Wells Fargo mpany : Q1 2026 quarterly supplement

Published: 2026-04-14 07:00:11 ET WFC

Published on 04/14/2026 at 07:00 am EDT

‌1Q26 Quarterly Supplement

‌Wells Fargo & Company and Subsidiaries QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

Page

Consolidated Results

Summary Financial Data

Consolidated Statement of Income

Consolidated Balance Sheet

Average Balances and Interest Rates (Taxable-Equivalent Basis)

Reportable Operating Segment Results

Combined Segment Results

Consumer Banking and Lending

Commercial Banking

Corporate and Investment Banking

Wealth and Investment Management

Corporate

Credit-Related Information

Consolidated Loans Outstanding - Period-End Balances, Average Balances, and Average Interest Rates

Net Loan Charge-offs

Changes in Allowance for Credit Losses for Loans

Allocation of the Allowance for Credit Losses for Loans

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

Commercial Loan Portfolio - Commercial and Industrial Loans and Lease Financing by Industry and Commercial Real Estate Loans by Property Type

Other

Tangible Common Equity

Risk-Based Capital Ratios Under Basel III

Net Interest Income Excluding Markets

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

(in millions, except ratios and per share amounts)

2026

2025

Selected Income Statement Data

Total revenue

$ 21,446

21,292

21,436

20,822

20,149

1 %

Noninterest expense

14,330

13,726

13,846

13,379

13,891

Pre-tax pre-provision profit (PTPP) (1)

7,116

7,566

7,590

7,443

6,258

(6)

Provision for credit losses (2)

1,135

1,040

681

1,005

932

Wells Fargo net income

5,253

5,361

5,589

5,494

4,894

(2)

Wells Fargo net income applicable to common stock

5,000

5,114

5,341

5,214

4,616

(2)

Common Share Data

Diluted earnings per common share

1.60

1.62

1.66

1.60

1.39

(1)

Dividends declared per common share

0.45

0.40

Common shares outstanding

3,064.3

3,092.6

3,148.9

3,220.4

3,261.7

(1)

(6)

Average common shares outstanding

3,080.0

3,113.8

3,182.2

3,232.7

3,280.4

(1)

(6)

Diluted average common shares outstanding

3,117.7

3,159.0

3,223.5

3,267.0

3,321.6

(1)

(6)

Book value per common share (3)

$ 53.25

53.24

52.30

51.13

49.86

Tangible book value per common share (3)(4)

44.98

45.02

44.18

43.18

42.24

Selected Equity Data (period-end)

Total equity

180,313

183,038

183,012

182,954

182,906

(1)

Common stockholders' equity

163,188

164,651

164,687

164,644

162,627

(1)

Tangible common equity (4)

137,817

139,219

139,119

139,057

137,776

(1)

Performance Ratios

Return on average assets (ROA) (5)

0.98 %

1.02

1.10

1.14

1.03

Return on average equity (ROE) (6)

12.2

12.3

12.8

11.5

Return on average tangible common equity (ROTCE) (4)

14.5

15.2

13.6

Efficiency ratio (7)

Net interest margin on a taxable-equivalent basis

2.47

2.60

2.61

2.68

2.67

Average deposit cost

1.43

1.44

1.54

1.52

1.58

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.

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

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

Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 23 and 24.

Represents Wells Fargo net income divided by average assets.

Represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.

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

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions, unless otherwise noted)

2026

2025

Selected Balance Sheet Data (average)

Loans

$ 996,025

955,849

928,677

916,719

908,182

4 %

Assets

2,168,224

2,079,777

2,010,200

1,933,371

1,919,661

Deposits

1,415,034

1,377,718

1,339,939

1,331,651

1,339,328

Selected Balance Sheet Data (period-end)

Available-for-sale and held-to-maturity debt securities

426,953

421,596

420,914

406,362

403,456

Loans

1,016,787

986,167

943,102

924,418

913,842

Allowance for credit losses for loans

14,374

14,337

14,311

14,568

14,552

(1)

Assets

2,205,752

2,148,631

2,062,926

1,981,269

1,950,311

Deposits

1,454,939

1,426,207

1,367,361

1,340,703

1,361,728

Headcount (#) (period-end)

200,999

205,198

210,821

212,804

215,367

(2)

(7)

Capital and other metrics (1)

Risk-based capital ratios and components (2):

Standardized Approach:

Common Equity Tier 1 (CET1)

10.3 %

10.6

11.0

11.1

Tier 1 capital

11.4

11.9

12.3

12.5

12.6

Total capital

13.8

14.3

14.8

15.0

15.2

Risk-weighted assets (RWAs) (in billions)

$ 1,315.6

1,294.6

1,242.4

1,225.9

1,222.0

Advanced Approach:

Common Equity Tier 1 (CET1)

12.0 %

12.4

12.7

Tier 1 capital

13.4

13.8

14.3

14.5

Total capital

15.3

15.7

16.2

16.5

Risk-weighted assets (RWAs) (in billions)

$ 1,124.5

1,112.5

1,072.2

1,070.4

1,063.6

Tier 1 leverage ratio

7.0 %

7.5

7.7

8.0

8.1

Supplementary Leverage Ratio (SLR)

5.9

6.2

6.4

6.7

6.8

Total Loss Absorbing Capacity (TLAC) Ratio (3)

23.0

23.2

24.6

24.4

25.1

Liquidity Coverage Ratio (LCR) (4)

120

119

121

125

Ratios and metrics for March 31, 2026, are preliminary estimates.

See the table on page 25 for more information on CET1, Tier 1 capital, and total capital.

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

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

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

(in millions, except per share amounts)

2026

2025

Interest income

$ 22,445

22,602

22,419

21,320

20,973

(1)%

Interest expense

10,349

10,271

10,469

9,612

9,478

Net interest income

12,096

12,331

11,950

11,708

11,495

(2)

Noninterest income

Deposit-related fees

1,319

1,291

1,290

1,249

1,269

Lending-related fees

393

384

373

364

Investment advisory and other asset-based fees

2,824

2,803

2,660

2,499

2,536

Commissions and brokerage services fees

667

657

651

610

638

Investment banking fees

796

716

840

696

775

Card fees (1)

1,138

1,149

1,223

1,173

1,044

(1)

Mortgage banking

201

322

268

230

332

(38)

(39)

Net gains from trading activities

1,351

979

1,408

1,376

1,384

(2)

Net gains (losses) from debt securities

(147)

(100)

100

Net gains (losses) from equity securities

172

319

149

119

(343)

(46)

150

Other

489

329

613

789

802

(39)

Total noninterest income

9,350

8,961

9,486

9,114

8,654

Total revenue

21,446

21,292

21,436

20,822

20,149

Provision for credit losses (2)

