Companies: 10,652     total market cap: $140.563 T
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Wells Fargo
WFC
#54
Rank
$273.03 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$86.98
Share price
0.80%
Change (1 day)
9.99%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Wells Fargo
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2019 Q3

Wells Fargo - 10-Q quarterly report FY2019 Q3


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R7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series LGuarantee 5.80% Fix-to-Float Normal Wachovia Income Trust Securities of Wachovia Capital Trust IIIGuarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLCDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series NDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series ODep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series PDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series TDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series VDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series WDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series XDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series YThe 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.1800000000630000000058000000001.6666023711.666602371900000000090000000005481811474548181147411000000000000.009170.003660.001850.019700.003150.001672046-12-312058-12-312027-12-312028-12-312048-12-312047-12-312045-01-012047-01-012019-01-012019-01-012018-01-012022-01-012046-12-312058-12-312029-12-312029-12-312048-12-312047-12-312045-01-012047-01-012019-01-012019-01-012019-01-012022-01-012955600000038368000000123100000000145900000000089000000001469000000150100000024400000018500000011771000000169450000000155000000220000000the greater of three-month LIBOR plus 0.93% and 5.56975%three-month LIBOR plus 3.77%the greater of three-month LIBOR plus 0.93% and 5.56975%three-month LIBOR plus 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019  
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 001-2979
WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
No.
41-0449260
 
(State of incorporation)
 
(I.R.S. Employer Identification No.)
 
420 Montgomery Street, San Francisco, California 94163
(Address of principal executive offices)  (Zip Code) 
Registrant’s telephone number, including area code:  1-866-249-3302 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
NYSE
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
WFC.PRL
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N
WFC.PRN
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O
WFC.PRO
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P
WFC.PRP
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q
WFC.PRQ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
WFC.PRR
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series T
WFC.PRT
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V
WFC.PRV
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W
WFC.PRW
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X
WFC.PRX
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III
WBTP
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                     Yes þ   No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes þ   No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filer  þ                    Accelerated filer ¨
Non-accelerated filer  ¨                     Smaller reporting company  ☐
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.            ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
 
Shares Outstanding
 
 
October 23, 2019
Common stock, $1-2/3 par value
 
4,229,359,203
         



FORM 10-Q
 
CROSS-REFERENCE INDEX
 
PART I
Financial Information
 
Item 1.
Financial Statements
Page
 
Consolidated Statement of Income
65
 
Consolidated Statement of Comprehensive Income
66
 
Consolidated Balance Sheet
67
 
Consolidated Statement of Changes in Equity
68
 
Consolidated Statement of Cash Flows
72
 
Notes to Financial Statements
  
 
1

—
Summary of Significant Accounting Policies  
73
 
2

—
Business Combinations
75
 
3

—
Cash, Loan and Dividend Restrictions
76
 
4

—
Trading Activities
77
 
5

—
Available-for-Sale and Held-to-Maturity Debt Securities
78
 
6

—
Loans and Allowance for Credit Losses
84
 
7

—
Leasing Activity
98
 
8

—
Equity Securities
100
 
9

—
Other Assets
102
 
10

—
Securitizations and Variable Interest Entities
103
 
11

—
Mortgage Banking Activities
110
 
12

—
Intangible Assets
112
 
13

—
Guarantees, Pledged Assets and Collateral, and Other Commitments
113
 
14

—
Legal Actions
117
 
15

—
Derivatives
122
 
16

—
Fair Values of Assets and Liabilities
132
 
17

—
Preferred Stock
151
 
18

—
Revenue from Contracts with Customers
154
 
19

—
Employee Benefits
158
 
20

—
Earnings and Dividends Per Common Share
159
 
21

—
Other Comprehensive Income
160
 
22

—
Operating Segments
162
 
23

—
Regulatory and Agency Capital Requirements
163
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)
 
 
Summary Financial Data  
2
 
Overview
3
 
Earnings Performance
6
 
Balance Sheet Analysis
22
 
Off-Balance Sheet Arrangements  
25
 
Risk Management
26
 
Capital Management
51
 
Regulatory Matters
58
 
Critical Accounting Policies  
59
 
Current Accounting Developments
60
 
Forward-Looking Statements  
61
 
Risk Factors 
63
 
Glossary of Acronyms
164
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
45
Item 4.
Controls and Procedures
64
 
 
 
PART II
Other Information
 
Item 1.
Legal Proceedings
165
Item 1A.
Risk Factors
165
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
165
Item 6.
Exhibits
166
 
 
 
 
 
Signature
167

1


PART I - FINANCIAL INFORMATION

FINANCIAL REVIEW
Summary Financial Data
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
 
 
 
 
 
 
 
% Change
 
 
  
 
  
 
  
 
Quarter ended
 
 
Sep 30, 2019 from
 
 
Nine months ended
 
 
  

($ in millions, except per share amounts)
Sep 30,
2019

 
Jun 30,
2019

 
Sep 30,
2018

 
Jun 30,
2019

 
Sep 30,
2018

 
Sep 30,
2019


Sep 30,
2018

 
%
Change

For the Period
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Wells Fargo net income
$
4,610

