolidated Statement of Income			5
Consolidated Balance Sheet			6
Average Balances and Interest Rates (Taxable-Equivalent Basis)			7
Reportable Operating Segment Results
Combined Segment Results			8
Consumer Banking and Lending			9
Commercial Banking			11
Corporate and Investment Banking			13
Wealth and Investment Management			15
Corporate			16
Credit-Related Information
Consolidated Loans Outstanding – Period-End Balances, Average Balances, and Average Interest Rates			17
Net Loan Charge-offs			18
Changes in Allowance for Credit Losses for Loans			19
Allocation of the Allowance for Credit Losses for Loans			20
Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)			21
Commercial and Industrial Loans and Lease Financing by Industry			22
Commercial Real Estate Loans by Property Type			23
Trading Activities
Net Interest Income and Net Gains from Trading Activities			24
Equity
Tangible Common Equity			25
Risk-Based Capital Ratios Under Basel III			27

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, 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.

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

			Quarter ended																														Mar 31, 2025 % Change from
(in millions, except ratios and per share amounts)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Selected Income Statement Data
Total revenue			$	20,149					20,378						20,366						20,689						20,863						(1)		%				(3)
Noninterest expense			13,891						13,900						13,067						13,293						14,338						—						(3)
Pre-tax pre-provision profit (PTPP) (1)			6,258						6,478						7,299						7,396						6,525						(3)						(4)
Provision for credit losses (2)			932						1,095						1,065						1,236						938						(15)						(1)
Wells Fargo net income			4,894						5,079						5,114						4,910						4,619						(4)						6
Wells Fargo net income applicable to common stock			4,616						4,801						4,852						4,640						4,313						(4)						7
Common Share Data
Diluted earnings per common share			1.39						1.43						1.42						1.33						1.20						(3)						16
Dividends declared per common share			0.40						0.40						0.40						0.35						0.35						—						14
Common shares outstanding			3,261.7						3,288.9						3,345.5						3,402.7						3,501.7						(1)						(7)
Average common shares outstanding			3,280.4						3,312.8						3,384.8						3,448.3						3,560.1						(1)						(8)
Diluted average common shares outstanding			3,321.6						3,360.7						3,425.1						3,486.2						3,600.1						(1)						(8)
Book value per common share (3)			$	49.86					48.85						49.26						47.01						46.40						2						7
Tangible book value per common share (3)(4)			42.24						41.24						41.76						39.57						39.17						2						8
Selected Equity Data (period-end)
Total equity			182,906						181,066						185,011						178,148						182,674						1						—
Common stockholders' equity			162,627						160,656						164,801						159,963						162,481						1						—
Tangible common equity (4)			137,776						135,628						139,711						134,660						137,163						2						—
Performance Ratios
Return on average assets (ROA) (5)			1.03		%				1.05						1.06						1.03						0.97
Return on average equity (ROE) (6)			11.5						11.7						11.7						11.5						10.5
Return on average tangible common equity (ROTCE) (4)			13.6						13.9						13.9						13.7						12.3
Efficiency ratio (7)			69						68						64						64						69
Net interest margin on a taxable-equivalent basis			2.67						2.70						2.67						2.75						2.81
Average deposit cost			1.58						1.73						1.91						1.84						1.74

(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

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

(3)Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 25 and 26.

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

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

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

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA (continued)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions, unless otherwise noted)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Selected Balance Sheet Data (average)
Loans			$	908,182					906,353						910,255						916,977						928,075						—		%				(2)
Assets			1,919,661						1,918,536						1,916,612						1,914,647						1,916,974						—						—
Deposits			1,339,328						1,353,836						1,341,680						1,346,478						1,341,628						(1)						—
Selected Balance Sheet Data (period-end)
Debt securities			528,493						519,131						529,832						520,254						506,280						2						4
Loans			913,842						912,745						909,711						917,907						922,784						—						(1)
Allowance for credit losses for loans			14,552						14,636						14,739						14,789						14,862						(1)						(2)
Equity securities			63,601						60,644						59,771						60,763						59,556						5						7
Assets			1,950,311						1,929,845						1,922,125						1,940,073						1,959,153						1						—
Deposits			1,361,728						1,371,804						1,349,646						1,365,894						1,383,147						(1)						(2)
Headcount (#) (period-end)			215,367						217,502						220,167						222,544						224,824						(1)						(4)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)			11.1		%				11.1						11.3						11.0						11.2
Tier 1 capital			12.6						12.6						12.8						12.3						12.7
Total capital			15.2						15.2						15.5						15.0						15.4
Risk-weighted assets (RWAs) (in billions)			$	1,223.4					1,216.1						1,219.9						1,219.5						1,221.6						1						—
Advanced Approach:
Common Equity Tier 1 (CET1)			12.7		%				12.4						12.7						12.3						12.4
Tier 1 capital			14.5						14.1						14.4						13.8						14.1
Total capital			16.5						16.1						16.4						15.8						16.2
Risk-weighted assets (RWAs) (in billions)			$	1,065.0					1,085.0						1,089.3						1,093.0						1,099.6						(2)						(3)
Tier 1 leverage ratio			8.1		%				8.1						8.3						8.0						8.2
Supplementary Leverage Ratio (SLR)			6.8						6.7						6.9						6.7						6.9
Total Loss Absorbing Capacity (TLAC) Ratio (3)			25.1						24.8						25.3						24.8						25.1
Liquidity Coverage Ratio (LCR) (4)			125						125						127						124						126

(1)Ratios and metrics for March 31, 2025, are preliminary estimates.

(2)See the table on page 27 for more information on CET1, tier 1 capital, and total capital.

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

			Quarter ended																														Mar 31, 2025 % Change from
(in millions, except per share amounts)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Interest income			$	20,973					22,055						22,998						22,884						22,840						(5)		%				(8)
Interest expense			9,478						10,219						11,308						10,961						10,613						(7)						(11)
Net interest income			11,495						11,836						11,690						11,923						12,227						(3)						(6)
Noninterest income
Deposit-related fees			1,269						1,237						1,299						1,249						1,230						3						3
Lending-related fees			364						388						376						369						367						(6)						(1)
Investment advisory and other asset-based fees			2,536						2,566						2,463						2,415						2,331						(1)						9
Commissions and brokerage services fees			638						635						646						614						626						—						2
Investment banking fees			775						725						672						641						627						7						24
Card fees			1,044						1,084						1,096						1,101						1,061						(4)						(2)
Mortgage banking			332						294						280						243						230						13						44
Net gains from trading activities			1,373						950						1,438						1,442						1,454						45						(6)
Net losses from debt securities			(147)						(448)						(447)						—						(25)						67						NM
Net gains (losses) from equity securities			(343)						715						257						80						18						NM						NM
Lease income			272						241						277						292						421						13						(35)
Other			541						155						319						320						296						249						83
Total noninterest income			8,654						8,542						8,676						8,766						8,636						1						—
Total revenue			20,149						20,378						20,366						20,689						20,863						(1)						(3)
Provision for credit losses (1)			932						1,095						1,065						1,236						938						(15)						(1)
Noninterest expense
Personnel			9,474						9,071						8,591						8,575						9,492						4						—
Technology, telecommunications and equipment			1,223						1,282						1,142						1,106						1,053						(5)						16
Occupancy			761						789						786						763						714						(4)						7
Operating losses			143						338						293						493						633						(58)						(77)
Professional and outside services			1,038						1,237						1,130						1,139						1,101						(16)						(6)
Leases (2)			157						158						152						159						164						(1)						(4)
Advertising and promotion			181						243						205						224						197						(26)						(8)
Other			914						782						768						834						984						17						(7)
Total noninterest expense			13,891						13,900						13,067						13,293						14,338						—						(3)
Income before income tax expense			5,326						5,383						6,234						6,160						5,587						(1)						(5)
Income tax expense			522						120						1,064						1,251						964						335						(46)
Net income before noncontrolling interests			4,804						5,263						5,170						4,909						4,623						(9)						4
Less: Net income (loss) from noncontrolling interests			(90)						184						56						(1)						4						NM						NM
Wells Fargo net income			$	4,894					5,079						5,114						4,910						4,619						(4)		%				6
Less: Preferred stock dividends and other			278						278						262						270						306						—						(9)
Wells Fargo net income applicable to common stock			$	4,616					4,801						4,852						4,640						4,313						(4)		%				7
Per share information
Earnings per common share			$	1.41					1.45						1.43						1.35						1.21						(3)		%				17
Diluted earnings per common share			1.39						1.43						1.42						1.33						1.20						(3)						16

