1 Media Mary Eshet Investrs Jim Rwe Friday, April 11, WELLS FARGO REPORTS RECORD QUARTERLY NET INCOME Q1 Net Incme f $5.9 Billin, Up 14 Percent YY; EPS f $1.05 Cntinued strng financial results: Net incme f $5.9 billin, up 14 percent frm first quarter Diluted earnings per share (EPS) f $1.05, up 14 percent Revenue f $20.6 billin, cmpared with $21.3 billin Nninterest expense f $11.9 billin, dwn $452 millin Efficiency rati f 57.9 percent, imprved by 40 basis pints Return n assets (ROA) f 1.57 percent, up 8 basis pints 1 Return n equity (ROE) f percent, up 76 basis pints Strng lan and depsit grwth: Ttal average lans f $823.8 billin, up $27.1 billin, r 3 percent frm first quarter 1 Quarter-end lans f $826.4 billin, up $28.1 billin, r 4 percent 1 Quarter-end cre lans f $748.4 billin, up $41.0 billin, r 6 percent 1,2 Ttal average cre depsits f $973.8 billin, up $47.9 billin, r 5 percent Quarter-end cre depsits f $994.2 billin, up $54.3 billin, r 6 percent Cntinued imprvement in credit quality: Net charge-ffs f $825 millin, dwn $594 millin frm first quarter Net charge-ff rate f 0.41 percent (annualized), dwn frm 0.72 percent Nnperfrming assets dwn $4.1 billin, r 18 percent $500 millin reserve release 3 due t cntinued strng credit perfrmance and imprved ecnmic cnditins Strengthened capital levels 4 : Cmmn Equity Tier 1 rati under Basel III (General Apprach) f percent at March 31, Cmmn Equity Tier 1 rati under Basel III (Advanced Apprach, fully phased-in) f percent Received a nn-bjectin t Capital Plan under the Cmprehensive Capital Analysis and Review (CCAR), which included a prpsed dividend rate f $0.35 per share fr secnd quarter 1 Prir perid financial infrmatin has been revised t reflect ur determinatin that certain factring arrangements did nt qualify as lans. See ftnte (1) t the Summary Financial Data table n page 17 fr mre infrmatin. 2 See table n page 4 fr mre infrmatin n cre and nn-strategic/liquidating lan prtflis. 3 Reserve release represents the amunt by which net charge-ffs exceed the prvisin fr credit lsses. 4 See tables n page 36 fr mre infrmatin n Cmmn Equity Tier 1. Cmmn Equity Tier 1 (Advanced Apprach, fully phased-in) is estimated based n final rules adpted July 2,, by the Federal Reserve Bard establishing a new cmprehensive capital framewrk fr U.S. banking rganizatins that wuld implement the Basel III capital framewrk and certain prvisins f the Ddd- Frank Act.
2 - 2 -, subject t Bard apprval, up frm $0.30 per share in the first quarter. The Capital Plan als included an increase in cmmn stck repurchase activity cmpared with actual repurchases in. In the first quarter, the Bard apprved an additinal 350 millin shares in the Cmpany s authrity t repurchase its cmmn stck. Selected Financial Infrmatin Quarter ended Earnings Diluted earnings per cmmn share $ Wells Farg net incme (in billins) Return n assets (ROA) (1) 1.57 % Return n equity (ROE) Asset Quality Net charge-ffs (annualized) as a % f avg. ttal lans Allwance fr credit lsses as a % f ttal lans (1) Allwance fr credit lsses as a % f annualized net charge-ffs Other Revenue (in billins) $ Efficiency rati 57.9 % Average lans (in billins) (1) $ Average cre depsits (in billins) Net interest margin (1) 3.20 % SAN FRANCISCO Wells Farg & Cmpany (NYSE:WFC) reprted recrd net incme f $5.9 billin, r $1.05 per diluted cmmn share, fr first quarter, up frm $5.2 billin, r $0.92 per share, fr first quarter, and up frm $5.6 billin, r $1.00 per share, fr furth quarter. Our slid first quarter results again demnstrated the ability f ur diversified business mdel t perfrm fr sharehlders, said Chairman and CEO Jhn Stumpf. Our 265,000 team members remained fcused n achieving ur visin f serving the financial needs f ur custmers as we grew lans, depsits and increased crss-sell. First quarter earnings were anther recrd fr ur Cmpany and capital levels cntinued t strengthen. Returning mre capital t ur sharehlders has remained a pririty fr Wells Farg and we were pleased t have received a nn-bjectin t ur CCAR submissin, which included a prpsed 17 percent cmmn stck dividend increase t $0.35 per share in the secnd quarter f this year and higher planned share repurchases cmpared with repurchase activity. As we mve frward in, I am ptimistic abut the pprtunities ahead and believe that we are well psitined fr grwth. Chief Financial Officer Tim Slan said, We are very pleased with Wells Farg s perfrmance in the first quarter, particularly in sme f the fundamental drivers f lng term grwth: lans, depsits, investments, capital and credit quality. Revenue remained relatively stable despite the impact f fewer days in the
3 - 3 - quarter, reflecting cntributins frm ur diversified surces f fee revenue. In additin, we generated revenue mre efficiently as we reduced expenses year-ver-year and cmpared with furth quarter f last year. Incme tax expense in the first quarter was $227 millin lwer than the prir quarter, driven by a $423 millin tax benefit recgnized in the first quarter. Revenue Revenue was $20.6 billin, cmpared with $20.7 billin in furth quarter, as higher nninterest incme was mre than ffset by the expected decline in net interest incme due t tw fewer days in the quarter. Several businesses generated linked-quarter grwth, including retirement services, equipment finance, wealth management, asset-backed finance, merchant services, persnal lines and lans, and retail sales finance. Net Interest Incme Net interest incme in first quarter declined $188 millin n a linked-quarter basis t $10.6 billin primarily due t tw fewer days cmpared with furth quarter. In additin, interest incme frm mrtgages held fr sale and variable surces, including purchased credit-impaired (PCI) lan reslutins and lan fees included in interest incme, als declined linked quarter. These impacts were partially ffset by the benefits f grwth in cmmercial and cnsumer lans and lwer funding csts. Net interest margin was 3.20 percent, dwn 7 basis pints frm the furth quarter f 1. Apprximately 4 basis pints f the decline was due t lwer incme frm variable surces. Tw basis pints f the decrease was frm custmer driven depsit grwth and 1 basis pint frm actins taken t meet regulatry expectatins fr liquidity. Bth f these items had minimal impact t net interest incme but were dilutive t net interest margin. The net impact f balance sheet repricing and grwth was neutral in the first quarter, as it was in furth quarter. Nninterest Incme Nninterest incme in the first quarter was $10.0 billin, up frm $9.9 billin in the prir quarter. Grwth was driven by increases in market sensitive revenues 5, in particular equity gains, mrtgage servicing incme and brkerage advisry fees. These increases were ffset by a decline in mrtgage gain n sale revenues, as well as lwer investment banking and cmmercial real estate brkerage cmmissin revenue, which were dwn frm strng furth quarter levels, and seasnal declines in card fees and depsit service charges. Mrtgage banking nninterest incme was $1.5 billin, dwn $60 millin frm furth quarter. During the first quarter, residential mrtgage riginatins were $36 billin, dwn frm $50 billin in furth quarter while the gain n sale margin was 1.61 percent, cmpared with 1.77 percent in the furth quarter. Net mrtgage servicing rights (MSRs) results were $407 millin, cmpared with $266 millin in furth quarter. 5 Cnsists f net gains frm trading activities, debt securities and equity investments.
