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SAN FRANCISCO–(BUSINESS WIRE)–Oct 12, 2018–Wells Fargo & Company (NYSE:WFC):

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Financial results: Net assets of $6.0 billion, compared with $4.5 billion in third division 2017Diluted balance per allotment (EPS) of $1.13, compared with $0.83 Third division 2018 included the accretion of our Series J Preferred Stock, which bargain adulterated EPS by $0.03 per shareRevenue of $21.9 billion, up from $21.8 billion Net absorption assets of $12.6 billion, up $123 million, or 1 percentNoninterest assets of $9.4 billion, bottomward $31 millionNoninterest amount of $13.8 billion, bottomward $588 million, or 4 percentAverage deposits of $1.3 trillion, bottomward $40.0 billion, or 3 percentAverage loans of $939.5 billion, bottomward $12.9 billion, or 1 percentReturn on assets (ROA) of 1.27 percent, acknowledgment on disinterestedness (ROE) of 12.04 percent, and acknowledgment on boilerplate actual accepted disinterestedness (ROTCE) of 14.33 percent 1Credit quality: Provision amount of $580 million, bottomward $137 million, or 19 percent, from third division 2017 Net charge-offs decreased $37 actor to $680 million, or 0.29 percent of boilerplate loans (annualized)Reserve absolution 2 of $100 millionNonaccrual loans of $7.1 billion, bottomward $1.6 billion, or 18 percentStrong basic position while abiding added basic to shareholders:. Accepted Disinterestedness Tier 1 arrangement (fully phased-in) of 11.9 percent 3Returned $8.9 billion to shareholders through accepted banal assets and net allotment repurchases, which added than angled from $4.0 billion in third division 2017 Net allotment repurchases of $6.8 billion, which added than tripled from $2.0 billionPeriod-end accepted shares outstanding bottomward 216.3 actor shares, or 4 percentQuarterly accepted banal allotment of $0.43 per share, up 10 percent from $0.39 per share

Financial after-effects appear in this certificate are preliminary. Final cyberbanking after-effects and added disclosures will be appear in our Annual Report on Form 10-Q for the division concluded September 30, 2018, and may alter materially from the after-effects and disclosures in this certificate due to, amid added things, the achievement of final analysis procedures, the accident of consecutive events, or the analysis of added information.

Wells Fargo & Company (NYSE:WFC) appear net assets of $6.0 billion, or $1.13 per adulterated accepted share, for third division 2018, compared with $4.5 billion, or $0.83 per share, for third division 2017, and $5.2 billion, or $0.98 per share, for added division 2018.

Chief Executive Officer Tim Sloan said, “In the third quarter, we connected to accomplish advance in our efforts to body a bigger Wells Fargo with a specific focus on our six goals: accident management, chump service, aggregation affiliate engagement, innovation, accumulated citizenship and actor value. We are deepening how we administer accident and accept fabricated enhancements to our accident administration framework. We additionally connected to accomplish advance on chump remediation, which is an important footfall in our efforts to clean trust. In addition, to bigger serve our barter and advice them accomplish financially, we launched Control Tower SM, a agenda acquaintance that simplifies our customers’ online cyberbanking lives, and our new Propel ® Card, one of the ri no-annual-fee acclaim cards in the industry. Furthermore, our advancing efforts in accumulated citizenship and architecture stronger communities were accustomed in a contempo analysis on accumulated giving by the Chronicle of Philanthropy, which ranked the Wells Fargo Foundation as the No.2 accumulated banknote giver in the United States. Our focus on actor amount included advance on our amount accumulation initiatives, and we alternate a almanac $8.9 billion to shareholders through net accepted banal repurchases and assets in the third quarter. I’m assured that our efforts to transform Wells Fargo position us for abiding success.”

Chief Cyberbanking Officer John Shrewsberry said, “Wells Fargo appear $6.0 billion of net assets in the third quarter. Revenue added and noninterest amount beneath both affiliated division and year-over-year. Our absolute operating advantage reflected the account of the transformational changes we are authoritative at Wells Fargo, including our focus on abbreviation expenses. In addition, we saw absolute business trends in the third quarter, including advance in primary chump blockage customers, added debit and acclaim agenda usage, and college year-over-year accommodation originations in auto, baby business, home disinterestedness and claimed loans and lines. Credit achievement and basic levels remained strong. Our charge to abiding added basic to shareholders was approved by an access in net accepted allotment repurchases, which added than tripled from a year ago, and a college accepted banal dividend.”

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Net Absorption Income

Net absorption assets in the third division was $12.6 billion, up $31 actor from added division 2018. Net absorption allowance was 2.94 percent, up 1 base point from the above-mentioned quarter.

Noninterest Income

Noninterest assets in the third division was $9.4 billion, up $357 actor from added division 2018. Third division noninterest assets included college added income, bazaar acute acquirement 4, mortgage cyberbanking fees, account accuse on drop accounts, and agenda fees, partially account by lower assurance and advance fees.

Mortgage cyberbanking assets was $846 million, up from $770 million in added division 2018. The assembly allowance on residential held-for-sale mortgage accommodation originations 5 added to 0.97 percent, from 0.77 percent in the added quarter, primarily due to an advance in accessory bazaar conditions. Residential mortgage accommodation originations were $46 billion, bottomward from $50 billion in the added quarter. Net mortgage application assets was $390 million, bottomward from $406 million in the added quarter.Market acute acquirement was $631 million, up from $527 actor in added division 2018, predominantly due to college net assets from disinterestedness balance on lower other-than-temporary crime (OTTI).Other assets was $466 million, compared with $323 million in the added quarter. Third division after-effects included a $638 actor accretion from sales of $1.7 billion of purchased credit-impaired (PCI) Pick-a-Pay loans, compared with a $479 actor accretion from sales of $1.3 billion of PCI Pick-a-Pay loans in added division 2018.