NM – Not meaningful

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

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

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

																																	Mar 31, 2025 % Change from
(in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Assets
Cash and due from banks			$	35,256					37,080						33,530						32,701						30,180						(5)		%				17
Interest-earning deposits with banks			142,309						166,281						152,016						199,322						239,467						(14)						(41)
Federal funds sold and securities purchased under resale agreements			126,830						105,330						105,390						82,259						68,751						20						84
Debt securities:
Trading, at fair value			125,037						121,205						120,677						120,766						109,324						3						14
Available-for-sale, at fair value			176,229						162,978						166,004						148,752						138,245						8						27
Held-to-maturity, at amortized cost			227,227						234,948						243,151						250,736						258,711						(3)						(12)
Loans held for sale			6,431						6,260						7,275						7,312						5,473						3						18
Loans			913,842						912,745						909,711						917,907						922,784						—						(1)
Allowance for loan losses			(14,029)						(14,183)						(14,330)						(14,360)						(14,421)						1						3
Net loans			899,813						898,562						895,381						903,547						908,363						—						(1)
Mortgage servicing rights			7,180						7,779						7,493						8,027						8,248						(8)						(13)
Premises and equipment, net			10,357						10,297						9,955						9,648						9,426						1						10
Goodwill			25,066						25,167						25,173						25,172						25,173						—						—
Derivative assets			18,518						20,012						17,721						18,721						17,653						(7)						5
Equity securities			63,601						60,644						59,771						60,763						59,556						5						7
Other assets			86,457						73,302						78,588						72,347						80,583						18						7
Total assets			$	1,950,311					1,929,845						1,922,125						1,940,073						1,959,153						1						—
Liabilities
Noninterest-bearing deposits			$	377,443					383,616						370,005						348,525						356,162						(2)						6
Interest-bearing deposits			984,285						988,188						979,641						1,017,369						1,026,985						—						(4)
Total deposits			1,361,728						1,371,804						1,349,646						1,365,894						1,383,147						(1)						(2)
Short-term borrowings			139,776						108,806						111,894						118,834						109,014						28						28
Derivative liabilities			11,109						16,335						11,390						16,237						17,116						(32)						(35)
Accrued expenses and other liabilities			81,132						78,756						82,169						81,824						79,438						3						2
Long-term debt			173,660						173,078						182,015						179,136						187,764						—						(8)
Total liabilities			1,767,405						1,748,779						1,737,114						1,761,925						1,776,479						1						(1)
Equity
Wells Fargo stockholders’ equity:
Preferred stock			18,608						18,608						18,608						16,608						18,608						—						—
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			60,275						60,817						60,623						60,373						60,131						(1)						—
Retained earnings			217,405						214,198						210,749						207,281						203,870						1						7
Accumulated other comprehensive loss			(9,998)						(12,176)						(8,372)						(12,721)						(12,546)						18						20
Treasury stock (1)			(114,336)						(111,463)						(107,479)						(104,247)						(98,256)						(3)						(16)
Total Wells Fargo stockholders’ equity			181,090						179,120						183,265						176,430						180,943						1						—
Noncontrolling interests			1,816						1,946						1,746						1,718						1,731						(7)						5
Total equity			182,906						181,066						185,011						178,148						182,674						1						—
Total liabilities and equity			$	1,950,311					1,929,845						1,922,125						1,940,073						1,959,153						1						—

(1)Number of shares of treasury stock were 2,220,135,208, 2,192,867,645, 2,136,319,281, 2,079,100,421, and 1,980,132,879 at March 31, 2025, and December 31, September 30, June 30, and March 31, 2024, respectively.

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Wells Fargo & Company and Subsidiaries

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

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Average Balances
Assets
Interest-earning deposits with banks			$	150,855					171,100						182,219						196,436						207,568						(12)		%				(27)
Federal funds sold and securities purchased under resale agreements			101,175						93,294						81,549						71,769						69,719						8						45
Trading debt securities			134,951						127,639						125,083						120,590						112,170						6						20
Available-for-sale debt securities			175,550						168,511						160,729						150,024						139,986						4						25
Held-to-maturity debt securities			233,952						242,961						250,010						258,631						264,755						(4)						(12)
Loans held for sale			7,589						7,210						7,032						7,091						5,835						5						30
Loans			908,182						906,353						910,255						916,977						928,075						—						(2)
Equity securities			29,267						29,211						27,480						26,332						21,350						—						37
Other interest-earning assets			10,796						10,079						9,711						8,128						8,940						7						21
Total interest-earning assets			1,752,317						1,756,358						1,754,068						1,755,978						1,758,398						—						—
Total noninterest-earning assets			167,344						162,178						162,544						158,669						158,576						3						6
Total assets			$	1,919,661					1,918,536						1,916,612						1,914,647						1,916,974						—						—
Liabilities
Interest-bearing deposits			$	972,927					984,438						986,206						1,006,806						996,874						(1)						(2)
Short-term borrowings			127,892						109,178						109,902						106,685						94,988						17						35
Long-term debt			173,052						175,414						183,586						182,201						197,116						(1)						(12)
Other interest-bearing liabilities			39,249						36,245						34,735						34,613						32,821						8						20
Total interest-bearing liabilities			1,313,120						1,305,275						1,314,429						1,330,305						1,321,799						1						(1)
Noninterest-bearing deposits			366,401						369,398						355,474						339,672						344,754						(1)						6
Other noninterest-bearing liabilities			56,782						60,930						62,341						63,118						63,752						(7)						(11)
Total liabilities			1,736,303						1,735,603						1,732,244						1,733,095						1,730,305						—						—
Total equity			183,358						182,933						184,368						181,552						186,669						—						(2)
Total liabilities and equity			$	1,919,661					1,918,536						1,916,612						1,914,647						1,916,974						—						—
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks			3.96		%				4.36						4.95						5.05						4.99
Federal funds sold and securities purchased under resale agreements			4.26						4.66						5.24						5.27						5.28
Trading debt securities			4.13						4.16						4.25						4.14						4.08
Available-for-sale debt securities			4.48						4.45						4.33						4.21						3.99
Held-to-maturity debt securities			2.41						2.51						2.57						2.64						2.70
Loans held for sale			6.20						6.38						7.33						7.53						7.82
Loans			5.96						6.16						6.41						6.40						6.38
Equity securities			2.01						2.40						2.26						2.99						2.82
Other interest-earning assets			4.15						4.73						5.12						5.42						5.14
Total interest-earning assets			4.85						5.02						5.24						5.25						5.24
Interest-bearing liabilities
Interest-bearing deposits			2.17						2.37						2.60						2.46						2.34
Short-term borrowings			4.32						4.67						5.20						5.19						5.16
Long-term debt			5.97						6.35						6.89						6.95						6.80
Other interest-bearing liabilities			3.33						3.01						3.05						3.13						2.88
Total interest-bearing liabilities			2.92						3.12						3.43						3.31						3.22
Interest rate spread on a taxable-equivalent basis (2)			1.93						1.90						1.81						1.94						2.02
Net interest margin on a taxable-equivalent basis (2)			2.67						2.70						2.67						2.75						2.81