4 - 4 - The Cmpany had net unrealized securities gains f $6.2 billin at March 31,, up frm $3.8 billin at December 31,, primarily driven by a decline in interest rates in the quarter. Nninterest Expense Nninterest expense declined $137 millin frm the prir quarter t $11.9 billin, as seasnally higher incentive cmpensatin and emplyee benefits were mre than ffset by lwer utside prfessinal services, salaries and equipment. The efficiency rati was 57.9 percent in first quarter, an imprvement frm 58.5 percent in furth quarter. The Cmpany expects t perate within its targeted efficiency rati range f 55 t 59 percent in secnd quarter. Incme Taxes The Cmpany s effective incme tax rate was 27.9 percent fr first quarter, cmpared with 30.9 percent in the prir quarter. The tax rate fr the first quarter included a net $423 millin discrete tax benefit primarily frm a reductin in the reserve fr uncertain tax psitins due t the reslutin f prir perid matters with state taxing authrities. Absent additinal discrete tax benefits emerging during the remainder f, the Cmpany expects its effective incme tax rate fr the full year t be higher than the effective incme tax rate fr first quarter. Lans Ttal lans were $826.4 billin at March 31,, up $4.2 billin 1 frm December 31,, as grwth in cmmercial and industrial, cmmercial real estate, aut and 1-4 family first mrtgage mre than ffset the decline in junir lien mrtgages and a seasnal decline in credit card lans. Cre lan grwth was $7.0 billin 1, as nn-strategic/liquidating prtflis declined $2.9 billin in the quarter. Ttal average lans were $823.8 billin, up $10.5 billin 1 frm the prir quarter, driven by grwth in the cre mrtgage prtfli, cmmercial banking, crprate banking, cmmercial real estate and aut. (in millins) March 31, December 31, Cre Liquidating (1) Ttal Cre (2) Liquidating (1) Ttal (2) Cmmercial $ 379,561 1, , ,230 2, ,243 Cnsumer 368,888 76, , ,190 78, ,043 Ttal lans $ 748,449 77, , ,420 80, ,286 Change frm prir quarter: $ 7,029 (2,872) 4,157 16,423 (3,272) 13,151 (1) See table n page 34 fr additinal infrmatin n nn-strategic/liquidating lan prtflis. Management believes that the abve infrmatin prvides useful disclsure regarding the Cmpany s nging lan prtflis. (2) Prir perid financial infrmatin has been revised t reflect ur determinatin that certain factring arrangements did nt qualify as lans. See ftnte (1) t the Summary Financial Data table n page 17 fr mre infrmatin. Depsits Ttal average depsits fr first quarter were $1.1 trillin, up 9 percent frm a year ag and up 6 percent (annualized) frm furth quarter, driven by slid cnsumer and cmmercial grwth. The average depsit cst fr first quarter was 11 basis pints, which was flat cmpared with the prir quarter and dwn 4 basis pints frm a year ag. Average cre depsits were $973.8 billin, up 5 percent
5 - 5 - frm a year ag and up 3 percent (annualized) frm furth quarter. Average mrtgage escrw depsits decreased t $24.2 billin, cmpared with $38.8 billin a year ag and $28.2 billin in furth quarter. Capital Capital cntinued t strengthen in the first quarter, with Cmmn Equity Tier 1 f $132.7 billin under Basel III (General Apprach), r percent f risk-weighted assets. The Cmmn Equity Tier 1 rati under Basel III (Advanced Apprach, fully phased-in) was percent. 6 In first quarter, the Cmpany purchased 33.5 millin shares f its cmmn stck. The Cmpany als paid a quarterly cmmn stck dividend f $0.30 per share, up frm $0.25 per share a year ag. On March 26,, the Cmpany received a nn-bjectin t its Capital Plan under the CCAR, which included a prpsed dividend rate f $0.35 per share fr secnd quarter, subject t Bard apprval. The Capital Plan als included an increase in cmmn stck repurchase activity cmpared with actual repurchases in. In the first quarter, the Bard apprved an additinal 350 millin shares in the Cmpany s authrity t repurchase its cmmn stck. (as a percent f ttal risk-weighted assets) (1) Cmmn Equity Tier 1 (2) % Tier 1 capital Tier 1 leverage (1) March 31,, ratis are preliminary. (2) See table n page 36 fr mre infrmatin n Cmmn Equity Tier 1. Credit Quality Credit perfrmance was strng in the first quarter as lsses remained at histrically lw levels, nnperfrming assets cntinued t decrease and we cntinued t riginate high quality lans, said Chief Risk Officer Mike Lughlin. Credit lsses were $825 millin in first quarter, cmpared with $1.4 billin in first quarter, a 42 percent year-ver-year imprvement. The quarterly lss rate (annualized) was 0.41 percent with cmmercial lsses f nly 0.01 percent and cnsumer lsses f 0.75 percent. Nnperfrming assets declined by $840 millin, r 17 percent (annualized) frm last quarter. We released $500 millin frm the allwance fr credit lsses in the first quarter, reflecting imprved credit perfrmance. We cntinue t expect future reserve releases absent a significant deteriratin in the ecnmic envirnment. 6 Estimated based n final rules adpted July 2,, by the Federal Reserve Bard establishing a new cmprehensive capital framewrk fr U.S. banking rganizatins that wuld implement the Basel III capital framewrk and certain prvisins f the Ddd- Frank Act.
6 - 6 - Net Lan Charge-ffs Net lan charge-ffs imprved t $825 millin in first quarter, r 0.41 percent (annualized) f average lans, cmpared with $963 millin in furth quarter, r 0.47 percent (annualized) f average lans. Net Lan Charge-Offs ($ in millins) Net lan chargeffs Quarter ended Sept. 30, As a % f average lans (1) Net lan chargeffs As a % f average lans (1) Net lan chargeffs As a % f average lans (1) Cmmercial: Cmmercial and industrial $ % $ % $ % Real estate mrtgage (22) (0.08) (41) (0.15) (20) (0.08) Real estate cnstructin (23) (0.55) (13) (0.32) (17) (0.41) Lease financing Freign (2) (0.02) Ttal cmmercial Cnsumer: Real estate 1-4 family first mrtgage Real estate 1-4 family junir lien mrtgage Credit card Autmbile Other revlving credit and installment Ttal cnsumer Ttal $ % $ % $ % (1) Quarterly net charge-ffs as a percentage f average lans are annualized. See explanatin n page 31 f the accunting fr purchased credit-impaired (PCI) lans and the impact n selected financial ratis. Nnperfrming Assets Nnperfrming assets decreased by $840 millin frm the prir quarter t $18.8 billin. Nnaccrual lans decreased $1.0 billin frm the prir quarter t $14.7 billin. Freclsed assets were $4.1 billin, up frm $3.9 billin in furth quarter.
7 - 7 - Nnperfrming Assets (Nnaccrual Lans and Freclsed Assets) ($ in millins) Ttal balances Sept. 30, As a % f ttal lans Ttal balances As a % f ttal lans (1) Ttal balances As a % f ttal lans (1) Cmmercial: Cmmercial and industrial $ % $ % $ % Real estate mrtgage 2, , , Real estate cnstructin Lease financing Freign Ttal cmmercial 3, , , Cnsumer: Real estate 1-4 family first mrtgage 9, , , Real estate 1-4 family junir lien mrtgage 2, , , Autmbile Other revlving credit and installment Ttal cnsumer 11, , , Ttal nnaccrual lans 14, , , Freclsed assets: Gvernment insured/guaranteed 2,302 2,093 1,781 Nn-gvernment insured/guaranteed 1,813 1,844 2,021 Ttal freclsed assets 4,115 3,937 3,802 Ttal nnperfrming assets $ 18, % $ 19, % $ 20, % Change frm prir quarter: Ttal nnaccrual lans $ (1,018) $ (1,225) $ (1,022) Ttal nnperfrming assets (840) (1,090) (360) (1) Prir perid financial infrmatin has been revised t reflect ur determinatin that certain factring arrangements did nt qualify as lans. See ftnte (1) t the Summary Financial Data table n page 17 fr mre infrmatin. Lans 90 Days r Mre Past Due and Still Accruing Lans 90 days r mre past due and still accruing (excluding gvernment insured/guaranteed) ttaled $950 millin at March 31,, cmpared with $1.0 billin at December 31,. Lans 90 days r mre past due and still accruing with repayments insured by the Federal Husing Administratin (FHA) r predminantly guaranteed by the Department f Veterans Affairs (VA) fr mrtgages and the U.S. Department f Educatin fr student lans under the Federal Family Educatin Lan Prgram were $20.3 billin at March 31,, dwn frm $22.2 billin at December 31,. Allwance fr Credit Lsses The allwance fr credit lsses, including the allwance fr unfunded cmmitments, ttaled $14.4 billin at March 31,, dwn frm $15.0 billin at December 31,. The allwance cverage t ttal lans was 1.74 percent, cmpared with 1.82 percent 1 in furth quarter. The allwance cvered 4.3 times annualized first quarter net charge-ffs, cmpared with 3.9 times in the prir quarter. The allwance cverage t nnaccrual lans was 98 percent at March 31, cmpared with 96 percent at December 31,. We believe the allwance was apprpriate fr lsses inherent in the lan prtfli at March 31,, said Lughlin.
