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美國

證券交易委員會

華盛頓特區20549

形式 10-Q

(Mark一）

☑			根據1934年《證券交易法》第13或15（d）條的季度報告

截至季度 2024年9月30日

或

☐			根據1934年《證券交易所法》第13或15（d）條提交的過渡報告

從 __________ 到 __________

委員會檔案編號 001-2979

威爾斯法戈公司

（章程中規定的註冊人的確切名稱）

德拉瓦

號

41-0449260

（註冊州）

（國稅局僱主識別號）

蒙哥馬利街420號, 舊金山, 加州 94104

（主要行政辦公室地址）（郵政編碼）

註冊人的電話號碼，包括地區代碼： 1-415-371-2921

根據該法第12（b）條登記的證券：

每個班級的標題			交易符號			每個交易所的名稱 在哪些上註冊
普通股，面值1 -2/3美金			WFC			紐約證券 交換 (紐約證券交易所)
7.5%非累積永久可轉換A類優先股，L系列			WFC.PRL			紐約證券交易所
存托股份，每股代表Y系列非累積永久A類優先股股份的1/1000權益			WFC.PRY			紐約證券交易所
存托股份，每股代表Z系列非累積永久A類優先股股份的1/1000權益			WFC.PRZ			紐約證券交易所
存托股份，每股代表AA系列非累積永久A類優先股股份的1/1000權益			WFC.PRA			紐約證券交易所
存托股份，每股代表CC系列非累積永久A類優先股股份的1/1000權益			WFC.PRC			紐約證券交易所
存托股份，每股代表DD系列非累積永久A類優先股股份的1/1000權益			WFC.PRD			紐約證券交易所
Wells Fargo Finance LLC於2028年10月30日到期的A系列中商業本票據擔保			WFC/28 A			紐約證券交易所

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。                 是的 þ   沒有 ？

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是的 þ   沒有 ？

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。

             大型加速文件夾   þ                    加速的檔案管理器？

            非加速歸檔 ？                     小型上市公司  ☐

                                        新興成長型公司  ☐

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。          ？

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120條第2款）。 是的 ☐ 沒有 þ

註明截至最後可行日期發行人每類普通股的已發行股數。

						流通股
						2024年10月22日
普通股，面值1 -2/3美金						3,329,490,659

---

10-Q表
交叉參考索引
第一部分			財務資料
項目1.			財務報表									頁面
			合併收益表									57
			綜合全面收益表									58
			綜合資產負債表									59
			綜合權益變動表									60
			綜合現金流量表									62
			財務報表附註
			1			—			主要會計政策概要			63
			2			—			交易活動			65
			3			—			可供出售和持有至到期債務證券			66
			4			—			股本證券			72
			5			—			貸款和相關信用損失津貼			74
			6			—			抵押貸款銀行活動			88
			7			—			無形資產和其他資產			90
			8			—			租賃活動			91
			9			—			優先股			92
			10			—			法律訴訟			93
			11			—			衍生物			95
			12			—			資產和負債的公允價值			102
			13			—			證券化和可變利益實體			110
			14			—			保證和其他承諾			116
			15			—			證券和其他抵押融資活動			118
			16			—			質押資產和抵押品			120
			17			—			經營分部			121
			18			—			收益及開支			124
			19			—			員工福利			127
			20			—			每股普通股收益和股息			128
			21			—			其他全面收益			129
			22			—			監管資本要求和其他限制			131
項目2.			管理層對財務狀況和經營成果的討論和分析（財務審查）
			財務數據摘要									2
			概述									3
			盈利表現									6
			資產負債表分析									25
			資產負債表外安排									27
			風險管理									28
			資本管理									45
			監管事項									51
			關鍵會計政策									52
			當前會計發展									52
			前瞻性陳述									53
			危險因素									55
			首字母縮略詞詞彙									133
項目3.			關於市場風險的定量和定性披露									40
項目4.			控制和程式									56
第二部分			其他信息
項目1.			法律訴訟									134
項目1A.			危險因素									134
項目2.			股權證券的未登記銷售和收益的使用									134
項目5.			其他信息									134
項目6.			展品									135
簽名												136

			富國銀行公司			1

---

財務回顧

財務數據摘要
			節結束																		2024年9月30日 百分比變化												九個月結束
（單位：百萬美金，比率和每股金額除外）			9月30日， 2024						6月30日， 2024						9月30日， 2023						6月30日， 2024						9月30日， 2023						9月30日， 2024						9月30日， 2023						% 變化
精選利潤表數據
總收入			$	20,366					20,689						20,857						(2)		%				(2)						$	61,918					62,119						—		%
非利息費用			13,067						13,293						13,113						(2)						—						40,698						39,776						2
稅前撥備前利潤（PTPP）（1）			7,299						7,396						7,744						(1)						(6)						21,220						22,343						(5)
信用損失準備（2）			1,065						1,236						1,197						(14)						(11)						3,239						4,117						(21)
富國銀行淨利潤			5,114						4,910						5,767						4						(11)						14,643						15,696						(7)
富國銀行適用於普通股的淨利潤			4,852						4,640						5,450						5						(11)						13,805						14,822						(7)
共同份額數據
每股普通股稀釋收益			1.42						1.33						1.48						7						(4)						3.94						3.96						(1)
每股普通股宣布的股息			0.40						0.35						0.35						14						14						1.10						0.95						16
已發行普通股			3,345.5						3,402.7						3,637.9						(2)						(8)
平均流通普通股			3,384.8						3,448.3						3,648.8						(2)						(7)						3,464.1						3,710.9						(7)
稀釋平均流通普通股			3,425.1						3,486.2						3,680.6						(2)						(7)						3,503.5						3,741.6						(6)
每股普通股的帳面價值（3）			$	49.26					47.01						44.37						5						11
每股普通股有形的帳面價值（3）（4）			41.76						39.57						37.43						6						12
選定股權數據（期末）
權益總額			185,011						178,148						182,373						4						1
普通股股東權益			164,801						159,963						161,424						3						2
有形普通股（4）			139,711						134,660						136,153						4						3
性能比
平均資產回報率（ROA）（5）			1.06		%				1.03						1.21																		1.02		%				1.12
平均股本回報率（ROE）（6）			11.7						11.5						13.3																		11.2						12.2
平均有形普通股回報率（ROTCE）（4）			13.9						13.7						15.9																		13.3						14.6
效率比（7）			64						64						63																		66						64
相當於應稅的淨息差			2.67						2.75						3.03																		2.74						3.10
選定資產負債表數據（平均）
貸款			$	910,255					916,977						943,193						(1)						(3)						$	918,406					945,896						(3)
資產			1,916,612						1,914,647						1,891,883						—						1						1,916,079						1,878,040						2
存款			1,341,680						1,346,478						1,340,307						—						—						1,343,256						1,348,090						—
選定資產負債表數據（期末）
債務證券			529,832						520,254						490,726						2						8
貸款			909,711						917,907						942,424						(1)						(3)
貸款信用損失備抵			14,739						14,789						15,064						—						(2)
股本證券			59,771						60,763						56,026						(2)						7
資產			1,922,125						1,940,073						1,909,261						(1)						1
存款			1,349,646						1,365,894						1,354,010						(1)						—
人數（#）（期末）			220,167						222,544						227,363						(1)						(3)
資本和其他應收帳款
基於風險的資本比率和組成部分（8）：
標準化方法：
普通股權一級（CET 1）			11.34		%				11.01						11.01
1級資本			12.84						12.34						12.55
總資本			15.45						15.02						15.26
風險加權資產（RWA）（單位：十億）			$	1,219.9					1,219.5						1,237.1						—						(1)
高級方法：
普通股一級（CET 1）			12.70		%				12.28						12.04
1級資本			14.38						13.77						13.73
總資本			16.36						15.82						15.77
風險加權資產（RWA）（單位：十億）			$	1,089.3					1,093.0						1,130.8						—						(4)
一級槓桿率			8.29		%				7.98						8.32
補充槓桿率（SLR）			6.92						6.67						6.93
總損失吸收能力（TLAC）比（9）			25.29						24.78						23.98
流動性覆蓋率（MCR）（10）			127						124						123

(1)稅前撥備前利潤（PTPP）是總收入減去非利息費用。管理層認爲，PTPP是一項有用的財務指標，因爲它使投資者和其他人能夠評估公司在信貸週期中產生資本以彌補信貸損失的能力。

(2)包括貸款、債務證券和其他金融資產的信用損失撥備。

(3)每股普通股的賬面價值是普通股股東權益除以已發行普通股。每股普通股的有形賬面價值是有形普通股除以已發行普通股。

(4)有形普通股是一種非GAAP財務指標，代表總股本減去優先股、非控股權益、善意、某些可識別無形資產（抵押貸款服務權除外）以及對合並投資組合公司投資的善意和其他無形資產，扣除適用的遞延稅。確定有形普通股的方法因公司而異。管理層認爲，利用有形普通股的平均有形普通股回報率和每股普通股有形賬面價值是有用的財務指標，因爲它們使管理層、投資者和其他人能夠評估公司對股權的使用。有關更多信息，包括與公認會計原則（GAAP）財務措施的相應對賬，請參閱本報告中的「資本管理-有形普通股」部分。

(5)代表富國銀行淨利潤除以平均資產。

(6)代表適用於普通股的富國銀行淨利潤除以普通股股東平均權益。

(7)效率比率是非利息支出除以總收入(淨利息收入和非利息收入)。

(8)有關更多信息，請參閱本報告「資本管理」部分和財務報表註釋22（監管資本要求和其他限制）。

(9)代表TLAC除以RWA，RWA是我們的約束TLAC比率，通過使用標準化和高級方法下的RWA中較大者來確定。

(10)代表平均優質流動資產除以平均預計淨現金流出，兩者均根據MCR規則定義。

2			富國銀行&公司

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本季度報告，包括財務回顧、財務報表和相關注釋，包含前瞻性陳述，其中可能包括對我們財務業績和狀況的預測、對我們運營和業務的預期以及我們對這些預測和預期的假設。不要過度依賴前瞻性陳述。由於幾個因素，實際結果可能與我們的前瞻性陳述存在重大差異。本報告中描述了可能導致我們的實際結果與前瞻性陳述存在重大差異的因素，包括截至2023年12月31日年度10-k表格年度報告的「前瞻性陳述」部分以及「風險因素」和「監管和監督」部分（2023年10-K表格）。

當我們在本報告中提到「富國銀行」、「公司」、「我們」、「我們的」或「我們」時，我們指的是富國銀行公司和子公司（合併）。當我們提到「母公司」時，我們指的是富國銀行公司。有關本報告中使用的術語的定義，請參閱「首字母縮略詞詞彙表」。

財務回顧

概述

富國銀行在《財富》2024年度美國最大企業排行榜上排名第34位。

這些監管行動可能要求該公司對其業務、運營、產品和服務以及風險管理做法進行某些改變。解決這些監管行動預計需要數年時間，在滿足他們的要求方面，我們可能會繼續遇到問題或拖延。未能及時滿足監管行動的要求可能會導致額外的罰款、處罰、業務限制、子公司資本分配的限制、資本或流動性要求的增加、執法行動和其他可能嚴重的不利後果。

聯邦儲備委員會關於治理、監督和合規以及操作風險管理的同意令

同意令還要求公司在財務報告委員會接受和批准計劃以及公司通過和實施計劃後，完成對計劃中規定的增強和改進的初步第三方審查。在第三方審查完成並使財務報告委員會滿意地採納和實施計劃之前，同意令定義的公司總綜合資產將被限制在截至2017年12月31日的水平。遵守這一資產上限的情況是以兩個季度的每日平均水平衡量的，以便管理暫時的波動。在取消資產上限後，還必須進行第二次第三方審查，以評估加強和改進的效力和可持續性。

2018年4月20日，公司與消費者金融保護局(CFPB)和貨幣監理署(OCC)簽訂了同意令，支付總計10億的民事罰款，以解決有關公司合規風險管理計劃和過去涉及某些汽車抵押品保護保單和某些抵押利率鎖定延長的做法的問題。根據同意令的要求，該公司向CFPB和OCC提交了一份全企業範圍的合規風險管理計劃，以及一份針對聯邦消費者金融法和同意令條款加強公司內部審計計劃的計劃。此外，根據同意令的要求，本公司提交了無異議計劃，以補救受汽車抵押品保護保險和抵押利率鎖定問題影響的客戶，以及本公司進行的補救活動的管理計劃。該公司繼續致力於解決同意令的規定。2021年9月9日，OCC評估了對該公司的2.5億美元民事罰款，原因是在滿足OCC 2018年4月同意令要求方面進展不足，以及公司住房貸款業務的損失緩解活動。2022年12月20日，CFPB修改了同意令，以澄清將如何終止。

			富國銀行公司			3

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概述（續）

與OCC就減少損失活動達成的同意令

與CFPB就汽車貸款、消費者存款帳戶和抵押貸款發出的同意令

於本公司訂立同意令時，與上述事項相關的所需行動已大致完成，而同意令則爲本公司完成其餘所需行動後終止本公司的合約提供了一條途徑。

與OCC就反洗錢和制裁風險管理做法達成正式協議

2024年9月12日，該公司宣佈，富國銀行與OCC就該銀行的反洗錢(AML)和制裁風險管理做法達成了一項正式協議。

客戶補救活動

我們打造更好公司的工作包括努力識別客戶可能遭受財務損害的領域或實例，提供適當的補救措施，並實施額外的運營和控制程序。我們正在與我們的監管機構合作進行這一努力。

我們已累計與客戶補救活動相關的可能和可估算的成本，該金額可能會根據其他事實和信息以及與監管機構的持續審查和溝通而發生變化。截至2024年9月30日和2023年12月31日，我們對客戶補救活動的應計負債分別爲24100美元萬和8.19億美元。隨着我們繼續進行審查，以及我們繼續加強我們的風險和控制基礎設施，我們已經確定，並可能在未來確定更多潛在關注的項目或領域。在發現問題的情況下，我們將繼續評估客戶受到的任何損害並提供適當的補救措施。

最新發展動態

聯邦存款保險公司特別評估

2023年11月，聯邦存款保險公司(FDIC)敲定了一項規則，以彌補2023年上半年銀行倒閉造成的FDIC存款保險基金的損失。根據這項規定，FDIC將根據投保存款機構估計的未投保存款金額收取一項特別評估。我們預計，隨着FDIC確定存款保險基金的實際淨虧損，特別評估的最終金額可能會繼續變化。

透支費建議

2024年1月17日，CFPB發佈了一項擬議的規則，將限制某些銀行收取的透支費。我們預計，如果按照目前的提議採用這一規則，我們的透支費將大幅降低，透支費包括在與存款相關的費用中。

借記卡轉換費建議

我們預計，如果按照目前的提議採用該規則，我們的借記卡轉換費將大幅降低，這筆費用包括在信用卡費用中。

4			富國銀行公司

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財務表現

合併財務要點
			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
精選利潤表數據
淨利息收入			$	11,690					13,105						(1,415)						(11)		%				$	35,840					39,604						(3,764)						(10)		%
非利息收入			8,676						7,752						924						12						26,078						22,515						3,563						16
總收入			20,366						20,857						(491)						(2)						61,918						62,119						(201)						—
淨沖銷			1,111						864						247						29						3,571						2,192						1,379						63
信用損失備抵的變化			(46)						333						(379)						NM						(332)						1,925						(2,257)						NM
信用損失準備（1）			1,065						1,197						(132)						(11)						3,239						4,117						(878)						(21)
非利息費用			13,067						13,113						(46)						—						40,698						39,776						922						2
所得稅開支			1,064						811						253						31						3,279						2,707						572						21
富國銀行淨利潤			5,114						5,767						(653)						(11)						14,643						15,696						(1,053)						(7)
富國銀行適用於普通股的淨利潤			4,852						5,450						(598)						(11)						13,805						14,822						(1,017)						(7)

納米-沒有意義

(1)包括貸款、債務證券和其他金融資產的信用損失撥備。

2024年第三季度，我們創造了51億美元的淨收入和1.42美元的稀釋後每股收益，而去年同期的淨收入和稀釋後每股收益爲58億美元和1.48美元。與去年同期相比，2024年第三季度的財務業績包括：

•總收入因淨利息收入減少而減少，但被較高的非利息收入部分抵消；

•信貸損失準備金反映汽車貸款、商業地產貸款和住宅按揭貸款減少，但因信用卡貸款增加而被部分抵銷。

•非利息支出略有下降，原因是專業和外部服務支出減少，但技術、電信和設備支出增加在很大程度上抵消了這一下降；

•

•

2024年前9個月，我們產生了146億美元的淨收入和3.94美元的稀釋後每股收益，而去年同期我們的淨收入爲157億美元，稀釋後每股收益爲3.96美元。

•

•信貸損失準備金反映汽車貸款、商業地產貸款和住宅按揭貸款減少，但因信用卡貸款增加而被部分抵銷。

•由於經營虧損增加，非利息支出增加，技術、電信和設備費用增加，但專業人員和外部服務費用減少部分抵消了這一增加；

•平均貸款減少，原因是商業和消費貸款組合中的貸款均減少；以及

•平均存款減少的原因是個人銀行業務和借貸業務以及財富和投資管理業務減少，但企業業務和投資銀行業務以及企業業務的增長部分抵消了這一影響。

資本和流動性

我們在2024年前9個月保持了強勁的資本狀況，截至2024年9月30日的總股本爲185.0美元，而截至2023年12月31日的總股本爲187.4美元。此外，截至2024年9月30日的資本和流動性包括：

•在標準化方法下，我們的普通股一級資本(CET1)比率爲11.34%(我們的綁定比率)，繼續超過監管最低要求和8.90%的緩衝。

•我們的總虧損吸收能力(TLAC)佔總風險加權資產的百分比爲25.29%，而監管機構的最低要求爲21.50%；以及

•我們的流動性覆蓋率(LCR)爲127%，繼續超過監管機構規定的最低100%。

信用質量

信用質量反映如下：

•截至2024年9月30日，貸款的信用損失撥備（ACL）爲147億美元，比2023年12月31日減少了3.49億美元。

•2024年前9個月，我們的貸款信用損失撥備爲32億美元，而去年同期爲41億美元。貸款ACL和貸款信用損失撥備反映了汽車貸款、商業房地產貸款和住宅抵押貸款的減少，但部分被信用卡貸款的增加所抵消。

•截至2024年9月30日，貸款總額的免稅覆蓋率爲1.62%，而2023年12月31日爲1.61%。

•2024年第三季度，商業投資組合淨貸款沖銷爲3.23億美元，即平均商業貸款的24個點子，而去年同期的淨貸款沖銷爲1.88億美元，即13個點子，主要是由於辦公物業類型推動的商業房地產投資組合虧損增加。

			富國銀行公司			5

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概述（續）

•2024年第三季度，消費者投資組合淨貸款沖銷爲7.88億美元，相當於平均消費者貸款的83個點子，而去年同期的淨貸款沖銷爲6.62億美元，即67個點子，原因是我們的信用卡投資組合因貸款餘額增加而損失增加，部分被汽車投資組合的損失減少所抵消。

•截至2024年9月30日，不良資產（NPA）爲84億美元，比2024年9月30日減少5900萬美元，即1%

2023年12月31日，受住宅抵押貸款非應計貸款減少的推動，但部分被商業和工業非應計貸款增加所抵消。截至2024年9月30日，不良貸款佔貸款總額的0.92%。

•截至2024年9月30日，商業投資組合中受到批評的貸款爲376億美元，而2023年12月31日爲330億美元，主要是由於受到批評的商業和工業貸款增加。

盈利表現

富國銀行2024年第三季度淨收入爲51億美元(稀釋後每股收益1.42美元)，而去年同期爲58億美元(稀釋後每股收益14.8億美元)。與去年同期相比，2024年第三季度淨收入下降，主要原因是淨利息收入減少14億美元，但非利息收入增加9.24億美元，部分抵消了這一下降。

2024年前9個月的淨收入爲146億美元(稀釋後每股收益爲39.4億美元)，而去年同期爲157億美元(稀釋後每股收益爲39.6億美元)。2024年前9個月的淨收入與去年同期相比有所下降，主要原因是淨利息收入減少了38億，非利息支出增加了92200美元，但非利息收入增加了36億，部分抵消了這一下降。

淨利息收入

與去年同期相比，2024年第三季度和前九個月的淨利息收入和淨利差均有所下降，原因是利率上升對計息負債的影響，包括存款組合轉向計息存款，以及貸款餘額下降，但部分被生息資產利率上升所抵消。

表1列出了淨利息收入和淨息差的各個組成部分。淨利息收入和淨利差在表1中按應稅等值基礎列示，以一致反映來自應稅和免稅貸款以及債務和股權證券的收入。應稅當量基準的計算是基於21%的聯邦法定稅率。

有關淨利息收入和淨息差的更多信息，請參閱我們的2023年10-k表格中的「收益表現-淨利息收入」部分。

6			富國銀行公司

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表1： 平均餘額、收益率和已付稅率（應稅等值基礎）（1）

			截至9月30日的季度，
			2024																		2023
（百萬美元）			平均 平衡						興趣 收入/ 費用						平均利息 費率						平均 平衡						興趣 收入/ 費用						平均利息 費率
資產
銀行存款收入			$	182,219					2,268						4.95		%				$	158,893					1,926						4.81		%
根據轉售協議出售的聯邦基金和購買的證券			81,549						1,073						5.24						68,715						888						5.13
債務證券：
交易債務證券			125,083						1,330						4.25						109,802						1,060						3.86
可供出售的債務證券			160,729						1,744						4.33						139,511						1,371						3.92
持有至到期債務證券			250,010						1,610						2.57						273,948						1,822						2.65
債務證券總額			535,822						4,684						3.49						523,261						4,253						3.24
待售貸款（2）			7,032						129						7.33						5,437						87						6.40
貸款：
商業和工業-美國			308,391						5,544						7.15						308,862						5,460						7.02
商業和工業-非美國			62,520						1,136						7.23						73,415						1,312						7.09
商業房地產抵押			120,618						2,018						6.66						129,206						2,149						6.60
商業房地產建設			22,569						464						8.18						24,480						498						8.07
租賃融資			16,529						235						5.68						15,564						191						4.90
商業貸款總額			530,627						9,397						7.05						551,527						9,610						6.92
住宅抵押貸款-第一抵押權			243,831						2,147						3.52						252,176						2,129						3.38
住宅抵押貸款-初級抵押權			9,836						186						7.51						11,742						210						7.11
信用卡			54,580						1,747						12.73						48,889						1,612						13.08
汽車			43,430						570						5.22						51,014						615						4.78
其他消費			27,951						601						8.56						27,845						607						8.65
消費貸款總額			379,628						5,251						5.51						391,666						5,173						5.26
貸款總額（2）			910,255						14,648						6.41						943,193						14,783						6.23
股本證券			27,480						157						2.26						25,019						153						2.42
其他			9,711						124						5.12						8,565						107						4.93
生息資產總額			$	1,754,068					23,083						5.24		%				$	1,733,083					22,197						5.09		%
現金和銀行欠款			27,669						—												27,137						—
商譽			25,172						—												25,174						—
其他無息資產			109,703						—												106,489						—
非生息資產總額			$	162,544					—												158,800						—
總資產			$	1,916,612					23,083												1,891,883						22,197
負債
按金：
活期存款			$	444,440					2,837						2.54		%				$	414,294					1,846						1.77		%
儲蓄存款			353,654						1,220						1.37						366,788						725						0.78
定期存款			168,920						2,194						5.17						153,593						1,871						4.83
非美國辦事處的存款			19,192						194						4.04						18,825						166						3.51
生息存款總額			986,206						6,445						2.60						953,500						4,608						1.92
短期借款：
根據回購協議購買的聯邦基金和出售的證券			97,920						1,316						5.35						75,849						999						5.23
其他短期借款			11,982						120						3.97						14,229						134						3.72
短期借款總額			109,902						1,436						5.20						90,078						1,133						4.99
長期債務			183,586						3,163						6.89						181,955						3,039						6.67
其他負債			34,735						265						3.05						32,564						208						2.54
帶息債務總額			$	1,314,429					11,309						3.43		%				$	1,258,097					8,988						2.84		%
無息存款			355,474						—												386,807						—
其他無息負債			62,341						—												62,151						—
無息負債總額			$	417,815					—												448,958						—
總負債			$	1,732,244					11,309												1,707,055						8,988
總股本			184,368						—												184,828						—
負債和權益總額			$	1,916,612					11,309												1,891,883						8,988
應稅等值利率利差（3）															1.81		%																2.25		%
按應稅等值計算的淨利息收入和淨息差（3）									$	11,774					2.67		%										$	13,209					3.03		%

（下一頁繼續）

			富國銀行公司			7

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盈利表現 （續）

（續上一頁）

			截至9月30日的九個月裏，
															2024																		2023
（百萬美元）			平均 平衡						興趣 收入/ 費用						平均利率						平均 平衡						興趣 收入/ 費用						平均利率
資產
銀行存款收入			$	195,359					7,308						5.00		%				$	134,490					4,543						4.52		%
根據轉售協議出售的聯邦基金和購買的證券			74,372						2,929						5.26						68,951						2,404						4.66
債務證券：
交易債務證券			119,303						3,721						4.16						102,986						2,759						3.57
可供出售的債務證券			150,284						4,717						4.19						144,885						4,041						3.72
持有至到期債務證券			257,770						5,099						2.64						277,644						5,431						2.61
債務證券總額			527,357						13,537						3.42						525,515						12,231						3.11
待售貸款（2）			6,654						376						7.54						6,022						278						6.16
貸款：
商業和工業-美國			306,867						16,482						7.17						307,971						15,388						6.68
商業和工業-非美國			65,799						3,580						7.27						74,997						3,695						6.59
商業房地產抵押			123,538						6,179						6.68						130,085						6,174						6.35
商業房地產建設			23,123						1,421						8.21						24,383						1,404						7.70
租賃融資			16,471						679						5.50						15,138						541						4.76
商業貸款總額			535,798						28,341						7.06						552,574						27,202						6.58
住宅抵押貸款-第一抵押權			245,981						6,434						3.49						253,653						6,326						3.33
住宅抵押貸款-初級抵押權			10,313						575						7.44						12,342						630						6.82
信用卡			52,982						5,104						12.87						47,175						4,563						12.93
汽車			45,229						1,725						5.10						51,979						1,815						4.67
其他消費			28,103						1,805						8.58						28,173						1,734						8.23
消費貸款總額			382,608						15,643						5.46						393,322						15,068						5.12
貸款總額（2）			918,406						43,984						6.40						945,896						42,270						5.97
股本證券			25,063						502						2.67						27,174						517						2.54
其他			8,930						348						5.22						9,900						352						4.75
生息資產總額			$	1,756,141					68,984						5.24		%				$	1,717,948					62,595						4.87		%
現金和銀行欠款			27,860						—												27,539						—
商譽			25,173						—												25,174						—
其他無息資產			106,905						—												107,379						—
非生息資產總額			$	159,938					—												160,092						—
總資產			$	1,916,079					68,984												1,878,040						62,595
負債
按金：
活期存款			$	444,847					7,539						2.26		%				$	416,981					4,892						1.57		%
儲蓄存款			352,729						3,250						1.23						385,171						2,006						0.70
定期存款			179,604						7,043						5.24						116,102						3,856						4.44
非美國辦事處的存款			19,411						573						3.95						18,739						420						3.00
生息存款總額			996,591						18,405						2.47						936,993						11,174						1.59
短期借款：
根據回購協議購買的聯邦基金和出售的證券			89,500						3,597						5.37						60,685						2,226						4.91
其他短期借款			14,380						433						4.02						16,642						438						3.52
短期借款總額			103,880						4,030						5.18						77,327						2,664						4.61
長期債務			187,619						9,676						6.88						175,156						8,243						6.28
其他負債			34,059						771						3.02						33,492						594						2.37
帶息債務總額			$	1,322,149					32,882						3.32		%				$	1,222,968					22,675						2.48		%
無息存款			346,665						—												411,097						—
其他無息負債			63,068						—												59,450						—
無息負債總額			$	409,733					—												470,547						—
總負債			$	1,731,882					32,882												1,693,515						22,675
總股本			184,197						—												184,525						—
負債和權益總額			$	1,916,079					32,882												1,878,040						22,675
應稅等值利率利差（3）															1.92		%																2.39		%
淨息差和淨利息收入（按應稅等值計算） (3)									$	36,102					2.74		%										$	39,920					3.10		%

(1)平均餘額代表攤銷成本，但某些持有至到期（HTM）債務證券除外，其中不包括與將這些證券從可供出售（ATF）債務證券轉移相關的未攤銷基礎調整。攤銷成本金額不包括任何未實現的損益，該損益計入其他非生息資產和其他無息負債。平均利率基於該期間的利息收入或費用金額，並按年計算。利率和金額包括與各自資產和負債類別相關的對沖和風險管理活動的影響。

(2)非應計貸款和任何相關收入均包括在各自的貸款類別中。

(3)包括截至2024年9月30日和2023年9月30日的季度分別爲8400萬美元和10400萬美元的應稅等值調整，以及2024年和2023年前9個月分別爲26200萬美元和31600萬美元，主要與某些貸款和證券的免稅收入有關。

8			富國銀行公司

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非利息收入

表2： 非利息收入

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
存款相關費用			$	1,299					1,179						120						10		%				$	3,778					3,492						286						8		%
貸款相關費用			376						372						4						1						1,112						1,080						32						3
投資諮詢和其他基於資產的費用			2,463						2,224						239						11						7,209						6,501						708						11
佣金和經紀服務費			646						567						79						14						1,886						1,756						130						7
投資銀行費用			672						492						180						37						1,940						1,194						746						62
卡費用			1,096						1,098						(2)						—						3,258						3,229						29						1
淨服務收入			153						80						73						91						405						292						113						39
抵押貸款發放/銷售淨收益			127						113						14						12						348						335						13						4
抵押貸款銀行			280						193						87						45						753						627						126						20
交易活動淨收益			1,438						1,265						173						14						4,334						3,729						605						16
債務證券淨收益（損失）			(447)						6						(453)						NM						(472)						10						(482)						NM
股權證券淨收益（損失）			257						(25)						282						NM						355						(476)						831						175
租賃收入			277						291						(14)						(5)						990						945						45						5
其他			319						90						229						254						935						428						507						118
總			$	8,676					7,752						924						12						$	26,078					22,515						3,563						16

納米-沒有意義

2024年第三季度與2023年第三季度

存款相關費用增加反映了交易服務量增加和重新定價導致商業帳戶的財務管理費增加。

投資諮詢和其他以資產爲基礎收費受反映市場估值較高的基於資產的費用增加的推動.

大多數財富和投資管理(WIM)諮詢資產的費用是根據季度初資產市值的百分比計算的。有關某些客戶投資資產的更多信息，請參閱本報告中的「收益業績-經營部門業績-財富和投資管理-WIM諮詢資產」部分。

佣金和經紀服務費 增額受經紀交易活動增加的推動。

投資銀行費用由於更高的債務承銷費因交易增加而增加，但諮詢費收入下降部分抵消了這一影響.

維修淨收入增加是由於與抵押貸款服務權(MSR)估值相關的淨對沖結果帶來的更高收入。

淨 交易活動的收益增長反映了大多數固定收益資產類別的交易活動增加，但股票收入的下降部分抵消了這一增長。

債務證券淨收益(虧損)減少反映了與重新定位我們的投資證券組合有關的損失。

股權證券淨收益（損失） 增長的推動力 我們的風險資本投資中的股權證券已實現收益更高。

O其他收入 由於我們採用可再生能源稅收抵免投資會計比例攤銷法的擴大使用相關影響，導致影響增加 會計準則更新（ASO）2023-02 2024年第一季度-投資-權益法和合資企業（主題323）： 使用比例攤銷法覈算稅收抵免結構投資.有關我們採用亞利桑那州立大學的更多信息 2023-02年，見本報告財務報表附註1（重要會計政策摘要）。

2024年前9個月與2023年前9個月

存款相關費用 增加反映了交易服務量和重新定價增加推動的商業帳戶財務管理費上漲。

投資諮詢和其他基於資產的 費 受反映市場估值較高的資產費用上漲推動.

佣金和經紀服務費 增加 受經紀交易活動增加的推動。

投資銀行費用 增大 所有產品的活動增加.

淨服務收入 受與MSR估值相關的淨對沖結果收入增加的推動。

淨 交易活動收益 受結構性產品、外匯和股票收入增加的推動。

債務證券淨收益（損失） 減少反映了與我們投資證券組合重新定位相關的損失。

股權證券淨收益（損失） 增長的驅動因素是：

•我們的風險資本投資的股權證券已實現收益更高;以及

			富國銀行公司			9

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盈利表現 （續）

•我們的風險資本投資的股權證券減損較低。

O其他收入 由於我們在2024年第一季度採用ASO 2023-02，擴大使用比例攤銷法覈算可再生能源稅收抵免投資的影響，導致稅收抵免增加。

非利息費用

表3： 非利息費用

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
人員			$	8,591					8,627						(36)						—		%				$	26,658					26,648						10						—		%
技術、電信和設備			1,142						975						167						17						3,301						2,844						457						16
入住率			786						724						62						9						2,263						2,144						119						6
營業損失（1）			293						329						(36)						(11)						1,419						828						591						71
專業和外部服務			1,130						1,310						(180)						(14)						3,370						3,843						(473)						(12)
租賃（2）			152						172						(20)						(12)						475						529						(54)						(10)
廣告和促銷			205						215						(10)						(5)						626						553						73						13
其他			768						761						7						1						2,586						2,387						199						8
總			$	13,067					13,113						(46)						—						$	40,698					39,776						922						2

(1)包括2024年和2023年第三季度的客戶補救活動費用分別爲2200萬美元和（30）萬美元，以及2024年和2023年前9個月的客戶補救活動費用分別爲6.34億美元和1.33億美元。

(2)代表我們租賃給客戶的資產的費用。

2024年第三季度與2023年第三季度

人事費略有下降，原因是效率措施和較低的遣散費的影響，在很大程度上被我們財富和投資管理業務中更高的費用推動的與收入相關的薪酬支出增加所抵消。

技術、電信和設備費用增額由於內部開發的軟件攤銷費用較高。

營業虧損由於法律訴訟費用較低而減少。

正如之前披露的那樣，我們有尚未完成的法律行動和客戶補救活動，可能會影響未來幾個季度的運營虧損。

關於營業虧損的更多信息，見本報告財務報表附註18(收入和支出)。

專業和外部服務費用減少的原因是我們採取了提高效率的舉措，以減少在顧問和承包商方面的支出。

2024年前9個月與2023年前9個月

人事費 增額這主要是由於我們的財富和投資管理業務的費用增加所帶動的與收入相關的薪酬支出增加，但主要被效率舉措和較低的遣散費的影響所抵消。

技術、電信和設備費用增加 由於內部開發的軟件攤銷費用較高。

經營虧損 增長的推動力 與進一步細化歷史抵押貸款和其他消費品事項的補救成本相關的法律訴訟費用和客戶補救活動費用增加。有關客戶補救活動的更多信息，請參閱上面的「概述」部分。

正如之前所披露的那樣，我們有尚未完成的法律行動和客戶補救活動，可能會影響未來幾個季度的運營損失。

專業和外部服務費用 減少 由效率舉措推動，以減少我們在顧問和承包商上的支出。

其他費用 增加反映了額外費用 27300萬美元 用於估計FDIC特別評估。有關FDIC特別評估的更多信息，請參閱本報告財務報表註釋18（收入和費用）。

10			富國銀行公司

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所得稅費用

表4： 所得稅開支

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
所得稅費用前收入			$	6,234					6,547						(313)						(5)		%				$	17,981					18,226						(245)						(1)		%
所得稅開支			1,064						811						253						31						3,279						2,707						572						21
有效所得稅率（1）			17.2		%				12.3																		18.3		%				14.7

(1)代表（i）所得稅費用（收益）除以（ii）所得稅費用（收益）前收入（虧損）減非控股權益淨收入（虧損）。

與去年同期相比，2024年第三季度實際所得稅率的上升是由2023年第三季度離散稅收優惠的影響以及與 2024年第一季度採用ASO 2023-02進行可再生能源稅收抵免投資.與去年同期相比，2024年前9個月的實際所得稅率上升是由與 2024年第一季度採用ASO 2023-02. 有關我們採用的更多信息 會計準則更新（ASO）2023-02 -投資-權益法和合資企業（主題323）： 使用比例攤銷法覈算稅收抵免結構投資, see本報告財務報表附註1（重要會計政策摘要）。

有關所得稅的更多信息，請參閱2023年表格10-k中財務報表的註釋23（所得稅）。

			富國銀行公司			11

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盈利表現 （續）

運營細分市場結果

我們的管理報告分爲四個可報告的運營部門：消費者銀行和貸款；商業銀行；企業和投資銀行；以及財富和投資管理。未包括在可報告經營部門中的所有其他業務活動已包括在公司中。有關更多信息，請參見下面的表5。我們根據產品類型和客戶細分來定義我們的可報告運營部門，其結果基於我們的管理報告流程。管理報告程序根據公司的管理結構衡量可報告的運營部門的業績，並與我們的首席執行官和相關高級管理人員定期審查結果。管理報告流程以美國公認會計原則爲基礎，包括具體的調整，如資產/負債管理的資金轉移定價、共享收入和費用，以及應稅等值調整，以一致地反映來自應稅和免稅來源的收入，從而使管理層能夠對各經營部門的業績進行一致的評估。

資金轉移定價公司金庫管理一種資金轉移定價方法，該方法考慮了利率風險、流動性風險和其他產品特徵。經營部門爲其資產支付資金費用，併爲其存款獲得資金抵免，這兩者都包括在淨利息收入中。融資費用或信貸的淨影響在公司金庫中確認。

收入和費用分攤當業務線共同爲客戶服務時，負責提供產品或服務的業務線確認收入或費用，並向另一業務線支付推薦費或分攤成本。

基於既定的內部收入分享協議的業務。

當一個業務線使用另一個業務線或企業職能部門(包括在公司中)提供的服務時，費用通常根據所提供服務的成本和使用情況進行分配。我們定期評估和更新我們的收入和費用分配方法。

應稅等值調整與某些貸款和債務證券的免稅收入相關的應稅等值調整計入淨利息收入，而與經濟適用住房和可再生能源投資的所得稅抵免相關的應稅等值調整計入非利息收入，每種情況對所得稅支出(利益)都有相應的影響。調整包括在公司、商業銀行、公司和投資銀行業務中，並被剔除，以與公司的綜合財務業績相一致。

已分配資本可報告經營部門根據風險敏感框架分配資本，該框架主要基於我們監管資本要求的各個方面，並定期評估和更新用於分配資本的假設和方法。管理層認爲，已分配資本回報率是一種有用的財務衡量標準，因爲它使管理層、投資者和其他人能夠評估可報告的經營部門的資本使用情況。

選定的指標我們提出了某些財務和非財務指標，管理層在評估可報告的經營部門結果時使用這些指標。管理層認爲，這些指標對投資者和其他人評估可報告的運營部門或業務線的業績、客戶增長和趨勢很有用。

表5： 管理報告結構

富國銀行公司

消費者銀行和貸款

商業銀行

企業和投資銀行

財富和投資管理

企業

·消費者、小型和企業銀行業務 ·家庭貸款 ·信用卡 ·汽車 ·個人貸款

·中間市場銀行業務 ·基於資產的貸款和租賃

·銀行業 ·商業房地產 ·市場

·富國銀行顧問 ·私人 銀行

·企業金庫 ·企業職能 ·投資組合 ·風險投資和私募股權投資 ·非戰略性企業

12			富國銀行公司

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表6和以下討論按可報告經營分部列出了我們的業績。有關更多信息，請參閱本報告財務報表附註17（經營分部）。

表6： 運營部門業績-亮點

(in數百萬）			消費者銀行和貸款						商業銀行						企業和投資銀行						財富和投資管理						企業（1）						登記物品（2）						合併後的公司
截至2024年9月30日的季度
淨利息收入			$	7,149					2,289						1,909						842						(415)						(84)						11,690
非利息收入			1,975						1,044						3,002						3,036						78						(459)						8,676
總收入			9,124						3,333						4,911						3,878						(337)						(543)						20,366
信貸損失準備金			930						85						26						16						8						—						1,065
非利息費用			5,624						1,480						2,229						3,154						580						—						13,067
所得稅費用（福利）前收入（損失）			2,570						1,768						2,656						708						(925)						(543)						6,234
所得稅費用（福利）			646						448						664						179						(330)						(543)						1,064
扣除非控股權益前的淨利潤（虧損）			1,924						1,320						1,992						529						(595)						—						5,170
減：非控股權益淨收入			—						2						—						—						54						—						56
淨收益(虧損)			$	1,924					1,318						1,992						529						(649)						—						5,114
截至2023年9月30日的季度
淨利息收入			$	7,633					2,519						2,319						1,007						(269)						(104)						13,105
非利息收入			1,948						886						2,604						2,695						21						(402)						7,752
總收入			9,581						3,405						4,923						3,702						(248)						(506)						20,857
信貸損失準備金			768						52						324						(10)						63						—						1,197
非利息費用			5,913						1,543						2,182						3,006						469						—						13,113
所得稅費用（福利）前收入（損失）			2,900						1,810						2,417						706						(780)						(506)						6,547
所得稅費用（福利）			727						453						601						177						(641)						(506)						811
扣除非控股權益前的淨利潤（虧損）			2,173						1,357						1,816						529						(139)						—						5,736
減：非控股權益淨收入（損失）			—						3						—						—						(34)						—						(31)
淨收益(虧損)			$	2,173					1,354						1,816						529						(105)						—						5,767
截至2024年9月30日的9個月
淨利息收入			$	21,283					6,848						5,881						2,617						(527)						(262)						35,840
非利息收入			5,938						2,759						8,850						8,861						761						(1,091)						26,078
總收入			27,221						9,607						14,731						11,478						234						(1,353)						61,918
信貸損失準備金			2,650						257						316						5						11						—						3,239
非利息費用			17,349						4,665						6,729						9,577						2,378						—						40,698
所得稅費用（福利）前收入（損失）			7,222						4,685						7,686						1,896						(2,155)						(1,353)						17,981
所得稅費用（福利）			1,815						1,191						1,928						502						(804)						(1,353)						3,279
扣除非控股權益前的淨利潤（虧損）			5,407						3,494						5,758						1,394						(1,351)						—						14,702
減：非控股權益淨收入			—						8						—						—						51						—						59
淨收益(虧損)			$	5,407					3,486						5,758						1,394						(1,402)						—						14,643
截至2023年9月30日的九個月
淨利息收入			$	22,556					7,509						7,139						3,060						(344)						(316)						39,604
非利息收入			5,844						2,572						7,317						7,971						147						(1,336)						22,515
總收入			28,400						10,081						14,456						11,031						(197)						(1,652)						62,119
信貸損失準備金			2,509						35						1,509						25						39						—						4,117
非利息費用			17,978						4,925						6,486						9,041						1,346						—						39,776
所得稅費用（福利）前收入（損失）			7,913						5,121						6,461						1,965						(1,582)						(1,652)						18,226
所得稅費用（福利）			1,985						1,281						1,617						492						(1,016)						(1,652)						2,707
扣除非控股權益前的淨利潤（虧損）			5,928						3,840						4,844						1,473						(566)						—						15,519
減：非控股權益淨收入（損失）			—						9						—						—						(186)						—						(177)
淨收益(虧損)			$	5,928					3,831						4,844						1,473						(380)						—						15,696

(1)未納入可報告經營分部的所有其他業務活動均已納入企業。有關更多信息，請參閱下面的「公司」部分。

(2)與某些貸款和債務證券的免稅收入相關的應稅等值調整計入淨利息收入，而與經濟適用住房和可再生能源投資所得稅抵免相關的應稅等值調整計入非利息收入，在每種情況下都對所得稅費用（福利）產生了相應的影響。調整包括在企業銀行業務、商業銀行業務以及企業和投資銀行業務中，並被剔除以與公司的綜合財務業績相一致。

			富國銀行公司			13

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盈利表現 （續）

消費者銀行和貸款 爲消費者和小企業提供多元化的金融產品和服務，年銷售額通常高達1000萬美元。這些金融產品和服務包括支票和儲蓄帳戶、信貸和

借記卡以及家庭、汽車、個人和小企業貸款。表6a和表60億提供了消費者銀行和貸款的更多信息。

表6a： 消費者銀行業務和貸款-利潤表和選定發票

			本季度截至9月30日，																								截至9月30日的九個月，
（除非另有說明，單位爲百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
收益表
淨利息收入			$	7,149					7,633						(484)						(6)		%				$	21,283					22,556						(1,273)						(6)		%
非利息收入：
存款相關費用			710						670						40						6						2,077						2,008						69						3
卡費用			1,031						1,027						4						—						3,057						3,007						50						2
抵押貸款銀行			137						105						32						30						465						397						68						17
其他			97						146						(49)						(34)						339						432						(93)						(22)
非利息收入總額			1,975						1,948						27						1						5,938						5,844						94						2
總收入			9,124						9,581						(457)						(5)						27,221						28,400						(1,179)						(4)
淨沖銷			871						722						149						21						2,659						1,932						727						38
信用損失備抵的變化			59						46						13						28						(9)						577						(586)						NM
信貸損失準備金			930						768						162						21						2,650						2,509						141						6
非利息費用			5,624						5,913						(289)						(5)						17,349						17,978						(629)						(3)
所得稅費用前收入			2,570						2,900						(330)						(11)						7,222						7,913						(691)						(9)
所得稅開支			646						727						(81)						(11)						1,815						1,985						(170)						(9)
淨收入			$	1,924					2,173						(249)						(11)						$	5,407					5,928						(521)						(9)
按業務線分類的收入
消費者、小型和企業銀行業務			$	6,222					6,546						(324)						(5)						$	18,443					19,368						(925)						(5)
消費者貸款：
房屋貸款			842						840						2						—						2,529						2,550						(21)						(1)
信用卡			1,471						1,494						(23)						(2)						4,419						4,360						59						1
汽車			273						360						(87)						(24)						855						1,130						(275)						(24)
個人借貸			316						341						(25)						(7)						975						992						(17)						(2)
總收入			$	9,124					9,581						(457)						(5)						$	27,221					28,400						(1,179)						(4)
選定度量
消費者銀行和貸款：
分配資本回報率（1）			16.3		%				19.1																		15.3		%				17.5
效率比（2）			62						62																		64						63
零售銀行分支機構（#，期末）			4,196						4,355												(4)
數字活躍客戶（#單位：百萬，期末）（3）			35.8						34.6												3
移動活躍客戶（#單位：百萬，期末）（3）			31.2						29.6												5
消費者、小型和企業銀行業務：
存款利差（4）			2.5		%				2.7																		2.5		%				2.6
借記卡購買量（十億美元）（5）			$	126.8					124.5						2.3						2						$	376.5					366.7						9.8						3
借記卡購買交易（#單位：百萬）（5）			2,585						2,550												1						7,608						7,454												2