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

(2)Includes taxable-equivalent adjustments of $77 million, $78 million, $84 million, $89 million, and $89 million for the quarters ended March 31, 2025, and December 31, September 30, June 30, and March 31, 2024, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

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Wells Fargo & Company and Subsidiaries

COMBINED SEGMENT RESULTS (1)

																											Quarter ended March 31, 2025
(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			$	6,943					1,977						1,790						826						36						(77)						11,495
Noninterest income			1,970						948						3,274						3,048						(213)						(373)						8,654
Total revenue			8,913						2,925						5,064						3,874						(177)						(450)						20,149
Provision for credit losses			739						187						—						11						(5)						—						932
Noninterest expense			5,928						1,670						2,476						3,360						457						—						13,891
Income (loss) before income tax expense (benefit)			2,246						1,068						2,588						503						(629)						(450)						5,326
Income tax expense (benefit)			557						272						647						111						(615)						(450)						522
Net income (loss) before noncontrolling interests			1,689						796						1,941						392						(14)						—						4,804
Less: Net income (loss) from noncontrolling interests			—						2						—						—						(92)						—						(90)
Net income			$	1,689					794						1,941						392						78						—						4,894
																											Quarter ended December 31, 2024
Net interest income			$	7,020					2,248						2,054						856						(264)						(78)						11,836
Noninterest income			1,960						923						2,559						3,102						368						(370)						8,542
Total revenue			8,980						3,171						4,613						3,958						104						(448)						20,378
Provision for credit losses			911						33						205						(27)						(27)						—						1,095
Noninterest expense			5,925						1,525						2,300						3,307						843						—						13,900
Income (loss) before income tax expense (benefit)			2,144						1,613						2,108						678						(712)						(448)						5,383
Income tax expense (benefit)			542						408						528						170						(1,080)						(448)						120
Net income before noncontrolling interests			1,602						1,205						1,580						508						368						—						5,263
Less: Net income from noncontrolling interests			—						2						—						—						182						—						184
Net income			$	1,602					1,203						1,580						508						186						—						5,079
																											Quarter ended March 31, 2024
Net interest income			$	7,110					2,278						2,027						869						32						(89)						12,227
Noninterest income			1,981						874						2,955						2,873						291						(338)						8,636
Total revenue			9,091						3,152						4,982						3,742						323						(427)						20,863
Provision for credit losses			788						143						5						3						(1)						—						938
Noninterest expense			6,024						1,679						2,330						3,230						1,075						—						14,338
Income (loss) before income tax expense (benefit)			2,279						1,330						2,647						509						(751)						(427)						5,587
Income tax expense (benefit)			573						341						666						128						(317)						(427)						964
Net income (loss) before noncontrolling interests			1,706						989						1,981						381						(434)						—						4,623
Less: Net income from noncontrolling interests			—						3						—						—						1						—						4
Net income (loss)			$	1,706					986						1,981						381						(435)						—						4,619

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

(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 affordable 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-

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Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Income Statement
Net interest income			$	6,943					7,020						7,149						7,024						7,110						(1)		%				(2)
Noninterest income:
Deposit-related fees			651						657						710						690						677						(1)						(4)
Card fees			978						1,019						1,031						1,036						990						(4)						(1)
Mortgage banking			222						185						137						135						193						20						15
Other			119						99						97						121						121						20						(2)
Total noninterest income			1,970						1,960						1,975						1,982						1,981						1						(1)
Total revenue			8,913						8,980						9,124						9,006						9,091						(1)						(2)
Net charge-offs			877						887						871						907						881						(1)						—
Change in the allowance for credit losses			(138)						24						59						25						(93)						NM						(48)
Provision for credit losses			739						911						930						932						788						(19)						(6)
Noninterest expense			5,928						5,925						5,624						5,701						6,024						—						(2)
Income before income tax expense			2,246						2,144						2,570						2,373						2,279						5						(1)
Income tax expense			557						542						646						596						573						3						(3)
Net income			$	1,689					1,602						1,924						1,777						1,706						5						(1)
Revenue by Line of Business
Consumer, Small and Business Banking			$	5,981					6,067						6,222						6,129						6,092						(1)						(2)
Consumer Lending:
Home Lending			866						854						842						823						864						1						—
Credit Card			1,524						1,489						1,471						1,452						1,496						2						2
Auto			237						263						273						282						300						(10)						(21)
Personal Lending			305						307						316						320						339						(1)						(10)
Total revenue			$	8,913					8,980						9,124						9,006						9,091						(1)						(2)
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking			$	6,034					6,105						6,230						6,370						6,465						(1)						(7)
Consumer Lending:
Home Lending			205,507						207,780						209,825						211,994						214,335						(1)						(4)
Credit Card			50,109						50,243						49,141						47,463						46,412						—						8
Auto			42,498						43,005						43,949						45,650						47,621						(1)						(11)
Personal Lending			13,902						14,291						14,470						14,462						14,896						(3)						(7)
Total loans			$	318,050					321,424						323,615						325,939						329,729						(1)						(4)
Total deposits			778,601						773,631						773,554						778,228						773,248						1						1
Allocated capital			45,500						45,500						45,500						45,500						45,500						—						—
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking			$	6,144					6,256						6,372						6,513						6,584						(2)						(7)
Consumer Lending:
Home Lending			204,656						207,022						209,083						211,172						213,289						(1)						(4)
Credit Card			49,518						50,992						49,521						48,400						46,867						(3)						6
Auto			41,999						42,914						43,356						44,780						46,692						(2)						(10)
Personal Lending			13,656						14,246						14,413						14,495						14,575						(4)						(6)
Total loans			$	315,973					321,430						322,745						325,360						328,007						(2)						(4)
Total deposits			798,841						783,490						775,745						781,817						794,160						2						1

NM – Not meaningful

-9-

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Wells Fargo & Company and Subsidiaries