8 - 8 - Business Segment Perfrmance Wells Farg defines its perating segments by prduct type and custmer segment. Segment net incme fr each f the three business segments was: (in millins) Quarter ended Cmmunity Banking $ 3,844 3,222 2,924 Whlesale Banking 1,742 2,111 2,045 Wealth, Brkerage and Retirement Mre financial infrmatin abut the business segments is n pages 37. Cmmunity Banking ffers a cmplete line f diversified financial prducts and services fr cnsumers and small businesses including checking and savings accunts, credit and debit cards, and aut, student, and small business lending. Cmmunity Banking als ffers investment, insurance and trust services in 39 states and D.C., and mrtgage and hme equity lans in all 50 states and D.C. thrugh its Reginal Banking and Wells Farg Hme Lending business units. Selected Financial Infrmatin (in millins) Quarter ended Ttal revenue $ 12,593 12,254 12,899 Prvisin fr credit lsses ,262 Nninterest expense 6,774 7,073 7,377 Segment net incme 3,844 3,222 2,924 (in billins) Average lans Average assets Average cre depsits Cmmunity Banking reprted net incme f $3.8 billin, up $622 millin, r 19 percent, frm furth quarter. Revenue f $12.6 billin increased $339 millin, r 3 percent, primarily due t higher equity investments gains and ther nninterest incme, partially ffset by the impact f seasnally lwer depsit service charges and card fees. Nninterest expense declined $299 millin, r 4 percent, due t lwer perating lsses, prject spending, advertising, and annual license renewal csts, partially ffset by seasnally higher persnnel csts. The prvisin fr credit lsses decreased $71 millin driven by a $119 millin decline in net charge-ffs, partially ffset by a lwer reserve release. Net incme was up $920 millin, r 31 percent, frm first quarter. Revenue decreased $306 millin, r 2 percent, frm a year ag primarily due t lwer mrtgage banking revenue, partially ffset by higher net interest incme and equity investment gains. Nninterest expense declined $603 millin, r 8 percent, frm a year ag largely driven by lwer mrtgage vlume-related expenses and freclsed asset expense. The prvisin fr credit lsses decreased $843 millin frm a year ag due t imprved prtfli perfrmance reflecting lwer cnsumer real estate lsses.
9 - 9 - Reginal Banking Retail banking Retail Bank husehld crss-sell rati f 6.17 prducts per husehld, up frm 6.10 year-ver-year 7 Primary cnsumer checking custmers 8 up a net 5.1 percent year-ver-year 7 Custmers rated their experience with Wells Farg stres at an all-time high based n first quarter survey results Small Business/Business Banking Primary business checking custmers 8 up a net 5.1 percent year-ver-year 7 Business Direct credit card, lines f credit and lan prduct slutins (primarily under $100,000 sld thrugh ur retail banking stres) were up 15 percent frm the prir year Online and Mbile Banking 23.8 millin active nline custmers, up 6 percent year-ver-year millin active mbile custmers, up 23 percent year-ver-year 7 Cnsumer Lending Grup Hme Lending Cnsumer Credit Originatins f $36 billin, cmpared with $50 billin in prir quarter Applicatins f $60 billin, cmpared with $65 billin in prir quarter Applicatin pipeline f $27 billin at quarter end, up frm $25 billin at December 31, Residential mrtgage servicing prtfli f $1.8 trillin; rati f MSRs t related lans serviced fr thers was 85 basis pints, cmpared with 88 basis pints in prir quarter Average nte rate n the servicing prtfli was 4.51 percent, cmpared with 4.52 percent in prir quarter Credit card penetratin in retail banking husehlds rse t 38.0 percent 7, up frm 34.1 percent in prir year Recrd aut riginatins f $7.8 billin, up 16 percent frm prir quarter and up 15 percent frm prir year 7 Data as f February, cmparisns with February. 8 Custmers wh actively use their checking accunt with transactins such as debit card purchases, nline bill payments, and direct depsit.
10 Whlesale Banking prvides financial slutins t businesses acrss the United States and glbally with annual sales generally in excess f $20 millin. Prducts and business segments include Middle Market Cmmercial Banking, Gvernment and Institutinal Banking, Crprate Banking, Cmmercial Real Estate, Treasury Management, Wells Farg Capital Finance, Insurance, Internatinal, Real Estate Capital Markets, Cmmercial Mrtgage Servicing, Crprate Trust, Equipment Finance, Wells Farg Securities, Principal Investments, Asset Backed Finance, and Asset Management. Selected Financial Infrmatin (in millins) Ttal revenue $ 5,580 5,972 6,086 Reversal f prvisin fr credit lsses (93) (125) (58) Nninterest expense 3,215 3,020 3,091 Segment net incme 1,742 2,111 2,045 (in billins) Average lans (1) Average assets (1) Average cre depsits (1) Quarter ended Prir perid financial infrmatin has been revised t reflect ur determinatin that certain factring arrangements did nt qualify as lans. See ftnte (1) t the Summary Financial Data table n page 17 fr mre infrmatin. Whlesale Banking reprted net incme f $1.7 billin, dwn $369 millin, r 17 percent, frm furth quarter. Revenue f $5.6 billin decreased $392 millin, r 7 percent, frm prir quarter. Net interest incme declined $242 millin as higher lan vlume was ffset by lwer PCI reslutins and tw fewer days in the quarter. Nninterest incme decreased $150 millin as lwer investment banking, cmmercial brkerage fees, and crprate banking energy capital gains were partially ffset by increased sales and trading results n higher custmer accmmdatin trading. Nninterest expense increased $195 millin, r 6 percent, frm furth quarter reflecting seasnally higher persnnel csts and insurance cmmissins. Net incme was dwn $303 millin, r 15 percent, frm first quarter. Revenue decreased $506 millin, r 8 percent, frm first quarter as strng lan and depsit grwth was mre than ffset by lwer PCI reslutin incme and market sensitive revenue, including reduced custmer accmmdatin trading revenue. Nninterest expense increased $124 millin, r 4 percent frm a year ag due t higher persnnel expenses and supprt csts. The prvisin fr credit lsses decreased $35 millin frm a year ag due t a $51 millin reductin in credit lsses partially ffset by $16 millin lwer reserve release. The first quarter prvisin included a $34 millin reserve release, cmpared with $50 millin a year ag. Average lans increased 7 percent 1 in first quarter cmpared with first quarter n bradbased grwth, including asset-backed finance, cmmercial real estate, crprate banking, gvernment and institutinal banking, and internatinal Crss-sell f 7.2 prducts per relatinship up frm 7.1 in prir quarter and 6.8 in first quarter Treasury management revenue up 4 percent frm first quarter Assets under management f $479 billin, up $16 billin frm first quarter, reflecting increased market valuatin
11 Wealth, Brkerage and Retirement prvides a full range f financial advisry services t clients using a planning apprach t meet each client's needs. Wealth Management prvides affluent and high net wrth clients with a cmplete range f wealth management slutins, including financial planning, private banking, credit, investment management and fiduciary services. Abbt Dwning, a Wells Farg business, prvides cmprehensive wealth management services t ultra-high net wrth families and individuals as well as endwments and fundatins. Brkerage serves custmers' advisry, brkerage and financial needs as part f ne f the largest full-service brkerage firms in the United States. Retirement is a natinal leader in prviding institutinal retirement and trust services (including 401(k) and pensin plan recrd keeping) fr businesses, retail retirement slutins fr individuals, and reinsurance services fr the life insurance industry. Selected Financial Infrmatin (in millins) Quarter ended Ttal revenue $ 3,468 3,438 3,197 Prvisin (reversal f prvisin) fr credit lsses (8) (11) 14 Nninterest expense 2,711 2,655 2,639 Segment net incme (in billins) Average lans Average assets Average cre depsits Wealth, Brkerage and Retirement (WBR) reprted net incme f $475 millin, dwn $16 millin, r 3 percent, frm furth quarter. Revenue f $3.5 billin increased $30 millin, r 1 percent, frm the prir quarter as higher asset-based fees were largely ffset by lwer gains n deferred cmpensatin plan investments (ffset in cmpensatin expense). Nninterest expense was up 2 percent ver the prir quarter and included seasnally higher persnnel csts and lwer deferred cmpensatin plan expense (ffset in trading incme). Net incme was up $138 millin, r 41 percent, frm first quarter. Revenue increased $271 millin, r 8 percent, frm a year ag primarily driven by strng grwth in asset-based fees and higher net interest incme, partially ffset by a decrease in brkerage transactin revenue. Nninterest expense increased $72 millin, r 3 percent, frm a year ag primarily due t higher brker cmmissins. The prvisin fr credit lsses decreased $22 millin frm a year ag. Retail Brkerage Client assets f $1.4 trillin, up 8 percent frm prir year Managed accunt assets increased $63 billin, r 19 percent, frm prir year Average depsit balances increased 4 percent frm prir year Strng lan grwth, with average balances up 23 percent frm prir year Wealth Management Client assets f $217 billin, up 6 percent frm prir year Strng lan grwth, with average balances up 11 percent ver prir year