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14			富國銀行公司

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（續上一頁）

			本季度截至9月30日，																								截至9月30日的九個月，
（除非另有說明，單位爲百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
家庭貸款：
抵押貸款銀行業務：
淨服務收入			$	114					41						73						178		%				$	294					187						107						57		%
抵押貸款發放/銷售淨收益			23						64						(41)						(64)						171						210						(39)						(19)
抵押貸款銀行業務總額			$	137					105						32						30						$	465					397						68						17
零售起源（以億美元計）			$	5.5					6.4						(0.9)						(14)						$	14.3					19.7						(5.4)						(27)
持有待售原件的百分比（HFS）			41.0		%				40.7																		40.7		%				44.4
已服務的第三方抵押貸款（以十億美元爲單位，期末）（6）			$	499.1					591.8						(92.7)						(16)
抵押服務權（MSR）的公允價值（期末）			6,544						8,457						(1,913)						(23)
MSR公允價值（期末）與已服務的第三方抵押貸款（期末）的比率（6）			1.31		%				1.43
住房貸款30天以上拖欠率（期末）（7）（8）（9）			0.30						0.29
信用卡：
銷售點（POS）銷量（以億美元計）			$	43.4					39.4						4.0						10						$	125.4					111.9						13.5						12
新帳戶（#單位：千）			615						714												(14)						1,943						1,911												2
信用卡貸款30天以上拖欠率（期末）（8）（9）			2.87		%				2.61
信用卡貸款90+天拖欠率（期末）（8）（9）			1.43						1.29
汽車：
汽車起源（以億美元計）			$	4.1					4.1						—						—						$	11.9					13.9						(2.0)						(14)
汽車貸款30天以上拖欠率（期末）（8）（9）			2.28		%				2.60
個人貸款：
新成交量（以十億美元計）			$	2.7					3.1						(0.4)						(13)						$	7.6					9.3						(1.7)						(18)

納米-沒有意義

(1)分配資本回報率是適用於普通股的分部淨收入（損失）除以分部平均分配資本。適用於普通股的分部淨收入（虧損）是分部淨收入（虧損）減去分配的優先股股息。

(2)效率比是分部非利息費用除以分部總收入（淨利息收入和非利息收入）。

(3)數字和移動活躍客戶分別基於過去90天內通過數字或移動終端登錄的消費者和小型企業客戶數量。數字活躍客戶包括在線和移動客戶。

(4)存款利差是（i）分部存款的內部資金轉移定價信貸減去就分部存款支付給客戶的利息，除以（ii）分部平均存款。

(5)借記卡購買量和交易反映了消費者和企業借記卡購買的綜合活動。

(6)不包括爲他人提供轉付的住宅抵押貸款。

(7)不包括由聯邦住房管理局（FHA）承保或由退伍軍人事務部（VA）擔保的住宅抵押貸款。

(8)不包括持作出售的貸款。

(9)拖欠餘額不包括非應計貸款。

2024年第三季度與2023年第三季度

收入 由於存款餘額減少和貸款餘額減少，淨利息收入減少，導致淨利息收入減少。

信貸損失準備金 反映了信用卡貸款免稅額的增加。

非利息費用 下降反映了運營成本的降低和運營損失的降低，以及效率舉措的影響。

2024年前9個月與2023年前9個月

收入 由於存款餘額減少和貸款餘額減少，淨利息收入減少，導致淨利息收入減少。

信貸損失準備金 反映了信用卡貸款免稅額的增加。

非利息費用 減少的原因是：

•因效率舉措的影響而降低人員費用和運營成本;

部分抵消：

•由於營銷量增加，廣告費用增加。

			富國銀行公司			15

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盈利表現 （續）

表6 b： 消費者銀行和貸款-資產負債表

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
選定資產負債表數據（平均）
按業務線分類的貸款：
消費者、小型和企業銀行業務			$	6,230					6,610						(380)						(6)		%				$	6,355					6,825						(470)						(7)		%
消費者貸款：
房屋貸款			209,825						218,546						(8,721)						(4)						212,043						220,568						(8,525)						(4)
信用卡			49,141						43,541						5,600						13						47,677						41,900						5,777						14
汽車			43,949						51,578						(7,629)						(15)						45,733						52,569						(6,836)						(13)
個人借貸			14,470						15,270						(800)						(5)						14,609						14,863						(254)						(2)
貸款總額			$	323,615					335,545						(11,930)						(4)						$	326,417					336,725						(10,308)						(3)
存款總額			773,554						801,061						(27,507)						(3)						775,005						821,741						(46,736)						(6)
配資			45,500						44,000						1,500						3						45,500						44,000						1,500						3
選定資產負債表數據（期末）
按業務線分類的貸款：
消費者、小型和企業銀行業務			$	6,372					6,746						(374)						(6)
消費者貸款：
房屋貸款			209,083						217,955						(8,872)						(4)
信用卡			49,521						44,409						5,112						12
汽車			43,356						50,407						(7,051)						(14)
個人借貸			14,413						15,439						(1,026)						(7)
貸款總額			$	322,745					334,956						(12,211)						(4)
存款總額			775,745						798,897						(23,152)						(3)

2024年第三季度和前9個月與2023年第三季度和前9個月

貸款總額（平均和期末） 減少的原因是：

•我們的住房貸款業務的貸款餘額下降，反映出受利率環境影響而貸款需求下降;以及

•由於還款額超過發放額，我們汽車業務的貸款餘額下降，反映了我們與信貸緊縮相關的行動;

部分抵消：

•由於新帳戶增長推動銷售額增加，我們信用卡業務的貸款餘額增加。

存款總額（平均和期末） 由於客戶轉向收益率更高的存款產品（包括促銷儲蓄和定期存款帳戶），導致下降。

16			富國銀行公司

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商業銀行 爲私營、家族和某些上市公司提供財務解決方案。產品和服務包括多個銀行和信貸產品

行業部門和市政當局、擔保貸款和租賃產品以及金庫管理。表6c和表6d提供了商業銀行業務的更多信息。

表6c： 商業銀行-利潤表和選定的發票

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
收益表
淨利息收入			$	2,289					2,519						(230)						(9)		%				$	6,848					7,509						(661)						(9)		%
非利息收入：
存款相關費用			303						257						46						18						877						741						136						18
貸款相關費用			138						133						5						4						415						393						22						6
租賃收入			126						153						(27)						(18)						408						489						(81)						(17)
其他			477						343						134						39						1,059						949						110						12
非利息收入總額			1,044						886						158						18						2,759						2,572						187						7
總收入			3,333						3,405						(72)						(2)						9,607						10,081						(474)						(5)
淨沖銷			50						37						13						35						222						61						161						264
信用損失備抵的變化			35						15						20						133						35						(26)						61						235
信貸損失準備金			85						52						33						63						257						35						222						634
非利息費用			1,480						1,543						(63)						(4)						4,665						4,925						(260)						(5)
所得稅費用前收入			1,768						1,810						(42)						(2)						4,685						5,121						(436)						(9)
所得稅開支			448						453						(5)						(1)						1,191						1,281						(90)						(7)
減：非控股權益淨收入			2						3						(1)						(33)						8						9						(1)						(11)
淨收入			$	1,318					1,354						(36)						(3)						$	3,486					3,831						(345)						(9)
按業務線分類的收入
中間市場銀行業務			$	2,187					2,212						(25)						(1)						$	6,418					6,566						(148)						(2)
基於資產的貸款和租賃			1,146						1,193						(47)						(4)						3,189						3,515						(326)						(9)
總收入			$	3,333					3,405						(72)						(2)						$	9,607					10,081						(474)						(5)
按產品分類的收入
貸款和租賃			$	1,293					1,321						(28)						(2)						$	3,910					3,977						(67)						(2)
金庫管理和支付			1,434						1,541						(107)						(7)						4,267						4,687						(420)						(9)
其他			606						543						63						12						1,430						1,417						13						1
總收入			$	3,333					3,405						(72)						(2)						$	9,607					10,081						(474)						(5)
選定度量
分配資本回報率			19.2		%				20.2																		16.9		%				19.2
效率比			44						45																		49						49

2024年第三季度與2023年第三季度

收入 減少的原因是：

•淨利息收入較低，反映了較高利率對存款成本的影響;

部分抵消：

•較高的存款相關費用反映了 交易服務量增加和重新定價推動商業帳戶財務管理費上漲;以及

•與可再生能源稅收抵免投資相關的其他非利息收入增加。

非利息費用 由於人員費用減少，反映了效率舉措的影響。

2024年前9個月與2023年前9個月

收入 減少的原因是：

•淨利息收入較低，反映了較高利率對存款成本的影響;

部分抵消：

•較高的存款相關費用反映了 交易服務量增加和重新定價推動商業帳戶財務管理費上漲;以及

•與可再生能源稅收抵免投資相關的其他非利息收入增加。

信貸損失準備金 反映了淨沖銷的增加。

非利息費用 由於人員費用減少，反映了效率舉措的影響。

			富國銀行公司			17

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盈利表現 （續）

表6d： 商業銀行-資產負債表

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
選定資產負債表數據（平均）
貸款：
商業和工業			$	161,967					164,182						(2,215)						(1)		%				$	163,085					164,461						(1,376)						(1)		%
商業地產			44,756						45,716						(960)						(2)						45,013						45,810						(797)						(2)
租賃融資和其他			15,393						14,518						875						6						15,384						14,090						1,294						9
貸款總額			$	222,116					224,416						(2,300)						(1)						$	223,482					224,361						(879)						—
按業務線分類的貸款：
中間市場銀行業務			$	127,321					120,509						6,812						6						$	124,960					121,442						3,518						3
基於資產的貸款和租賃			94,795						103,907						(9,112)						(9)						98,522						102,919						(4,397)						(4)
貸款總額			$	222,116					224,416						(2,300)						(1)						$	223,482					224,361						(879)						—
存款總額			173,158						160,556						12,602						8						168,044						165,887						2,157						1
配資			26,000						25,500						500						2						26,000						25,500						500						2
選定資產負債表數據（期末）
貸款：
商業和工業			$	163,878					165,094						(1,216)						(1)
商業地產			44,715						45,663						(948)						(2)
租賃融資和其他			15,406						15,014						392						3
貸款總額			$	223,999					225,771						(1,772)						(1)
按業務線分類的貸款：
中間市場銀行業務			$	127,048					119,354						7,694						6
基於資產的貸款和租賃			96,951						106,417						(9,466)						(9)
貸款總額			$	223,999					225,771						(1,772)						(1)
存款總額			178,406						160,368						18,038						11

2024年第三季度和前9個月與2023年第三季度和前9個月

貸款總額（平均和期末） 由於貸款需求下降，反映了較高利率環境的影響，部分被客戶營運資金需求增加所抵消。

存款總額（平均和期末） 由於新客戶和現有客戶的存款增加，增加。

18			富國銀行公司

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企業和投資銀行 爲全球企業、商業房地產、政府和機構客戶提供一系列資本市場、銀行和金融產品和服務。產品和服務包括企業銀行業務、投資銀行業務、資金管理、商業房地產貸款和服務、股權和固定收益解決方案以及銷售、交易和研究能力es. 2024年8月，

我們達成了一項最終協議，出售商業抵押貸款服務業務的非機構第三方服務部門，包括相關抵押貸款服務權和服務商預付款。我們將繼續爲代理和政府贊助的企業貸款以及資產負債表上持有的貸款提供服務。表6 e和表6 f提供了公司的更多信息 和投資銀行業務。

表6 e： 企業和投資銀行業務-利潤表和選定收件箱

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
收益表
淨利息收入			$	1,909					2,319						(410)						(18)		%				$	5,881					7,139						(1,258)						(18)		%
非利息收入：
存款相關費用			279						247						32						13						804						730						74						10
貸款相關費用			213						206						7						3						621						591						30						5
投資銀行費用			668						545						123						23						1,949						1,249						700						56
交易活動淨收益			1,366						1,193						173						15						4,158						3,531						627						18
其他			476						413						63						15						1,318						1,216						102						8
非利息收入總額			3,002						2,604						398						15						8,850						7,317						1,533						21
總收入			4,911						4,923						(12)						—						14,731						14,456						275						2
淨沖銷			196						105						91						87						695						205						490						239
信用損失備抵的變化			(170)						219						(389)						NM						(379)						1,304						(1,683)						NM
信貸損失準備金			26						324						(298)						(92)						316						1,509						(1,193)						(79)
非利息費用			2,229						2,182						47						2						6,729						6,486						243						4
所得稅費用前收入			2,656						2,417						239						10						7,686						6,461						1,225						19
所得稅開支			664						601						63						10						1,928						1,617						311						19
淨收入			$	1,992					1,816						176						10						$	5,758					4,844						914						19
按業務線分類的收入
銀行業務：
借貸			$	698					721						(23)						(3)						$	2,067					2,098						(31)						(1)
金庫管理和支付			695						747						(52)						(7)						2,068						2,294						(226)						(10)
投資銀行			419						430						(11)						(3)						1,323						1,021						302						30
銀行業總			1,812						1,898						(86)						(5)						5,458						5,413						45						1
商業地產			1,364						1,376						(12)						(1)						3,870						4,020						(150)						(4)
市場：
固定收益、貨幣和大宗商品（FICC）			1,327						1,148						179						16						3,914						3,566						348						10
股票			396						518						(122)						(24)						1,404						1,352						52						4
信用調整（CVA/DVA）和其他			31						(12)						43						358						57						73						(16)						(22)
總市場			1,754						1,654						100						6						5,375						4,991						384						8
其他			(19)						(5)						(14)						NM						28						32						(4)						(13)
總收入			$	4,911					4,923						(12)						—						$	14,731					14,456						275						2
選定度量
分配資本回報率			17.1		%				15.5																		16.5		%				13.9
效率比			45						44																		46						45

納米-沒有意義

2024年第三季度與2023年第三季度

收入 略有下降，反映出：

•由於存款成本上升和貸款餘額下降，淨利息收入下降;

部分抵消：

•交易活動淨收益增加，反映出 大多數固定收益資產類別交易活動增加，部分被股票收入下降所抵消及

•由於活動增加導致債務承銷費上漲，投資銀行費用上漲，部分被諮詢費收入下降所抵消。

信貸損失準備金 反映了商業房地產貸款推動的信貸損失撥備的減少。

非利息費用 增長的原因是運營損失和運營成本增加，但部分被效率舉措的影響抵消。

			富國銀行公司			19

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盈利表現 （續）

2024年前9個月與2023年前9個月

收入 增長的驅動因素是：

•由於所有產品的活動增加，投資銀行費用上漲;以及

•交易活動淨收益增加 受結構性產品、外匯和股票收入增加的推動;

部分抵消：

•由於存款成本上升和貸款餘額下降，淨利息收入下降。

信貸損失準備金 反映了商業房地產貸款推動的信貸損失撥備的減少。

非利息費用 由於運營成本上升，部分被效率舉措的影響所抵消。

表6 f： 企業和投資銀行業務-資產負債表

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
選定資產負債表數據（平均）
貸款：
商業和工業			$	183,255					191,128						(7,873)						(4)		%				$	183,159					191,800						(8,641)						(5)		%
商業地產			91,963						100,523						(8,560)						(9)						94,913						100,810						(5,897)						(6)
貸款總額			$	275,218					291,651						(16,433)						(6)						$	278,072					292,610						(14,538)						(5)
按業務線分類的貸款：
銀行			$	86,548					94,010						(7,462)						(8)						$	87,854					96,148						(8,294)						(9)
商業地產			124,056						135,639						(11,583)						(9)						127,943						136,302						(8,359)						(6)
市場			64,614						62,002						2,612						4						62,275						60,160						2,115						4
貸款總額			$	275,218					291,651						(16,433)						(6)						$	278,072					292,610						(14,538)						(5)
貿易相關資產：
交易帳戶證券			$	140,501					122,376						18,125						15						$	132,678					117,858						14,820						13
逆回購協議/借入證券			74,041						62,284						11,757						19						67,289						60,105						7,184						12
衍生資產			19,668						19,760						(92)						—						18,422						18,410						12						—
貿易相關資產總額			$	234,210					204,420						29,790						15						$	218,389					196,373						22,016						11
總資產			574,697						559,647						15,050						3						561,280						552,888						8,392						2
存款總額			194,315						157,212						37,103						24						188,399						158,337						30,062						19
配資			44,000						44,000						—						—						44,000						44,000						—						—
選定資產負債表數據（期末）
貸款：
商業和工業			$	183,341					190,547						(7,206)						(4)
商業地產			90,382						99,783						(9,401)						(9)
貸款總額			$	273,723					290,330						(16,607)						(6)
按業務線分類的貸款：
銀行			$	88,221					93,723						(5,502)						(6)
商業地產			121,238						133,939						(12,701)						(9)
市場			64,264						62,668						1,596						3
貸款總額			$	273,723					290,330						(16,607)						(6)
貿易相關資產：
交易帳戶證券			$	144,148					120,547						23,601						20
逆回購協議/借入證券			83,562						64,240						19,322						30
衍生資產			17,906						21,231						(3,325)						(16)
貿易相關資產總額			$	245,616					206,018						39,598						19
總資產			583,144						557,642						25,502						5
存款總額			199,700						162,776						36,924						23

2024年第三季度和前9個月與2023年第三季度和前9個月

貸款總額（平均和期末） 由於商業房地產貸款發放量下降，反映了需求下降。

貿易相關資產總額（平均和期末） 增加反映：

•受抵押貸款支持證券上漲推動的交易帳戶證券上漲;以及

•逆回購協議數量增加。

存款總額（平均和期末） 由於新客戶和現有客戶的存款增加，增加。

20			富國銀行公司

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財富和投資管理 爲富裕、高淨值和超高淨值客戶提供個性化的财富管理、經紀、財務規劃、貸款、私人銀行業務、信託和受託產品和服務。我們通過經紀和財富領域的財務顧問運營

辦事處、消費者銀行分行、獨立辦事處，並通過WellsTrade®和Intuitive Investor®進行數字化. 表6 g和表6 h提供了財富與投資管理（WIM）的更多信息。

表6g： 財富和投資管理

			本季度截至9月30日，																								截至9月30日的九個月，
（除非另有說明，單位爲百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
收益表
淨利息收入			$	842					1,007						(165)						(16)		%				$	2,617					3,060						(443)						(14)		%
非利息收入：
投資諮詢和其他基於資產的費用			2,406						2,164						242						11						7,030						6,335						695						11
佣金和經紀服務費			548						492						56						11						1,614						1,527						87						6
其他			82						39						43						110						217						109						108						99
非利息收入總額			3,036						2,695						341						13						8,861						7,971						890						11
總收入			3,878						3,702						176						5						11,478						11,031						447						4
淨沖銷			(5)						1						(6)						NM						(1)						(1)						—						—
信用損失備抵的變化			21						(11)						32						291						6						26						(20)						(77)
信貸損失準備金			16						(10)						26						260						5						25						(20)						(80)
非利息費用			3,154						3,006						148						5						9,577						9,041						536						6
所得稅費用前收入			708						706						2						—						1,896						1,965						(69)						(4)
所得稅開支			179						177						2						1						502						492						10						2
淨收入			$	529					529						—						—						$	1,394					1,473						(79)						(5)
選定度量
分配資本回報率			31.5		%				32.8																		27.7		%				30.8
效率比			81						81																		83						82
客戶資產（以十億美元爲單位，期末）：
諮詢資產			$	993					825						168						20
其他經紀資產和存款			1,301						1,123						178						16
客戶總資產			$	2,294					1,948						346						18
選定資產負債表數據（平均）
貸款總額			$	82,797					82,195						602						1						$	82,815					82,948						(133)						—
存款總額			107,991						107,500						491						—						104,117						115,418						(11,301)						(10)
配資			6,500						6,250						250						4						6,500						6,250						250						4
選定資產負債表數據（期末）
貸款總額			$	83,023					82,331						692						1
存款總額			112,472						103,255						9,217						9

納米-沒有意義

2024年第三季度與2023年第三季度

收入 增長的驅動因素是：

•反映市場估值更高的資產費用推動了更高的投資諮詢和其他基於資產的費用;以及

•經紀交易活動增加推動佣金和經紀服務費增加;

部分抵消：

•存款成本上升推動淨利息收入下降，這反映了諮詢經紀帳戶中活期存款的定價上升以及客戶將現金重新分配到收益率更高的替代方案。

非利息費用 增加反映：

•收入相關薪酬較高導致人員支出較高;

部分抵消：

•較低的運營成本;以及

•效率舉措的影響。

存款總額（期末） 增長主要是由於零售經紀業務餘額增加而推動的。

2024年前9個月與2023年前9個月

收入 增長的驅動因素是：

•反映市場估值更高的資產費用推動了更高的投資諮詢和其他基於資產的費用;以及

•經紀交易活動增加推動佣金和經紀服務費增加;

部分抵消：

•存款餘額減少、客戶將現金重新分配到收益率更高的替代方案以及存款成本增加，導致淨利息收入下降，反映了諮詢經紀帳戶中大額存款的定價增加。

			富國銀行公司			21

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盈利表現 （續）

非利息費用增加反映：

•由更高的收入相關薪酬推動的更高的人員支出；以及

•經營虧損較大；

部分抵消：

•提高效率措施的影響；以及

•更低的運營成本。

存款總額（平均）由於客戶遷移到更高收益的替代產品而減少。

WIM諮詢資產除了交易性帳戶，WIM還向經紀客戶提供諮詢帳戶關係。諮詢帳戶的費用是根據截至季度初的資產市值的百分比計算的，不同的帳戶類型基於

提供不同的服務，並受投資業績以及資產流入和流出的影響。諮詢帳戶包括由財務顧問指導並由第三方經理單獨管理的資產，以及某些客戶指導的經紀資產，我們在這些資產中賺取諮詢和其他服務的費用，但沒有投資自由裁量權。

WIM還爲高淨值客戶管理個人信託和其他資產，手續費收入基於這些資產市值的百分比。表6h按業務類別列出諮詢資產活動。管理層認爲，諮詢資產是一種有用的衡量標準，因爲它允許管理層、投資者和其他人評估資產金額的變化可能如何影響某些基於資產的費用的產生。

2024年和2023年第三季度，按帳戶類型劃分的平均費率從50到120個點子不等。

表6 h： WIM諮詢資產

			節結束																		止九個月
(in數十億）			平衡，開始 週期的			流入（1）			流出（2）			市場影響（3）			期末餘額						平衡，開始 週期的			流入（1）			流出（2）			市場影響（3）			期末餘額
2024年9月30日
客戶導向（4）			$	196.4		9.2			(10.7)			9.1			204.0						$	185.3		27.2			(31.1)			22.6			204.0
財務顧問指導（5）			291.1			12.6			(12.8)			17.8			308.7						264.6			37.6			(35.3)			41.8			308.7
單獨帳戶（6）			210.4			9.2			(8.0)			14.0			225.6						198.4			24.9			(23.9)			26.2			225.6
共同基金諮詢（7）			85.7			2.0			(3.6)			4.6			88.7						83.3			6.4			(10.2)			9.2			88.7
道達爾富國銀行顧問			$	783.6		33.0			(35.1)			45.5			827.0						$	731.6		96.1			(100.5)			99.8			827.0
私人銀行（8）			161.5			6.7			(8.0)			6.1			166.3						159.5			18.3			(25.6)			14.1			166.3
WIM諮詢資產總額			$	945.1		39.7			(43.1)			51.6			993.3						$	891.1		114.4			(126.1)			113.9			993.3
2023年9月30日
客戶導向（4）			$	177.4		8.2			(8.3)			(5.3)			172.0						$	165.2		24.6			(25.8)			8.0			172.0
財務顧問指導（5）			243.7			10.0			(9.4)			(4.2)			240.1						222.9			28.9			(28.7)			17.0			240.1
單獨帳戶（6）			188.5			5.9			(6.1)			(5.7)			182.6						176.5			17.6			(19.0)			7.5			182.6
共同基金諮詢（7）			81.9			1.9			(3.0)			(2.4)			78.4						78.6			5.7			(9.2)			3.3			78.4
道達爾富國銀行顧問			$	691.5		26.0			(26.8)			(17.6)			673.1						$	643.2		76.8			(82.7)			35.8			673.1
私人銀行（8）			158.0			5.8			(8.0)			(4.1)			151.7						153.6			19.2			(26.2)			5.1			151.7
WIM諮詢資產總額			$	849.5		31.8			(34.8)			(21.7)			824.8						$	796.8		96.0			(108.9)			40.9			824.8

(1)流入包括新顧問帳戶資產、繳款、股息和利息。

(2)流出包括封閉的諮詢帳戶資產、提款和客戶管理費。

(3)市場影響反映了組合投資的損益。

(4)投資建議和其他服務是向客戶提供的，但決策由客戶做出，賺取的費用基於諮詢帳戶資產的一定比例，而不是客戶執行的交易數量和規模。

(5)專業管理的投資組合，根據各自的策略和某些客戶資產的百分比賺取費用。

(6)由第三方資產管理公司管理的專業諮詢投資組合。費用是根據某些客戶資產的一定比例賺取的。

(7)由免除負載、無負載和機構股票類別共同基金構成的投資組合的計劃。費用是根據某些客戶資產的一定比例賺取的。

(8)個人信託、投資機構或託管帳戶中持有的自由裁量和非自由裁量投資組合，根據客戶資產的一定百分比賺取費用。

22			富國銀行公司

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企業 包括企業財務和企業職能，扣除分配（包括資金轉移定價、資本、流動性和某些費用），以支持可報告的運營部門，以及我們的投資組合和風險資本和私募股權投資。企業也

包括管理層確定不再符合公司長期戰略目標以及之前剝離業務的業績的某些業務。表6 i和表6 j提供了公司的更多信息。

表6 i： 公司-利潤表

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
收益表
淨利息收入			$	(415)					(269)						(146)						(54)		%				$	(527)					(344)						(183)						(53)		%
非利息收入			78						21						57						271						761						147						614						418
總收入			(337)						(248)						(89)						(36)						234						(197)						431						219
淨沖銷			(1)						(1)						—						—						(4)						(5)						1						20
信用損失備抵的變化			9						64						(55)						(86)						15						44						(29)						(66)
信貸損失準備金			8						63						(55)						(87)						11						39						(28)						(72)
非利息費用			580						469						111						24						2,378						1,346						1,032						77
所得稅福利前損失			(925)						(780)						(145)						(19)						(2,155)						(1,582)						(573)						(36)
所得稅利益			(330)						(641)						311						49						(804)						(1,016)						212						21
減：非控股權益淨損失（1）			54						(34)						88						259						51						(186)						237						127
淨收益(虧損)			$	(649)					(105)						(544)						NM						$	(1,402)					(380)						(1,022)						NM

納米-沒有意義

(1)反映與我們的風險資本投資相關的非控股權益應占的業績。

2024年第三季度與2023年第三季度

收入 減少的原因是：

•債務證券淨損失增加 與我們投資證券組合的重新定位有關;

部分抵消：

•股票證券淨收益增加，反映出 我們的風險資本投資的股權證券已實現收益更高.

非利息費用 由於客戶補救活動費用增加，運營損失增加，導致營業損失增加。

2024年前9個月與2023年前9個月

收入 增長的驅動因素是：

•股票證券淨收益增加反映了股票證券的減損減少， 股本證券已實現收益增加 來自我們的風險資本投資;

部分抵消：

•債務證券淨損失增加 與我們投資證券組合的重新定位有關。

非利息費用 增加的原因是：

•由於客戶補救活動費用增加，運營損失增加;以及

•額外費用 27300萬美元 用於估計FDIC特別評估.

公司包括我們的軌道車輛租賃業務，該業務的長期運營租賃資產（扣除累計折舊）分別爲45億美元和46億美元 分別於2024年9月30日和2023年12月31日。我們可能會根據影響特定類型軌道車輛的長期需求和實用性的經濟和市場狀況的變化而產生減損費用。有關更多信息，請參閱2023年表格10-k中的「盈利表現-運營分部業績-公司」部分。

			富國銀行公司			23

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盈利表現 （續）

表6 j： 企業-資產負債表

			本季度截至9月30日，																								截至9月30日的九個月，
（百萬美元）			2024						2023						$Change						更改百分比						2024						2023						$Change						更改百分比
選定資產負債表數據（平均）
現金和銀行應收賬款以及銀行生息存款			$	189,435					164,900						24,535						15		%				$	201,243					138,449						62,794						45		%
可供出售的債務證券			147,093						119,745						27,348						23						133,951						126,304						7,647						6
持有至到期債務證券			242,621						266,012						(23,391)						(9)						250,242						269,885						(19,643)						(7)
股本證券			15,216						15,784						(568)						(4)						15,580						15,544						36						—
貸款總額			6,509						9,386						(2,877)						(31)						7,620						9,252						(1,632)						(18)
總資產			648,930						623,339						25,591						4						656,289						610,047						46,242						8
存款總額			92,662						113,978						(21,316)						(19)						107,691						86,707						20,984						24
選定資產負債表數據（期末）
現金和銀行應收賬款以及銀行生息存款			$	161,402					194,653						(33,251)						(17)
可供出售的債務證券			157,042						115,005						42,037						37
持有至到期債務證券			240,174						264,248						(24,074)						(9)
股本證券			14,861						15,496						(635)						(4)
貸款總額			6,221						9,036						(2,815)						(31)
總資產			642,618						641,455						1,163						—
存款總額			83,323						128,714						(45,391)						(35)

2024年第三季度與2023年第三季度

總資產（平均） 增加反映了現金和銀行應收賬款以及由企業金庫管理的銀行生息存款的增加。

存款總額（平均和期末） 受公司金庫發行的定期存款憑證（CD）到期日的推動，下降。

2024年前9個月與2023年前9個月

總資產（平均） 增加反映了現金和銀行應收賬款以及由企業金庫管理的銀行生息存款的增加。

存款總額（平均） 受公司財務部發行CD的推動，增加。

24			富國銀行公司

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資產負債表分析

截至2024年9月30日，我們的資產總額爲1.92萬億美元，比2023年12月31日減少103億美元。

以下討論提供了有關我們合併資產負債表主要組成部分的更多信息。有關我們股權變化的信息，請參閱本報告中的「資本管理」部分。

可供出售和持有至到期債務證券

表7： 可供出售和持有至到期債務證券

			2024年9月30日																								2023年12月31日
（百萬美元）			攤銷 成本，淨（1）						淨 未實現收益（損失）						公平值						加權 平均預期到期日（年）						攤銷 成本，淨（1）						淨 未實現收益（損失）						公平值						加權平均預期到期日（年）
可供出售（2）			$	169,475					(3,471)						166,004						6.2						$	137,155					(6,707)						130,448						4.7
持有至成熟期（3）			243,151						(31,435)						211,716						8.1						262,708						(35,392)						227,316						7.6
總			$	412,626					(34,906)						377,720						n/a						$	399,863					(42,099)						357,764						n/a

(1)代表證券的攤銷成本，分別扣除2024年9月30日和2023年12月31日與可供出售債務證券相關的信用損失撥備2，000萬美元和100萬美元以及持有至到期債務證券相關的信用損失撥備8，900萬美元和9，300萬美元。

(2)可供出售債務證券按公允價值計入我們的綜合資產負債表。

(3)持有至到期債務證券在我們的綜合資產負債表上按攤銷成本（扣除信用損失撥備）列賬。

表7彙總了我們在可供出售(AFS)和持有至到期(HTM)債務證券方面的投資組合。有關AFS和HTM債務證券的更多信息，包括按證券類型、合同到期日和加權平均收益率分列的債務證券摘要，見本報告財務報表附註3(可供出售和持有至到期的債務證券)。有關我們的投資管理目標和做法的更多信息，請參閱我們的2023年10-k表格中的「資產負債表分析-可供出售和持有至到期的債務證券」部分，有關流動性和利率風險的信息，請參閱本報告中的「風險管理-資產/負債管理」部分。

自2023年12月31日以來，AFS和HTM債務證券投資組合的攤餘成本(扣除信貸損失準備)有所增加。購買AFS債務證券被AFS和HTM債務證券的償還和到期日以及出售AFS債務證券部分抵消.

AFS和HTM債務證券的未實現淨虧損總額從2023年12月31日下降，原因是利率變化和與重新定位我們的AFS債務證券組合。重新定位包括出售大約160億美元的億的AFS債務證券，並將所得資金再投資於收益率更高的AFS債務證券。

截至2024年9月30日，AFS和HTM合併後的債務證券組合中有99%的評級爲AA-或以上。評級基於外部評級，如果可用，則基於內部信用等級。

			富國銀行公司			25

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資產負債表分析 （續）

貸款組合

表8按投資組合部門提供了未償貸款總額摘要。商業貸款自2023年12月31日起有所減少，原因是商業、工業和商業房地產貸款組合因還款額超過貸款和貸款而減少。消費貸款

較2023年12月31日有所下降，這是由於還款額超過發放額導致住宅抵押貸款和汽車貸款組合減少，但由於新帳戶增長推動銷售點增加，信用卡貸款增加部分抵消了這一下降。

表8： 貸款組合

（百萬美元）			2024年9月30日						2023年12月31日						$Change						更改百分比
商業廣告			$	530,642					547,427						(16,785)						(3)		%
消費者			379,069						389,255						(10,186)						(3)
貸款總額			$	909,711					936,682						(26,971)						(3)

平均貸款餘額和平均貸款餘額的比較詳細情況載於本報告前面「收益業績--淨利息收入」下的表1。本報告「風險管理--信用風險管理」一節載有按投資組合分類和應收融資類別分列的未償還貸款總額的補充資料。期末結餘及其他與貸款有關的資料載於本報告財務報表附註5(貸款及相關信貸損失準備)。

有關合同貸款到期日和貸款在利率變化中的分佈的其他信息，請參閱我們的2023年Form 10-k中的「資產負債表分析-貸款組合」部分。

存款

存款較2023年12月31日減少，反映：

•由公司國庫發行的存單到期日推動的定期存款減少；

部分抵消：

•商業存款的增長。

表9提供了有關存款餘額的補充信息。某些存款餘額，包括無息和有息的活期存款，受到了使傳統產品與當前存款產品保持一致的努力的影響。關於存款對淨利息收入的影響以及平均存款餘額的比較的資料載於本報告前面的「收益業績--淨利息收入」一節和表1。2024年第三季度我們的平均存款成本增至1.91%，而2023年第四季度爲1.58%。

表9： 存款

（百萬美元）			9月30日， 2024						% 總計 存款						12月31日， 2023						% 總 存款						$Change						更改百分比
無息活期存款			$	370,005					28		%				$	360,279					26		%				$	9,726					3		%
含利息活期存款			446,492						33						436,908						32						9,584						2
儲蓄存款			355,446						26						349,181						26						6,265						2
定期存款			158,387						12						187,989						14						(29,602)						(16)
非美國辦事處的存款			19,316						1						23,816						2						(4,500)						(19)
存款總額			$	1,349,646					100		%				$	1,358,173					100		%				$	(8,527)					(1)

26			富國銀行公司

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表外安排

在正常業務過程中，我們從事的金融交易沒有記錄在我們的綜合資產負債表上，或者可能記錄在我們的綜合資產負債表上的金額不同於完整的合同金額或交易的名義金額。我們的表外安排包括無資金來源的信貸承諾、與未合併實體的交易、擔保、衍生品和其他承諾。這些交易旨在(1)滿足客戶的金融需求，(2)管理我們的信貸、市場或流動性風險，和/或(3)使我們的資金來源多樣化。

資金不足的信貸承諾

無資金來源的信貸承諾是具有法律約束力的貸款協議，貸款條款包括資金用途、合同利率、到期日和任何必需的抵押品。這些承諾的最大信用風險通常低於合同金額，因爲這些承諾可能到期而不使用，也可能應客戶要求取消。我們的信用風險監控活動包括管理對個人客戶和總承諾額的承諾額，以及這些承諾額的規模和期限結構。更多信息，見本報告財務報表附註5(貸款及相關信貸損失撥備)。

與未合併實體的交易

在正常業務過程中，我們與特殊目的實體(SPE)進行各種類型的表內和表外交易，這些特殊目的實體是爲有限目的而建立的公司、信託、有限責任公司或合夥企業。一般來說，特殊目的實體是與證券化交易相關的，被認爲是可變利益實體(VIE)。更多信息見本報告財務報表附註13(證券化和可變利息實體)。

擔保和其他承諾

擔保是指根據某一事件或標的資產、負債、評級或指數的變化，或有需要我們向擔保方支付款項的合同。擔保通常採取備用和直接付款信用證、書面期權、追索權義務、交易所和結算所擔保、賠償和其他類型的類似安排的形式。我們還作出其他承諾，例如根據轉售協議購買證券的承諾。更多信息，見本報告財務報表附註14(擔保和其他承付款)。

衍生物

我們使用衍生品來管理市場風險的敞口，包括利率風險、信用風險和外匯風險，並幫助客戶實現其風險管理目標。衍生工具按公允價值計入綜合資產負債表，交易量可按名義金額計量，一般不作交換，但只用作厘定利息及其他付款的基準。名義金額沒有記錄在我們的綜合資產負債表上，單獨來看，也不是對該工具的風險狀況的有意義的衡量。更多信息見本報告財務報表附註11(衍生工具)。

			富國銀行公司			27

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風險管理

富國銀行管理着各種風險，這些風險可能會顯著影響我們的財務業績以及我們滿足客戶、股東、監管機構和其他利益相關者預期的能力。

有關我們如何管理風險的其他信息，請參閱我們的2023 Form 10-k中的「Risk Management」部分。接下來的討論補充了我們對2023年10-k表格中「風險管理」部分所包含的某些風險管理的討論。

信用風險管理

信用風險是指與借款人或交易對手違約(未能按照商定的條款履行義務)有關的損失風險。信用風險存在於公司的許多資產和風險敞口，如債務證券持有量、某些衍生品和貸款。

董事會的風險委員會對信用風險負有主要監督責任。在管理層面，企業信用風險是獨立風險管理的一部分，對信用風險負有監督責任。公司信用風險向首席風險官報告，並支持向董事會風險委員會提供與信用風險有關的定期報告。

貸款組合我們的貸款組合是我們綜合資產負債表中最大的資產組成部分，我們對其存在信用風險。表10按投資組合部門和應收融資類別列出了我們的未償還貸款總額。

表10： 按投資組合分部和應收融資類別劃分的未償還貸款總額

(in數百萬）			2024年9月30日						2023年12月31日
商業和工業			$	372,750					380,388
商業地產			141,410						150,616
租賃融資			16,482						16,423
總商業			530,642						547,427
住宅抵押貸款			252,676						260,724
信用卡			55,046						52,230
汽車			42,815						47,762
其他消費			28,532						28,539
總消費額			379,069						389,255
貸款總額			$	909,711					936,682

我們通過爲承銷新業務建立我們認爲是健全的信貸政策來管理我們的信用風險，同時監控和審查我們現有貸款組合的表現。我們採用各種信用風險管理和監控活動，以降低與影響我們所持貸款的多種風險因素相關的風險，包括：

•貸款集中度和相關的信貸質量；

•交易對手信用風險；

•經濟和市場狀況；

•立法或監管授權；

•利率的變化；

•併購活動；以及

•聲譽風險。

此外，公司將繼續將氣候因素納入其信用風險管理活動。

我們的信用風險管理監督過程是集中管理的，但由我們的業務部門提供直接管理和問責。我們的整個信貸流程包括全面的信貸政策、紀律嚴明的信貸承保、頻繁而詳細的風險衡量和建模、廣泛的信貸培訓計劃以及持續的貸款審查和審計流程。

我們信用風險管理的一個關鍵是堅持受控良好的承銷流程，我們認爲這適合我們的客戶以及購買貸款或以貸款爲抵押的證券的投資者的需求。

信用質量概述  表11提供了信貸質量趨勢.