CONSUMER BANKING AND LENDING SEGMENT (continued)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions, unless otherwise noted)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)			14.5		%				13.4						16.3						15.1						14.5
Efficiency ratio (2)			67						66						62						63						66
Retail bank branches (#, period-end)			4,155						4,177						4,196						4,227						4,247						(1)		%				(2)
Digital active customers (# in millions, period-end) (3)			36.7						36.0						35.8						35.6						35.5						2						3
Mobile active customers (# in millions, period-end) (3)			31.8						31.4						31.2						30.8						30.5						1						4
Consumer, Small and Business Banking:
Deposit spread (4)			2.47		%				2.46						2.52						2.50						2.53
Debit card purchase volume ($ in billions) (5)			$	126.0					131.0						126.8						128.2						121.5						(4)						4
Debit card purchase transactions (# in millions) (5)			2,486						2,622						2,585						2,581						2,442						(5)						2
Home Lending:
Mortgage banking:
Net servicing income			$	181					128						114						89						91						41						99
Net gains on mortgage loan originations/sales			41						57						23						46						102						(28)						(60)
Total mortgage banking			$	222					185						137						135						193						20						15
Mortgage loan originations ($ in billions)			$	4.4					5.9						5.5						5.3						3.5						(25)						26
% of originations held for sale (HFS)			38.2		%				40.3						41.0						38.6						43.5
Third party mortgage loans serviced ($ in billions, period-end) (6)			$	471.1					486.9						499.1						512.8						527.5						(3)						(11)
Mortgage servicing rights (MSR) carrying value (period-end)			6,536						6,844						6,544						7,061						7,249						(5)						(10)
Home lending loans 30+ days delinquency rate (period-end) (7)(8)(9)			0.29		%				0.29						0.30						0.33						0.30
Credit Card:
Credit card purchase volume ($ in billions) (5)			$	42.5					45.1						43.4						42.9						39.1						(6)						9
Credit card new accounts (# in thousands)			554						486						615						677						651						14						(15)
Credit card loans 30+ days delinquency rate (period-end) (8)(9)			2.82		%				2.91						2.87						2.71						2.92
Credit card loans 90+ days delinquency rate (period-end) (8)(9)			1.46						1.51						1.43						1.40						1.55
Auto:
Auto loan originations ($ in billions)			$	4.6					5.0						4.1						3.7						4.1						(8)						12
Auto loans 30+ days delinquency rate (period-end) (8)(9)			1.87		%				2.31						2.28						2.31						2.36

(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)Reflects combined activity for consumer and small business customers.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans that are insured or guaranteed by U.S. government agencies.

(8)Excludes loans held for sale.

(9)Delinquency balances exclude nonaccrual loans.

-10-

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Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Income Statement
Net interest income			$	1,977					2,248						2,289						2,281						2,278						(12)		%				(13)
Noninterest income:
Deposit-related fees			335						303						303						290						284						11						18
Lending-related fees			136						140						138						139						138						(3)						(1)
Lease income			123						124						126						133						149						(1)						(17)
Other			354						356						477						279						303						(1)						17
Total noninterest income			948						923						1,044						841						874						3						8
Total revenue			2,925						3,171						3,333						3,122						3,152						(8)						(7)
Net charge-offs			41						111						50						97						75						(63)						(45)
Change in the allowance for credit losses			146						(78)						35						(68)						68						287						115
Provision for credit losses			187						33						85						29						143						467						31
Noninterest expense			1,670						1,525						1,480						1,506						1,679						10						(1)
Income before income tax expense			1,068						1,613						1,768						1,587						1,330						(34)						(20)
Income tax expense			272						408						448						402						341						(33)						(20)
Less: Net income from noncontrolling interests			2						2						2						3						3						—						(33)
Net income			$	794					1,203						1,318						1,182						986						(34)						(19)
Revenue by Product
Lending and leasing			$	1,267					1,291						1,293						1,308						1,309						(2)						(3)
Treasury management and payments			1,260						1,423						1,434						1,412						1,421						(11)						(11)
Other			398						457						606						402						422						(13)						(6)
Total revenue			$	2,925					3,171						3,333						3,122						3,152						(8)						(7)
Selected Metrics
Return on allocated capital			11.4		%				17.4						19.2						17.3						14.3
Efficiency ratio			57						48						44						48						53

-11-

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Wells Fargo & Company and Subsidiaries

COMMERCIAL BANKING SEGMENT (continued)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial			$	164,113					162,060						161,967						164,027						163,273						1		%				1
Commercial real estate			44,598						44,555						44,756						44,990						45,296						—						(2)
Lease financing and other			15,093						15,180						15,393						15,406						15,352						(1)						(2)
Total loans			$	223,804					221,795						222,116						224,423						223,921						1						—
Total deposits			182,859						184,293						173,158						166,892						164,027						(1)						11
Allocated capital			26,000						26,000						26,000						26,000						26,000						—						—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial			$	168,369					163,464						163,878						165,878						166,842						3						1
Commercial real estate			44,788						44,506						44,715						44,978						45,292						1						(1)
Lease financing and other			15,109						15,348						15,406						15,617						15,526						(2)						(3)
Total loans			$	228,266					223,318						223,999						226,473						227,660						2						—
Total deposits			181,469						188,650						178,406						168,979						168,547						(4)						8

-12-

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Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Income Statement
Net interest income			$	1,790					2,054						1,909						1,945						2,027						(13)		%				(12)
Noninterest income:
Deposit-related fees			275						269						279						263						262						2						5
Lending-related fees			201						221						213						205						203						(9)						(1)
Investment banking fees			765						726						668						634						647						5						18
Net gains from trading activities			1,347						933						1,366						1,387						1,405						44						(4)
Other			686						410						476						404						438						67						57
Total noninterest income			3,274						2,559						3,002						2,893						2,955						28						11
Total revenue			5,064						4,613						4,911						4,838						4,982						10						2
Net charge-offs			97						214						196						303						196						(55)						(51)
Change in the allowance for credit losses			(97)						(9)						(170)						(18)						(191)						NM						49
Provision for credit losses			—						205						26						285						5						(100)						(100)
Noninterest expense			2,476						2,300						2,229						2,170						2,330						8						6
Income before income tax expense			2,588						2,108						2,656						2,383						2,647						23						(2)
Income tax expense			647						528						664						598						666						23						(3)
Net income			$	1,941					1,580						1,992						1,785						1,981						23						(2)
Revenue by Line of Business
Banking:
Lending			$	618					691						698						688						681						(11)						(9)
Treasury Management and Payments			618						644						695						687						686						(4)						(10)
Investment Banking			534						491						419						430						474						9						13
Total Banking			1,770						1,826						1,812						1,805						1,841						(3)						(4)
Commercial Real Estate			1,449						1,274						1,364						1,283						1,223						14						18
Markets:
Fixed Income, Currencies, and Commodities (FICC)			1,382						1,179						1,327						1,228						1,359						17						2
Equities			448						385						396						558						450						16						—
Credit Adjustment (CVA/DVA/FVA) and Other (1)			(3)						(71)						31						7						19						96						NM
Total Markets			1,827						1,493						1,754						1,793						1,828						22						—
Other			18						20						(19)						(43)						90						(10)						(80)
Total revenue			$	5,064					4,613						4,911						4,838						4,982						10						2
Selected Metrics
Return on allocated capital			17.0		%				13.4						17.1						15.4						17.2
Efficiency ratio			49						50						45						45						47

NM – Not meaningful

(1)In fourth quarter 2024, we implemented a change to incorporate funding valuation adjustments (FVA) for our derivatives, which resulted in a loss of $85 million.

