Diluted EPS of $1.03, Revenue of $21.3 Billion

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC):

• Continued strong financial results:
  • Net income of $5.7 billion, in line with second quarter 2014
  • Diluted earnings per share (EPS) of $1.03, compared with $1.01
  • Revenue of $21.3 billion, up 1 percent
  • Return on assets (ROA) of 1.33 percent and return on equity (ROE) of 12.71 percent

• Strong growth in average loans and deposits:
  • Total average loans of $870.4 billion, up $39.4 billion, or 5 percent, from second quarter 2014
    • Quarter-end loans of $888.5 billion, up $59.5 billion, or 7 percent
      • Quarter-end core loans1 of $832.1 billion, up $68.5 billion, or 9 percent
      • Included $11.5 billion from GE Capital loan purchase and financing transaction
  • Total average deposits of $1.2 trillion, up $83.8 billion, or 8 percent

• Continued strength in credit quality:
  • Net charge-offs of $650 million, down $67 million from second quarter 2014
    • Net charge-off rate of 0.30 percent (annualized), down from 0.35 percent
  • Nonaccrual loans down $1.5 billion, or 11 percent
  • $350 million reserve release2

• Maintained strong capital levels3 and continued share repurchases:
  • Common Equity Tier 1 ratio under Basel III (fully phased-in) of 10.5 percent
  • Period-end common shares outstanding down 17.7 million from first quarter 2015
  • Increased quarterly common stock dividend to $0.375 per share from $0.35

Endnotes can be found at end of release text

Selected Financial Information
						Quarter ended
		Jun 30, 2015				Mar 31,2015			Jun 30,2014
Earnings
Diluted earnings per common share		$	1.03			1.04			1.01
Wells Fargo net income (in billions)		5.72				5.80			5.73
Return on assets (ROA)		1.33		%		1.38			1.47
Return on equity (ROE)		12.71				13.17			13.40
Asset Quality
Net charge-offs (annualized) as a % of avg. total loans		0.30		%		0.33			0.35
Allowance for credit losses as a % of total loans		1.42				1.51			1.67
Allowance for credit losses as a % of annualized net charge-offs		484				453			481
Other
Revenue (in billions)		$	21.3			21.3			21.1
Efficiency ratio		58.5		%		58.8			57.9
Average loans (in billions)		$	870.4			863.3			831.0
Average core deposits (in billions)		1,079.2				1,063.2			991.7
Net interest margin		2.97		%		2.95			3.15

Wells Fargo & Company (NYSE: WFC) reported net income of $5.7 billion, or $1.03 per diluted common share, for second quarter 2015, compared with $5.7 billion, or $1.01 per share, for second quarter 2014, and $5.8 billion, or $1.04 per share, for first quarter 2015.

“Wells Fargo’s second quarter results reflected continued strength in the fundamental drivers of long term growth,” said Chairman and CEO John Stumpf. “Compared with a year ago, we grew loans, deposits and capital, and our balance sheet remained strong. Credit results also improved and we continued to adhere to our disciplined approach to risk management. As the economic and interest rate environments evolved, our diversified business model continued to generate strong results for shareholders, and we were pleased to increase our common stock dividend 7 percent in the second quarter, to $0.375 per share. Wells Fargo is well positioned for the future and I remain confident in the ability of our 266,000 team members to help our customers succeed financially and to serve our communities.”

Chief Financial Officer John Shrewsberry said, “Wells Fargo’s second quarter results once again reflected the benefit of our balanced business model. Compared with the first quarter, revenue increased on net interest income growth and expenses declined. Our balance sheet remained strong, as evidenced by solid asset quality, liquidity and capital, and we were within our targeted ranges for ROA, ROE and efficiency.”

Net Interest Income

Net interest income increased $284 million from first quarter 2015 to $11.3 billion, primarily due to broad-based asset growth including investment securities, loans, trading assets and mortgages held-for-sale. The quarter also included one additional day, accounting for approximately 25 percent of the increase in net interest income relative to the first quarter. Net interest income also benefited from increased income from variable sources, lower deposit costs, and higher income from interest rate swaps used to convert a portion of our floating rate commercial loans to fixed rate as we continued to add duration to our balance sheet.

Net interest margin was 2.97 percent, up 2 basis points from first quarter 2015. Many of the same factors that improved net interest income this quarter, including growth in investments and loans, and lower deposit costs, combined to improve the net interest margin by approximately 4 basis points linked-quarter, and income from variable sources contributed 1 basis point. These benefits were partially offset by growth in customer deposits, which had a minimal impact to net interest income, but was dilutive to net interest margin by 3 basis points.

Noninterest Income

Noninterest income was $10.0 billion, compared with $10.3 billion in first quarter 2015, driven by higher mortgage banking revenue, equity investment gains, deposit service charges, card fees, trust and investment fees, and insurance fees. Offsetting this growth were lower gains from trading activities and debt securities, and lower other income, primarily due to variability from the accounting related to our debt hedges.

Mortgage banking noninterest income was $1.7 billion, up $158 million from first quarter. During the second quarter, residential mortgage originations were $62 billion, up $13 billion linked quarter, while the gain on sale ratio4 was 1.88 percent, compared with 2.06 percent in first quarter. Net mortgage servicing rights (MSRs) results were $107 million, compared with $108 million in first quarter 2015.

Noninterest Expense

Noninterest expense declined $38 million from the prior quarter to $12.5 billion, primarily due to lower employee benefits, which were seasonally elevated in first quarter 2015. This decline was partially offset by higher operating losses, reflecting higher litigation accruals for various legal matters, as well as higher salaries, outside professional services, and advertising and promotion expense. The efficiency ratio improved to 58.5 percent in second quarter 2015, compared with 58.8 percent in the prior quarter. The Company expects to operate within its targeted efficiency ratio range of 55 to 59 percent for full year 2015.

Loans

Total loans were $888.5 billion at June 30, 2015, up $27.2 billion from March 31, 2015. Growth was broad-based and was led by commercial and industrial, and commercial real estate, which included $11.5 billion from the GE Capital loan purchase and financing transaction announced in the first quarter. Core loan growth was $29.4 billion, as non-strategic/liquidating portfolios declined $2.2 billion in the quarter. Total average loans were $870.4 billion in the second quarter, up $7.2 billion from the first quarter.

		June 30, 2015										March 31, 2015
(in millions)		Core				Non-strategic and liquidating (a)			Total			Core			Non-strategic and liquidating			Total
Commercial		$	437,430			592			438,022			414,600			699			415,299
Consumer		394,670				55,767			450,437			388,077			57,855			445,932
Total loans		$	832,100			56,359			888,459			802,677			58,554			861,231
Change from prior quarter:		$	29,423			(2,195	)		27,228			914			(2,234	)		(1,320	)
(a) See Non-Strategic and Liquidating Loan Portfolios table for additional information on non-strategic/liquidating loan portfolios. Management believes that the above information provides useful disclosure regarding the Company’s ongoing loan portfolios.

Investment Securities

Investment securities were $340.8 billion at June 30, 2015, up $16.0 billion from first quarter. Purchases of approximately $36 billion (primarily federal agency mortgage-backed securities, U.S. Treasury, and municipal securities), were partially offset by maturities, amortization and sales.

Net unrealized available-for-sale securities gains of $5.7 billion at June 30, 2015, decreased from $7.9 billion at March 31, 2015, primarily due to higher interest rates.

Deposits

Average total deposits for second quarter 2015 were $1.2 trillion, up 4 percent (annualized) from first quarter, driven by both commercial and consumer growth. The average deposit cost for second quarter 2015 was 8 basis points, a reduction of 1 basis point from the prior quarter. Average core deposits were $1.1 trillion, up 9 percent from a year ago.

Capital

Capital levels remained strong in the second quarter, with Common Equity Tier 1 under Basel III (fully phased-in) of $139.9 billion. The Common Equity Tier 1 ratio under Basel III (fully phased-in) was 10.5 percent3. In second quarter 2015, the Company purchased 36.3 million shares of its common stock and paid a quarterly common stock dividend of $0.375 per share, up from $0.35 per share a year ago.

Credit Quality

“Credit performance remained strong during the quarter,” said Chief Risk Officer Mike Loughlin. “Credit losses were $650 million in second quarter 2015, compared with $708 million in the first quarter, an 8 percent improvement. The quarterly loss rate (annualized) was 0.30 percent with commercial losses of 0.06 percent and consumer losses of 0.53 percent. Nonperforming assets declined by $438 million, or 12 percent (annualized), from the prior quarter. Nonaccrual loans decreased $67 million as deterioration in the energy portfolio was offset by improvements across other portfolios. We released $350 million from the allowance for credit losses in the second quarter, reflecting continued credit quality improvement and more specifically, improvement in the residential real estate portfolio. Future allowance levels may increase or decrease based on a variety of factors, including loan growth, portfolio performance and general economic conditions.”

Net Loan Charge-offs

Net loan charge-offs were $650 million in second quarter 2015, or 0.30 percent (annualized) of average loans, compared with $708 million in first quarter 2015, or 0.33 percent (annualized) of average loans.

Net Loan Charge-Offs
		Quarter ended
		June 30, 2015							March 31, 2015							December 31, 2014
($ in millions)		Net loan charge- offs				As a % of average loans (a)			Net loan charge- offs				As a % of average loans (a)			Net loan charge- offs				As a % of average loans (a)
Commercial:
Commercial and industrial		$	81			0.12	%		$	64			0.10	%		$	82			0.12	%
Real estate mortgage		(15		)		(0.05	)		(11		)		(0.04	)		(25		)		(0.09	)
Real estate construction		(6		)		(0.11	)		(9		)		(0.19	)		(26		)		(0.56	)
Lease financing		2				0.06			—				—			1				0.05
Total commercial		62				0.06			44				0.04			32				0.03
Consumer:
Real estate 1-4 family first mortgage		67				0.10			83				0.13			88				0.13
Real estate 1-4 family junior lien mortgage		94				0.66			123				0.85			134				0.88
Credit card		243				3.21			239				3.19			221				2.97
Automobile		68				0.48			101				0.73			132				0.94
Other revolving credit and installment		116				1.26			118				1.32			128				1.45
Total consumer		588				0.53			664				0.60			703				0.63
Total		$	650			0.30	%		$	708			0.33	%		$	735			0.34	%
(a) Quarterly net charge-offs as a percentage of average loans are annualized. See Purchased Credit-Impaired Loans table for explanation of the accounting for purchased credit-impaired (PCI) loans and the impact on selected financial ratios.

Nonperforming Assets

Nonperforming assets declined by $438 million from first quarter 2015 to $14.4 billion. Nonaccrual loans decreased $67 million to $12.4 billion as a $388 million decline in consumer real estate nonaccrual loans, as well as improvements in other categories, were partially offset by a $416 million increase in commercial and industrial nonaccrual loans, substantially all of which was from the energy portfolio. Foreclosed assets were $2.0 billion, down from $2.3 billion in first quarter 2015.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
		June 30, 2015							March 31, 2015							December 31, 2014
($ in millions)		Total balances				As a % of total loans			Total balances				As a % of total loans			Total balances				As a % of total loans
Commercial:
Commercial and industrial		$	1,079			0.38	%		$	663			0.24	%		$	538			0.20	%
Real estate mortgage		1,250				1.04			1,324				1.18			1,490				1.33
Real estate construction		165				0.77			182				0.91			187				1.00
Lease financing		28				0.23			23				0.19			24				0.20
Total commercial		2,522				0.58			2,192				0.53			2,239				0.54
Consumer:
Real estate 1-4 family first mortgage		8,045				3.00			8,345				3.15			8,583				3.23
Real estate 1-4 family junior lien mortgage		1,710				3.04			1,798				3.11			1,848				3.09
Automobile		126				0.22			133				0.24			137				0.25
Other revolving credit and installment		40				0.11			42				0.12			41				0.11
Total consumer		9,921				2.20			10,318				2.31			10,609				2.37
Total nonaccrual loans		12,443				1.40			12,510				1.45			12,848				1.49
Foreclosed assets:
Government insured/guaranteed		588							772							982
Non-government insured/guaranteed		1,370							1,557							1,627
Total foreclosed assets		1,958							2,329							2,609
Total nonperforming assets		$	14,401			1.62	%		$	14,839			1.72	%		$	15,457			1.79	%
Change from prior quarter:
Total nonaccrual loans		$	(67	)					$	(338	)					$	(517	)
Total nonperforming assets		(438		)					(618		)					(739		)

Loans 90 Days or More Past Due and Still Accruing

Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $756 million at June 30, 2015, down from $841 million at March 31, 2015. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $14.4 billion at June 30, 2015, down from $15.5 billion at March 31, 2015.