 
6,206

 
6,007

 
(26
)%
 
(23
)
 
$
16,676

 
16,329

 
2
 %
Wells Fargo net income applicable to common stock
4,037

 
5,848

 
5,453

 
(31
)
 
(26
)
 
15,392

 
14,978

 
3

Diluted earnings per common share
0.92

 
1.30

 
1.13

 
(29
)
 
(19
)
 
3.43

 
3.07

 
12

Profitability ratios (annualized):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wells Fargo net income to average assets (ROA)
0.95
%
 
1.31

 
1.27

 
(27
)
 
(25
)
 
1.17
%
 
1.15

 
2

Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)
9.00

 
13.26

 
12.04

 
(32
)
 
(25
)
 
11.64

 
11.08

 
5

Return on average tangible common equity (ROTCE) (1)
10.70

 
15.78

 
14.33

 
(32
)
 
(25
)
 
13.85

 
13.19

 
5

Efficiency ratio (2)
69.1

 
62.3

 
62.7

 
11

 
10

 
65.3

 
65.4

 
—

Total revenue
$
22,010

 
21,584

 
21,941

 
2

 
—

 
$
65,203

 
65,428

 
—

Pre-tax pre-provision profit (PTPP) (3)
6,811

 
8,135

 
8,178

 
(16
)
 
(17
)
 
22,639

 
22,641

 
—

Dividends declared per common share
0.51

 
0.45

 
0.43

 
13

 
19

 
1.41

 
1.21

 
17

Average common shares outstanding
4,358.5

 
4,469.4

 
4,784.0

 
(2
)
 
(9
)
 
4,459.1

 
4,844.8

 
(8
)
Diluted average common shares outstanding
4,389.6

 
4,495.0

 
4,823.2

 
(2
)
 
(9
)
 
4,489.5

 
4,885.0

 
(8
)
Average loans
$
949,760

 
947,460

 
939,462

 
—

 
1

 
$
949,076

 
944,813

 
—

Average assets
1,927,415

 
1,900,627

 
1,876,283

 
1

 
3

 
1,903,873

 
1,892,209

 
1

Average total deposits
1,291,375

 
1,268,979

 
1,266,378

 
2

 
2

 
1,274,246

 
1,278,185

 
—

Average consumer and small business banking deposits (4)
749,529

 
742,671

 
743,503

 
1

 
1

 
745,370

 
751,030

 
(1
)
Net interest margin
2.66
%
 
2.82

 
2.94

 
(6
)
 
(10
)
 
2.79
%
 
2.90

 
(4
)
At Period End
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Debt securities
$
503,528

 
482,067

 
472,283

 
4

 
7

 
$
503,528

 
472,283

 
7

Loans
954,915

 
949,878

 
942,300

 
1

 
1

 
954,915

 
942,300

 
1

Allowance for loan losses
9,715

 
9,692

 
10,021

 
—

 
(3
)
 
9,715

 
10,021

 
(3
)
Goodwill
26,388

 
26,415

 
26,425

 
—

 
—

 
26,388

 
26,425

 
—

Equity securities
63,884

 
61,537

 
61,755

 
4

 
3

 
63,884

 
61,755

 
3

Assets
1,943,950

 
1,923,388

 
1,872,981

 
1

 
4

 
1,943,950

 
1,872,981

 
4

Deposits
1,308,495

 
1,288,426

 
1,266,594

 
2

 
3

 
1,308,495

 
1,266,594

 
3

Common stockholders’ equity
172,827

 
177,235

 
176,934

 
(2
)
 
(2
)
 
172,827

 
176,934

 
(2
)
Wells Fargo stockholders’ equity
193,304

 
199,042

 
198,741

 
(3
)
 
(3
)
 
193,304

 
198,741

 
(3
)
Total equity
194,416

 
200,037

 
199,679

 
(3
)
 
(3
)
 
194,416

 
199,679

 
(3
)
Tangible common equity (1)
144,481

 
148,864

 
148,391

 
(3
)
 
(3
)
 
144,481

 
148,391

 
(3
)
Capital ratios (5):
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Total equity to assets
10.00
%
 
10.40

 
10.66

 
(4
)
 
(6
)
 
10.00
%
 
10.66

 
(6
)
Risk-based capital:
 
 
 
 
 
 
 
 


 
  
 
  
 


Common Equity Tier 1
11.61

 
11.97

 
11.91

 
(3
)
 
(3
)
 
11.61

 
11.91

 
(3
)
Tier 1 capital
13.23

 
13.69

 
13.63

 
(3
)
 
(3
)
 
13.23

 
13.63

 
(3
)
Total capital
15.96

 
16.75

 
16.79

 
(5
)
 
(5
)
 
15.96

 
16.79

 
(5
)
Tier 1 leverage
8.68

 
9.12

 
9.22

 
(5
)
 
(6
)
 
8.68

 
9.22

 
(6
)
Common shares outstanding
4,269.1

 
4,419.6

 
4,711.6

 
(3
)
 