-13-

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Wells Fargo & Company and Subsidiaries

CORPORATE AND INVESTMENT BANKING SEGMENT (continued)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial			$	192,654					185,677						183,255						180,789						185,432						4		%				4
Commercial real estate			84,633						88,285						91,963						94,998						97,811						(4)						(13)
Total loans			$	277,287					273,962						275,218						275,787						283,243						1						(2)
Loans by Line of Business:
Banking			$	86,528					85,722						86,548						86,130						90,897						1						(5)
Commercial Real Estate			117,318						119,414						124,056						128,107						131,709						(2)						(11)
Markets			73,441						68,826						64,614						61,550						60,637						7						21
Total loans			$	277,287					273,962						275,218						275,787						283,243						1						(2)
Trading-related assets:
Trading account securities			$	151,483					144,903						140,501						136,101						121,347						5						25
Reverse repurchase agreements/securities borrowed			97,171						87,517						74,041						64,896						62,856						11						55
Derivative assets			19,688						20,254						19,668						18,552						17,033						(3)						16
Total trading-related assets			$	268,342					252,674						234,210						219,549						201,236						6						33
Total assets			611,037						588,154						574,697						558,063						550,933						4						11
Total deposits			203,914						205,077						194,315						187,545						183,273						(1)						11
Allocated capital			44,000						44,000						44,000						44,000						44,000						—						—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial			$	197,142					192,573						183,341						181,441						178,986						2						10
Commercial real estate			83,522						86,107						90,382						93,889						96,611						(3)						(14)
Total loans			$	280,664					278,680						273,723						275,330						275,597						1						2
Loans by Line of Business:
Banking			$	88,239					86,328						88,221						84,054						86,066						2						3
Commercial Real Estate			116,051						117,213						121,238						126,080						129,627						(1)						(10)
Markets			76,374						75,139						64,264						65,196						59,904						2						27
Total loans			$	280,664					278,680						273,723						275,330						275,597						1						2
Trading-related assets:
Trading account securities			$	150,401					142,727						144,148						140,928						133,079						5						13
Reverse repurchase agreements/securities borrowed			122,875						96,470						83,562						70,615						62,019						27						98
Derivative assets			18,883						21,332						17,906						19,186						17,726						(11)						7
Total trading-related assets			$	292,159					260,529						245,616						230,729						212,824						12						37
Total assets			632,478						597,278						583,144						565,334						553,105						6						14
Total deposits			209,200						212,948						199,700						200,920						195,969						(2)						7

-14-

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Wells Fargo & Company and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT SEGMENT

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions, unless otherwise noted)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Income Statement
Net interest income			$	826					856						842						906						869						(4)		%				(5)
Noninterest income:
Investment advisory and other asset-based fees			2,474						2,504						2,406						2,357						2,267						(1)						9
Commissions and brokerage services fees			534						539						548						521						545						(1)						(2)
Other			40						59						82						74						61						(32)						(34)
Total noninterest income			3,048						3,102						3,036						2,952						2,873						(2)						6
Total revenue			3,874						3,958						3,878						3,858						3,742						(2)						4
Net charge-offs			(6)						(1)						(5)						(2)						6						NM						NM
Change in the allowance for credit losses			17						(26)						21						(12)						(3)						165						667
Provision for credit losses			11						(27)						16						(14)						3						141						267
Noninterest expense			3,360						3,307						3,154						3,193						3,230						2						4
Income before income tax expense			503						678						708						679						509						(26)						(1)
Income tax expense			111						170						179						195						128						(35)						(13)
Net income			$	392					508						529						484						381						(23)						3
Selected Metrics
Return on allocated capital			23.6		%				30.2						31.5						29.0						22.7
Efficiency ratio			87						84						81						83						86
Client assets ($ in billions, period-end):
Advisory assets			$	980					998						993						945						939						(2)						4
Other brokerage assets and deposits			1,253						1,295						1,301						1,255						1,247						(3)						—
Total client assets			$	2,233					2,293						2,294						2,200						2,186						(3)						2
Selected Balance Sheet Data (average)
Total loans			$	84,344					83,570						82,797						83,166						82,483						1						2
Total deposits			123,378						118,327						107,991						102,843						101,474						4						22
Allocated capital			6,500						6,500						6,500						6,500						6,500						—						—
Selected Balance Sheet Data (period-end)
Total loans			$	84,444					84,340						83,023						83,338						82,999						—						2
Total deposits			124,582						127,008						112,472						103,722						102,478						(2)						22

NM – Not meaningful

-15-

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Wells Fargo & Company and Subsidiaries

CORPORATE (1)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Income Statement
Net interest income			$	36					(264)						(415)						(144)						32						114		%				13
Noninterest income			(213)						368						78						392						291						NM						NM
Total revenue			(177)						104						(337)						248						323						NM						NM
Net charge-offs			—						(23)						(1)						(2)						(1)						100						100
Change in the allowance for credit losses			(5)						(4)						9						6						—						(25)						NM
Provision for credit losses			(5)						(27)						8						4						(1)						81						NM
Noninterest expense			457						843						580						723						1,075						(46)						(57)
Loss before income tax benefit			(629)						(712)						(925)						(479)						(751)						12						16
Income tax benefit			(615)						(1,080)						(330)						(157)						(317)						43						(94)
Less: Net income (loss) from noncontrolling interests			(92)						182						54						(4)						1						NM						NM
Net income (loss)			$	78					186						(649)						(318)						(435)						(58)						118
Selected Balance Sheet Data (average)
Available-for-sale debt securities			$	161,430					153,969						147,093						131,822						122,794						5						31
Held-to-maturity debt securities			226,714						235,661						242,621						251,100						257,088						(4)						(12)
Equity securities			15,398						15,027						15,216						15,571						15,958						2						(4)
Total assets			618,339						639,324						648,930						656,535						663,483						(3)						(7)
Total deposits			50,576						72,508						92,662						110,970						119,606						(30)						(58)
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities			$	167,634					154,397						157,042						138,087						127,084						9						32
Held-to-maturity debt securities			224,111						231,892						240,174						247,746						255,761						(3)						(12)
Equity securities			15,138						15,437						14,861						15,297						15,798						(2)						(4)
Total assets			621,445						633,799						642,618						670,494						699,401						(2)						(11)
Total deposits			47,636						59,708						83,323						110,456						121,993						(20)						(61)

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

-16-

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Wells Fargo & Company and Subsidiaries

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

			Quarter ended																														Mar 31, 2025 $ Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Period-End Loans
Commercial and industrial			$	390,533					381,241						372,750						374,588						372,963						9,292						17,570
Commercial real estate			134,035						136,505						141,410						145,318						148,786						(2,470)						(14,751)
Lease financing			16,131						16,413						16,482						16,705						16,579						(282)						(448)
Total commercial			540,699						534,159						530,642						536,611						538,328						6,540						2,371
Residential mortgage			247,613						250,269						252,676						255,085						257,622						(2,656)						(10,009)
Credit card			54,608						56,542						55,046						53,756						52,035						(1,934)						2,573
Auto			41,482						42,367						42,815						44,280						46,202						(885)						(4,720)
Other consumer			29,440						29,408						28,532						28,175						28,597						32						843
Total consumer			373,143						378,586						379,069						381,296						384,456						(5,443)						(11,313)
Total loans			$	913,842					912,745						909,711						917,907						922,784						1,097						(8,942)
Average Loans
Commercial and industrial			$	381,702					372,848						370,911						371,514						375,593						8,854						6,109
Commercial real estate			135,271						139,111						143,187						146,750						150,083						(3,840)						(14,812)
Lease financing			16,182						16,301						16,529						16,519						16,363						(119)						(181)
Total commercial			533,155						528,260						530,627						534,783						542,039						4,895						(8,884)
Residential mortgage			248,739						251,256						253,667						256,189						259,053						(2,517)						(10,314)
Credit card			55,363						55,699						54,580						52,642						51,708						(336)						3,655
Auto			41,967						42,466						43,430						45,164						47,114						(499)						(5,147)
Other consumer			28,958						28,672						27,951						28,199						28,161						286						797
Total consumer			375,027						378,093						379,628						382,194						386,036						(3,066)						(11,009)
Total loans			$	908,182					906,353						910,255						916,977						928,075						1,829						(19,893)
Average Interest Rates
Commercial and industrial			6.34		%				6.73						7.16						7.22						7.18
Commercial real estate			6.19						6.52						6.90						6.93						6.94
Lease financing			5.78						5.77						5.68						5.47						5.34
Total commercial			6.28						6.65						7.05						7.08						7.06
Residential mortgage			3.68						3.68						3.67						3.65						3.61
Credit card			12.74						12.53						12.73						12.75						13.14
Auto			5.33						5.29						5.22						5.09						4.98
Other consumer			7.61						7.97						8.56						8.56						8.62
Total consumer			5.51						5.48						5.51						5.43						5.42
Total loans			5.96						6.16						6.41						6.40						6.38