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $12.6 billion at June 30, 2015, down from $13.0 billion at March 31, 2015. The allowance coverage to total loans was 1.42 percent, compared with 1.51 percent in first quarter 2015. The allowance covered 4.8 times annualized second quarter net charge-offs, compared with 4.5 times in the prior quarter. The allowance coverage to nonaccrual loans was 101 percent at June 30, 2015, compared with 104 percent at March 31, 2015. “We believe the allowance was appropriate for losses inherent in the loan portfolio at June 30, 2015,” said Loughlin.

Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. Segment net income for each of the three business segments was:

		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Jun 30,2014
Community Banking		$	3,358			3,665			3,431
Wholesale Banking		2,011				1,797			1,952
Wealth, Brokerage and Retirement		602				561			544

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending. Community Banking also offers investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.

Selected Financial Information
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Jun 30,2014
Total revenue		$	12,661			12,784			12,606
Provision for credit losses		363				617			279
Noninterest expense		7,164				7,064			7,020
Segment net income		3,358				3,665			3,431
(in billions)
Average loans		506.5				506.4			505.4
Average assets		993.3				993.1			918.1
Average core deposits		685.7				668.9			639.8

Community Banking reported net income of $3.4 billion, down $307 million, or 8 percent, from first quarter 2015 primarily due to higher income taxes as first quarter 2015 included a $359 million discrete tax benefit. Revenue of $12.7 billion was $123 million, or 1 percent, lower compared with the prior quarter due to lower market sensitive revenue, mainly gains from trading activities and sale of debt securities, partially offset by higher net interest income, mortgage banking fees, deposit service charges, and card fees. Noninterest expense increased $100 million, or 1 percent, due to higher operating losses, project spending and advertising costs, partially offset by lower personnel, equipment and occupancy expenses. The provision for credit losses decreased $254 million from the prior quarter due to a $190 million higher reserve release as well as a $64 million improvement in net charge offs.

Net income was down $73 million, or 2 percent, from second quarter 2014. Revenue rose slightly from a year ago as higher net interest income, trust and investment fees, and debit and credit card fees, were mostly offset by lower gains from trading activities and lower mortgage banking fees. Noninterest expense increased $144 million, or 2 percent, from a year ago driven by higher personnel expenses and operating losses, partially offset by lower travel, occupancy and advertising expenses. The provision for credit losses increased $84 million from a year ago as the $97 million improvement in net charge-offs was more than offset by a $181 million lower reserve release.

Regional Banking

• Retail banking
  • Primary consumer checking customers5 up 5.6 percent year-over-year6
  • Retail Bank household cross-sell ratio of 6.13 products per household, compared with 6.17 year-over-year6,7

• Small Business/Business Banking
  • Primary business checking customers5 up 5.3 percent year-over-year6
  • Combined Business Direct credit card, lines of credit and loan product solutions (primarily under $100,000 sold through our retail banking stores) were up 2 percent in the second quarter and up 12 percent in the first half of 2015, compared with the same periods in the prior year
  • As part of the Wells Fargo Works for Small BusinessSM initiative, Wells Fargo launched the complimentary new Business Plan Center at wellsfargoworks.com to help every business create a plan for success with over 800,000 visits since launching in May
  • Wells Fargo was the nation’s #1 SBA 7(a) small business lender in dollars and units for the first half of the 2015 federal fiscal year8
• Online and Mobile Banking
  • 26 million active online customers, including nearly 16 million active mobile users, with continued double digit growth in mobile adoption6

Consumer Lending Group

• Home Lending
  • Originations of $62 billion, up from $49 billion in prior quarter
  • Applications of $81 billion, down from $93 billion in prior quarter
  • Application pipeline of $38 billion at quarter end, down from $44 billion at March 31, 2015
  • Residential mortgage servicing portfolio of $1.7 trillion
• Consumer Credit
  • Credit card penetration in retail banking households rose to 42.6 percent6, up from 39.0 percent in prior year
  • Auto originations of $8.1 billion in second quarter, up 15 percent from prior quarter and 5 percent from prior year

Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $20 million. Products and business segments include Middle Market Commercial Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Wells Fargo Securities, Principal Investments, Asset Backed Finance, and Asset Management.

Selected Financial Information
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Jun 30,2014
Total revenue		$	6,083			5,912			5,946
Reversal of provision for credit losses		(58		)		(6	)		(49	)
Noninterest expense		3,295				3,409			3,203
Segment net income		2,011				1,797			1,952
(in billions)
Average loans		343.6				337.6			308.1
Average assets		618.0				594.9			532.4
Average core deposits		304.2				303.4			265.8

Wholesale Banking reported net income of $2.0 billion, up $214 million, or 12 percent, from first quarter 2015. Revenue of $6.1 billion increased $171 million, or 3 percent, from prior quarter. Net interest income increased $147 million, or 5 percent, on broad based loan growth, which included the GE Capital loan purchase and financing transaction, other earning asset growth and increased loan resolutions. Noninterest income increased $24 million, or 1 percent, driven by higher treasury management fees, higher real estate capital markets fees and increased gains on equity fund investments. Noninterest expense decreased $114 million, or 3 percent, linked quarter on seasonally lower personnel expense. The provision for credit losses decreased $52 million from prior quarter.

Net income was up $59 million, or 3 percent, from second quarter 2014. Revenue increased $137 million, or 2 percent, from second quarter 2014 on strong loan and deposit growth, higher commercial real estate brokerage, treasury management, real estate capital markets fees and gains on equity fund investments. Noninterest expense increased $92 million, or 3 percent, from a year ago primarily due to higher personnel expenses related to growth initiatives, compliance, and regulatory requirements. The provision for credit losses decreased $9 million from a year ago.

• Average loans increased 12 percent in second quarter 2015, compared with second quarter 2014, on broad-based growth, including asset-backed finance, capital finance, commercial banking, commercial real estate, corporate banking, equipment finance, government and institutional banking, and real estate capital markets
• Cross-sell of 7.3 products per relationship, up from 7.2 in second quarter 20149
• Treasury management revenue up 10 percent from second quarter 2014
• Total assets under management down $2 billion from second quarter 2014 as fixed income net client inflows were more than offset by equity and stable value outflows

Wealth, Brokerage and Retirement provides a full range of financial advisory services to clients using a planning approach to meet each client’s financial needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions, including financial planning, private banking, credit, investment management and fiduciary services. Abbot Downing, a Wells Fargo business, provides comprehensive wealth management services to ultra high net worth families and individuals as well as endowments and foundations. Brokerage serves customers’ advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the United States. Retirement is a national leader in providing institutional retirement and trust services (including 401(k) and pension plan record keeping) for businesses and reinsurance services for the life insurance industry.

Selected Financial Information
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Jun 30,2014
Total revenue		$	3,739			3,733			3,550
Reversal of provision for credit losses		(10		)		(3	)		(25	)
Noninterest expense		2,775				2,831			2,695
Segment net income		602				561			544
(in billions)
Average loans		59.3				56.9			51.0
Average assets		193.3				195.7			187.6
Average core deposits		159.4				161.4			153.0

Wealth, Brokerage and Retirement (WBR) reported net income of $602 million, up $41 million, or 7 percent, from first quarter 2015. Revenue of $3.7 billion increased $6 million from the prior quarter, predominantly driven by higher asset-based fees, partially offset by lower gains on deferred compensation plan investments (offset in compensation expense) and lower brokerage transaction revenue. Noninterest expense decreased $56 million, or 2 percent, from the prior quarter, as lower personnel expenses and lower deferred compensation plan expense (offset in trading revenue) were partially offset by higher operating losses reflecting increased litigation accruals. The provision for credit losses decreased $7 million from first quarter 2015.

Net income was up $58 million, or 11 percent, from second quarter 2014. Revenue increased $189 million, or 5 percent, from a year ago on growth in asset-based fees and net interest income, partially offset by lower gains on deferred compensation plan investments (offset in compensation expense). Noninterest expense increased $80 million, or 3 percent, from a year ago primarily due to increased litigation accruals and higher broker commissions, partially offset by lower deferred compensation plan expense (offset in trading revenue). The provision for credit losses increased $15 million from a year ago.

Retail Brokerage

• Client assets of $1.4 trillion, up 1 percent from prior year
• Managed account assets of $434 billion, increased $25 billion, or 6 percent, from prior year, primarily driven by net flows
• Strong loan growth, with average balances up 25 percent from prior year largely due to growth in non-conforming mortgages and security-based lending

Wealth Management

• Client assets of $224 billion, up 2 percent from prior year
• Average loan balances up 12 percent over prior year driven by growth in non-conforming mortgages, commercial and security-based lending

Retirement

• IRA assets of $365 billion, up 2 percent from prior year
• Institutional Retirement plan assets of $346 billion, up 2 percent from prior year

WBR cross-sell ratio of 10.53 products per household, up from 10.44 a year ago6

Conference Call

The Company will host a live conference call on Tuesday, July 14, at 7 a.m. PDT (10 a.m. EDT). You may participate by dialing 866-872-5161 (U.S. and Canada) or 706-643-1962 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~071415_am.

A replay of the conference call will be available beginning at 10 a.m. PDT (1 p.m. EDT) on July 14 through Tuesday, July 21. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #46479315. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~071415_am.

Endnotes
1		See table under Loans header for more information on core and non-strategic/liquidating loan portfolios.
2		Reserve release represents the amount by which net charge-offs exceed the provision for credit losses.
3		See Common Equity Tier 1 Under Basel III table for more information on Common Equity Tier 1. Common Equity Tier 1 (fully phased-in) is a preliminary estimate and is calculated assuming the full phase-in of the Basel III capital rules.
4		Net gains on mortgage loan origination/or sales activities less repurchase reserve build/release divided by total originations.
5		Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.
6		Data as of May 2015, comparisons with May 2014.
7		May 2015 Retail Bank household cross-sell ratio includes the impact of the sale of government guaranteed student loans in fourth quarter 2014.
8		U.S. SBA data, partial fiscal year as of March 2015 (federal fiscal full-year 2015 is October 2014-September 2015).
9		Cross-sell reported on a one-quarter lag.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

• current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and the overall slowdown in global economic growth;
• our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
• financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
• the extent of our success in our loan modification efforts, as well as the effects of regulatory requirements or guidance regarding loan modifications;
• the amount of mortgage loan repurchase demands that we receive and our ability to satisfy any such demands without having to repurchase loans related thereto or otherwise indemnify or reimburse third parties, and the credit quality of or losses on such repurchased mortgage loans;
• negative effects relating to our mortgage servicing and foreclosure practices, as well as changes in industry standards or practices, regulatory or judicial requirements, penalties or fines, increased servicing and other costs or obligations, including loan modification requirements, or delays or moratoriums on foreclosures;
• our ability to realize our efficiency ratio target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
• the effect of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
• a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our investment securities portfolio;
• the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;
• reputational damage from negative publicity, protests, fines, penalties and other negative consequences from regulatory violations and legal actions;
• a failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber attacks;
• the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
• fiscal and monetary policies of the Federal Reserve Board; and
• the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
		Pages
Summary Information
Summary Financial Data		16
Income
Consolidated Statement of Income		18
Consolidated Statement of Comprehensive Income		20
Condensed Consolidated Statement of Changes in Total Equity		20
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		21
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		23
Noninterest Income and Noninterest Expense		24
Balance Sheet
Consolidated Balance Sheet		26
Investment Securities		28
Loans
Loans		28
Nonperforming Assets		29
Loans 90 Days or More Past Due and Still Accruing		30
Purchased Credit-Impaired Loans		31
Pick-A-Pay Portfolio		32
Non-Strategic and Liquidating Loan Portfolios		32
Changes in Allowance for Credit Losses		33
Equity
Common Equity Tier 1 Under Basel III		35
Operating Segments
Operating Segment Results		36
Other
Mortgage Servicing and other related data		38

Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
		Quarter ended										% ChangeJun 30, 2015 from						Six months ended
($ in millions, except per share amounts)		Jun 30, 2015				Mar 31,2015			Jun 30,2014			Mar 31,2015			Jun 30,2014			Jun 30, 2015				Jun 30,2014			%Change
For the Period
Wells Fargo net income		$	5,719			5,804			5,726			(1	)%		—			$	11,523			11,619			(1	)%
Wells Fargo net income applicable to common stock		5,363				5,461			5,424			(2	)		(1	)		10,824				11,031			(2	)
Diluted earnings per common share		1.03				1.04			1.01			(1	)		2			2.07				2.06			—
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.33		%		1.38			1.47			(4	)		(10	)		1.35				1.52			(11	)
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		12.71				13.17			13.40			(3	)		(5	)		12.94				13.86			(7	)
Efficiency ratio (1)		58.5				58.8			57.9			(1	)		1			58.6				57.9			1
Total revenue		$	21,318			21,278			21,066			—			1			$	42,596			41,691			2
Pre-tax pre-provision profit (PTPP) (2)		8,849				8,771			8,872			1			—			17,620				17,549			—
Dividends declared per common share		0.375				0.35			0.35			7			7			0.725				0.65			12
Average common shares outstanding		5,151.9				5,160.4			5,268.4			—			(2	)		5,156.1				5,265.6			(2	)
Diluted average common shares outstanding		5,220.5				5,243.6			5,350.8			—			(2	)		5,233.2				5,353.2			(2	)
Average loans		$	870,446			863,261			831,043			1			5			$	866,873			827,436			5
Average assets		1,729,278				1,707,798			1,564,003			1			11			1,718,597				1,545,060			11
Average core deposits (3)		1,079,160				1,063,234			991,727			1			9			1,071,241				982,814			9
Average retail core deposits (4)		741,500				731,413			698,763			1			6			736,484				694,726			6
Net interest margin		2.97		%		2.95			3.15			1			(6	)		2.96				3.17			(7	)
At Period End
Investment securities		$	340,769			324,736			279,069			5			22			$	340,769			279,069			22
Loans		888,459				861,231			828,942			3			7			888,459				828,942			7
Allowance for loan losses		11,754				12,176			13,101			(3	)		(10	)		11,754				13,101			(10	)
Goodwill		25,705				25,705			25,705			—			—			25,705				25,705			—
Assets		1,720,617				1,737,737			1,598,874			(1	)		8			1,720,617				1,598,874			8
Core deposits (3)		1,082,634				1,086,993			1,007,485			—			7			1,082,634				1,007,485			7
Wells Fargo stockholders’ equity		189,558				188,796			180,859			—			5			189,558				180,859			5
Total equity		190,676				189,964			181,549			—			5			190,676				181,549			5
Common shares outstanding		5,145.2				5,162.9			5,249.9			—			(2	)		5,145.2				5,249.9			(2	)
Book value per common share		$	32.96			32.70			31.18			1			6			$	32.96			31.18			6
Common stock price:
High		58.26				56.29			53.05			3			10			58.26				53.05			10
Low		53.56				50.42			46.72			6			15			50.42				44.17			14
Period end		56.24				54.40			52.56			3			7			56.24				52.56			7
Team members (active, full-time equivalent)		265,800				266,000			263,500			—			1			265,800				263,500			1
(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2) 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.
(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA
		Quarter ended
($ in millions, except per share amounts)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
For the Quarter
Wells Fargo net income		$	5,719			5,804			5,709			5,729			5,726
Wells Fargo net income applicable to common stock		5,363				5,461			5,382			5,408			5,424
Diluted earnings per common share		1.03				1.04			1.02			1.02			1.01
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.33		%		1.38			1.36			1.40			1.47
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		12.71				13.17			12.84			13.10			13.40
Efficiency ratio (1)		58.5				58.8			59.0			57.7			57.9
Total revenue		$	21,318			21,278			21,443			21,213			21,066
Pre-tax pre-provision profit (PTPP) (2)		8,849				8,771			8,796			8,965			8,872
Dividends declared per common share		0.375				0.35			0.35			0.35			0.35
Average common shares outstanding		5,151.9				5,160.4			5,192.5			5,225.9			5,268.4
Diluted average common shares outstanding		5,220.5				5,243.6			5,279.2			5,310.4			5,350.8
Average loans		$	870,446			863,261			849,429			833,199			831,043
Average assets		1,729,278				1,707,798			1,663,760			1,617,942			1,564,003
Average core deposits (3)		1,079,160				1,063,234			1,035,999			1,012,219			991,727
Average retail core deposits (4)		741,500				731,413			714,572			703,062			698,763
Net interest margin		2.97		%		2.95			3.04			3.06			3.15
At Quarter End
Investment securities		$	340,769			324,736			312,925			289,009			279,069
Loans		888,459				861,231			862,551			838,883			828,942
Allowance for loan losses		11,754				12,176			12,319			12,681			13,101
Goodwill		25,705				25,705			25,705			25,705			25,705
Assets		1,720,617				1,737,737			1,687,155			1,636,855			1,598,874
Core deposits (3)		1,082,634				1,086,993			1,054,348			1,016,478			1,007,485
Wells Fargo stockholders’ equity		189,558				188,796			184,394			182,481			180,859
Total equity		190,676				189,964			185,262			182,990			181,549
Common shares outstanding		5,145.2				5,162.9			5,170.3			5,215.0			5,249.9
Book value per common share		$	32.96			32.70			32.19			31.55			31.18
Common stock price:
High		58.26				56.29			55.95			53.80			53.05
Low		53.56				50.42			46.44			49.47			46.72
Period end		56.24				54.40			54.82			51.87			52.56
Team members (active, full-time equivalent)		265,800				266,000			264,500			263,900			263,500
(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2) 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.
(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
		Quarter ended Jun 30,							%			Six Months Ended June 30,							%
(in millions, except per share amounts)		2015				2014			Change			2015				2014			Change
Interest income
Trading assets		$	483			407			19	%		$	928			781			19	%
Investment securities		2,181				2,112			3			4,325				4,222			2	%
Mortgages held for sale		209				195			7			386				365			6	%
Loans held for sale		5				1			400			10				3			233	%
Loans		9,098				8,852			3			18,036				17,598			2	%
Other interest income		250				226			11			504				436			16	%
Total interest income		12,226				11,793			4			24,189				23,405			3	%
Interest expense
Deposits		232				275			(16	)		490				554			(12	)
Short-term borrowings		21				14			50			39				26			50
Long-term debt		620				620			—			1,224				1,239			(1	)
Other interest expense		83				93			(11	)		180				180			—
Total interest expense		956				1,002			(5	)		1,933				1,999			(3	)
Net interest income		11,270				10,791			4			22,256				21,406			4
Provision for credit losses		300				217			38			908				542			68
Net interest income after provision for credit losses		10,970				10,574			4			21,348				20,864			2
Noninterest income
Service charges on deposit accounts		1,289				1,283			—			2,504				2,498			—
Trust and investment fees		3,710				3,609			3			7,387				7,021			5
Card fees		930				847			10			1,801				1,631			10
Other fees		1,107				1,088			2			2,185				2,135			2
Mortgage banking		1,705				1,723			(1	)		3,252				3,233			1
Insurance		461				453			2			891				885			1
Net gains from trading activities		133				382			(65	)		541				814			(34	)
Net gains on debt securities		181				71			155			459				154			198
Net gains from equity investments		517				449			15			887				1,296			(32	)
Lease income		155				129			20			287				262			10
Other		(140		)		241			NM			146				356			(59	)
Total noninterest income		10,048				10,275			(2	)		20,340				20,285			—
Noninterest expense
Salaries		3,936				3,795			4			7,787				7,523			4
Commission and incentive compensation		2,606				2,445			7			5,291				4,861			9
Employee benefits		1,106				1,170			(5	)		2,583				2,542			2
Equipment		470				445			6			964				935			3
Net occupancy		710				722			(2	)		1,433				1,464			(2	)
Core deposit and other intangibles		312				349			(11	)		624				690			(10	)
FDIC and other deposit assessments		222				225			(1	)		470				468			—
Other		3,107				3,043			2			5,824				5,659			3
Total noninterest expense		12,469				12,194			2			24,976				24,142			3
Income before income tax expense		8,549				8,655			(1	)		16,712				17,007			(2	)
Income tax expense		2,763				2,869			(4	)		5,042				5,146			(2	)
Net income before noncontrolling interests		5,786				5,786			—			11,670				11,861			(2	)
Less: Net income from noncontrolling interests		67				60			12			147				242			(39	)
Wells Fargo net income		$	5,719			5,726			—			$	11,523			11,619			(1	)
Less: Preferred stock dividends and other		356				302			18			699				588			19
Wells Fargo net income applicable to common stock		$	5,363			5,424			(1	)		$	10,824			11,031			(2	)
Per share information
Earnings per common share		$	1.04			1.02			2			$	2.10			2.09			—
Diluted earnings per common share		1.03				1.01			2			2.07				2.06			—
Dividends declared per common share		0.375				0.35			7			0.725				0.65			12
Average common shares outstanding		5,151.9				5,268.4			(2	)		5,156.1				5,265.6			(2	)
Diluted average common shares outstanding		5,220.5				5,350.8			(2	)		5,233.2				5,353.2			(2	)

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME
		Quarter ended
(in millions, except per share amounts)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Interest Income
Trading assets		$	483			445			477			427			407
Investment securities		2,181				2,144			2,150			2,066			2,112
Mortgages held for sale		209				177			187			215			195
Loans held for sale		5				5			25			50			1
Loans		9,098				8,938			9,091			8,963			8,852
Other interest income		250				254			253			243			226
Total interest income		12,226				11,963			12,183			11,964			11,793
Interest expense
Deposits		232				258			269			273			275
Short-term borrowings		21				18			18			15			14
Long-term debt		620				604			620			629			620
Other interest expense		83				97			96			106			93
Total interest expense		956				977			1,003			1,023			1,002
Net interest income		11,270				10,986			11,180			10,941			10,791
Provision for credit losses		300				608			485			368			217
Net interest income after provision for credit losses		10,970				10,378			10,695			10,573			10,574
Noninterest income
Service charges on deposit accounts		1,289				1,215			1,241			1,311			1,283
Trust and investment fees		3,710				3,677			3,705			3,554			3,609
Card fees		930				871			925			875			847
Other fees		1,107				1,078			1,124			1,090			1,088
Mortgage banking		1,705				1,547			1,515			1,633			1,723
Insurance		461				430			382			388			453
Net gains from trading activities		133				408			179			168			382
Net gains on debt securities		181				278			186			253			71
Net gains from equity investments		517				370			372			712			449
Lease income		155				132			127			137			129
Other		(140		)		286			507			151			241
Total noninterest income		10,048				10,292			10,263			10,272			10,275
Noninterest expense
Salaries		3,936				3,851			3,938			3,914			3,795
Commission and incentive compensation		2,606				2,685			2,582			2,527			2,445
Employee benefits		1,106				1,477			1,124			931			1,170
Equipment		470				494			581			457			445
Net occupancy		710				723			730			731			722
Core deposit and other intangibles		312				312			338			342			349
FDIC and other deposit assessments		222				248			231			229			225
Other		3,107				2,717			3,123			3,117			3,043
Total noninterest expense		12,469				12,507			12,647			12,248			12,194
Income before income tax expense		8,549				8,163			8,311			8,597			8,655
Income tax expense		2,763				2,279			2,519			2,642			2,869
Net income before noncontrolling interests		5,786				5,884			5,792			5,955			5,786
Less: Net income from noncontrolling interests		67				80			83			226			60
Wells Fargo net income		$	5,719			5,804			5,709			5,729			5,726
Less: Preferred stock dividends and other		356				343			327			321			302
Wells Fargo net income applicable to common stock		$	5,363			5,461			5,382			5,408			5,424
Per share information
Earnings per common share		$	1.04			1.06			1.04			1.04			1.02
Diluted earnings per common share		1.03				1.04			1.02			1.02			1.01
Dividends declared per common share		0.375				0.35			0.35			0.35			0.35
Average common shares outstanding		5,151.9				5,160.4			5,192.5			5,225.9			5,268.4
Diluted average common shares outstanding		5,220.5				5,243.6			5,279.2			5,310.4			5,350.8

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
		Quarter ended June 30,							%		Six months ended June 30,							%
(in millions)		2015				2014			Change		2015				2014			Change
Wells Fargo net income		$	5,719			5,726			—%		$	11,523			11,619			(1)%
Other comprehensive income (loss), before tax:
Investment securities:
Net unrealized gains (losses) arising during the period		(1,969		)		2,085			NM		(1,576		)		4,810			NM
Reclassification of net gains to net income		(218		)		(150	)		45		(518		)		(544	)		(5)
Derivatives and hedging activities:
Net unrealized gains (losses) arising during the period		(488		)		212			NM		464				256			81
Reclassification of net gains on cash flow hedges to net income		(268		)		(115	)		133		(502		)		(221	)		127
Defined benefit plans adjustments:
Net actuarial losses arising during the period		—				(12	)		(100)		(11		)		(12	)		(8)
Amortization of net actuarial loss, settlements and other to net income		30				20			50		73				38			92
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period		10				17			(41)		(45		)		—			NM
Reclassification of net losses to net income		—				—			—		—				6			(100)
Other comprehensive income (loss), before tax		(2,903		)		2,057			NM		(2,115		)		4,333			NM
Income tax (expense) benefit related to other comprehensive income		1,040				(816	)		NM		812				(1,647	)		NM
Other comprehensive income (loss), net of tax		(1,863		)		1,241			NM		(1,303		)		2,686			NM
Less: Other comprehensive income (loss) from noncontrolling interests		(154		)		(124	)		24		147				(45	)		NM
Wells Fargo other comprehensive income (loss), net of tax		(1,709		)		1,365			NM		(1,450		)		2,731			NM
Wells Fargo comprehensive income		4,010				7,091			(43)		10,073				14,350			(30)
Comprehensive income (loss) from noncontrolling interests		(87		)		(64	)		36		294				197			49
Total comprehensive income		$	3,923			7,027			(44)		$	10,367			14,547			(29)
NM - Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Balance, beginning of period		$	189,964			185,262			182,990			181,549			176,469
Wells Fargo net income		5,719				5,804			5,709			5,729			5,726
Wells Fargo other comprehensive income (loss), net of tax		(1,709		)		259			400			(999	)		1,365
Noncontrolling interests		(51		)		301			353			(181	)		(125	)
Common stock issued		502				1,327			508			402			579
Common stock repurchased (1)		(1,994		)		(2,592	)		(2,945	)		(2,490	)		(2,954	)
Preferred stock released by ESOP		349				41			166			170			430
Common stock warrants repurchased/exercised		(24		)		(8	)		(9	)		—			—
Preferred stock issued		—				1,997			—			780			1,995
Common stock dividends		(1,932		)		(1,805	)		(1,816	)		(1,828	)		(1,844	)
Preferred stock dividends		(355		)		(344	)		(327	)		(321	)		(302	)
Tax benefit from stock incentive compensation		55				354			75			48			61
Stock incentive compensation expense		166				376			176			144			164
Net change in deferred compensation and related plans		(14		)		(1,008	)		(18	)		(13	)		(15	)
Balance, end of period		$	190,676			189,964			185,262			182,990			181,549
(1) For the quarter ended June 30, 2015, includes $750 million related to a private forward repurchase transaction that settled in third quarter 2015 for 13.6 million shares of common stock. For the quarters ended March 31, 2015, and December 31, September 30, and June 30, 2014, includes $750 million, $750 million, $1.0 billion, and $1.0 billion, respectively, related to private forward repurchase transactions that settled in subsequent quarters for 14.0 million, 14.3 million, 19.8 million, and 19.5 million shares of common stock, respectively.