(9
)
 
4,269.1

 
4,711.6

 
(9
)
Book value per common share (6)
$
40.48

 
40.10

 
37.55

 
1

 
8

 
$
40.48

 
37.55

 
8

Tangible book value per common share (1)(6)
33.84

 
33.68

 
31.49

 
—

 
7

 
33.84

 
31.49

 
7

Team members (active, full-time equivalent)
261,400

 
262,800

 
261,700

 
(1
)
 
—

 
261,400

 
261,700

 
—

(1)
Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities, but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company’s use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Capital Management – Tangible Common Equity” section in this Report.
(2)
The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(3)
Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(4)
Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.
(5)
The risk-based capital ratios were calculated under the lower of Standardized or Advanced Approach determined pursuant to Basel III. Beginning January 1, 2018, the requirements for calculating common equity tier 1 and tier 1 capital, along with risk-weighted assets, became fully phased-in; accordingly, the information presented reflects fully phased-in common equity tier 1 capital, tier 1 capital and risk-weighted assets but reflects total capital still in accordance with Transition Requirements. See the “Capital Management” section and Note 23 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report for additional information.
(6)
Book value per common share is common stockholders’ equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

2
Overview (continued)

This Quarterly Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” section, and in the “Risk Factors” and “Regulation and Supervision” sections of our Annual Report on Form 10-K for the year ended December 31, 2018 (2018 Form 10-K).
 
When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the Glossary of Acronyms for definitions of terms used throughout this Report.
 
Financial Review
 


Overview                                                        
Wells Fargo & Company is a diversified, community-based financial services company with $1.94 trillion in assets. Founded in 1852 and headquartered in San Francisco, we provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, digital (online, mobile and social), and contact centers (phone, email and correspondence), and we have offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 261,000 active, full-time equivalent team members, we serve one in three households in the United States and ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. We ranked fourth in assets and third in the market value of our common stock among all U.S. banks at September 30, 2019.
We use our Vision, Values & Goals to guide us toward growth and success. Our vision is to satisfy our customers’ financial needs and help them succeed financially. We aspire to create deep and enduring relationships with our customers by providing them with an exceptional experience and by understanding their needs and delivering the most relevant products, services, advice, and guidance.
We have five primary values, which are based on our vision and guide the actions we take. First, we place customers at the center of everything we do. We want to exceed customer expectations and build relationships that last a lifetime. Second, we value and support our people as a competitive advantage and strive to attract, develop, motivate, and retain the best team members. Third, we strive for the highest ethical standards of integrity, transparency, and principled performance. Fourth, we value and promote diversity and inclusion in all aspects of business and at all levels. Fifth, we look to each of our team members to be a leader in establishing, sharing, and communicating our vision for our customers, communities, team members, and shareholders. In addition to our five primary values, one of our key day-to-day priorities is to make risk management a competitive advantage by working hard to ensure that appropriate controls are in place to reduce risks to our customers, maintain and increase our competitive market position, and protect Wells Fargo’s long-term safety, soundness, and reputation.
In keeping with our primary values and risk management priorities, we have six long-term goals for the Company, which entail becoming the financial services leader in the following areas:
•
Customer service and advice – provide exceptional service and guidance to our customers to help them succeed financially.
 
•
Team member engagement – be a company where people feel included, valued, and supported; everyone is respected; and we work as a team.
•
Innovation – create lasting value for our customers and increased efficiency for our operations through innovative thinking, industry-leading technology, and a willingness to test and learn.
•
Risk management – set the global standard in managing all forms of risk.
•
Corporate citizenship – make a positive contribution to communities through philanthropy, advancing diversity and inclusion, creating economic opportunity, and promoting environmental sustainability.
•
Shareholder value – deliver long-term value for shareholders.

The Company’s Board of Directors (Board) elected Charles W. Scharf as CEO and President and as a member of the Board effective October 21, 2019.

Federal Reserve Board Consent Order Regarding Governance Oversight and Compliance and Operational Risk Management
On February 2, 2018, the Company entered into a consent order with the Board of Governors of the Federal Reserve System (FRB). As required by the consent order, the Board submitted to the FRB a plan to further enhance the Board’s governance and oversight of the Company, and the Company submitted to the FRB a plan to further improve the Company’s compliance and operational risk management program. The Company continues to engage with the FRB as the Company works to address the consent order provisions. The consent order also requires the Company, following the FRB’s acceptance and approval of the plans and the Company’s adoption and implementation of the plans, to complete an initial third-party review of the enhancements and improvements provided for in the plans. Until this third-party review is complete and the plans are approved and implemented to the satisfaction of the FRB, the Company’s total consolidated assets will be limited to the level as of December 31, 2017. Compliance with this asset cap will be measured on a two-quarter daily average basis to allow for management of temporary fluctuations. As of the end of third quarter 2019, our total consolidated assets, as calculated pursuant to the requirements of the consent order, were below our level of total assets as of December 31, 2017. Additionally, after removal of the asset cap, a second third-party review must also be conducted to assess the efficacy and sustainability of the enhancements and improvements.