1,135

1,040

681

1,005

932

Noninterest expense

Personnel

9,593

9,077

9,021

8,709

9,474

Technology, telecommunications and equipment

1,397

1,374

1,319

1,287

1,223

Occupancy

778

840

784

766

761

(7)

Professional and outside services

1,066

1,236

1,177

1,089

1,038

(14)

Advertising and promotion

369

352

295

266

181

104

Other

1,127

847

1,250

1,262

1,214

(7)

Total noninterest expense

14,330

13,726

13,846

13,379

13,891

Income before income tax expense

5,981

6,526

6,909

6,438

5,326

(8)

Income tax expense

691

1,103

1,300

916

522

(37)

Net income before noncontrolling interests

5,290

5,423

5,609

5,522

4,804

(2)

Less: Net income (loss) from noncontrolling interests

(90)

(40)

141

Wells Fargo net income

$ 5,253

5,361

5,589

5,494

4,894

(2)%

Less: Preferred stock dividends and other

253

247

248

280

278

(9)

Wells Fargo net income applicable to common stock

$ 5,000

5,114

5,341

5,214

4,616

(2)%

Per share information

Earnings per common share

$ 1.62

1.64

1.68

1.61

1.41

(1)%

Diluted earnings per common share

1.60

1.62

1.66

1.60

1.39

(1)

In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income.

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

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

(in millions, except shares)

2026

2025

Assets

Cash and due from banks

$ 33,543

39,182

34,801

35,081

35,256

(14)%

(5)

Interest-earning deposits with banks

141,241

135,028

139,524

159,480

142,309

(1)

Federal funds sold and securities borrowed or purchased under resale agreements

215,599

193,929

154,576

104,815

126,830

Trading assets

221,711

227,935

225,624

192,933

179,707

(3)

Available-for-sale debt securities

222,873

213,573

206,682

184,869

176,229

Held-to-maturity debt securities

204,080

208,023

214,232

221,493

227,227

(2)

(10)

Loans

1,016,787

986,167

943,102

924,418

913,842

Allowance for loan losses

(13,864)

(13,797)

(13,744)

(13,961)

(14,029)

Net loans

1,002,923

972,370

929,358

910,457

899,813

Premises and equipment, net

11,499

11,395

11,040

10,768

10,357

Goodwill

24,965

24,967

25,069

25,071

25,066

Equity securities

41,126

40,932

39,267

39,051

40,281

Other assets

86,192

81,297

82,753

97,251

87,236

(1)

Total assets

$ 2,205,752

2,148,631

2,062,926

1,981,269

1,950,311

Liabilities

Noninterest-bearing deposits

$ 365,712

365,368

366,814

370,844

377,443

(3)

Interest-bearing deposits

1,089,227

1,060,839

1,000,547

969,859

984,285

Total deposits

1,454,939

1,426,207

1,367,361

1,340,703

1,361,728

Federal funds purchased and securities loaned or sold under repurchase agreements

234,371

232,687

202,274

161,618

124,825

Short-term borrowings

32,282

18,323

16,449

13,361

2,324

Trading liabilities

53,647

45,468

45,258

43,531

44,878

Accrued expenses and other liabilities

66,259

68,196

70,799

62,865

59,990

(3)

Long-term debt

183,941

174,712

177,773

176,237

173,660

Total liabilities

2,025,439

1,965,593

1,879,914

1,798,315

1,767,405

Equity

Wells Fargo stockholders' equity:

Preferred stock

15,348

16,608

18,608

(8)

(18)

Common stock - $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares

9,136

Additional paid-in capital

60,852

61,288

61,016

60,669

60,275

(1)

Retained earnings

232,459

228,873

225,189

221,308

217,405

Accumulated other comprehensive loss

(7,922)

(6,673)

(7,647)

(9,366)

(9,998)

(19)

Treasury stock (1)

(131,477)

(128,115)

(123,148)

(117,244)

(114,336)

(3)

(15)

Total Wells Fargo stockholders' equity

178,396

181,117

181,154

181,111

181,090

(2)

(1)

Noncontrolling interests

1,917

1,921

1,858

1,843

1,816

Total equity

180,313

183,038

183,012

182,954

182,906

(1)

Total liabilities and equity

$ 2,205,752

2,148,631

2,062,926

1,981,269

1,950,311

NM - Not meaningful

Number of shares of treasury stock were 2,417,471,421, 2,389,192,624, 2,332,874,793, 2,261,443,304, and 2,220,135,208 at March 31, 2026, and December 31, September 30, June 30, and March 31, 2025, respectively.

Quarter ended

Mar 31, 2026

% Change from

($ in millions)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2025

Mar 31, 2025

Average Balances

Assets

Interest-earning deposits with banks

$ 152,119

144,428

158,704

137,136

150,855

5 %

Federal funds sold and securities borrowed or purchased under resale agreements

192,250

159,759

120,900

105,987

101,175

Trading assets

192,209

183,706

172,409

157,704

156,417

Available-for-sale debt securities

217,181

212,487

200,309

187,390

175,550

Held-to-maturity debt securities

209,089

213,545

221,447

227,525

233,952

(2)

(11)

Loans

996,025

955,849

928,677

916,719

908,182

Equity securities

13,123

11,712

12,450

12,039

12,084

Other interest-earning assets

15,321

17,809

17,614

17,660

14,102

(14)

Total interest-earning assets

1,987,317

1,899,295

1,832,510

1,762,160

1,752,317

Total noninterest-earning assets

180,907

180,482

177,690

171,211

167,344

Total assets

$ 2,168,224

2,079,777

2,010,200

1,933,371

1,919,661

Liabilities

Interest-bearing deposits

$ 1,064,033

1,020,494

984,197

970,684

972,927

Federal funds purchased and securities loaned or sold under repurchase agreements

242,429

215,871

182,636

130,388

115,503

110

Short-term borrowings

29,397

10,869

17,936

6,455

2,459

170

Trading liabilities

35,831

35,702

33,086

30,937

30,561

Long-term debt

181,875

177,130

175,944

175,289

173,052

Other interest-bearing liabilities

20,498

19,619

20,382

20,906

18,618

Total interest-bearing liabilities

1,574,063

1,479,685

1,414,181

1,334,659

1,313,120

Noninterest-bearing deposits

351,001

357,224

355,742

360,967

366,401

(2)

(4)