12 Retirement IRA assets f $344 billin, up 9 percent frm prir year Institutinal Retirement plan assets f $310 billin, up 8 percent frm prir year WBR crss-sell rati f prducts per husehld, up frm in first quarter Cnference Call The Cmpany will hst a live cnference call n Friday, April 11, at 7 a.m. PDT (10 a.m. EDT). T access the call, please dial (U.S. and Canada) r (Internatinal). N passwrd is required. The call is als available nline at wellsfarg.cm/invest_relatins/earnings and A replay f the cnference call will be available beginning at apprximately nn PDT (3 p.m. EDT) n April 11 thrugh Friday, April 18. Please dial (U.S. and Canada) r (Internatinal) and enter Cnference ID # The replay will als be available nline at wellsfarg.cm/invest_relatins/earnings.
13 Frward-Lking Statements This dcument cntains frward-lking statements within the meaning f the Private Securities Litigatin Refrm Act f In additin, we may make frward-lking statements in ur ther dcuments filed r furnished with the SEC, and ur management may make frward-lking statements rally t analysts, investrs, representatives f the media and thers. Frward-lking statements can be identified by wrds such as anticipates, intends, plans, seeks, believes, estimates, expects, target, prjects, utlk, frecast, will, may, culd, shuld, can and similar references t future perids. In particular, frward-lking statements include, but are nt limited t, statements we make abut: (i) the future perating r financial perfrmance f the Cmpany, including ur utlk fr future grwth; (ii) ur nninterest expense and efficiency rati; (iii) future credit quality and perfrmance, including ur expectatins regarding future lan lsses and allwance releases; (iv) the apprpriateness f the allwance fr credit lsses; (v) ur expectatins regarding net interest incme and net interest margin; (vi) lan grwth r the reductin r mitigatin f risk in ur lan prtflis; (vii) future capital levels and ur estimated Cmmn Equity Tier 1 rati under Basel III capital standards; (viii) the perfrmance f ur mrtgage business and any related expsures; (ix) the expected utcme and impact f legal, regulatry and legislative develpments, as well as ur expectatins regarding cmpliance therewith; (x) future cmmn stck dividends, cmmn share repurchases and ther uses f capital; (xi) ur targeted range fr return n assets and return n equity; (xii) the utcme f cntingencies, such as legal prceedings; and (xiii) the Cmpany s plans, bjectives and strategies. Frward-lking statements are nt based n histrical facts but instead represent ur current expectatins and assumptins regarding ur business, the ecnmy and ther future cnditins. Because frwardlking statements relate t the future, they are subject t inherent uncertainties, risks and changes in circumstances that are difficult t predict. Our actual results may differ materially frm thse cntemplated by the frward-lking statements. We cautin yu, therefre, against relying n any f these frwardlking statements. They are neither statements f histrical fact nr guarantees r assurances f future perfrmance. While there is n assurance that any list f risks and uncertainties r risk factrs is cmplete, imprtant factrs that culd cause actual results t differ materially frm thse in the frward-lking statements include the fllwing, withut limitatin: current and future ecnmic and market cnditins, including the effects f declines in husing prices, high unemplyment rates, U.S. fiscal debt, budget and tax matters, and the verall slwdwn in glbal ecnmic grwth; ur capital and liquidity requirements (including under regulatry capital standards, such as the Basel III capital standards) and ur ability t generate capital internally r raise capital n favrable terms; financial services refrm and ther current, pending r future legislatin r regulatin that culd have a negative effect n ur revenue and businesses, including the Ddd-Frank Act and ther legislatin and regulatin relating t bank prducts and services; the extent f ur success in ur lan mdificatin effrts, as well as the effects f regulatry requirements r guidance regarding lan mdificatins; the amunt f mrtgage lan repurchase demands that we receive and ur ability t satisfy any such demands withut having t repurchase lans related theret r therwise indemnify r reimburse third parties, and the credit quality f r lsses n such repurchased mrtgage lans; negative effects relating t ur mrtgage servicing and freclsure practices, including ur bligatins under the settlement with the Department f Justice and ther federal and state gvernment entities, as well as changes in industry standards r practices, regulatry r judicial requirements, penalties r fines, increased servicing and ther csts r bligatins, including lan mdificatin requirements, r delays r mratriums n freclsures; ur ability t realize ur efficiency rati target as part f ur expense management initiatives, including as a result f business and ecnmic cyclicality, seasnality, changes in ur business
14 cmpsitin and perating envirnment, grwth in ur businesses and/r acquisitins, and unexpected expenses relating t, amng ther things, litigatin and regulatry matters; the effect f the current lw interest rate envirnment r changes in interest rates n ur net interest incme, net interest margin and ur mrtgage riginatins, mrtgage servicing rights and mrtgages held fr sale; a recurrence f significant turbulence r disruptin in the capital r financial markets, which culd result in, amng ther things, reduced investr demand fr mrtgage lans, a reductin in the availability f funding r increased funding csts, and declines in asset values and/r recgnitin f ther-than-temprary impairment n securities held in ur investment securities prtfli; the effect f a fall in stck market prices n ur investment banking business and ur fee incme frm ur brkerage, asset and wealth management businesses; reputatinal damage frm negative publicity, prtests, fines, penalties and ther negative cnsequences frm regulatry vilatins and legal actins; a failure in r breach f ur peratinal r security systems r infrastructure, r thse f ur third party vendrs r ther service prviders, including as a result f cyber attacks; the effect f changes in the level f checking r savings accunt depsits n ur funding csts and net interest margin; fiscal and mnetary plicies f the Federal Reserve Bard; and the ther risk factrs and uncertainties described under Risk Factrs in ur Annual Reprt n Frm 10-K fr the year ended December 31,. In additin t the abve factrs, we als cautin that the amunt and timing f any future cmmn stck dividends r repurchases will depend n the earnings, cash requirements and financial cnditin f the Cmpany, market cnditins, capital requirements (including under Basel capital standards), cmmn stck issuance requirements, applicable law and regulatins (including federal securities laws and federal banking regulatins), and ther factrs deemed relevant by the Cmpany s Bard f Directrs, and may be subject t regulatry apprval r cnditins. Fr mre infrmatin abut factrs that culd cause actual results t differ materially frm ur expectatins, refer t ur reprts filed with the Securities and Exchange Cmmissin, including the discussin under Risk Factrs in ur Annual Reprt n Frm 10-K fr the year ended December 31,, as filed with the Securities and Exchange Cmmissin and available n its website at Any frward-lking statement made by us speaks nly as f the date n which it is made. Factrs r events that culd cause ur actual results t differ may emerge frm time t time, and it is nt pssible fr us t predict all f them. We undertake n bligatin t publicly update any frward-lking statement, whether as a result f new infrmatin, future develpments r therwise, except as may be required by law.