3

Consent Orders with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency Regarding Compliance Risk Management Program, Automobile Collateral Protection Insurance Policies, and Mortgage Interest Rate Lock Extensions
On April 20, 2018, the Company entered into consent orders with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) to pay an aggregate of $1 billion in civil money penalties to resolve matters regarding the Company’s compliance risk management program and past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions. As required by the consent orders, the Company submitted to the CFPB and OCC an enterprise-wide compliance risk management plan and a plan to enhance the Company’s internal audit program with respect to federal consumer financial law and the terms of the consent orders. In addition, as required by the consent orders, the Company submitted for non-objection plans to remediate customers affected by the automobile collateral protection insurance and mortgage interest rate lock matters, as well as a plan for the management of remediation activities conducted by the Company.

Retail Sales Practices Matters
As we have previously reported, in September 2016 we announced settlements with the CFPB, the OCC, and the Office of the Los Angeles City Attorney, and entered into consent orders with the CFPB and the OCC, in connection with allegations that some of our retail customers received products and services they did not request. As a result, it remains our top priority to rebuild trust through a comprehensive action plan that includes making things right for our customers, team members, and other stakeholders, and building a better Company for the future.
Our priority of rebuilding trust has included numerous actions focused on identifying potential financial harm and customer remediation. The Board and management are conducting company-wide reviews of sales practices issues. These reviews are ongoing. In August 2017, a third-party consulting firm completed an expanded data-driven review of retail banking accounts opened from January 2009 to September 2016 to identify financial harm stemming from potentially unauthorized accounts. We have completed financial remediation for the customers identified through the expanded account analysis. Additionally, customer outreach under the $142 million class-action lawsuit settlement concerning improper retail sales practices (Jabbari v. Wells Fargo Bank, N.A.) into which the Company entered to provide further remediation to customers, concluded in June 2018 and the period for customers to submit claims closed on July 7, 2018. The settlement administrator will pay claims following the calculation of compensatory damages and favorable resolution of pending appeals in the case.
For additional information regarding sales practices matters, including related legal matters, see the “Risk Factors” section in our 2018 Form 10-K and Note 14 (Legal Actions) to Financial Statements in this Report.

Additional Efforts to Rebuild Trust
Our priority of rebuilding trust has also included an effort to identify other areas or instances where customers may have experienced financial harm. We are working with our regulatory agencies in this effort, and we have accrued for the reasonably estimable remediation costs related to these matters, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our
 
regulators. As part of this effort, we are focused on the following key areas:
•
Automobile Lending Business The Company is reviewing practices concerning the origination, servicing, and collection of consumer automobile loans, including matters related to certain insurance products. In July 2017, the Company announced it would remediate customers who may have been financially harmed due to issues related to automobile collateral protection insurance (CPI) policies purchased through a third-party vendor on their behalf (based on an understanding that the borrowers did not have physical damage insurance coverage on their automobiles as required during the term of their automobile loans). The Company is in the process of providing remediation to affected customers. In addition, the Company has identified certain issues related to the unused portion of guaranteed automobile protection waiver or insurance agreements between the customer and dealer and, by assignment, the lender, which will require remediation to customers in certain states. The Company is in the process of providing such remediation to affected customers. The Company has also identified certain issues related to its consumer automobile collections processes for customers in default, including legal notice practices in certain states and expenses charged in connection with certain repossessions. We expect remediation of affected customers will be required.
•
Add-on Products The Company is reviewing practices related to certain consumer “add-on” products, including identity theft and debt protection products that were subject to an OCC consent order entered into in June 2015, as well as home and automobile warranty products, and memberships in discount programs. The products were sold to customers through a number of distribution channels and, in some cases, were acquired by the Company in connection with the purchase of loans. Sales of certain of these products have been discontinued over the past few years primarily due to decisions made by the Company in the normal course of business, and by mid-2017, the Company had ceased selling any of these products to consumers. We are in the process of providing remediation where we identify affected customers, and are also providing refunds to customers who purchased certain products. The review of the Company’s historical practices with respect to these products is ongoing, focusing on, among other topics, sales practices, adequacy of disclosures, customer servicing, and volume and type of customer complaints.
•
Consumer Deposit Account Freezing/Closing The Company is reviewing certain historical practices associated with the freezing (and, in many cases, closing) of consumer deposit accounts after the Company detected suspected fraudulent activity (by third-parties or account holders) that affected those accounts. Based on our ongoing review, we expect to remediate affected customers.
•
Review of Certain Activities Within Wealth and Investment Management A review of certain activities within Wealth and Investment Management (WIM) being conducted by the Board, in response to inquiries from federal government agencies, is assessing whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the Company’s investment and fiduciary services business. The Board substantially completed its review and did not uncover evidence of systemic or widespread issues in these