Other noninterest-bearing liabilities

59,467

59,024

56,849

54,477

56,782

Total liabilities

1,984,531

1,895,933

1,826,772

1,750,103

1,736,303

Total equity

183,693

183,844

183,428

183,268

183,358

Total liabilities and equity

$ 2,168,224

2,079,777

2,010,200

1,933,371

1,919,661

Average Interest Rates

Interest-earning assets

Interest-earning deposits with banks

3.38 %

3.65

4.01

3.96

Federal funds sold and securities borrowed or purchased under resale agreements

3.67

3.95

4.22

4.19

4.26

Trading assets

3.89

4.11

3.97

4.02

3.91

Available-for-sale debt securities

4.44

4.60

4.66

4.62

4.48

Held-to-maturity debt securities

2.27

2.32

2.35

2.41

Loans

5.62

5.78

5.97

5.95

5.96

Equity securities

2.79

2.64

2.22

2.19

2.62

Other interest-earning assets

3.55

4.78

5.61

4.24

4.59

Total interest-earning assets

4.58

4.75

4.88

4.87

4.85

Interest-bearing liabilities

Interest-bearing deposits

1.90

1.94

2.09

2.17

Federal funds purchased and securities loaned or sold under repurchase agreements

3.74

4.05

4.39

4.40

Short-term borrowings

4.04

4.47

4.68

5.04

5.48

Trading liabilities

3.15

3.23

3.20

3.19

3.17

Long-term debt

5.25

5.61

5.89

5.95

5.97

Other interest-bearing liabilities

3.60

3.61

3.75

3.61

3.52

Total interest-bearing liabilities

2.66

2.76

2.94

2.89

2.92

Interest rate spread on a taxable-equivalent basis (2)

1.92

1.99

1.94

1.98

1.93

Net interest margin on a taxable-equivalent basis (2)

2.47

2.60

2.61

2.68

2.67

NM - Not meaningful

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

Includes taxable-equivalent adjustments of $72 million, $74 million, $75 million, $77 million, and $77 million for the quarters ended March 31, 2026, and December 31, September 30, June 30, and March 31, 2025, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.

Consumer

Corporate and

Wealth and

(in millions)

Banking and

Lending

Commercial

Banking

Investment Banking

Investment Management

Corporate (2)

Reconciling Items (3)

Consolidated Company

Net interest income

$ 7,551

1,988

2,184

905

(460)

(72)

12,096

Noninterest income

2,447

1,132

3,094

2,970

228

(521)

9,350

Total revenue

9,998

3,120

5,278

3,875

(232)

(593)

21,446

Provision for credit losses

818

150

175

(10)

1,135

Noninterest expense

6,589

1,608

2,692

3,262

179

14,330

Income (loss) before income tax expense (benefit)

2,591

1,362

2,411

623

(413)

(593)

5,981

Income tax expense (benefit)

650

343

602

155

(466)

(593)

691

Net income before noncontrolling interests

1,941

1,019

1,809

468

5,290

Less: Net income from noncontrolling interests

Net income

$ 1,941

1,017

1,809

468

5,253

Quarter ended December 31, 2025

Net interest income

$ 7,661

1,993

2,082

868

(199)

(74)

12,331

Noninterest income

2,449

1,086

2,534

2,953

388

(449)

8,961

Total revenue

10,110

3,079

4,616

3,821

189

(523)

21,292

Provision for credit losses

911

105

(9)

(45)

1,040

Noninterest expense

6,238

1,443

2,347

3,074

624

13,726

Income (loss) before income tax expense (benefit)

2,961

1,531

2,191

756

(390)

(523)

6,526

Income tax expense (benefit)

742

387

552

191

(246)

(523)

1,103

Net income (loss) before noncontrolling interests

2,219

1,144

1,639

565

(144)

5,423

Less: Net income from noncontrolling interests

Net income (loss)

$ 2,219

1,142

1,639

565

(204)

5,361

Quarter ended March 31, 2025

Net interest income

$ 7,039

1,977

1,790

730

(77)

11,495

Noninterest income

2,344

948

3,274

2,674

(213)

(373)

8,654

Total revenue

9,383

2,925

5,064

3,404

(177)

(450)

20,149

Provision for credit losses

739

187

(5)

932

Noninterest expense

6,342

1,670

2,476

2,946

457

13,891

Income (loss) before income tax expense (benefit)

2,302

1,068

2,588

447

(629)

(450)

5,326

Income tax expense (benefit)

570

272

647

(615)

(450)

522

Net income (loss) before noncontrolling interests

1,732

796

1,941

349

(14)

4,804

Less: Net income (loss) from noncontrolling interests

(92)

(90)

Net income

$ 1,732

794

1,941

349

4,894

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

All other business activities that are not included in the reportable operating segments have been included in Corporate. Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital investments. Corporate also includes results for previously divested businesses.

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

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Income Statement

Net interest income

$ 7,551

7,661

7,628

7,305

7,039

(1)%

Noninterest income:

Deposit-related fees

720

693

698

653

651

Investment advisory and other asset-based fees

264

253

249

232

240

Commissions and brokerage services fees

115

118

133

111

113

(3)

Card fees (2)

1,064

1,088

1,162

1,109

978

(2)

Mortgage banking

163

179

199

169

222

(9)

(27)

Other

121

118

103

109

140

(14)

Total noninterest income

2,447

2,449

2,544

2,383

2,344

Total revenue

9,998

10,110

10,172

9,688

9,383

(1)

Net charge-offs

820

775

766

818

877

(6)

Change in the allowance for credit losses

(2)

136

127

(138)

Provision for credit losses

818

911

767

945

739

(10)

Noninterest expense

6,589

6,238

6,376

6,179

6,342

Income before income tax expense

2,591

2,961

3,029

2,564

2,302

(12)

Income tax expense

650

742

759

641

570

(12)

Net income

$ 1,941

2,219

2,270

1,923

1,732

(13)

Revenue by Line of Business

Consumer, Small and Business Banking

$ 7,019

7,130

7,089

6,748

6,451

(2)

Credit Card

1,595

1,600

1,663

1,588

1,524

Home Lending

787

807

870

821

866

(2)

(9)

Auto

295

282

256

241

237

Personal Lending

302

291

294

290

305

(1)

Total revenue

$ 9,998

10,110

10,172

9,688

9,383

(1)

Selected Balance Sheet Data (average)

Loans by Line of Business:

Consumer, Small and Business Banking (3)

$ 17,399

17,201

17,520

9,513

9,448

Credit Card

53,041

52,898

51,121

49,947

50,109

Home Lending

198,493

200,226

201,803

203,556

205,507

(1)

(3)

Auto

52,567

48,699

44,775

42,366

42,498

Personal Lending

13,765

13,977

13,880

13,651

13,902

(2)

(1)

Total loans

$ 335,265

333,001

329,099

319,033

321,464

Total deposits (3)

816,621

807,643

808,942

805,537

799,882

Allocated capital (4)

33,000

45,500

(27)

Selected Balance Sheet Data (period-end)

Loans by Line of Business:

Consumer, Small and Business Banking (3)

$ 17,891

17,203

17,755

9,696

9,633

Credit Card

52,266

54,059

51,572

50,084

49,518

(3)

Home Lending

198,516

199,742

201,345

203,062

204,656

(1)

(3)

Auto

54,279

50,954

46,524

43,373

41,999

Personal Lending

13,608

14,052

13,984

13,790

13,656

(3)

Total loans

$ 336,560

336,010

331,180

320,005

319,462

Total deposits (3)

840,556

821,100

810,992

806,572

821,261

NM - Not meaningful

In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches from the Wealth and Investment Management operating segment to Consumer, Small and Business Banking. Prior period balances have been revised to conform with the current period presentation.