15 Abut Wells Farg Wells Farg & Cmpany (NYSE: WFC) is a natinwide, diversified, cmmunity-based financial services cmpany with $1.5 trillin in assets. Funded in 1852 and headquartered in San Francisc, Wells Farg prvides banking, insurance, investments, mrtgage, and cnsumer and cmmercial finance thrugh mre than 9,000 lcatins, 12,000 ATMs, and the Internet (wellsfarg.cm), and has ffices in 36 cuntries t supprt ur custmers wh cnduct business in the glbal ecnmy. With mre than 265,000 team members, Wells Farg serves ne in three husehlds in the United States. Wells Farg & Cmpany was ranked N. 25 n Frtune s rankings f America s largest crpratins. Wells Farg s visin is t satisfy all ur custmers financial needs and help them succeed financially. # # #
16 16 Wells Farg & Cmpany and Subsidiaries QUARTERLY FINANCIAL DATA TABLE OF CONTENTS Pages Summary Infrmatin Summary Financial Data Incme Cnslidated Statement f Incme 19 Cnslidated Statement f Cmprehensive Incme 20 Cndensed Cnslidated Statement f Changes in Ttal Equity 20 Five Quarter Cnslidated Statement f Incme 21 Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) 22 Nninterest Incme and Nninterest Expense Balance Sheet Cnslidated Balance Sheet Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) 27 Lans Investment Securities 28 Lans 28 Nnperfrming Assets 29 Lans 90 Days r Mre Past Due and Still Accruing 30 Purchased Credit-Impaired Lans Pick-A-Pay Prtfli 34 Nn-Strategic and Liquidating Lan Prtflis 34 Changes in Allwance fr Credit Lsses 35 Equity Five Quarter Risk-Based Capital Cmpnents 36 Cmmn Equity Tier 1 Under Basel III 36 Operating Segments Operating Segment Results 37 Other Mrtgage Servicing and ther related data 38-40
17 17 Wells Farg & Cmpany and Subsidiaries SUMMARY FINANCIAL DATA % Change Quarter ended frm ($ in millins, except per share amunts) Fr the Perid Wells Farg net incme $ 5,893 5,610 5,171 5 % 14 Wells Farg net incme applicable t cmmn stck 5,607 5,369 4, Diluted earnings per cmmn share Prfitability ratis (annualized): Wells Farg net incme t average assets (ROA) (1) 1.57 % Wells Farg net incme applicable t cmmn stck t average Wells Farg cmmn stckhlders' equity (ROE) Efficiency rati (2) (1) (1) Ttal revenue $ 20,625 20,665 21,259 - (3) Pre-tax pre-prvisin prfit (PTPP) (3) 8,677 8,580 8,859 1 (2) Dividends declared per cmmn share Average cmmn shares utstanding 5, , , Diluted average cmmn shares utstanding 5, , , Average lans (1) $ 823, , , Average assets (1) 1,525,905 1,505,766 1,402, Average cre depsits (4) 973, , , Average retail cre depsits (5) 690, , , Net interest margin (1) 3.20 % (2) (8) At Perid End Investment Securities $ 270, , , Lans (1) 826, , , Allwance fr lan lsses 13,695 14,502 16,711 (6) (18) Gdwill 25,637 25,637 25, Assets (1) 1,546,707 1,523,502 1,435, Cre depsits (4) 994, , , Wells Farg stckhlders' equity 175, , , Ttal equity 176, , , Capital ratis: Ttal equity t assets (1) % Risk-based capital (6): Tier 1 capital Ttal capital Tier 1 leverage (6) Cmmn Equity Tier 1 (6)(7) Cmmn shares utstanding 5, , , Bk value per cmmn share $ Cmmn stck price: High Lw Perid end Team members (active, full-time equivalent) 265, , ,300 - (3) (1) Amunts fr prir perids have been revised t reflect ur determinatin that certain factring arrangements previusly included within cmmercial lans, which were recrded with a crrespnding bligatin in ther liabilities, did nt qualify as lan purchases under ASC Tpic 860 (Transfers and Servicing f Financial Assets) based n interpretatins f the specific arrangements. Accrdingly, we revised ur cmmercial lan balances fr year-end 2012 and each f the quarters in in rder t apprpriately present the Cmpany s lending trends ver this perid. This revisin, which resulted in a reductin t ttal cmmercial lans and a crrespnding decrease t ther liabilities, did nt impact the Cmpany s cnslidated net incme r ttal cash flws. We reduced ur cmmercial lans by $3.5 billin, $3.2 billin, $2.1 billin, $1.6 billin, and $1.2 billin at December 31,, September 30,, June 30,, March 31,, and December 31, 2012, respectively, which represented less than 1% f ttal cmmercial lans and less than 0.5% f ur ttal lan prtfli. Other affected financial infrmatin, including ratis, has been apprpriately revised t reflect this revisin. (2) The efficiency rati is nninterest expense divided by ttal revenue (net interest incme and nninterest incme). (3) Pre-tax pre-prvisin prfit (PTPP) is ttal revenue less nninterest expense. Management believes that PTPP is a useful financial measure because it enables investrs and thers t assess the Cmpany's ability t generate capital t cver credit lsses thrugh a credit cycle. (4) Cre depsits are nninterest-bearing depsits, interest-bearing checking, savings certificates, certain market rate and ther savings, and certain freign depsits (Eurdllar sweep balances). (5) Retail cre depsits are ttal cre depsits excluding Whlesale Banking cre depsits and retail mrtgage escrw depsits. (6) The March 31,, ratis are preliminary. (7) See the "Five Quarter Risk-Based Capital Cmpnents" table fr additinal infrmatin.