4
Overview (continued)

businesses. Federal government agencies continue to review this matter.
•
Fiduciary and Custody Account Fee Calculations The Company is reviewing fee calculations within certain fiduciary and custody accounts in its investment and fiduciary services business, which is part of the wealth management business in WIM. The Company has determined that there have been instances of incorrect fees being applied to certain assets and accounts, resulting in both overcharges and undercharges to customers. These issues included the incorrect set-up and maintenance in the system of record of the values associated with certain assets. Reviews are ongoing to determine the extent of any assets and accounts affected, and, as a result of its reviews to date, the Company has suspended the charging of fees on some assets and accounts, has notified the affected customers, and is continuing its analysis of those assets and accounts. We are in the process of providing remediation to affected customers and continue to review customer accounts to determine the extent of any necessary remediation or specific fee suspensions, including with respect to additional accounts not yet reviewed.
•
Foreign Exchange Business The Company has completed an assessment, with the assistance of a third party, of its policies, practices, and procedures in its foreign exchange (FX) business. The FX business has implemented new policies, practices, and procedures, including those related to pricing. The Company is in the process of providing remediation to customers that may have received pricing inconsistent with commitments made to those customers, and rebates to customers where historic pricing, while consistent with contracts entered into with those customers, does not conform to recently implemented pricing review standards for prior periods. The Company’s review of affected customers is ongoing.
•
Mortgage Loan Modifications An internal review of the Company’s use of a mortgage loan modification underwriting tool identified a calculation error regarding foreclosure attorneys’ fees affecting certain accounts that were in the foreclosure process between April 13, 2010, and October 2, 2015, when the error was corrected. A subsequent expanded review identified related errors regarding the maximum allowable foreclosure attorneys’ fees permitted for certain accounts that were in the foreclosure process between March 15, 2010, and April 30, 2018, when new controls were implemented. Similar to the initial calculation error, these errors caused an overstatement of the attorneys’ fees that were included for purposes of determining whether a customer qualified for a mortgage loan modification or repayment plan pursuant to the requirements of government-sponsored enterprises (such as Fannie Mae and Freddie Mac), the Federal Housing Administration (FHA), and the U.S. Department of Treasury’s Home Affordable Modification Program. Customers were not actually charged the incorrect attorneys’ fees. As previously disclosed, the Company has identified customers who, as a result of these errors, were incorrectly denied a loan modification or were not offered a loan modification or repayment plan in cases where they otherwise would have qualified, as well as instances where a foreclosure was completed after the loan modification was denied or the customer was deemed ineligible to be offered a loan modification or repayment plan. The number of previously disclosed customers affected by these errors may change as a result of our ongoing review and validation process,
 
including the criteria used to determine the population of affected customers. The Company is in the process of providing remediation to affected customers. The Company’s review of its mortgage loan modification practices is ongoing, and we will provide remediation to the extent we identify additional affected customers as a result of this review.
•
Consumer Deposit Account Disclosures and Fees The Company is reviewing certain past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts. Based on the possibility of confusion by some customers regarding the transactions that counted toward the waiver, we expect to refund certain monthly service and related fees to affected customers.
Separately, the Company expects to refund certain monthly service fees that were charged in the past on certain consumer deposit accounts prior to an initial deposit being made by the customer. Under the Company’s current processes, which have been in place for several years, we would no longer assess a monthly service fee on such accounts prior to an initial deposit by the customer.

To the extent issues are identified, we will continue to assess any customer harm and provide remediation as appropriate. This effort to identify other instances in which customers may have experienced harm is ongoing, and it is possible that we may identify other areas of potential concern. For more information, including related legal and regulatory risk, see the “Risk Factors” section in our 2018 Form 10-K and Note 14 (Legal Actions) to Financial Statements in this Report.

Financial Performance
Wells Fargo net income was $4.6 billion in third quarter 2019 with diluted earnings per common share (EPS) of $0.92, compared with $6.0 billion and $1.13, respectively, a year ago. Net income and diluted EPS for third quarter 2019 included the impact of a $1.6 billion, or $(0.35) per share, discrete litigation accrual for previously disclosed retail sales practices matters, and a $1.1 billion, or $0.20 per share, gain from the sale of our Institutional Retirement and Trust (IRT) business. Also, in third quarter 2019:
•
revenue was $22.0 billion, up $69 million compared with a year ago, with net interest income down $947 million and noninterest income up $1.0 billion;
•
the net interest margin was 2.66%, down 28 basis points from a year ago largely due to balance sheet mix and repricing;
•
noninterest expense was $15.2 billion, up $1.4 billion from a year ago predominantly due to higher operating losses from higher litigation accruals, as well as higher salaries, commissions and incentive compensation expense, partially offset by lower employee benefits expense, core deposit and other intangibles expense, and FDIC and other deposit assessments expense;
•
average loans were $949.8 billion, up $10.3 billion from a year ago;
•
average deposits were $1.3 trillion, up $25.0 billion from a year ago;
•
return on assets (ROA) of 0.95% and return on equity (ROE) of 9.00%, were down from 1.27% and 12.04%, respectively, a year ago;
•
our credit results improved with a net charge-off rate of 0.27% (annualized) of average loans in third quarter 2019, compared with 0.29% (annualized) a year ago;

5

•
nonaccrual loans of $5.5 billion were down $1.2 billion, or 17%, from a year ago; and
•
we returned $9.0 billion to shareholders through common stock dividends and net share repurchases, an increase of 2% from the $8.9 billion we returned in third quarter 2018 and the 17th consecutive quarter of returning more than $3.0 billion.