表11： 信用質量概述

（百萬美元）			2024年9月30日						2023年12月31日
非應計貸款
商業貸款			$	4,952					4,914
消費貸款			3,220						3,342
非應計貸款總額			$	8,172					8,256
非應計貸款佔貸款總額的百分比			0.90		%				0.88
貸款信用損失備抵（ACL）			$	14,739					15,088
貸款ACL佔貸款總額的百分比			1.62		%				1.61
			截至9月30日的季度，
			2024						2023
淨貸款沖銷佔以下百分比：
平均商業貸款			0.24		%				0.13
平均消費貸款			0.83						0.67
			截至9月30日的九個月裏，
			2024						2023
平均商業貸款			0.28		%				0.11
平均消費貸款			0.85						0.60

有關我們的貸款組合和信用質量趨勢的更多信息如下。

28			富國銀行公司

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重要的貸款組合評論  我們的信用風險監控程序旨在使我們能夠及早識別發展中的風險，並支持我們確定適當的信用損失準備金。以下討論提供了我們重要投資組合的其他特徵和分析。有關以下每個投資組合的更多分析和信用指標信息，請參見本報告中財務報表的附註5(貸款和相關信貸損失準備)。

商業和工業貸款及租賃融資

出於投資組合風險管理的目的，我們根據市場細分和標準行業代碼彙總商業和工業貸款和租賃融資。我們通常使用內部借款人和抵押品質量評級對商業和工業貸款和租賃融資進行個人風險評估。我們的評級與監管機構對通過和批評類別的定義保持一致，批評類別分爲特別提及、不合格、可疑和損失類別。

一般而言，我們的商業及工業貸款和租賃融資組合的主要還款來源是客戶的營運現金流，而爲這一組合提供擔保的抵押品是次要的還款來源。這一投資組合的大部分由短期資產擔保，如應收賬款、庫存和債務證券，以及長期資產，如設備和其他業務資產。

截至2024年9月30日，我們根據監管指導將商業和工業貸款和租賃融資組合中的179億美元億內部歸類爲批評，而2023年12月31日爲146億美元。增長是由娛樂和娛樂業；設備、機械和零部件製造業；汽車相關行業；農業綜合企業；以及科技、電信和媒體行業推動的。

由於還款和貸款提取減少，截至2024年9月30日的投資組合比2023年12月31日減少。表12按行業列出了我們的商業和工業貸款以及租賃融資。行業類別基於北美行業分類系統。

表12： 按行業分類的商業和工業貸款以及租賃融資

			2024年9月30日																								2023年12月31日
（百萬美元）			非應計貸款						貸款未償餘額						佔貸款總額的%						承諾總額（1）						非應計貸款						貸款未償餘額						佔貸款總額的%						承諾總額（1）
除銀行外的金融			$	53					146,597						16		%				$	240,418					9						146,635						16		%				$	234,513
技術、電信和媒體			155						23,907						3						60,300						60						25,460						3						59,216
房地產和建築			91						25,082						3						53,248						55						24,987						3						54,345
設備、機械及零部件製造			33						25,931						3						49,762						37						24,785						3						48,265
零售			50						19,964						2						45,313						72						19,596						2						48,829
材料和商品			31						14,019						2						36,518						112						14,235						2						37,758
食品和飲料製造			16						16,501						2						35,207						15						16,047						2						33,957
汽車相關			9						16,741						2						30,944						8						15,203						2						28,795
石油、天然氣和管道			3						10,042						1						30,129						2						10,730						1						32,544
保健和製藥			28						14,394						2						29,669						26						14,863						2						30,386
商業服務			35						10,774						1						27,501						37						11,095						1						26,025
公用事業			1						6,518						*						24,169						1						8,325						*						25,710
多樣化或雜項			62						8,857						*						22,268						67						8,284						*						22,877
娛樂和休閒			24						12,227						1						18,940						18						13,968						1						20,250
保險和受託人			2						5,154						*						16,314						1						4,715						*						15,724
交通運輸服務			168						9,230						1						15,907						134						9,277						*						16,750
政府和教育			42						5,291						*						11,371						26						5,603						*						11,552
農業企業			14						6,115						*						11,209						31						6,466						*						12,080
銀行			1						8,620						*						9,663						—						11,820						1						12,981
其他（2）			19						3,268						*						10,921						15						4,717						*						12,297
總			$	837					389,232						43		%				$	779,771					726						396,811						42		%				$	784,854

*不到1%。

(1)總承諾包括未償還貸款加上無資金信貸承諾，不包括已簽發的信用證和酌情金額，在任何貸款融資或承諾增加之前需要我們的批准或同意。有關已簽發信用證的更多信息，請參閱本報告財務報表附註14（擔保和其他承諾）。

(2)截至2024年9月30日和2023年12月31日，沒有其他單一行業的貸款總額分別超過32億美元和30億美元。

			富國銀行公司			29

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風險管理-信用風險管理 （續）

表12 a提供了我們最大的行業類別（銀行除外的金融業）的進一步貸款細分。此類別包括向投資公司、金融工具、非銀行債權人、租賃和租賃公司、證券公司和投資銀行提供的貸款。這些貸款通常是有擔保的，並具有幫助管理信用風險的功能，例如結構性信用增強，

抵押品資格要求、支持貸款的抵押品的合同重新按金，以及考慮到基礎信用風險、資產期限和持續業績，貸款金額限制在基礎資產價值的一定百分比。

表12 a： 金融除銀行行業類別

			2024年9月30日																								2023年12月31日
（百萬美元）			非應計貸款						貸款未償餘額						佔貸款總額的%						承諾總額（1）						非應計貸款						貸款未償餘額						佔貸款總額的%						承諾總額（1）
資產管理公司和基金（2）			$	—					56,897						6		%				$	100,741					—						51,842						6		%				$	98,074
商業金融（3）			2						48,934						6						80,269						2						52,007						6						78,369
消費金融（4）			34						19,447						2						34,852						—						20,308						2						33,547
房地產金融（5）			17						21,319						2						24,556						7						22,478						2						24,523
總			$	53					146,597						16		%				$	240,418					9						146,635						16		%				$	234,513

(1)總承諾包括未償還貸款加上無資金信貸承諾，不包括已簽發的信用證和酌情金額，在任何貸款融資或承諾增加之前需要我們的批准或同意。 有關已簽發信用證的更多信息，請參閱本報告財務報表附註14（擔保和其他承諾）。

(2)包括認購或追加資本貸款以及向大宗經紀客戶和證券公司提供的貸款。

(3)包括基於資產的貸款和租賃，包括向特殊目的實體的貸款、向商業租賃實體的貸款、向商業貸款管理人的結構性貸款便利，還包括貸款形式的抵押貸款債務（CLO），所有這些評級均爲AA或以上，分別爲47億美元和76億美元2024年9月30日和2023年12月31日。

(4)包括以汽車貸款和租賃等消費貸款以及信用卡等消費貸款爲抵押的金融資產的發起人或服務人。

(5)包括以商業或住宅房地產貸款爲抵押的金融資產的發起人或服務人。

截至2024年9月30日和2023年12月31日，我們的商業和工業貸款以及租賃融資組合分別包括640億美元和729億美元的非美國貸款。2024年9月30日和2023年12月31日，非美國貸款的行業集中度分別包括：

•除銀行業外的金融業爲361億美元和405億美元;

•銀行業83億美元和114億美元;以及

•這兩個時期石油、天然氣和管道行業的收入爲20億美元。

30			富國銀行公司

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商業地產(CRE)。我們的CRE貸款組合由CRE抵押貸款和CRE建設貸款組成。由於償還金額超過了原始和墊款，CRE總貸款組合比2023年12月31日減少了92億美元。該投資組合在地理位置和物業類型上都是多樣化的。CRE貸款的地理位置最集中在加利福尼亞州、紐約州、佛羅里達州和德克薩斯州，佔CRE總投資組合的48%。房地產類型集中度最大的是公寓，佔投資組合的29%，寫字樓佔21%。截至2024年9月30日和2023年12月31日，CRE抵押貸款的未到位信貸承諾分別爲58億美元和77億美元，CRE建設貸款分別爲84億美元和132億美元。

我們一般使用內部借款人和抵押品質量評級對CRE貸款進行個人風險評估。我們有

截至2024年9月30日，CRE被歸類爲批評的抵押貸款爲186億美元，而2023年12月31日的億爲175億美元。截至2024年9月30日，我們有11億美元的CRE建設貸款被歸類爲批評，而2023年12月31日的萬爲83000美元。被批評的CRE貸款的增加主要是由公寓物業類型推動的，部分被機構物業類型抵消。

鑑於寫字樓需求疲軟，我們繼續密切關注寫字樓物業類型的信貸質量。截至2024年9月30日和2023年12月31日，加州和紐約的貸款約佔寫字樓物業類型的40%。

表13按州和物業類型提供了我們的CRE貸款。

表13： 按國家和財產類型分類的CRE貸款

																								2024年9月30日															2023年12月31日
						房地產抵押									房地產建設									商業房地產總額															商業房地產總額
（百萬美元）			非應計貸款			貸款未償餘額						非應計貸款			貸款未償餘額						非應計貸款			貸款未償餘額			貸款佔貸款總額的百分比			承諾總額（1）						貸款未償餘額			承諾總額（1）
按州劃分：
加州						$	1,170		25,791						13			3,144						1,183			28,935			3%			$	31,911					31,619			35,629
紐約						569			13,869						—			2,633						569			16,502			2			17,497						16,575			17,930
佛羅里達						137			8,873						—			2,688						137			11,561			1			13,045						12,492			14,577
Texas						274			9,273						—			1,403						274			10,676			1			11,870						12,033			14,224
格魯吉亞						253			4,877						—			1,051						253			5,928			*			6,294						6,105			6,804
亞利桑那						9			4,929						—			607						9			5,536			*			6,184						5,182			5,806
北卡羅來納						65			3,751						—			1,167						65			4,918			*			5,401						5,397			6,408
華盛頓						186			4,010						—			798						186			4,808			*			5,356						5,247			5,994
新澤西						64			2,751						—			1,770						64			4,521			*			4,872						4,364			5,130
弗吉尼亞						149			3,349						—			841						149			4,190			*			4,634						4,372			4,983
其他（2）						1,224			37,303						2			6,532						1,226			43,835			5			48,546						47,230			53,982
總						$	4,100		118,776						15			22,634						4,115			141,410			16%			$	155,610					150,616			171,467
按房產分類：
公寓						$	27		29,374						—			11,975						27			41,349			5%			$	47,382					42,585			51,749
辦公室						3,516			25,946						13			3,050						3,529			28,996			3			30,563						31,526			34,295
工業/倉庫						52			21,147						—			3,456						52			24,603			3			26,816						25,413			28,493
零售（不包括購物中心）						92			11,303						2			73						94			11,376			1			12,125						11,670			12,338
旅館/汽車旅館						213			10,682						—			783						213			11,465			1			11,885						12,725			13,612
購物中心						164			8,311						—			274						164			8,585			*			9,117						8,745			9,356
體制						13			4,245						—			1,148						13			5,393			*			5,812						5,986			6,568
混合用途房產						18			2,492						—			83						18			2,575			*			2,737						3,511			3,763
1-4家庭結構						—			—						—			1,190						—			1,190			*			2,442						1,195			2,691
存儲設施						—			2,038						—			159						—			2,197			*			2,363						2,782			3,002
其他						5			3,238						—			443						5			3,681			*			4,368						4,478			5,600
總						$	4,100		118,776						15			22,634						4,115			141,410			16		%	$	155,610					150,616			171,467

* 不到1%。

(1)承諾總額包括未償貸款加上無資金信貸承諾，不包括已簽發的信用證。有關已簽發信用證的更多信息，請參閱本報告財務報表附註14（擔保和其他承諾）。

(2)包括40個州和非美國貸款。截至2024年9月30日和2023年12月31日，其他州的貸款分別超過40億美元和44億美元。截至2024年9月30日和2023年12月31日，非美國貸款分別爲60億美元和69億美元。

			富國銀行公司			31

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風險管理-信用風險管理 （續）

非美國貸款我們對非美國貸款的分類是基於借款人的主要地址是否在美國境外。截至2024年9月30日，非美國貸款總額爲701億美元，約佔我們未償還綜合貸款總額的8%，而截至2023年12月31日，非美國貸款總額爲800億美元，約佔我們未償還綜合貸款總額的9%。截至2024年9月30日和2023年12月31日，非美國貸款約佔我們總合並資產的4%。

國家/地區風險敞口 我們的國家風險監控流程包括對我們開展或計劃開展業務的國家/地區的經濟、政治、社會、法律和轉移風險的集中監控，以及與我們的客戶、交易對手和監管機構的頻繁對話。我們通過基於客戶需求的集中監督過程，並通過考慮每個國家的相關和獨特的風險，爲每個國家設定了暴露限值。我們密切監測接觸情況，並根據不斷變化的情況調整我國的限制。我們根據對借款人償還能力的評估來評估各自國家的風險敞口。

它考慮了可允許的風險轉移，如擔保和抵押品，並可能不同於基於借款人主要地址的報告。

截至2024年9月30日，我們在美國以外最大的單一國家/地區是英國，總計

312億美元，約佔我們總資產的2%，其中60億是主權風險敞口，包括我們根據監管要求存放在英格蘭銀行的存款，以支持我們的倫敦分行。

表14根據我們對風險的評估，按國家(不包括美國)提供了我們最大的20個風險敞口的信息，該評估考慮了任何擔保人和/或基礎抵押品的國家。關於表14：

•與銀行有風險敞口的貸款和存款包括未償還貸款、無資金支持的信貸承諾(不包括在任何貸款資金或承諾增加之前需要我們的批准或同意的可自由支配金額)，以及在非美國銀行的存款。這些餘額在扣除信貸協議條款下收到的信貸損失或抵押品準備(如果有)之前列報。

•證券敞口是指非美國發行人的債務和股權證券。多頭和空頭頭寸被淨額結算，淨空頭頭寸反映爲負敞口。

•衍生工具及其他風險敞口包括外匯合約、衍生工具合約、證券轉售協議及證券借貸協議。

表14： 選擇國家暴露

			2024年9月30日
			貸款和 銀行存款（1）												證券												衍生工具及其他												總暴露劑量
(in數百萬）			主權						非主權						主權						非主權						主權						非主權						主權						非主權國家（2）						總
前20名國家/地區暴露：
英國			$	5,951					21,167						—						24						8						4,057						5,959						25,248						31,207
加拿大			8						15,124						803						337						192						720						1,003						16,181						17,184
日本			8,548						891						694						268						—						82						9,242						1,241						10,483
盧森堡			—						8,518						2						293						—						301						2						9,112						9,114
開曼群島			—						8,177						—						—						—						203						—						8,380						8,380
愛爾蘭			—						5,320						—						178						—						180						—						5,678						5,678
法國			11						4,030						3						39						29						73						43						4,142						4,185
德國			—						3,465						(31)						418						—						198						(31)						4,081						4,050
百慕大群島			—						3,691						—						20						—						58						—						3,769						3,769
根西			—						2,646						—						—						—						11						—						2,657						2,657
荷蘭			—						2,239						—						94						—						113						—						2,446						2,446
瑞士			—						1,889						—						60						—						443						—						2,392						2,392
智利			—						1,587						—						16						1						2						1						1,605						1,606
韓國			—						1,170						(26)						436						4						1						(22)						1,607						1,585
中國			40						864						(145)						553						78						46						(27)						1,463						1,436
香港			—						406						(9)						922						1						4						(8)						1,332						1,324
澤西			—						966						—						169						—						147						—						1,282						1,282
澳大利亞			—						985						—						82						—						206						—						1,273						1,273
西班牙			—						773						—						13						—						303						—						1,089						1,089
巴西			—						929						—						31						5						2						5						962						967
前20名國家/地區暴露總數			$	14,558					84,837						1,291						3,953						318						7,150						16,167						95,940						112,107

(1)包括銀行的主權和非主權存款，分別爲145億美元和35億美元。

(2)截至2024年9月30日，非主權風險敞口總額包括對金融機構的476億美元敞口和對非金融公司的483億美元敞口。

32			富國銀行公司

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住宅按揭貸款 我們的住宅按揭貸款組合由1-4個家庭優先和初級留置權抵押貸款組成。截至2024年9月30日和2023年12月31日，住宅抵押貸款-第一留置權貸款佔住宅抵押貸款組合總額的96%。

住宅按揭貸款組合包括利率可調的貸款。我們監控由於可調利率抵押貸款(ARM)利率上調而導致的違約風險，這種風險可能會通過限制合同利率上調幅度的產品功能來緩解。這些貸款的違約風險在我們的貸款ACL中被考慮。截至2024年9月30日，ARM貸款總額爲663美元億，佔總貸款的7%，而截至2023年12月31日，ARM貸款總額爲667億美元，佔總貸款的7%，這一投資組合的大部分初始重置日期爲2026年或更晚，截至2024年9月30日。我們不提供期權ARM產品，也不提供固定支付金額的可變利率抵押貸款產品，在金融服務業中通常被稱爲負攤銷抵押貸款。

住房抵押貸款-初級留置權組合由住房抵押貸款信用額度和貸款組成，這些貸款從屬於同一房產的現有留置權。這些額度和貸款可能有提款期、純利息支付、氣球支付、可調整利率和類似功能。截至2024年9月30日，住宅抵押貸款信用額度的未償還餘額爲1.31美元億，而截至2023年12月31日的未償還餘額爲150億美元。截至2024年9月30日，這些信貸額度的無資金信貸承諾總額爲242億美元，而2023年12月31日爲286億美元。有關我們的住宅抵押貸款組合的其他信息，請參閱我們的2023 Form 10-k中的「Risk Management-Credit Risk Management-Residential Mortgage Loans」部分。

我們監測房地產價值的變化以及我們所在地理區域的潛在經濟或市場狀況

作爲我們信用風險管理過程的一部分的住宅按揭貸款組合。我們對這一投資組合的定期審查包括根據房價指數(HPI)的變化進行調整的原始評估，或來自支持房地產價值的自動估值模型(AVM)的估計。有關我們使用評估和AVM的更多信息，請參閱本報告中的財務報表附註5(貸款和相關的信貸損失撥備)和我們的2023年10-k表格中的「風險管理-信用風險管理-住宅抵押貸款」部分。

我們的部分信用監控包括跟蹤整個住房抵押貸款組合的拖欠情況、當前公平艾薩克公司(FICO)的信用評分和貸款與抵押品價值之比(LTV)。對於初級留置權抵押貸款，LTV使用第一和初級留置權抵押貸款的總貸款餘額(包括未使用的信用額度)。關於信用質量指標的更多信息，見本報告財務報表附註5(貸款及相關信貸損失準備)。

我們繼續修改住宅按揭貸款，以幫助有經濟困難的房主和其他借款人。有關貸款修改的其他信息，請參閱本報告中的財務報表附註5(貸款和相關的信貸損失撥備)和我們的2023年10-k表格中的「風險管理-信用風險管理-住宅抵押貸款」部分。

住宅按揭--第一留置權組合我們的住宅抵押貸款-第一留置權投資組合從億減少了66美元

2023年12月31日，由於償還貸款，部分被原始貸款抵消。

表15顯示了住宅抵押貸款優先留置權組合的某些拖欠和損失信息，並按未償還餘額列出了前五個州。

表15： 住宅抵押貸款-第一優先權投資組合表現

			未清餘額												佔貸款總額的%												30天貸款的百分比 或更多逾期																					季度淨貸款沖銷率（1）
（百萬美元）			9月30日， 2024						12月31日， 2023						9月30日， 2024						12月31日， 2023						9月30日， 2024						12月31日， 2023															9月30日， 2024						12月31日， 2023
加利福尼亞州（2）			$	108,384					109,972						11.91		%				11.74						0.41						0.36															(0.01)						0.03
紐約			30,890						31,322						3.40						3.34						0.79						0.79															(0.03)						0.02
華盛頓			10,624						10,672						1.17						1.14						0.21						0.29															—						—
新澤西			9,905						10,161						1.09						1.08						1.11						1.13															(0.02)						(0.03)
佛羅里達			9,525						10,065						1.05						1.07						1.17						1.11															(0.04)						(0.06)
其他（3）			66,581						69,893						7.32						7.46						0.91						0.82															(0.04)						0.02
總			235,909						242,085						25.94						25.83						0.65						0.61															(0.02)						0.02
政府保險/擔保貸款（4）			7,136						7,568						0.78						0.81
第一抵押權抵押貸款組合總額			$	243,045					249,653						26.72		%				26.64

(1)季度淨沖銷佔平均貸款的百分比按年計算。

(2)我們向加州借款人提供的住宅抵押貸款主要位於較大的大都市區，沒有一個加州大都市區佔貸款總額的4%以上。

(3)由45個州組成;截至2024年9月30日和2023年12月31日，其他州的貸款分別超過70億美元和74億美元。

(4)代表貸款，幾乎所有貸款都是從政府國家抵押貸款協會（GNMA）貸款證券化池購買的，貸款的償還由美國政府機構（例如聯邦住房管理局（FHA）或退伍軍人事務部（VA））提供保險或擔保。有關GNMA貸款證券化池的更多信息，請參閱本報告中的「風險管理-信貸風險管理-抵押銀行活動」部分。

			富國銀行公司			33

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風險管理-信用風險管理 （續）

住宅抵押貸款-初級抵押貸款組合 受貸款償還的推動，我們的住宅抵押貸款初級抵押貸款投資組合比2023年12月31日減少了14億美元。

表16顯示了住宅抵押貸款-初級抵押貸款組合的某些拖欠和損失信息，並按未償餘額列出了前五名州。

表16： 住宅抵押貸款-初級抵押貸款組合表現

			未清餘額												佔貸款總額的%												30天貸款的百分比 或更多逾期																					季度淨貸款沖銷率（1）
（百萬美元）			9月30日， 2024						12月31日， 2023						9月30日， 2024						12月31日， 2023						9月30日， 2024						12月31日， 2023															9月30日， 2024						12月31日， 2023
加州			$	2,811					3,101						0.31		%				0.33						1.76						1.65															(0.27)						(0.16)
新澤西			955						1,114						0.10						0.12						2.66						2.81															(0.37)						(0.25)
佛羅里達			765						924						0.08						0.10						2.05						2.42															(0.59)						(0.71)
紐約			573						661						0.06						0.07						2.93						3.26															0.17						0.14
賓夕法尼亞			570						673						0.06						0.07						2.22						2.70															(0.24)						(0.08)
其他（2）			3,957						4,598						0.43						0.49						2.09						2.05															(0.66)						(0.31)
初級抵押貸款組合總額			$	9,631					11,071						1.04		%				1.18						2.10						2.16															(0.44)						(0.26)

(1)季度淨沖銷佔平均貸款的百分比按年計算。

(2)由45個州組成;截至2024年9月30日和2023年12月31日，其他州的貸款分別超過55000萬美元和64000萬美元。

信用卡、借記卡和其他消費者貸款 表17顯示了我們的信用卡、汽車和其他消費貸款組合的未償餘額。有關這些投資組合信用質量指標的信息，請參閱本報告財務報表註釋5（貸款和相關信用損失準備金）。

表17： 信用卡、汽車和其他消費貸款

						2024年9月30日												2023年12月31日
（百萬美元）						傑出的 平衡						% 總計 貸款						傑出的 平衡						% 總計 貸款
信用卡						$	55,046					6.05		%				$	52,230					5.58		%
汽車						42,815						4.71						47,762						5.10
其他消費者（1）						28,532						3.14						28,539						3.05
總						$	126,393					13.90		%				$	128,531					13.73		%

(1)包括2024年9月30日和2023年12月31日WIM運營部門發放的證券貸款分別爲203億美元和183億美元。

信用卡 與2023年12月31日相比，2024年9月30日未償餘額增加，是由於新帳戶增長推動的銷售量增加。

汽車 與2023年12月31日相比，2024年9月30日的未償餘額有所減少，是由於還款額超過了原始金額，反映了我們與信貸緊縮相關的行動。

其他消費 與2023年12月31日相比，2024年9月30日的未償餘額穩定。

34			富國銀行公司

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非擔保資產（非正式貸款和已公開資產） 有關我們通常何時將貸款置於非應計狀態的信息，請參閱注1（重大摘要

會計政策）到我們2023年表格10-k中的財務報表。表18總結了不良資產。

表18： 不良資產（非應計貸款和止贖資產）

（百萬美元）						2024年9月30日						2023年12月31日
非應計貸款：
商業和工業						$	743					662
商業地產						4,115						4,188
租賃融資						94						64
總商業						4,952						4,914
住宅抵押貸款（1）						3,086						3,192
汽車						99						115
其他消費						35						35
總消費額						3,220						3,342
非應計貸款總額						$	8,172					8,256
佔貸款總額的百分比						0.90		%				0.88
止贖資產：
政府保險/擔保（2）						$	2					12
非政府保險/保證						210						175
止贖資產總額						212						187
不良資產總額						$	8,384					8,443
佔貸款總額的百分比						0.92		%				0.90

(1)當住宅抵押貸款由美國政府機構（例如FHA或VA）提供保險或擔保時，不會處於非應計狀態。

(2)根據監管報告要求，政府保險/擔保貸款產生的止贖房地產被歸類爲不良貸款。與這些止贖房地產資產相關的本金和利息都是可以收回的，因爲這些貸款由美國政府機構承保或擔保。與某些政府擔保房地產抵押貸款的止贖有關的應收賬款不包括在本表中，並計入其他資產的應收賬款中。有關某些政府擔保抵押貸款在止贖時的分類的更多信息，請參閱2023年表格10-k中財務報表註釋1（重要會計政策摘要）。

受住宅抵押貸款非應計貸款減少的推動，非應計貸款總額較2023年12月31日減少了8400萬美元，但商業和工業非應計貸款增加部分抵消了這一數字。

有關商業非應計貸款的更多信息，請參閱本報告中的「風險管理-信用風險管理-商業和工業貸款以及租賃融資」和「風險管理-信用風險管理-商業房地產」部分。

			富國銀行公司			35

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風險管理-信用風險管理 （續）

表19提供了非應計貸款變化的分析。通常，非應計貸款的逐期變化代表根據我們的政策處於非應計狀態的貸款的流入，並被貸款減少所抵消

因持續業績以及借款人財務狀況和貸款償還能力的改善而被償還、沖銷、出售、止贖或不再被歸類爲非應計項目。

表19： 非應計貸款變化分析

			截至9月30日的季度，												截至9月30日的九個月裏，
(in數百萬）			2024						2023						2024						2023
商業非應計貸款
餘額，期末			$	5,161					3,429						$	4,914					1,823
流入			953						2,001						3,492						4,808
流出：
恢復應計			(233)						(87)						(752)						(294)
止贖			—						(48)						(58)						(48)
撇帳			(339)						(208)						(1,192)						(538)
付款、銷售和其他			(590)						(501)						(1,452)						(1,165)
流出總額			(1,162)						(844)						(3,454)						(2,045)
期末餘額			4,952						4,586						4,952						4,586
消費者非應計貸款
餘額，期末			3,273						3,457						3,342						3,803
流入			299						326						962						1,009
流出：
恢復應計			(135)						(131)						(456)						(589)
止贖			(21)						(26)						(63)						(77)
撇帳			(15)						(40)						(66)						(122)
付款、銷售和其他			(181)						(170)						(499)						(608)
流出總額			(352)						(367)						(1,084)						(1,396)
期末餘額			3,220						3,416						3,220						3,416
非應計貸款總額			$	8,172					8,002						$	8,172					8,002

在制定貸款損失準備金時，我們考慮了非應計貸款的損失風險。我們認爲，截至2024年9月30日，以下因素減輕了非應計貸款的損失風險：

•98%的商業非應計貸款是有擔保的，主要是房地產。

•62%的商業非應計貸款是活期貸款，54%的商業非應計貸款是活期本金和利息，但由於利息或本金的全部或及時收取變得不確定，因此處於非應計狀態。

•99%的消費者非應計貸款是有擔保的，其中96%是房地產擔保的，98%的LTV比率爲80%或以下。

•破產或破產解除的5.75億美元消費貸款中，4.53億美元是流動貸款，被歸類爲非應計。

表20提供了止贖資產的摘要和止贖資產的變化分析。

表20： 抵債資產

(in數百萬）															2024年9月30日						2023年12月31日
按貸款分部總結
政府保險/擔保															$	2					12
商業廣告															177						135
消費者															33						40
止贖資產總額															$	212					187
(in數百萬）			截至9月30日的季度，												截至9月30日的九個月裏，
			2024						2023						2024						2023
止贖資產變化分析
餘額，期末			$	216					133						$	187					137
政府保險/擔保淨變化（1）			—						(2)						(10)						(8)
增加止贖資產（2）			104						175						367						433
銷售額減少和減記			(108)						(129)						(332)						(385)
期末餘額			$	212					177						$	212					177

(1)止贖的政府保險/擔保貸款暫時轉移給我們作爲服務商並由我們持有，直到收到FHA或VA的報銷。

(2)包括從非應計狀態轉入止贖資產的貸款和收回的汽車。

36			富國銀行公司

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淨沖銷 表21列出了淨貸款沖銷。

表21： 淨貸款沖銷

						截至9月30日的季度，																								截至9月30日的九個月裏，
						2024												2023												2024												2023
（百萬美元）						網貸 收費- offs						% avg. 貸款（1）						網貸 收費- offs						% avg. 貸款（1）						網貸 收費- offs						% avg. 貸款（1）						網貸 收費- offs						% avg. 貸款（1）
商業和工業						$	129					0.14		%				$	93					0.10		%				$	465					0.17		%				$	255					0.09		%
商業地產						184						0.51						93						0.24						642						0.59						189						0.16
租賃融資						10						0.25						2						0.07						25						0.19						7						0.06
			總商業			323						0.24						188						0.13						1,132						0.28						451						0.11
住宅抵押貸款						(23)						(0.04)						(4)						(0.01)						(55)						(0.03)						(27)						(0.01)
信用卡						601						4.38						420						3.41						1,827						4.61						1,160						3.29
汽車						83						0.76						138						1.07						274						0.81						348						0.90
其他消費						127						1.82						108						1.55						383						1.82						286						1.36
			總消費額			788						0.83						662						0.67						2,429						0.85						1,767						0.60
			總			$	1,111					0.49		%				$	850					0.36		%				$	3,561					0.52		%				$	2,218					0.31		%

(1)淨貸款沖銷（收回）佔平均貸款的百分比按年計算。

與去年同期相比，2024年第三季度商業貸款淨額沖銷增加，主要是由於我們的商業房地產投資組合中寫字樓物業類型導致的虧損增加。

與去年同期相比，2024年第三季度消費者淨貸款沖銷增加，原因是我們的信用卡投資組合虧損增加，貸款餘額增加，部分抵消了我們汽車投資組合虧損的減少。

信貸損失準備 我們爲貸款維持信貸損失準備(ACL)，這是管理層對資產負債表日貸款組合中預期終身信貸損失和無資金支持的信貸承諾的估計，不包括按公允價值列賬或持有以供出售的貸款和無資金支持的信貸承諾。此外，我們爲歸類爲AFS或HTM的債務證券、按攤銷成本衡量的其他金融資產，包括銀行存款、租賃淨投資和其他表外信貸敞口維持一個ACL。

爲貸款建立ACL的過程考慮了許多因素，包括歷史和預測的損失趨勢、貸款級別的信用質量評級和貸款等級的具體特徵。這一過程涉及主觀和複雜的判斷。此外，我們還回顧了各種信用指標和趨勢。然而，這些信用指標和趨勢並不完全決定免稅額，因爲我們使用了幾個分析工具。有關我們的ACL的更多信息，請參閱我們2023年10-k表格中的財務報表附註1(重要會計政策摘要)的「關鍵會計政策-信貸損失準備」部分和附註1。有關我們貸款ACL的更多信息，請參見本報告財務報表附註5(貸款及相關信貸損失撥備)，有關債務證券ACL的其他信息，請參見本報告財務報表附註3(可供出售和持有至到期的債務證券)。

表22按貸款組合細分和類別列出了貸款的ACL分配情況。

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風險管理-信用風險管理 （續）

表22： ACL用於貸款的分配

			2024年9月30日																		2023年12月31日
（百萬美元）			ACL						ACL 佔% 貸款 類						貸款 佔% 總 貸款						ACL						ACL 佔% 貸款 類						貸款 佔% 總 貸款
商業和工業			$	4,230					1.13		%				41						$	4,272					1.12		%				40
商業地產			3,653						2.58						16						3,939						2.62						16
租賃融資			209						1.27						2						201						1.22						2
總商業			8,092						1.52						59						8,412						1.54						58
住宅抵押貸款（1）			542						0.21						28						652						0.25						28
信用卡			4,704						8.55						6						4,223						8.09						6
汽車			726						1.70						4						1,042						2.18						5
其他消費			675						2.37						3						759						2.66						3
總消費額			6,647						1.75						41						6,676						1.72						42
總			$	14,739					1.62		%				100						$	15,088					1.61		%				100
組件：
貸款虧損準備															$	14,330																	14,606
無準備金信貸承諾的備抵															409																		482
信貸虧損撥備															$	14,739																	15,088
貸款損失備抵與貸款淨沖銷總額的比率（2）															3.24x																		4.21
貸款損失備抵與非應計貸款總額的比率															1.75																		1.77
貸款損失備抵佔貸款總額的百分比															1.58		%																1.56

(1)包括對先前沖銷金額的預期收回的負撥備。

(2)截至2024年9月30日的季度，淨貸款沖銷總額按年化計算。

表22所列的貸款損失撥備比率和貸款折算比率可能會因資產組合中貸款類別的組合、借款人的信貸實力，以及抵押品的價值和適銷性等因素而有所變動。

與2023年12月31日相比，貸款的ACL減少了3.49億美元，降幅爲2%，反映了汽車貸款、商業房地產貸款和住宅抵押貸款的減少，但信用卡貸款的增加部分抵消了這一下降。本報告財務報表附註5(貸款及相關信貸損失撥備)包括按投資組合分類的貸款撥備變動詳情(包括按貸款類別劃分的撇賬及收回)。

我們考慮多種經濟情景來制定我們對貸款的ACL的估計，其中通常包括一個基本情景，以及一個或多個樂觀(上行)和一個或多個悲觀(下行)情景。我們在對2024年9月30日貸款的ACL的估計中權衡了基本情景和下行情景。基本假設假設通脹放緩，經濟增長放緩，也反映出商業房地產價格大幅下降，失業率從歷史最低水平上升。下行情景假定，由於房地產價值下降、高通脹以及商業和消費者信心下降，經濟將出現更大幅度的收縮。

此外，我們考慮了代表我們流程和假設中固有限制風險的定性因素，如經濟環境因素、建模假設和績效，以及其他主觀因素，包括行業趨勢和新興風險評估。

在我們對2024年9月30日和2024年6月30日貸款的ACL估計中使用的預測關鍵經濟變量如表23所示。

表23： 預測 關鍵 經濟變數

									4Q 2024						2Q 2025						4Q 2025
經濟情景的加權混合：
美國失業率(1)：
2024年9月30日									4.4		%				4.9						5.7
2024年6月30日									4.4						5.2						5.8
美國實際GDP(2)：
2024年9月30日									0.2						(0.5)						0.3
2024年6月30日									(0.4)						(0.5)						0.9
房價指數(3)：
2024年9月30日									1.2						(2.3)						(4.6)
2024年6月30日									(0.4)						(4.0)						(4.6)
商業地產資產價格(3)：
2024年9月30日									(2.2)						(8.8)						(10.6)
2024年6月30日									(6.7)						(12.1)						(9.4)

(1)季度平均值。

(2)與前期相比的百分比變化，經季節性調整的年化率。

(3)全國平均水平的百分比逐年變化;前景因地理和房地產類型而異。

未來貸款ACL金額將基於多種因素，包括貸款餘額變化、投資組合信用質量和組合變化以及總體經濟狀況和預期（包括失業率和實際GDP）的變化等因素。

38			富國銀行公司

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我們認爲，截至2024年9月30日的147億美元貸款的ACL，足以彌補當時預期的信貸損失，包括無資金支持的信貸承諾。全部津貼可用於吸收總貸款組合中的信貸損失。貸款的ACL可能會發生變化，反映了截至確定之日的現有因素，包括經濟或市場狀況以及持續的內部和外部審查過程。由於貸款的貸款額度對經濟和商業環境的變化非常敏感，我們可能會在資產負債表日產生預期不到的增量信貸損失。我們確定ACL的過程在《關鍵會計政策-信貸損失準備》一節和2023年10-k表格財務報表附註1(重要會計政策摘要)中進行了討論。

抵押貸款銀行活動。我們向各方銷售住宅和商業抵押貸款。關於我們的住宅抵押貸款的銷售和證券化，我們已經建立了抵押回購責任。有關我們的回購責任的信息，請參閱我們的2023 Form 10-k中的「Risk Management-Credit Risk Management-Mortgage Banking Actions」部分。

除了爲我們投資組合中的貸款提供服務外，我們還擔任住宅和商業抵押貸款的服務商和/或總服務商，這些貸款包括政府支持的企業(GSE)抵押貸款證券化、GNMA擔保的FHA擔保/VA擔保抵押貸款證券化和自有品牌抵押貸款證券化，以及機構投資者擁有的非證券化貸款。

作爲服務機構，我們被要求提前支付我們所服務的抵押貸款的某些拖欠本金和利息。拖欠預付款的償還金額和時間因投資者和適用的服務協議而異。關於住宅和商業服務權、服務商墊款和服務費的更多信息，見本報告財務報表附註6(抵押銀行業務)。

根據適用的服務指南，在轉移爲服務商後，我們可以選擇從某些貸款證券化回購貸款，這通常會根據拖欠情況而行使，例如當三筆預定貸款逾期時。當我們有回購貸款的單方面選擇權時，無論我們是否打算回購貸款，我們都會確認這筆貸款和資產負債表上的相應負債。我們可以用現金回購這些貸款，因此，我們的總合並資產不會發生變化。

從GNMA證券化池回購的貸款恢復當前狀態或根據適用的維修準則進行其他修改的貸款可納入未來GNMA貸款證券化池。截至2024年9月30日和2023年12月31日，我們已回購或有單方面回購選擇權的這些貸款分別爲75億美元和78億美元，其中分別包括71億美元和74億美元的投資貸款，其餘爲出售貸款。有關我們參與抵押貸款證券化的更多信息，請參閱本報告中的財務報表附註13(證券化和可變利息實體)。

有關與我們的服務活動相關的風險的其他信息，請參閱我們的2023 Form 10-k中的「Risk Management-Credit Risk Management-Mortgage Banking Actions」部分。有關按揭銀行活動的其他資料，請參閱本報告財務報表附註6(按揭銀行活動)。

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資產/負債管理

資產/負債管理涉及衡量、監測和管理利率風險、市場風險、流動性和資金。有關我們對資產/負債風險的監督的更多信息，請參閱我們的2023年10-k表格中的「風險管理-資產/負債管理」部分。

利率風險利率風險是指利率、信用利差或外匯的市場波動可能導致公司收益和資本損失的風險，這些損失源於公司資產和負債的現金流不匹配，通常是由與客戶相關的貸款和存款活動引起的。我們受到利率風險的影響，因爲：

•資產和負債可能在不同的時間到期或重新定價，或按不同的金額重新定價；

•短期和長期市場利率可能獨立變動，也可能幅度不同；

•各種資產或負債的剩餘期限可能隨着利率的變化而縮短或延長；或

•利率也可能對貸款需求、抵押品價值、信用損失、貸款發放量以及金融工具和MSR的公允價值產生直接或間接的影響。

我們通過將多種利率情景的收益結果與我們的基本情景進行比較來評估利率風險。基本方案是公司用於財務規劃目的的參考點。這些情景可能會在利率變化的方向、利率隨時間變化的程度和速度以及收益率曲線的預測形狀方面有所不同。它們還要求對盈利和資產負債表構成的驅動因素做出假設，例如貸款來源、貸款和債務證券的預付款率、存款流動和組合，以及定價策略。我們定期評估和改進我們的場景和假設。

表24顯示了多個方案與我們的基本方案相比對未來12個月淨利息收入敏感性的估計結果。這些假設情景包括收益率曲線上的瞬時移動，在平行變化下利率既有更低的也有更高的，以及收益率曲線更陡峭和更平坦的非平行變化。長期利率定義爲三年及以上的所有期限，短期利率定義爲三年以下的所有期限。我們的情景假設反映了以下內容：

•情景是動態的，反映了隨着時間的推移我們資產和負債的預期變化。

•抵押貸款提前還款和發放貸款的假設因情景而異，僅反映利率上升或下降的影響。

•其他可能與利率變化相關的宏觀經濟變量保持不變。

•我們的基本情景中的融資預測納入了存款組合變化和與基本利率軌跡一致的市場融資水平。我們的假設情景包括與基本情景相同的存款組合。在更高利率的情況下，潛在的客戶存款活動將餘額轉移到更高收益的產品和/或需要額外的市場融資，可能會減少從更高利率中獲得的預期好處。相反，在利率較低的情況下，潛在地轉向收益率較低的存款和/或較少的市場資金的融資組合，可能會減少這些情況下較低利率對盈利資產的影響。

•隨着市場利率的變化，存款的利率敏感性被稱爲存款貝塔，它受到歷史行爲和對近期定價策略的預期的影響。由於存款重新定價的滯後或加速、消費者行爲的變化等因素，我們的實際體驗可能與預期不同。

表24： 使用瞬時變動對未來12個月的淨利息收入敏感度

(單位：十億美元)			2024年9月30日						2023年12月31日
平移：
利率變動+100個點子			$	0.9					1.8
-利率變動100個點子			(1.5)						(2.0)
-利率變動200個點子			(3.1)						(4.3)
收益率曲線更陡峭：
長期利率上升100個點子			1.1						1.1
-短期利率變動100個點子			(0.4)						(1.0)
更平坦的收益率曲線：
短期利率上升100個點子			(0.2)						0.7
-長期利率變動100個點子			(1.1)						(1.1)

從2023年12月31日到2024年9月30日，我們利率敏感度的變化反映了我們預期資產負債表構成的更新。我們的利率敏感度表明，我們預計將受益於較高的利率，因爲我們的資產重新定價將比我們的負債更快和更大程度，而在較低利率的情況下，我們的資產將重新定價，並且在更大程度上比我們的負債更低，從而導致淨利息收入較低。由於各種原因，利率變化的實際影響可能會與我們的基礎和假設情景不同，包括任何存款定價滯後。

我們使用利率衍生品和我們的債務證券組合來管理我們的利率敞口。我們使用衍生品進行資產/負債管理，目的是(I)將現金流從選定的資產和/或負債從浮動利率支付轉換爲固定利率支付，或反之亦然，(Ii)降低我們AFS債務證券組合的累積其他綜合收益(AOCI)敏感性，和/或(Iii)從經濟上對沖我們的抵押貸款渠道、融資抵押貸款和MSR。用於對沖利率風險敞口的衍生品在本報告財務報表附註11(衍生品)中列示。隨着利率的上升，AFS債務證券公允價值的變化可能會對AOCI產生負面影響，從而降低我們的監管資本額。AOCI還包括與從AFS向HTM轉讓債務證券有關的未實現收益或虧損，這些收益或虧損隨後在證券有效期內攤銷爲收益，不受利率變化的進一步影響。有關我們的債務證券組合的更多信息，請參閱本報告財務報表的附註1(主要會計政策摘要)和附註3(可供出售和持有至到期的債務證券)。

除了上述淨利息收入敏感度外，我們還衡量和評估我們資產負債表的經濟價值敏感度(EVS)。EVS是指公司資產和負債的終身現金流在一系列情景下的現值變化。它基於現有的資產負債表，在某個時間點上，有助於表明我們面臨的是更高還是更低的利率。我們通過一系列旨在與我們的利率風險偏好保持一致的限制來管理電動汽車。

我們對利率敏感的非利息收入和支出受到抵押貸款銀行活動的影響，這些活動可能

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敏感性影響與我們的淨利息收入方向相反。有關更多信息，請參閱我們的2023年10-k表格中的「風險管理-資產/負債管理-抵押貸款銀行利率和市場風險」部分。

對利率敏感的非利息收入也受到非計息存款收益信用變化的影響，這些變化降低了商業帳戶的財務管理存款相關服務費，並受到資產交易的影響。此外，對淨利息收入的影響不包括交易證券的公允價值變化，這些變化連同相關經濟對沖的影響一起記錄在非利息收入中。除了利率的變化外，證券交易的淨利息收入和非利息收入可能會受到交易組合的實際構成的影響。有關我們的交易資產和負債的更多信息，請參閱本報告中的財務報表附註2(交易活動)。

抵押貸款銀行利率和市場風險。 我們發起和提供抵押貸款，這使我們面臨各種風險，包括市場、利率、信貸和流動性風險，這些風險可能是巨大的。根據市場狀況和其他因素，我們通過出售或證券化抵押貸款來降低信貸和流動性風險。我們決定抵押貸款在承諾時是爲投資而持有還是爲出售而持有，但可能會改變我們作爲公司資產/負債管理活動的一部分持有用於投資或出售的貸款的意圖。當我們將抵押貸款證券化時，我們也可以在我們的投資組合中保留證券。

利率的變化可能會影響抵押貸款銀行的非利息收入，包括髮端和服務費，以及我們向抵押貸款申請人提供的住宅MSR、LHF和衍生貸款承諾(利率「鎖定」)的公允價值。利率變化通常會滯後地影響我們的抵押貸款銀行非利息收入，這是因爲市場需要時間來反映客戶需求的變化，以及處理新申請、提供承諾以及證券化和出售貸款所需的時間。影響的程度和時間將取決於利率變化的幅度、速度和持續時間。有關抵押貸款銀行的其他信息，包括關鍵假設和MSR公允價值的敏感性，請參閱我們的2023年10-k表格財務報表的「風險管理-資產/負債管理-抵押銀行利率和市場風險」部分和附註6(抵押銀行活動)、附註14(衍生品)和附註15(資產和負債的公允價值)。

市場風險市場風險是指利率、信用利差、匯率、股票和大宗商品價格等市場風險因素髮生不利變化可能造成經濟損失的風險，以及由於交易對手敞口可能造成損失的風險。這適用於引伸波幅風險、基差風險和市場流動性風險。它包括交易賬簿中的價格風險、抵押貸款償還權、與按公允價值持有的抵押貸款賬簿相關的對沖有效性風險，以及私募股權投資的減值。有關我們對市場風險的監督的更多信息，請參閱我們的2023年10-k表格中的「風險管理-資產/負債管理-市場風險」部分。

市場風險交易活動。我們從事交易活動以適應客戶的投資和風險管理活動，並執行經濟對沖以管理某些資產負債表風險。這些交易活動主要發生在我們的CIB業務範圍內。爲交易、交易貸款和交易衍生品而持有的債務和股權證券是我們交易活動中使用的金融工具，並通過收益按公允價值計量。在我們的交易活動中使用的金融工具所賺取的收入包括淨利息收入、公允價值變動和已實現損益。從我們的交易活動中賺取的淨利息收入反映在我們綜合損益表的利息收入和利息支出部分。在我們的交易活動中使用的金融工具的公允價值變化和已實現損益反映在交易活動的淨收益中。關於我們交易活動中使用的金融工具和這些交易活動的收入的更多信息，請參閱本報告財務報表附註2(交易活動)。

風險價值(VaR)是一種統計風險指標，用於估計金融市場不利變動帶來的潛在損失，而交易VaR是一種指標，用於洞察公司在綜合資產負債表上的交易頭寸所顯示的市場風險。該公司使用這些VaR指標，並輔之以敏感性分析和壓力測試來衡量和監控市場風險。表25按風險類別顯示了該公司的交易一般VaR。有關我們的監控活動、敏感性分析、壓力測試、交易VaR和交易一般VaR的更多信息，請參閱我們的2023 Form 10-k中的「風險管理-資產/負債管理-市場風險-交易活動」部分。

表25： 按風險類別劃分的1天99%一般VAR交易

			節結束
			2024年9月30日																								2024年6月30日																								2023年9月30日
(in數百萬）			期間 端						平均						低						高						期間 端						平均						低						高						期間 端						平均						低						高
公司交易一般VAR風險類別
信用			$	32					34						25						40						31						29						23						36						35						41						31						52
利率			34						36						23						52						30						24						16						32						24						35						20						53
股權			19						19						15						24						20						20						15						24						22						20						17						25
商品			2						2						2						4						6						4						2						11						2						3						2						4
外匯			0						0						0						1						0						1						0						2						1						1						0						1
多元化效益（1）			(63)						(67)																		(59)						(49)																		(56)						(66)
公司交易一般VAR			$	24					24																		28						29																		28						34

(1)由於投資組合多元化，期末和平均風險值低於上述風險值組成部分的總和。多元化效應的產生是因爲風險並不完全相關，導致頭寸投資組合的風險通常低於單獨頭寸的風險總和。多元化收益對於低指標和高指標來說沒有意義，因爲它們可能發生在不同的日子。

			富國銀行公司			41

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風險管理-資產/負債管理 （續）

市場風險--股權證券我們直接和間接地受到股票市場變化的影響。我們進行和管理各種業務的股權投資，如初創公司和新興成長型公司。我們也投資於進行類似私募股權投資的基金。有關更多信息，請參閱我們的2023年10-k表格中的「風險管理-資產/負債管理-市場風險-股權證券」部分。

作爲我們支持客戶的業務的一部分，我們交易公開股票、上市/場外股票衍生品和可轉換債券。我們有規範這些活動的參數。我們還擁有股權證券，包括與我們的風險資本活動相關的投資。更多信息見本報告財務報表附註4(股權證券)。

股票市場價格的變化也可能間接影響我們的淨收入，因爲(1)管理的第三方資產的價值，從而影響手續費收入，(2)償還本金和/或利息的能力可能受到股票市場影響的借款人，或(3)經紀活動、相關佣金收入和其他業務活動。每個業務線都會監控和管理這些間接風險。

流動性風險和融資流動資金風險是指本公司無力在到期時履行債務，或以合理成本展期資金而不招致成本增加所產生的風險。在正常業務過程中，我們訂立了可能需要未來現金支付的合同義務，包括爲客戶貸款請求、客戶存款到期日和提款、償債、房地和設備租賃以及其他現金承諾提供資金。流動性風險還考慮存款的穩定性，包括失去未投保或非經營性存款的風險。有效流動性管理的目標是能夠在正常運營條件下以及在富國銀行特有的和/或市場壓力下有效地履行我們的合同義務和其他現金承諾。

爲了幫助實現這一目標，董事會制定了流動資金指導方針，要求有足夠的基於資產的流動資金，以滿足潛在的資金需求，並避免過度依賴不穩定、不太可靠的融資市場。這些指導方針是

由管理層的公司資產/負債委員會每月監測，並由董事會按季度監測。這些指導方針是爲公司和母公司單獨制定和監測的，因此母公司是其銀行子公司的力量源泉。有關流動性風險和資金管理的更多信息，請參閱我們的2023年10-k表格中的「風險管理-流動性風險和資金」部分。

流動性標準我們受制於FRB、OCC和FDIC發佈的一項規則，該規則建立了量化的最低流動性要求，稱爲流動性覆蓋率(LCR)。該規則要求擔保銀行組織持有的優質流動資產(HQLA)的金額等於或高於其在30天壓力期間預計的現金淨流出。我們在規則下的HQLA主要包括中央銀行存款、政府債務證券和聯邦機構的抵押貸款支持證券。LCR適用於本公司和我們的受保存款機構(IDI)，其總資產爲100億或以上。此外，FRB發佈的規則對富國銀行等大型銀行控股公司(BHC)實施了加強的流動性風險管理標準。

我們還必須遵守FRB、OCC和FDIC發佈的一項規則，該規則建立了一個穩定的資金要求，稱爲淨穩定資金比率(NSFR)，它要求有擔保的銀行組織，如富國銀行，在一年的期限內保持與其資產、衍生品敞口和承諾有關的最低金額的穩定資金，包括普通股、長期債務和大多數類型的存款。NSFR適用於本公司和我們的IDI，總資產爲100億或以上。截至2024年9月30日，我們符合NSFR要求。