18 18 Wells Farg & Cmpany and Subsidiaries FIVE QUARTER SUMMARY FINANCIAL DATA Quarter ended ($ in millins, except per share amunts) Sept. 30, June 30, Fr the Quarter Wells Farg net incme $ 5,893 5,610 5,578 5,519 5,171 Wells Farg net incme applicable t cmmn stck 5,607 5,369 5,317 5,272 4,931 Diluted earnings per cmmn share Prfitability ratis (annualized): Wells Farg net incme t average assets (ROA) (1) 1.57 % Wells Farg net incme applicable t cmmn stck t average Wells Farg cmmn stckhlders' equity (ROE) Efficiency rati (2) Ttal revenue $ 20,625 20,665 20,478 21,378 21,259 Pre-tax pre-prvisin prfit (PTPP) (3) 8,677 8,580 8,376 9,123 8,859 Dividends declared per cmmn share Average cmmn shares utstanding 5, , , , ,279.0 Diluted average cmmn shares utstanding 5, , , , ,353.5 Average lans (1) $ 823, , , , ,662 Average assets (1) 1,525,905 1,505,766 1,446,965 1,427,150 1,402,922 Average cre depsits (4) 973, , , , ,866 Average retail cre depsits (5) 690, , , , ,913 Net interest margin (1) 3.20 % At Quarter End Investment securities $ 270, , , , ,160 Lans (1) 826, , , , ,362 Allwance fr lan lsses 13,695 14,502 15,159 16,144 16,711 Gdwill 25,637 25,637 25,637 25,637 25,637 Assets (1) 1,546,707 1,523,502 1,484,865 1,438,456 1,435,030 Cre depsits (4) 994, , , , ,934 Wells Farg stckhlders' equity 175, , , , ,086 Ttal equity 176, , , , ,395 Capital ratis: Ttal equity t assets (1) % Risk-based capital (6): Tier 1 capital Ttal capital Tier 1 leverage (6) Cmmn Equity Tier 1 (6)(7) Cmmn shares utstanding 5, , , , ,288.8 Bk value per cmmn share $ Cmmn stck price: High Lw Perid end Team members (active, full-time equivalent) 265, , , , ,300 (1) Prir perid financial infrmatin has been revised t reflect ur determinatin that certain factring arrangements did nt qualify as lans. See ftnte (1) t the Summary Financial Data table n page 17 fr mre infrmatin. (2) The efficiency rati is nninterest expense divided by ttal revenue (net interest incme and nninterest incme). (3) Pre-tax pre-prvisin prfit (PTPP) is ttal revenue less nninterest expense. Management believes that PTPP is a useful financial measure because it enables investrs and thers t assess the Cmpany's ability t generate capital t cver credit lsses thrugh a credit cycle. (4) Cre depsits are nninterest-bearing depsits, interest-bearing checking, savings certificates, certain market rate and ther savings, and certain freign depsits (Eurdllar sweep balances). (5) Retail cre depsits are ttal cre depsits excluding Whlesale Banking cre depsits and retail mrtgage escrw depsits. (6) The March 31,, ratis are preliminary. (7) See the "Five Quarter Risk-Based Capital Cmpnents" table fr additinal infrmatin.
19 19 Wells Farg & Cmpany and Subsidiaries CONSOLIDATED STATEMENT OF INCOME Quarter ended March 31, % (in millins, except per share amunts) Change Interest incme Trading assets $ % Investment securities 2,110 1, Mrtgages held fr sale (54) Lans held fr sale 2 3 (33) Lans 8,746 8,861 (1) Other interest incme Ttal interest incme 11,612 11,650 - Interest expense Depsits (24) Shrt-term brrwings (40) Lng-term debt Other interest expense (11) 34 Ttal interest expense 997 1,151 (13) Net interest incme Prvisin fr credit lsses 10, ,499 1,219 1 (73) Net interest incme after prvisin fr credit lsses 10,290 9, Nninterest incme Service charges n depsit accunts 1,215 1,214 - Trust and investment fees 3,412 3,202 7 Card fees Other fees 1,047 1,034 1 Mrtgage banking 1,510 2,794 (46) Insurance (7) Net gains frm trading activities (24) Net gains n debt securities Net gains frm equity investments Lease incme Other (75) Ttal nninterest incme 10,010 10,760 (7) Nninterest expense Salaries 3,728 3,663 2 Cmmissin and incentive cmpensatin 2,416 2,577 (6) Emplyee benefits 1,372 1,583 (13) Equipment (7) Net ccupancy Cre depsit and ther intangibles FDIC and ther depsit assessments (10) (17) Other 2,616 2,661 (2) Ttal nninterest expense 11,948 12,400 (4) Incme befre incme tax expense 8,352 7,640 9 Incme tax expense 2,277 2,420 (6) Net incme befre nncntrlling interests 6,075 5, Less: Net incme frm nncntrlling interests Wells Farg net incme $ 5,893 5, Less: Preferred stck dividends and ther Wells Farg net incme applicable t cmmn stck $ 5,607 4, Per share infrmatin Earnings per cmmn share $ Diluted earnings per cmmn share Dividends declared per cmmn share Average cmmn shares utstanding 5, , Diluted average cmmn shares utstanding 5, ,
20 20 Wells Farg & Cmpany and Subsidiaries CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter ended March 31, (in millins) % Change Wells Farg net incme $ 5,893 5, % Other cmprehensive incme (lss), befre tax: Investment securities: Net unrealized gains (lsses) arising during the perid 2,725 (634) NM Reclassificatin f net gains t net incme (394) (113) 249 Derivatives and hedging activities: Net unrealized gains arising during the perid Reclassificatin f net gains n cash flw hedges t net incme (106) (87) 22 Defined benefit plans adjustments: Net unrealized gains arising during the perid - 6 (100) Amrtizatin f net actuarial lss, settlements, and ther t net incme (63) Freign currency translatin adjustments: Net unrealized lsses arising during the perid (17) (18) (6) Reclassificatin f net lsses t net incme 6 - NM Other cmprehensive incme (lss), befre tax 2,276 (790) NM Incme tax (expense) benefit related t ther cmprehensive incme (831) 288 NM Other cmprehensive incme (lss), net f tax 1,445 (502) NM Less: Other cmprehensive incme frm nncntrlling interests 79 3 NM Wells Farg ther cmprehensive incme (lss), net f tax 1,366 (505) NM Wells Farg cmprehensive incme 7,259 4, Cmprehensive incme frm nncntrlling interests Ttal cmprehensive incme $ 7,520 4, NM - Nt meaningful CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY Quarter ended March 31, (in millins) Balance, beginning f perid $ 171, ,911 Wells Farg net incme 5,893 5,171 Wells Farg ther cmprehensive incme (lss), net f tax 1,366 (505) Cmmn stck issued Cmmn stck repurchased (1,025) (383) Preferred stck released by ESOP Preferred stck issued Cmmn stck dividends (1,579) (1,319) Preferred stck dividends and ther (286) (240) Nncntrlling interests and ther, net (207) (24) Balance, end f perid $ 176, ,395
NEWS RELEASE FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm FOR IMMEDIATE RELEASE May 7, 2012 Citizens, Inc. Reprts First Quarter 2012 Results Investr
NEWS RELEASE FOR IMMEDIATE RELEASE Nvember 5, 2014 FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm Citizens, Inc. Reprts Third Quarter three and nine
Secnd Quarter 2015 Earnings Cnference Call August 05, 2015 Nn-GAAP Financial Measures and Frward-Lking Statements Frward-Lking Statements This webcast and presentatin cntains statements that are frward-lking
C H A P T E R 15 Investments and Fair Value Accunting Financial Accunting 14e Warren Reeve Duchac human/istck/360/getty Images Investing Cash in Current Operatins Cash may be used t replace wrn-ut equipment
2014 Q3 Earnings Cnference Call Nvember 6, 2014 This presentatin includes certain frward-lking statements that are made as f the date heref and are based upn current expectatins, which invlve risks and
COMMUNITY HEALTH NETWORK, INC. & AFFILIATED ENTITIES Cntinuing Disclsure Infrmatin As f and fr the Nine Mnths Ended September 30, 2015 and 2014 A-1 Cmmunity Health Netwrk, Inc., an Indiana nn-prfit crpratin
Disclsures abut the Credit Quality f Financing Receivables and the Allwance fr Credit Lsses During July 2010 the FASB issued Accunting Standards Update 2010-20 Disclsures abut the Credit Quality f Financing
Guidance fr Financial Analysts t mdel the impact f aircraft nise n Flughafen Zürich AG s financial statements Zurich Airprt, March 17, 2015 Intrductin The bjective f this dcument is t explain the impact
SBA Lans The State Bank is a Preferred SBA (Small Business Administratin) Lender. The State Bank has delegated authrity t underwrite and apprve SBA lans n behalf f the SBA, thereby greatly expediting the
RI Student Lan Authrity Executive Summary f Strategic Plan Apprved by RISLA Bard f Directrs Octber 17, 2014 Missin Statement: Cnsistent with the authrity granted by the General Assembly f the State f Rhde