-17-

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Wells Fargo & Company and Subsidiaries

NET LOAN CHARGE-OFFS

			Quarter ended
			Mar 31, 2025												Dec 31, 2024												Sep 30, 2024												Jun 30, 2024												Mar 31, 2024												Mar 31, 2025 $ 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)						Dec 31, 2024						Mar 31, 2024
By product:
Commercial and industrial			$	108					0.11		%				$	132					0.14		%				$	129					0.14		%				$	188					0.20		%				$	148					0.16		%				$	(24)					(40)
Commercial real estate			95						0.28						261						0.74						184						0.51						271						0.74						187						0.50						(166)						(92)
Lease financing			8						0.20						10						0.23						10						0.25						9						0.21						6						0.13						(2)						2
Total commercial			211						0.16						403						0.30						323						0.24						468						0.35						341						0.25						(192)						(130)
Residential mortgage			(15)						(0.02)						(14)						(0.02)						(23)						(0.04)						(19)						(0.03)						(13)						(0.02)						(1)						(2)
Credit card			650						4.76						628						4.49						601						4.38						649						4.96						577						4.48						22						73
Auto			64						0.62						82						0.77						83						0.76						79						0.70						112						0.96						(18)						(48)
Other consumer			99						1.39						112						1.56						127						1.82						124						1.77						132						1.88						(13)						(33)
Total consumer			798						0.86						808						0.85						788						0.83						833						0.88						808						0.84						(10)						(10)
Total net loan charge-offs			$	1,009					0.45		%				$	1,211					0.53		%				$	1,111					0.49		%				$	1,301					0.57		%				$	1,149					0.50		%				$	(202)					(140)
By segment:
Consumer Banking and Lending			$	877					1.12		%				$	887					1.10		%				$	871					1.07		%				$	907					1.12		%				$	881					1.07		%				$	(10)					(4)
Commercial Banking			41						0.07						111						0.20						50						0.09						94						0.17						75						0.13						(70)						(34)
Corporate and Investing Banking			97						0.14						214						0.31						196						0.28						303						0.44						188						0.27						(117)						(91)
Wealth and Investment Management			(6)						(0.03)						(1)						—						(5)						(0.02)						(2)						(0.01)						6						0.03						(5)						(12)
Corporate			—						—						—						—						(1)						(0.06)						(1)						(0.05)						(1)						(0.05)						—						1
Total net loan charge-offs			$	1,009					0.45		%				$	1,211					0.53		%				$	1,111					0.49		%				$	1,301					0.57		%				$	1,149					0.50		%				$	(202)					(140)

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

-18-

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Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS

			Quarter ended																														Mar 31, 2025 $ Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Balance, beginning of period			$	14,636					14,739						14,789						14,862						15,088						(103)						(452)
Provision for credit losses for loans			925						1,116						1,059						1,229						926						(191)						(1)
Net loan charge-offs:
Commercial and industrial			(108)						(132)						(129)						(188)						(148)						24						40
Commercial real estate			(95)						(261)						(184)						(271)						(187)						166						92
Lease financing			(8)						(10)						(10)						(9)						(6)						2						(2)
Total commercial			(211)						(403)						(323)						(468)						(341)						192						130
Residential mortgage			15						14						23						19						13						1						2
Credit card			(650)						(628)						(601)						(649)						(577)						(22)						(73)
Auto			(64)						(82)						(83)						(79)						(112)						18						48
Other consumer			(99)						(112)						(127)						(124)						(132)						13						33
Total consumer			(798)						(808)						(788)						(833)						(808)						10						10
Net loan charge-offs			(1,009)						(1,211)						(1,111)						(1,301)						(1,149)						202						140
Other			—						(8)						2						(1)						(3)						8						3
Balance, end of period			$	14,552					14,636						14,739						14,789						14,862						(84)						(310)
Components:
Allowance for loan losses			$	14,029					14,183						14,330						14,360						14,421						(154)						(392)
Allowance for unfunded credit commitments			523						453						409						429						441						70						82
Allowance for credit losses for loans			$	14,552					14,636						14,739						14,789						14,862						(84)						(310)
Ratio of allowance for loan losses to total net loan charge-offs (annualized)			3.43x						2.95						3.24						2.74						3.12
Allowance for loan losses as a percentage of:
Total loans			1.54		%				1.55						1.58						1.56						1.56
Nonaccrual loans			176						183						175						170						179
Allowance for credit losses for loans as a percentage of:
Total loans			1.59						1.60						1.62						1.61						1.61
Nonaccrual loans			182						189						180						175						184

-19-

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Wells Fargo & Company and Subsidiaries

ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS

			Mar 31, 2025												Dec 31, 2024												Sep 30, 2024												Jun 30, 2024												Mar 31, 2024
($ 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			$	4,331					1.11		%				$	4,151					1.09		%				$	4,230					1.13		%				$	4,276					1.14		%				$	4,332					1.16		%
Commercial real estate			3,365						2.51						3,583						2.62						3,653						2.58						3,754						2.58						3,782						2.54
Lease financing			234						1.45						212						1.29						209						1.27						206						1.23						203						1.22
Total commercial			7,930						1.47						7,946						1.49						8,092						1.52						8,236						1.53						8,317						1.54
Residential mortgage (1)			542						0.22						541						0.22						542						0.21						521						0.20						596						0.23
Credit card			4,840						8.86						4,869						8.61						4,704						8.55						4,517						8.40						4,321						8.30
Auto			629						1.52						636						1.50						726						1.70						804						1.82						894						1.93
Other consumer			611						2.08						644						2.19						675						2.37						711						2.52						734						2.57
Total consumer			6,622						1.77						6,690						1.77						6,647						1.75						6,553						1.72						6,545						1.70
Total allowance for credit losses for loans			$	14,552					1.59		%				$	14,636					1.60		%				$	14,739					1.62		%				$	14,789					1.61		%				$	14,862					1.61		%
By segment:
Consumer Banking and Lending			$	7,332					2.32		%				$	7,470					2.32		%				$	7,445					2.31		%				$	7,386					2.27		%				$	7,361					2.24		%
Commercial Banking			2,509						1.10						2,364						1.06						2,443						1.09						2,408						1.06						2,472						1.09
Corporate and Investing Banking			4,444						1.58						4,551						1.63						4,573						1.67						4,738						1.72						4,758						1.73
Wealth and Investment Management			258						0.31						241						0.29						266						0.32						245						0.29						258						0.31
Corporate			9						0.20						10						0.20						12						0.19						12						0.16						13						0.15
Total allowance for credit losses for loans			$	14,552					1.59		%				$	14,636					1.60		%				$	14,739					1.62		%				$	14,789					1.61		%				$	14,862					1.61		%