流動性覆蓋率截至2024年9月30日，公司、北卡羅來納州富國銀行和富國銀行西銀行超過了100%的最低LCR要求。LCR代表平均HQLA除以平均預計現金流出淨額，兩者均根據LCR規則定義。

表26顯示了公司按LCR規則要求計算的按日計算的LCR及其組成部分的季度平均值。

表26： 流動性覆蓋率

			季度末平均值
(in百萬，比例除外）			2024年9月30日						2024年6月30日						2023年9月30日
HQLA（1）：
符合條件的現金			$	176,218					190,761						154,258
合格證券（2）			193,282						165,530						191,606
HQLA總數			369,500						356,291						345,864
預計淨現金流出（3）			290,236						286,631						280,468
LCR			127		%				124						123

(1)不包括某些子公司無法轉讓給其他富國銀行實體的超額HQLA。

(2)扣除MCR規則要求的適用理髮費用。

(3)預計淨現金流出是通過將MCR規則定義的一套標準化流出和流入假設應用於各種風險和負債類型（例如存款和無準備金貸款承諾）來計算的，這些風險和負債類型是根據多種因素（包括客戶類型和帳戶性質）規定的。

流動性來源 我們以現金、銀行生息存款和無擔保的優質流動性債務證券的形式維持流動性。這些資產構成了我們流動性的主要來源。我們的主要流動性來源的組成與MCR規則下的HQLA基本相同;然而，由於適用，我們的主要流動性來源通常會超過根據MCR規則計算的HQLA

根據MCR規則，削減HQLA並在我們的子公司IDI中排除多餘的HQLA。我們的主要流動性來源在表27中按公允價值列出，其中還包括在LCC計算中未包括爲可用HQLA的擔保證券。

42			富國銀行公司

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表27： 流動性的主要來源

			2024年9月30日																		2023年12月31日
(in數百萬）			總						受限制（1）						未支配						總						受限制（1）						未支配
銀行存款收入（2）			$	150,598					—						150,598						203,026						—						203,026
美國財政部和聯邦機構的債務證券			31,217						1,853						29,364						47,754						9,351						38,403
聯邦機構抵押貸款支持證券			290,704						15,011						275,693						237,966						28,471						209,495
總			$	472,519					16,864						455,655						488,746						37,822						450,924

(1)包括2024年9月30日和2023年12月31日公允價值分別爲44300萬美元和54500萬美元的證券，這些證券分別在截至2024年9月30日和2023年12月31日的季度內購買，但在後續期間結算。

(2)不包括定期存款，該定期存款包括在我們綜合資產負債表中的銀行生息存款中。

我們在銀行的利息存款主要存放在聯儲局。我們相信，無論市場狀況如何，表27中包含的債務證券都能通過出售或質押獲得融資，提供快速可靠的流動性來源。我們HTM投資組合中的債務證券不打算出售，但可能會被質押以獲得融資。

截至2024年9月30日，根據質押的抵押品，我們在多家聯邦住房貸款銀行(FHLB)和聯儲局貼現窗口約有593.7億美元的可用借款能力。儘管可以獲得，但我們並不認爲這種借款能力是流動性的主要來源。

此外，還可以通過出售或融資其他債務證券，包括交易和/或AFS債務證券，以及通過出售、證券化或貸款融資來獲得流動資金，只要這些債務證券和貸款不受擔保。

資金來源母公司通過發行長期債務和股權爲公司提供資金。WFC Holdings，LLC(「IHC」)是母公司的中間控股公司和子公司，爲母公司的持續運營需求提供資金支持

以及它的某些直接和間接子公司。有關IHC的更多信息，請參閱我們的2023年表格10-k中的「監管事項-『生前遺囑』要求及相關事項」一節。額外的附屬資金由存款、短期借款和長期債務提供。

從歷史上看，存款一直是相對低成本資金的一個相當大的來源。截至2024年9月30日和2023年12月31日，貸款分別佔總存款的67%和69%。

表28彙總了我們的短期借款，這些借款通常在30天內到期。根據回購協議購買的聯邦基金和出售的證券的餘額可能會隨着客戶活動、我們自己的融資需求以及我們的整體負債組合而變化。有關我們短期借款分類的更多信息，請參閱我們2023年表格10-k中的財務報表附註1(重要會計政策摘要)。我們質押我們擁有的某些金融工具，以抵押回購協議和其他證券融資，以及從FHLB借款。詳情見本報告財務報表附註16(質押資產和抵押品)「質押資產」一節。

表28： 短期借款

(in數百萬）			2024年9月30日						2023年12月31日
根據回購協議購買的聯邦基金和出售的證券			$	97,544					77,676
其他短期借款（1）			14,350						11,883
總			$	111,894					89,559

(1)包括2024年9月30日和2023年12月31日分別爲10億美元和0美元的FHLb預付款。

			富國銀行公司			43

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風險管理-資產/負債管理 （續）

我們通過發行註冊債務證券、私募、證券化和資產擔保融資，進入國內和國際資本市場進行長期融資。我們發行各種期限和貨幣的長期債券，以實現具有成本效益的融資並保持適當的期限結構。除非適用的招股說明書或招股說明書附錄另有規定，否則發行證券所得款項用於一般公司用途，而我們預期發行證券所得收益

將來也會被用於同樣的目的。視乎市場情況及我們的流動資金狀況，我們可能會贖回或

以私下協商或公開市場交易、要約收購或其他方式回購並隨後註銷我們的未償還債務證券。表29提供了截至2024年9月30日的2024年剩餘時間和隨後幾年的長期債務到期日的賬面價值合計(根據合同付款日期)。

表29： 長期債務的到期日

			2024年9月30日
(in數百萬）			剩餘的2024年						2025						2026						2027						2028						此後						總
富國銀行公司（僅限母公司）
優先票據			$	27					12,259						24,740						8,111						20,761						68,527						134,425
後償票據			—						983						2,700						2,426						—						12,195						18,304
次級後償票據			—						—						—						364						—						836						1,200
長期債務總額-母公司			27						13,242						27,440						10,901						20,761						81,558						153,929
富國銀行，不適用和其他銀行實體（銀行）
高級筆記（1）			3,231						7,511						7,751						3						28						183						18,707
後償票據			—						150						—						27						198						3,076						3,451
次級後償票據			—						—						—						425						—						—						425
信用卡證券化（2）			—						—						—						1,272						—						—						1,272
其他銀行債務			55						79						53						66						66						2,618						2,937
長期債務總額-銀行			3,286						7,740						7,804						1,793						292						5,877						26,792
其他合併子公司
優先票據			36						383						221						26						5						623						1,294
長期債務總額-其他合併子公司			36						383						221						26						5						623						1,294
長期債務總額			$	3,349					21,365						35,465						12,720						21,058						88,058						182,015

(1)包括60億美元的FHLb預付款。

(2)有關信用卡證券化的更多信息，請參閱本報告財務報表註釋13（證券化和可變利息實體）。

信用評級長期資本市場的投資者以及其他市場參與者在作出投資決定時，通常會考慮公司的債務評級等因素。評級機構基於許多定量和定性因素進行評級，包括資本充足率、流動性、資產質量、業務組合、收益水平和質量，以及評級機構對聯邦財政援助或支持某些大型金融機構的可能性和程度的假設。這些因素的不利變化可能會導致我們的信用評級下降；然而，我們的債務證券並不包含信用評級契約。

在2024年第三季度，評級機構沒有就我們的信用評級採取任何行動。

有關我們的信用評級以及信用評級下調將對我們的流動性和業務產生的潛在影響的更多信息，請參閱我們的2023年Form 10-k中的「風險因素」部分，以及本報告中的財務報表附註11(衍生品)，以了解在我們的信用評級降至投資級以下時，某些衍生品工具所需的額外抵押品和融資義務的信息。

截至2024年9月30日，母公司和北卡羅來納州富國銀行的信用評級如表30所示。

表30： 截至2024年9月30日的信用評級

富國銀行公司

富國銀行，不適用

優先債務

短期 借貸

長期 存款

短期 借貸

穆迪

A1

P-1

AA1

P-1

S&普氏全球評級

BBB+

A-2

A+

A-1

惠譽評級

A+

F1

AA

F1+

DBRS晨星

AA（低）

R-1（中間）

AA

R-1（高）

44			富國銀行公司

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資本管理

我們有一個積極的計劃，通過一個全面的過程來管理資本，評估公司的整體資本充足率。我們的目標是將資本維持在與我們的風險狀況和風險容忍度目標相稱的數額，並滿足監管和市場預期。我們主要通過保留扣除股息和股票回購後的淨收益以及發行優先股和長期和短期債務來滿足我們的資本需求。有關資本計劃的其他信息，請參閱下面的「資本計劃和壓力測試」部分。

監管資本要求

本公司和我們的每一家IDI都受到FRB和OCC實施的各種監管資本充足率要求的約束。基於風險的資本規則建立了風險調整比率，將監管資本與不同類別的資產和表外風險敞口聯繫起來，如下所述。

基於風險的資本和風險加權資產本公司遵守聯邦銀行監管機構發佈的規則，以實施巴塞爾III對美國銀行組織的資本金要求。規則包含兩個計算資本要求的框架，一個是標準化方法，另一個是適用於某些機構的高級方法，包括富國銀行，我們必須在這兩種方法下計算我們的基於風險的資本比率。公司必須滿足基於風險的資本比率要求，以避免對資本分配和酌情獎金支付的限制。

2023年7月，聯邦銀行業監管機構發佈了一項擬議的規則，以實施巴塞爾III的最終組成部分，這將影響某些銀行的基於風險的資本金要求。擬議的規則將取消目前的高級辦法，取而代之的是一種新的擴大的基於風險的方法來衡量風險加權資產，包括信用風險的更細粒度的風險加權、新的市場風險框架和衡量操作風險的新的標準化辦法。自那以後，聯邦銀行監管機構的官員評論稱，擬議中的規則可能會有重大變化。

表31和表32分別列出了截至2024年9月30日在標準化方法和高級方法下適用於公司的基於風險的資本要求。

表31：基於風險的資本要求--標準化方法

表32：基於風險的資本要求--高級方法

除了表31和表32中描述的基於風險的資本要求外，如果FRB確定一段時期的過度信貸增長正在導致系統性風險的增加，則可以在聯邦銀行法規下的基於風險的資本比率要求的基礎上增加高達2.50%的反週期緩衝。2024年9月30日生效的逆週期緩衝爲0.00%。

資本保護緩衝適用於高級方法下的某些機構，包括富國銀行，旨在吸收經濟或金融壓力時期的損失。

壓力資本緩衝是根據金融穩定委員會的年度監管壓力測試和相關全面資本分析及審查(CCAR)中嚴重不利情況下BHC基於風險的資本比率的下降，加上四個季度計劃的普通股股息來計算的。由於壓力資本緩衝是根據可能隨時間變化的數據每年計算的，因此我們的壓力資本緩衝以及標準化方法下的基於風險的資本比率要求在未來可能會發生變化。我們在2023年10月1日至2024年9月30日期間的壓力資本緩衝爲2.90%。我們在2024年10月1日至2025年9月30日期間的壓力資本緩衝爲3.80%。

			富國銀行公司			45

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資本管理 （續）

作爲一家全球系統重要性銀行(G-SIB)，我們還必須遵守FRB的規則，對G-SIB的基於風險的資本比率要求實施1.00-4.50%的額外資本附加費。根據規定，我們每年必須以兩種方法計算附加費，並使用兩種附加費中較高的一種。第一種方法(方法一)考慮了我們的規模、互聯性、跨司法管轄區活動、可替代性和複雜性，與BCBS和金融穩定委員會(FSB)開發的方法一致。第二種方法(方法二)使用類似的投入，但用短期批發資金取代可替代性，通常會導致比方法一更高的附加費。由於G-SIB資本附加費每年根據可能隨時間變化的數據計算，因此附加費的金額可能會在未來幾年發生變化。如果我們的年度計算導致我們的G-SIB資本附加費減少，則降低將在下一個日曆年生效。如果我們的年度計算結果導致我們的G-SIB資本增加

附加費，加價在兩個歷年內生效。我們的G-SIB資本附加費在2024年將繼續爲1.50%。2023年7月27日，FRB發佈了一項擬議的規則，該規則將影響計算G-SIB資本附加費的方法。

根據基於風險的資本規則，根據債務人或擔保人或任何抵押品的性質，表內資產和衍生工具及表外項目的信貸等值金額被分配到幾個廣泛風險類別中的一個。然後，每個風險類別的總美元金額乘以與該類別相關的風險權重。每個風險類別的結果加權值被彙總，以確定總風險加權資產(RWA)。

下表提供了根據巴塞爾協議III資本規則計算的基於風險的資本和相關比率的信息。表33彙總了我們的CET1、一級資本、總資本、RWA和資本比率。

表33： 資本成分和比率

						標準化方法																		高級方法
（百萬美元）						必填項 資本 比例（1）						9月30日， 2024						12月31日， 2023						必填項 資本 比例（1）						9月30日， 2024						12月31日， 2023
普通股第1類			(A)									$	138,312					140,783												138,312						140,783
1級資本			(B)									156,597						159,823												156,597						159,823
總資本			(C)									188,464						193,061												178,191						182,726
風險加權資產			(D)									1,219,917						1,231,668												1,089,274						1,114,281
普通股一級資本比率			(A)/（D）			8.90		%				11.34			*			11.43						8.50						12.70						12.63
一級資本比率			(B)/（D）			10.40						12.84			*			12.98						10.00						14.38						14.34
總資本比率			(C)/（D）			12.40						15.45			*			15.67						12.00						16.36						16.40

*表示2024年9月30日標準化和高級方法下的結合率。

(1)代表避免2024年9月30日資本分配和酌情獎金支付限制所需的最低比率。

46			富國銀行公司

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表34提供了有關我們在標準化和高級方法下基於風險的資本的計算和組成的信息。

表34： 基於風險的資本計算和組成部分

(in數百萬）						9月30日， 2024						12月31日， 2023
權益總額						$	185,011					187,443
調整：
優先股						(18,608)						(19,448)
優先股的額外實繳資本						144						157
非控制性權益						(1,746)						(1,708)
普通股股東權益總額						$	164,801					166,444
調整：
商譽						(25,173)						(25,175)
某些可識別無形資產（MSR除外）						(85)						(118)
對合並投資組合公司投資的善意和其他無形資產（包括在其他資產中）						(772)						(878)
與善意和其他無形資產相關的適用遞延稅（1）						940						919
其他（2）						(1,399)						(409)
標準化和先進方法下的普通股權一級						$	138,312					140,783
優先股						18,608						19,448
優先股的額外實繳資本						(144)						(157)
其他						(179)						(251)
標準化和先進方法下的一級資本總額			(A)			$	156,597					159,823
長期債務和其他符合二級資格的工具						17,740						19,020
合格信用損失備抵（3）						14,591						14,805
其他						(464)						(587)
標準化方法下的二級資本總額			(B)			$	31,867					33,238
標準化方法下的合格資本總額			(A)+（B）			$	188,464					193,061
長期債務和其他符合二級資格的工具						17,740						19,020
合格信用損失備抵（3）						4,318						4,470
其他						(464)						(587)
高級方法下的二級資本總額			(C)			$	21,594					22,903
高級方法下的合格資本總額			(A)+（C）			$	178,191					182,726

(1)通過將合併的聯邦法定稅率和綜合州所得稅稅率應用於期末各自的善意和無形資產的賬簿和稅基之間的差異來確定。

(2)包括2024年9月30日和2023年12月31日分別增加6，000萬美元和12，000萬美元，與當前預期信用損失會計準則（CESL）過渡條款有關。2020年第二季度，該公司選擇適用聯邦銀行監管機構發佈的與CMEL對監管資本的影響有關的修改後的過渡條款。該規則允許某些銀行組織從監管資本中排除CESL的初始採用影響，加上2021年12月31日之前每個時期CESL下信用損失備抵（ACL）累積變化的25%，隨後是爲期三年的逐步淘汰期，其中第一年的福利減少25%，第二年減少50%，第三年減少75%。

(3)兩種方法之間的差異是由二級資本中包含的ACL合格金額決定的。根據高級方法，合格的信用準備金（以超過預期信用損失（使用監管定義）的合格ACL金額表示）限制爲高級信用RWA的0.60%，而標準化方法將ACL納入二級資本，最高爲標準化信用RWA的1.25%。在這兩種方法下，任何多餘的ACL都將從各自的總RWA中扣除。

			富國銀行公司			47

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資本管理 （續）

表35提供了標準化和高級方法下RWA各組成部分的組成和淨變化。

表35： 風險加權資產

						標準化方法																		高級方法（1）
(in數百萬）						9月30日， 2024						12月31日， 2023						$Change 2024/ 2023						9月30日， 2024						12月31日， 2023						$Change 2024/ 2023
風險加權資產（RWA）：
信用風險						$	1,166,129					1,182,805						(16,676)						735,536						756,905						(21,369)
市場風險						53,788						48,863						4,925						53,788						48,863						4,925
操作風險						N/A						N/A						N/A						299,950						308,513						(8,563)
RWA總數						$	1,219,917					1,231,668						(11,751)						1,089,274						1,114,281						(25,007)

(1)根據高級方法計算的RWA利用風險敏感方法，該方法依賴於根據我們內部評級等級經驗使用內部信用模型。高級方法還包括運營風險部分，反映了內部流程、人員和系統不充分或失敗或外部事件造成的損失風險。

表36提供了CET 1變化的分析。

表36： 普通股一級變動分析

(in數百萬）
截至2023年12月31日的普通股第一級						$	140,783
會計政策變更的累積影響（1）						(158)
適用於普通股的淨利潤						13,805
普通股股利						(3,814)
普通股發行、回購和股票補償相關項目						(14,682)
累計其他全面收益（虧損）變化						3,208
商譽						2
某些可識別無形資產（MSR除外）						33
對合並投資組合公司投資的善意和其他無形資產（包括在其他資產中）						106
與善意和其他無形資產相關的適用遞延稅（2）						21
其他（3）						(992)
普通股第一級的變化						(2,471)
截至2024年9月30日的普通股第一級						$	138,312

(1)自2024年1月1日起，我們採用了ASO 2023-02。有關更多信息，請參閱本報告財務報表附註1（重要會計政策摘要）。

(2)通過將合併的聯邦法定稅率和綜合州所得稅稅率應用於期末各自的善意和無形資產的賬簿和稅基之間的差異來確定。

(3)包括與CESL過渡條款相關的較2023年12月31日減少6000萬美元。2020年第二季度，該公司選擇適用聯邦銀行監管機構發佈的與CMEL對監管資本的影響有關的修改後的過渡條款。該規則允許某些銀行組織從監管資本中排除CESL的初始採用影響，加上2021年12月31日之前每個時期CESL下信用損失備抵（ACL）累積變化的25%，隨後是爲期三年的逐步淘汰期，其中第一年的福利減少25%，第二年減少50%，第三年減少75%。

48			富國銀行公司

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有形普通股權益我們還根據某些利用有形普通股權益的比率對我們的業務進行評估。有形普通股權益是一種非公認會計准則財務計量，是指總股本減去優先權益、非控制性權益、商譽、某些可識別的無形資產(不包括管理層代表)以及在合併投資組合公司的投資中的商譽和其他無形資產，扣除適用的遞延稅金。這些比率是(1)每股有形普通股賬面價值，代表有形普通股權益除以已發行普通股；(2)平均有形普通股回報率

股本(ROTCE)，代表我們的年化收益佔有形普通股權益的百分比。確定有形普通股權益的方法可能因公司而異。管理層認爲，利用有形普通股股本的每股有形賬面價值和平均有形普通股股本回報率是有用的財務指標，因爲它們使管理層、投資者和其他人能夠評估公司的股本使用情況。

表37提供了這些非公認會計准則財務計量與公認會計准則財務計量的對賬。

表37： 有形普通股權益

									期末餘額												平均餘額
									日止期間												節結束												止九個月
(in百萬，比例除外）									9月30日， 2024			6月30日， 2024						9月30日， 2023						9月30日， 2024			6月30日， 2024			9月30日， 2023						9月30日， 2024						9月30日， 2023
權益總額									$	185,011		178,148						182,373						184,368			181,552			184,828						184,197						184,525
調整：
優先股									(18,608)			(16,608)						(19,448)						(18,129)			(18,300)			(20,441)						(18,572)						(19,782)
優先股的額外實繳資本									144			141						157						143			145			171						148						172
非控制性權益									(1,746)			(1,718)						(1,658)						(1,748)			(1,743)			(1,775)						(1,734)						(1,905)
普通股股東權益總額			(A)						164,801			159,963						161,424						164,634			161,654			162,783						164,039						163,010
調整：
商譽									(25,173)			(25,172)						(25,174)						(25,172)			(25,172)			(25,174)						(25,173)						(25,174)
某些可識別無形資產（MSR除外）									(85)			(96)						(132)						(89)			(101)			(137)						(101)						(141)
對合並投資組合公司投資的善意和其他無形資產（包括在其他資產中）（1）									(772)			(968)						(878)						(965)			(965)			(2,539)						(937)						(2,489)
與善意和其他無形資產相關的適用遞延稅（2）									940			933						913						938			931			910						931						902
有形普通股權益			(B)						$	139,711		134,660						136,153						139,346			136,347			135,843						138,759						136,108
上市流通普通股			(C)						3,345.5			3,402.7						3,637.9						N/A			N/A			N/A						N/A						N/A
適用於普通股的淨利潤			(D)						N/A			N/A						N/A						$	4,852		4,640			5,450						$	13,805					14,822
每股普通股的賬面價值			(A)/（C）						$	49.26		47.01						44.37						N/A			N/A			N/A						N/A						N/A
每股普通股有形賬面值			(B)/（C）						41.76			39.57						37.43						N/A			N/A			N/A						N/A						N/A
平均普通股股東權益回報率（ROE）			(D)/（A）						N/A			N/A						N/A						11.73		%	11.54			13.28						11.24		%				12.16
平均有形普通股回報率（ROTCE）			(D)/（B）						N/A			N/A						N/A						13.85			13.69			15.92						13.29						14.56

(1)In third quarter 2023, we sold investments in certain private equity funds. As a result, we have removed the related goodwill and other intangible assets on private equity investments in consolidated portfolio companies.

(2)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.

LEVERAGE REQUIREMENTS As a BHC, we are required to maintain a supplementary leverage ratio (SLR) to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio. Table 38 presents the leverage requirements applicable to the Company as of September 30, 2024.

Table 38: Leverage Requirements Applicable to the Company

			Wells Fargo & Company			49

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Capital Management (continued)

In addition, our IDIs are required to maintain an SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy rules and maintain a minimum Tier 1 leverage ratio of 4.00%.

Table 39 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio. At September 30, 2024, each of our IDIs exceeded their applicable SLR requirements.

Table 39: Leverage Ratios for the Company

($ in millions)						Quarter ended September 30, 2024
Tier 1 capital			(A)			$	156,597
Total average assets						1,916,673
Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities)						26,990
Total adjusted average assets			(B)			1,889,683
Plus adjustments for off-balance sheet exposures:
Derivatives (1)						62,346
Repo-style transactions (2)						5,911
Other (3)						304,923
Total off-balance sheet exposures						373,180
Total leverage exposure			(C)			$	2,262,863
Supplementary leverage ratio			(A)/(C)			6.92		%
Tier 1 leverage ratio			(A)/(B)			8.29		%

(1)Adjustment represents derivatives and collateral netting exposures as defined for supplementary leverage ratio determination purposes.

(2)Adjustment represents counterparty credit risk for repo-style transactions where Wells Fargo & Company is the principal counterparty facing the client.

(3)Adjustment represents credit equivalent amounts of other off-balance sheet exposures not already included as derivatives and repo-style transactions exposures.

TOTAL LOSS ABSORBING CAPACITY As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum amount of TLAC (consisting of CET1 capital and additional Tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) to avoid restrictions on capital distributions and discretionary bonus payments as well as a minimum amount of eligible unsecured long-term debt. The components used to calculate our minimum TLAC and eligible unsecured long-term debt requirements as of September 30, 2024, are presented in Table 40.

Table 40: Components Used to Calculate TLAC and Eligible Unsecured Long-Term Debt Requirements

TLAC requirement Greater of:

18.00% of RWAs

7.50% of total leverage exposure (the denominator of the SLR calculation)

+

+

TLAC buffer (equal to 2.50% of RWAs + method one G-SIB capital surcharge + any countercyclical buffer)

External TLAC leverage buffer (equal to 2.00% of total leverage exposure)

Minimum amount of eligible unsecured long-term debt Greater of:

6.00% of RWAs

4.50% of total leverage exposure

+

Greater of method one and method two G-SIB capital surcharge

In August 2023, the FRB proposed rules that would, among other things, modify the calculation of eligible long-term debt that counts towards the TLAC requirements, which would reduce our TLAC ratios.

Table 41 provides our TLAC and eligible unsecured long-term debt and related ratios.

Table 41: TLAC and Eligible Unsecured Long-Term Debt

September 30, 2024
($ in millions)						TLAC (1)						Regulatory Minimum (2)						Eligible Unsecured Long-term Debt						Regulatory Minimum
Total eligible amount						$	308,493											138,929
Percentage of RWAs (3)						25.29		%				21.50						11.39						7.50
Percentage of total leverage exposure						13.63						9.50						6.14						4.50

(1)TLAC ratios are calculated using the CECL transition provision issued by federal banking regulators.

(2)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments.

(3)Our minimum TLAC and eligible unsecured long-term debt requirements are calculated based on the greater of RWAs determined under the Standardized and Advanced Approaches.

OTHER REGULATORY CAPITAL AND LIQUIDITY MATTERS For information regarding the U.S. implementation of the Basel III LCR and NSFR, see the “Risk Management – Asset/ Liability Management – Liquidity Risk and Funding – Liquidity Standards” section in this Report.

Our principal U.S. broker-dealer subsidiaries, Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC, are subject to regulations to maintain minimum net capital requirements. As of September 30, 2024, these broker-dealer subsidiaries were in compliance with their respective regulatory minimum net capital requirements.

Capital Planning and Stress Testing

Our planned long-term capital structure is designed to meet regulatory and market expectations. We believe that our long-term targeted capital structure enables us to invest in and grow our business, satisfy our customers’ financial needs in varying environments, access markets, and maintain flexibility to return capital to our shareholders. Our long-term targeted capital structure also considers capital levels sufficient to exceed capital requirements, including the G-SIB capital surcharge and the stress capital buffer, as well as potential changes to regulatory requirements for our capital ratios, planned capital actions, changes in our risk profile and other factors. Accordingly, our long-term target capital levels are set above their respective regulatory minimums plus buffers.

During the first nine months of 2024, we issued $929 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 275 million shares of common stock at a cost of $15.6 billion. We paid $4.6 billion of common and preferred stock dividends during the first nine months of 2024.

The FRB capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain BHCs, including Wells Fargo. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating their capital plans.

As part of the annual CCAR, the FRB generates a supervisory stress test. The FRB reviews the supervisory stress test results as required under the Dodd-Frank Act using a common set of

50			Wells Fargo & Company

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capital actions for all large BHCs and also reviews the Company’s proposed capital actions.

Federal banking regulators also require large BHCs and banks to conduct their own stress tests to evaluate whether the institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions.

Securities Repurchases

On July 25, 2023, we announced that our Board authorized a common stock repurchase program of up to $30 billion. Unless modified or revoked by the Board, this authorization does not expire and is our only common stock repurchase program in effect. At September 30, 2024, we had remaining Board authority to repurchase up to approximately $11.3 billion of common stock.

Various factors impact the amount and timing of our share repurchases, including the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements

and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), and regulatory and legal considerations, including regulatory requirements under the FRB’s capital plan rule. Although we announce when the Board authorizes a share repurchase program, we typically do not give any public notice before we repurchase our shares. Due to the various factors that may impact the amount and timing of our share repurchases and the fact that we may be in the market throughout the year, our share repurchases occur at various prices. We may suspend share repurchase activity at any time.

Furthermore, the Company has a variety of benefit plans in which employees may own or obtain shares of our common stock. The Company may buy shares from these plans to accommodate employee preferences and these purchases are subtracted from our repurchase authority.

For additional information about share repurchases during third quarter 2024, see Part II, Item 2 in this Report.

Regulatory Matters

The U.S. financial services industry is subject to significant regulation and regulatory oversight initiatives. This regulation and oversight may continue to impact how U.S. financial services companies conduct business and may continue to result in increased regulatory compliance costs.

For a discussion of certain consent orders and other regulatory actions applicable to the Company, see the “Overview” section in this Report. The following supplements our discussion of other significant regulations and regulatory oversight initiatives that have affected or may affect our business contained in the “Regulatory Matters” and “Risk Factors” sections in our 2023 Form 10-K and the “Regulatory Matters” section in our 2024 First and Second Quarter Reports on Form 10-Q.

Personal Financial Data Rights

In October 2024, the CFPB issued a rule pursuant to section 1033 of the Dodd-Frank Act that requires financial service providers to make consumers’ data available upon request to consumers and authorized third parties. The compliance date for the rule is April 1, 2026. The rule will require the Company to update its technology systems, compliance, third-party risk management programs, and digital channels.

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Critical Accounting Policies

Our significant accounting policies are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Six of these policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. These policies govern:

•the allowance for credit losses;

•the valuation of residential MSRs;

•the fair value of financial instruments;

•income taxes;

•liability for legal actions; and

•goodwill impairment.

Management has discussed these critical accounting policies and the related estimates and judgments with the Board’s Audit Committee. For additional information, see the “Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.

Current Accounting Developments

Table 42 provides the significant accounting updates applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.

Table 42: Current Accounting Developments – Issued Standards

Description and Effective Date						Financial statement impact
ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The Update, effective December 31, 2024 (with early adoption permitted), enhances reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses and additional interim disclosure requirements.						The Update impacts disclosure only, and therefore does not have an impact on our consolidated financial statements. We are currently evaluating the impact of the Update to our operating segment disclosures. The following aspects of the Update may result in disclosure changes: •Requirement to disclose significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker (CODM) and included in the reported measure of segment profit or loss. •Requirement to disclose an amount for “other segment items” by reportable segment and provide a description of its composition; other segment items is measured as the difference between reported segment revenues less the significant segment expenses disclosed in accordance with the principle described above and reported segment profit or loss. •Requirement to disclose the CODM’s title and position and explain how the CODM uses the reported segment profit or loss measure in assessing segment performance and deciding how to allocate resources.
ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The Update, effective January 1, 2025 (with early adoption permitted), enhances annual income tax disclosures primarily to further disaggregate existing disclosures related to the effective income tax rate reconciliation and income taxes paid.						The impact of the Update is limited to our annual income tax disclosures. We are currently evaluating the impact of the Update to our income tax disclosures. Upon adoption, those disclosures may change as follows: •For the tabular effective income tax rate reconciliation, alignment to specific categories (where applicable) and further disaggregation of certain categories (where applicable) by nature and/or jurisdiction if the reconciling item is 5% or more of the statutory tax expense. •Description of states and local jurisdictions that contribute the majority of the effect of the state and local income tax category of the effective income tax rate reconciliation. •Disaggregate the amount of income taxes paid (net of refunds) by federal, state, and non-U.S. taxes and further disaggregate by individual jurisdictions where income taxes paid (net of refunds) is 5% or more of total income taxes paid (net of refunds). •Disaggregate net income (or loss) before income tax expense (or benefit) between domestic and non-U.S.

Other Accounting Developments

The following Update is applicable to us but is not expected to have a material impact on our consolidated financial statements:

•ASU 2023-08 – Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets

52			Wells Fargo & Company

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Forward-Looking Statements

This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) environmental, social and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies.

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

•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;

•our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a

result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income and net interest margin;

•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios;

•the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses;

•negative effects from instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;

•regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•fiscal and monetary policies of the Federal Reserve Board;

•changes to tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate;

•our ability to develop and execute effective business plans and strategies; and

•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission,

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Forward-Looking Statements (continued)

including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.1

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

1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

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Risk Factors

An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2023 Form 10-K.

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Controls and Procedures

Disclosure Controls and Procedures

The Company’s management evaluated the effectiveness, as of September 30, 2024, of the Company’s disclosure controls and procedures. The Company’s chief executive officer and chief financial officer participated in the evaluation. Based on this evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.

 

Internal Control Over Financial Reporting

Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (GAAP) and includes those policies and procedures that:

•pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;

•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No change occurred during third quarter 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Financial Statements

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)
			Quarter ended September 30,												Nine months ended September 30,
(in millions, except per share amounts)			2024						2023						2024						2023
Interest income
Debt securities			$	4,630					4,178						$	13,362					11,998
Loans held for sale			129						87						376						278
Loans			14,618						14,755						43,897						42,188
Equity securities			156						152						502						516
Other interest income			3,465						2,921						10,585						7,299
Total interest income			22,998						22,093						68,722						62,279
Interest expense
Deposits			6,445						4,608						18,405						11,174
Short-term borrowings			1,435						1,133						4,030						2,664
Long-term debt			3,163						3,039						9,676						8,243
Other interest expense			265						208						771						594
Total interest expense			11,308						8,988						32,882						22,675
Net interest income			11,690						13,105						35,840						39,604
Noninterest income
Deposit and lending-related fees			1,675						1,551						4,890						4,572
Investment advisory and other asset-based fees			2,463						2,224						7,209						6,501
Commissions and brokerage services fees			646						567						1,886						1,756
Investment banking fees			672						492						1,940						1,194
Card fees			1,096						1,098						3,258						3,229
Mortgage banking			280						193						753						627
Net gains from trading and securities			1,248						1,246						4,217						3,263
Other			596						381						1,925						1,373
Total noninterest income			8,676						7,752						26,078						22,515
Total revenue			20,366						20,857						61,918						62,119
Provision for credit losses			1,065						1,197						3,239						4,117
Noninterest expense
Personnel			8,591						8,627						26,658						26,648
Technology, telecommunications and equipment			1,142						975						3,301						2,844
Occupancy			786						724						2,263						2,144
Operating losses			293						329						1,419						828
Professional and outside services			1,130						1,310						3,370						3,843
Advertising and promotion			205						215						626						553
Other			920						933						3,061						2,916
Total noninterest expense			13,067						13,113						40,698						39,776
Income before income tax expense			6,234						6,547						17,981						18,226
Income tax expense			1,064						811						3,279						2,707
Net income before noncontrolling interests			5,170						5,736						14,702						15,519
Less: Net income (loss) from noncontrolling interests			56						(31)						59						(177)
Wells Fargo net income			$	5,114					5,767						$	14,643					15,696
Less: Preferred stock dividends and other			262						317						838						874
Wells Fargo net income applicable to common stock			$	4,852					5,450						$	13,805					14,822
Per share information
Earnings per common share			$	1.43					1.49						$	3.99					3.99
Diluted earnings per common share			1.42						1.48						3.94						3.96
Average common shares outstanding			3,384.8						3,648.8						3,464.1						3,710.9
Diluted average common shares outstanding			3,425.1						3,680.6						3,503.5						3,741.6

The accompanying notes are an integral part of these statements.

			Wells Fargo & Company			57

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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Net income before noncontrolling interests			$	5,170					5,736						$	14,702					15,519
Other comprehensive income (loss), after tax:
Net change in debt securities			3,274						(1,989)						2,739						(1,935)
Net change in derivatives and hedging activities			994						(407)						419						(639)
Defined benefit plans adjustments			21						21						63						63
Other			60						(59)						(13)						(2)
Other comprehensive income (loss), after tax			4,349						(2,434)						3,208						(2,513)
Total comprehensive income before noncontrolling interests			9,519						3,302						17,910						13,006
Less: Other comprehensive income from noncontrolling interests			—						2						—						2
Less: Net income (loss) from noncontrolling interests			56						(31)						59						(177)
Wells Fargo comprehensive income			$	9,463					3,331						$	17,851					13,181

The accompanying notes are an integral part of these statements.

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Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)			Sep 30, 2024						Dec 31, 2023
Assets
Cash and due from banks			$	33,530					33,026
Interest-earning deposits with banks			152,016						204,193
Federal funds sold and securities purchased under resale agreements			105,390						80,456
Debt securities:
Trading, at fair value (includes assets pledged as collateral of $83,197 and $62,537)			120,677						97,302
Available-for-sale, at fair value (amortized cost of $169,475 and $137,155, and includes assets pledged as collateral of $1,491 and $5,055)			166,004						130,448
Held-to-maturity, at amortized cost (fair value $211,716 and $227,316)			243,151						262,708
Loans held for sale (includes $5,682 and $2,892 carried at fair value)			7,275						4,936
Loans			909,711						936,682
Allowance for loan losses			(14,330)						(14,606)
Net loans			895,381						922,076
Mortgage servicing rights (includes $6,544 and $7,468 carried at fair value)			7,493						8,508
Premises and equipment, net			9,955						9,266
Goodwill			25,173						25,175
Derivative assets			17,721						18,223
Equity securities (includes $22,361 and $19,841 carried at fair value; and assets pledged as collateral of $10,272 and $2,683)			59,771						57,336
Other assets			78,588						78,815
Total assets (1)			$	1,922,125					1,932,468
Liabilities
Noninterest-bearing deposits			$	370,005					360,279
Interest-bearing deposits (includes $1,087 and $1,297 carried at fair value)			979,641						997,894
Total deposits			1,349,646						1,358,173
Short-term borrowings (includes $265 and $219 carried at fair value)			111,894						89,559
Derivative liabilities			11,390						18,495
Accrued expenses and other liabilities (includes $29,744 and $25,335 carried at fair value)			82,169						71,210
Long-term debt (includes $3,774 and $2,308 carried at fair value)			182,015						207,588
Total liabilities (2)			1,737,114						1,745,025
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $19,376 and $20,216			18,608						19,448
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares			9,136						9,136
Additional paid-in capital			60,623						60,555
Retained earnings			210,749						201,136
Accumulated other comprehensive loss			(8,372)						(11,580)
Treasury stock, at cost – 2,136,319,281 shares and 1,882,948,892 shares			(107,479)						(92,960)
Total Wells Fargo stockholders’ equity			183,265						185,735
Noncontrolling interests			1,746						1,708
Total equity			185,011						187,443
Total liabilities and equity			$	1,922,125					1,932,468

(1)Our consolidated assets at September 30, 2024, and December 31, 2023, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Loans, $10.7 billion and $4.9 billion; all other assets, $542 million and $435 million; and Total assets, $11.3 billion and $5.3 billion, respectively.

(2)Our consolidated liabilities at September 30, 2024, and December 31, 2023, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Long-term debt, $1.3 billion and $0; accrued expenses and other liabilities, $128 million and $115 million; and Total liabilities $1.4 billion and $115 million, respectively.

The accompanying notes are an integral part of these statements.

			Wells Fargo & Company			59

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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
			Wells Fargo stockholders’ equity
			Preferred stock												Common stock
($ and shares in millions)			Shares						Amount						Shares						Amount						Additional paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Treasury stock						Unearned ESOP shares												Noncontrolling interests						Total equity
Balance June 30, 2024			4.6						$	16,608					3,402.7						$	9,136					60,373						207,281						(12,721)						(104,247)						—												1,718						178,148
Net income																																	5,114																														56						5,170
Other comprehensive income, net of tax																																							4,349																								—						4,349
Noncontrolling interests																																																															(28)						(28)
Common stock issued															4.8												16						—												237																								253
Common stock repurchased															(62.0)																														(3,467)																								(3,467)
Preferred stock issued			0.1						2,000																		(3)																																										1,997
Preferred stock redeemed			—						—																		—						—																																				—
Common stock dividends																											25						(1,384)																																				(1,359)
Preferred stock dividends																																	(262)																																				(262)
Stock-based compensation																											240																																										240
Net change in deferred compensation and related plans																											(28)																		(2)																								(30)
Net change			0.1						2,000						(57.2)						—						250						3,468						4,349						(3,232)						—												28						6,863
Balance September 30, 2024			4.7						$	18,608					3,345.5						$	9,136					60,623						210,749						(8,372)						(107,479)						—												1,746						185,011
Balance June 30, 2023			4.7						$	19,448					3,667.7						$	9,136					60,173						195,164						(13,441)						(89,860)						(429)												1,761						181,952
Net income (loss)																																	5,767																														(31)						5,736
Other comprehensive income (loss), net of tax																																							(2,436)																								2						(2,434)
Noncontrolling interests																																																															(74)						(74)
Common stock issued															4.0												—						(32)												203																								171
Common stock repurchased															(33.8)																														(1,494)																								(1,494)
Preferred stock issued			0.1						1,725																		(3)																																										1,722
Preferred stock redeemed			(0.1)						(1,725)																		19						(19)																																				(1,725)
Common stock dividends																											19						(1,295)																																				(1,276)
Preferred stock dividends																																	(298)																																				(298)
Stock-based compensation																											199																																										199
Net change in deferred compensation and related plans																											(42)																		(64)																								(106)
Net change			—						—						(29.8)						—						192						4,123						(2,436)						(1,355)						—												(103)						421
Balance September 30, 2023			4.7						$	19,448					3,637.9						$	9,136					60,365						199,287						(15,877)						(91,215)						(429)												1,658						182,373

The accompanying notes are an integral part of these statements.

60			Wells Fargo & Company

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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
			Wells Fargo stockholders’ equity
			Preferred stock												Common stock
($ and shares in millions)			Shares						Amount						Shares						Amount						Additional paid-in capital						Retained earnings						Accumulated other comprehensive income (loss)						Treasury stock						Unearned ESOP shares												Noncontrolling interests						Total equity
Balance December 31, 2023			4.7						$	19,448					3,598.9						$	9,136					60,555						201,136						(11,580)						(92,960)						—												1,708						187,443
Cumulative effect from change in accounting policy (1)																																	(158)																																				(158)
Balance January 1, 2024			4.7						19,448						3,598.9						9,136						60,555						200,978						(11,580)						(92,960)						—												1,708						187,285
Net income																																	14,643																														59						14,702
Other comprehensive income, net of tax																																							3,208																								—						3,208
Noncontrolling interests																																																															(21)						(21)
Common stock issued															21.6												18						(143)												1,054																								929
Common stock repurchased															(275.0)																														(15,591)																								(15,591)
Preferred stock issued			0.1						2,000																		(3)																																										1,997
Preferred stock redeemed			(0.1)						(2,840)																		17						(17)																																				(2,840)
Common stock dividends																											77						(3,891)																																				(3,814)
Preferred stock dividends																																	(821)																																				(821)
Stock-based compensation																											1,066																																										1,066
Net change in deferred compensation and related plans																											(1,107)																		18																								(1,089)
Net change			—						(840)						(253.4)						—						68						9,771						3,208						(14,519)						—												38						(2,274)
Balance September 30, 2024			4.7						$	18,608					3,345.5						$	9,136					60,623						210,749						(8,372)						(107,479)						—												1,746						185,011
Balance December 31, 2022			4.7						$	19,448					3,833.8						$	9,136					60,319						187,968						(13,362)						(82,853)						(429)												1,986						182,213
Cumulative effect from change in accounting policy (2)																																	323																																				323
Balance January 1, 2023			4.7						19,448						3,833.8						9,136						60,319						188,291						(13,362)						(82,853)						(429)												1,986						182,536
Net income (loss)																																	15,696																														(177)						15,519
Other comprehensive income (loss), net of tax																																							(2,515)																								2						(2,513)
Noncontrolling interests																																																															(153)						(153)
Common stock issued															24.5												—						(236)												1,267																								1,031
Common stock repurchased															(220.4)																														(9,586)																								(9,586)
Preferred stock issued			0.1						1,725																		(3)																																										1,722
Preferred stock redeemed			(0.1)						(1,725)																		19						(19)																																				(1,725)
Common stock dividends																											61						(3,590)																																				(3,529)
Preferred stock dividends																																	(855)																																				(855)
Stock-based compensation																											910																																										910
Net change in deferred compensation and related plans																											(941)																		(43)																								(984)
Net change			—						—						(195.9)						—						46						10,996						(2,515)						(8,362)						—												(328)						(163)
Balance September 30, 2023			4.7						$	19,448					3,637.9						$	9,136					60,365						199,287						(15,877)						(91,215)						(429)												1,658						182,373

(1)Effective January 1, 2024, we adopted ASU 2023-02 – Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. For additional information, see Note 1 (Summary of Significant Accounting Policies).

(2)Effective January 1, 2023, we adopted ASU 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.

The accompanying notes are an integral part of these statements.

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Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
			Nine months ended September 30,
(in millions)			2024						2023
Cash flows from operating activities:
Net income before noncontrolling interests			$	14,702					15,519
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			3,239						4,117
Changes in fair value of MSRs and LHFS carried at fair value			542						188
Depreciation, amortization and accretion			5,574						4,777
Deferred income tax expense (benefit)			(1,468)						738
Other, net			3,814						(53)
Originations and purchases of loans held for sale			(26,463)						(23,012)
Proceeds from sales of and paydowns on loans originally classified as held for sale			20,731						20,340
Net change in:
Debt and equity securities, held for trading			(22,547)						2,656
Derivative assets and liabilities			(5,757)						4,684
Other assets			(1,006)						(6,184)
Other accrued expenses and liabilities			2,770						(1,614)
Net cash provided (used) by operating activities			(5,869)						22,156
Cash flows from investing activities:
Net change in:
Federal funds sold and securities purchased under resale agreements			(24,786)						(2,704)
Available-for-sale debt securities:
Proceeds from sales			15,207						13,992
Paydowns and maturities			26,256						10,730
Purchases			(72,618)						(21,480)
Held-to-maturity debt securities:
Paydowns and maturities			19,608						13,880
Purchases			—						(4,225)
Equity securities, not held for trading:
Proceeds from sales and capital returns			3,004						1,680
Purchases			(4,913)						(3,407)
Loans:
Loans originated by banking subsidiaries, net of principal collected			21,768						8,477
Proceeds from sales of loans originally classified as held for investment			2,472						3,147
Purchases of loans			(402)						(1,365)
Principal collected on nonbank entities’ loans			2,776						3,748
Loans originated by nonbank entities			(2,542)						(3,053)
Other, net			(417)						854
Net cash provided (used) by investing activities			(14,587)						20,274
Cash flows from financing activities:
Net change in:
Deposits			(8,527)						(29,975)
Short-term borrowings			22,335						42,185
Long-term debt:
Proceeds from issuance			24,874						33,444
Repayment			(48,776)						(16,248)
Preferred stock:
Proceeds from issuance			1,997						1,722
Redeemed			(2,840)						(1,725)
Cash dividends paid			(792)						(796)
Common stock:
Repurchased			(15,448)						(9,501)
Cash dividends paid			(3,808)						(3,524)
Other, net			(483)						(453)
Net cash provided (used) by financing activities			(31,468)						15,129
Net change in cash, cash equivalents, and restricted cash			(51,924)						57,559
Cash, cash equivalents, and restricted cash at beginning of period (1)			236,052						159,157
Cash, cash equivalents, and restricted cash at end of period (1)			$	184,128					216,716
Supplemental cash flow disclosures:
Cash paid for interest			$	33,087					20,882
Net cash paid (refunded) for income taxes			106						(1,936)

(1)Includes Cash and due from banks and Interest-earning deposits with banks on our consolidated balance sheet and excludes time deposits, which are included in Interest-earning deposits with banks.