Wells Fargo & Company and Subsidiaries AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)
		Quarter ended June 30,
		2015											2014
(in millions)		Average balance				Yields/ rates			Interest income/ expense				Average balance			Yields/ rates			Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments		$	267,101			0.28	%		$	186			229,770			0.28	%		$	161
Trading assets		67,615				2.91			492				54,347			3.05			414
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		31,748				1.58			125				6,580			1.78			29
Securities of U.S. states and political subdivisions		47,075				4.13			486				42,721			4.26			456
Mortgage-backed securities:
Federal agencies		97,958				2.65			650				116,475			2.85			831
Residential and commercial		22,677				5.84			331				27,252			6.11			416
Total mortgage-backed securities		120,635				3.25			981				143,727			3.47			1,247
Other debt and equity securities		48,816				3.51			427				48,734			3.76			457
Total available-for-sale securities		248,274				3.25			2,019				241,762			3.62			2,189
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		44,492				2.19			243				10,829			2.20			59
Securities of U.S. states and political subdivisions		2,090				5.17			27				8			6.00			—
Federal agency mortgage-backed securities		21,044				2.00			105				6,089			2.74			42
Other debt securities		6,270				1.70			26				5,206			1.90			25
Total held-to-maturity securities		73,896				2.18			401				22,132			2.28			126
Total investment securities		322,170				3.01			2,420				263,894			3.51			2,315
Mortgages held for sale (4)		23,456				3.57			209				18,824			4.16			195
Loans held for sale (4)		666				3.51			5				157			2.55			1
Loans:
Commercial:
Commercial and industrial - U.S.		231,551				3.36			1,939				199,246			3.39			1,687
Commercial and industrial - Non U.S.		45,123				1.93			217				43,045			2.06			221
Real estate mortgage		113,089				3.48			982				112,795			3.61			1,016
Real estate construction		20,771				4.12			214				17,458			4.18			182
Lease financing		12,364				5.16			160				12,151			5.68			172
Total commercial		422,898				3.33			3,512				384,695			3.42			3,278
Consumer:
Real estate 1-4 family first mortgage		266,023				4.12			2,740				259,985			4.20			2,729
Real estate 1-4 family junior lien mortgage		57,066				4.23			603				63,305			4.31			680
Credit card		30,373				11.69			885				26,442			11.97			790
Automobile		56,974				5.88			836				53,480			6.34			845
Other revolving credit and installment		37,112				5.88			544				43,136			5.07			545
Total consumer		447,548				5.02			5,608				446,348			5.02			5,589
Total loans (4)		870,446				4.20			9,120				831,043			4.28			8,867
Other		4,859				5.14			64				4,535			5.74			65
Total earning assets		$	1,556,313			3.22	%		$	12,496			1,402,570			3.43	%		$	12,018
Funding sources
Deposits:
Interest-bearing checking		$	38,551			0.05	%		$	5			40,193			0.07	%		$	7
Market rate and other savings		619,837				0.06			87				583,907			0.07			101
Savings certificates		32,454				0.63			52				38,754			0.86			82
Other time deposits		52,238				0.42			55				48,512			0.41			50
Deposits in foreign offices		104,334				0.13			33				94,232			0.15			35
Total interest-bearing deposits		847,414				0.11			232				805,598			0.14			275
Short-term borrowings		84,499				0.09			21				58,845			0.10			14
Long-term debt		185,093				1.34			620				159,233			1.56			620
Other liabilities		16,405				2.03			83				13,589			2.73			93
Total interest-bearing liabilities		1,133,411				0.34			956				1,037,265			0.39			1,002
Portion of noninterest-bearing funding sources		422,902				—			—				365,305			—			—
Total funding sources		$	1,556,313			0.25			956				1,402,570			0.28			1,002
Net interest margin and net interest income on a taxable-equivalent basis (5)						2.97	%		$	11,540						3.15	%		$	11,016
Noninterest-earning assets
Cash and due from banks		$	17,462										15,956
Goodwill		25,705											25,699
Other		129,798											119,778
Total noninterest-earning assets		$	172,965										161,433
Noninterest-bearing funding sources
Deposits		$	337,890										295,875
Other liabilities		67,595											51,184
Total equity		190,382											179,679
Noninterest-bearing funding sources used to fund earning assets		(422,902		)									(365,305	)
Net noninterest-bearing funding sources		$	172,965										161,433
Total assets		$	1,729,278										1,564,003
(1) Our average prime rate was 3.25% for the quarters ended June 30, 2015 and 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.28% and 0.23% for the same quarters, respectively.
(2) Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.
(4) Nonaccrual loans and related income are included in their respective loan categories.
(5) Includes taxable-equivalent adjustments of $270 million and $225 million for the quarters ended June 30, 2015 and 2014, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

Wells Fargo & Company and Subsidiaries AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)
		Six months ended June 30,
		2015											2014
(in millions)		Average balance				Yields/ rates			Interest income/ expense				Average balance			Yields/ rates			Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments		$	271,392			0.28	%		$	376			221,573			0.28	%		$	305
Trading assets		65,309				2.89			945				51,306			3.10			795
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		28,971				1.56			225				6,576			1.73			57
Securities of U.S. states and political subdivisions		46,017				4.16			958				42,661			4.32			921
Mortgage-backed securities:
Federal agencies		100,064				2.71			1,356				117,055			2.90			1,695
Residential and commercial		23,304				5.77			673				27,641			6.12			845
Total mortgage-backed securities		123,368				3.29			2,029				144,696			3.51			2,540
Other debt and equity securities		47,938				3.47			827				48,944			3.68			895
Total available-for-sale securities		246,294				3.28			4,039				242,877			3.64			4,413
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		43,685				2.20			477				5,993			2.20			65
Securities of U.S. states and political subdivisions		2,019				5.16			52				4			5.97			—
Federal agency mortgage-backed securities		16,208				1.95			158				6,125			2.93			90
Other debt securities		6,530				1.71			55				5,807			1.88			54
Total held-to-maturity securities		68,442				2.18			742				17,929			2.34			209
Total investment securities		314,736				3.04			4,781				260,806			3.55			4,622
Mortgages held for sale (4)		21,530				3.59			386				17,696			4.13			365
Loans held for sale (4)		683				3.08			10				134			4.08			3
Loans:
Commercial:
Commercial and industrial - U.S.		229,627				3.32			3,783				196,570			3.41			3,328
Commercial and industrial - Non U.S.		45,093				1.90			426				42,616			1.99			421
Real estate mortgage		112,298				3.52			1,963				112,810			3.58			2,006
Real estate construction		20,135				3.83			383				17,265			4.28			366
Lease financing		12,341				5.06			312				12,206			5.90			360
Total commercial		419,494				3.30			6,867				381,467			3.42			6,481
Consumer:
Real estate 1-4 family first mortgage		265,923				4.12			5,481				259,737			4.19			5,434
Real estate 1-4 family junior lien mortgage		57,968				4.25			1,224				64,155			4.31			1,372
Credit card		30,376				11.74			1,768				26,363			12.14			1,588
Automobile		56,492				5.91			1,657				52,642			6.42			1,676
Other revolving credit and installment		36,620				5.94			1,079				43,072			5.03			1,076
Total consumer		447,379				5.03			11,209				445,969			5.02			11,146
Total loans (4)		866,873				4.19			18,076				827,436			4.28			17,627
Other		4,795				5.27			127				4,595			5.73			131
Total earning assets		$	1,545,318			3.21	%		$	24,701			1,383,546			3.46	%		$	23,848
Funding sources
Deposits:
Interest-bearing checking		$	38,851			0.05	%		$	10			38,506			0.07	%		$	13
Market rate and other savings		616,643				0.06			184				581,489			0.07			206
Savings certificates		33,525				0.69			116				39,639			0.87			171
Other time deposits		54,381				0.41			111				47,174			0.42			98
Deposits in foreign offices		104,932				0.13			69				92,650			0.14			66
Total interest-bearing deposits		848,332				0.12			490				799,458			0.14			554
Short-term borrowings		78,141				0.10			39				56,686			0.10			27
Long-term debt		184,432				1.33			1,224				156,528			1.59			1,239
Other liabilities		16,648				2.17			180				13,226			2.72			180
Total interest-bearing liabilities		1,127,553				0.34			1,933				1,025,898			0.39			2,000
Portion of noninterest-bearing funding sources		417,765				—			—				357,648			—			—
Total funding sources		$	1,545,318			0.25			1,933				1,383,546			0.29			2,000
Net interest margin and net interest income on a taxable-equivalent basis (5)(6)						2.96	%		$	22,768						3.17	%		$	21,848
Noninterest-earning assets
Cash and due from banks		$	17,262										16,159
Goodwill		25,705											25,668
Other		130,312											119,687
Total noninterest-earning assets		$	173,279										161,514
Noninterest-bearing funding sources
Deposits		$	331,745										290,004
Other liabilities		69,779											52,065
Total equity		189,520											177,093
Noninterest-bearing funding sources used to fund earning assets		(417,765		)									(357,648	)
Net noninterest-bearing funding sources		$	173,279										161,514
Total assets		$	1,718,597										1,545,060
(1) Our average prime rate was 3.25% for the six months ended June 30, 2015 and 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.27% and 0.23% for the same periods, respectively.
(2) Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.
(4) Nonaccrual loans and related income are included in their respective loan categories.
(5) Includes taxable-equivalent adjustments of $512 million and $442 million for the six months ended June 30, 2015 and 2014, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