In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions, unless otherwise noted)

2026

2025

Selected Metrics

Consumer Banking and Lending:

Return on allocated capital (1)(2)

23.1 %

18.8

19.2

16.4

14.9

Efficiency ratio (1)(3)

Retail bank branches (#, period-end)

4,093

4,090

4,108

4,135

4,155

- %

(1)

Digital active customers (# in millions, period-end) (4)

38.1

37.2

37.0

36.6

36.7

Mobile active customers (# in millions, period-end) (4)

33.5

32.8

32.5

32.1

31.8

Consumer, Small and Business Banking:

Deposit spread (1)(5)

2.58 %

2.60

2.59

2.53

2.44

Debit card purchase volume ($ in billions) (6)

$ 134.3

137.3

133.6

126.0

(2)

Debit card purchase transactions (# in millions) (6)

2,582

2,696

2,674

2,655

2,486

(4)

Client assets in advisory and brokerage accounts ($ in billions, period-end) (7)

$ 261

265

262

249

237

(2)

Home Lending:

Mortgage loan originations ($ in billions)

$ 6.3

7.5

7.0

7.4

4.4

(16)

% of originations held for sale (HFS)

24.4 %

21.9

31.0

34.0

38.2

Third party mortgage loans serviced ($ in billions, period-end) (8)

$ 386.6

397.0

433.8

455.5

471.1

(3)

(18)

Home lending loans 30+ days delinquency rate (period-end) (9)(10)(11)

0.30 %

0.31

0.32

0.30

0.29

Credit Card (6)(12):

Credit card purchase volume ($ in billions)

$ 40.0

42.2

40.3

39.9

36.7

(5)

Credit card new accounts (# in thousands)

631

710

707

452

396

(11)

Credit card loans 30+ days delinquency rate (period-end) (10)(11)

2.77 %

2.78

2.68

2.63

2.81

Credit card loans 90+ days delinquency rate (period-end) (10)(11)

1.45

1.42

1.34

1.32

1.45

Auto:

Auto loan originations ($ in billions)

$ 9.7

10.2

8.8

6.9

4.6

(5)

111

Auto loans 30+ days delinquency rate (period-end) (10)(11)

1.26 %

1.52

1.54

1.72

1.87

Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).

Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

Reflects combined activity for consumer and small business customers.

In first quarter 2026, we moved the client assets, including advisory and other brokerage assets and deposits, associated with clients who receive wealth management and financial planning services in our consumer bank branches from the Wealth and Investment Management operating segment to Consumer, Small and Business Banking. Prior period balances have been included to conform with the current period presentation.

Excludes residential mortgage loans subserviced for others.

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

Excludes loans held for sale.

Delinquency balances exclude nonaccrual loans.

In first quarter 2026, credit card metrics were revised to exclude co-branded cards. Prior period balances have been revised to conform with the current period presentation.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Income Statement

Net interest income

$ 1,988

1,993

1,949

1,983

1,977

- %

Noninterest income:

Deposit-related fees

319

320

311

324

335

(5)

Lending-related fees

150

147

144

138

136

Lease income

121

115

119

116

123

(2)

Other

542

504

518

372

354

Total noninterest income

1,132

1,086

1,092

950

948

Total revenue

3,120

3,079

3,041

2,933

2,925

Net charge-offs

(40)

Change in the allowance for credit losses

(44)

(141)

146

922

(37)

Provision for credit losses

150

105

(43)

187

(20)

Noninterest expense

1,608

1,443

1,445

1,519

1,670

(4)

Income before income tax expense

1,362

1,531

1,557

1,457

1,068

(11)

Income tax expense

343

387

393

369

272

(11)

Less: Net income from noncontrolling interests

Net income

$ 1,017

1,142

1,162

1,086

794

(11)

Revenue by Product

Lending and leasing

$ 1,250

1,254

1,251

1,262

1,267

(1)

Treasury management and payments

1,304

1,284

1,206

1,250

1,260

Other

566

541

584

421

398

Total revenue

$ 3,120

3,079

3,041

2,933

2,925

Selected Metrics

Return on allocated capital

15.0%

16.5

16.8

15.8

11.4

Efficiency ratio

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Selected Balance Sheet Data (average)

Loans:

Commercial and industrial

$ 174,308

170,565

166,946

167,134

164,113

2 %

Commercial real estate

39,481

38,405

37,605

44,373

44,598

(11)

Lease financing and other

15,271

15,046

14,805

14,954

15,093

Total loans (1)

$ 229,060

224,016

219,356

226,461

223,804

Total deposits (1)

185,897

180,989

171,976

177,994

182,859

Allocated capital

26,000

Selected Balance Sheet Data (period-end)

Loans:

Commercial and industrial

$ 181,173

173,931

170,031

169,958

168,369

Commercial real estate

40,029

39,227

38,030

44,484

44,788

(11)

Lease financing and other

15,375

15,469

15,174

15,102

15,109

(1)

Total loans (1)

$ 236,577

228,627

223,235

229,544

228,266

Total deposits (1)

189,802

190,004

176,954

179,848

181,469

In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Income Statement

Net interest income

$ 2,184

2,082

1,870

1,815

1,790

5 %

Noninterest income:

Deposit-related fees

274

272

273

266

275

Lending-related fees

217

220

214

209

201

(1)

Investment banking fees

844

694

826

700

765

Net gains from trading activities

1,382

927

1,367

1,335

1,358

Other

377

421

329

348

675

(10)

(44)

Total noninterest income

3,094

2,534

3,009

2,858

3,274

(5)

Total revenue

5,278

4,616

4,879

4,673

5,064

Net charge-offs

224

182

131

Change in the allowance for credit losses

(49)

(104)

(203)

(97)

Provision for credit losses

175

(107)

103

124

Noninterest expense

2,692

2,347

2,362

2,251

2,476

Income before income tax expense

2,411

2,191

2,624

2,319

2,588

(7)

Income tax expense

602

552

658

582

647

(7)

Net income

$ 1,809

1,639

1,966

1,737

1,941

(7)

Revenue by Line of Business

Banking:

Lending

$ 700

656

647

601

618

Treasury Management and Payments

655

648

630

611

618

Investment Banking

602

457

554

463

534

Total Banking

1,957

1,761

1,831

1,675

1,770

Commercial Real Estate Markets:

Fixed Income, Currencies, and Commodities (FICC)

1,146

1,583

1,236

1,164

1,186

1,355

1,212

1,391

1,449

1,382

(7)

(21)