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

-20-

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Wells Fargo & Company and Subsidiaries

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

			Mar 31, 2025												Dec 31, 2024												Sep 30, 2024												Jun 30, 2024												Mar 31, 2024												Mar 31, 2025 $ Change from
($ in millions)			Balance						% of total loans						Balance						% of total loans						Balance						% of total loans						Balance						% of total loans						Balance						% of total loans						Dec 31, 2024						Mar 31, 2024
By product:
Nonaccrual loans:
Commercial and industrial			$	969					0.25		%				$	763					0.20		%				$	743					0.20		%				$	754					0.20		%				$	750					0.20		%				$	206					219
Commercial real estate			3,836						2.86						3,771						2.76						4,115						2.91						4,321						2.97						3,913						2.63						65						(77)
Lease financing			78						0.48						84						0.51						94						0.57						86						0.51						76						0.46						(6)						2
Total commercial			4,883						0.90						4,618						0.86						4,952						0.93						5,161						0.96						4,739						0.88						265						144
Residential mortgage (1)			2,982						1.20						2,991						1.20						3,086						1.22						3,135						1.23						3,193						1.24						(9)						(211)
Auto			83						0.20						89						0.21						99						0.23						103						0.23						109						0.24						(6)						(26)
Other consumer			30						0.10						32						0.11						35						0.12						35						0.12						34						0.12						(2)						(4)
Total consumer			3,095						0.83						3,112						0.82						3,220						0.85						3,273						0.86						3,336						0.87						(17)						(241)
Total nonaccrual loans			7,978						0.87						7,730						0.85						8,172						0.90						8,434						0.92						8,075						0.88						248						(97)
Foreclosed assets			247												206												212												216												165												41						82
Total nonperforming assets			$	8,225					0.90		%				$	7,936					0.87		%				$	8,384					0.92		%				$	8,650					0.94		%				$	8,240					0.89		%				$	289					(15)
By segment:
Consumer Banking and Lending			$	3,011					0.95		%				$	3,029					0.94		%				$	3,144					0.97		%				$	3,194					0.98		%				$	3,240					0.99		%				$	(18)					(229)
Commercial Banking			1,536						0.67						1,173						0.53						1,120						0.50						980						0.43						932						0.41						363						604
Corporate and Investing Banking			3,442						1.23						3,508						1.26						3,912						1.43						4,265						1.55						3,831						1.39						(66)						(389)
Wealth and Investment Management			236						0.28						226						0.27						208						0.25						211						0.25						237						0.29						10						(1)
Corporate			—						—						—						—						—						—						—						—						—						—						—						—
Total nonperforming assets			$	8,225					0.90		%				$	7,936					0.87		%				$	8,384					0.92		%				$	8,650					0.94		%				$	8,240					0.89		%				$	289					(15)

(1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration or the Department of Veterans Affairs.

-21-

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Wells Fargo & Company and Subsidiaries

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING BY INDUSTRY

			Mar 31, 2025																								Dec 31, 2024																								Mar 31, 2024
($ 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			$	16					162,485						18		%				$	260,237					$	24					156,831						17		%				$	255,576					$	40					140,105						15		%				$	230,518
Technology, telecom and media			68						23,259						3						60,552						106						23,590						3						61,813						95						25,021						3						63,450
Real estate and construction			95						25,411						3						54,272						92						24,839						3						52,741						64						25,800						3						54,633
Equipment, machinery and parts manufacturing			31						25,563						3						50,572						35						25,135						3						51,150						35						25,914						3						48,633
Retail			268						18,623						2						45,408						91						17,709						2						43,374						59						19,841						2						48,926
Materials and commodities			119						14,476						2						33,883						100						13,624						1						37,365						86						15,301						2						38,653
Food and beverage manufacturing			9						16,316						2						32,215						9						16,665						2						35,079						20						16,321						2						33,212
Auto related			7						16,505						2						31,013						8						16,507						2						30,537						11						15,669						2						29,298
Oil, gas and pipelines			3						10,950						1						30,638						3						10,503						1						30,486						30						10,125						1						32,316
Health care and pharmaceuticals			62						13,590						1						30,564						27						13,620						1						30,726						69						15,001						2						29,857
Commercial services			88						11,148						1						27,462						78						11,152						1						26,968						43						10,813						1						26,054
Diversified or miscellaneous			10						10,295						1						25,897						9						9,115						*						22,847						52						9,191						*						22,072
Utilities			1						7,030						*						25,221						—						6,641						*						24,735						1						7,020						*						24,515
Entertainment and recreation			42						13,786						2						24,967						53						12,672						1						19,691						20						13,830						1						19,837
Insurance and fiduciaries			1						5,456						*						16,832						2						4,368						*						15,753						1						5,230						*						16,482
Transportation services			149						9,418						1						16,563						154						9,560						1						16,477						133						8,956						*						15,901
Government and education			29						6,179						*						12,659						29						5,897						*						11,711						24						5,320						*						11,471
Agribusiness			36						6,013						*						10,665						13						6,349						*						11,225						17						6,476						*						11,927
Consumer services			13						3,150						*						7,499						14						3,121						*						7,165						26						3,208						*						7,388
Other			—						7,011						*						10,679						—						9,756						*						14,223						—						10,400						*						15,405
Total			$	1,047					406,664						44		%				$	807,798					$	847					397,654						44		%				$	799,642					$	826					389,542						42		%				$	780,548

*Less than 1%.

(1)Total commitments consists of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

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Wells Fargo & Company and Subsidiaries

COMMERCIAL REAL ESTATE LOANS BY PROPERTY TYPE (1)

			Mar 31, 2025																								Dec 31, 2024																								Mar 31, 2024
($ 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			$	352					39,537						4		%				$	43,808					$	85					39,758						4		%				$	44,783					$	46					42,680						5		%				$	50,220
Office			2,897						26,415						3						27,611						3,136						27,380						3						28,768						3,136						30,477						3						32,725
Industrial/warehouse			67						23,286						3						25,576						74						24,038						3						26,178						26						25,734						3						27,972
Hotel/motel			239						11,606						1						12,004						190						11,506						1						12,015						186						12,523						1						13,239
Retail (excluding shopping center)			145						11,296						1						11,915						161						11,345						1						11,951						264						11,480						1						12,220
Shopping center			97						7,969						*						8,404						93						8,113						*						8,571						177						8,661						*						9,263
Institutional			13						5,095						*						5,365						12						5,186						*						5,524						41						5,795						*						6,284
Mixed use properties			18						2,342						*						2,719						18						2,316						*						2,427						27						2,971						*						3,095
Mobile home park			8						2,194						*						2,331						—						2,273						*						2,376						—						2,122						*						2,297
Storage facility			—						1,828						*						2,050						—						2,088						*						2,240						—						2,744						*						2,964
Other			—						2,467						*						3,859						2						2,502						*						4,177						10						3,599						*						5,521
Total			$	3,836					134,035						15		%				$	145,642					$	3,771					136,505						15		%				$	149,010					$	3,913					148,786						16		%				$	165,800

*Less than 1%.