Balance Sheet and Liquidity
Our balance sheet remained strong during third quarter 2019 with strong credit quality and solid levels of liquidity and capital. Our total assets were $1.94 trillion at September 30, 2019. Cash and other short-term investments decreased $1.7 billion from December 31, 2018, reflecting lower deposit balances, partially offset by an increase in federal funds sold and securities purchased under resale agreements. Debt securities were $503.5 billion at September 30, 2019, an increase of $18.8 billion from December 31, 2018, predominantly due to an increase in trading and held-to-maturity debt securities. Loans were up $1.8 billion from December 31, 2018, driven by increases in real estate 1-4 family first mortgage, automobile, commercial real estate mortgage, commercial and industrial, and credit card loans, partially offset by decreases in real estate 1-4 family junior lien mortgage, commercial real estate construction, and other revolving credit and installment loans.
Average deposits in third quarter 2019 were $1.3 trillion, up $25.0 billion from third quarter 2018 reflecting higher Wholesale Banking and retail banking deposits, partially offset by lower WIM deposits as customers allocated more cash into higher yielding liquid alternatives. Our average deposit cost in third quarter 2019 was 71 basis points, up 24 basis points from a year ago, driven by increases in Wholesale Banking and WIM deposit rates, unfavorable deposit mix shifts, and retail banking deposit campaign pricing for new deposits.

Credit Quality
Solid overall credit results continued in third quarter 2019 as losses remained low and we continued to originate high quality loans, reflecting our long-term risk focus. Net charge-offs were $645 million, or 0.27% (annualized) of average loans, in third quarter 2019, compared with $680 million a year ago (0.29%) (annualized). The decrease in net charge-offs in third quarter 2019, compared with a year ago, was predominantly driven by lower losses in the commercial real estate, automobile, and real estate 1-4 family junior lien mortgage portfolios, partially offset by increases in the real estate 1-4 family first mortgage and credit card portfolios.
Our commercial portfolio net charge-offs were $139 million, or 11 basis points (annualized) of average commercial loans, in third quarter 2019, compared with net charge-offs of $152 million, or 12 basis points (annualized), a year ago. Our consumer portfolio net charge-offs were $506 million, or 46 basis points (annualized) of average consumer loans, in third quarter 2019, compared with net charge-offs of $528 million, or 47 basis points (annualized), a year ago.
 
The allowance for credit losses as of September 30, 2019, decreased $343 million compared with a year ago and decreased $94 million from December 31, 2018. We had a $50 million build in the allowance for credit losses in third quarter 2019, compared with a $100 million release in the same period a year ago. The allowance coverage for total loans was 1.11% at September 30, 2019, compared with 1.16% a year ago and 1.12% at December 31, 2018. The allowance covered 4.1 times annualized net charge-offs in both third quarter 2019 and 2018. Future allowance levels will be based on a variety of factors, including loan growth, portfolio performance and general economic conditions. Our provision for loan losses was $695 million in third quarter 2019, up from $580 million a year ago.
Nonperforming assets decreased $317 million, or 5%, from June 30, 2019, and $965 million, or 14%, from December 31, 2018, and represented 0.63% of total loans at September 30, 2019. Nonaccrual loans decreased $377 million from June 30, 2019, and $951 million from December 31, 2018, driven by improvement across several commercial and consumer loan categories along with a decrease in consumer nonaccruals from sales of residential real estate mortgage loans as well as the reclassification of $10 million and $387 million in real estate 1-4 family mortgage nonaccrual loans to mortgage loans held for sale (MLHFS) in the third quarter and first nine months of 2019, respectively. Foreclosed assets increased $60 million from June 30, 2019, and decreased $14 million from December 31, 2018.

Capital
Our financial performance in third quarter 2019 allowed us to maintain a solid capital position, with total equity of $194.4 billion at September 30, 2019, compared with $197.1 billion at December 31, 2018. We returned $9.0 billion to shareholders in third quarter 2019 through common stock dividends and net share repurchases, which was 2% more than the $8.9 billion we returned in third quarter 2018. Our net payout ratio (which is the ratio of (i) common stock dividends and share repurchases less issuances and stock compensation-related items, divided by (ii) net income applicable to common stock) was 224%. We continued to reduce our common shares outstanding through the repurchase of 159.1 million common shares in the quarter. We expect to reduce our common shares outstanding through share repurchases throughout the remainder of 2019.
We believe an important measure of our capital strength is the Common Equity Tier 1 (CET1) ratio under Basel III, fully phased-in, which was 11.61% at September 30, 2019, down from 11.74% at December 31, 2018, and well above our internal target of 10.00%. As of September 30, 2019, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 23.29%, compared with the required minimum of 22.0%. Likewise, our other regulatory capital ratios remained strong. See the “Capital Management” section in this Report for more information regarding our capital, including the calculation of our regulatory capital amounts.
Earnings Performance 
Wells Fargo net income for third quarter 2019 was $4.6 billion ($0.92 diluted earnings per common share), compared with $6.0 billion ($1.13 diluted per share) for third quarter 2018. Net income and diluted EPS for third quarter 2019 included the impact of a $1.6 billion, or $(0.35) per share, discrete litigation accrual for previously disclosed retail sales practices matters, and
 