The accompanying notes are an integral part of these statements. See Note 1 (Summary of Significant Accounting Policies) for noncash activities.

62			Wells Fargo & Company

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Notes to Financial Statements

See the “Glossary of Acronyms” at the end of this Report for terms used throughout the Financial Statements and related Notes.

Note 1: Summary of Significant Accounting Policies

Wells Fargo & Company is a diversified financial services company. We provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia, and in countries outside the U.S. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding.

Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For a discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). There were no material changes to these policies in the first nine months of 2024.

To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:

•allowance for credit losses (Note 5 (Loans and Related Allowance for Credit Losses) and Note 3 (Available-for-Sale and Held-to-Maturity Debt Securities));

•valuations of residential mortgage servicing rights (MSRs) (Note 6 (Mortgage Banking Activities) and Note 13 (Securitizations and Variable Interest Entities));

•valuations of financial instruments (Note 12 (Fair Values of Assets and Liabilities));

•liability for legal actions (Note 10 (Legal Actions));

•income taxes; and

•goodwill impairment (Note 7 (Intangible Assets and Other Assets)).

Actual results could differ from those estimates.

These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2023 Form 10-K.

Accounting Standards Adopted in 2024

In 2024, we adopted the following new accounting guidance:

•Accounting Standards Update (ASU) 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

•ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

ASU 2023-02 expands the use of the proportional amortization method of accounting for tax credit investments, which previously was limited to affordable housing investments that generate low-income housing tax credits. Upon adoption of the Update, an entity may elect to account for equity investments that generate income tax credits and benefits using the proportional amortization method if certain eligibility criteria are met.

The proportional amortization method amortizes the cost of a tax credit investment in proportion to the income tax credits and income tax benefits received. The amortization and related income tax credits and benefits are recorded on a net basis within income tax expense. The cost of an investment includes unfunded commitments that are either legally binding or contingent but probable of funding. Such unfunded commitments are not recognized under other methods of accounting.

We adopted the Update on January 1, 2024, on a modified retrospective basis with a cumulative effect adjustment to retained earnings. Upon adoption, we elected to account for eligible investments in our renewable energy tax credit portfolio using the proportional amortization method. These investments were previously accounted for using the equity method. We also elected to continue use of the proportional amortization method to account for our affordable housing investments. In addition, we elected to classify liabilities recognized for unfunded commitments related to proportional amortization method investments in accrued expenses and other liabilities on our consolidated balance sheet, including a change to unfunded commitments for affordable housing investments that were previously included in long-term debt. Prior period amounts were not impacted by these accounting changes.

			Wells Fargo & Company			63

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Note 1: Summary of Significant Accounting Policies (continued)

Table 1.1 presents the transition adjustments recorded upon the adoption of ASU 2023-02 as of January 1, 2024.

Table 1.1: Transition Adjustment of ASU 2023-02

(in millions)						Dec 31, 2023						Transition adjustment upon adoption						Jan 1, 2024
Selected Balance Sheet Data
Equity securities						$	57,336					1,700						59,036
Other assets						78,815						548						79,363
Accrued expenses and other liabilities						71,210						7,333						78,543
Long-term debt						207,588						(4,927)						202,661
Retained earnings						201,136						(158)						200,978

ASU 2022-03 clarifies the guidance regarding the measurement of fair value of equity securities subject to contractual restrictions that prohibit the sale of the security. Specifically, that such restrictions are not part of the unit of account of the

security and therefore are not considered when measuring fair value. We adopted the Update on January 1, 2024, on a prospective basis. The Update did not have a material impact to our consolidated financial statements.

Supplemental Cash Flow Information

Significant noncash activities are presented in Table 1.2.

Table 1.2: Supplemental Cash Flow Information

			Nine months ended September 30,
(in millions)			2024						2023
Transfers from available-for-sale debt securities to held-to-maturity debt securities			$	—					3,687
Transfers from held-to-maturity debt securities to available-for-sale debt securities (1)			—						23,919
Reclassification of long-term debt to accrued expenses and other liabilities (2)			4,927						—

(1)In first quarter 2023, we reclassified HTM debt securities to AFS debt securities in connection with the adoption of ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.

(2)Effective January 1, 2024, we reclassified unfunded commitment liabilities for affordable housing investments from Long-term debt to Accrued expenses and other liabilities in connection with the adoption of ASU 2023-02.

Subsequent Events

We have evaluated the effects of events that have occurred subsequent to September 30, 2024, and there have been no material events that would require recognition in our third quarter 2024 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.

64			Wells Fargo & Company

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Note 2:  Trading Activities

Table 2.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.

Table 2.1: Trading Assets and Liabilities

(in millions)			Sep 30, 2024						Dec 31, 2023
Trading assets:
Debt securities			$	120,677					97,302
Equity securities			20,351						18,449
Loans held for sale			4,551						1,793
Gross trading derivative assets			72,101						71,990
Netting (1)			(54,537)						(54,069)
Total trading derivative assets			17,564						17,921
Total trading assets			163,143						135,465
Trading liabilities:
Short sale and other liabilities			29,946						25,471
Interest-bearing deposits			1,087						1,297
Long-term debt			3,774						2,308
Gross trading derivative liabilities			73,630						77,807
Netting (1)			(63,032)						(60,366)
Total trading derivative liabilities			10,598						17,441
Total trading liabilities			$	45,405					46,517

(1)Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.

Table 2.2 provides net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.

Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.

Table 2.2: Net Interest Income and Net Gains (Losses) from Trading Activities

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Net interest income:
Interest income (1)			$	1,453					1,143						$	4,065					3,080
Interest expense			211						163						604						467
Total net interest income			1,242						980						3,461						2,613
Net gains (losses) from trading activities, by risk type:
Interest rate			862						(443)						1,647						206
Commodity			110						74						321						238
Equity			254						435						993						898
Foreign exchange			(137)						1,253						763						2,047
Credit			349						(54)						610						340
Total net gains from trading activities			1,438						1,265						4,334						3,729
Total trading-related net interest and noninterest income			$	2,680					2,245						$	7,795					6,342

(1)Substantially all relates to interest income on debt and equity securities.

			Wells Fargo & Company			65

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Note 3: Available-for-Sale and Held-to-Maturity Debt Securities

Table 3.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of accumulated other comprehensive income (AOCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 2 (Trading Activities).

Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which are included in other assets. See Note 7 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. The interest income reversed in the third quarter and first nine months of both 2024 and 2023 was insignificant.

Table 3.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding

(in millions)			Amortized cost, net (1)						Gross unrealized gains						Gross unrealized losses						Net unrealized gains (losses)						Fair value
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	29,873					9						(926)						(917)						28,956
Securities of U.S. states and political subdivisions (2)			13,007						44						(399)						(355)						12,652
Federal agency mortgage-backed securities			122,203						1,360						(3,471)						(2,111)						120,092
Non-agency mortgage-backed securities (3)			2,021						1						(70)						(69)						1,952
Collateralized loan obligations			1,722						3						—						3						1,725
Other debt securities			591						39						(3)						36						627
Total available-for-sale debt securities, excluding portfolio level basis adjustments			169,417						1,456						(4,869)						(3,413)						166,004
Portfolio level basis adjustments (4)			58																		(58)						—
Total available-for-sale debt securities			169,475						1,456						(4,869)						(3,471)						166,004
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies			3,793						—						(1,532)						(1,532)						2,261
Securities of U.S. states and political subdivisions			18,320						2						(2,813)						(2,811)						15,509
Federal agency mortgage-backed securities			197,723						194						(27,305)						(27,111)						170,612
Non-agency mortgage-backed securities (3)			1,285						39						(67)						(28)						1,257
Collateralized loan obligations			20,303						73						(1)						72						20,375
Other debt securities			1,727						—						(25)						(25)						1,702
Total held-to-maturity debt securities			243,151						308						(31,743)						(31,435)						211,716
Total			$	412,626					1,764						(36,612)						(34,906)						377,720
December 31, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	47,351					2						(1,886)						(1,884)						45,467
Securities of U.S. states and political subdivisions (2)			20,654						36						(624)						(588)						20,066
Federal agency mortgage-backed securities			63,741						111						(4,274)						(4,163)						59,578
Non-agency mortgage-backed securities (3)			2,892						1						(144)						(143)						2,749
Collateralized loan obligations			1,538						—						(5)						(5)						1,533
Other debt securities			1,025						46						(16)						30						1,055
Total available-for-sale debt securities, excluding portfolio level basis adjustments			137,201						196						(6,949)						(6,753)						130,448
Portfolio level basis adjustments (4)			(46)																		46						—
Total available-for-sale debt securities			137,155						196						(6,949)						(6,707)						130,448
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies			3,790						—						(1,503)						(1,503)						2,287
Securities of U.S. states and political subdivisions			18,624						3						(2,939)						(2,936)						15,688
Federal agency mortgage-backed securities			209,170						136						(30,918)						(30,782)						178,388
Non-agency mortgage-backed securities (3)			1,276						18						(120)						(102)						1,174
Collateralized loan obligations			28,122						75						(63)						12						28,134
Other debt securities			1,726						—						(81)						(81)						1,645
Total held-to-maturity debt securities			262,708						232						(35,624)						(35,392)						227,316
Total			$	399,863					428						(42,573)						(42,099)						357,764

(1)Represents amortized cost of the securities, net of the ACL of $20 million and $1 million related to AFS debt securities at September 30, 2024, and December 31, 2023, respectively, and $89 million and $93 million related to HTM debt securities at September 30, 2024, and December 31, 2023, respectively.

(2)Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost, net of the ACL, and fair value of these types of securities, was $3.0 billion at September 30, 2024, and $5.5 billion at December 31, 2023.

(3)Predominantly consists of commercial mortgage-backed securities at both September 30, 2024, and December 31, 2023.

(4)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of AFS debt securities, which are not allocated to individual securities in the portfolio. For additional information, see Note 11 (Derivatives).

66			Wells Fargo & Company

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Table 3.2 details the breakout of purchases of and transfers to HTM debt securities by major category of security. The table excludes the transfer of HTM debt securities with a fair value of $23.2 billion to AFS debt securities in first quarter 2023 in

connection with the adoption of ASU 2022-01. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.

Table 3.2: Held-to-Maturity Debt Securities Purchases and Transfers

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Purchases of held-to-maturity debt securities (1):
Federal agency mortgage-backed securities			—						—						$	—					4,225
Non-agency mortgage-backed securities			21						39						69						87
Total purchases of held-to-maturity debt securities			21						39						69						4,312
Transfers from available-for-sale debt securities to held-to-maturity debt securities (2):
Federal agency mortgage-backed securities			—						—						—						3,687
Total transfers from available-for-sale debt securities to held-to-maturity debt securities			$	—					—						$	—					3,687

(1)Inclusive of securities purchased but not yet settled and noncash purchases from securitization of loans held for sale (LHFS).

(2)Represents fair value as of the date of the transfers. Debt securities transferred from available-for-sale to held-to-maturity had pre-tax unrealized losses recorded in AOCI of $320 million in the first nine months of 2023, at the time of the transfers.

Table 3.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses

from sales and impairment write-downs included in earnings related to AFS and HTM debt securities (pre-tax).

Table 3.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Interest income (1):
Available-for-sale			$	1,718					1,332						$	4,633					3,918
Held-to-maturity			1,583						1,790						5,016						5,333
Total interest income			3,301						3,122						9,649						9,251
Provision for credit losses:
Available-for-sale			13						8						29						(31)
Held-to-maturity			(7)						11						(4)						2
Total provision for credit losses			6						19						25						(29)
Realized gains and losses (2):
Gross realized gains			8						28						31						34
Gross realized losses			(206)						(22)						(254)						(24)
Impairment write-downs			(249)						—						(249)						—
Net realized gains (losses)			$	(447)					6						$	(472)					10

(1)Excludes interest income from trading debt securities, which is disclosed in Note 2 (Trading Activities).

(2)Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented.

Credit Quality

We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for debt securities. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date.

CREDIT RATINGS Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSROs). Debt securities rated investment grade, that is those with ratings similar to BBB-/Baa3 or above, as defined by NRSROs, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. For debt securities not rated by NRSROs, we determine an internal credit grade of the debt securities (used for credit risk management

purposes) equivalent to the credit ratings assigned by major credit agencies. Substantially all of our debt securities were rated by NRSROs at September 30, 2024, and December 31, 2023.

Table 3.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades.

			Wells Fargo & Company			67

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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Table 3.4: Investment Grade Debt Securities

			Available-for-Sale									Held-to-Maturity
($ in millions)			Fair value			% investment grade						Amortized cost			% investment grade
September 30, 2024
Total portfolio (1)			$	166,004		99		%				$	243,240		99		%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)			$	149,048		100		%				$	201,516		100		%
Securities of U.S. states and political subdivisions			12,652			99						18,331			100
Collateralized loan obligations (3)			1,725			100						20,326			100
All other debt securities (4)			2,579			92						3,067			64
December 31, 2023
Total portfolio (1)			$	130,448		99		%				$	262,801		99		%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)			$	105,045		100		%				$	212,960		100		%
Securities of U.S. states and political subdivisions			20,066			99						18,635			100
Collateralized loan obligations (3)			1,533			100						28,154			100
All other debt securities (4)			3,804			95						3,052			64

(1)99% were rated AA- and above at both September 30, 2024, and December 31, 2023.

(2)Includes federal agency mortgage-backed securities.

(3)100% were rated AA- and above at both September 30, 2024, and December 31, 2023.

(4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities.

DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status.

Debt securities that are past due and still accruing or in nonaccrual status were insignificant at both September 30, 2024, and December 31, 2023. Net charge-offs on debt securities were insignificant in the third quarter and first nine months of both 2024 and 2023.

68			Wells Fargo & Company

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Unrealized Losses of Available-for-Sale Debt Securities

Table 3.5 shows the gross unrealized losses and fair value of AFS debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recorded credit impairment are

categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis, net of the allowance for credit losses.

Table 3.5: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities

			Less than 12 months												12 months or more												Total
(in millions)			Gross unrealized losses (1)						Fair value						Gross unrealized losses (1)						Fair value						Gross unrealized losses (1)						Fair value
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	(5)					1,788						(921)						19,746						(926)						21,534
Securities of U.S. states and political subdivisions			(4)						348						(395)						7,526						(399)						7,874
Federal agency mortgage-backed securities			(36)						7,592						(3,435)						43,826						(3,471)						51,418
Non-agency mortgage-backed securities			—						—						(70)						1,881						(70)						1,881
Other debt securities			—						—						(3)						109						(3)						109
Total available-for-sale debt securities			$	(45)					9,728						(4,824)						73,088						(4,869)						82,816
December 31, 2023
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	(5)					942						(1,881)						43,722						(1,886)						44,664
Securities of U.S. states and political subdivisions			(12)						1,405						(612)						11,247						(624)						12,652
Federal agency mortgage-backed securities			(76)						7,149						(4,198)						41,986						(4,274)						49,135
Non-agency mortgage-backed securities			(1)						42						(143)						2,697						(144)						2,739
Collateralized loan obligations			—						—						(5)						979						(5)						979
Other debt securities			—						—						(16)						420						(16)						420
Total available-for-sale debt securities			$	(94)					9,538						(6,855)						101,051						(6,949)						110,589

(1)Gross unrealized losses exclude portfolio level basis adjustments.

We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. Credit impairment is recorded as an ACL for debt securities.

For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.

			Wells Fargo & Company			69

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Note 3:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Contractual Maturities

Table 3.6 and Table 3.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively.

Table 3.6: Contractual Maturities – Available-for-Sale Debt Securities

By remaining contractual maturity ($ in millions)			Total						Within one year						After one year through five years						After five years through ten years						After ten years
September 30, 2024
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net			$	29,873					5,627						22,535						234						1,477
Fair value			28,956						5,604						21,737						214						1,401
Weighted average yield			1.90		%				2.38						1.81						1.81						1.44
Securities of U.S. states and political subdivisions
Amortized cost, net			$	13,007					324						3,624						3,202						5,857
Fair value			12,652						323						3,596						2,988						5,745
Weighted average yield			3.22		%				3.45						3.51						2.85						3.23
Federal agency mortgage-backed securities
Amortized cost, net			$	122,203					20						35						662						121,486
Fair value			120,092						20						35						640						119,397
Weighted average yield			4.40		%				2.79						3.80						2.92						4.41
Non-agency mortgage-backed securities
Amortized cost, net			$	2,021					—						—						124						1,897
Fair value			1,952						—						—						107						1,845
Weighted average yield			4.83		%				—						—						5.48						4.78
Collateralized loan obligations
Amortized cost, net			$	1,722					—						—						894						828
Fair value			1,725						—						—						894						831
Weighted average yield			6.85		%				—						—						6.96						6.73
Other debt securities
Amortized cost, net			$	591					58						166						351						16
Fair value			627						58						173						373						23
Weighted average yield			5.40		%				3.15						6.68						5.34						1.62
Total available-for-sale debt securities
Amortized cost, net (1)			$	169,417					6,029						26,360						5,467						131,561
Fair value			166,004						6,005						25,541						5,216						129,242
Weighted average yield (2)			3.90		%				2.42						2.06						3.71						4.35

(1)Amortized cost, net excludes portfolio level basis adjustments of $58 million.

(2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

70			Wells Fargo & Company

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Table 3.7: Contractual Maturities – Held-to-Maturity Debt Securities

By remaining contractual maturity ($ in millions)			Total						Within one year						After one year through five years						After five years through ten years						After ten years
September 30, 2024
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net			$	3,793					—						—						—						3,793
Fair value			2,261						—						—						—						2,261
Weighted average yield			1.59		%				—						—						—						1.59
Securities of U.S. states and political subdivisions
Amortized cost, net			$	18,320					189						459						556						17,116
Fair value			15,509						187						448						544						14,330
Weighted average yield			2.37		%				1.18						2.19						2.85						2.38
Federal agency mortgage-backed securities
Amortized cost, net			$	197,723					—						—						—						197,723
Fair value			170,612						—						—						—						170,612
Weighted average yield			2.35		%				—						—						—						2.35
Non-agency mortgage-backed securities
Amortized cost, net			$	1,285					—						41						32						1,212
Fair value			1,257						—						47						33						1,177
Weighted average yield			3.38		%				—						5.57						4.37						3.27
Collateralized loan obligations
Amortized cost, net			$	20,303					—						102						15,824						4,377
Fair value			20,375						—						102						15,884						4,389
Weighted average yield			6.95		%				—						7.13						7.00						6.76
Other debt securities
Amortized cost, net			$	1,727					—						976						751						—
Fair value			1,702						—						953						749						—
Weighted average yield			4.70		%				—						4.75						4.63						—
Total held-to-maturity debt securities
Amortized cost, net			$	243,151					189						1,578						17,163						224,221
Fair value			211,716						187						1,550						17,210						192,769
Weighted average yield (1)			2.75		%				1.18						4.19						6.76						2.43

(1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

			Wells Fargo & Company			71

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Note 4:  Equity Securities

Table 4.1 provides a summary of our equity securities by business purpose and accounting method.

Table 4.1: Equity Securities

(in millions)			Sep 30, 2024						Dec 31, 2023
Equity securities held for trading at fair value (1)			$	20,351					18,449
Not held for trading:
Equity securities at fair value			2,010						1,392
Tax credit investments (2)			21,241						20,016
Private equity (3)			12,253						12,203
Federal Reserve Bank stock and other at cost (4)			3,916						5,276
Total equity securities not held for trading			39,420						38,887
Total equity securities			$	59,771					57,336

(1)Represents securities held as part of our customer accommodation trading activities. For additional information on these activities, see Note 2 (Trading Activities).

(2)Includes affordable housing investments of $12.4 billion and $12.9 billion at September 30, 2024, and December 31, 2023, respectively, and renewable energy investments of $8.5 billion and $6.8 billion at September 30, 2024, and December 31, 2023, respectively. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 13 (Securitizations and Variable Interest Entities) for information about tax credit investments.

(3)Includes equity securities accounted for under the measurement alternative of $9.1 billion at both September 30, 2024, and December 31, 2023, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method.

(4)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2024, and December 31, 2023, and $358 million and $1.7 billion of investments in Federal Home Loan Bank stock at September 30, 2024, and December 31, 2023, respectively.

Net Gains and Losses Not Held for Trading

Table 4.2 provides a summary of the net gains and losses from equity securities not held for trading, which excludes equity method adjustments for our share of the investee’s earnings or

losses that are recognized in other noninterest income. Gains and losses for securities held for trading are reported in net gains from trading and securities.

Table 4.2: Net Gains (Losses) from Equity Securities Not Held for Trading

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Net gains from equity securities carried at fair value			10						16						70						26
Net gains (losses) from equity securities not carried at fair value (1):
Impairment write-downs			(178)						(211)						(568)						(876)
Net unrealized gains (losses) (2)			(39)						46						290						185
Net realized gains			464						124						563						189
Total equity securities not carried at fair value			247						(41)						285						(502)
Total net gains (losses) from equity securities not held for trading			$	257					(25)						$	355					(476)

(1)Includes amounts related to venture capital and private equity investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet.

(2)Includes unrealized gains (losses) due to observable price changes from equity securities accounted for under the measurement alternative.

72			Wells Fargo & Company

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Measurement Alternative

Table 4.3 provides additional information about the impairment write-downs and observable price changes from nonmarketable

equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 4.2.

Table 4.3: Net Gains (Losses) from Measurement Alternative Equity Securities

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Net gains (losses) recognized in earnings during the period:
Gross unrealized gains from observable price changes			$	12					46						$	350					214
Gross unrealized losses from observable price changes			—						—						(9)						(29)
Impairment write-downs			(104)						(209)						(424)						(863)
Net realized gains from sale			31						—						96						36
Total net gains (losses) recognized during the period			$	(61)					$	(163)					$	13					(642)

Table 4.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented.

Table 4.4: Measurement Alternative Cumulative Gains (Losses)

(in millions)			Sep 30, 2024						Dec 31, 2023
Cumulative gains (losses):
Gross unrealized gains from observable price changes			$	7,494					7,614
Gross unrealized losses from observable price changes			(53)						(44)
Impairment write-downs			(3,772)						(3,772)

			Wells Fargo & Company			73

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Note 5:  Loans and Related Allowance for Credit Losses

Table 5.1 presents total loans outstanding by portfolio segment and class of financing receivable. Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased loans. These amounts were less than 1% of our total loans outstanding at both September 30, 2024, and December 31, 2023.

Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans.

See Note 7 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first nine months of 2024, we reversed accrued interest receivable of $33 million for our commercial portfolio segment and $300 million for our consumer portfolio segment, compared with $31 million and $188 million, respectively, for the same period a year ago.

Table 5.1: Loans Outstanding

(in millions)			Sep 30, 2024						Dec 31, 2023
Commercial and industrial			$	372,750					380,388
Commercial real estate			141,410						150,616
Lease financing			16,482						16,423
Total commercial			530,642						547,427
Residential mortgage			252,676						260,724
Credit card			55,046						52,230
Auto			42,815						47,762
Other consumer (1)			28,532						28,539
Total consumer			379,069						389,255
Total loans			$	909,711					936,682

(1)Includes $20.3 billion and $18.3 billion at September 30, 2024, and December 31, 2023, respectively, of securities-based loans originated by the Wealth and Investment Management (WIM) operating segment.

Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 5.2 presents

total non-U.S. commercial loans outstanding by class of financing receivable.

Table 5.2: Non-U.S. Commercial Loans Outstanding

(in millions)			Sep 30, 2024						Dec 31, 2023
Commercial and industrial			$	63,334					72,215
Commercial real estate			6,018						6,916
Lease financing			644						697
Total non-U.S. commercial loans			$	69,996					79,828

Loan Purchases, Sales, and Transfers

Table 5.3 presents the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale. The table excludes loans for

which we have elected the fair value option and government insured/guaranteed loans because their loan activity normally does not impact the ACL.

Table 5.3: Loan Purchases, Sales, and Transfers

			2024																		2023
(in millions)			Commercial						Consumer						Total						Commercial						Consumer						Total
Quarter ended September 30,
Purchases			$	101					1						102						456						2						458
Sales and net transfers (to)/from LHFS			(644)						2						(642)						(711)						—						(711)
Nine months ended September 30,
Purchases			$	399					3						402						1,067						306						1,373
Sales and net transfers (to)/from LHFS			(1,542)						(66)						(1,608)						(2,394)						(100)						(2,494)

74			Wells Fargo & Company

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Unfunded Credit Commitments

Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. Our commercial lending commitments include, but are not limited to, (i) commitments for working capital and general corporate purposes, (ii) financing to customers who warehouse financial assets secured by real estate, consumer, or corporate loans, (iii) financing that is expected to be syndicated or replaced with other forms of long-term financing, and (iv) commercial real estate lending. We also originate multipurpose lending commitments under which commercial customers have the option to draw on the facility in one of several forms, including the issuance of letters of credit, which reduces the unfunded commitment amounts of the facility.

The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. We may reduce or cancel lines of credit in accordance with the contracts and applicable law. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. We do not recognize an ACL for commitments that are unconditionally cancellable at our discretion.

We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At September 30, 2024, and December 31, 2023, we had $1.3 billion and $1.1 billion, respectively, of outstanding issued commercial letters of credit. See Note 14 (Guarantees and Other Commitments) for additional information on issued standby letters of credit.

We may be a fronting bank, whereby we act as a representative for other lenders, and advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss.

The contractual amount of our unfunded credit commitments, including unissued letters of credit, is summarized in Table 5.4. The table is presented net of commitments syndicated to others, including the fronting arrangements described above, and excludes issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

Table 5.4: Unfunded Credit Commitments

(in millions)			Sep 30, 2024						Dec 31, 2023
Commercial and industrial			$	390,539					388,043
Commercial real estate			14,200						20,851
Total commercial			404,739						408,894
Residential mortgage (1)			26,053						29,754
Credit card			162,975						156,012
Other consumer			8,211						8,847
Total consumer			197,239						194,613
Total unfunded credit commitments			$	601,978					603,507

(1)Includes lines of credit totaling $24.2 billion and $28.6 billion as of September 30, 2024, and December 31, 2023, respectively.

			Wells Fargo & Company			75

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Note 5: Loans and Related Allowance for Credit Losses (continued)

Allowance for Credit Losses

Table 5.5 presents the ACL for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans decreased $349 million from

December 31, 2023, reflecting decreases for auto loans, commercial real estate loans, and residential mortgage loans, partially offset by increases for credit card loans.

Table 5.5: Allowance for Credit Losses for Loans

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Balance, beginning of period			$	14,789					14,786						$	15,088					13,609
Cumulative effect from change in accounting policy (1)			—						—						—						(429)
Balance, beginning of period, adjusted			14,789						14,786						15,088						13,180
Provision for credit losses			1,059						1,143						3,214						4,111
Loan charge-offs:
Commercial and industrial			(161)						(126)						(562)						(374)
Commercial real estate			(188)						(96)						(659)						(204)
Lease financing			(14)						(8)						(38)						(21)
Total commercial			(363)						(230)						(1,259)						(599)
Residential mortgage			(14)						(37)						(50)						(97)
Credit card			(700)						(503)						(2,109)						(1,407)
Auto			(158)						(223)						(505)						(623)
Other consumer			(144)						(124)						(431)						(339)
Total consumer			(1,016)						(887)						(3,095)						(2,466)
Total loan charge-offs			(1,379)						(1,117)						(4,354)						(3,065)
Loan recoveries:
Commercial and industrial			32						33						97						119
Commercial real estate			4						3						17						15
Lease financing			4						6						13						14
Total commercial			40						42						127						148
Residential mortgage			37						41						105						124
Credit card			99						83						282						247
Auto			75						85						231						275
Other consumer			17						16						48						53
Total consumer			228						225						666						699
Total loan recoveries			268						267						793						847
Net loan charge-offs			(1,111)						(850)						(3,561)						(2,218)
Other			2						(15)						(2)						(9)
Balance, end of period			$	14,739					15,064						$	14,739					15,064
Components:
Allowance for loan losses			$	14,330					14,554						$	14,330					14,554
Allowance for unfunded credit commitments			409						510						409						510
Allowance for credit losses			$	14,739					15,064						$	14,739					15,064
Net loan charge-offs (annualized) as a percentage of average total loans			0.49		%				0.36						0.52		%				0.31
Allowance for loan losses as a percentage of total loans			1.58						1.54						1.58						1.54
Allowance for credit losses for loans as a percentage of total loans			1.62						1.60						1.62						1.60

(1)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.

76			Wells Fargo & Company

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Table 5.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments. 

Table 5.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment

			2024																		2023
(in millions)			Commercial						Consumer						Total						Commercial						Consumer						Total
Quarter ended September 30,
Balance, beginning of period			$	8,236					6,553						14,789						8,081						6,705						14,786
Provision for credit losses			178						881						1,059						433						710						1,143
Loan charge-offs			(363)						(1,016)						(1,379)						(230)						(887)						(1,117)
Loan recoveries			40						228						268						42						225						267
Net loan charge-offs			(323)						(788)						(1,111)						(188)						(662)						(850)
Other			1						1						2						(16)						1						(15)
Balance, end of period			$	8,092					6,647						14,739						8,310						6,754						15,064
Nine months ended September 30,
Balance, beginning of period			$	8,412					6,676						15,088						6,956						6,653						13,609
Cumulative effect from change in accounting policy (1)			—						—						—						27						(456)						(429)
Balance, beginning of period, adjusted			8,412						6,676						15,088						6,983						6,197						13,180
Provision for credit losses			815						2,399						3,214						1,793						2,318						4,111
Loan charge-offs			(1,259)						(3,095)						(4,354)						(599)						(2,466)						(3,065)
Loan recoveries			127						666						793						148						699						847
Net loan charge-offs			(1,132)						(2,429)						(3,561)						(451)						(1,767)						(2,218)
Other			(3)						1						(2)						(15)						6						(9)
Balance, end of period			$	8,092					6,647						14,739						8,310						6,754						15,064

(1)Represents the change in our allowance for credit losses for loans as a result of our adoption of ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2023 Form 10-K.

Credit Quality

We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for loans. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date.

COMMERCIAL CREDIT QUALITY INDICATORS We manage a consistent process for assessing commercial loan credit quality. Commercial loans are generally subject to individual risk assessment using our internal borrower and collateral quality ratings, which is our primary credit quality indicator. Our ratings are aligned to regulatory definitions of pass and criticized categories with the criticized segmented among special mention, substandard, doubtful, and loss categories.

Table 5.7 provides the outstanding balances of our commercial loan portfolio by risk category and credit quality information by origination year for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty. At September 30, 2024, we had $493.0 billion and $37.6 billion of pass and criticized commercial loans, respectively. Gross charge-offs by loan class are included in the following table for the nine months ended September 30, 2024, and year ended December 31, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.

			Wells Fargo & Company			77

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Note 5: Loans and Related Allowance for Credit Losses (continued)

Table 5.7: Commercial Loan Categories by Risk Categories and Vintage

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2024						2023						2022						2021						2020						Prior
September 30, 2024
Commercial and industrial
Pass			$	32,728					25,799						27,504						16,172						5,211						12,692						235,017						1,099						356,222
Criticized			616						1,080						1,752						971						99						888						11,122						—						16,528
Total commercial and industrial			33,344						26,879						29,256						17,143						5,310						13,580						246,139						1,099						372,750
Gross charge-offs (1)			32						102						22						27						7						7						365						—						562
Commercial real estate
Pass			15,847						13,221						26,928						24,326						8,989						25,962						6,235						169						121,677
Criticized			1,834						2,389						5,698						4,917						1,408						3,192						295						—						19,733
Total commercial real estate			17,681						15,610						32,626						29,243						10,397						29,154						6,530						169						141,410
Gross charge-offs			7						61						63						78						129						321						—						—						659
Lease financing
Pass			2,769						5,262						3,038						1,689						681						1,707						—						—						15,146
Criticized			314						429						285						128						82						98						—						—						1,336
Total lease financing			3,083						5,691						3,323						1,817						763						1,805						—						—						16,482
Gross charge-offs			2						11						10						8						5						2						—						—						38
Total commercial loans			$	54,108					48,180						65,205						48,203						16,470						44,539						252,669						1,268						530,642
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
			2023						2022						2021						2020						2019						Prior
December 31, 2023
Commercial and industrial
Pass			$	40,966					38,756						21,702						7,252						10,024						8,342						239,456						348						366,846
Criticized			892						1,594						1,237						160						204						480						8,975						—						13,542
Total commercial and industrial			41,858						40,350						22,939						7,412						10,228						8,822						248,431						348						380,388
Gross charge-offs (1)			102						22						53						11						8						7						307						—						510
Commercial real estate
Pass			18,181						33,557						30,629						12,001						11,532						19,686						6,537						163						132,286
Criticized			2,572						4,091						4,597						1,822						2,748						2,141						359						—						18,330
Total commercial real estate			20,753						37,648						35,226						13,823						14,280						21,827						6,896						163						150,616
Gross charge-offs			20						107						32						134						197						103						—						—						593
Lease financing
Pass			5,593						3,846						2,400						1,182						798						1,518						—						—						15,337
Criticized			345						292						182						98						84						85						—						—						1,086
Total lease financing			5,938						4,138						2,582						1,280						882						1,603						—						—						16,423
Gross charge-offs			3						8						8						5						4						3						—						—						31
Total commercial loans			$	68,549					82,136						60,747						22,515						25,390						32,252						255,327						511						547,427

(1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.

78			Wells Fargo & Company

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Table 5.8 provides days past due (DPD) information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans.

Table 5.8: Commercial Loan Categories by Delinquency Status

			Still accruing																		Nonaccrual loans						Total commercial loans
(in millions)			Current-29 DPD						30-89 DPD						90+ DPD
September 30, 2024
Commercial and industrial			$	370,641					1,097						269						743						372,750
Commercial real estate			136,362						671						262						4,115						141,410
Lease financing			16,184						204						—						94						16,482
Total commercial loans			$	523,187					1,972						531						4,952						530,642
December 31, 2023
Commercial and industrial			$	379,099					584						43						662						380,388
Commercial real estate			145,721						562						145						4,188						150,616
Lease financing			16,177						182						—						64						16,423
Total commercial loans			$	540,997					1,328						188						4,914						547,427

CONSUMER CREDIT QUALITY INDICATORS  We have various classes of consumer loans that present unique credit risks. Loan delinquency, Fair Isaac Corporation (FICO) credit scores and loan-to-value (LTV) for residential mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the ACL for the consumer loan portfolio segment.

Many of our loss estimation techniques used for the ACL for loans rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality in the establishment of our ACL for consumer loans.

We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). FICO scores are not available for certain loan types or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes.

LTV is the ratio of the outstanding loan balance divided by the property collateral value. For junior lien mortgages, we use the total combined loan balance of first and junior lien mortgages (including unused line of credit amounts). We obtain LTVs using a cascade approach which first uses values provided by automated valuation models (AVMs) for the property. If an AVM is not available, then the value is estimated using the original appraised value adjusted by the change in Home Price Index (HPI) for the property location. If an HPI is not available, the original appraised value is used. The HPI value is normally the only method considered for high value properties, generally with an original value of $1.5 million or more, as the AVM values have proven less accurate for these properties. Generally, we update LTVs on a quarterly basis. Certain loans do not have an LTV due to a lack of industry data availability and portfolios acquired from or serviced by other institutions.

Gross charge-offs by loan class are included in the following tables for the nine months ended September 30, 2024, and year ended December 31, 2023, which we monitor as part of our credit risk management practices; however, charge-offs are not a primary credit quality indicator for our loan portfolio.

Credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty.

Table 5.9 provides the outstanding balances of our residential mortgage loans by our primary credit quality indicators.

			Wells Fargo & Company			79

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Note 5: Loans and Related Allowance for Credit Losses (continued)

Table 5.9: Credit Quality Indicators for Residential Mortgage Loans by Vintage

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans
(in millions)			2024						2023						2022						2021						2020						Prior																		Total
September 30, 2024
By delinquency status:
Current-29 DPD			$	7,971					12,137						44,104						60,003						33,485						73,376						6,350						6,417						243,843
30-89 DPD			2						11						84						59						36						710						32						138						1,072
90+ DPD			—						3						27						19						10						372						19						175						625
Government insured/guaranteed loans (1)			1						9						15						38						94						6,979						—						—						7,136
Total			$	7,974					12,160						44,230						60,119						33,625						81,437						6,401						6,730						252,676
By updated FICO:
740+			$	7,433					11,393						40,928						56,552						31,668						63,638						5,010						3,946						220,568
700-739			360						499						2,127						2,323						1,187						4,729						698						913						12,836
660-699			75						166						737						782						412						2,315						321						551						5,359
620-659			15						50						199						176						102						990						122						286						1,940
<620			8						12						139						136						57						1,288						149						457						2,246
No FICO available			82						31						85						112						105						1,498						101						577						2,591
Government insured/guaranteed loans (1)			1						9						15						38						94						6,979						—						—						7,136
Total			$	7,974					12,160						44,230						60,119						33,625						81,437						6,401						6,730						252,676
By updated LTV:
0-80%			$	7,830					11,627						41,344						59,390						33,303						73,997						6,324						6,622						240,437
80.01-100%			62						464						2,715						608						147						270						54						69						4,389
>100% (2)			7						34						110						41						24						39						12						15						282
No LTV available			74						26						46						42						57						152						11						24						432
Government insured/guaranteed loans (1)			1						9						15						38						94						6,979						—						—						7,136
Total			$	7,974					12,160						44,230						60,119						33,625						81,437						6,401						6,730						252,676
Gross charge-offs			$	—					—						—						1						—						22						1						26						50
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2023						2022						2021						2020						2019						Prior
December 31, 2023
By delinquency status:
Current-29 DPD			$	13,192					46,065						62,529						35,124						19,364						60,391						8,044						6,735						251,444
30-89 DPD			6						70						58						28						30						724						41						151						1,108
90+ DPD			—						18						12						8						14						327						24						201						604
Government insured/guaranteed loans (1)			5						15						39						97						112						7,300						—						—						7,568
Total			$	13,203					46,168						62,638						35,257						19,520						68,742						8,109						7,087						260,724
By updated FICO:
740+			$	12,243					42,550						58,827						33,232						18,000						50,938						6,291						4,092						226,173
700-739			679						2,324						2,510						1,219						888						4,478						883						979						13,960
660-699			185						843						861						422						310						2,261						417						601						5,900
620-659			45						227						179						110						66						978						150						322						2,077
<620			11						122						100						64						46						1,245						174						464						2,226
No FICO available			35						87						122						113						98						1,542						194						629						2,820
Government insured/guaranteed loans (1)			5						15						39						97						112						7,300						—						—						7,568
Total			$	13,203					46,168						62,638						35,257						19,520						68,742						8,109						7,087						260,724
By updated LTV:
0-80%			$	12,434					39,624						61,421						34,833						19,123						61,043						7,903						6,923						243,304
80.01-100%			687						6,286						1,065						232						203						207						103						114						8,897
>100% (2)			51						193						57						33						31						38						21						24						448
No LTV available			26						50						56						62						51						154						82						26						507
Government insured/guaranteed loans (1)			5						15						39						97						112						7,300						—						—						7,568
Total			$	13,203					46,168						62,638						35,257						19,520						68,742						8,109						7,087						260,724
Gross charge-offs			$	—					1						—						—						2						63						4						66						136

(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Loans insured/guaranteed by U.S. government agencies and 90+ DPD totaled $2.7 billion and $2.6 billion at September 30, 2024, and December 31, 2023, respectively.

(2)Reflects total loan balances with LTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV.

80			Wells Fargo & Company

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Table 5.10 provides the outstanding balances of our credit card loan portfolio by primary credit quality indicators.

The revolving loans converted to term loans in the credit

card loan category represent credit card loans with modified terms that require payment over a specific term.

Table 5.10: Credit Quality Indicators for Credit Card Loans

						September 30, 2024																		December 31, 2023
						Revolving loans						Revolving loans converted to term loans												Revolving loans						Revolving loans converted to term loans
(in millions)																		Total																		Total
By delinquency status:
Current-29 DPD						$	53,002					494						53,496						50,428						350						50,778
30-89 DPD						700						65						765						660						49						709
90+ DPD						750						35						785						717						26						743
Total						$	54,452					594						55,046						51,805						425						52,230
By updated FICO:
740+						$	20,971					27						20,998						19,153						21						19,174
700-739						12,201						69						12,270						11,727						51						11,778
660-699						10,873						121						10,994						10,592						84						10,676
620-659						5,266						108						5,374						5,273						76						5,349
<620						5,018						267						5,285						4,861						192						5,053
No FICO available						123						2						125						199						1						200
Total						$	54,452					594						55,046						51,805						425						52,230
Gross charge-offs						$	1,986					123						2,109						1,909						100						2,009

			Wells Fargo & Company			81

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Note 5: Loans and Related Allowance for Credit Losses (continued)

Table 5.11 provides the outstanding balances of our Auto loan portfolio by primary credit quality indicators.

Table 5.11: Credit Quality Indicators for Auto Loans by Vintage

			Term loans by origination year
(in millions)			2024						2023						2022						2021						2020						Prior												Total
September 30, 2024
By delinquency status:
Current-29 DPD			$	10,104					10,233						9,491						8,389						2,543						1,018																		41,778
30-89 DPD			18						60						279						402						129						69																		957
90+ DPD			1						5						27						33						9						5																		80
Total			$	10,123					10,298						9,797						8,824						2,681						1,092																		42,815
By updated FICO:
740+			$	6,457					6,905						4,885						3,721						1,057						393																		23,418
700-739			1,877						1,496						1,375						1,205						390						153																		6,496
660-699			1,211						986						1,171						1,096						349						140																		4,953
620-659			395						450						775						781						244						101																		2,746
<620			179						456						1,567						1,984						622						294																		5,102
No FICO available			4						5						24						37						19						11																		100
Total			$	10,123					10,298						9,797						8,824						2,681						1,092																		42,815
Gross charge-offs			$	4					35						190						213						44						19																		505
			Term loans by origination year
(in millions)			2023						2022						2021						2020						2019						Prior												Total
December 31, 2023
By delinquency status:
Current-29 DPD			$	14,022					13,052						12,376						4,335						2,161						448																		46,394
30-89 DPD			43						328						545						195						106						40																		1,257
90+ DPD			4						34						49						14						7						3																		111
Total			$	14,069					13,414						12,970						4,544						2,274						491																		47,762
By updated FICO:
740+			$	9,460					6,637						5,487						1,853						963						176																		24,576
700-739			2,232						1,969						1,861						701						347						68																		7,178
660-699			1,405						1,745						1,729						623						295						61																		5,858
620-659			572						1,162						1,228						425						195						46																		3,628
<620			388						1,876						2,621						915						452						130																		6,382
No FICO available			12						25						44						27						22						10																		140
Total			$	14,069					13,414						12,970						4,544						2,274						491																		47,762
Gross charge-offs			$	15					265						392						99						52						9																		832

82			Wells Fargo & Company

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Table 5.12 provides the outstanding balances of our Other consumer loans portfolio by primary credit quality indicators.

Table 5.12: Credit Quality Indicators for Other Consumer Loans by Vintage

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans
(in millions)			2024						2023						2022						2021						2020						Prior																		Total
September 30, 2024
By delinquency status:
Current-29 DPD			$	1,522					2,129						1,354						337						93						70						22,782						114						28,401
30-89 DPD			3						24						23						4						1						2						23						4						84
90+ DPD			1						10						8						2						—						1						13						12						47
Total			$	1,526					2,163						1,385						343						94						73						22,818						130						28,532
By updated FICO:
740+			$	1,141					1,066						554						144						59						32						978						41						4,015
700-739			211						431						249						61						14						12						424						18						1,420
660-699			77						330						230						52						8						9						346						17						1,069
620-659			14						119						105						25						3						6						126						11						409
<620			7						112						119						39						4						7						142						18						448
No FICO available (1)			76						105						128						22						6						7						20,802						25						21,171
Total			$	1,526					2,163						1,385						343						94						73						22,818						130						28,532
Gross charge-offs (2)			$	100					133						104						27						4						4						51						8						431
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2023						2022						2021						2020						2019						Prior
December 31, 2023
By delinquency status:
Current-29 DPD			$	3,273					2,132						571						167						93						61						21,988						106						28,391
30-89 DPD			24						32						9						1						1						2						17						6						92
90+ DPD			9						14						3						1						—						1						15						13						56
Total			$	3,306					2,178						583						169						94						64						22,020						125						28,539
By updated FICO:
740+			$	1,911					926						265						85						36						28						1,152						27						4,430
700-739			642						409						107						27						14						10						507						16						1,732
660-699			403						365						93						16						11						8						395						16						1,307
620-659			129						166						45						6						6						5						147						11						515
<620			75						152						49						8						8						6						152						17						467
No FICO available (1)			146						160						24						27						19						7						19,667						38						20,088
Total			$	3,306					2,178						583						169						94						64						22,020						125						28,539
Gross charge-offs (2)			$	178					158						52						9						9						6						62						11						485

(1)Substantially all loans are revolving securities-based loans originated by the WIM operating segment and therefore do not require a FICO score.

(2)Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.