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

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

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Wells Fargo & Company and Subsidiaries

NET INTEREST INCOME AND NET GAINS FROM TRADING ACTIVITIES (1)

			Quarter ended																														Mar 31, 2025 % Change from
($ in millions)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Interest income			$	1,521					1,476						1,453						1,369						1,243						3		%				22
Interest expense			293						270						211						212						181						9						62
Total net interest income			1,228						1,206						1,242						1,157						1,062						2						16
Net gains from trading activities			1,373						950						1,438						1,442						1,454						45						(6)
Total trading-related net interest and noninterest income			$	2,601					2,156						2,680						2,599						2,516						21						3

(1)Provides net interest income and noninterest income earned from trading assets and liabilities, which are measured at fair value through earnings.

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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.

																																							Mar 31, 2025 % Change from
($ in millions)									Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2024						Mar 31, 2024
Tangible book value per common share:
Total equity									$	182,906					181,066						185,011						178,148						182,674						1		%				—
Adjustments:
Preferred stock									(18,608)						(18,608)						(18,608)						(16,608)						(18,608)						—						—
Additional paid-in capital on preferred stock									145						144						144						141						146						1						(1)
Noncontrolling interests									(1,816)						(1,946)						(1,746)						(1,718)						(1,731)						7						(5)
Total common stockholders' equity			(A)						162,627						160,656						164,801						159,963						162,481						1						—
Adjustments:
Goodwill									(25,066)						(25,167)						(25,173)						(25,172)						(25,173)						—						—
Certain identifiable intangible assets (other than MSRs)									(65)						(73)						(85)						(96)						(107)						11						39
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)									(674)						(735)						(772)						(968)						(965)						8						30
Applicable deferred taxes related to goodwill and other intangible assets (1)									954						947						940						933						927						1						3
Tangible common equity			(B)						$	137,776					135,628						139,711						134,660						137,163						2						—
Common shares outstanding			(C)						3,261.7						3,288.9						3,345.5						3,402.7						3,501.7						(1)						(7)
Book value per common share			(A)/(C)						$	49.86					48.85						49.26						47.01						46.40						2						7
Tangible book value per common share			(B)/(C)						42.24						41.24						41.76						39.57						39.17						2						8

(1)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.

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

									Quarter ended																																	Mar 31, 2025 % Change from
($ in millions)									Mar 31, 2025									Dec 31, 2024									Sep 30, 2024									Jun 30, 2024									Mar 31, 2024									Dec 31, 2024						Mar 31, 2024
Return on average tangible common equity:
Net income applicable to common stock			(A)						$	4,616								4,801									4,852									4,640									4,313									(4)		%				7
Average total equity									183,358									182,933									184,368									181,552									186,669									—						(2)
Adjustments:
Preferred stock									(18,608)									(18,608)									(18,129)									(18,300)									(19,291)									—						4
Additional paid-in capital on preferred stock									145									144									143									145									155									1						(6)
Noncontrolling interests									(1,894)									(1,803)									(1,748)									(1,743)									(1,710)									(5)						(11)
Average common stockholders’ equity			(B)						163,001									162,666									164,634									161,654									165,823									—						(2)
Adjustments:
Goodwill									(25,135)									(25,170)									(25,172)									(25,172)									(25,174)									—						—
Certain identifiable intangible assets (other than MSRs)									(69)									(78)									(89)									(101)									(112)									12						38
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)									(734)									(772)									(965)									(965)									(879)									5						16
Applicable deferred taxes related to goodwill and other intangible assets (1)									952									945									938									931									924									1						3
Average tangible common equity			(C)						$	138,015								137,591									139,346									136,347									140,582									—						(2)
Return on average common stockholders’ equity (ROE) (annualized)			(A)/(B)						11.5		%							11.7									11.7									11.5									10.5
Return on average tangible common equity (ROTCE) (annualized)			(A)/(C)						13.6									13.9									13.9									13.7									12.3

(1)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.

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Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)

						Estimated
($ in billions)						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Total equity						$	182.9					181.1						185.0						178.1						182.7
Adjustments:
Preferred stock						(18.6)						(18.6)						(18.6)						(16.6)						(18.6)
Additional paid-in capital on preferred stock						0.1						0.1						0.1						0.2						0.1
Noncontrolling interests						(1.8)						(1.9)						(1.7)						(1.7)						(1.7)
Total common stockholders' equity						162.6						160.7						164.8						160.0						162.5
Adjustments:
Goodwill						(25.1)						(25.2)						(25.2)						(25.2)						(25.2)
Certain identifiable intangible assets (other than MSRs)						(0.1)						(0.1)						(0.1)						(0.1)						(0.1)
Goodwill and other intangibles on investments in consolidated portfolio companies (included in other assets)						(0.7)						(0.7)						(0.8)						(1.0)						(1.0)
Applicable deferred taxes related to goodwill and other intangible assets (2)						1.0						0.9						0.9						0.9						0.9
Other						(2.1)						(1.0)						(1.3)						(0.4)						(0.4)
Common Equity Tier 1 under the Standardized and Advanced Approaches			(A)			135.6						134.6						138.3						134.2						136.7
Preferred stock						18.6						18.6						18.6						16.6						18.6
Additional paid-in capital on preferred stock						(0.1)						(0.1)						(0.1)						(0.2)						(0.1)
Other						(0.2)						(0.2)						(0.2)						(0.1)						(0.3)
Total Tier 1 capital under the Standardized and Advanced Approaches			(B)			153.9						152.9						156.6						150.5						154.9
Long-term debt and other instruments qualifying as Tier 2						17.6						17.6						17.7						18.3						19.0
Qualifying allowance for credit losses (3)						14.4						14.5						14.6						14.7						14.7
Other						(0.4)						(0.3)						(0.4)						(0.3)						(0.5)
Total Tier 2 capital under the Standardized Approach			(C)			31.6						31.8						31.9						32.7						33.2
Total qualifying capital under the Standardized Approach			(B)+(C)			$	185.5					184.7						188.5						183.2						188.1
Long-term debt and other instruments qualifying as Tier 2						17.6						17.6						17.7						18.3						19.0
Qualifying allowance for credit losses (3)						4.3						4.3						4.3						4.4						4.4
Other						(0.4)						(0.3)						(0.4)						(0.3)						(0.5)
Total Tier 2 capital under the Advanced Approach			(D)			21.5						21.6						21.6						22.4						22.9
Total qualifying capital under the Advanced Approach			(B)+(D)			$	175.4					174.5						178.2						172.9						177.8
Total risk-weighted assets (RWAs) under the Standardized Approach			(E)			$	1,223.4					1,216.1						1,219.9						1,219.5						1,221.6
Total RWAs under the Advanced Approach			(F)			$	1,065.0					1,085.0						1,089.3						1,093.0						1,099.6
Ratios under the Standardized Approach:
Common Equity Tier 1			(A)/(E)			11.1		%				11.1						11.3						11.0						11.2
Tier 1 capital			(B)/(E)			12.6						12.6						12.8						12.3						12.7
Total capital			(B)+(C)/(E)			15.2						15.2						15.5						15.0						15.4
Ratios under the Advanced Approach:
Common Equity Tier 1			(A)/(F)			12.7		%				12.4						12.7						12.3						12.4
Tier 1 capital			(B)/(F)			14.5						14.1						14.4						13.8						14.1
Total capital			(B)+(D)/(F)			16.5						16.1						16.4						15.8						16.2

(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)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.

(3)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.

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