Equities

543

453

450

387

448

Credit Adjustment (CVA/DVA/FVA) and Other

(15)

(3)

413

Total Markets

2,173

1,602

1,853

1,779

1,827

Other

(88)

(89)

Total revenue

$ 5,278

4,616

4,879

4,673

5,064

Selected Metrics

Return on allocated capital

14.9 %

13.8

16.8

14.9

17.0

Efficiency ratio

NM - Not meaningful

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Selected Balance Sheet Data (average)

Loans:

Commercial and industrial

$ 262,181

233,429

214,774

202,473

192,654

12 %

Commercial real estate

80,134

79,437

81,121

83,413

84,633

(5)

Total loans

$ 342,315

312,866

295,895

285,886

277,287

Loans by Line of Business: Banking

$ 117,741

100,961

92,787

88,994

86,528

Commercial Real Estate

119,452

116,584

117,115

117,917

117,318

Markets

105,122

95,321

85,993

78,975

73,441

Total loans

$ 342,315

312,866

295,895

285,886

277,287

Trading-related assets:

Trading assets, excluding derivative assets

$ 205,653

197,928

177,045

158,449

159,548

Derivative assets

22,375

22,392

22,682

23,404

19,688

Reverse repurchase agreements/securities borrowed

169,870

144,040

115,868

101,894

97,171

Total trading-related assets

$ 397,898

364,360

315,595

283,747

276,407

Total assets

801,973

735,281

679,877

641,499

611,037

Total deposits

214,345

214,520

204,056

202,420

203,914

Allocated capital (1)

46,500

44,000

Selected Balance Sheet Data (period-end)

Loans:

Commercial and industrial

$ 272,820

253,004

224,462

208,161

197,142

Commercial real estate

80,331

80,505

79,518

82,417

83,522

(4)

Total loans

$ 353,151

333,509

303,980

290,578

280,664

Loans by Line of Business: Banking

$ 124,115

111,260

95,215

90,999

88,239

Commercial Real Estate

119,402

118,516

116,314

117,233

116,051

Markets

109,634

103,733

92,451

82,346

76,374

Total loans

$ 353,151

333,509

303,980

290,578

280,664

Trading-related assets:

Trading assets, excluding derivative assets

$ 198,601

205,356

202,471

168,029

160,166

(3)

Derivative assets

23,221

22,474

22,574

24,700

18,883

Reverse repurchase agreements/securities borrowed

166,833

170,661

130,196

100,268

122,875

(2)

Total trading-related assets

$ 388,655

398,491

355,241

292,997

301,924

(2)

Total assets

805,350

787,751

715,683

658,029

632,478

Total deposits

214,501

224,146

211,051

208,048

209,200

(4)

(1) In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions, unless otherwise noted)

2026

2025

Income Statement

Net interest income

$ 905

868

851

785

730

4 %

Noninterest income:

Investment advisory and other asset-based fees

2,503

2,492

2,353

2,208

2,234

Commissions and brokerage services fees

438

442

424

400

421

(1)

Other

Total noninterest income

2,970

2,953

2,823

2,653

2,674

Total revenue

3,875

3,821

3,674

3,438

3,404

Net charge-offs

(1)

(6)

Change in the allowance for credit losses

(9)

(13)

Provision for credit losses

(10)

(9)

(14)

(11)

Noninterest expense

3,262

3,074

3,013

2,865

2,946

Income before income tax expense

623

756

675

561

447

(18)

Income tax expense

155

191

169

141

(19)

Net income

$ 468

565

506

420

349

(17)

Selected Metrics

Return on allocated capital

28.4 %

33.6

29.9

25.0

20.9

Efficiency ratio

Client assets ($ in billions, period-end): Advisory assets

$ 1,119

1,127

1,104

1,042

980

(1)

Other brokerage assets and deposits

1,364

1,382

1,369

1,304

1,253

(1)

Total Company-wide client assets (2)

$ 2,483

2,509

2,473

2,346

2,233

(1)

Total WIM client assets

$ 2,222

2,244

2,211

2,097

1,996

(1)

Selected Balance Sheet Data (average)

Total loans

$ 88,386

84,949

82,330

81,271

80,930

Total deposits

112,098

105,542

99,764

99,458

102,097

Allocated capital

6,500

Selected Balance Sheet Data (period-end)

Total loans

$ 89,537

87,106

83,786

81,327

80,955

Total deposits

113,659

117,478

103,957

97,318

102,162

(3)

NM - Not meaningful

In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment. Prior period balances have been revised to conform with the current period presentation.

Includes amounts for clients of the Consumer Banking and Lending operating segment.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Income Statement

Net interest income

$ (460)

(199)

(273)

(103)

Noninterest income

228

388

449

662

(213)

(41)%

207

Total revenue (232)

189

176

559

(177)

(31)

Net charge-offs 5

(23)

122

Change in the allowance for credit losses (3)

(22)

(14)

(12)

(5)

Provision for credit losses 2

(45)

(4)

(12)

(5)

104

140

Noninterest expense 179

624

650

565

457

(71)

(61)

Income (loss) before income tax benefit (413)

(390)

(470)

(629)

(6)

Income tax benefit (466)

(246)

(173)

(348)

(615)

(89)

Less: Net income (loss) from noncontrolling interests 35

(92)

(42)

138

Net income (loss) $ 18

(204)

(315)

328

109

(77)

Selected Balance Sheet Data (average)

Available-for-sale debt securities

$ 208,869

203,202

188,103

172,879

161,430

Held-to-maturity debt securities

202,212

206,595

214,409

220,364

226,714

(2)

(11)

Equity securities

17,487

16,062

16,450

15,493

15,398

Total assets

649,698

638,732

636,359

601,010

618,339

Total deposits

86,073

69,024

55,201

46,242

50,576

Selected Balance Sheet Data (period-end)

Available-for-sale debt securities

$ 214,935

205,670

198,665

176,235

167,634

Held-to-maturity debt securities

200,842

204,811

211,069

218,360

224,111

(2)

(10)

Equity securities

17,091

16,451

16,273

15,907

15,138

Total assets

669,736

638,664

642,044

624,556

621,445

Total deposits

96,421

73,479

64,407

48,917

47,636

102

NM - Not meaningful

Quarter ended

Mar 31, 2026

$ Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Period-End Loans

Commercial and industrial

$ 481,915

452,068

417,904

402,150

390,533

29,847

91,382

Commercial real estate

132,213

132,284

130,250

132,560

134,035

(71)

(1,822)

Lease financing

15,512

15,543

15,311

15,060

16,131

(31)

(619)

Total commercial

629,640

599,895

563,465

549,770

540,699

29,745

88,941

Residential mortgage

240,839

242,190

243,910

245,755

247,613

(1,351)

(6,774)

Credit card

57,277

59,540

56,996

55,318

54,608

(2,263)