			Wells Fargo & Company			83

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Note 5: Loans and Related Allowance for Credit Losses (continued)

NONACCRUAL LOANS Table 5.13 provides loans on nonaccrual status. Nonaccrual loans may have an ACL or a negative allowance for credit losses from expected recoveries of amounts previously written off.

Table 5.13: Nonaccrual Loans

			Outstanding balance																								Recognized interest income
			Nonaccrual loans												Nonaccrual loans without related allowance for credit losses (1)												Nine months ended September 30,
(in millions)			Sep 30, 2024						Dec 31, 2023						Sep 30, 2024						Dec 31, 2023						2024						2023
Commercial and industrial			$	743					662						58						149						14						14
Commercial real estate			4,115						4,188						110						107						14						22
Lease financing			94						64						15						10						—						—
Total commercial			4,952						4,914						183						266						28						36
Residential mortgage			3,086						3,192						1,965						2,047						136						146
Auto			99						115						—						—						11						15
Other consumer			35						35						—						—						3						3
Total consumer			3,220						3,342						1,965						2,047						150						164
Total nonaccrual loans			$	8,172					8,256						2,148						2,313						178						200

(1)Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given the related collateral value.

LOANS IN PROCESS OF FORECLOSURE Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $693 million and $837 million at September 30, 2024, and December 31, 2023, respectively, which included $537 million and $660 million, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on residential mortgage loans until after the loan is 120 days delinquent. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state’s courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law.

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING  Certain loans 90 days or more past due are still accruing, because they are (1) well-secured and in the process of collection or (2) residential mortgage or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due.

Table 5.14 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed.

Table 5.14: Loans 90 Days or More Past Due and Still Accruing

(in millions)			Sep 30, 2024						Dec 31, 2023
Total:			$	4,139					3,751
Less: government insured/guaranteed loans (1)			2,689						2,646
Total, not government insured/guaranteed			$	1,450					1,105
By segment and class, not government insured/guaranteed:
Commercial and industrial			$	269					43
Commercial real estate			262						145
Total commercial			531						188
Residential mortgage			28						31
Credit card			785						743
Auto			71						101
Other consumer			35						42
Total consumer			919						917
Total, not government insured/guaranteed			$	1,450					1,105

(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.

84			Wells Fargo & Company

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爲遇到經濟困難的借款人修改貸款我們可能會同意修改向遇到財務困難的借款人提供貸款的合同條款。

由於我們採用了ASU 2022-02，金融工具-信貸損失(主題326)，因此增加了以下前瞻性披露：問題債務重組和Vintage披露，2023年1月1日。該等披露提供有關貸款修改的資料，包括本金寬免、利率下調、非重大(例如超過三個月)的付款延遲、期限延長或這些修改的組合，以及這些修改的財務影響，以及修改後十二個月的貸款表現。

在此期間修改並被還清或註銷的貸款不包括在以下披露中。這些披露不包括破產法院作爲唯一特許權解除的貸款，這些特許權對2024年第三季度和2023年前9個月都是微不足道的。

有關我們爲遇到財務困難的借款人修改貸款的更多信息，請參閱我們2023年10-k表格中的附註5(貸款和相關信貸損失撥備)。

表5.15列出了修改後的商業貸款的未償還餘額以及這些修改所產生的相關財務影響。

表5.15： 商業貸款修改和財務影響

			截至9月30日的季度，												截至9月30日的九個月裏，
（百萬美元）			2024						2023						2024						2023
商業和工業改造：
Term擴展			$	347					187						653						280
所有其他修改和組合			59						106						148						135
商業和工業改造總數			$	406					293						801						415
商業和工業改造總額佔貸款類別的百分比			0.11		%				0.08						0.21						0.11
財務影響：
加權平均利率下調（1）			15.74		%				15.28						18.81						14.49
加權平均延期付款（月）			11						6						9						5
加權平均期限延長（月）			32						13						21						13
商業地產改造：
Term擴展			$	1,231					335						1,637						442
所有其他修改和組合			135						—						179						10
商業房地產改造總額			$	1,366					335						1,816						452
商業房地產改造總額佔貸款類別的百分比			0.97		%				0.22						1.28						0.30
財務影響：
加權平均利率下調			0.30		%				1.95						0.48						3.54
加權平均延期付款（月）			27						6						28						13
加權平均期限延長（月）			19						23						24						21

(1)包括針對小企業信用卡客戶的修改。

			富國銀行公司			85

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注5： 貸款和相關信用損失津貼 （續）

截至2024年9月30日，在過去12個月內接受修改並隨後在2024年第三季度和前9個月違約的商業貸款微不足道。2023年第三季度和前9個月接受修改並隨後在同期違約的商業貸款微不足道。

表5.16提供了過去12個月內接受修改的商業貸款截至2024年9月30日的逾期信息以及逾期信息

2023年9月30日，適用於2023年前9個月接受修改的商業貸款。對於包括延期付款的貸款修改，在貸款退出延期期並恢復付款之前，付款績效不會包含在下表中。該表還包括2024年和2023年第三季度和前9個月因這些修改發生的毛沖銷金額。

表5.16： 商業貸款修改的支付績效

			按犯罪狀況分類																								毛額沖銷
(in數百萬）			當前-29 DPD						30-89 DPD						90+ DPD						總						節結束						止九個月
2024年9月30日
商業和工業			$	789					29						10						828						11						106
商業地產			1,885						27						127						2,039						—						—
總商業			$	2,674					56						137						2,867						11						106
2023年9月30日
商業和工業			$	275					27						2						304						27						42
商業地產			449						2						—						451						—						—
總商業			$	724					29						2						755						27						42

Table 5.17 presents the outstanding balance of modified consumer loans and the related financial effects of these modifications. Modified loans within the Auto and Other consumer loan classes were insignificant for the third quarter and first nine months of both 2024 and 2023, and accordingly, are excluded from the following tables and disclosures.

Loans in a trial payment period are not included in the following loan modification disclosures until the borrower has successfully completed the trial period and the loan modification is formally executed. Residential mortgage loans in a trial payment period totaled $113 million and $115 million at September 30, 2024 and 2023, respectively.

Table 5.17: Consumer Loan Modifications and Financial Effects

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2024						2023						2024						2023
Residential mortgage modifications (1):
Payment delay			$	97					27						290						433
Term extension			11						15						30						55
Term extension and payment delay			22						22						74						73
Interest rate reduction, and term extension, and payment delay			12						18						36						68
All other modifications and combinations			9						15						30						49
Total residential mortgage modifications			$	151					97						460						678
Total residential mortgage modifications as a % of loan class			0.06		%				0.04						0.18						0.26
Financial effects:
Weighted average interest rate reduction			1.77		%				1.68						1.80						1.60
Weighted average payments deferred (months) (2)			6						6						6						4
Weighted average term extension (years)			10.7						9.4						10.8						9.7
Credit card modifications:
Interest rate reduction			$	289					151						576						348
Total credit card modifications			$	289					151						576						348
Total credit card modifications as a % of loan class			0.53		%				0.30						1.05						0.70
Financial effects:
Weighted average interest rate reduction			22.25		%				21.79						22.14						21.41

(1)Payment delay modifications include loan modifications that defer a set amount of principal to the end of the loan term. The outstanding balance of loans with principal deferred to the end of the loan term was $87 million and $49 million in third quarter 2024 and 2023, respectively, and $284 million and $174 million for the first nine months of 2024 and 2023, respectively.

(2)Excludes the financial effects of loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 24.8 years and 27.3 years in third quarter 2024 and 2023, respectively, and 24.9 years and 27.0 years for the first nine months of 2024 and 2023, respectively.

86			Wells Fargo & Company

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Consumer loans that received a modification within the past 12 months as of September 30, 2024, and subsequently defaulted in the third quarter and first nine months of 2024, totaled $96 million and $171 million, respectively. Consumer loans that received a modification in the third quarter and first nine months of 2023, and subsequently defaulted in the same period totaled $130 million and $251 million, respectively, and primarily related to payment delay modifications in the residential mortgage loan portfolio.

Table 5.18 provides past due information as of September 30, 2024, for consumer loans that received a modification in the past 12 months and past due information as of September 30, 2023, for consumer loans that received a modification in the first nine months of 2023. The table also includes the amount of gross charge-offs that occurred on these modifications during the third quarter and first nine months of both 2024 and 2023.

Table 5.18: Payment Performance of Consumer Loan Modifications

			By delinquency status																								Gross charge-offs
(in millions)			Current-29 DPD						30-89 DPD						90+ DPD						Total						Quarter ended						Nine months ended
September 30, 2024
Residential mortgage (1)			$	411					127						98						636						—						5
Credit card (2)			567						109						74						750						57						140
Total consumer			$	978					236						172						1,386						57						145
September 30, 2023
Residential mortgage (1)			$	377					80						191						648						1						7
Credit card (2)			261						52						35						348						25						45
Total consumer			$	638					132						226						996						26						52

(1)Loan modifications in an active payment deferral are excluded. Includes loans where delinquency status was not reset to current upon exit from the deferral period.

(2)Credit card loans that are past due at the time of the modification do not become current until they have three consecutive months of payment performance.

Commitments to lend additional funds on commercial loans modified during the first nine months of 2024 and 2023, were $317 million and $167 million, respectively, substantially all of which were in the commercial and industrial portfolio.

Commitments to lend additional funds on consumer loans modified during the first nine months of both 2024 and 2023, were insignificant.

			Wells Fargo & Company			87

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Note 6:  Mortgage Banking Activities

Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing.

We apply the fair value method to residential mortgage

servicing rights (MSRs) and apply the amortization method to

commercial MSRs. Table 6.1 presents MSRs, including the changes in MSRs measured using the fair value method and the amortization method.

Table 6.1: Mortgage Servicing Rights

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Residential MSRs at fair value, beginning of period			$	7,061					8,251						$	7,468					9,310
Originations/purchases			22						36						61						131
Sales and other			(10)						(51)						(307)						(650)
Net additions			12						(15)						(246)						(519)
Changes in fair value:
Due to valuation inputs or assumptions:
Market interest rates (1)			(296)						562						71						699
Servicing and foreclosure costs			(22)						(11)						(51)						(9)
Discount rates			—						(20)						(53)						(45)
Prepayment estimates and other (2)			24						(20)						50						(43)
Net changes in valuation inputs or assumptions			(294)						511						17						602
Changes due to collection/realization of expected cash flows (3)			(235)						(290)						(695)						(936)
Total changes in fair value			(529)						221						(678)						(334)
Residential MSRs at fair value, end of period			6,544						8,457						6,544						8,457
Commercial MSRs at amortized cost, end of period (4)			949						1,069						949						1,069
Total MSRs			$	7,493					9,526						$	7,493					9,526

(1)Includes prepayment rate changes due to changes in market interest rates. Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates.

(2)Represents other changes in valuation model inputs or assumptions, including prepayment rate estimation changes that are independent of mortgage interest rate changes.

(3)Represents the reduction in the residential MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.

(4)The estimated fair value of commercial MSRs was $1.4 billion and $1.9 billion, at September 30, 2024 and 2023, respectively.

Table 6.2 provides key weighted-average assumptions used in the valuation of residential MSRs and sensitivity of the current fair value of residential MSRs to immediate adverse changes in

those assumptions. See Note 12 (Fair Values of Assets and Liabilities) for additional information on key assumptions for residential MSRs.

Table 6.2: Assumptions and Sensitivity of Residential MSRs

($ in millions, except cost to service amounts)			Sep 30, 2024						Dec 31, 2023
Fair value of interests held			$	6,544					7,468
Expected weighted-average life (in years)			6.3						6.3
Key assumptions:
Prepayment rate assumption (1)			8.5		%				8.9
Impact on fair value from 10% adverse change			$	(196)					(224)
Impact on fair value from 25% adverse change			(472)						(538)
Discount rate assumption			9.6		%				9.4
Impact on fair value from 100 basis point increase			$	(259)					(294)
Impact on fair value from 200 basis point increase			(498)						(565)
Cost to service assumption ($ per loan)			104						105
Impact on fair value from 10% adverse change			(138)						(148)
Impact on fair value from 25% adverse change			(345)						(369)

(1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

The sensitivities in the preceding table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently without changing any other assumptions. In reality, changes in one factor may

result in changes in others, which might magnify or counteract the sensitivities.

88			Wells Fargo & Company

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We present information for our managed servicing portfolio in Table 6.3 using unpaid principal balance for loans serviced and subserviced for others and carrying value for owned loans serviced.

As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors and are generally reimbursed within a short timeframe from cash flows from the trust, government-

sponsored enterprise (GSEs), insurer, or borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements. We also advance payments of taxes and insurance for our owned loans which are collectible from the borrower. Servicing advances on owned loans are written-off when deemed uncollectible.

Table 6.3: Managed Servicing Portfolio

			Sep 30, 2024												Dec 31, 2023
($ in billions, unless otherwise noted)			Residential mortgages						Commercial mortgages						Residential mortgages						Commercial mortgages
Serviced and subserviced for others			$	500					539						560						548
Owned loans serviced			254						120						262						128
Total managed servicing portfolio			754						659						822						676
Total serviced for others, excluding subserviced for others			499						530						560						539
MSRs as a percentage of loans serviced for others			1.31		%				0.18						1.33						0.19
Weighted average note rate (mortgage loans serviced for others)			3.76						5.22						3.76						5.27
Servicer advances, net of an allowance for uncollectible amounts ($ in millions)			$	802					1,159						1,103						1,031

Table 6.4 presents the components of mortgage banking noninterest income.

Table 6.4: Mortgage Banking Noninterest Income

						Quarter ended September 30,												Nine months ended September 30,
(in millions)						2024						2023						2024						2023
Contractually specified servicing fees, late charges and ancillary fees						$	462					521						$	1,398					1,635
Unreimbursed servicing costs (1)						(31)						(34)						(90)						(112)
Amortization for commercial MSRs (2)						(58)						(59)						(173)						(182)
Changes due to collection/realization of expected cash flows (3)			(A)			(235)						(290)						(695)						(936)
Net servicing fees						138						138						440						405
Changes in fair value of MSRs due to valuation inputs or assumptions (4)			(B)			(294)						511						17						602
Net derivative gains (losses) from economic hedges (5)						309						(569)						(52)						(715)
Market-related valuation changes to residential MSRs, net of hedge results						15						(58)						(35)						(113)
Total net servicing income						153						80						405						292
Net gains on mortgage loan originations/sales (6)						127						113						348						335
Total mortgage banking noninterest income						$	280					193						$	753					627
Total changes in residential MSRs carried at fair value			(A)+(B)			$	(529)					221						$	(678)					(334)

(1)Includes costs associated with foreclosures, unreimbursed interest advances to investors, other interest costs, and transaction costs associated with sales of residential MSRs.

(2)Estimated future amortization expense for commercial MSRs was $58 million for the remainder of 2024, and $213 million, $172 million, $137 million, $116 million, and $83 million for the years ended December 31, 2025, 2026, 2027, 2028, and 2029, respectively.

(3)Represents the reduction in the cash flows expected to be collected during the period, net of income accreted due to the passage of time, for residential MSRs measured using the fair value method.

(4)Refer to the analysis of changes in residential MSRs presented in Table 6.1 in this Note for more detail.

(5)See Note 11 (Derivatives) for additional information on economic hedges for residential MSRs.

(6)Includes net gains (losses) of $(56) million and $(5) million in the third quarter and first nine months of 2024, respectively, and $119 million and $169 million in the third quarter and first nine months of 2023, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.

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Note 7: Intangible Assets and Other Assets

Intangible assets include MSRs, goodwill, and customer relationship and other intangibles. For additional information on MSRs, see Note 6 (Mortgage Banking Activities). Customer relationship and other intangibles, which are included in other assets on our consolidated balance sheet, had a net carrying

value of $85 million and $118 million at September 30, 2024, and December 31, 2023, respectively.

Table 7.1 shows the allocation of goodwill to our reportable operating segments.

Table 7.1: Goodwill

(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Consolidated Company
December 31, 2023			$	16,418					2,933						5,375						344						105						25,175
Foreign currency translation			—						(2)						—						—						—						(2)
September 30, 2024			$	16,418					2,931						5,375						344						105						25,173

Table 7.2 presents the components of other assets.

Table 7.2: Other Assets

(in millions)			Sep 30, 2024						Dec 31, 2023
Corporate/bank-owned life insurance (1)			$	19,734					19,705
Accounts receivable (2)			28,977						30,541
Interest receivable:
AFS and HTM debt securities			1,599						1,616
Loans			3,642						3,933
Trading and other			1,395						1,211
Operating lease assets (lessor)			5,350						5,558
Operating lease ROU assets (lessee)			3,672						3,412
Other (3)			14,219						12,839
Total other assets			$	78,588					78,815

(1)Corporate/bank-owned life insurance is recorded at cash surrender value.

(2)Primarily includes derivatives clearinghouse receivables, trade date receivables, and servicer advances, which are recorded at amortized cost.

(3)Primarily includes income tax receivables, prepaid expenses, foreclosed assets, and venture capital investments in consolidated portfolio companies.

90			Wells Fargo & Company

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Note 8:  Leasing Activity

The information below provides a summary of our leasing activities as a lessor and lessee. See Note 8 (Leasing Activity) in our 2023 Form 10-K for additional information about our leasing activities.

As a Lessor

Noninterest income on leases, included in Table 8.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $152 million and $172 million for the quarters ended September 30, 2024 and 2023, respectively, and $475 million and $529 million for the first nine months of 2024 and 2023, respectively.

Table 8.1: Leasing Revenue

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Interest income on lease financing			$	233					188						$	672					533
Other lease revenue:
Variable revenue on lease financing			23						25						69						74
Fixed revenue on operating leases			226						241						694						735
Variable revenue on operating leases			13						9						35						33
Other lease-related revenue (1)			15						16						192						103
Noninterest income on leases			277						291						990						945
Total leasing revenue			$	510					479						$	1,662					1,478

(1)    Includes net gains (losses) on disposition of assets leased under operating leases or lease financings.

As a Lessee

Table 8.2 presents balances for our operating leases.

Table 8.2: Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities

(in millions)			Sep 30, 2024			Dec 31, 2023
ROU assets			$	3,672		3,412
Lease liabilities			4,255			4,060

Total lease costs, which are included in occupancy expense, were $309 million and $302 million for the quarters ended September 30, 2024 and 2023, respectively, and $905 million and $916 million for the first nine months of 2024 and 2023, respectively.

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Note 9:  Preferred Stock

We are authorized to issue 20 million shares of preferred stock, without par value. Outstanding preferred shares rank senior to common shares both as to the payment of dividends and liquidation preferences but have no general voting rights. All outstanding preferred stock with a liquidation preference value, except for Series L Preferred Stock, may be redeemed for the liquidation preference value, plus any accrued but unpaid dividends, on any dividend payment date on or after the earliest redemption date for that series. Additionally, these same series of preferred stock may be redeemed following a “regulatory capital treatment event,” as described in the terms of each series. Capital actions, including redemptions of our preferred stock, may be subject to regulatory approval or conditions.

In addition, we are authorized to issue 4 million shares of preference stock, without par value. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to one vote per share.

In March 2024, we redeemed our Preferred Stock, Series R. In June 2024, we redeemed our Preferred Stock, Series S. In July 2024, we issued $2.0 billion of our Preferred Stock,

Series FF.

Table 9.1 summarizes information about our preferred stock.

Table 9.1: Preferred Stock

												September 30, 2024																								December 31, 2023
(in millions, except shares)						Earliest redemption date						Shares  authorized and designated						Shares issued and outstanding						Liquidation preference value						Carrying value						Shares  authorized and designated						Shares issued and outstanding						Liquidation preference value						Carrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)						Currently redeemable						97,000						96,546						$	—					—						97,000						96,546						$	—					—
Preferred Stock:
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A						—						4,025,000						3,967,906						3,968						3,200						4,025,000						3,967,981						3,968						3,200
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A						Redeemed						—						—						—						—						34,500						33,600						840						840
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A						Redeemed						—						—						—						—						80,000						80,000						2,000						2,000
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A						6/15/2025						80,000						80,000						2,000						2,000						80,000						80,000						2,000						2,000
Series Y
5.625% Non-Cumulative Perpetual Class A						Currently redeemable						27,600						27,600						690						690						27,600						27,600						690						690
Series Z
4.75% Non-Cumulative Perpetual Class A						3/15/2025						80,500						80,500						2,013						2,013						80,500						80,500						2,013						2,013
Series AA
4.70% Non-Cumulative Perpetual Class A						12/15/2025						46,800						46,800						1,170						1,170						46,800						46,800						1,170						1,170
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A						3/15/2026						140,400						140,400						3,510						3,510						140,400						140,400						3,510						3,510
Series CC
4.375% Non-Cumulative Perpetual Class A						3/15/2026						46,000						42,000						1,050						1,050						46,000						42,000						1,050						1,050
Series DD
4.25% Non-Cumulative Perpetual Class A						9/15/2026						50,000						50,000						1,250						1,250						50,000						50,000						1,250						1,250
Series EE
7.625% Fixed-Reset Non-Cumulative Perpetual Class A						9/15/2028						69,000						69,000						1,725						1,725						69,000						69,000						1,725						1,725
Series FF
6.85% Fixed-Reset Non-Cumulative Perpetual Class A						9/15/2029						80,000						80,000						2,000						2,000						—						—						—						—
Total												4,742,300						4,680,752						$	19,376					18,608						4,776,800						4,714,427						$	20,216					19,448

(1)At the option of the holder, each share of Series L Preferred Stock may be converted at any time into 6.3814 shares of common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. If converted within 30 days of certain liquidation or change of control events, the holder may receive up to 16.5916 additional shares, or, at our option, receive an equivalent amount of cash in lieu of common stock. We may convert some or all of the Series L Preferred Stock into shares of common stock if the closing price of our common stock exceeds 130 percent of the conversion price of the Series L Preferred Stock for 20 trading days during any period of 30 consecutive trading days. We declared dividends of $74 million on Series L Preferred Stock for both quarters ended September 30, 2024, and September 30, 2023.

92			Wells Fargo & Company

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Note 10:  Legal Actions

Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations concerning matters arising from the conduct of our business activities, and many of those proceedings and investigations expose Wells Fargo to potential financial loss or other adverse consequences. These proceedings and investigations include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate-related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information to or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. We establish accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we record the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable; however, if we cannot determine a best estimate, then we record the low end of the range of those potential losses. There can be no assurance as to the ultimate outcome of legal actions, including the matters described below, and the actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.

ADVISORY ACCOUNT CASH SWEEP MATTERS The United States Securities and Exchange Commission (SEC) has undertaken an investigation regarding the cash sweep options that the Company provides to investment advisory clients at account opening. The Company is in resolution discussions with the SEC, although there can be no assurance as to the outcome of these discussions. In addition, putative class actions have been filed in federal district courts alleging that the Company breached its fiduciary duties or agreements with regard to rates paid to clients in its cash sweep program.

ANTI-MONEY LAUNDERING AND ECONOMIC SANCTIONS RELATED INVESTIGATIONS Government authorities are conducting inquiries or investigations regarding issues related to the Company’s anti-money laundering and sanctions programs. On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering and sanctions risk management practices.

COMPANY 401(K) PLAN LITIGATION On September 26, 2022, participants in the Company’s 401(k) plan filed a putative class action in the United States District Court for the District of Minnesota alleging that the Company violated the Employee Retirement Income Security Act of 1974 in connection with certain transactions associated with the Employee Stock Ownership Plan feature of the Company’s 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the Company’s contributions to the 401(k) plan.

HIRING PRACTICES MATTERS Government agencies, including the United States Department of Justice and the SEC, have undertaken formal or informal inquiries or investigations regarding the Company’s hiring practices related to diversity. The United States Department of Justice and the SEC have since closed their investigations without taking action. A putative securities fraud class action has also been filed in the United

States District Court for the Northern District of California alleging that the Company and certain of its executive officers made false or misleading statements about the Company’s hiring practices related to diversity. Allegations related to the Company’s hiring practices related to diversity are also among the subjects of a shareholder derivative lawsuit pending in the United States District Court for the Northern District of California.

HOME MORTGAGE DISCRIMINATION LITIGATION Plaintiffs representing a class of home mortgage applicants and customers filed putative class actions against Wells Fargo alleging that Wells Fargo’s mortgage lending policies and practices resulted in disparate treatment and disparate impact against minority applicants. These actions have been consolidated in the United States District Court for the Northern District of California.

INTERCHANGE LITIGATION Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including Wells Fargo, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive. These actions have been consolidated in the United States District Court for the Eastern District of New York. Wells Fargo, along with other defendants and entities, are parties to loss and judgment sharing agreements, which provide that they, along with other entities, will share, based on a formula, in any losses or judgments from the relevant litigation. In July 2012, Visa, Mastercard, and the financial institution defendants, including Wells Fargo, agreed to pay a total of approximately $6.6 billion in order to settle the consolidated action. Several merchants opted out of the settlement and are pursuing individual actions. In June 2016, the United States Court of Appeals for the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the district court for further proceedings. In November 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties entered into a settlement agreement to resolve the damages class claims pursuant to which defendants agreed to pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining in escrow from the 2012 settlement and $900 million in additional funding. Wells Fargo’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was affirmed by the Second Circuit on March 15, 2023. On September 27, 2021, the district court granted the plaintiffs’ motion for class certification in the equitable relief case. On March 26, 2024, Visa and Mastercard entered into a settlement agreement to resolve the equitable relief class claims, which was denied by the district court on June 25, 2024. Some of the opt-out and direct-action cases have been settled while others remain pending.

RMBS TRUSTEE LITIGATION In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising

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Note 10:  Legal Actions (continued)

similar allegations have been filed by Commerzbank AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court, and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. In July 2022, the district court dismissed Phoenix Light’s claims and certain of the claims asserted by Commerzbank AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank AG each appealed the district court’s decision to the United States Court of Appeals for the Second Circuit. Phoenix Light dismissed its appeal in May 2023, terminating its case. In October 2024, the Second Circuit denied Commerzbank AG’s appeal. In November 2023, the Company entered into an agreement with IKB to resolve IKB’s claims. The Company previously settled two class actions filed by institutional investors and an action filed by the National Credit Union Administration with similar allegations.

SEMINOLE TRIBE TRUSTEE LITIGATION The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case.

ZELLE INVESTIGATION The Consumer Financial Protection Bureau has been conducting an investigation regarding the handling of customer disputes related to fund transfers made through the Zelle Network.

OUTLOOK As described above, the Company establishes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible losses in excess of the Company’s accrual for probable and estimable losses was approximately $2.0 billion as of September 30, 2024. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established accrual or the range of reasonably possible loss. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period.

94			Wells Fargo & Company

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Note 11:  Derivatives

We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation trading purposes. For additional information on our derivative activities, see Note 14 (Derivatives) in our 2023 Form 10-K.

Table 11.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined.

Table 11.1: Notional or Contractual Amounts and Fair Values of Derivatives

			September 30, 2024																		December 31, 2023
			Notional or contractual amount						Fair value												Notional or contractual amount						Fair value
									Derivative assets						Derivative liabilities												Derivative assets						Derivative liabilities
(in millions)
Derivatives designated as hedging instruments
Interest rate contracts			$	342,859					699						640						357,096						639						570
Commodity contracts			3,722						9						12						2,600						24						12
Foreign exchange contracts			3,455						21						285						4,193						60						395
Total derivatives designated as qualifying hedging instruments									729						937												723						977
Derivatives not designated as hedging instruments
Interest rate contracts			10,075,086						25,722						27,040						10,409,720						31,806						36,312
Commodity contracts			91,151						2,439						2,311						88,491						2,717						2,734
Equity contracts			462,077						16,535						16,476						438,458						13,305						13,810
Foreign exchange contracts			3,504,791						27,636						29,195						2,273,383						24,707						26,762
Credit contracts			47,613						93						46						60,439						113						44
Total derivatives not designated as hedging instruments									72,425						75,068												72,648						79,662
Total derivatives before netting									73,154						76,005												73,371						80,639
Netting									(55,433)						(64,615)												(55,148)						(62,144)
Total									$	17,721					11,390												18,223						18,495

Balance Sheet Offsetting

We execute substantially all of our derivative transactions under master netting arrangements. Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. We reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis on our consolidated balance sheet. We do not net non-cash collateral that we receive or pledge against derivative balances on our consolidated balance sheet.

For disclosure purposes, we present “Total Derivatives, net” which represents the aggregate of our net exposure to each counterparty after considering the balance sheet netting

adjustments and any non-cash collateral. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral.

Table 11.2 provides information on the fair values of derivative assets and liabilities subject to enforceable master netting arrangements, the balance sheet netting adjustments and the resulting net fair value amount recorded on our consolidated balance sheet, as well as the non-cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 15 (Securities and Other Collateralized Financing Activities).

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Note 11: Derivatives (continued)

Table 11.2: Offsetting of Derivative Assets and Liabilities

			September 30, 2024												December 31, 2023
(in millions)			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Interest rate contracts
Over-the-counter (OTC)			$	24,365					25,027						29,040						31,809
OTC cleared			673						743						1,581						1,397
Exchange traded			170						158						195						201
Total interest rate contracts			25,208						25,928						30,816						33,407
Commodity contracts
OTC			1,785						1,859						2,014						2,254
Exchange traded			405						286						512						356
Total commodity contracts			2,190						2,145						2,526						2,610
Equity contracts
OTC			6,729						9,843						5,375						8,501
Exchange traded			7,785						5,258						4,790						3,970
Total equity contracts			14,514						15,101						10,165						12,471
Foreign exchange contracts
OTC			27,477						29,204						24,511						26,961
Total foreign exchange contracts			27,477						29,204						24,511						26,961
Credit contracts
OTC			89						40						77						39
Total credit contracts			89						40						77						39
Total derivatives subject to enforceable master netting arrangements, gross			69,478						72,418						68,095						75,488
Less: Gross amounts offset
Counterparty netting (1)			(52,158)						(52,075)						(50,692)						(50,606)
Cash collateral netting			(3,275)						(12,540)						(4,456)						(11,538)
Total derivatives subject to enforceable master netting arrangements, net			14,045						7,803						12,947						13,344
Derivatives not subject to enforceable master netting arrangements			3,676						3,587						5,276						5,151
Total derivatives recognized in consolidated balance sheet, net			17,721						11,390						18,223						18,495
Non-cash collateral			(2,097)						(1,330)						(2,587)						(4,388)
Total Derivatives, net			$	15,624					10,060						15,636						14,107

(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in our consolidated balance sheet, including portfolio level counterparty valuation adjustments related to customer accommodation and other trading derivatives. Counterparty valuation adjustments related to derivative assets were $299 million and $292 million and debit valuation adjustments related to derivative liabilities were $215 million and $222 million as of September 30, 2024, and December 31, 2023, respectively, and were primarily related to interest rate contracts.

Fair Value and Cash Flow Hedges

For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. We also enter into futures contracts, forward contracts, and swap contracts to hedge our exposure to the price risk of physical commodities included in other assets on our consolidated balance sheet. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in AFS debt securities due to changes in interest rates, foreign currency rates, or both. For certain fair value hedges of interest rate risk, we use the portfolio layer method to hedge stated amounts of closed portfolios of AFS debt securities. For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other

comprehensive income (OCI). See Note 21 (Other Comprehensive Income) for the amounts recognized in other comprehensive income.

For cash flow hedges, we use interest rate swaps to hedge the variability in interest payments received on certain interest-earning deposits with banks and certain floating-rate commercial loans. We also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates.

We estimate $359 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2024, will be reclassified into net interest income during the next twelve months. For cash flow hedges as of September 30, 2024, we are hedging our interest rate and foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of approximately 8 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K.

Table 11.3 and Table 11.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.

96			Wells Fargo & Company

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Table 11.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships

						Net interest income												Total recorded in net income			Total recorded in OCI
(in millions)						Loans			Other interest income			Long-term debt						Derivative gains (losses)			Derivative gains (losses)
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income						$	14,618		3,465			(3,163)						N/A			1,321
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(131)			(90)			—						(221)			221
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			1,094
Total gains (losses) (pre-tax) on interest rate contracts						(131)			(90)			—						(221)			1,315
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(1)						(1)			1
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(1)						(1)			1
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(131)		(90)			(1)						(222)			1,316
Quarter ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income						$	14,755		2,921			(3,039)						N/A			(542)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(69)			(135)			—						(204)			204
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			(757)
Total gains (losses) (pre-tax) on interest rate contracts						(69)			(135)			—						(204)			(553)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(2)						(2)			2
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(2)						(2)			2
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(69)		(135)			(2)						(206)			(551)
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income						$	43,897		10,585			(9,676)						N/A			557
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(343)			(329)			—						(672)			672
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			(136)
Total gains (losses) (pre-tax) on interest rate contracts						(343)			(329)			—						(672)			536
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(5)						(5)			5
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(5)						(5)			5
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(343)		(329)			(5)						(677)			541
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income						$	42,188		7,299			(8,243)						N/A			(850)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(190)			(308)			—						(498)			498
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			(1,374)
Total gains (losses) (pre-tax) on interest rate contracts						(190)			(308)			—						(498)			(876)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(6)						(6)			6
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A			—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(6)						(6)			6
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(190)		(308)			(6)						(504)			(870)

			Wells Fargo & Company			97

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Note 11: Derivatives (continued)

Table 11.4: Gains (Losses) Recognized on Fair Value Hedging Relationships

			Net interest income												Noninterest income									Total recorded in net income						Total recorded in OCI
(in millions)			Debt securities						Deposits			Long-term debt						Net gains from trading and securities			Other						Derivative gains (losses)						Derivative gains (losses)
Quarter ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income			$	4,630					(6,445)			(3,163)						1,248			596						N/A						1,321
Interest contracts
Amounts related to cash flows on derivatives			234						(123)			(1,014)						—			—						(903)						N/A
Recognized on derivatives			(1,115)						565			5,177						—			—						4,627						—
Recognized on hedged items			1,108						(566)			(5,185)						—			—						(4,643)						N/A
Total gains (losses) (pre-tax) on interest rate contracts			227						(124)			(1,022)						—			—						(919)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(34)						—			—						(34)						N/A
Recognized on derivatives			—						—			30						76			—						106						5
Recognized on hedged items			—						—			(36)						(76)			—						(112)						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(40)						—			—						(40)						5
Commodity contracts
Recognized on derivatives			—						—			—						—			(300)						(300)						—
Recognized on hedged items			—						—			—						—			308						308						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						—			8						8						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	227					(124)			(1,062)						—			8						(951)						5
Quarter ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income			$	4,178					(4,608)			(3,039)						1,246			381						N/A						(542)
Interest contracts
Amounts related to cash flows on derivatives			263						(114)			(956)						—			—						(807)						N/A
Recognized on derivatives			668						5			(3,970)						—			—						(3,297)						—
Recognized on hedged items			(659)						11			3,973						—			—						3,325						N/A
Total gains (losses) (pre-tax) on interest rate contracts			272						(98)			(953)						—			—						(779)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(38)						—			—						(38)						N/A
Recognized on derivatives			—						—			(10)						—			(7)						(17)						9
Recognized on hedged items			—						—			7						—			6						13						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(41)						—			(1)						(42)						9
Commodity contracts
Recognized on derivatives			—						—			—						—			84						84						—
Recognized on hedged items			—						—			—						—			(44)						(44)						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						—			40						40						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	272					(98)			(994)						—			39						(781)						9

(continued on following page)

98			Wells Fargo & Company

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(continued from previous page)

			Net interest income												Noninterest income									Total recorded in net income						Total recorded in OCI
(in millions)			Debt securities						Deposits			Long-term debt						Net gains from trading and securities			Other						Derivative gains (losses)						Derivative gains (losses)
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income and other comprehensive income			$	13,362					(18,405)			(9,676)						4,217			1,925						N/A						557
Interest contracts
Amounts related to cash flows on derivatives			756						(384)			(3,007)						—			—						(2,635)						N/A
Recognized on derivatives			(541)						247			2,363						—			—						2,069						—
Recognized on hedged items			539						(250)			(2,395)						—			—						(2,106)						N/A
Total gains (losses) (pre-tax) on interest rate contracts			754						(387)			(3,039)						—			—						(2,672)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(92)						—			—						(92)						N/A
Recognized on derivatives			—						—			18						(4)			—						14						16
Recognized on hedged items			—						—			(30)						6			—						(24)						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(104)						2			—						(102)						16
Commodity contracts
Recognized on derivatives			—						—			—						—			(532)						(532)						—
Recognized on hedged items			—						—			—						—			561						561						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						—			29						29						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	754					(387)			(3,143)						2			29						(2,745)						16
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income and other comprehensive income			$	11,998					(11,174)			(8,243)						3,263			1,373						N/A						(850)
Interest contracts
Amounts related to cash flows on derivatives			863						(226)			(2,488)						—			—						(1,851)						N/A
Recognized on derivatives			905						(166)			(4,199)						—			—						(3,460)						—
Recognized on hedged items			(904)						181			4,188						—			—						3,465						N/A
Total gains (losses) (pre-tax) on interest rate contracts			864						(211)			(2,499)						—			—						(1,846)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(189)						—			—						(189)						N/A
Recognized on derivatives			—						—			24						—			20						44						20
Recognized on hedged items			—						—			(39)						—			(15)						(54)						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(204)						—			5						(199)						20
Commodity contracts
Recognized on derivatives			—						—			—						—			181						181						—
Recognized on hedged items			—						—			—						—			(109)						(109)						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						—			72						72						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	864					(211)			(2,703)						—			77						(1,973)						20

			Wells Fargo & Company			99

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Note 11: Derivatives (continued)

Table 11.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.

Table 11.5: Hedged Items in Fair Value Hedging Relationships

			Hedged items currently designated									Hedged items no longer designated
(in millions)			Carrying amount of assets/(liabilities) (1)(2)			Hedge accounting basis adjustment assets/(liabilities) (3)						Carrying amount of assets/(liabilities) (2)			Hedge accounting basis adjustment assets/(liabilities)
September 30, 2024
Available-for-sale debt securities (4)(5)			$	37,067		(1,307)						9,820			343
Other assets (6)			3,520			258						—			—
Interest-bearing deposits			(70,958)			(353)						—			—
Long-term debt			(157,339)			8,439						—			—
December 31, 2023
Available-for-sale debt securities (4)			$	55,898		(2,384)						13,418			504
Other assets (6)			2,262			67						—			—
Interest-bearing deposits			(89,641)			(101)						—			—
Long-term debt			(146,940)			10,990						—			—

(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $280 million and $404 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of September 30, 2024, and December 31, 2023, respectively.

(2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.

(3)The balance includes $618 million and $731 million of long-term debt cumulative basis adjustments as of September 30, 2024, and December 31, 2023, respectively, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.

(4)Carrying amount represents the amortized cost.

(5)The balance includes cumulative basis adjustments of $58 million and $(46) million as of September 30, 2024, and December 31, 2023, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method. At September 30, 2024, the aggregated designated hedged items using the portfolio layer method had a carrying amount of $16.3 billion from closed portfolios of financial assets totaling $16.3 billion. At December 31, 2023, the aggregated designated hedged items using the portfolio layer method had a carrying amount of $25.8 billion from closed portfolios of financial assets totaling $28.2 billion.

(6)Other assets consists of hedged physical commodity inventory.

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes.

We use economic hedge derivatives to manage our exposure to interest rate risk, equity price risk, foreign currency risk, and credit risk. We also use economic hedge derivatives to mitigate the periodic earnings volatility caused by mismatches between the changes in fair value of the hedged item and hedging instrument recognized on our fair value accounting hedges.

For additional information on economic hedges and other derivatives, see Note 14 (Derivatives) in our 2023 Form 10-K.

Table 11.6 shows the net gains (losses) related to derivatives not designated as hedging instruments. Gains (losses) on customer accommodation trading derivatives are excluded from the following table. For additional information, see Note 2 (Trading Activities).

Table 11.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Interest rate contracts (1)			$	392					(788)						$	(37)					(945)
Equity contracts (2)			27						(300)						153						(281)
Foreign exchange contracts (3)			(649)						337						(481)						(356)
Credit contracts (4)			—						5						8						4
Net gains (losses) recognized related to derivatives not designated as hedging instruments			$	(230)					(746)						$	(357)					(1,578)

(1)Derivative gains and (losses) related to mortgage banking activities were recorded in mortgage banking noninterest income. Other derivative gains and (losses) not related to mortgage banking were recorded in other noninterest income. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities).

(2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan, which were recorded in personnel noninterest expense, and derivative instruments related to our previous sales of shares of Visa Inc. Class B common stock, which were recorded in other noninterest income.

(3)Includes derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. In 2024, gains and (losses) were recorded in net gains from trading and securities within noninterest income. Prior to 2024, gains and (losses) were recorded in other noninterest income.

(4)Includes credit derivatives used to mitigate credit risk associated with lending exposure. Gains and (losses) were recorded in other noninterest income.

100			Wells Fargo & Company

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Credit Derivatives

Credit derivative contracts are arrangements whose value is derived from the transfer of credit risk of a reference asset or entity from one party (the purchaser of credit protection) to another party (the seller of credit protection). We generally use credit derivatives to assist customers with their risk management objectives by purchasing and selling credit protection on corporate debt obligations through the use of credit default swaps or through risk participation swaps to help manage counterparty exposure. We would be required to perform under the credit derivatives we sold in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment.

Table 11.7 provides details of sold credit derivatives.

Table 11.7: Sold Credit Derivatives

			Notional amount
(in millions)			Protection sold			Protection sold – non-investment grade
September 30, 2024
Credit default swaps			$	12,569		1,282
Risk participation swaps			5,993			3,787
Total credit derivatives			$	18,562		5,069
December 31, 2023
Credit default swaps			$	18,453		1,399
Risk participation swaps			6,632			6,485
Total credit derivatives			$	25,085		7,884

    

Protection sold represents the estimated maximum exposure to loss that would be incurred if, upon an event of default, the value of our interests and any associated collateral declined to zero, and does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges.

The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets.

We consider the credit risk to be low if the underlying assets under the credit derivative have an external rating that is investment grade. If an external rating is not available, we classify the credit derivative as non-investment grade.

Our maximum exposure to sold credit derivatives is managed through posted collateral and purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. The credit risk management is designed to provide an ability to recover a significant portion of any amounts that would be paid under sold credit derivatives.

Credit-Risk Contingent Features

Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 11.8 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade.

Table 11.8: Credit-Risk Contingent Features

(in billions)			Sep 30, 2024			Dec 31, 2023
Net derivative liabilities with credit-risk contingent features			$	22.1		23.7
Collateral posted			19.6			21.4
Additional collateral to be posted upon a below investment grade credit rating (1)			2.5			2.3

(1)Any credit rating below investment grade requires us to post the maximum amount of collateral.

			Wells Fargo & Company			101

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Note 12:  Fair Values of Assets and Liabilities

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to fulfill fair value disclosure requirements. Assets and liabilities recorded at fair value on a recurring basis, such as derivatives, residential MSRs, and trading or AFS debt securities, are presented in Table 12.1 in this Note. Additionally, from time to time, we record fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of lower of cost or fair value (LOCOM) accounting, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. Assets recorded at fair value on a nonrecurring basis are presented in Table 12.4 in this Note. We provide in Table 12.9 estimates of fair value for financial instruments that are not recorded at fair value, such as loans and debt liabilities carried at amortized cost.

See Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K for a discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K.

FAIR VALUE HIERARCHY We classify our assets and liabilities recorded at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations based on significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2023 Form 10-K for a detailed description of the fair value hierarchy.

In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs used. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3.

We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy.

102			Wells Fargo & Company

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Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Table 12.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis.

Table 12.1: Fair Value on a Recurring Basis

			September 30, 2024																								December 31, 2023
(in millions)			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies			$	38,916					3,973						—						42,889						32,178						3,027						—						35,205
Collateralized loan obligations			—						931						76						1,007						—						762						64						826
Corporate debt securities			—						17,135						55						17,190						—						12,859						82						12,941
Federal agency mortgage-backed securities			—						52,326						—						52,326						—						42,944						—						42,944
Non-agency mortgage-backed securities			—						1,611						4						1,615						—						1,477						10						1,487
Other debt securities			—						5,648						2						5,650						—						3,898						1						3,899
Total trading debt securities			38,916						81,624						137						120,677						32,178						64,967						157						97,302
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			28,956						—						—						28,956						45,467						—						—						45,467
Securities of U.S. states and political subdivisions			—						12,633						19						12,652						—						20,009						57						20,066
Federal agency mortgage-backed securities			—						120,092						—						120,092						—						59,578						—						59,578
Non-agency mortgage-backed securities			—						1,952						—						1,952						—						2,748						1						2,749
Collateralized loan obligations			—						1,725						—						1,725						—						1,533						—						1,533
Other debt securities			—						444						183						627						—						892						163						1,055
Total available-for-sale debt securities			28,956						136,846						202						166,004						45,467						84,760						221						130,448
Loans held for sale			—						5,449						233						5,682						—						2,444						448						2,892
Mortgage servicing rights (residential)			—						—						6,544						6,544						—						—						7,468						7,468
Derivative assets (gross):
Interest rate contracts			170						24,750						1,501						26,421						195						31,434						816						32,445
Commodity contracts			—						2,434						14						2,448						—						2,723						18						2,741
Equity contracts			97						16,277						161						16,535						71						13,041						193						13,305
Foreign exchange contracts			—						27,594						63						27,657						—						24,730						37						24,767
Credit contracts			—						88						5						93						—						74						39						113
Total derivative assets (gross)			267						71,143						1,744						73,154						266						72,002						1,103						73,371
Equity securities			17,493						4,812						56						22,361						10,849						8,949						43						19,841
Other assets			—						—						107						107						—						—						49						49
Total assets prior to derivative netting			$	85,632					299,874						9,023						394,529						88,760						233,122						9,489						331,371
Derivative netting (1)																					(55,433)																								(55,148)
Total assets after derivative netting																					$	339,096																							276,223
Derivative liabilities (gross):
Interest rate contracts			$	(158)					(24,552)						(2,970)						(27,680)						(201)						(32,298)						(4,383)						(36,882)
Commodity contracts			—						(2,310)						(13)						(2,323)						—						(2,719)						(27)						(2,746)
Equity contracts			(46)						(14,940)						(1,490)						(16,476)						(35)						(12,108)						(1,667)						(13,810)
Foreign exchange contracts			—						(29,466)						(14)						(29,480)						—						(27,138)						(19)						(27,157)
Credit contracts			—						(42)						(4)						(46)						—						(39)						(5)						(44)
Total derivative liabilities (gross)			(204)						(71,310)						(4,491)						(76,005)						(236)						(74,302)						(6,101)						(80,639)
Short-sale and other liabilities			(22,743)						(7,203)						(63)						(30,009)						(19,695)						(5,776)						(83)						(25,554)
Interest-bearing deposits			—						(1,087)						—						(1,087)						—						(1,297)						—						(1,297)
Long-term debt			—						(3,774)						—						(3,774)						—						(2,308)						—						(2,308)
Total liabilities prior to derivative netting			$	(22,947)					$	(83,374)					(4,554)						(110,875)						(19,931)						(83,683)						(6,184)						(109,798)
Derivative netting (1)																					64,615																								62,144
Total liabilities after derivative netting																					$	(46,260)																							(47,654)

(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level counterparty valuation adjustments. See Note 11 (Derivatives) for additional information.