Media Mary Eshet 704-383-7777 Investors Jim Rowe 415-396-8216 Friday, July 11, WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year Continued strong financial
AL 96-7 Subject: Credit Card Preapprved Slicitatins TO: Chief Executive Officers f all Natinal Banks, Department and Divisin Heads, and all Examining Persnnel PURPOSE The purpse f this advisry letter is
SBA 504 Financing Lng Term Asset Financing Made Pssible Glen Heller, Relatinship Manager Nancy Sheridan, Specialty Finance Officer These prpsals are cntingent upn final Chase Bank review and apprval frm
CHAPTER 5 STATEMENT OF CASH FLOWS IN DETAIL 5-1 Cash is the lifebld f any nging cncern. Cash is INTRODUCTION the fuel that keeps the business aflat. As was stated in Chapter 2, the Balance Sheet and the
Stream Grup Ltd Claims Services Divisin Update Stream Grup Limited ABN: 90 128 027 501 Paul Lynch- CEO Stream Claims Services February 2015 Stream Grup Ltd 2015. All Rights Reserved. Disclaimer 2 Crprate
The Allstate Fundatin Dmestic Vilence Prgram 2015 Mving Ahead Financial Empwerment Grant Due Date: September 1, 2015 Online applicatin: https://www.grantrequest.cm/sid_1010?sa=sna&fid=35296 The Allstate
Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 Tuesday, January 14, 2014 WELLS FARGO REPORTS RECORD FULL YEAR AND QUARTERLY NET INCOME 2013 Net Income of $21.9 Billion, Up 16% from 2012;
Internal Audit Charter and perating standards 2 1 verview This dcument sets ut the basis fr internal audit: (i) the Internal Audit charter, which establishes the framewrk fr Internal Audit; and (ii) hw
FACT SHEET Municipal Advisr Registratin SEC Open Meeting Sept. 18, 2013 The Securities and Exchange Cmmissin tday will cnsider whether t adpt a rule that wuld establish a permanent registratin regime fr
EXHIBIT B City f Chic Budget Cntingency Plan P The purpse f the Budget Cntingency Plan is t establish a guideline and general apprach t respnd t adverse financial and ecnmic cnditins that culd negatively
E-ALERT Financial Institutins BEIJING BRUSSELS LONDON NEW YORK SAN DIEGO SAN FRANCISCO SILICON VALLEY WASHINGTON www.cv.cm March 19, 2010 SENATE FINANCIAL REFORM LEGISLATION ADDRESSES PROPRIETARY TRADING
Twn f Wayland, Massachusetts Investment Plicy Statement General Fund & Trust Funds I. The Investment f General Funds, Special Revenue Funds, Enterprise Funds, and Capital Prjects Funds A. Scpe This sectin
City f Gld Cast Debt Management Public Statement Octber 2015 This statement explains the City f Gld Cast s debt management apprach and psitin. It includes the fllwing: Overall Financial Psitin Prfit and
INTERNATIONAL SOCIETY FOR PHARMACEUTICAL ENGINEERING, INC. INVESTMENT POLICY March 2014 Overview 1. This statement f Investment Plicy has been adpted by the Bard f Directrs f the Internatinal Sciety fr
NBG Grup Q3 Results 205 PRESS RELEASE NBG Grup: Q3.5 results highlights CET rati stable qq despite prtracted bank hliday and capital cntrls hitting tp line in Greece CET std at 9.6% in Q3, unchanged qq
Whlesale Brker Acknwledgment & Electin Frm Pints and Fees fr Sectin 32 and QM and Lan Originatr Cmpensatin Sectin 32 s new expanded scpe f lans: The CFPB s 2013 HOEPA Rule expands the types f residential
Tuesday, April 14, Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 WELLS FARGO REPORTS $5.8 BILLION IN NET INCOME Diluted EPS of $1.04, Revenue Up 3 Percent from Prior Year Strong financial
UBC Restricted Faculty Secnd Mrtgage Lan Prgram Descriptin f Key Terms Updated February 4, 2014 The Restricted Resale Capped Appreciatin Prgram is ne f tw ptins in UBC s Hme Ownership Prgram intended t
Fixed vs. Variable Interest Rates Understanding the Advantages and Disadvantages f Each Rate Type When shpping fr financial prducts, there are a lt f factrs t cnsider. Much has changed in the financial
Media Investors Mary Eshet Jim Rowe 7043837777 4153968216 Tuesday, October 14, 2014 WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year x x x x Continued strong
PA 14: Sustainable Investment 4 pints available A. Credit Ratinale This credit recgnizes institutins that use their investment pwer t prmte sustainability. There are a variety f appraches an institutin
THE WHITE HOUSE Office f the Press Secretary FOR IMMEDIATE RELEASE March 16, 2009 President Obama and Secretary Geithner Annunce Plans t Unlck Credit fr Small Businesses Emphasizes Recvery Effrts Already
MANITOBA SECURITIES COMMISSION STRATEGIC PLAN 2013-2016 The Manitba Securities Cmmissin (the Cmmissin) is a divisin f the Manitba Financial Services Agency (MFSA). The ther divisin is the Financial Institutins
Plicy 10/3084 part 3 Emplyee Benefits Liability Plicy Summary Publicatin Date March 2015 Review Date March 2016 Related Legislatin/Applicable Sectin f Legislatin Related Plicies, Prcedures, Guidelines,
IFRS Discussin Grup Reprt n the Public Meeting February 26, 2014 The IFRS Discussin Grup is a discussin frum nly. The Grup s purpse is t assist the Accunting Standards Bard (AcSB) regarding issues arising
U. S. Department f Husing and Urban Develpment Washingtn, D.C. 20410-8000 December 20, 2000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER MORTGAGEE LETTER 00-46 TO: ALL APPROVED
Business Plan Overview Organizatin and Cntent Summary A business plan is a descriptin f yur business, including yur prduct yur market, yur peple and yur financing needs. Yu shuld cnsider that a well prepared
2014 Year End Earnings Cnference Call February 25, 2015 This presentatin includes certain frward-lking statements that are made as f the date heref and are based upn current expectatins, which invlve risks
ICBA Summary f Ability-t-Repay/ Qualified Mrtgage Final Rules September 2013 Cntact: Elizabeth Eurgubian Vice President and Regulatry Cunsel email@example.com www.icba.rg ICBA Summary f Ability-t-Repay/Qualified
Hw t Finance yur Investment Acquiring a Lan - Key Steps Using the bank's mney t finance the purchase f a business rather than using yur wn capital will give yu significant tax advantages, s speak t yur
SEC FLASH REPORT The Securities and Exchange Cmmissin Issues Prpsal t Strengthen Audits and Reprting f Brker-Dealers t Prtect Custmer Assets and Requests Cmments June 28, 2011 On June 15, 2011, the U.S.
Crpratins Q&A. What is a crpratin and why frm ne? A crpratin is a business entity that is separate and distinct frm its wners. It can enter cntracts, sue and be sued withut invlving its wners (the sharehlders).
HOW TO SELECT A LIFE INSURANCE COMPANY There will prbably be hundreds f life insurance cmpanies t chse frm when yu decide t purchase a life insurance plicy. Hw d yu decide which ne? Mst cmpanies are quite
2013 CAS In Fcus: Elephants in the Rm Seminar BIG DATA: Big Benefits and Big Challenges Data Challenges in Underwriting Mdel Develpment fr China s Aut Business Jun Yan, PhD Hua Lin, PhD, FCAS, MAAA Chicag
There is $0 gap impact f the cnference budget vs current budget assumptins unless smene can quantify the admin pain f the K-12 health benefits bill. Belw is the cnference budget summary. Seattle Public
Media Ancel Martinez Wednesday, October 14, Investors Jim Rowe 415-222-3858 415-396-8216 WELLS FARGO REPORTS $5.8 BILLION IN NET INCOME Diluted EPS of $1.05, Revenue of $21.9 Billion Continued strong financial
Q&A What is a cnstructin lan? A cnstructin lan prvides the financing fr the cnstructin f yur new hme. Cnstructin lans may be structured as a single r tw-settlement transactin. Cnstructin lans culd include
GUIDELINES FOR THE LICENSING OF FINANCIAL INSTITUTIONS IN TRINIDAD AND TOBAGO UNDER THE FINANCIAL INSTITUTIONS ACT, 1993 I. DEFINITIONS: Institutins may be licensed under the Financial Institutins Act,
March 2014 Real Estate and Capital Markets Bulletin The Mrtgage Investment Crpratin - an Alternative Lender Intrductin In 1973, the federal gvernment intrduced measures aimed at stimulating investments
Ms. Marilyn B. Tavenner Acting Administratr Centers fr Medicare & Medicaid Services Department f Health and Human Services Attn: P.O. Bx 8016 Baltimre, MD 21244-8016 Re: Medicaid Prgram; Cvered Outpatient
White Paper Electrnic Signatures Laws Versin 1.0 Last Updated: 21-09-2010 www.sutisft.cm Intrductin Mst businesses these days use electrnic signatures fr btaining users cnsent r apprval f dcuments nline.