2,669

Auto

53,794

50,487

46,041

42,878

41,482

3,307

12,312

Other consumer (1)

35,237

34,055

32,690

30,697

29,440

1,182

5,797

Total consumer

387,147

386,272

379,637

374,648

373,143

875

14,004

Total loans

$ 1,016,787

986,167

943,102

924,418

913,842

30,620

102,945

Average Loans

Commercial and industrial $ 463,064

427,616

405,753

393,602

381,702

35,448

81,362

Commercial real estate 132,134

130,507

131,623

133,661

135,271

1,627

(3,137)

Lease financing 15,462

15,243

14,986

16,046

16,182

219

(720)

Total commercial 610,660

573,366

552,362

543,309

533,155

37,294

77,505

Residential mortgage 241,078

242,848

244,562

246,512

248,739

(1,770)

(7,661)

Credit card 58,215

58,245

56,420

54,985

55,363

(30)

2,852

Auto 52,099

48,231

44,292

41,865

41,967

3,868

10,132

Other consumer 33,973

33,159

31,041

30,048

28,958

814

5,015

Total consumer 385,365

382,483

376,315

373,410

375,027

2,882

10,338

Total loans $ 996,025

955,849

928,677

916,719

908,182

40,176

87,843

Average Interest Rates

Commercial and industrial

5.68 %

5.94

6.26

6.29

6.34

Commercial real estate

5.62

5.94

6.15

6.17

6.19

Lease financing

5.81

5.86

5.85

5.72

5.78

Total commercial

5.67

5.93

6.23

6.24

6.28

Residential mortgage

3.72

3.70

3.68

Credit card

12.31

12.27

12.70

12.65

12.74

Auto

5.72

5.70

5.59

5.48

5.33

Other consumer

6.66

6.98

7.40

7.47

7.61

Total consumer

5.55

5.59

5.52

5.51

Total loans

5.62

5.78

5.97

5.95

5.96

Includes $28.2 billion, $26.2 billion, $25.1 billion, $23.1 billion, and $21.7 billion at March 31, 2026, and December 31, September 30, June 30, and March 31, 2025, respectively, of securities-based loans originated by the Wealth and Investment Management operating segment.

Quarter ended

Mar 31, 2026

$ Change from

Net loan charge-

As a % of average

Net loan charge-

As a % of average

Net loan charge-

As a % of average

Net loan charge-

As a % of average

Dec 31,

Mar 31,

($ in millions)

offs

loans (1)

offs

loans (1)

offs

loans (1)

offs

loans (1)

offs

loans (1)

2025

By product:

Commercial and industrial

$ 331

0.29 %

$ 157

0.15 %

$ 131

0.13 %

$ 179

0.18 %

$ 108

0.11 %

$ 174

223

Commercial real estate

0.06

158

0.48

107

0.32

0.18

0.28

(139)

(76)

Lease financing

0.26

0.32

0.17

0.20

Total commercial

360

0.24

325

0.22

250

0.18

247

0.18

211

0.16

149

Residential mortgage

(14)

(0.02)

(13)

(0.02)

(22)

(0.04)

(3)

(15)

(0.02)

(1)

Credit card

605

4.21

583

3.97

571

4.02

622

4.54

650

4.76

(45)

Auto

0.49

0.45

0.29

0.62

(1)

Other consumer

1.03

1.09

1.19

101

1.35

1.39

(5)

(13)

Total consumer

740

0.78

721

0.75

692

0.73

750

0.81

798

0.86

(58)

Total net loan charge-offs

$ 1,100

0.45 %

$ 1,046

0.43 %

$ 942

0.40 %

$ 997

0.44 %

$ 1,009

0.45 %

$ 54

By segment:

Consumer Banking and Lending

$ 820

0.99 %

$ 775

0.93 %

$ 766

0.93 %

$ 818

1.04 %

$ 877

1.12 %

$ 45

(57)

Commercial Banking

0.10

0.16

0.15

0.17

0.07

(33)

Corporate and Investing Banking

224

0.27

181

0.23

0.13

0.11

0.14

127

Wealth and Investment Management

(1)

0.03

(6)

(0.03)

(1)

Corporate

Total net loan charge-offs

$ 1,100

0.45 %

$ 1,046

0.43 %

$ 942

0.40 %

$ 997

0.44 %

$ 1,009

0.45 %

$ 54

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

Quarter ended

Mar 31, 2026

$ Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Balance, beginning of period

$ 14,337

14,311

14,568

14,552

14,636

(299)

Provision for credit losses for loans

1,139

1,071

687

1,007

925

214

Net loan charge-offs:

Commercial and industrial

(331)

(157)

(131)

(179)

(108)

(174)

(223)

Commercial real estate

(19)

(158)

(107)

(61)

(95)

139

Lease financing

(10)

(12)

(7)

(8)

(2)

Total commercial

(360)

(325)

(250)

(247)

(211)

(35)

(149)

Residential mortgage

(1)

Credit card

(605)

(583)

(571)

(622)

(650)

(22)

Auto

(63)

(60)

(50)

(30)

(64)

(3)

Other consumer

(86)

(91)

(93)

(101)

(99)

Total consumer

(740)

(721)

(692)

(750)

(798)

(19)

Net loan charge-offs

(1,100)

(1,046)

(942)

(997)

(1,009)

(54)

(91)

Other

(2)

(3)

(2)

Balance, end of period

$ 14,374

14,337

14,311

14,568

14,552

(178)

Components:

Allowance for loan losses

$ 13,864

13,797

13,744

13,961

14,029

(165)

Allowance for unfunded credit commitments

510

540

567

607

523

(30)

(13)

Allowance for credit losses for loans

$ 14,374

14,337

14,311

14,568

14,552

(178)

Ratio of allowance for loan losses to total net loan charge-offs (annualized)

3.11x

3.32

3.68

3.49

3.43

Allowance for loan losses as a percentage of:

Total loans

1.36 %

1.40

1.46

1.51

1.54

Nonaccrual loans

164

168

181

180

176

Allowance for credit losses for loans as a percentage of:

Total loans

1.41

1.45

1.52

1.58

1.59

Nonaccrual loans

170

175

188

182

ACL

as % of loan

ACL

as % of loan

ACL

as % of loan

ACL

as % of loan

($ in millions)

ACL

class

ACL

class

ACL

class

ACL

class

ACL

class

By product:

Commercial and industrial

$ 4,840

1.00 %

$ 4,510

1.00 %

$ 4,376

1.05 %

$ 4,306

1.07 %

$ 4,331

1.11 %

Commercial real estate

2,478

1.87

2,737

2.07

2,965

2.28

3,317

2.50

3,365

2.51

Lease financing

211

1.36

210

1.35

211

1.38

212

1.41

234

1.45

Total commercial

7,529

1.20

7,457

1.24

7,552

1.34

7,835

1.43

7,930

1.47

Residential mortgage (1)