			Wells Fargo & Company			103

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Note 12: Fair Values of Assets and Liabilities (continued)

Level 3 Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Table 12.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis.

Table 12.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis

																																																			未實現淨收益（損失） 與期末持有的資產和負債相關
(in數百萬）			平衡， 開始 週期的						淨收益/（損失）（1）						購買（2）						銷售額						住區						轉讓 成 3級（3）						轉讓 出 3級（4）						平衡， 結束 期間									(5)
截至2024年9月30日的季度
交易債務證券			$	166					(15)						10						(42)						4						16						(2)						137						(11)			(6)
可供出售的債務證券			187						11						5						—						(2)						1						—						202						10			(6)
待售貸款			222						5						17						(23)						(21)						48						(15)						233						4			(7)
抵押服務權（住宅）（8）			7,061						(529)						22						(10)						—						—						—						6,544						(294)			(7)
衍生資產和負債淨值：
利率合約			(4,588)						2,317						—						—						810						(8)						—						(1,469)						3,000
股權合約			(1,299)						(168)						—						—						205						(106)						39						(1,329)						(64)
其他衍生品合約			20						111						7						(1)						(82)						(4)						—						51						59
衍生品合同總額			(5,867)						2,260						7						(1)						933						(118)						39						(2,747)						2,995			(9)
股本證券			53						3						7						(7)						—						—						—						56						2			(6)
其他資產及負債			97						(54)						—						1						—						—						—						44						(54)			(10)
截至2023年9月30日的季度
交易債務證券			$	132					12						5						(8)						(3)						22						(24)						136						1			(6)
可供出售的債務證券			230						15						33						(32)						(3)						49						—						292						(10)			(6)
待售貸款			486						(5)						53						(38)						(37)						28						(6)						481						(13)			(7)
抵押服務權（住宅）（8）			8,251						221						36						(51)						—						—						—						8,457						511			(7)
衍生資產和負債淨值：
利率合約			(5,638)						(2,019)						—						—						813						(37)						8						(6,873)						(1,350)
股權合約			(1,381)						5						—						—						68						(25)						79						(1,254)						50
其他衍生品合約			(1)						(32)						6						(1)						17						—						(2)						(13)						(13)
衍生品合同總額			(7,020)						(2,046)						6						(1)						898						(62)						85						(8,140)						(1,313)			(9)
股本證券			27						17						7						(6)						—						1						—						46						14			(6)
其他資產及負債			(58)						105						—						—						—						—						—						47						105			(10)
截至2024年9月30日的9個月
交易債務證券			$	157					(12)						135						(181)						(8)						64						(18)						137						(11)			(6)
可供出售的債務證券			221						7						20						—						(17)						1						(30)						202						8			(6)
待售貸款			448						2						110						(118)						(74)						105						(240)						233						1			(7)
抵押服務權（住宅）（8）			7,468						(678)						61						(307)						—						—						—						6,544						17			(7)
衍生資產和負債淨值：
利率合約			(3,567)						(152)						—						—						2,258						(8)						—						(1,469)						1,709
股權合約			(1,474)						(440)						—						—						557						(150)						178						(1,329)						(30)
其他衍生品合約			43						219						9						(3)						(215)						(4)						2						51						12
衍生品合同總額			(4,998)						(373)						9						(3)						2,600						(162)						180						(2,747)						1,691			(9)
股本證券			43						12						16						(15)						—						—						—						56						10			(6)
其他資產及負債			(34)						78						—						—						—						—						—						44						78			(10)
截至2023年9月30日的九個月
交易債務證券			$	185					5						112						(156)						(7)						77						(80)						136						(9)			(6)
可供出售的債務證券			276						(9)						109						(32)						(13)						304						(343)						292						(28)			(6)
待售貸款			793						(5)						220						(267)						(102)						93						(251)						481						(27)			(7)
抵押服務權（住宅）（8）			9,310						(334)						131						(650)						—						—						—						8,457						602			(7)
衍生資產和負債淨值：
利率合約			(2,582)						(4,594)						1						(1)						1,748						(1,467)						22						(6,873)						(3,082)
股權合約			(1,224)						(458)						—						—						402						(80)						106						(1,254)						(48)
其他衍生品合約			9						(95)						12						(3)						68						(2)						(2)						(13)						(67)
衍生品合同總額			(3,797)						(5,147)						13						(4)						2,218						(1,549)						126						(8,140)						(3,197)			(9)
股本證券			20						1						11						(9)						—						23						—						46						3			(6)
其他資產及負債			(167)						214						—						—						—						—						—						47						214			(10)

(1)所有金額均代表計入淨收益的淨收益（虧損），但可供出售債務證券和其他資產和負債除外，其也包括其他全面收益中的淨收益（虧損）。可供出售債務證券其他全面收益中包含的淨收益（損失）爲美元10 億和$8 2024年第三季度和前9個月分別爲100萬美元，以及（9）百萬和美元（28）2023年第三季度和前9個月分別爲00萬。計入其他全面收益的其他資產和負債淨收益（虧損）爲美元（10）百萬和美元（202024年第三季度和前9個月分別爲100萬美元，以及（13）百萬和美元（8）2023年第三季度和前9個月分別爲00萬。

(2)包括抵押貸款服務權和待售貸款的發起。

(3)所有轉入第三級的資產和負債先前均被歸類爲第二級。

(4)所有轉出第三級的資產和負債均歸類爲第二級。

(5)所有金額均代表與期末持有的資產和負債相關的未實現淨收益（虧損），計入淨收益，但可供出售債務證券和其他資產和負債除外，其還包括與期末持有的資產和負債相關的未實現淨收益（虧損）計入其他全面收益。可供出售債務證券其他全面收益中包含的未實現淨收益（損失）爲美元10 2024年第三季度和前9個月均爲百萬美元，以及美元（8）百萬和美元（25）2023年第三季度和前9個月分別爲00萬。計入其他全面收益的其他資產和負債的未實現淨收益（虧損）爲美元（10）百萬和美元（202024年第三季度和前9個月分別爲100萬美元，以及（13）百萬和美元（8）2023年第三季度和前9個月分別爲00萬。

(6)包括在我們綜合收益表中的交易和證券淨收益中。

(7)計入我們綜合利潤表中的抵押貸款銀行收入。

(8)有關抵押貸款服務權變更的更多信息，請參閱注6（抵押貸款銀行活動）。

(9)包括抵押貸款銀行收入、交易和證券淨收益以及我們綜合利潤表中的其他非利息收入。

(10)包括在我們綜合收益表的其他非利息收入中。

104			富國銀行公司

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表12.3提供了有關我們按公允價值計量的第三級資產和負債估值中使用的估值技術和重大不可觀察輸入數據的量化信息。

從第三方供應商獲得的公允價值中固有的第三級資產的重大不可觀察輸入數據不包括在表中，因爲應用的具體輸入數據不包括在表中

由供應商提供（有關供應商制定的估值的更多信息，請參閱2023年表格10-K中的註釋15（資產和負債的公允價值））。

使用貸款和證券等現金工具的未償未付本金餘額以及衍生工具的名義金額計算投入的加權平均值。

表12.3： 估值技術-重複性基礎

（單位：百萬美元，服務成本除外）			公允價值3級						估值技術						意義重大 無法觀察到的輸入						範圍的輸入															加權 平均
2024年9月30日
交易和可供出售債務證券			$	19					貼現現金流量						貼現率						2.5			-			6.5			%						3.5
			137						市場可比定價						可比性調整						(33.5)			-			56.5									25.0
			183						市場可比定價						倍數						1.0x			-			13.6x									5.4x
待售貸款			159						貼現現金流量						違約率						0.0			-			30.1			%						1.7
															貼現率						0.8			-			17.8									8.6
															損失嚴重程度						0.0			-			59.4									17.6
															提前償付率						2.3			-			15.8									11.4
			74						市場可比定價						可比性調整						(2.8)			-			1.6									0.0
抵押服務權（住宅）			6,544						貼現現金流量						每次貸款的服務成本（1）						$	59		-			457									104
															貼現率						8.8			-			14.9			%						9.6
															預付費率（2）						7.3			-			21.0									8.5
衍生品淨資產和（負債）：
利率合約			(1,465)						貼現現金流量						貼現率						3.3			-			4.7									3.7
			(16)						貼現現金流量						違約率						0.4			-			1.1									0.5
															損失嚴重程度						50.0			-			50.0									50.0
利率合同：衍生貸款 承諾			12						貼現現金流量						脫落因素						1.0			-			99.0									28.2
															初始值服務						(34.9)			-			141.0			BPS						(6.8)
股權合約			(811)						貼現現金流量						轉換因子						(1.9)			-			0.0			%						(1.5)
															加權平均期限						1.3			-			4.3			歲						2.3
			(518)						期權模型						相關因子						(70.0)			-			99.0			%						67.8
															揮發度因子						6.5			-			120.0									39.9
微不足道的3級資產，扣除負債			151
第三級資產總額，扣除負債			$	4,469		(3)
2023年12月31日
交易和可供出售債務證券			$	60					貼現現金流量						貼現率						2.7			-			7.3			%						4.7
			157						市場可比定價						可比性調整						(27.1)			-			20.1									(1.9)
			161						市場可比定價						倍數						1.2x			-			10.3x									5.6x
待售貸款			359						貼現現金流量						違約率						0.0			-			28.0			%						1.1
															貼現率						1.7			-			15.4									9.8
															損失嚴重程度						0.0			-			58.1									15.7
															提前償付率						2.6			-			12.1									10.6
			89						市場可比定價						可比性調整						(6.4)			-			1.1									(1.1)
抵押服務權（住宅）			7,468						貼現現金流量						每次貸款的服務成本（1）						$	52		-			527									105
															貼現率						8.9			-			13.9			%						9.4
															預付費率（2）						7.3			-			24.3									8.9
衍生品淨資產和（負債）：
利率合約			(3,501)						貼現現金流量						貼現率						3.6			-			5.4									4.2
			(36)						貼現現金流量						違約率						0.4			-			5.0									1.2
															損失嚴重程度						50.0			-			50.0									50.0
															提前償付率						22.0			-			22.0									22.0
利率合同：衍生貸款 承諾			(30)						貼現現金流量						脫落因素						1.0			-			99.0									30.2
															初始值服務						(5.5)			-			141.0			BPS						10.0
股權合約			(1,020)						貼現現金流量						轉換因子						(6.9)			-			0.0			%						(6.4)
															加權平均期限						0.5			-			2.0			歲						1.1
			(454)						期權模型						相關因子						(67.0)			-			99.0			%						73.8
															揮發度因子						6.5			-			147.0									38.6
微不足道的第3級資產，扣除負債			52
第三級資產總額，扣除負債			$	3,305		(3)

(1)投入範圍的高端是用於爲修改貸款提供服務。對於非修改貸款，範圍爲美元59 - $163 於2024年9月30日和$52 - $167 於2023年12月31日。

(2)包括預付款速度和預期違約的混合。提前還款速度受到抵押貸款利率以及我們對借款人行爲驅動因素的估計的影響。

(3)由3級資產總額爲美元組成9.0 億和$9.5 億美元，第三級負債總額爲美元4.6 億和$6.2 2024年9月30日和2023年12月31日，扣除衍生品餘額之前，分別爲0億美元。

			富國銀行公司			105

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注12： 資產和負債的公允價值 （續）

有關估值技術和在評估我們的3級資產和負債時使用的重大不可觀察的輸入的其他信息，包括這些輸入的變化如何影響公允價值估計，請參閱我們的2023年10-k表格中的附註15(資產和負債的公允價值)。

在非經常性基礎上按公允價值計入的資產和負債

我們可能會不時被要求按公允價值按非經常性基礎計量某些資產。

公認會計原則。對公允價值的這些調整通常是由於應用LOCOM會計、個別資產減記或對某些非上市股權證券應用計量替代方案而產生的。

表12.4列出了截至2024年9月30日和2023年12月31日仍持有的所有資產在非經常性公允價值調整日期的公允價值層次和公允價值，並在截至2024年9月30日的九個月和截至2023年12月31日的年度記錄了非經常性公允價值調整。

Table 12.4: Fair Value on a Nonrecurring Basis

			September 30, 2024																		December 31, 2023
(in millions)			Level 2						Level 3						Total						Level 2						Level 3						Total
Loans held for sale (1)			$	461					271						732						326						297						623
Loans:
Commercial			1,118						—						1,118						1,565						—						1,565
Consumer			82						—						82						97						—						97
Total loans			1,200						—						1,200						1,662						—						1,662
Equity securities			1,048						1,479						2,527						2,086						2,354						4,440
Other assets			3,652						23						3,675						2,451						58						2,509
Total assets at fair value on a nonrecurring basis			$	6,361					1,773						8,134						6,525						2,709						9,234

(1)Consists of commercial mortgages and residential mortgage – first lien loans.

Table 12.5 presents the gains (losses) on certain assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods.

Table 12.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment

			Nine months ended September 30,
(in millions)			2024						2023
Loans held for sale			$	10					(33)
Loans:
Commercial			(786)						(329)
Consumer			(411)						(550)
Total loans			(1,197)						(879)
Equity securities (1)			(156)						(681)
Other assets (2)			450						(180)
Total			$	(893)					(1,773)

(1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative.

(2)Includes impairment of operating lease ROU assets, valuation of physical commodities, valuation losses on foreclosed real estate, and other collateral owned, and impairment of venture capital investments in consolidated portfolio companies.

106			Wells Fargo & Company

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Table 12.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis and determined using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for equity securities and venture capital and private equity investments in consolidated portfolio companies.

Table 12.6: Valuation Techniques – Nonrecurring Basis

($ in millions)			Fair Value Level 3			Valuation Technique (1)						Significant Unobservable Input (1)						Range of Inputs Positive (Negative)												Weighted Average
September 30, 2024
Loans held for sale			$	271		Discounted cash flow						Default rate						0.2			-			88.5		%				17.2
												Discount rate						2.8			-			12.8						5.2
												Loss severity						6.6			-			58.0						15.9
												Prepayment rate						2.3			-			33.7						12.4
Equity securities			1,009			Market comparable pricing						Multiples						1.0x			-			7.9x						2.2x
			470			Market comparable pricing						Comparability Adjustment						(100.0)			-			2.3		%				(40.3)
Insignificant Level 3 assets			23
Total			$	1,773
December 31, 2023
Loans held for sale			$	297		Discounted cash flow						Default rate						0.1			-			95.8		%				17.5
												Discount rate						3.0			-			13.2						5.8
												Loss severity						5.4			-			58.6						16.6
												Prepayment rate						2.1			-			33.8						11.8
Equity securities			1,721			Market comparable pricing						Multiples						0.7x			-			27.1x						8.4x
			591			Market comparable pricing						Comparability Adjustment						(100.0)			-			(11.5)		%				(42.9)
			42			Discounted cash flow						Discount rate						5.0			-			5.0						5.0
Insignificant Level 3 assets			58
Total			$	2,709

(1)See Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.

			Wells Fargo & Company			107

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Note 12: Fair Values of Assets and Liabilities (continued)

Fair Value Option

The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the

portfolios for which we elected the fair value option. For additional information, including the basis for our fair value option elections, see Note 15 (Fair Values of Assets and Liabilities) in our 2023 Form 10-K.

Table 12.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity.

Table 12.7: Fair Value Option

			2024年9月30日																		2023年12月31日
(in數百萬）			公平值賬面值						未付本金總額						公允價值賬面金額減去未付本金總額						公平值賬面值						未付本金總額						公允價值賬面金額減總額 未繳 本金
待售貸款（1）			$	5,682					5,796						(114)						2,892						3,119						(227)
計息存款			(1,087)						(1,087)						—						(1,297)						(1,298)						1
長期債務（2）			(3,774)						(4,331)						557						(2,308)						(2,864)						556

(1)在2024年9月30日和2023年12月31日，我們選擇公允價值選擇權的LHFS中包含的非應計貸款和逾期90天或以上且仍應計貸款微不足道。

(2)包括未付本金總額反映到期到期合同本金的零票息票據。

表12.8按利潤表細目反映了與初始計量和隨後公允價值變化相關的收益中包含的金額，用於以下資產和負債

選擇了公允價值期權。下表不包括淨利息收入中記錄的金額。

表12.8： 計入收益的公允價值變動損益

			2024																		2023
(in數百萬）			抵押貸款銀行非利息收入						交易和證券淨收益						其他非利息收入						抵押貸款銀行非利息收入						交易和證券淨收益						其他非利息收入
截至9月30日的季度，
待售貸款			$	65					13						—						30						8						(44)
計息存款			—						(6)						—						—						(4)						—
長期債務			—						(56)						—						—						10						—
截至9月30日的九個月裏，
待售貸款			$	108					28						—						161						33						(48)
計息存款			—						(2)						—						—						(4)						—
長期債務			—						3						—						—						(11)						—

對於表現良好的貸款，特定工具的信用風險損益主要通過確定因可觀察或隱含信用利差變化而導致的貸款公允價值變化來得出。信用利差是貸款的市場收益率減去相關無風險基準利率。對於不良貸款，我們將公允價值的所有變化歸因於工具特定的信用風險。對於按照公允價值選擇權覈算的LHFS來說，2024年和2023年第三季度和前九個月的特定工具信貸損益均微不足道。

對於生息存款和長期債務，特定工具的信用風險損益代表因信用利差變化而導致公允價值變化的影響，通常使用可觀察的二級債券市場信息得出。這些影響記錄在OCI的借記估值調整（DVA）中。更多信息請參閱註釋21（其他綜合收入）。

108			富國銀行公司

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關於金融工具公允價值的披露

表12.9彙總了未按公允價值經常性列賬的金融工具的公允價值估計數。有些金融工具不在此表的範圍內，例如某些保險合同、某些非流通的股權證券和租賃。此表還不包括非金融工具的資產和負債，例如與我們的存款、信用卡和信託客戶、MSR、房地和設備、商譽和遞延稅項的長期關係的價值。

貸款承諾、備用信用證、商業信用證和類似信用證不包括在

表12.9。對這些工具的公允價值的合理估計是遞延費用的賬面價值加上無資金來源的信貸承諾撥備，總額爲#美元。505 億和$575分別爲2024年9月30日和2023年12月31日。

呈列的公允價值計算總額並不代表，亦不應被理解爲代表本公司的基本公允價值。

表12.9： 金融工具的公允價值估計

									估計公平值
(in數百萬）			賬面金額						1級						2級						3級						總
2024年9月30日
金融資產
現金和銀行欠款（1）			$	33,530					33,530						—						—						33,530
銀行存款收入（1）			152,016						151,638						378						—						152,016
根據轉售協議出售的聯邦基金和購買的證券（1）			105,390						—						105,390						—						105,390
持有至到期債務證券			243,151						2,261						206,496						2,959						211,716
待售貸款			1,593						—						1,265						377						1,642
貸款，淨（2）			879,108						—						45,160						806,535						851,695
股權證券（成本法）			3,916						—						—						4,003						4,003
金融總資產			$	1,418,704					187,429						358,689						813,874						1,359,992
金融負債
存款（3）			$	161,358					—						85,648						75,244						160,892
短期借款			111,629						—						111,630						—						111,630
長期債務（4）			178,225						—						180,614						2,323						182,937
財務負債總額			$	451,212					—						377,892						77,567						455,459
2023年12月31日
金融資產
現金和銀行欠款（1）			$	33,026					33,026						—						—						33,026
銀行存款收入（1）			204,193						203,960						233						—						204,193
根據轉售協議出售的聯邦基金和購買的證券（1）			80,456						—						80,456						—						80,456
持有至到期債務證券			262,708						2,288						222,209						2,819						227,316
待售貸款			2,044						—						848						1,237						2,085
貸款，淨（2）			905,764						—						52,127						818,358						870,485
股權證券（成本法）			5,276						—						—						5,344						5,344
金融總資產			$	1,493,467					239,274						355,873						827,758						1,422,905
金融負債
存款（3）			$	190,970					—						127,738						62,372						190,110
短期借款			89,340						—						89,340						—						89,340
長期債務（4）			205,261						—						205,705						2,028						207,733
財務負債總額			$	485,571					—						422,783						64,400						487,183

(1)金額包括公允價值接近公允價值的金融工具。

(2)不包括賬面金額爲美元的租賃融資16.3 億和$16.2分別爲2024年9月30日和2023年12月31日。

(3)不包括未定義或合同到期日爲美元的存款負債1.2 2024年9月30日和2023年12月31日均爲萬億美元。

(4)不包括融資租賃項下的債務美元16 億和$19 2024年9月30日和2023年12月31日分別爲百萬。

			富國銀行公司			109

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Note 13: Securitizations and Variable Interest Entities

Involvement with Variable Interest Entities (VIEs)

In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceed the benefits. In addition, we may purchase the right to service loans transferred to a VIE by a third party.

In connection with our securitization or other VIE activities, we have various forms of ongoing involvement with VIEs, which may include:

•underwriting securities issued by VIEs and subsequently making markets in those securities;

•providing credit enhancement on securities issued by VIEs through the use of letters of credit or financial guarantees;

•entering into other derivative contracts with VIEs;

•holding senior or subordinated interests in VIEs;

•acting as servicer or investment manager for VIEs;

•providing administrative or trustee services to VIEs; and

•providing seller financing to VIEs.

Loan Sales and Securitization Activity

We periodically transfer consumer and commercial loans and other types of financial assets in securitization and whole loan sale transactions.

MORTGAGE LOANS SOLD TO GOVERNMENT SPONSORED ENTERPRISES AND TRANSACTIONS WITH GINNIE MAE In the normal course of business we sell residential and commercial mortgage loans to GSEs. These loans are generally transferred into securitizations sponsored by the GSEs, which provide certain credit guarantees to investors and servicers. We also transfer mortgage loans into securitization pools pursuant to Government National Mortgage Association (GNMA) guidelines which are insured by the FHA or guaranteed by the VA. Mortgage loans eligible for securitization with the GSEs or GNMA are considered conforming loans. The GSEs or GNMA design the structure of these securitizations, sponsor the involved VIEs, and have power over the activities most significant to the VIE.

We account for loans transferred in conforming mortgage loan securitization transactions as sales and do not consolidate the VIEs as we are not the primary beneficiary. In exchange for the transfer of loans, we typically receive securities issued by the VIEs which we sell to third parties for cash or hold for investment purposes as HTM or AFS securities. We also retain servicing rights on the transferred loans. As a servicer, we retain the option to repurchase loans from certain loan securitizations, which becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the

unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan, and the loans remain pledged to the securitization. At September 30, 2024, and December 31, 2023, we recorded assets and related liabilities of $1.3 billion and $1.0 billion, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $14 million and $122 million, during the third quarter and first nine months of 2024, respectively, and $49 million and $240 million during the third quarter and first nine months of 2023, respectively.

Upon transfers of loans, we also provide indemnification for losses incurred due to material breaches of contractual representations and warranties as well as other recourse arrangements. At September 30, 2024, and December 31, 2023, our liability for these repurchase and recourse arrangements was $194 million and $229 million, respectively, and the maximum exposure to loss was $13.7 billion and $13.6 billion at September 30, 2024, and December 31, 2023, respectively.

Substantially all residential servicing activity is related to assets transferred to GSE and GNMA securitizations. See Note 6 (Mortgage Banking Activities) for additional information about residential and commercial servicing rights, advances and servicing fees.

NONCONFORMING MORTGAGE LOAN SECURITIZATIONS In the normal course of business, we sell nonconforming mortgage loans in securitization transactions that we design and sponsor. Nonconforming mortgage loan securitizations do not involve a government credit guarantee, and accordingly, beneficial interest holders are subject to credit risk of the underlying assets held by the securitization VIE. We typically originate the transferred loans and account for the transfers as sales. We also typically retain the right to service the loans and may hold other beneficial interests issued by the VIE, such as debt securities held for investment purposes. Our servicing role related to nonconforming commercial mortgage loan securitizations is limited to primary or master servicer. We do not consolidate the VIE because the most significant decisions impacting the performance of the VIE are generally made by the special servicer or the controlling class security holder. For our residential nonconforming mortgage loan securitizations accounted for as sales, we either do not hold variable interests that we consider potentially significant or are not the primary servicer for a majority of the VIE assets.

WHOLE LOAN SALE TRANSACTIONS We may also sell whole loans to VIEs where we have continuing involvement in the form of financing. We account for these transfers as sales, and do not consolidate the VIEs as we do not have the power to direct the most significant activities of the VIEs.

Table 13.1 presents information about transfers of assets during the periods presented for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recorded servicing assets and securities. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are classified as Level 2. Transfers of residential mortgage loans are transactions with the GSEs or GNMA and generally result in no gain or loss because the loans are typically measured at fair value on a recurring basis. Transfers of commercial mortgage loans

110			Wells Fargo & Company

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include both transactions with the GSEs or GNMA and nonconforming transactions. These commercial mortgage loans are carried at the lower of cost or market, and we recognize gains

on such transfers when the market value is greater than the carrying value of the loan when it is sold.

Table 13.1: Transfers with Continuing Involvement

			2024												2023
(in millions)			Residential mortgages						Commercial mortgages						Residential mortgages						Commercial mortgages
Quarter ended September 30,
Assets sold			$	2,220					5,670						2,810						3,189
Proceeds from transfer (1)			2,220						5,702						2,810						3,243
Net gains (losses) on sale			—						32						—						54
Continuing involvement (2):
Servicing rights recognized			$	21					27						36						27
Securities recognized (3)			—						21						—						39
Nine months ended September 30,
Assets sold			$	5,920					10,955						11,188						6,488
Proceeds from transfer (1)			5,920						11,061						11,188						6,606
Net gains (losses) on sale			—						106						—						118
Continuing involvement (2):
Servicing rights recognized			$	56					53						129						61
Securities recognized (3)			—						69						—						87

(1)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement.

(2)Represents assets or liabilities recognized at securitization settlement date related to our continuing involvement in the transferred assets.

(3)Represents debt securities obtained at securitization settlement held for investment purposes that are classified as available-for-sale or held-to-maturity. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $1.1 billion and $2.8 billion during the third quarter and first nine months of 2024, respectively, and $1.3 billion and $5.0 billion during the third quarter and first nine months of 2023, respectively.

In the normal course of business, we purchase certain

non-agency securities at initial securitization or subsequently in the secondary market, which we hold for investment. We also provide seller financing in the form of loans. We received cash flows of $82 million and $274 million during the third quarter and first nine months of 2024, respectively, and $58 million and $199 million during the third quarter and first nine months of 2023, respectively, related to principal and interest payments on these securities and loans, which exclude cash flows related to trading activities.

Table 13.2 presents the key weighted-average assumptions we used to initially measure residential MSRs recognized during the periods presented.

Table 13.2: Residential MSRs – Assumptions at Securitization Date

			2024						2023
Quarter ended September 30,
Prepayment rate (1)			19.9		%				16.0
Discount rate			9.9						9.9
Cost to service ($ per loan)			$	69					131
Nine months ended September 30,
Prepayment rate (1)			18.1		%				17.2
Discount rate			10.1						9.7
Cost to service ($ per loan)			$	180					171

(1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

See Note 12 (Fair Values of Assets and Liabilities) and

Note 6 (Mortgage Banking Activities) for additional information on key assumptions for residential MSRs.

RESECURITIZATION ACTIVITIES We enter into resecuritization transactions as part of our trading activities to accommodate the investment and risk management activities of our customers. In resecuritization transactions, we transfer trading debt securities to VIEs in exchange for new beneficial interests that are sold to third parties at or shortly after securitization settlement. This activity is performed for customers seeking a specific return or risk profile. Substantially all of our transactions involve the resecuritization of conforming mortgage-backed securities issued by the GSEs or guaranteed by GNMA. We do not consolidate the resecuritization VIEs as we share in the decision-making power with third parties and do not hold significant economic interests in the VIEs other than for market-making activities. During the nine months ended September 30, 2024 and 2023, we transferred trading debt securities of $6.4 billion and $10.6 billion, respectively, to resecuritization VIEs, and retained trading debt securities of $418 million and $284 million, respectively. These amounts are not included in Table 13.1. As of September 30, 2024, and December 31, 2023, we held $711 million and $984 million of trading debt securities, respectively. Total resecuritization VIE assets, to which we sold assets and hold an interest, were $44.6 billion and $52.0 billion at September 30, 2024, and December 31, 2023, respectively. Total resecuritization VIE assets were $107.1 billion and $110.4 billion at September 30, 2024, and December 31, 2023, respectively.

			Wells Fargo & Company			111

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Note 13: Securitizations and Variable Interest Entities (continued)

Sold or Securitized Loans Serviced for Others

Table 13.3 presents information about loans that we have originated and sold or securitized in which we have ongoing involvement as servicer. For loans sold or securitized where servicing is our only form of continuing involvement, we generally experience a loss only if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. Table 13.3 excludes mortgage loans sold to

and held or securitized by GSEs or GNMA of $538.1 billion and $592.5 billion at September 30, 2024, and December 31, 2023, respectively. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs and GNMA were $2.7 billion and $3.4 billion at September 30, 2024, and December 31, 2023, respectively.

Table 13.3: Sold or Securitized Loans Serviced for Others

																											Net charge-offs
			Total loans												Delinquent loans and foreclosed assets (1)												Nine months ended September 30,
(in millions)			Sep 30, 2024						Dec 31, 2023						Sep 30, 2024						Dec 31, 2023						2024						2023
Commercial			$	70,999					67,232						1,304						1,000						53						89
Residential			7,747						8,311						337						393						7						12
Total off-balance sheet sold or securitized loans			$	78,746					75,543						1,641						1,393						60						101

(1)Includes $182 million and $163 million of commercial foreclosed assets and $18 million and $22 million of residential foreclosed assets at September 30, 2024, and December 31, 2023, respectively.

Transactions with Unconsolidated VIEs

MORTGAGE LOAN SECURITIZATIONS Table 13.4 includes nonconforming mortgage loan securitizations where we originate and transfer the loans to the unconsolidated securitization VIEs that we sponsor. For additional information about these VIEs, see the “Loan Sales and Securitization Activity” section within this Note. Nonconforming mortgage loan securitizations also include commercial mortgage loan securitizations sponsored by third parties where we did not originate or transfer the loans but serve as master servicer and invest in securities that could be potentially significant to the VIE.

Conforming loan securitization and resecuritization transactions involving the GSEs and GNMA are excluded from Table 13.4 because we are not the sponsor or we do not have power over the activities most significant to the VIEs. Additionally, due to the nature of the guarantees provided by the GSEs and the FHA and VA, our credit risk associated with these VIEs is limited. For additional information about conforming mortgage loan securitizations and resecuritizations, see the “Loan Sales and Securitization Activity” and “Resecuritization Activities” sections within this Note.

COMMERCIAL REAL ESTATE LOANS We may transfer purchased industrial development bonds and GSE credit enhancements to VIEs in exchange for beneficial interests. We may also acquire such beneficial interests in transactions where we do not act as a transferor. We own all of the beneficial interests and may also service the underlying mortgages that serve as collateral to the bonds. The GSEs have the power to direct the servicing and workout activities of the VIE in the event of a default, therefore we do not have control over the key decisions of the VIEs.

OTHER VIE STRUCTURES  We engage in various forms of structured finance arrangements with other VIEs, including asset-backed finance structures and other securitizations collateralized by asset classes other than mortgages. Collateral may include rental properties, asset-backed securities, student loans and mortgage loans. We may participate in structuring or marketing the arrangements as well as provide financing, service one or more of the underlying assets, or enter into derivatives with the VIEs. We may also receive fees for those services. We are not the primary beneficiary of these structures because we do not have power to direct the most significant activities of the VIEs.

112			Wells Fargo & Company

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Table 13.4 provides a summary of our exposure to the unconsolidated VIEs described above, which includes investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size.

In Table 13.4, “Total VIE assets” represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. “Carrying value” is the amount in our consolidated balance sheet related to our involvement with the unconsolidated VIEs. “Maximum exposure to loss” is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, plus the remaining undrawn liquidity

and lending commitments, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees.

Debt, guarantees and other commitments include amounts related to lending arrangements, liquidity agreements, and certain loss sharing obligations associated with loans originated, sold, and serviced under certain GSE programs.

“Maximum exposure to loss” represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this disclosure is not an indication of expected loss.

Table 13.4: Unconsolidated VIEs

									Carrying value – asset (liability)
(in millions)			Total VIE assets						Loans						Debt securities (1)						Equity securities						All other assets (2)						Debt and other liabilities						Net assets
September 30, 2024
Nonconforming mortgage loan securitizations			$	160,716					—						2,215						—						544						(4)						2,755
Commercial real estate loans			5,557						5,542						—						—						15						—						5,557
Other			1,186						77						—						—						16						—						93
Total			$	167,459					5,619						2,215						—						575						(4)						8,405
									Maximum exposure to loss
									Loans						Debt securities (1)						Equity securities						All other assets (2)						Debt, guarantees, and other commitments						Total exposure
Nonconforming mortgage loan securitizations									$	—					2,215						—						544						5						2,764
Commercial real estate loans									5,542						—						—						15						695						6,252
Other									77						—						—						16						157						250
Total									$	5,619					2,215						—						575						857						9,266
									Carrying value – asset (liability)
(in millions)			Total VIE assets						Loans						Debt securities (1)						Equity securities						All other assets (2)						Debt and other liabilities						Net assets
December 31, 2023
Nonconforming mortgage loan securitizations			$	154,730					—						2,471						—						591						(8)						3,054
Commercial real estate loans			5,588						5,571						—						—						17						—						5,588
Other			1,898						213						—						47						17						—						277
Total			$	162,216					5,784						2,471						47						625						(8)						8,919
									Maximum exposure to loss
									Loans						Debt securities (1)						Equity securities						All other assets (2)						Debt, guarantees, and other commitments						Total exposure
Nonconforming mortgage loan securitizations									$	—					2,471						—						591						8						3,070
Commercial real estate loans									5,571						—						—						17						700						6,288
Other									213						—						47						17						158						435
Total									$	5,784					2,471						47						625						866						9,793

(1)Includes $290 million and $301 million of securities classified as trading at September 30, 2024, and December 31, 2023, respectively.

(2)All other assets includes mortgage servicing rights, derivative assets, and other assets (predominantly servicing advances).

			Wells Fargo & Company			113

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Note 13: Securitizations and Variable Interest Entities (continued)

涉及稅收抵免的競爭除了表13.4中未合併的VIE，我們可能會投資於經濟適用房、可再生能源或類似項目，或向這些項目提供資金，這些項目旨在主要通過實現聯邦所得稅抵免和其他所得稅優惠來產生回報。我們的經濟適用房投資產生了低收入住房稅收抵免，我們的可再生能源投資產生了生產稅收抵免、投資稅收抵免或兩者兼而有之。這些項目通常由第三方贊助商管理，這些贊助商有權控制VIE的資產；因此，我們不合並VIE。我們在稅收抵免VIE中的股權投資的賬面價值爲$21.0 億和$19.72024年9月30日和2023年12月31日分別爲10億美元。此外，我們還向稅收抵免VIE提供了賬麪價值爲#美元的貸款。2.010億美元2.1分別爲2024年9月30日和2023年12月31日。

我們在2024年9月30日和2023年12月31日對稅收抵免VIE的最大虧損敞口爲$29.0 億和$30.6分別爲200億美元和200億美元。我們的最大虧損敞口包括無資金的股本和貸款承諾總額#美元。6.1 億和$8.72024年9月30日和2023年12月31日分別爲10億美元。根據這些承諾，我們

需要在投資期內由項目發起人酌情決定提供額外的財政支持，或根據賺取的所得稅抵免數額或有條件地爲某些可再生能源投資提供額外的財政支持。對於使用比例攤銷法入賬的股權投資，確認具有法律約束力或或有但可能籌資的無資金承諾的負債。在2024年9月30日和2023年12月31日爲這些承諾確認的負債爲$6.7 億和$4.9分別爲200億美元和200億美元。預計幾乎所有這些承諾都將在以下時間內獲得資金三年。有關2024年1月1日生效的ASU 2023-02的更多信息，請參見附註1(重要會計政策摘要)，這影響了我們的稅收抵免股權投資和相關無資金承諾的會計。另見附註14(擔保和其他承諾)，了解有關購買股權證券的未確認承諾的更多信息。

表13.5總結了與我們的經濟適用房和可再生能源股權投資有關的對我們綜合收益表的影響。

表13.5： 利潤表對經濟適用住房和可再生能源稅收抵免投資的影響（1）

						截至9月30日的季度，												截至9月30日的九個月裏，
(in數百萬）						2024						2023						2024						2023
所得稅費用前收入（損失）（2）			(A)			$	9					(98)						$	(43)					(468)
所得稅費用(福利)：
投資按比例攤銷						539						417						2,403						1,312
所得稅抵免和其他所得稅優惠						(879)						(827)						(3,224)						(2,571)
在所得稅費用中確認的淨費用（福利）			(B)			(340)						(410)						(821)						(1,259)
與經濟適用房和可再生能源稅收抵免投資相關的淨收入			（A）-（B）			$	349					312						$	778					791

(1)列出的金額包括對經濟適用住房和可再生能源稅收抵免投資的影響，這些投資採用比例攤銷法或權益法覈算。本表中的前期餘額並未反映與我們採用ASO 2023-02相關的會計變更, 2024年1月1日生效。有關更多信息，請參閱注1（重要會計政策摘要）。

(2)餘額主要與可再生能源稅收抵免投資的權益法損失有關，這些損失記錄在我們綜合收益表的其他非利息收入中。

114			富國銀行公司

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合併後的VIE

在我們是主要受益者的地方，我們整合VIE。我們是以下結構類型的主要受益者：

商業和工業貸款及租賃我們之前在一個循環總信託實體中證券化了交易商平面圖貸款。作爲所有受益利益的服務者和持有者，我們控制着信託的關鍵決策，並鞏固VIE。2024年第一季度，我們通過將主信託實體持有的貸款轉移到富國銀行的另一家子公司，取消了這些貸款，這對我們的合併資產負債表沒有影響。在單獨的交易結構中，我們可以向SPE提供大部分債務和股權融資，該SPE向特定供應商提供貸款和租賃，併爲基礎抵押品提供服務。

信用卡證券化從2024年第一季度開始，我們將部分信用卡貸款證券化，以提供資金來源。信用卡證券化涉及將信用卡貸款轉移到主信託，主信託向第三方投資者發行債務證券，並以轉移的信用卡貸款爲抵押。主信託中的基礎證券化信用卡貸款和其他資產僅可用於支付主信託發行的債務證券；它們不能用於支付我們的其他義務。此外，債務證券的投資者對富國銀行的一般信貸沒有追索權。

我們鞏固主信託是因爲，作爲信用卡貸款的服務商，我們有權指導對經濟表現影響最大的活動，並持有可能對VIE具有重大意義的可變利益。我們至少持有5%賣方在轉讓的信用卡貸款中的權益，而我們保留由主信託發行的次級證券，這些證券共同可能導致主信託的潛在重大損失或利益。截至2024年9月30日，我們持有賣方利息$7.1億美元的轉移信用卡貸款和附屬證券7503,000,000(按面值)由主信託發行，這兩項都在我們的合併財務報表中註銷。轉讓給第三方的信用卡貸款和發行給第三方的債務證券在我們的綜合資產負債表上確認，並分別歸類爲貸款和長期債務。

表13.6彙總了我們合併的VIE的財務資產和負債。賬面價值是指在我們的綜合資產負債表上確認的資產和負債。「VIE總資產」包括合併後沖銷的關聯企業餘額，因此在某些情況下不同於資產的賬面價值。

在我們的綜合資產負債表上，我們分別披露(1)某些VIE的合併資產，這些資產只能用於清償該等VIE的負債，以及(2)VIE債權人對富國銀行沒有追索權的某些VIE的合併負債。

Table 13.6: Transactions with Consolidated VIEs

									Carrying value – asset (liability)
(in millions)			Total VIE assets						Loans												All other assets (1)						Long-term debt						Accrued expenses and other liabilities
September 30, 2024
Commercial and industrial loans and leases			$	1,681					1,504												177						—						(125)
Credit card securitizations			9,387						9,241												16						(1,272)						(3)
Other			350						—												349						—						—
Total consolidated VIEs			$	11,418					10,745												542						(1,272)						(128)
December 31, 2023
Commercial and industrial loans and leases			$	7,579					4,880												203						—						(115)
Credit card securitizations			—						—												—						—						—
Other			232						—												232						—						—
Total consolidated VIEs			$	7,811					4,880												435						—						(115)

(1)All other assets includes loans held for sale and other assets.

Other Transactions

In addition to the transactions included in the previous tables, we have used wholly-owned trust preferred security VIEs to issue debt securities or preferred equity exclusively to third-party investors. As the sole assets of the VIEs are receivables from us, we do not consolidate the VIEs even though we own all of the voting equity shares of the VIEs, have fully guaranteed the obligations of the VIEs, and may have the right to redeem the third-party securities under certain circumstances. On our consolidated balance sheet, we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $425 million and $414 million at September 30, 2024, and December 31, 2023, respectively.

			Wells Fargo & Company			115

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Note 14:  Guarantees and Other Commitments

Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. For additional

descriptions of our guarantees, see Note 17 (Guarantees and Other Commitments) in our 2023 Form 10-K. Table 14.1 shows carrying value and maximum exposure to loss on our guarantees.

Table 14.1: Guarantees – Carrying Value and Maximum Exposure to Loss

									Maximum exposure to loss
(in millions)			Carrying value of obligation						Expires in one year or less						Expires after one year through three years						Expires after three years through five years						Expires after five years						Total						Non-investment grade
September 30, 2024
Standby letters of credit (1)			$	92					15,165						4,997						2,188						13						22,363						7,837
Direct pay letters of credit (1)			6						1,746						1,382						56						118						3,302						782
Loans and LHFS sold with recourse			88						453						3,169						3,943						6,314						13,879						10,827
Exchange and clearing house guarantees			—						33,446						—						—						—						33,446						—
Other guarantees and indemnifications			33						1,609						522						78						498						2,707						973
Total guarantees			$	219					52,419						10,070						6,265						6,943						75,697						20,419
December 31, 2023
Standby letters of credit (1)			$	90					14,211						5,209						2,931						105						22,456						7,711
Direct pay letters of credit (1)			8						1,446						2,268						247						5						3,966						957
Loans and LHFS sold with recourse			72						249						2,957						3,385						7,228						13,819						10,612
Exchange and clearing house guarantees			—						13,550						—						—						—						13,550						—
Other guarantees and indemnifications			22						687						854						116						463						2,120						634
Total guarantees			$	192					30,143						11,288						6,679						7,801						55,911						19,914

(1)Standby and direct pay letters of credit are reported net of syndications and participations.

Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in

Table 14.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, these amounts are not an indication of expected loss. We believe the carrying value is more representative of our current exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable. In determining the ACL for guarantees, we consider the credit risk of the related contingent obligation.

For our guarantees in Table 14.1, non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee, which is determined based on an external rating or an internal credit grade that is below investment grade, if applicable.

WRITTEN OPTIONS We enter into written foreign currency options and over-the-counter written equity put options that are derivative contracts that have the characteristics of a guarantee. The fair value of written options represents our view of the probability that we will be required to perform under the contract. The fair value of these written options was an asset of $385 million and $178 million at September 30, 2024, and December 31, 2023, respectively. The fair value may be an asset as a result of deferred premiums on certain option trades. The maximum exposure to loss represents the notional value of these derivative contracts. At September 30, 2024, the maximum exposure to loss was $33.3 billion, with $30.7 billion expiring in three years or less compared with $34.0 billion and $31.9 billion, respectively, at December 31, 2023. See Note 11 (Derivatives) for additional information regarding written derivative contracts.

MERCHANT PROCESSING SERVICES We provide debit and credit card transaction processing services through payment networks directly for merchants and as a sponsor for merchant processing servicers, including our joint venture with a third party that is accounted for as an equity method investment. In our role as the merchant acquiring bank, we have a potential obligation in connection with payment and delivery disputes between the merchant and the cardholder that are resolved in favor of the cardholder, referred to as a charge-back transaction. We estimate our potential maximum exposure to be the total merchant transaction volume processed in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of September 30, 2024, our potential maximum exposure was approximately $597.4 billion, and related losses, including those from our joint venture entity, were insignificant.

GUARANTEES OF SUBSIDIARIES The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These securities are not guaranteed by any other subsidiary of the Parent. The guaranteed liabilities were $1.3 billion and $834 million at September 30, 2024, and December 31, 2023, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

OTHER COMMITMENTS As of September 30, 2024, and December 31, 2023, we had commitments to purchase equity securities of $6.7 billion and $9.2 billion, respectively, which predominantly included Federal Reserve Bank stock and tax credit investments accounted for using the equity method.