a $1.1 billion, or $0.20 per share, gain from the sale of our IRT business. Net income decreased in third quarter 2019, compared with the same period a year ago, due to a $947 million decrease in net interest income, a $1.4 billion increase in noninterest expense, and a $115 million increase in our provision for credit losses, partially offset by a $1.0 billion increase in noninterest income,

6
Earnings Performance (continued)




and a $208 million decrease in income tax expense. Net income in third quarter 2019 included a net discrete income tax expense of $443 million, compared with a net discrete income tax expense of $168 million for the same period a year ago. Net income for the first nine months of 2019 was $16.7 billion, compared with $16.3 billion for the same period a year ago. The increase in net income in the first nine months of 2019, compared with the same period a year ago, was driven by a $1.1 billion increase in noninterest income, a $223 million decrease in noninterest expense, and a $1.2 billion decline in income tax expense, partially offset by a $1.3 billion decrease in net interest income and a $820 million increase in our provision for credit losses. Net income in the first nine months of 2019 included a net discrete income tax expense of $132 million, compared with a net discrete income tax expense of $786 million for the same period a year ago.
Revenue, the sum of net interest income and noninterest income, was $22.0 billion in third quarter 2019, compared with $21.9 billion in the same period a year ago. Revenue increased in third quarter 2019, compared with the same period a year ago, due to an increase in noninterest income, partially offset by a decrease in net interest income. Revenue for the first nine months of 2019 was $65.2 billion, compared with $65.4 billion for the same period a year ago. The decline in revenue in the first nine months of 2019, compared with the same period a year ago, was due to a decrease in net interest income, partially offset by an increase in noninterest income. Our diversified sources of revenue generated by our businesses continued to be relatively balanced between net interest income and noninterest income. Net interest income represented 55% of revenue in the first nine months of 2019, compared with 57% in the first nine months of 2018. Noninterest income represented 45% of revenue in the first nine months of 2019, compared with 43% in the first nine months of 2018.

Net Interest Income
Net interest income is the interest earned on debt securities, loans (including yield-related loan fees) and other interest-earning assets minus the interest paid on deposits, short-term borrowings and long-term debt. The net interest margin is the average yield on earning assets minus the average interest rate paid for deposits and our other sources of funding. Net interest income and the net interest margin are presented on a taxable-equivalent basis in Table 1 to consistently reflect income from taxable and tax-exempt loans and debt and equity securities based on a 21% federal statutory tax rate for the periods ending September 30, 2019 and 2018.
Net interest income and the net interest margin in any one period can be significantly affected by a variety of factors including the mix and overall size of our earning assets portfolio and the cost of funding those assets. In addition, variable sources of interest income, such as loan fees, periodic dividends, and collection of interest on nonaccrual loans, can fluctuate from period to period.
Net interest income on a taxable-equivalent basis was $11.8 billion and $36.5 billion in the third quarter and first nine months of 2019, respectively, compared with $12.7 billion and $37.8 billion for the same periods a year ago. Net interest margin on a taxable-equivalent basis was 2.66% and 2.79% in the third quarter and first nine months of 2019, compared with 2.94% and 2.90% for the same periods a year ago. The decrease in net interest income and net interest margin in third quarter 2019, compared with the same period a year ago, was driven by unfavorable impacts of repricing, growth and mix. The decrease in net interest income and net interest margin in the first nine months of 2019, compared with the same period a year ago, was
 
driven by unfavorable impacts of repricing, growth and mix, partially offset by favorable hedge ineffectiveness accounting results.
Average earning assets increased $37.3 billion in third quarter 2019 compared with the same period a year ago. The change was driven by increases in:
•
average federal funds sold and securities purchased under resale agreements of $26.0 billion;
•
average debt securities of $11.7 billion;
•
average loans of $10.3 billion;
•
average mortgage loans held for sale of $3.4 billion; and
•
other earning assets of $2.0 billion;
partially offset by decreases in:
•
average interest-earning deposits of $14.5 billion;
•
average equity securities of $827 million; and
•
average loans held for sale of $655 million.

Average earning assets increased $4.9 billion in the first nine months of 2019 compared with the same period a year ago. The change was driven by increases in:
•
average federal funds sold and securities purchased under resale agreements of $16.6 billion;
•
average debt securities of $8.6 billion; and
•
average loans of $4.3 billion;
partially offset by decreases in:
•
average interest-earning deposits of $19.9 billion;
•
average equity securities of $3.2 billion;
•
average loans held for sale of $883 million;
•
average mortgage loans held for sale of $448 million; and
•
other earning assets of $133 million.