Wells Fargo & Company and Subsidiaries FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)
		Quarter ended
		Jun 30, 2015							Mar 31, 2015							Dec 31, 2014							Sep 30, 2014							Jun 30, 2014
($ in billions)		Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates			Average balance				Yields/ rates
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments		$	267.1			0.28	%		$	275.7			0.28	%		$	268.1			0.28	%		$	253.2			0.28	%		$	229.8			0.28	%
Trading assets		67.6				2.91			63.0				2.88			60.4				3.21			57.5				3.00			54.4				3.05
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		31.7				1.58			26.2				1.55			19.5				1.55			8.8				1.69			6.6				1.78
Securities of U.S. states and political subdivisions		47.1				4.13			44.9				4.20			43.9				4.30			43.3				4.24			42.7				4.26
Mortgage-backed securities:
Federal agencies		98.0				2.65			102.2				2.76			109.3				2.78			113.0				2.76			116.5				2.85
Residential and commercial		22.7				5.84			23.9				5.71			24.7				5.89			26.0				5.98			27.3				6.11
Total mortgage-backed securities		120.7				3.25			126.1				3.32			134.0				3.36			139.0				3.36			143.8				3.47
Other debt and equity securities		48.8				3.51			47.1				3.43			45.0				3.87			47.1				3.45			48.7				3.76
Total available-for-sale securities		248.3				3.25			244.3				3.32			242.4				3.48			238.2				3.48			241.8				3.62
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		44.5				2.19			42.9				2.21			32.9				2.25			23.7				2.22			10.8				2.20
Securities of U.S. states and political subdivisions		2.1				5.17			1.9				5.16			0.9				4.92			—				—			—				—
Federal agency mortgage-backed securities		21.0				2.00			11.3				1.87			5.6				2.07			5.9				2.23			6.1				2.74
Other debt securities		6.3				1.70			6.8				1.72			6.1				1.81			5.9				1.83			5.2				1.90
Total held-to-maturity securities		73.9				2.18			62.9				2.19			45.5				2.22			35.5				2.17			22.1				2.28
Total investment securities		322.2				3.01			307.2				3.08			287.9				3.28			273.7				3.31			263.9				3.51
Mortgages held for sale		23.5				3.57			19.6				3.61			19.2				3.90			21.5				4.01			18.8				4.16
Loans held for sale		0.7				3.51			0.7				2.67			7.0				1.43			9.5				2.10			0.2				2.55
Loans:
Commercial:
Commercial and industrial - U.S.		231.5				3.36			227.7				3.28			218.3				3.32			207.6				3.29			199.2				3.39
Commercial and industrial - Non U.S.		45.1				1.93			45.1				1.88			43.0				2.03			42.4				2.11			43.0				2.06
Real estate mortgage		113.1				3.48			111.5				3.57			112.3				3.69			113.0				3.69			112.8				3.61
Real estate construction		20.8				4.12			19.5				3.52			18.3				4.33			17.8				3.94			17.5				4.18
Lease financing		12.4				5.16			12.3				4.95			12.3				5.35			12.3				5.38			12.2				5.68
Total commercial		422.9				3.33			416.1				3.26			404.2				3.39			393.1				3.37			384.7				3.42
Consumer:
Real estate 1-4 family first mortgage		266.0				4.12			265.8				4.13			264.8				4.16			262.2				4.23			260.0				4.20
Real estate 1-4 family junior lien mortgage		57.0				4.23			58.9				4.27			60.2				4.28			61.6				4.30			63.3				4.31
Credit card		30.4				11.69			30.4				11.78			29.5				11.71			27.7				11.96			26.4				11.97
Automobile		57.0				5.88			56.0				5.95			55.4				6.08			54.6				6.19			53.5				6.34
Other revolving credit and installment		37.1				5.88			36.1				6.01			35.3				6.01			34.0				6.03			43.1				5.07
Total consumer		447.5				5.02			447.2				5.05			445.2				5.06			440.1				5.11			446.3				5.02
Total loans		870.4				4.20			863.3				4.19			849.4				4.27			833.2				4.29			831.0				4.28
Other		4.8				5.14			4.7				5.41			4.8				5.30			4.7				5.41			4.5				5.74
Total earning assets		$	1,556.3			3.22	%		$	1,534.2			3.21	%		$	1,496.8			3.31	%		$	1,453.3			3.34	%		$	1,402.6			3.43	%
Funding sources
Deposits:
Interest-bearing checking		$	38.6			0.05	%		$	39.2			0.05	%		$	40.5			0.06	%		$	41.4			0.07	%		$	40.2			0.07	%
Market rate and other savings		619.8				0.06			613.4				0.06			593.9				0.07			586.4				0.07			583.9				0.07
Savings certificates		32.5				0.63			34.6				0.75			35.9				0.80			37.3				0.84			38.8				0.86
Other time deposits		52.2				0.42			56.5				0.39			56.1				0.39			55.1				0.39			48.5				0.41
Deposits in foreign offices		104.3				0.13			105.5				0.14			99.3				0.15			98.9				0.14			94.2				0.15
Total interest-bearing deposits		847.4				0.11			849.2				0.12			825.7				0.13			819.1				0.13			805.6				0.14
Short-term borrowings		84.5				0.09			71.7				0.11			64.7				0.12			62.3				0.10			58.9				0.10
Long-term debt		185.1				1.34			183.8				1.32			183.3				1.35			173.0				1.46			159.2				1.56
Other liabilities		16.4				2.03			16.9				2.30			15.6				2.44			15.5				2.73			13.6				2.73
Total interest-bearing liabilities		1,133.4				0.34			1,121.6				0.35			1,089.3				0.37			1,069.9				0.38			1,037.3				0.39
Portion of noninterest-bearing funding sources		422.9				—			412.6				—			407.5				—			383.4				—			365.3				—
Total funding sources		$	1,556.3			0.25			$	1,534.2			0.26			$	1,496.8			0.27			$	1,453.3			0.28			$	1,402.6			0.28
Net interest margin on a taxable-equivalent basis						2.97	%						2.95	%						3.04	%						3.06	%						3.15	%
Noninterest-earning assets
Cash and due from banks		$	17.5						17.1							16.9							16.2							15.9
Goodwill		25.7							25.7							25.7							25.7							25.7
Other		129.8							130.8							124.4							122.7							119.8
Total noninterest-earnings assets		$	173.0						173.6							167.0							164.6							161.4
Noninterest-bearing funding sources
Deposits		$	337.9						325.6							324.1							308.0							295.9
Other liabilities		67.6							72.0							65.7							57.9							51.1
Total equity		190.4							188.6							184.7							182.1							179.7
Noninterest-bearing funding sources used to fund earning assets		(422.9		)					(412.6		)					(407.5		)					(383.4		)					(365.3		)
Net noninterest-bearing funding sources		$	173.0						173.6							167.0							164.6							161.4
Total assets		$	1,729.3						1,707.8							1,663.8							1,617.9							1,564.0
(1) Our average prime rate was 3.25% for quarters ended June 30, and March 31, 2015, and December 31, September 30, and June 30, 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.28%, 0.26%, 0.24%, 0.23% and 0.23% for the same quarters, respectively.
(2) Yields/rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

Wells Fargo & Company and Subsidiaries NONINTEREST INCOME
		Quarter ended June 30,							%			Six months ended June 30,							%
(in millions)		2015				2014			Change			2015				2014			Change
Service charges on deposit accounts		$	1,289			1,283			—			$	2,504			2,498			—
Trust and investment fees:
Brokerage advisory, commissions and other fees		2,399				2,280			5			4,779				4,521			6
Trust and investment management		861				838			3			1,713				1,682			2
Investment banking		450				491			(8	)		895				818			9
Total trust and investment fees		3,710				3,609			3			7,387				7,021			5
Card fees		930				847			10			1,801				1,631			10
Other fees:
Charges and fees on loans		304				342			(11	)		613				709			(14	)
Merchant processing fees		202				183			10			389				355			10
Cash network fees		132				128			3			257				248			4
Commercial real estate brokerage commissions		141				99			42			270				171			58
Letters of credit fees		90				92			(2	)		178				188			(5	)
All other fees		238				244			(2	)		478				464			3
Total other fees		1,107				1,088			2			2,185				2,135			2
Mortgage banking:
Servicing income, net		514				1,035			(50	)		1,037				1,973			(47	)
Net gains on mortgage loan origination/sales activities		1,191				688			73			2,215				1,260			76
Total mortgage banking		1,705				1,723			(1	)		3,252				3,233			1
Insurance		461				453			2			891				885			1
Net gains from trading activities		133				382			(65	)		541				814			(34	)
Net gains on debt securities		181				71			155			459				154			198
Net gains from equity investments		517				449			15			887				1,296			(32	)
Lease income		155				129			20			287				262			10
Life insurance investment income		145				138			5			290				270			7
All other		(285		)		103			NM			(144		)		86			NM
Total		$	10,048			10,275			(2	)		$	20,340			20,285			—
NM - Not meaningful
NONINTEREST EXPENSE
		Quarter ended June 30,							%			Six months ended June 30,							%
(in millions)		2015				2014			Change			2015				2014			Change
Salaries		$	3,936			3,795			4	%		$	7,787			7,523			4	%
Commission and incentive compensation		2,606				2,445			7			5,291				4,861			9
Employee benefits		1,106				1,170			(5	)		2,583				2,542			2
Equipment		470				445			6			964				935			3
Net occupancy		710				722			(2	)		1,433				1,464			(2	)
Core deposit and other intangibles		312				349			(11	)		624				690			(10	)
FDIC and other deposit assessments		222				225			(1	)		470				468			—
Outside professional services		627				646			(3	)		1,175				1,205			(2	)
Operating losses		521				364			43			816				523			56
Outside data processing		269				259			4			522				500			4
Contract services		238				249			(4	)		463				483			(4	)
Travel and entertainment		172				243			(29	)		330				462			(29	)
Postage, stationery and supplies		180				170			6			351				361			(3	)
Advertising and promotion		169				187			(10	)		287				305			(6	)
Foreclosed assets		117				130			(10	)		252				262			(4	)
Telecommunications		113				111			2			224				225			—
Insurance		156				140			11			296				265			12
Operating leases		64				54			19			126				104			21
All other		481				490			(2	)		982				964			2
Total		$	12,469			12,194			2			$	24,976			24,142			3

Wells Fargo & Company and Subsidiaries FIVE QUARTER NONINTEREST INCOME
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Service charges on deposit accounts		$	1,289			1,215			1,241			1,311			1,283
Trust and investment fees:
Brokerage advisory, commissions and other fees		2,399				2,380			2,335			2,327			2,280
Trust and investment management		861				852			849			856			838
Investment banking		450				445			521			371			491
Total trust and investment fees		3,710				3,677			3,705			3,554			3,609
Card fees		930				871			925			875			847
Other fees:
Charges and fees on loans		304				309			311			296			342
Merchant processing fees		202				187			187			184			183
Cash network fees		132				125			125			134			128
Commercial real estate brokerage commissions		141				129			155			143			99
Letters of credit fees		90				88			102			100			92
All other fees		238				240			244			233			244
Total other fees		1,107				1,078			1,124			1,090			1,088
Mortgage banking:
Servicing income, net		514				523			685			679			1,035
Net gains on mortgage loan origination/sales activities		1,191				1,024			830			954			688
Total mortgage banking		1,705				1,547			1,515			1,633			1,723
Insurance		461				430			382			388			453
Net gains from trading activities		133				408			179			168			382
Net gains on debt securities		181				278			186			253			71
Net gains from equity investments		517				370			372			712			449
Lease income		155				132			127			137			129
Life insurance investment income		145				145			145			143			138
All other		(285		)		141			362			8			103
Total		$	10,048			10,292			10,263			10,272			10,275
FIVE QUARTER NONINTEREST EXPENSE
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Salaries		$	3,936			3,851			3,938			3,914			3,795
Commission and incentive compensation		2,606				2,685			2,582			2,527			2,445
Employee benefits		1,106				1,477			1,124			931			1,170
Equipment		470				494			581			457			445
Net occupancy		710				723			730			731			722
Core deposit and other intangibles		312				312			338			342			349
FDIC and other deposit assessments		222				248			231			229			225
Outside professional services		627				548			800			684			646
Operating losses		521				295			309			417			364
Outside data processing		269				253			270			264			259
Contract services		238				225			245			247			249
Travel and entertainment		172				158			216			226			243
Postage, stationery and supplies		180				171			190			182			170
Advertising and promotion		169				118			195			153			187
Foreclosed assets		117				135			164			157			130
Telecommunications		113				111			106			122			111
Insurance		156				140			60			97			140
Operating leases		64				62			58			58			54
All other		481				501			510			510			490
Total		$	12,469			12,507			12,647			12,248			12,194

Wells Fargo & Company and Subsidiaries CONSOLIDATED BALANCE SHEET
(in millions, except shares)		Jun 30, 2015				Dec 31,2014			% Change
Assets
Cash and due from banks		$	19,687			19,571			1	%
Federal funds sold, securities purchased under resale agreements and other short-term investments		232,247				258,429			(10	)
Trading assets		80,236				78,255			3
Investment securities:
Available-for-sale, at fair value		260,667				257,442			1
Held-to-maturity, at cost		80,102				55,483			44
Mortgages held for sale		25,447				19,536			30
Loans held for sale		621				722			(14	)
Loans		888,459				862,551			3
Allowance for loan losses		(11,754		)		(12,319	)		(5	)
Net loans		876,705				850,232			3
Mortgage servicing rights:
Measured at fair value		12,661				12,738			(1	)
Amortized		1,262				1,242			2
Premises and equipment, net		8,692				8,743			(1	)
Goodwill		25,705				25,705			—
Other assets		96,585				99,057			(2	)
Total assets		$	1,720,617			1,687,155			2
Liabilities
Noninterest-bearing deposits		$	343,582			321,963			7
Interest-bearing deposits		842,246				846,347			—
Total deposits		1,185,828				1,168,310			1
Short-term borrowings		82,963				63,518			31
Accrued expenses and other liabilities		81,399				86,122			(5	)
Long-term debt		179,751				183,943			(2	)
Total liabilities		1,529,941				1,501,893			2
Equity
Wells Fargo stockholders’ equity:
Preferred stock		21,649				19,213			13
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares and 5,481,811,474 shares		9,136				9,136			—
Additional paid-in capital		60,154				60,537			(1	)
Retained earnings		114,093				107,040			7
Cumulative other comprehensive income		2,068				3,518			(41	)
Treasury stock – 336,576,217 shares and 311,462,276 shares		(15,707		)		(13,690	)		15
Unearned ESOP shares		(1,835		)		(1,360	)		35
Total Wells Fargo stockholders’ equity		189,558				184,394			3
Noncontrolling interests		1,118				868			29
Total equity		190,676				185,262			3
Total liabilities and equity		$	1,720,617			1,687,155			2

Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED BALANCE SHEET
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Assets
Cash and due from banks		$	19,687			19,793			19,571			18,032			20,635
Federal funds sold, securities purchased under resale agreements and other short-term investments		232,247				291,317			258,429			261,932			238,719
Trading assets		80,236				79,278			78,255			67,755			71,674
Investment securities:
Available-for-sale, at fair value		260,667				257,603			257,442			248,251			248,961
Held-to-maturity, at cost		80,102				67,133			55,483			40,758			30,108
Mortgages held for sale		25,447				23,606			19,536			20,178			21,064
Loans held for sale		621				681			722			9,292			9,762
Loans		888,459				861,231			862,551			838,883			828,942
Allowance for loan losses		(11,754		)		(12,176	)		(12,319	)		(12,681	)		(13,101	)
Net loans		876,705				849,055			850,232			826,202			815,841
Mortgage servicing rights:
Measured at fair value		12,661				11,739			12,738			14,031			13,900
Amortized		1,262				1,252			1,242			1,224			1,196
Premises and equipment, net		8,692				8,696			8,743			8,768			8,977
Goodwill		25,705				25,705			25,705			25,705			25,705
Other assets		96,585				101,879			99,057			94,727			92,332
Total assets		$	1,720,617			1,737,737			1,687,155			1,636,855			1,598,874
Liabilities
Noninterest-bearing deposits		$	343,582			335,858			321,963			313,791			308,099
Interest-bearing deposits		842,246				860,805			846,347			816,834			810,478
Total deposits		1,185,828				1,196,663			1,168,310			1,130,625			1,118,577
Short-term borrowings		82,963				77,697			63,518			62,927			61,849
Accrued expenses and other liabilities		81,399				90,121			86,122			75,727			69,021
Long-term debt		179,751				183,292			183,943			184,586			167,878
Total liabilities		1,529,941				1,547,773			1,501,893			1,453,865			1,417,325
Equity
Wells Fargo stockholders’ equity:
Preferred stock		21,649				21,998			19,213			19,379			18,749
Common stock		9,136				9,136			9,136			9,136			9,136
Additional paid-in capital		60,154				59,980			60,537			60,100			59,926
Retained earnings		114,093				110,676			107,040			103,494			99,926
Cumulative other comprehensive income		2,068				3,777			3,518			3,118			4,117
Treasury stock		(15,707		)		(14,556	)		(13,690	)		(11,206	)		(9,271	)
Unearned ESOP shares		(1,835		)		(2,215	)		(1,360	)		(1,540	)		(1,724	)
Total Wells Fargo stockholders’ equity		189,558				188,796			184,394			182,481			180,859
Noncontrolling interests		1,118				1,168			868			509			690
Total equity		190,676				189,964			185,262			182,990			181,549
Total liabilities and equity		$	1,720,617			1,737,737			1,687,155			1,636,855			1,598,874

Wells Fargo & Company and Subsidiaries FIVE QUARTER INVESTMENT SECURITIES
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies		$	35,944			30,031			25,804			14,794			6,414
Securities of U.S. states and political subdivisions		48,298				47,380			44,944			45,805			44,779
Mortgage-backed securities:
Federal agencies		100,078				103,217			110,089			112,613			116,908
Residential and commercial		23,770				24,712			26,263			27,491			29,433
Total mortgage-backed securities		123,848				127,929			136,352			140,104			146,341
Other debt securities		50,090				48,759			46,666			45,013			48,312
Total available-for-sale debt securities		258,180				254,099			253,766			245,716			245,846
Marketable equity securities		2,487				3,504			3,676			2,535			3,115
Total available-for-sale securities		260,667				257,603			257,442			248,251			248,961
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies		44,645				44,244			40,886			28,887			17,777
Securities of U.S. states and political subdivisions		2,174				2,092			1,962			123			41
Federal agency mortgage-backed securities		27,577				14,311			5,476			5,770			6,030
Other debt securities		5,706				6,486			7,159			5,978			6,260
Total held-to-maturity debt securities		80,102				67,133			55,483			40,758			30,108
Total investment securities		$	340,769			324,736			312,925			289,009			279,069

FIVE QUARTER LOANS
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Commercial:
Commercial and industrial		$	284,817			271,088			271,795			254,199			248,192
Real estate mortgage		119,695				111,848			111,996			112,064			113,564
Real estate construction		21,309				19,981			18,728			18,090			17,272
Lease financing		12,201				12,382			12,307			12,006			12,252
Total commercial		438,022				415,299			414,826			396,359			391,280
Consumer:
Real estate 1-4 family first mortgage		267,868				265,213			265,386			263,337			260,114
Real estate 1-4 family junior lien mortgage		56,164				57,839			59,717			60,875			62,487
Credit card		31,135				30,078			31,119			28,280			27,226
Automobile		57,801				56,339			55,740			55,242			54,095
Other revolving credit and installment		37,469				36,463			35,763			34,790			33,740
Total consumer		450,437				445,932			447,725			442,524			437,662
Total loans (1)		$	888,459			861,231			862,551			838,883			828,942
(1) Includes $21.6 billion, $22.4 billion, $23.3 billion, $24.2 billion, and $25.0 billion of purchased credit-impaired (PCI) loans at June 30 and March 31, 2015, and December 31, September 30 and June 30, 2014, respectively.

Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign primarily based on whether the borrower's primary address is outside of the United States. The following table presents total commercial foreign loans outstanding by class of financing receivable.
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Commercial foreign loans:
Commercial and industrial		$	44,838			45,325			44,707			41,829			42,136
Real estate mortgage		9,125				5,171			4,776			4,856			5,146
Real estate construction		389				241			218			209			216
Lease financing		301				307			336			332			344
Total commercial foreign loans		$	54,653			51,044			50,037			47,226			47,842

Wells Fargo & Company and Subsidiaries FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Nonaccrual loans:
Commercial:
Commercial and industrial		$	1,079			663			538			614			724
Real estate mortgage		1,250				1,324			1,490			1,636			1,805
Real estate construction		165				182			187			217			239
Lease financing		28				23			24			27			29
Total commercial		2,522				2,192			2,239			2,494			2,797
Consumer:
Real estate 1-4 family first mortgage		8,045				8,345			8,583			8,785			9,026
Real estate 1-4 family junior lien mortgage		1,710				1,798			1,848			1,903			1,965
Automobile		126				133			137			143			150
Other revolving credit and installment		40				42			41			40			34
Total consumer		9,921				10,318			10,609			10,871			11,175
Total nonaccrual loans (1)(2)(3)		$	12,443			12,510			12,848			13,365			13,972
As a percentage of total loans		1.40		%		1.45			1.49			1.59			1.69
Foreclosed assets:
Government insured/guaranteed (4)		$	588			772			982			1,140			1,257
Non-government insured/guaranteed		1,370				1,557			1,627			1,691			1,748
Total foreclosed assets		1,958				2,329			2,609			2,831			3,005
Total nonperforming assets		$	14,401			14,839			15,457			16,196			16,977
As a percentage of total loans		1.62		%		1.72			1.79			1.93			2.05
(1) Includes nonaccrual mortgages held for sale and loans held for sale in their respective loan categories.
(2) Excludes PCI loans because they continue to earn interest income from accretable yield, independent of performance in accordance with their contractual terms.
(3) Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and student loans predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program are not placed on nonaccrual status because they are insured or guaranteed.
(4) Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were predominantly insured by the FHA or guaranteed by the VA. Foreclosure of certain government guaranteed residential real estate mortgage loans that meet criteria specified by Accounting Standards Update (ASU) 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure, effective as of January 1, 2014 are excluded from this table and included in Accounts Receivable in Other Assets. For more information on ASU 2014-14 and the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2014 Form 10-K.

Wells Fargo & Company and Subsidiaries LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Loans 90 days or more past due and still accruing:
Total (excluding PCI)(1):		$	15,161			16,344			17,810			18,295			18,582
Less: FHA insured/guaranteed by the VA (2)(3)		14,359				15,453			16,827			16,628			16,978
Less: Student loans guaranteed under the FFELP (4)		46				50			63			721			707
Total, not government insured/guaranteed		$	756			841			920			946			897
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial		$	17			31			31			35			52
Real estate mortgage		10				43			16			37			53
Real estate construction		—				—			—			18			16
Total commercial		27				74			47			90			121
Consumer:
Real estate 1-4 family first mortgage (3)		220				221			260			327			311
Real estate 1-4 family junior lien mortgage (3)		65				55			83			78			70
Credit card		304				352			364			302			266
Automobile		51				47			73			64			48
Other revolving credit and installment		89				92			93			85			81
Total consumer		729				767			873			856			776
Total, not government insured/guaranteed		$	756			841			920			946			897
(1) PCI loans totaled $3.4 billion, $3.6 billion, $3.7 billion, $4.0 billion and $4.0 billion, at June 30, and March 31, 2015 and December 31, September 30, and June 30, 2014, respectively.
(2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(3) Includes mortgages held for sale 90 days or more past due and still accruing.
(4) Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the FFELP. In fourth quarter 2014, substantially all government guaranteed loans were sold.

Wells Fargo & Company and Subsidiaries CHANGES IN ACCRETABLE YIELD RELATED TO PURCHASED CREDIT-IMPAIRED (PCI) LOANS

Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. PCI loans predominantly represent loans acquired from Wachovia that were deemed to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, recent borrower credit scores and recent LTV percentages. PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date. As a result of PCI loan accounting, certain credit-related ratios cannot be used to compare a portfolio that includes PCI loans against one that does not, or to compare ratios across quarters or years. The ratios particularly affected include the allowance for loan losses and allowance for credit losses as percentages of loans, of nonaccrual loans and of nonperforming assets; nonaccrual loans and nonperforming assets as a percentage of total loans; and net charge-offs as a percentage of loans. The excess of cash flows expected to be collected over the carrying value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated lives of the PCI loans using the effective yield method. The accretable yield is affected by:

Changes in interest rate indices for variable rate PCI loans - Expected future cash flows are based on the variable rates in effect at the time of the quarterly assessment of expected cash flows; Changes in prepayment assumptions - Prepayments affect the estimated life of PCI loans which may change the amount of interest income, and possibly principal, expected to be collected; and Changes in the expected principal and interest payments over the estimated life - Updates to changes in expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows from loan modifications are included in the regular evaluations of cash flows expected to be collected. The change in the accretable yield related to PCI loans is presented in the following table.

(in millions)
Balance, December 31, 2008		$	10,447
Addition of accretable yield due to acquisitions		132
Accretion into interest income (1)		(12,783		)
Accretion into noninterest income due to sales (2)		(430		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows		8,568
Changes in expected cash flows that do not affect nonaccretable difference (3)		11,856
Balance, December 31, 2014		17,790
Addition of accretable yield due to acquisitions		—
Accretion into interest income (1)		(764		)
Accretion into noninterest income due to sales (2)		(28		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (4)		30
Changes in expected cash flows that do not affect nonaccretable difference (3)		(58		)
Balance, June 30, 2015		$	16,970
Balance, March 31, 2015		$	17,325
Addition of accretable yield due to acquisitions		—
Accretion into interest income (1)		(366		)
Accretion into noninterest income due to sales (2)		—
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (4)		8
Changes in expected cash flows that do not affect nonaccretable difference (3)		3
Balance, June 30, 2015		$	16,970
(1) Includes accretable yield released as a result of settlements with borrowers, which is included in interest income.
(2) Includes accretable yield released as a result of sales to third parties, which is included in noninterest income.
(3) Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, changes in interest rates on variable rate PCI loans and sales to third parties.
(4) At June 30, 2015, our carrying value for PCI loans totaled $21.6 billion and the remainder of nonaccretable difference established in purchase accounting totaled $3.0 billion. The nonaccretable difference absorbs losses of contractual amounts that exceed our carrying value for PCI loans.

Wells Fargo & Company and Subsidiaries PICK-A-PAY PORTFOLIO (1)
		June 30, 2015
		PCI loans														All other loans
(in millions)		Adjusted unpaid principal balance (2)				Current LTV ratio (3)			Carrying value (4)				Ratio of carrying value to current value (5)			Carrying value (4)				Ratio of carrying value to current value (5)
California		$	17,529			76	%		$	14,308			62	%		$	10,583			55	%
Florida		1,996				85			1,450				60			2,188				69
New Jersey		839				83			687				63			1,425				70
New York		550				76			487				61			683				66
Texas		220				59			200				53			851				47
Other states		4,063				81			3,288				65			6,072				68
Total Pick-a-Pay loans		$	25,197			78			$	20,420			62			$	21,802			61
(1) The individual states shown in this table represent the top five states based on the total net carrying value of the Pick-a-Pay loans at the beginning of 2015.
(2) Adjusted unpaid principal balance includes write-downs taken on loans where severe delinquency (normally 180 days) or other indications of severe borrower financial stress exist that indicate there will be a loss of contractually due amounts upon final resolution of the loan.
(3) The current LTV ratio is calculated as the adjusted unpaid principal balance divided by the collateral value. Collateral values are generally determined using automated valuation models (AVM) and are updated quarterly. AVMs are computer-based tools used to estimate market values of homes based on processing large volumes of market data including market comparables and price trends for local market areas.
(4) Carrying value, which does not reflect the allowance for loan losses, includes remaining purchase accounting adjustments, which, for PCI loans may include the nonaccretable difference and the accretable yield and, for all other loans, an adjustment to mark the loans to a market yield at date of merger less any subsequent charge-offs.
(5) The ratio of carrying value to current value is calculated as the carrying value divided by the collateral value.