CPP INVESTMENT BOARD REPORTS FISCAL THIRD QUARTER PERFORMANCE RESULTS $5 Billin in Investment Incme TORONTO, ON (February 15, 2013): The CPP Fund ended the third quarter f its 2013 fiscal year n December
Ddd-Frank Reprt n Seller Financing December 10, 2013 Published by Glbal Publishing Inc. 9799 Old St. Augustine Rd. Jacksnville, FL 32257 p. 904-262-0491 f. 904-262-1464 VIPServices@GlbalPublishinginc.cm
Getting Ready fr Finance When yur business needs finance it is imprtant t plan yur apprach t ptential lenders prir t making the appintment t present yur applicatin. The reasn fr this is that a well-prepared
Illinis Insurance Facts Illinis Department f Insurance January 2010 Annuities and Senir Citizens Nte: This infrmatin was develped t prvide cnsumers with general infrmatin and guidance abut insurance cverages
August 7, 2009 Cmparisn f the Cverage Prvisins in the Affrdable Health Chices Act as Apprved by the Senate HELP Cmmittee and the Huse Tri-Cmmittee Bill, H.R. 3200, America s Affrdable Health Chices Act
Cnvenience Fees This publicatin includes Card Acceptance Guide language n Best Practices fr Merchant Use f Cnvenience Fees in additin t addressing specific differences by card brand and special circumstances
Service Center Budget and Staffing Review Nvember 7, 2014 Tpics Backgrund Call center cst factrs FY 2015 budget and assumptins Current envirnment Impact, revised frecast and recmmendatins 2 Backgrund In
Oregn University System Fiscal Plicy Manual Fiscal Operatin f Service Centers Sectin: Accunting and Financial Reprting Number: 05.713 Title: Fiscal Operatin f Service Centers Index POLICY.100 POLICY STATEMENT.110
Mbile Telecm Expense Management Quick Start Mbile Telecm Expense Management Intrductin The BT Mbile Telecm Expense Management Quick Start Service is part BT Managed Mbility Expenses* BT s suite f telecm
The Imprtance f Market Research 1. What is market research? Successful businesses have extensive knwledge f their custmers and their cmpetitrs. Market research is the prcess f gathering infrmatin which
Wednesday, January 14, 2015 Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 WELLS FARGO REPORTS RECORD FULL YEAR NET INCOME Net Income of $23.1 Billion, Up 5% from 2013; Diluted EPS of $4.10
Ref. RFP 2015/104 Invitatin t tender Internatinal Retirement Plan Prject Green Climate Fund 11 May 2015 Ref. RFP 2015/104 Table f cntents Sectin Page A. Intrductin... 1 B. Cmpletin f this dcument and timescale...
Secndary Financing in FHA Insured Lw Incme Husing Tax Credit Prjects September 23, 2015 Aarn O Tle, Partner Klein Hrnig LLP 1325 G Street NW, Suite 770 Washingtn, DC 20005 firstname.lastname@example.org 202 842 0127
Captive utsurcing mdels India TP hygiene wrkshp Presenter: Vishnu Bagri Octber 23, 2013 2013 Transfer Pricing Assciates Hlding B.V. BACKDROP + India has evlved as a premier utsurcing hub fr IT, ITES, engineering
Carnegie Hlding AB (Frmerly ABCIB Hlding AB) Crp. reg. n. 556780-4983, registered ffice Stckhlm Parent Cmpany f Carnegie Investment Bank AB (publ) And Carnegie Fnder AB Interim Reprt 1 January 31 March
Understanding Federal Direct Cnslidatin Lans 2012 Spring MASFAA Cnference UNDERSTANDING FEDERAL DIRECT & SPECIAL CONSOLIDATION LOANS Amy M. Mser, Reginal Directr Nelnet Educatin Lan Services 2 Nelnet Educatin
A Quick Read n the State f Small Business and the Small Business Success Index 2009 Baseline Study f Small Business Success March 12, 2009 Spnsred by: Netwrk Slutins, LLC and Rbert H. Smith Schl f Business,
Guidance n Managing Outsurcing Risk Divisin f Banking Supervisin and Regulatin Divisin f Cnsumer and Cmmunity Affairs Bard f Gvernrs f the Federal Reserve System December 5, 2013 Table f Cntents I. Purpse
Financial Planning Agreement This Financial Planning Agreement, the ( Agreement ), dated as f, 20, is by and between Vulcan Investments LLC, 2100 SuthBridge Pkwy, Suite 650 Birmingham, AL. 35209, an investment
Imprtant Infrmatin Plan Administratin and Operatin April 2000* Imprved ADP and ACP Safe Harbr Plan Designs WHO'S AFFECTED This infrmatin applies t defined cntributin plans with a 401(k) feature r emplyer
A Cmparisn f UK and Chinese Brking Regulatin David Cupe Partner +44 (0)203 553 4884 email@example.com The fllwing tables are a cmparisn f UK and Chinese brking regulatins including the Llyd s regulatins.
MANAGEMENT'S DISCUSSION AND ANALYSIS Three and six mnths ended June 30, 2013 and 2012 Selected Cnslidated Financial Infrmatin and Management s Discussin and Analysis This Management s Discussin and Analysis
Kuck Immigratin Partners Surce f Funds -Wrksheet and Dcument Checklist- 1 Table f Cntents General Rules... 3 Investrs Net Wrth Wrksheet:... 4 Dcumentatin:... 5 Identificatin and Bigraphic Dcuments... 5
The fllwing tpics were discussed in the March 24, 2016 meeting with law firms representing VCF claimants. Grup A Payment Issues: We cntinue t fcus n paying Grup A claims in full and are meeting the schedule
CONTROL Revisin Date: 1/21/03 TABLE OF CONTENTS 10.01 OVERVIEW OF ACCOUNTING FOR INVESTMENT IN PLANT... 2 10.01.1 CURRENT POLICY... 2 10.02 INVENTORY MAINTENANCE AND CONTROL... 3 10.02.1 PROCEDURES FOR
COMMERCIAL LOAN APPLICATION PACKAGE COMMERCIAL LOAN REQUEST FORM Infrmatin Checklist The fllwing checklist will help yu gather the necessary infrmatin fr the initial evaluatin f yur cmmercial lan request.
Client TERM COUNSELING DEFINITIONS DEFINITION The client is the business, if it exists. In the case f a prspective business, the client is the individual. In-Business: Cmpleted required registratin(s),
Taxpayers Cmpanies, cperatives, partnerships, freign cmpanies and jint ventures in Mnglia Freign cmpany representative ffice Banks, credit r insurance cmpanies and similar entities Nn-gvernmental rganizatins
This dcument is intended t prvide NCAA member institutins with an infrmatinal guide regarding the ptential implicatins f the Patient Prtectin and Affrdable Care Act f 2010 (PPACA) when fully implemented
Issue Brief SBC Distributin Rules fr Emplyer Spnsred Health Plans Octber 2012 Summary The Affrdable Care Act (ACA) expands ERISA's disclsure requirements by requiring that a summary f benefits and cverage