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Noninterest Expense

Noninterest amount in the third division beneath $219 actor from the above-mentioned division to $13.8 billion, predominantly due to lower bureau and allurement compensation, alfresco able casework and accommodating donations expense. These decreases were partially account by college agent benefits, accessories and arrangement casework expense. The ability arrangement was 62.7 percent in third division 2018, compared with 64.9 percent in the added quarter.

Third division 2018 operating losses were $605 million, apprenticed primarily by remediation amount for a array of matters, including an added $241 actor accretion for ahead appear issues accompanying to auto accessory aegis allowance (CPI).

Income Taxes

The Company’s able assets tax amount was 20.1 percent for third division 2018 and included net detached assets tax amount accompanying to the re-measurement of our antecedent estimates for the impacts of the Tax Cuts & Jobs Act accustomed in fourth division 2017. The able assets tax amount in added division 2018 was 25.9 percent and included net detached assets tax amount of $481 actor mostly accompanying to accompaniment assets taxes. The Company currently expects the able assets tax amount in fourth division 2018 to be about 19 percent, excluding the appulse of any approaching detached items.

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Loans

Total boilerplate loans were $939.5 billion in the third quarter, bottomward $4.6 billion from the added quarter. Period-end accommodation balances were $942.3 billion at September 30, 2018, bottomward $2.0 billion from June 30, 2018. Bartering loans were bottomward $1.2 billion compared with June 30, 2018, predominantly due to a $2.8 billion abatement in bartering absolute acreage loans, partially account by $1.5 billion of advance in bartering and automated loans. Chump loans decreased $746 actor from the above-mentioned quarter, apprenticed by:

a $1.6 billion abatement in auto loans due to accepted connected runoff, as able-bodied as the reclassification of the actual $374 actor of Reliable Cyberbanking Casework Inc. auto loans to captivated for salea $1.2 billion abatement in inferior affirmation mortgage loans as payoffs connected to beat originationsthese decreases were partially account by: a $1.3 billion access in 1-4 ancestors aboriginal mortgage loans, as adverse mortgage accommodation originations were partially account by payoffs and $1.7 billion of sales of PCI Pick-a-Pay mortgage loansa $1.1 billion access in acclaim agenda loans

Additionally, $249 actor of adverse mortgage accommodation originations that would accept contrarily been included in 1-4 ancestors aboriginal mortgage accommodation outstandings were appointed as captivated for auction in third division 2018 in apprehension of the approaching arising of residential mortgage-backed balance (RMBS).

Debt and Disinterestedness Securities

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Debt balance accommodate available-for-sale and held-to-maturity debt securities, as able-bodied as debt balance captivated for trading. Debt balance were $472.3 billion at September 30, 2018, bottomward $3.2 billion from the added quarter, predominantly due to a net abatement in available-for-sale debt securities, as about $14.3 billion of purchases, primarily federal bureau mortgage-backed balance (MBS) in the available-for-sale portfolio, were added than account by runoff and sales.

Net abeyant losses on available-for-sale debt balance were $3.8 billion at September 30, 2018, compared with net abeyant losses of $2.4 billion at June 30, 2018, predominantly due to college absorption rates.

Equity balance accommodate bankable and non-marketable disinterestedness securities, as able-bodied as disinterestedness balance captivated for trading. Disinterestedness balance were $61.8 billion at September 30, 2018, up $4.3 billion from the added quarter, abundantly due to an access in disinterestedness balance captivated for trading due to stronger chump activity.

Deposits

Total boilerplate deposits for third division 2018 were $1.3 trillion, bottomward $5.0 billion from the above-mentioned quarter, as consumers connected to move balance clamminess to higher-rate alternatives. The boilerplate drop amount for third division 2018 was 47 base points, up 7 base credibility from the above-mentioned division and 21 base credibility from a year ago, primarily apprenticed by an access in Wholesale Cyberbanking and Wealth and Advance Administration drop rates.

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Capital

Capital in the third division connected to beat our centralized target, with a Accepted Disinterestedness Tier 1 arrangement (fully phased-in) of 11.9 percent 3, bottomward from 12.0 percent in the above-mentioned quarter. In third division 2018, the Company repurchased 146.5 million shares of its accepted stock, which bargain period-end accepted shares outstanding by 137.5 million. The Company paid a annual accepted banal allotment of $0.43 per share.

The Company adored its 8.00% Non-Cumulative Perpetual Class A Preferred Stock, Series J, on September 17, 2018, which bargain adulterated balance per accepted allotment in third division 2018 by $0.03 per allotment as a aftereffect of eliminating the acquirement accounting abatement recorded on these shares at the time of the Wachovia acquisition.

Credit Quality

Net Accommodation Charge-offs

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The annual accident amount in the third division was 0.29 percent (annualized), compared with 0.26 percent in the above-mentioned division and 0.30 percent a year ago. Bartering and chump losses were 0.12 percent and 0.47 percent, respectively. Total acclaim losses were $680 million in third division 2018, up $78 actor from added division 2018. Bartering losses were up $85 million apprenticed by college bartering and automated accommodation charge-offs and lower recoveries, while chump losses decreased $7 million.

Nonperforming Assets

Nonperforming assets decreased $410 million, or 5 percent, from added division 2018 to $7.6 billion. Nonaccrual loans decreased $433 actor from added division 2018 to $7.1 billion absorption both lower chump and bartering nonaccruals.

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