As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. Certain of these

116			富國銀行公司

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義務是對其他成員業績的保證，因此包含在表14.1其他保證和賠償中。

我們承諾與某些交易對手（包括中央清算組織）簽訂轉售和證券借入協議以及回購和證券借出協議。我們轉售和證券借款協議的無資金合同承諾金額爲美元23.2 億和$17.5 截至2024年9月30日和2023年12月31日，分別爲10億美元。我們對回購和證券借貸協議的無資金合同承諾金額爲美元253 億和$746 截至2024年9月30日和2023年12月31日，分別爲百萬。

鑑於這些承諾的性質，它們不包括在註釋5（貸款和相關信用損失準備金）中的表5.4（無準備金信用承諾）中。

			富國銀行公司			117

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注15： 證券和其他抵押融資活動

吾等訂立回售及回購協議及證券借貸協議(統稱爲「證券融資活動」)，通常是爲交易倉位(包括證券及衍生工具)融資、收購證券以回補交易倉位、滿足客戶的融資需要，以及清償其他證券債務。這些活動是通過我們的經紀-交易商子公司進行的，在較小程度上也通過其他銀行實體進行。我們的證券融資活動主要涉及高質量、高流動性的證券，如美國國債和政府機構證券，其次是流動性較差的證券，包括股票證券、公司債券和資產擔保證券。我們將這些交易視爲抵押融資，在這種融資中，我們通常會收到或質押證券作爲抵押品。我們認爲，鑑於所提供的抵押品和相關的監測程序，這些融資交易一般不存在重大信用風險。我們還簽訂轉售協議，涉及證券以外的抵押品，如貸款，作爲我們商業貸款業務活動的一部分。

抵銷證券和其他抵押融資活動表15.1載列受總回購協議規限的回售及回購協議，以及受證券總借貸協議規限的證券借貸協議。在法律上可強制執行的情況下，這些主要淨額結算安排允許在交易對手違約的情況下，清算作爲抵押品持有的證券，並將應收款和應付款與

同樣的交易對手。與同一交易對手的抵押融資在我們的綜合資產負債表上淨額列示，前提是滿足某些標準，允許資產負債表淨額結算。受這些協議約束的大多數交易不符合這些標準，因此不符合資產負債表淨額結算的條件。

我們質押的抵押品包括非現金工具，如證券或貸款，不計入我們的綜合資產負債表中以抵銷相關負債。我們收到的抵押品包括證券或貸款，不在我們的綜合資產負債表中確認。質押或收到的抵押品可能會隨着時間的推移而增加或減少，以維持某些合同門檻，因爲每項安排所涉及的資產價值都會波動。有關質押和承兌抵押品的更多信息，見附註16(質押資產和抵押品)。一般來說，這些協議要求抵押品超過資產負債表上確認的資產或負債。下表包括與受可強制執行的MRA或MSLA限制的風險敞口有關的質押或收到的抵押品金額。雖然這些協議通常是過度抵押的，但本表格中的披露僅限於此類抵押品的報告金額與每一交易對手的相關確認資產或負債的金額。

除表15.1所列金額外，我們還有與附註11(衍生工具)披露的衍生工具有關的資產負債表淨額結算。

表15.1： 抵消-證券和其他抵押融資活動

(in數百萬）			9月30日， 2024						12月31日， 2023
資產：
轉售和證券借款協議
確認的毛額			$	160,792					129,282
合併資產負債表中抵消的總額（1）			(36,322)						(28,402)
合併資產負債表淨金額（2）			124,470						100,880
收到的抵押品未在合併資產負債表中確認（3）			(123,594)						(99,970)
淨金額（4）			$	876					910
負債：
回購和證券出借協議
確認的毛額			$	133,849					106,060
合併資產負債表中抵消的總額（1）			(36,322)						(28,402)
合併資產負債表淨金額（5）			97,527						77,658
已抵押但未在合併資產負債表中扣除的抵押品（6）			(97,431)						(77,529)
淨金額（4）			$	96					129

(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset within our consolidated balance sheet.

(2)Includes $105.4 billion and $80.4 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2024, and December 31, 2023, respectively. Also includes $19.1 billion and $20.5 billion classified on our consolidated balance sheet in loans at September 30, 2024, and December 31, 2023, respectively.

(3)Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty.

(4)Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA.

(5)Amount is classified in short-term borrowings on our consolidated balance sheet.

(6)Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty.

118			Wells Fargo & Company

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回購和證券借貸協議根據回購協議和證券出借安排出售的證券實際上是短期抵押借款。在這些交易中，我們以現金換取轉讓證券作爲抵押品，並確認在交易到期日以現金重新收購證券的義務。此類交易會產生風險，包括(1)交易對手可能無法在到期時返還證券，(2)轉讓的證券的公允價值可能會低於我們重新收購證券的義務的金額，因此我們有義務質押額外的金額，以及(3)交易對手可能會根據要求加速到期，要求我們在

合同到期日。我們試圖通過各種方式來緩解這些風險。我們的抵押品主要由高流動性證券組成。此外，我們承銷和監控交易對手的財務實力，監控質押抵押品相對於合同要求的回購金額的公允價值，並監控我們的抵押品在現金償還之前通過清算和結算程序得到適當返還。表15.2提供了我們的綜合資產負債表上確認的回購和證券借貸協議負債的總額(在抵銷影響之前)，按相關抵押品類型分列。

表15.2： 按基礎抵押品類型分類的總債務

(in數百萬）						9月30日， 2024						12月31日， 2023
回購協議：
美國財政部和聯邦機構的證券						$	52,482					38,742
美國各州和政治部門的證券						502						579
聯邦機構抵押貸款支持證券						56,391						48,019
非機構抵押貸款支持證券						2,113						1,889
公司債務證券						8,951						7,925
資產支持證券						2,288						2,176
股本證券						2,201						635
其他						2,027						541
回購總額						126,955						100,506
證券借貸安排：
美國財政部和聯邦機構的證券						294						251
聯邦機構抵押貸款支持證券						2						31
公司債務證券						1,005						293
股本證券						5,579						4,965
其他						14						14
證券貸款總額						6,894						5,554
回購和證券出借總額						$	133,849					106,060

表15.3提供了回購和證券出借協議項下總債務的合同到期日。證券借貸是根據允許任何一方在不通知的情況下終止交易的協議執行的，而

回購協議具有在某個時間點到期的期限結構。隔夜協議要求雙方選舉才能啓動貿易，而連續協議則要求任何一方選舉才能終止協議。

表15.3： 總債務的合同期限

(in數百萬）			回購協議			證券借貸協議
2024年9月30日
隔夜/連續			$	77,126		5,793
長達30天			17,006			450
30-90天			18,509			—
>90天			14,314			651
債務總額			$	126,955		6,894
2023年12月31日
隔夜/連續			$	54,810		4,903
長達30天			13,704			—
30-90天			23,264			200
>90天			8,728			451
債務總額			$	100,506		5,554

			富國銀行公司			119

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注16： 質押資產和抵押品

抵押資產

我們將我們擁有的金融資產質押給交易對手，用於證券的抵押和其他抵押融資活動，以獲得信託和公共存款，並將衍生品合同抵押。關於證券融資活動的補充資料，見附註15(證券和其他抵押融資活動)。作爲我們流動性管理戰略的一部分，我們還可以抵押資產，以獲得聯邦住房貸款銀行(FHLB)的借款和信用證，以維持FHLB的潛在借款能力，並在聯邦儲備系統(FRB)理事會的貼現窗口，以及用於法律或保險法定要求所要求或允許的其他目的。我們質押的抵押品可能包括我們自己的抵押品，以及我們從第三方收到並有權補充的抵押品。

表16.1提供了我們已質押給第三方的綜合資產負債表上確認的資產的賬面價值。在我們的交易對手有權出售或補充這些資產的交易中質押的資產在我們的綜合資產負債表中括號內列示。

VIE相關我們還質押與VIE達成的各種交易相關的資產，這些交易不在表16.1中。這些質押資產只能用於清償這些實體的負債。我們也有貸款記錄在我們的綜合資產負債表上，這些貸款代表着某些拖欠貸款，有資格從GNMA貸款證券化中回購。有關合並和未合併VIE資產的更多信息，請參閱附註13(證券化和可變權益實體)。

表16.1： 抵押資產

(in數百萬）			9月30日， 2024						12月31日， 2023
向有權出售或再抵押的交易對手承諾：
債務證券：
交易			$	83,197					62,537
可供出售			1,491						5,055
股本證券			10,272						2,683
所有其他資產			499						495
抵押給有權出售或再抵押的交易對手的總資產			95,459						70,770
承諾給無權出售或再抵押的交易對手：
債務證券：
交易			6,025						2,757
可供出售			96,993						64,511
持有至成熟			221,280						246,218
貸款			488,873						445,092
股本證券			1,497						1,502
所有其他資產			1,523						1,195
抵押給無權出售或再抵押的交易對手的總資產			816,191						761,275
質押資產總額			$	911,650					832,045

已接受抵押品

我們接收金融資產作爲抵押品，我們可以出售或再抵押。該抵押品是與根據轉售協議購買的證券和證券借款交易、客戶按金貸款和衍生品合同相關獲得的。我們可能會將此抵押品用於根據回購協議出售的證券和證券借貸交易、衍生品合同和賣空。於2024年9月30日和2023年12月31日，我們有權出售或再抵押的該抵押品的公允價值爲美元255.0 億和$216.6 分別億美元，其中美元123.7 億和$103.3 分別出售或再抵押。

120			富國銀行公司

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注17： 經營分部

我們的管理報告被組織成四可報告的經營部門：消費者銀行和貸款；商業銀行；企業和投資銀行；以及財富和投資管理。未包括在可報告經營部門中的所有其他業務活動已包括在公司中。我們根據產品類型和客戶細分來定義我們的可報告運營部門，其結果基於我們的管理報告流程。管理報告程序根據公司的管理結構衡量可報告的運營部門的業績，並與我們的首席執行官和相關高級管理人員定期審查結果。管理報告流程以美國公認會計原則爲基礎，包括具體的調整，如資產/負債管理的資金轉移定價、共享收入和費用，以及應稅等值調整，以一致地反映來自應稅和免稅來源的收入，從而使管理層能夠對各經營部門的業績進行一致的評估。

消費者銀行和貸款爲消費者和小型企業提供多樣化的金融產品和服務，年銷售額通常高達10百萬美元。這些金融產品和服務包括支票和儲蓄帳戶、信用卡和借記卡以及住房、汽車、個人和小企業貸款。

商業銀行爲私營、家族和某些上市公司提供財務解決方案。產品和服務包括多個行業部門和市政當局的銀行和信貸產品、擔保貸款和租賃產品以及財務管理。

企業和投資銀行爲全球企業、商業地產、政府和機構客戶提供一整套資本市場、銀行和金融產品和服務。產品和服務包括企業銀行、投資銀行、財務管理、商業房地產貸款和服務、股票和固定收益解決方案以及銷售、交易和研究能力。

財富和投資管理爲富裕、高淨值和超高淨值客戶提供個性化的财富管理、經紀、財務規劃、貸款、私人銀行、信託和受託產品和服務。我們通過經紀和財富辦公室、消費者銀行分支機構、獨立辦公室的財務顧問運營，並通過WellsTrade進行數字運營®和直覺型投資者®.

企業包括公司金庫和企業職能，扣除撥款(包括資金轉移定價、資本、流動性和某些費用)，以支持可報告的運營部門，以及我們的投資組合、風險資本和私募股權投資。公司還包括管理層認爲不再符合公司長期戰略目標的某些業務，以及以前剝離的業務的結果。

呈列基準

資金轉移定價公司金庫管理一種資金轉移定價方法，該方法考慮了利率風險、流動性風險和其他產品特徵。經營部門爲其資產支付資金費用，併爲其存款獲得資金抵免，這兩者都包括在淨利息收入中。融資費用或信貸的淨影響在公司金庫中確認。

收入和費用分享 當業務線聯合爲客戶服務時，負責提供產品或服務的業務線確認收入或費用，並支付推薦費或根據既定的內部收入共享協議將成本分配給其他業務線。

當一個業務線使用另一個業務線或企業職能部門(包括在公司中)提供的服務時，費用通常根據所提供服務的成本和使用情況進行分配。我們定期評估和更新我們的收入和費用分配方法。

應稅同等調整 與某些貸款和債務證券的免稅收入相關的應稅等值調整計入淨利息收入，而與經濟適用住房和可再生能源投資所得稅抵免相關的應稅等值調整計入非利息收入，在每種情況下都對所得稅費用（福利）產生了相應的影響。調整包括在企業銀行業務、商業銀行業務以及企業和投資銀行業務中，並被剔除以與公司的綜合財務業績相一致。

			富國銀行公司			121

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注17： 經營分部 （續）

表17.1按經營分部列出了我們的業績。

表17.1： 經營分部

(in數百萬）			消費者銀行和貸款						商業銀行						企業和投資銀行						財富和投資管理						企業						登記物品（1）						已整合 公司
截至2024年9月30日的季度
淨利息收入（2）			$	7,149					2,289						1,909						842						(415)						(84)						11,690
非利息收入			1,975						1,044						3,002						3,036						78						(459)						8,676
總收入			9,124						3,333						4,911						3,878						(337)						(543)						20,366
信貸損失準備金			930						85						26						16						8						—						1,065
非利息費用			5,624						1,480						2,229						3,154						580						—						13,067
所得稅費用（福利）前收入（損失）			2,570						1,768						2,656						708						(925)						(543)						6,234
所得稅費用（福利）			646						448						664						179						(330)						(543)						1,064
扣除非控股權益前的淨利潤（虧損）			1,924						1,320						1,992						529						(595)						—						5,170
減：非控股權益淨收入			—						2						—						—						54						—						56
淨收益(虧損)			$	1,924					1,318						1,992						529						(649)						—						5,114
截至2023年9月30日的季度
淨利息收入（2）			$	7,633					2,519						2,319						1,007						(269)						(104)						13,105
非利息收入			1,948						886						2,604						2,695						21						(402)						7,752
總收入			9,581						3,405						4,923						3,702						(248)						(506)						20,857
信貸損失準備金			768						52						324						(10)						63						—						1,197
非利息費用			5,913						1,543						2,182						3,006						469						—						13,113
所得稅費用（福利）前收入（損失）			2,900						1,810						2,417						706						(780)						(506)						6,547
所得稅費用（福利）			727						453						601						177						(641)						(506)						811
扣除非控股權益前的淨利潤（虧損）			2,173						1,357						1,816						529						(139)						—						5,736
減：非控股權益淨收入（損失）			—						3						—						—						(34)						—						(31)
淨收益(虧損)			$	2,173					1,354						1,816						529						(105)						—						5,767
截至2024年9月30日的9個月
淨利息收入（2）			$	21,283					6,848						5,881						2,617						(527)						(262)						35,840
非利息收入			5,938						2,759						8,850						8,861						761						(1,091)						26,078
總收入			27,221						9,607						14,731						11,478						234						(1,353)						61,918
信貸損失準備金			2,650						257						316						5						11						—						3,239
非利息費用			17,349						4,665						6,729						9,577						2,378						—						40,698
所得稅費用（福利）前收入（損失）			7,222						4,685						7,686						1,896						(2,155)						(1,353)						17,981
所得稅費用（福利）			1,815						1,191						1,928						502						(804)						(1,353)						3,279
扣除非控股權益前的淨利潤（虧損）			5,407						3,494						5,758						1,394						(1,351)						—						14,702
減：非控股權益淨收入			—						8						—						—						51						—						59
淨收益(虧損)			$	5,407					3,486						5,758						1,394						(1,402)						—						14,643
截至2023年9月30日的九個月
淨利息收入（2）			$	22,556					7,509						7,139						3,060						(344)						(316)						39,604
非利息收入			5,844						2,572						7,317						7,971						147						(1,336)						22,515
總收入			28,400						10,081						14,456						11,031						(197)						(1,652)						62,119
信貸損失準備金			2,509						35						1,509						25						39						—						4,117
非利息費用			17,978						4,925						6,486						9,041						1,346						—						39,776
所得稅費用（福利）前收入（損失）			7,913						5,121						6,461						1,965						(1,582)						(1,652)						18,226
所得稅費用（福利）			1,985						1,281						1,617						492						(1,016)						(1,652)						2,707
扣除非控股權益前的淨利潤（虧損）			5,928						3,840						4,844						1,473						(566)						—						15,519
減：非控股權益淨收入（損失）			—						9						—						—						(186)						—						(177)
淨收益(虧損)			$	5,928					3,831						4,844						1,473						(380)						—						15,696
（下一頁繼續）

122			富國銀行公司

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（續上一頁）
			消費者銀行和貸款						商業銀行						企業和投資銀行						財富和投資管理						企業						登記物品（1）						已整合 公司
截至2024年9月30日的季度
貸款（平均）			$	323,615					222,116						275,218						82,797						6,509						—						910,255
資產（平均）			358,591						244,807						574,697						89,587						648,930						—						1,916,612
存款（平均）			773,554						173,158						194,315						107,991						92,662						—						1,341,680
截至2024年9月30日的9個月
貸款（平均）			$	326,417					223,482						278,072						82,815						7,620						—						918,406
資產（平均）			362,475						246,107						561,280						89,928						656,289						—						1,916,079
存款（平均）			775,005						168,044						188,399						104,117						107,691						—						1,343,256
貸款（期末）			322,745						223,999						273,723						83,023						6,221						—						909,711
資產（期末）			358,762						248,313						583,144						89,288						642,618						—						1,922,125
存款（期末）			775,745						178,406						199,700						112,472						83,323						—						1,349,646
截至2023年9月30日的季度
貸款（平均）			$	335,545					224,416						291,651						82,195						9,386						—						943,193
資產（平均）			376,249						243,661						559,647						88,987						623,339						—						1,891,883
存款（平均）			801,061						160,556						157,212						107,500						113,978						—						1,340,307
截至2023年9月30日的九個月
貸款（平均）			$	336,725					224,361						292,610						82,948						9,252						—						945,896
資產（平均）			378,826						246,322						552,888						89,957						610,047						—						1,878,040
存款（平均）			821,741						165,887						158,337						115,418						86,707						—						1,348,090
貸款（期末）			334,956						225,771						290,330						82,331						9,036						—						942,424
資產（期末）			376,151						245,159						557,642						88,854						641,455						—						1,909,261
存款（期末）			798,897						160,368						162,776						103,255						128,714						—						1,354,010

(1)與某些貸款和債務證券的免稅收入相關的應稅等值調整計入淨利息收入，而與經濟適用住房和可再生能源投資所得稅抵免相關的應稅等值調整計入非利息收入，在每種情況下都對所得稅費用（福利）產生了相應的影響。調整包括在企業銀行業務、商業銀行業務以及企業和投資銀行業務中，並被剔除以與公司的綜合財務業績相一致。

(2)淨利息收入是資產賺取的利息減去爲這些資產提供資金的負債支付的利息。賺取的分部利息包括分部資產的實際利息收入以及其存款的融資信貸。就負債支付的分部利息包括分部負債的實際利息支出以及其資產的融資費用.

			富國銀行公司			123

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注18： 收益及開支

收入

我們的收入包括金融工具的淨利息收入和非利息收入。 表18.1展示了我們的

按經營分部劃分的收入。有關我們的更多描述

經營分部，包括額外財務信息

以及基礎管理會計流程，請參閱

注17（運營部門）。有關我們來自客戶合同的收入的描述，請參閱2023年表格10-k中的註釋21（收入和費用）。

表18.1： 按經營分部劃分的收入

(in數百萬）			消費者銀行和貸款						商業銀行						企業和投資銀行						財富和投資管理						企業						調和 項目（1）						已整合 公司
截至2024年9月30日的季度
淨利息收入（2）			$	7,149					2,289						1,909						842						(415)						(84)						11,690
非利息收入：
存款相關費用			710						303						279						6						1						—						1,299
貸款相關費用（2）			22						138						213						3						—						—						376
投資諮詢和其他基於資產的費用（3）			—						20						37						2,406						—						—						2,463
佣金和經紀服務費			—						—						98						548						—						—						646
投資銀行費用			—						26						668						—						(22)						—						672
卡費：
卡交換和網絡收入（4）			892						51						13						1						—						—						957
其他卡費（2）			139						—						—						—						—						—						139
卡費總額			1,031						51						13						1						—						—						1,096
抵押貸款銀行業務（2）			137						—						146						(3)						—						—						280
交易活動淨收益（2）			—						—						1,366						40						32						—						1,438
債務證券淨損失（2）			—						—						—						—						(447)						—						(447)
股權證券淨收益（損失）（2）			(2)						11						1						—						247						—						257
租賃收入（2）			—						126						—						—						151						—						277
其他（2）			77						369						181						35						116						(459)						319
非利息收入總額			1,975						1,044						3,002						3,036						78						(459)						8,676
總收入			$	9,124					3,333						4,911						3,878						(337)						(543)						20,366
截至2023年9月30日的季度
淨利息收入（2）			$	7,633					2,519						2,319						1,007						(269)						(104)						13,105
非利息收入：
存款相關費用			670						257						247						5						—						—						1,179
貸款相關費用（2）			31						133						206						2						—						—						372
投資諮詢和其他基於資產的費用（3）			—						19						41						2,164						—						—						2,224
佣金和經紀服務費			—						—						75						492						—						—						567
投資銀行費用			—						13						545						—						(66)						—						492
卡費：
卡交換和網絡收入（4）			909						56						14						1						—						—						980
其他卡費（2）			118						—						—						—						—						—						118
卡費總額			1,027						56						14						1						—						—						1,098
抵押貸款銀行業務（2）			105						—						91						(3)						—						—						193
交易活動淨收益（損失）（2）			—						(2)						1,193						25						49						—						1,265
債務證券淨收益（損失）（2）			—						25						—						—						(19)						—						6
股權證券淨收益（損失）（2）			—						(6)						18						—						(37)						—						(25)
租賃收入（2）			—						153						4						—						134						—						291
其他（2）			115						238						170						9						(40)						(402)						90
非利息收入總額			1,948						886						2,604						2,695						21						(402)						7,752
總收入			$	9,581					3,405						4,923						3,702						(248)						(506)						20,857
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124			Wells Fargo & Company

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(continued from previous page)
(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Reconciling Items (1)						Consolidated Company
Nine months ended September 30, 2024
Net interest income (2)			$	21,283					6,848						5,881						2,617						(527)						(262)						35,840
Noninterest income:
Deposit-related fees			2,077						877						804						18						2						—						3,778
Lending-related fees (2)			69						415						621						7						—						—						1,112
Investment advisory and other asset-based fees (3)			—						63						116						7,030						—						—						7,209
Commissions and brokerage services fees			—						—						272						1,614						—						—						1,886
Investment banking fees			(3)						67						1,949						—						(73)						—						1,940
Card fees:
Card interchange and network revenue (4)			2,674						156						41						3						1						—						2,875
Other card fees (2)			383						—						—						—						—						—						383
Total card fees			3,057						156						41						3						1						—						3,258
Mortgage banking (2)			465						—						297						(9)						—						—						753
Net gains (losses) from trading activities (2)			—						(1)						4,158						123						54						—						4,334
Net losses from debt securities (2)			—						—						—						—						(472)						—						(472)
Net gains (losses) from equity securities (2)			(2)						25						15						15						302						—						355
Lease income (2)			—						408						122						—						460						—						990
Other (2)			275						749						455						60						487						(1,091)						935
Total noninterest income			5,938						2,759						8,850						8,861						761						(1,091)						26,078
Total revenue			$	27,221					9,607						14,731						11,478						234						(1,353)						61,918
Nine months ended September 30, 2023
Net interest income (2)			$	22,556					7,509						7,139						3,060						(344)						(316)						39,604
Noninterest income:
Deposit-related fees			2,008						741						730						16						(3)						—						3,492
Lending-related fees (2)			90						393						591						6						—						—						1,080
Investment advisory and other asset-based fees (3)			—						54						112						6,335						—						—						6,501
Commissions and brokerage services fees			—						—						229						1,527						—						—						1,756
Investment banking fees			(4)						48						1,249						—						(99)						—						1,194
Card fees:
Card interchange and network revenue (4)			2,701						171						46						3						2						—						2,923
Other card fees (2)			306						—						—						—						—						—						306
Total card fees			3,007						171						46						3						2						—						3,229
Mortgage banking (2)			397						—						239						(9)						—						—						627
Net gains (losses) from trading activities (2)			—						(9)						3,531						69						138						—						3,729
Net gains (losses) from debt securities (2)			—						25						—						—						(15)						—						10
Net gains (losses) from equity securities (2)			—						(16)						1						(2)						(459)						—						(476)
Lease income (2)			—						489						50						—						406						—						945
Other (2)			346						676						539						26						177						(1,336)						428
Total noninterest income			5,844						2,572						7,317						7,971						147						(1,336)						22,515
Total revenue			$	28,400					10,081						14,456						11,031						(197)						(1,652)						62,119

(1)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.

(2)These revenue types are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements.

(3)We earned trailing commissions of $238 million and $701 million for the third quarter and first nine months of 2024, respectively, and $230 million and $684 million for the third quarter and first nine months of 2023, respectively.

(4)The cost of credit card rewards and rebates of $694 million and $2.0 billion for the third quarter and first nine months of 2024, respectively, and $652 million and $1.9 billion for the third quarter and first nine months of 2023, respectively, are presented net against the related revenue.

			Wells Fargo & Company			125

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Note 18: Revenue and Expenses (continued)

Expenses

OPERATING LOSSES Operating losses consist of expenses related to:

•Legal actions such as litigation and regulatory matters. For additional information on legal actions, see Note 10 (Legal Actions);

•Customer remediation activities, which are associated with our efforts to identify areas or instances where customers may have experienced financial harm and provide remediation as appropriate. We have accrued for the probable and estimable costs related to our customer remediation activities, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators; and

•Other business activities such as deposit overdraft losses, fraud losses, and isolated instances of customer redress.

Table 18.2 provides the components of our operating losses included in our consolidated statement of income.

Table 18.2: Operating Losses

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Legal actions			$	76					175						$	228					115
Customer remediation			22						(30)						634						133
Other			195						184						557						580
Total operating losses			$	293					329						$	1,419					828

Operating losses may have significant variability given the inherent and unpredictable nature of legal actions and customer remediation activities. The timing and determination of the amount of any associated losses for these matters depends on a variety of factors, some of which are outside of our control.

OTHER EXPENSES Regulatory Charges and Assessments expense, which is included in other noninterest expense, was $212 million and $1.1 billion in the third quarter and first nine months of 2024, respectively, compared with $277 million and $849 million in the same periods a year ago, and predominantly consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense.

In November 2023, the FDIC finalized a rule to recover losses to the FDIC deposit insurance fund as a result of bank failures in the first half of 2023. Under the rule, the FDIC will collect a special assessment based on an insured depository institution’s estimated amount of uninsured deposits. Upon the FDIC’s finalization of the rule, we expensed an estimated amount of our special assessment of $1.9 billion (pre-tax) in fourth quarter 2023. During 2024, the FDIC provided updates on losses to the deposit insurance fund, which resulted in a reversal of expense of $63 million (pre-tax) in the third quarter of 2024 and an additional expense of $273 million (pre-tax) in the first nine months of 2024 for the estimated amount of the special assessment. We expect the ultimate amount of the special assessment may continue to change as the FDIC determines the actual net losses to the deposit insurance fund.

126			Wells Fargo & Company

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Note 19: Employee Benefits

Pension and Postretirement Plans

We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation,

projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 1 (Summary of Significant Accounting Policies) and Note 22 (Employee Benefits) in our 2023 Form 10-K.

Table 19.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on our consolidated statement of income.

Table 19.1: Net Periodic Benefit Cost

			2024																		2023
			Pension benefits																		Pension benefits
(in millions)			Qualified						Non-  qualified						Other  benefits						Qualified						Non-  qualified						Other  benefits
Quarter ended September 30,
Service cost			$	7					—						—						6						—						—
Interest cost			97						5						3						101						5						3
Expected return on plan assets			(118)						—						(6)						(126)						—						(5)
Amortization of net actuarial loss (gain)			35						1						(7)						35						1						(7)
Amortization of prior service credit			—						—						(2)						—						—						(2)
Net periodic benefit cost			$	21					6						(12)						16						6						(11)
Nine months ended September 30,
Service cost			$	22					—						—						19						—						—
Interest cost			290						13						10						302						14						11
Expected return on plan assets			(354)						—						(19)						(378)						—						(18)
Amortization of net actuarial loss (gain)			104						4						(19)						105						3						(19)
Amortization of prior service credit			—						—						(7)						—						—						(7)
Net periodic benefit cost			$	62					17						(35)						48						17						(33)

			Wells Fargo & Company			127

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Note 20: Earnings and Dividends Per Common Share

Table 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

Table 20.1: Earnings Per Common Share Calculations

						Quarter ended September 30,												Nine months ended September 30,
(in millions, except per share amounts)						2024						2023						2024						2023
Wells Fargo net income						$	5,114					5,767						$	14,643					15,696
Less: Preferred stock dividends and other (1)						262						317						838						874
Wells Fargo net income applicable to common stock (numerator)						$	4,852					5,450						$	13,805					14,822
Earnings per common share
Average common shares outstanding (denominator)						3,384.8						3,648.8						3,464.1						3,710.9
Per share						$	1.43					1.49						$	3.99					3.99
Diluted earnings per common share
Average common shares outstanding						3,384.8						3,648.8						3,464.1						3,710.9
Add: Restricted share rights (2)						40.3						31.8						39.4						30.7
Diluted average common shares outstanding (denominator)						3,425.1						3,680.6						3,503.5						3,741.6
Per share						$	1.42					1.48						$	3.94					3.96

(1)Includes costs associated with any preferred stock redemption.

(2)Calculated using the treasury stock method.

Table 20.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.

Table 20.2: Outstanding Anti-Dilutive Securities

															Weighted-average shares
			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Convertible Preferred Stock, Series L (1)			25.3						25.3						25.3						25.3
Restricted share rights (2)			—						—						0.4						0.2

(1)    Calculated using the if-converted method.

(2)    Calculated using the treasury stock method.

Table 20.3 presents dividends declared per common share.

Table 20.3: Dividends Declared Per Common Share

			Quarter ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Per common share			$	0.40					0.35						$	1.10					0.95

128			Wells Fargo & Company

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Note 21: Other Comprehensive Income

Table 21.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects.

Table 21.1: Summary of Other Comprehensive Income

			Quarter ended September 30,																																				Nine months ended September 30,
			2024																		2023																		2024																		2023
(in millions)			Before   tax						Tax   effect						Net of   tax						Before   tax						Tax   effect						Net of   tax						Before   tax						Tax   effect						Net of   tax						Before   tax						Tax   effect						Net of   tax
Debt securities:
Net unrealized gains (losses) arising during the period			$	3,754					(923)						2,831						(2,790)						686						(2,104)						$	2,782					(686)						2,096						(2,989)						737						(2,252)
Reclassification of net (gains) losses to net income			590						(147)						443						152						(37)						115						853						(210)						643						421						(104)						317
Net change			4,344						(1,070)						3,274						(2,638)						649						(1,989)						3,635						(896)						2,739						(2,568)						633						(1,935)
Derivatives and hedging activities:
Fair Value Hedges:
Change in fair value of excluded components on fair value hedges (1)			5						(1)						4						9						(2)						7						16						(4)						12						20						(5)						15
Cash Flow Hedges:
Net unrealized gains (losses) arising during the period on cash flow hedges			1,094						(270)						824						(757)						187						(570)						(136)						34						(102)						(1,374)						340						(1,034)
Reclassification of net (gains) losses to net income			222						(56)						166						206						(50)						156						677						(168)						509						504						(124)						380
Net change			1,321						(327)						994						(542)						135						(407)						557						(138)						419						(850)						211						(639)
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period			—						—						—						—						—						—						—						—						—						—						—						—
Reclassification of amounts to noninterest expense (2)			27						(6)						21						27						(6)						21						82						(19)						63						82						(19)						63
Net change			27						(6)						21						27						(6)						21						82						(19)						63						82						(19)						63
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period			(1)						—						(1)						(13)						3						(10)						(32)						7						(25)						(22)						5						(17)
Reclassification of net (gains) losses to net income			—						—						—						—						—						—						—						—						—						—						—						—
Net change			(1)						—						(1)						(13)						3						(10)						(32)						7						(25)						(22)						5						(17)
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period			61						—						61						(48)						(1)						(49)						13						(1)						12						17						(2)						15
Reclassification of net (gains) losses to net income			—						—						—						—						—						—						—						—						—						—						—						—
Net change			61						—						61						(48)						(1)						(49)						13						(1)						12						17						(2)						15
Other comprehensive income (loss)			$	5,752					(1,403)						4,349						(3,214)						780						(2,434)						$	4,255					(1,047)						3,208						(3,341)						828						(2,513)
Less: Other comprehensive income from noncontrolling interests, net of tax															—																		2																		—																		2
Wells Fargo other comprehensive income (loss), net of tax															$	4,349																	(2,436)																		$	3,208																	(2,515)

(1)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income.

(2)These items are included in the computation of net periodic benefit cost. See Note 19 (Employee Benefits) for additional information.

			Wells Fargo & Company			129

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Note 21: Other Comprehensive Income (continued)

Table 21.2 provides the accumulated OCI balance activity on an after-tax basis.

Table 21.2: Accumulated OCI Balances

(in millions)			Debt securities (1)						Fair value hedges (2)						Cash flow hedges (3)						Defined   benefit   plans   adjustments						Debit valuation adjustments (DVA) and other						Foreign   currency   translation  adjustments						Accumulated   other  comprehensive income (loss)
Quarter ended September 30, 2024
Balance, beginning of period			$	(9,099)					(53)						(1,371)						(1,791)						(39)						(368)						(12,721)
Net unrealized gains (losses) arising during the period			2,831						4						824						—						(1)						61						3,719
Amounts reclassified from accumulated other comprehensive income			443						—						166						21						—						—						630
Net change			3,274						4						990						21						(1)						61						4,349
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(5,825)					(49)						(381)						(1,770)						(40)						(307)						(8,372)
Quarter ended September 30, 2023
Balance, beginning of period			$	(9,781)					(69)						(1,423)						(1,859)						7						(316)						(13,441)
Net unrealized gains (losses) arising during the period			(2,104)						7						(570)						—						(10)						(49)						(2,726)
Amounts reclassified from accumulated other comprehensive income			115						—						156						21						—						—						292
Net change			(1,989)						7						(414)						21						(10)						(49)						(2,434)
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						2						2
Balance, end of period			$	(11,770)					(62)						(1,837)						(1,838)						(3)						(367)						(15,877)
Nine months ended September 30, 2024
Balance, beginning of period			$	(8,564)					(61)						(788)						(1,833)						(15)						(319)						(11,580)
Net unrealized gains (losses) arising during the period			2,096						12						(102)						—						(25)						12						1,993
Amounts reclassified from accumulated other comprehensive income			643						—						509						63						—						—						1,215
Net change			2,739						12						407						63						(25)						12						3,208
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(5,825)					(49)						(381)						(1,770)						(40)						(307)						(8,372)
Nine months ended September 30, 2023
Balance, beginning of period			$	(9,835)					(77)						(1,183)						(1,901)						(6)						(380)						(13,382)
Transition adjustment			—						—						—						—						20						—						20
Balance, beginning of period			(9,835)						(77)						(1,183)						(1,901)						14						(380)						(13,362)
Net unrealized gains (losses) arising during the period			(2,252)						15						(1,034)						—						(17)						15						(3,273)
Amounts reclassified from accumulated other comprehensive income			317						—						380						63						—						—						760
Net change			(1,935)						15						(654)						63						(17)						15						(2,513)
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						2						2
Balance, end of period			$	(11,770)					(62)						(1,837)						(1,838)						(3)						(367)						(15,877)

(1)At September 30, 2024 and 2023, accumulated other comprehensive loss includes unamortized after-tax unrealized losses of $3.2 billion and $3.6 billion, respectively, associated with the transfer of securities from AFS to HTM. These amounts are subsequently amortized into earnings over the same period as the related unamortized premiums and discounts.

(2)Substantially all of the amounts for fair value hedges are foreign exchange contracts.

(3)Substantially all of the amounts for cash flow hedges are interest rate contracts.

130			Wells Fargo & Company

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Note 22:  Regulatory Capital Requirements and Other Restrictions

Regulatory Capital Requirements

The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB establishes capital requirements for the consolidated financial holding company, and the Office of the Comptroller of the Currency (OCC) has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).

Table 22.1 presents regulatory capital information for the Company and the Bank in accordance with Basel III capital

requirements. We must calculate our risk-based capital ratios under both the Standardized and Advanced Approaches. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component.

Table 22.1: Regulatory Capital Information

			Wells Fargo & Company																								Wells Fargo Bank, N.A.
			Standardized Approach												Advanced Approach												Standardized Approach												Advanced Approach
(in millions, except ratios)			Sep 30, 2024						Dec 31, 2023						Sep 30, 2024						Dec 31, 2023						Sep 30, 2024						Dec 31, 2023						Sep 30, 2024						Dec 31, 2023
Regulatory capital:
Common Equity Tier 1			$	138,312					140,783						138,312						140,783						149,051						142,108						149,051						142,108
Tier 1			156,597						159,823						156,597						159,823						149,051						142,108						149,051						142,108
Total			188,464						193,061						178,191						182,726						172,326						165,634						162,344						155,560
Assets:
Risk-weighted assets			1,219,917						1,231,668						1,089,274						1,114,281						1,123,336						1,137,605						931,629						956,545
Adjusted average assets (1)			1,889,683						1,880,981						1,889,683						1,880,981						1,675,658						1,682,199						1,675,658						1,682,199
Regulatory capital ratios:
Common Equity Tier 1 capital			11.34		%	*			11.43						12.70						12.63						13.27			*			12.49						16.00						14.86
Tier 1 capital			12.84			*			12.98						14.38						14.34						13.27			*			12.49						16.00						14.86
Total capital			15.45			*			15.67						16.36						16.40						15.34			*			14.56						17.43						16.26
Required minimum capital ratios:
Common Equity Tier 1 capital			8.90						8.90						8.50						8.50						7.00						7.00						7.00						7.00
Tier 1 capital			10.40						10.40						10.00						10.00						8.50						8.50						8.50						8.50
Total capital			12.40						12.40						12.00						12.00						10.50						10.50						10.50						10.50
			Wells Fargo & Company																								Wells Fargo Bank, N.A.
			September 30, 2024												December 31, 2023												September 30, 2024												December 31, 2023
Regulatory leverage:
Total leverage exposure (1)			$	2,262,863											2,253,933												2,036,197												2,048,633
Supplementary leverage ratio (1)			6.92								%				7.09												7.32												6.94
Tier 1 leverage ratio (2)			8.29												8.50												8.90												8.45
Required minimum leverage:
Supplementary leverage ratio			5.00												5.00												6.00												6.00
Tier 1 leverage ratio			4.00												4.00												4.00												4.00

*Denotes the binding ratio under the Standardized and Advanced Approaches at September 30, 2024.

(1)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of adjusted average assets plus certain off-balance sheet exposures. Adjusted average assets consists of total quarterly average assets less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities).

(2)The Tier 1 leverage ratio consists of Tier 1 capital divided by total quarterly average assets, excluding goodwill and certain other items as determined under the rule.

At September 30, 2024, the Common Equity Tier 1 (CET1), Tier 1 and Total capital ratio requirements for the Company included a global systemically important bank (G-SIB) surcharge of 1.50% and a countercyclical buffer of 0.00%. In addition, these ratios included a stress capital buffer of 2.90% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The Company is required to maintain these risk-based capital ratios and to maintain a supplementary leverage ratio (SLR) that included a supplementary leverage buffer of 2.00% to avoid restrictions on capital distributions and discretionary bonus payments. The CET1, Tier 1 and Total capital ratio requirements for the Bank included a capital conservation buffer of 2.50% under both the Standardized and Advanced Approaches. The G-SIB surcharge and countercyclical buffer are not applicable to the Bank. At

September 30, 2024, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act.

Capital Planning Requirements

The FRB’s capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain large bank holding companies (BHCs), including Wells Fargo. The FRB conducts an annual Comprehensive Capital Analysis and Review exercise and has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. The Parent’s

			Wells Fargo & Company			131

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Note 22: Regulatory Capital Requirements and Other Restrictions (continued)

ability to make certain capital distributions is subject to the requirements of the capital plan rule and is also subject to the Parent meeting or exceeding certain regulatory capital minimums.

Loan and Dividend Restrictions

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. Additionally, federal laws and regulations limit, and regulators can impose additional limitations on, the dividends that a national bank may pay.

Our nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. In addition, we have entered into a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (Parent), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (IHC), the Bank, Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other subsidiaries of the Parent designated from time to time as material entities for resolution planning purposes or identified from time to time as related support entities in our resolution plan, pursuant to which the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code.

For additional information on loan and dividend restrictions, see Note 26 (Regulatory Capital Requirements and Other Restrictions) in our 2023 Form 10-K.

Cash Restrictions

Cash and cash equivalents may be restricted as to usage or withdrawal. Table 22.2 provides a summary of restrictions on cash and cash equivalents.

Table 22.2: Nature of Restrictions on Cash and Cash Equivalents

(in millions)			Sep 30, 2024						Dec 31, 2023
Reserve balance for non-U.S. central banks			$	193					230
Segregated for benefit of brokerage customers under federal and other brokerage regulations			985						986

132			Wells Fargo & Company

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Glossary of Acronyms
ACL			Allowance for credit losses			HQLA			High-quality liquid assets
AFS			Available-for-sale			HTM			Held-to-maturity
AOCI			Accumulated other comprehensive income			LCR			Liquidity coverage ratio
ARM			Adjustable-rate mortgage			LHFS			Loans held for sale
ASC			Accounting Standards Codification			LOCOM			Lower of cost or fair value
ASU			Accounting Standards Update			LTV			Loan-to-value
AVM			Automated valuation model			MBS			Mortgage-backed securities
BCBS			Basel Committee on Banking Supervision			MSR			Mortgage servicing right
BHC			Bank holding company			NAV			Net asset value
CCAR			Comprehensive Capital Analysis and Review			NPA			Nonperforming asset
CD			Certificate of deposit			NSFR			Net stable funding ratio
CECL			Current expected credit loss			OCC			Office of the Comptroller of the Currency
CET1			Common Equity Tier 1			OCI			Other comprehensive income
CFPB			Consumer Financial Protection Bureau			OTC			Over-the-counter
CLO			Collateralized loan obligation			PCD			Purchased credit-deteriorated
CRE			Commercial real estate			RMBS			Residential mortgage-backed securities
DPD			Days past due			ROA			Return on average assets
ESOP			Employee Stock Ownership Plan			ROE			Return on average equity
FASB			Financial Accounting Standards Board			ROTCE			Return on average tangible common equity
FDIC			Federal Deposit Insurance Corporation			RWAs			Risk-weighted assets
FHA			Federal Housing Administration			SEC			Securities and Exchange Commission
FHLB			Federal Home Loan Bank			S&P			Standard & Poor’s Global Ratings
FHLMC			Federal Home Loan Mortgage Corporation			SLR			Supplementary leverage ratio
FICO			Fair Isaac Corporation (credit rating)			SOFR			Secured Overnight Financing Rate
FNMA			Federal National Mortgage Association			SPE			Special purpose entity
FRB			Board of Governors of the Federal Reserve System			TLAC			Total Loss Absorbing Capacity
GAAP			Generally accepted accounting principles			VA			Department of Veterans Affairs
GNMA			Government National Mortgage Association			VaR			Value-at-Risk
GSE			Government-sponsored enterprise			VIE			Variable interest entity
G-SIB			Global systemically important bank			WIM			Wealth and Investment Management

			Wells Fargo & Company			133

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PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

 

Information in response to this item can be found in Note 10 (Legal Actions) to Financial Statements in this Report which information is incorporated by reference into this item.

Item 1A.    Risk Factors

 

Information in response to this item can be found under the “Financial Review – Risk Factors” section in this Report which information is incorporated by reference into this item. 

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

 

The following table shows Company repurchases of its common stock for each calendar month in the quarter ended September 30, 2024.

Calendar month			Total number of shares repurchased (1)						Weighted average price paid per share						Approximate dollar value of shares that may yet be repurchased under the authorization (in millions)
July			42						$	57.73					$	14,709
August			34,916,207						55.03						12,787
September			27,078,797						55.90						11,274
Total			61,995,046

(1)All shares were repurchased under an authorization covering up to $30 billion of common stock approved by the Board of Directors and publicly announced by the Company on July 25, 2023. Unless modified or revoked by the Board of Directors, this authorization does not expire.

Item 5.    Other Information

 

Trading Plans

During the three months ended September 30, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Disclosure Pursuant to Section 13(r) of the Exchange Act

Pursuant to Section 13(r) of the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to the Government of Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law.

In third quarter 2024, the Company blocked and reported to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) consumer bank accounts held by certain customers who the Company determined met the OFAC definition of the “Government of Iran” because of their employment at entities owned by the Government of Iran. During the quarter, before the accounts were closed and the funds were moved to a blocked account, there was some regular consumer activity in the accounts, including customer payments, the payment of accrued interest, and account maintenance activities. The Company’s gross revenue attributable to these accounts while they were open was de minimis. The Company does not intend to engage in further activity with these accounts.

134			Wells Fargo & Company

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Item 6.    Exhibits

A list of exhibits to this Form 10-Q is set forth below.

 

The Company’s SEC file number is 001-2979. On and before November 2, 1998, the Company filed documents with the SEC under the name Norwest Corporation. The former Wells Fargo & Company filed documents under SEC file number 001-6214.

Exhibit Number

Description

Location

3(a)

Restated Certificate of Incorporation, as amended and in effect on the date hereof.

Incorporated by reference to Exhibit 3(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

3(b)

By-Laws.

Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 24, 2024.

4(a)

See Exhibits 3(a) and 3(b).

4(b)

The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.

22

Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant.

Incorporated by reference to Exhibit 22 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

31(a)

Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

31(b)

Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

32(a)

Certification of Periodic Financial Report by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.

Furnished herewith.

32(b)

Certification of Periodic Financial Report by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.

Furnished herewith.

101.INS

Inline XBRL Instance Document

The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith.

101.DEF

Inline XBRL Taxonomy Extension Definitions Linkbase Document

Filed herewith.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith.

104

Cover Page Interactive Data File

Formatted as Inline XBRL and contained in Exhibit 101.

			Wells Fargo & Company			135

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: October 31, 2024    WELLS FARGO & COMPANY

 

 

By:			/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President, Chief Accounting Officer and Controller
			(Principal Accounting Officer)

136			Wells Fargo & Company