525

0.22

555

0.23

569

0.23

568

0.23

542

0.22

Credit card

4,902

8.56

4,956

8.32

4,907

8.61

4,910

8.88

4,840

8.86

Auto

878

1.63

817

1.62

717

1.56

657

1.53

629

1.52

Other consumer

540

1.53

552

1.62

566

1.73

598

1.95

611

2.08

Total consumer

6,845

1.77

6,880

1.78

6,759

1.78

6,733

1.80

6,622

1.77

Total allowance for credit losses for loans

$ 14,374

1.41 %

$ 14,337

1.45 %

$ 14,311

1.52 %

$ 14,568

1.58 %

$ 14,552

1.59 %

By segment:

Consumer Banking and Lending

$ 7,732

2.30 %

$ 7,734

2.30 %

$ 7,599

2.29 %

$ 7,458

2.33 %

$ 7,332

2.30 %

Commercial Banking

2,287

0.97

2,194

0.96

2,184

0.98

2,368

1.03

2,509

1.10

Corporate and Investing Banking

4,122

1.17

4,167

1.25

4,275

1.41

4,470

1.54

4,444

1.58

Wealth and Investment Management

232

0.26

241

0.28

251

0.30

264

0.32

258

0.32

Corporate

0.10

0.11

0.22

0.27

0.20

Total allowance for credit losses for loans

$ 14,374

1.41 %

$ 14,337

1.45 %

$ 14,311

1.52 %

$ 14,568

1.58 %

$ 14,552

1.59 %

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

Mar 31, 2026

$ Change from

% of total

Dec 31,

Mar 31,

($ in millions)

Balance

loans

Balance

loans

Balance

loans

Balance

loans

Balance

loans

2025

By product: Nonaccrual loans:

Commercial and industrial

$ 1,646

0.34%

$ 1,312

0.29%

$ 1,050

0.25%

$ 925

0.23%

$ 969

0.25%

$ 334

677

Commercial real estate

3,779

2.86

3,879

2.93

3,334

2.56

3,556

2.68

3,836

2.86

(100)

(57)

Lease financing

0.57

0.48

0.49

0.54

0.48

Total commercial

5,513

0.88

5,266

0.88

4,459

0.79

4,563

0.83

4,883

0.90

247

630

Residential mortgage (1)

2,860

1.19

2,838

1.17

3,057

1.25

3,090

1.26

2,982

1.20

(122)

Auto

0.13

0.14

0.15

0.18

0.20

(13)

Other consumer

0.07

0.08

0.09

0.10

(1)

(4)

Total consumer

2,956

0.76

2,935

0.76

3,155

0.83

3,194

0.85

3,095

0.83

(139)

Total nonaccrual loans

8,469

0.83

8,201

0.83

7,614

0.81

7,757

0.84

7,978

0.87

268

491

Foreclosed assets

299

302

218

207

247

(3)

Total nonperforming assets

$ 8,768

0.86%

$ 8,503

0.86%

$ 7,832

0.83%

$ 7,964

0.86%

$ 8,225

0.90%

$ 265

543

By segment:

Consumer Banking and Lending

$ 2,966

0.88%

$ 2,941

0.88%

$ 3,181

0.97%

$ 3,054

0.97%

$ 3,011

0.95%

$ 25

(45)

Commercial Banking

1,668

0.71

1,324

0.58

1,086

0.49

1,489

0.65

1,536

0.67

344

132

Corporate and Investing Banking

3,860

1.09

3,973

1.19

3,276

1.08

3,132

1.08

3,442

1.23

(113)

418

Wealth and Investment Management

274

0.31

265

0.29

289

0.33

289

0.34

236

0.28

Corporate

Total nonperforming assets

$ 8,768

0.86%

$ 8,503

0.86%

$ 7,832

0.83%

$ 7,964

0.86%

$ 8,225

0.90%

$ 265

543

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

Loans

Total

Loans

Total

Nonaccrual

($ in millions) loans

outstanding

balance

commitments

(1)

Nonaccrual

loans

outstanding

balance

commitments

(1)

Nonaccrual

loans

outstanding

balance

commitments

(1)

Commercial and industrial loans and lease financing by industry:

Financials except banks

Asset managers and funds (2)(3)

$ -

76,233

130,181

69,752

126,027

54,470

100,544

Commercial finance (4)

62,139

98,017

108

60,955

97,757

51,969

84,815

Consumer finance (5)

124

33,849

48,991

129

27,794

45,321

20,209

35,848

Real estate finance (6)

37,945

42,277

34,514

39,043

24,916

28,109

Total financials except banks (3)

237

210,166

319,466

245

193,015

308,148

151,564

249,316

Technology, telecom and media

283

30,060

77,594

26,552

78,922

23,259

60,552

Real estate and construction

30,045

62,974

29,321

60,900

25,411

54,272

Equipment, machinery and parts manufacturing

27,972

54,497

25,985

54,078

25,563

50,572

Retail

143

20,024

43,841

208

19,644

42,865

268

18,623

45,408

Materials and commodities

15,082

38,026

100

13,609

35,731

119

14,476

33,883

Oil, gas and pipelines

12,367

35,040

10,237

31,738

10,950

30,638

Food and beverage manufacturing

349

16,886

32,642

286

17,838

33,951

16,316

32,215

Auto related

17,154

32,452

16,984

32,169

16,505

31,013

Health care and pharmaceuticals

13,242

32,049

13,513

31,552

13,590

30,564

Diversified or miscellaneous

13,758

31,608

11,905

29,908

10,295

25,897

Utilities

8,946

28,618

8,232

28,187

7,030

25,221

Commercial services

12,244

28,329

11,481

27,563

11,148

27,462

Entertainment and recreation

130

13,835

21,591

13,208

20,841

13,786

24,967

Insurance and fiduciaries

5,658

18,933

6,128

19,223

5,456

16,832

Transportation services

146

8,888

17,278

156

8,237

16,737

149

9,418

16,563

Other (3)

41,100

59,907

41,722

61,008

33,274

52,423

Total commercial and industrial loans and lease financing

1,734

497,427

934,845

1,387

467,611

913,521

1,047

406,664

807,798

Commercial real estate loans by property type (7):

Apartments

396

36,605

41,787

386

36,974

41,554

352

39,537

43,808

Industrial/warehouse

27,469

32,203

25,959

31,377

23,286

25,576

Office

2,394

20,736

21,689

2,461

21,958

23,360

2,897

26,415

27,611

Hotel/motel

735

12,344

12,885

719

12,764

13,154

239

11,606

12,004

Retail (excluding shopping center)

10,287

11,696

10,568

11,476

145

11,296

11,915

Shopping center

9,477

10,267

9,353

9,800

7,969

8,404

Institutional

5,016

5,422

5,402

5,852

5,095

5,365

Other

162

10,279

12,112

164

9,306

11,080

8,831

10,959

Total commercial real estate loans

3,779

132,213

148,061

3,879

132,284

147,653

3,836

134,035

145,642

Total commercial loans

$ 5,513

629,640

1,082,906

5,266

599,895

1,061,174

4,883

540,699

953,440

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

Includes loans for subscription or capital calls and loans to securities firms.

