Wells Fargo (NYSE: WFC) is ticking lower Friday morning following third-quarter 2012 results and outlook.

Net income rose over 19 percent to $4.9 billion, or 88 cents per share. Revs were flat at about $21.2 billion.

The Street was looking for EPS of 87 cents and revs of $21.47 billion.

Some key metrics for Wells:

• Tier 1 common ratio at 10.06 percent, from 9.34 percent last year; and
  
• Tier 1 common ratio under Basel III at 8.02 percent.

What investors might be eying is Wells' lending results. According to quarterly data, Home Mortgage apps fell to $188 billion, from $208 billion the prior quarter. In addition, the mortgage pirpeline is down from $102 billion at the end of June 2012 to $97 billion at the end of September. Wells is one of, if not the, largest mortgage banks in the U.S., making it a key area of growth moving forward.

Shares of Wells are down about 3 percent in early trading.

Earnings

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