NON-STRATEGIC AND LIQUIDATING LOAN PORTFOLIOS
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Commercial:
Legacy Wachovia commercial and industrial and commercial real estate PCI loans (1)		$	592			699			1,125			1,465			1,499
Total commercial		592				699			1,125			1,465			1,499
Consumer:
Pick-a-Pay mortgage (1)(2)		42,222				43,745			45,002			46,389			47,965
Legacy Wells Fargo Financial debt consolidation (3)		10,702				11,067			11,417			11,781			12,169
Liquidating home equity		2,566				2,744			2,910			3,083			3,290
Legacy Wachovia other PCI loans (1)		262				276			300			320			336
Legacy Wells Fargo Financial indirect auto (3)		15				23			34			54			85
Total consumer		55,767				57,855			59,663			61,627			63,845
Total non-strategic and liquidating loan portfolios		$	56,359			58,554			60,788			63,092			65,344
(1) Net of purchase accounting adjustments related to PCI loans.
(2) Includes PCI loans of $20.4 billion, $21.0 billion, $21.5 billion, $22.1 billion and $22.7 billion at June 30 and March 31, 2015, and December 31, September 30, and June 30, 2014, respectively.
(3) When we refer to "Legacy Wells Fargo", we mean Wells Fargo excluding Wachovia Corporation (Wachovia).

Wells Fargo & Company and Subsidiaries CHANGES IN ALLOWANCE FOR CREDIT LOSSES
		Quarter ended June 30,							Six months ended June 30,
(in millions)		2015				2014			2015			2014
Balance, beginning of period		$	13,013			14,414			13,169			14,971
Provision for credit losses		300				217			908			542
Interest income on certain impaired loans (1)		(50		)		(55	)		(102	)		(111	)
Loan charge-offs:
Commercial:
Commercial and industrial		(154		)		(146	)		(287	)		(309	)
Real estate mortgage		(16		)		(16	)		(39	)		(36	)
Real estate construction		(1		)		(3	)		(2	)		(4	)
Lease financing		(3		)		(3	)		(6	)		(7	)
Total commercial		(174		)		(168	)		(334	)		(356	)
Consumer:
Real estate 1-4 family first mortgage		(119		)		(193	)		(249	)		(416	)
Real estate 1-4 family junior lien mortgage		(163		)		(220	)		(342	)		(469	)
Credit card		(284		)		(266	)		(562	)		(533	)
Automobile		(150		)		(143	)		(345	)		(323	)
Other revolving credit and installment		(151		)		(171	)		(305	)		(348	)
Total consumer		(867		)		(993	)		(1,803	)		(2,089	)
Total loan charge-offs		(1,041		)		(1,161	)		(2,137	)		(2,445	)
Loan recoveries:
Commercial:
Commercial and industrial		73				86			142			200
Real estate mortgage		31				26			65			68
Real estate construction		7				23			17			47
Lease financing		1				2			4			5
Total commercial		112				137			228			320
Consumer:
Real estate 1-4 family first mortgage		52				56			99			109
Real estate 1-4 family junior lien mortgage		69				60			125			117
Credit card		41				55			80			91
Automobile		82				97			176			187
Other revolving credit and installment		35				39			71			79
Total consumer		279				307			551			583
Total loan recoveries		391				444			779			903
Net loan charge-offs (2)		(650		)		(717	)		(1,358	)		(1,542	)
Allowances related to business combinations/other		1				(25	)		(3	)		(26	)
Balance, end of period		$	12,614			13,834			12,614			13,834
Components:
Allowance for loan losses		$	11,754			13,101			11,754			13,101
Allowance for unfunded credit commitments		860				733			860			733
Allowance for credit losses (3)		$	12,614			13,834			12,614			13,834
Net loan charge-offs (annualized) as a percentage of average total loans (2)		0.30		%		0.35			0.32			0.38
Allowance for loan losses as a percentage of total loans (3)		1.32				1.58			1.32			1.58
Allowance for credit losses as a percentage of total loans (3)		1.42				1.67			1.42			1.67
(1) Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize reductions in allowance as interest income.
(2) For PCI loans, charge-offs are only recorded to the extent that losses exceed the purchase accounting estimates.
(3) The allowance for credit losses includes $7 million and $8 million at June 30, 2015 and 2014, respectively, related to PCI loans acquired from Wachovia. Loans acquired from Wachovia are included in total loans net of related purchase accounting net write-downs.

Wells Fargo & Company and Subsidiaries FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Balance, beginning of quarter		$	13,013			13,169			13,481			13,834			14,414
Provision for credit losses		300				608			485			368			217
Interest income on certain impaired loans (1)		(50		)		(52	)		(48	)		(52	)		(55	)
Loan charge-offs:
Commercial:
Commercial and industrial		(154		)		(133	)		(161	)		(157	)		(146	)
Real estate mortgage		(16		)		(23	)		(19	)		(11	)		(16	)
Real estate construction		(1		)		(1	)		(2	)		(3	)		(3	)
Lease financing		(3		)		(3	)		(3	)		(5	)		(3	)
Total commercial		(174		)		(160	)		(185	)		(176	)		(168	)
Consumer:
Real estate 1-4 family first mortgage		(119		)		(130	)		(138	)		(167	)		(193	)
Real estate 1-4 family junior lien mortgage		(163		)		(179	)		(193	)		(202	)		(220	)
Credit card		(284		)		(278	)		(256	)		(236	)		(266	)
Automobile		(150		)		(195	)		(214	)		(192	)		(143	)
Other revolving credit and installment		(151		)		(154	)		(160	)		(160	)		(171	)
Total consumer		(867		)		(936	)		(961	)		(957	)		(993	)
Total loan charge-offs		(1,041		)		(1,096	)		(1,146	)		(1,133	)		(1,161	)
Loan recoveries:
Commercial:
Commercial and industrial		73				69			79			90			86
Real estate mortgage		31				34			44			48			26
Real estate construction		7				10			28			61			23
Lease financing		1				3			2			1			2
Total commercial		112				116			153			200			137
Consumer:
Real estate 1-4 family first mortgage		52				47			50			53			56
Real estate 1-4 family junior lien mortgage		69				56			59			62			60
Credit card		41				39			35			35			55
Automobile		82				94			82			80			97
Other revolving credit and installment		35				36			32			35			39
Total consumer		279				272			258			265			307
Total loan recoveries		391				388			411			465			444
Net loan charge-offs		(650		)		(708	)		(735	)		(668	)		(717	)
Allowances related to business combinations/other		1				(4	)		(14	)		(1	)		(25	)
Balance, end of quarter		$	12,614			13,013			13,169			13,481			13,834
Components:
Allowance for loan losses		$	11,754			12,176			12,319			12,681			13,101
Allowance for unfunded credit commitments		860				837			850			800			733
Allowance for credit losses		$	12,614			13,013			13,169			13,481			13,834
Net loan charge-offs (annualized) as a percentage of average total loans		0.30		%		0.33			0.34			0.32			0.35
Allowance for loan losses as a percentage of:
Total loans		1.32				1.41			1.43			1.51			1.58
Nonaccrual loans		94				97			96			95			94
Nonaccrual loans and other nonperforming assets		82				82			80			78			77
Allowance for credit losses as a percentage of:
Total loans		1.42				1.51			1.53			1.61			1.67
Nonaccrual loans		101				104			103			101			99
Nonaccrual loans and other nonperforming assets		88				88			85			83			81
(1) Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize reductions in allowance as interest income.

Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1)
			Estimated
(in billions)			Jun 30, 2015			Mar 31,2015		Dec 31,2014
Total equity			$	190.7		190.0		185.3
Noncontrolling interests			(1.1		)	(1.2	)	(0.9	)
Total Wells Fargo stockholders’ equity			189.6			188.8		184.4
Adjustments:
Preferred stock			(20.0		)	(20.0	)	(18.0	)
Cumulative other comprehensive income (2)			(1.1		)	(1.9	)	(2.6	)
Goodwill and other intangible assets (2)(3)			(27.2		)	(26.9	)	(26.3	)
Investment in certain subsidiaries and other			(0.4		)	(0.8	)	(0.4	)
Common Equity Tier 1 (transition amount) under Basel III (1)			140.9			139.2		137.1
Adjustments from transition amount to fully phased-in under Basel III (4):
Cumulative other comprehensive income			1.1			1.9		2.4
Other			(2.1		)	(2.1	)	(2.8	)
Total adjustments			(1.0		)	(0.2	)	(0.4	)
Common Equity Tier 1 (fully phased-in) under Basel III		(A)	$	139.9		139.0		136.7
Total risk-weighted assets (RWAs) anticipated under Basel III (5)(6)		(B)	$	1,336.5		1,326.3		1,310.5
Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (6)		(A)/(B)	10.5		%	10.5		10.4
(1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. These rules established a new comprehensive capital framework for U.S. banking organizations that implements the Basel III capital framework and certain provisions of the Dodd-Frank Act. The rules are being phased in through the end of 2021. Fully phased-in capital ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. CET1 is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews CET1 along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market participants.
(2) Under transition provisions to Basel III, cumulative other comprehensive income is included in CET1 over a specified phase-in period. In addition, certain intangible assets included in CET1 are phased out over a specified period.
(3) Goodwill and other intangible assets are net of any associated deferred tax liabilities.
(4) Assumes cumulative other comprehensive income is fully phased in and certain other intangible assets are fully phased out under Basel III capital rules.
(5) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we are subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. Our CET1 ratio calculated under each of these approaches has been converging, primarily driven by differences in RWAs. Final determination as to which approach will produce the lower CET1 as of June 30, 2015 is subject to detailed analysis of considerable data. The capital ratios for March 31, 2015 and December 31, 2014 were calculated using the Basel III definition of capital and under the Basel III Advanced Approach RWAs.
(6) The Company’s June 30, 2015 RWAs and capital ratio are preliminary estimates.

Wells Fargo & Company and Subsidiaries OPERATING SEGMENT RESULTS (1)
(income/expense in millions, average balances in billions)		Community Banking							Wholesale Banking						Wealth, Brokerage and Retirement						Other (2)						Consolidated Company
		2015				2014			2015			2014			2015			2014			2015			2014			2015			2014
Quarter ended June 30,
Net interest income (3)		$	7,698			7,386			3,068			2,953			865			775			(361	)		(323	)		11,270			10,791
Provision (reversal of provision) for credit losses		363				279			(58	)		(49	)		(10	)		(25	)		5			12			300			217
Noninterest income		4,963				5,220			3,015			2,993			2,874			2,775			(804	)		(713	)		10,048			10,275
Noninterest expense		7,164				7,020			3,295			3,203			2,775			2,695			(765	)		(724	)		12,469			12,194
Income (loss) before income tax expense (benefit)		5,134				5,307			2,846			2,792			974			880			(405	)		(324	)		8,549			8,655
Income tax expense (benefit)		1,707				1,820			840			838			369			334			(153	)		(123	)		2,763			2,869
Net income (loss) before noncontrolling interests		3,427				3,487			2,006			1,954			605			546			(252	)		(201	)		5,786			5,786
Less: Net income (loss) from noncontrolling interests		69				56			(5	)		2			3			2			—			—			67			60
Net income (loss)		$	3,358			3,431			2,011			1,952			602			544			(252	)		(201	)		5,719			5,726
Average loans		$	506.5			505.4			343.6			308.1			59.3			51.0			(39.0	)		(33.5	)		870.4			831.0
Average assets		993.3				918.1			618.0			532.4			193.3			187.6			(75.3	)		(74.1	)		1,729.3			1,564.0
Average core deposits		685.7				639.8			304.2			265.8			159.4			153.0			(70.1	)		(66.9	)		1,079.2			991.7
Six months ended June 30,
Net interest income (3)		$	15,259			14,661			5,989			5,844			1,726			1,543			(718	)		(642	)		22,256			21,406
Provision (reversal of provision) for credit losses		980				698			(64	)		(142	)		(13	)		(33	)		5			19			908			542
Noninterest income		10,186				10,538			6,006			5,682			5,746			5,475			(1,598	)		(1,410	)		20,340			20,285
Noninterest expense		14,228				13,794			6,704			6,418			5,606			5,406			(1,562	)		(1,476	)		24,976			24,142
Income (loss) before income tax expense (benefit)		10,237				10,707			5,355			5,250			1,879			1,645			(759	)		(595	)		16,712			17,007
Income tax expense (benefit)		3,071				3,196			1,546			1,552			713			624			(288	)		(226	)		5,042			5,146
Net income (loss) before noncontrolling interests		7,166				7,511			3,809			3,698			1,166			1,021			(471	)		(369	)		11,670			11,861
Less: Net income (loss) from noncontrolling interests		143				236			1			4			3			2			—			—			147			242
Net income (loss)		$	7,023			7,275			3,808			3,694			1,163			1,019			(471	)		(369	)		11,523			11,619
Average loans		$	506.5			505.2			340.6			305.0			58.1			50.5			(38.3	)		(33.3	)		866.9			827.4
Average assets		993.2				905.5			606.5			524.9			194.5			189.1			(75.6	)		(74.4	)		1,718.6			1,545.1
Average core deposits		677.3				633.2			303.8			262.4			160.4			154.5			(70.3	)		(67.3	)		1,071.2			982.8
(1) The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.
(2) Includes items not specific to a business segment and elimination of certain items that are included in more than one business segment, substantially all of which represents services for wealth management customers provided in Community Banking stores.
(3) Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment.