In first quarter 2026, we reclassified prime brokerage margin loans from the asset managers and funds category within the financials except banks industry category to Other. Prior period balances have been revised to conform with the current period presentation.

Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, and structured lending facilities to commercial loan managers.

Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards.

Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans.

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

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company's use of equity.

The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Tangible book value per common share:

Total equity

$ 180,313

183,038

183,012

182,954

182,906

(1)%

(1)

Adjustments:

Preferred stock

(15,348)

(16,608)

(18,608)

Additional paid-in capital on preferred stock

139

141

145

(1)

(4)

Noncontrolling interests

(1,916)

(1,920)

(1,858)

(1,843)

(1,816)

(6)

Total common stockholders' equity

(A)

163,188

164,651

164,687

164,644

162,627

(1)

Adjustments:

Goodwill

(24,965)

(24,967)

(25,069)

(25,071)

(25,066)

Certain identifiable intangible assets (other than MSRs)

(765)

(823)

(863)

(902)

(65)

Goodwill and other intangibles on venture capital investments in consolidated portfolio companies

(included in other assets)

(705)

(698)

(674)

(5)

Applicable deferred taxes related to goodwill and other intangible assets (1)

1,064

1,063

1,062

1,060

954

Tangible common equity

(B)

$ 137,817

139,219

139,119

139,057

137,776

(1)

Common shares outstanding

(C)

3,064.3

3,092.6

3,148.9

3,220.4

3,261.7

(1)

(6)

Book value per common share

(A)/(C)

$ 53.25

53.24

52.30

51.13

49.86

Tangible book value per common share

(B)/(C)

44.98

45.02

44.18

43.18

42.24

NM - Not meaningful

(1) Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Return on average tangible common equity:

Net income applicable to common stock

(A)

$ 5,000

5,114

5,341

5,214

4,616

(2)%

Average total equity

183,693

183,844

183,428

183,268

183,358

Adjustments:

Preferred stock

(16,333)

(16,608)

(18,278)

(18,608)

Additional paid-in capital on preferred stock

140

141

143

145

(1)

(3)

Noncontrolling interests

(1,915)

(1,879)

(1,850)

(1,818)

(1,894)

(2)

(1)

Average common stockholders' equity

(B)

165,585

165,498

165,111

163,315

163,001

Adjustments:

Goodwill

(24,967)

(25,055)

(25,070)

(25,135)

Certain identifiable intangible assets (other than MSRs)

(788)

(847)

(889)

(863)

(69)

Goodwill and other intangibles on venture capital investments in consolidated portfolio companies

(included in other assets)

(705)

(698)

(674)

(734)

(1)

Applicable deferred taxes related to goodwill and other intangible assets (1)

1,063

1,061

989

952

Average tangible common equity

(C)

$ 140,188

139,961

139,539

137,697

138,015

Return on average common stockholders' equity (ROE) (annualized)

(A)/(B)

12.2 %

12.3

12.8

11.5

Return on average tangible common equity (ROTCE) (annualized)

(A)/(C)

14.5

15.2

13.6

NM - Not meaningful

‌RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)

Estimated

($ in billions)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Total equity

$ 180.3

183.0

182.9

Adjustments:

Preferred stock

(15.3)

(16.6)

(18.6)

Additional paid-in capital on preferred stock

0.1

0.2

0.1

Noncontrolling interests

(1.9)

(1.8)

(1.9)

(1.8)

Total common stockholders' equity

163.2

164.7

164.6

162.6

Adjustments:

Goodwill

(25.0)

(25.1)

Certain identifiable intangible assets (other than MSRs)

(0.8)

(0.9)

(0.1)

Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other

assets)

(0.7)

Applicable deferred taxes related to goodwill and other intangible assets (2)

1.1

1.0

Other

(2.4)

(2.0)

(2.5)

(2.6)

(2.1)

Common Equity Tier 1 under the Standardized and Advanced Approaches

(A)

135.4

137.3

136.6

136.4

135.6

Preferred stock

15.3

16.6

18.6

Additional paid-in capital on preferred stock

(0.1)

(0.2)

(0.1)

Other

(0.2)

Total Tier 1 capital under the Standardized and Advanced Approaches

(B)

150.4

153.6

152.8

152.7

153.9

Long-term debt and other instruments qualifying as Tier 2

17.0

16.7

17.3

17.6

Qualifying allowance for credit losses (3)

14.7

14.6

14.4

Other

(0.3)

(0.4)

Total Tier 2 capital under the Standardized Approach

(C)

31.4

31.1

30.9

31.5

31.6

Total qualifying capital under the Standardized Approach

(B)+(C)

$ 181.8

184.7

183.7

184.2

185.5

Long-term debt and other instruments qualifying as Tier 2

17.0

16.7

17.3

17.6

Qualifying allowance for credit losses (3)

4.7

4.6

4.4

4.3

Other

(0.3)

(0.4)

Total Tier 2 capital under the Advanced Approach

(D)

21.4

21.0

20.7

21.2

21.5

Total qualifying capital under the Advanced Approach

(B)+(D)

$ 171.8

174.6

173.5

173.9

175.4

Total risk-weighted assets (RWAs) under the Standardized Approach

(E)

$ 1,315.6

1,294.6

1,242.4

1,225.9

1,222.0

Total RWAs under the Advanced Approach

(F)

$ 1,124.5

1,112.5

1,072.2

1,070.4

1,063.6

Ratios under the Standardized Approach:

Common Equity Tier 1

(A)/(E)

10.3 %

10.6

11.0

11.1

Tier 1 capital

(B)/(E)

11.4

11.9

12.3

12.5

12.6

Total capital

(B)+(C)/(E)

13.8

14.3

14.8

15.0

15.2

Ratios under the Advanced Approach:

Common Equity Tier 1

(A)/(F)

12.0 %

12.4

12.7

Tier 1 capital

(B)/(F)

13.4

13.8

14.3

14.5

Total capital

(B)+(D)/(F)

15.3

15.7

16.2

16.5

The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 capital and total capital ratios under both approaches.

Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

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

We also evaluate the Company's net interest income excluding the net interest income of the Corporate and Investment Banking Markets (Markets) line of business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company's lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities.

The table below provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Net interest income

$ 12,096

12,331

11,950

11,708

11,495

(2)%

Markets net interest income

481

358

144

104

131

267

Net interest income excluding Markets

$ 11,615

11,973

11,806

11,604

11,364

(3)%

Disclaimer

Wells Fargo & Company published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 10:59 UTC.