Wells Fargo & Company and Subsidiaries FIVE QUARTER OPERATING SEGMENT RESULTS (1)
		Quarter ended
(income/expense in millions, average balances in billions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
COMMUNITY BANKING
Net interest income (2)		$	7,698			7,561			7,576			7,472			7,386
Provision for credit losses		363				617			518			465			279
Noninterest income		4,963				5,223			5,259			5,356			5,220
Noninterest expense		7,164				7,064			7,281			7,051			7,020
Income before income tax expense		5,134				5,103			5,036			5,312			5,307
Income tax expense		1,707				1,364			1,545			1,609			1,820
Net income before noncontrolling interests		3,427				3,739			3,491			3,703			3,487
Less: Net income from noncontrolling interests		69				74			56			233			56
Segment net income		$	3,358			3,665			3,435			3,470			3,431
Average loans		$	506.5			506.4			503.8			498.6			505.4
Average assets		993.3				993.1			974.9			950.2			918.1
Average core deposits		685.7				668.9			655.6			646.9			639.8
WHOLESALE BANKING
Net interest income (2)		$	3,068			2,921			3,104			3,007			2,953
Reversal of provision for credit losses		(58		)		(6	)		(39	)		(85	)		(49	)
Noninterest income		3,015				2,991			2,950			2,895			2,993
Noninterest expense		3,295				3,409			3,307			3,250			3,203
Income before income tax expense		2,846				2,509			2,786			2,737			2,792
Income tax expense		840				706			789			824			838
Net income before noncontrolling interests		2,006				1,803			1,997			1,913			1,954
Less: Net income (loss) from noncontrolling interests		(5		)		6			27			(7	)		2
Segment net income		$	2,011			1,797			1,970			1,920			1,952
Average loans		$	343.6			337.6			326.8			316.5			308.1
Average assets		618.0				594.9			573.3			553.0			532.4
Average core deposits		304.2				303.4			292.4			278.4			265.8
WEALTH, BROKERAGE AND RETIREMENT
Net interest income (2)		$	865			861			846			790			775
Provision (reversal of provision) for credit losses		(10		)		(3	)		8			(25	)		(25	)
Noninterest income		2,874				2,872			2,801			2,763			2,775
Noninterest expense		2,775				2,831			2,811			2,690			2,695
Income before income tax expense		974				905			828			888			880
Income tax expense		369				344			314			338			334
Net income before noncontrolling interests		605				561			514			550			546
Less: Net income from noncontrolling interests		3				—			—			—			2
Segment net income		$	602			561			514			550			544
Average loans		$	59.3			56.9			54.8			52.6			51.0
Average assets		193.3				195.7			192.2			188.8			187.6
Average core deposits		159.4				161.4			157.0			153.6			153.0
OTHER (3)
Net interest income (2)		$	(361	)		(357	)		(346	)		(328	)		(323	)
Provision (reversal of provision) for credit losses		5				—			(2	)		13			12
Noninterest income		(804		)		(794	)		(747	)		(742	)		(713	)
Noninterest expense		(765		)		(797	)		(752	)		(743	)		(724	)
Loss before income tax benefit		(405		)		(354	)		(339	)		(340	)		(324	)
Income tax benefit		(153		)		(135	)		(129	)		(129	)		(123	)
Net loss before noncontrolling interests		(252		)		(219	)		(210	)		(211	)		(201	)
Less: Net income from noncontrolling interests		—				—			—			—			—
Other net loss		$	(252	)		(219	)		(210	)		(211	)		(201	)
Average loans		$	(39.0	)		(37.6	)		(36.0	)		(34.5	)		(33.5	)
Average assets		(75.3		)		(75.9	)		(76.6	)		(74.1	)		(74.1	)
Average core deposits		(70.1		)		(70.5	)		(69.0	)		(66.7	)		(66.9	)
CONSOLIDATED COMPANY
Net interest income (2)		$	11,270			10,986			11,180			10,941			10,791
Provision for credit losses		300				608			485			368			217
Noninterest income		10,048				10,292			10,263			10,272			10,275
Noninterest expense		12,469				12,507			12,647			12,248			12,194
Income before income tax expense		8,549				8,163			8,311			8,597			8,655
Income tax expense		2,763				2,279			2,519			2,642			2,869
Net income before noncontrolling interests		5,786				5,884			5,792			5,955			5,786
Less: Net income from noncontrolling interests		67				80			83			226			60
Wells Fargo net income		$	5,719			5,804			5,709			5,729			5,726
Average loans		$	870.4			863.3			849.4			833.2			831.0
Average assets		1,729.3				1,707.8			1,663.8			1,617.9			1,564.0
Average core deposits		1,079.2				1,063.2			1,036.0			1,012.2			991.7
(1) The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.
(2) Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment.
(3) Includes items not specific to a business segment and elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for wealth management customers provided in Community Banking stores.

Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
MSRs measured using the fair value method:
Fair value, beginning of quarter		$	11,739			12,738			14,031			13,900			14,953
Servicing from securitizations or asset transfers		428				308			296			340			271
Sales and other reductions		(5		)		(1	)		(7	)		—			—
Net additions		423				307			289			340			271
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (1)		1,117				(572	)		(1,016	)		251			(876	)
Servicing and foreclosure costs (2)		(10		)		(18	)		(5	)		(4	)		23
Discount rates (3)		—				—			—			—			(55	)
Prepayment estimates and other (4)		(54		)		(183	)		(78	)		6			73
Net changes in valuation model inputs or assumptions		1,053				(773	)		(1,099	)		253			(835	)
Other changes in fair value (5)		(554		)		(533	)		(483	)		(462	)		(489	)
Total changes in fair value		499				(1,306	)		(1,582	)		(209	)		(1,324	)
Fair value, end of quarter		$	12,661			11,739			12,738			14,031			13,900
(1) Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).
(2) Includes costs to service and unreimbursed foreclosure costs.
(3) Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.
(4) Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior and other external factors that occur independent of interest rate changes.
(5) Represents changes due to collection/realization of expected cash flows over time.

		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Amortized MSRs:
Balance, beginning of quarter		$	1,252			1,242			1,224			1,196			1,219
Purchases		29				22			38			47			32
Servicing from securitizations or asset transfers		46				50			43			29			24
Amortization		(65		)		(62	)		(63	)		(48	)		(79	)
Balance, end of quarter		$	1,262			1,252			1,242			1,224			1,196
Fair value of amortized MSRs:
Beginning of quarter		$	1,522			1,637			1,647			1,577			1,624
End of quarter		1,692				1,522			1,637			1,647			1,577

Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Servicing income, net:
Servicing fees (1)		$	1,026			1,010			996			919			1,128
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)		1,053				(773	)		(1,099	)		253			(835	)
Other changes in fair value (3)		(554		)		(533	)		(483	)		(462	)		(489	)
Total changes in fair value of MSRs carried at fair value		499				(1,306	)		(1,582	)		(209	)		(1,324	)
Amortization		(65		)		(62	)		(63	)		(48	)		(79	)
Net derivative gains (losses) from economic hedges (4)		(946		)		881			1,334			17			1,310
Total servicing income, net		$	514			523			685			679			1,035
Market-related valuation changes to MSRs, net of hedge results (2)+(4)		$	107			108			235			270			475
(1) Includes contractually specified servicing fees, late charges and other ancillary revenues.
(2) Refer to the changes in fair value MSRs table on the previous page for more detail.
(3) Represents changes due to collection/realization of expected cash flows over time.
(4) Represents results from free-standing derivatives (economic hedges) used to hedge the risk of changes in fair value of MSRs.

(in billions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others		$	1,344			1,374			1,405			1,430			1,451
Owned loans serviced		347				344			342			342			341
Subserviced for others		5				5			5			5			5
Total residential servicing		1,696				1,723			1,752			1,777			1,797
Commercial mortgage servicing:
Serviced for others		465				461			456			440			429
Owned loans serviced		120				112			112			107			109
Subserviced for others		7				7			7			7			7
Total commercial servicing		592				580			575			554			545
Total managed servicing portfolio		$	2,288			2,303			2,327			2,331			2,342
Total serviced for others		$	1,809			1,835			1,861			1,870			1,880
Ratio of MSRs to related loans serviced for others		0.77		%		0.71			0.75			0.82			0.80
Weighted-average note rate (mortgage loans serviced for others)		4.41				4.43			4.45			4.47			4.49
(1) The components of our managed servicing portfolio are presented at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA
		Quarter ended
(in billions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Application data:
Wells Fargo first mortgage quarterly applications		$	81			93			66			64			72
Refinances as a percentage of applications		45		%		61			52			40			36
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	38			44			26			25			30
Residential real estate originations:
Purchases as a percentage of originations		54		%		45			60			70			74
Refinances as a percentage of originations		46				55			40			30			26
Total		100		%		100			100			100			100
Wells Fargo first mortgage loans:
Retail		$	36			28			27			27			25
Correspondent		25				20			16			20			21
Other (1)		1				1			1			1			1
Total quarter-to-date		$	62			49			44			48			47
Total year-to-date		$	111			49			175			131			83
(1) Consists of home equity loans and lines.

Wells Fargo & Company and Subsidiaries CHANGES IN MORTGAGE REPURCHASE LIABILITY
		Quarter ended
(in millions)		Jun 30, 2015				Mar 31,2015			Dec 31,2014			Sep 30,2014			Jun 30,2014
Balance, beginning of period		$	586			615			669			766			799
Provision for repurchase losses:
Loan sales		13				10			10			12			12
Change in estimate (1)		(31		)		(26	)		(49	)		(93	)		(38	)
Total additions (reductions)		(18		)		(16	)		(39	)		(81	)		(26	)
Losses		(11		)		(13	)		(15	)		(16	)		(7	)
Balance, end of period		$	557			586			615			669			766
(1) Results from changes in investor demand, mortgage insurer practices, credit and the financial stability of correspondent lenders.

UNRESOLVED REPURCHASE DEMANDS AND MORTGAGE INSURANCE RESCISSIONS
($ in millions)		Government sponsored entities				Private			Mortgage insurance rescissions with no demand (1)			Total
June 30, 2015
Number of loans		385				148			107			640
Original loan balance (2)		$	83			24			27			134
March 31, 2015
Number of loans		526				161			108			795
Original loan balance (2)		$	118			29			28			175
December 31, 2014
Number of loans		546				173			120			839
Original loan balance (2)		$	118			34			31			183
September 30, 2014
Number of loans		426				322			233			981
Original loan balance (2)		$	93			75			52			220
June 30, 2014
Number of loans		678				362			305			1,345
Original loan balance (2)		$	149			80			66			295
(1) As part of our representations and warranties in our loan sales contracts, we typically represent to GSEs and private investors that certain loans have mortgage insurance to the extent there are loans that have loan to value ratios in excess of 80% that require mortgage insurance. To the extent the mortgage insurance is rescinded by the mortgage insurer due to a claim of breach of a contractual representation or warranty, the lack of insurance may result in a repurchase demand from an investor. Similar to repurchase demands, we evaluate mortgage insurance rescission notices for validity and appeal for reinstatement if the rescission was not based on a contractual breach. When investor demands are received due to lack of mortgage insurance, they are reported as unresolved repurchase demands based on the applicable investor category for the loan (GSE or private).
(2) While the original loan balances related to these demands are presented above, the establishment of the repurchase liability is based on a combination of factors, such as our appeals success rates, reimbursement by correspondent and other third party originators, and projected loss severity, which is driven by the difference between the current loan balance and the estimated collateral value less costs to sell the property.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150714005558/en/

Wells Fargo & Company

Mary Eshet, 704-383-7777 (Media)

Jim Rowe, 415-396-8216 (Investors)

Source: Wells Fargo & Company