Deposits are an important low-cost source of funding and affect both net interest income and the net interest margin. Deposits include noninterest-bearing deposits, interest-bearing checking, market rate and other savings, savings certificates, other time deposits, and deposits in foreign offices. Average deposits were $1.29 trillion and $1.27 trillion in third quarter and first nine months of 2019, respectively, compared with $1.27 trillion and $1.28 trillion in the same periods a year ago, and represented 136% of average loans in third quarter 2019 and 134% in the first nine months of 2019, compared with 135% in both the third quarter and first nine months of 2018. Average deposits were 73% of average earning assets in both the third quarter and first nine months of 2019, compared with 73% in both the same periods a year ago. The average deposit cost for third quarter 2019 was 71 basis points, up 24 basis points from a year ago, driven by an increase in Wholesale Banking and WIM deposit rates, unfavorable deposit mix shifts, and retail banking deposit campaign pricing for new deposits.

7

Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)(2)
  
Quarter ended September 30,
 
 
 
 
 
 
2019

 
 
 
 
 
2018

(in millions)
Average
balance

 
Yields/
rates

 
Interest
income/
expense

 
Average
balance

 
Yields/
rates

 
Interest
income/
expense

Earning assets
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks
$
134,017

 
2.14
%
 
$
723

 
148,565

 
1.93
%
 
$
721

Federal funds sold and securities purchased under resale agreements
105,919

 
2.24

 
599

 
79,931

 
1.93

 
390

Debt securities (3): 
 
 
 
 
 
 
 
 
 
 
 
Trading debt securities
94,737

 
3.35

 
794

 
84,481

 
3.45

 
730

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
16,040

 
2.14

 
87

 
6,421

 
1.65

 
27

Securities of U.S. states and political subdivisions
43,305

 
3.78

 
409

 
46,615

 
3.76

 
438

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
154,134

 
2.77

 
1,066

 
155,525

 
2.77

 
1,079

Residential and commercial
5,175

 
4.02

 
52

 
7,318

 
4.68

 
85

Total mortgage-backed securities
159,309

 
2.81

 
1,118

 
162,843

 
2.86

 
1,164

Other debt securities
42,435

 
4.12

 
440

 
46,353

 
4.39

 
512

Total available-for-sale debt securities
261,089

 
3.14

 
2,054

 
262,232

 
3.26

 
2,141

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,770

 
2.18

 
247

 
44,739

 
2.18

 
246

Securities of U.S. states and political subdivisions
8,688

 
4.01

 
87

 
6,251

 
4.33

 
68

Federal agency and other mortgage-backed securities
95,434

 
2.54

 
606

 
95,298

 
2.27

 
539

Other debt securities
50

 
3.58

 
—

 
106

 
5.61

 
2

Total held-to-maturity debt securities
148,942

 
2.52

 
940

 
146,394

 
2.33

 
855

Total debt securities
504,768

 
3.00

 
3,788

 
493,107

 
3.02

 
3,726

Mortgage loans held for sale (4)
22,743

 
4.08

 
232

 
19,343

 
4.33

 
210

Loans held for sale (4)
1,964

 
4.17

 
20

 
2,619

 
5.28

 
35

Loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial – U.S.
284,278

 
4.21

 
3,015

 
273,814

 
4.22

 
2,915

Commercial and industrial – Non U.S.
64,016

 
3.67

 
593

 
60,884

 
3.63

 
556

Real estate mortgage
121,819

 
4.36

 
1,338

 
121,284

 
4.35

 
1,329

Real estate construction
20,686

 
5.13

 
267

 
23,276

 
5.05

 
296

Lease financing
19,266

 
4.34

 
209

 
19,512

 
4.69

 
229

Total commercial loans
510,065

 
4.22

 
5,422

 
498,770

 
4.24

 
5,325

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
288,383

 
3.74

 
2,699

 
284,133

 
4.07

 
2,891

Real estate 1-4 family junior lien mortgage
31,454

 
5.66

 
448

 
35,863

 
5.50

 
496

Credit card
39,204

 
12.55

 
1,240

 
36,893

 
12.77

 
1,187

Automobile
46,286

 
5.13

 
599

 
46,963

 
5.20

 
616

Other revolving credit and installment
34,368

 
6.95

 
601

 
36,840

 
6.78

 
630

Total consumer loans
439,695

 
5.06

 
5,587

 
440,692

 
5.26

 
5,820

Total loans (4)
949,760

 
4.61

 
11,009

 
939,462

 
4.72

 
11,145

Equity securities
37,075

 
2.68

 
249

 
37,902

 
2.98

 
283

Other
6,695

 
1.77

 
30

 
4,702

 
1.47

 
16

Total earning assets
$
1,762,941

 
3.76
%
 
$
16,650

 
1,725,631

 
3.81
%
 
$
16,526

Funding sources
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking
$
59,310

 
1.39
%
 
$
208

 
51,177

 
1.01
%
 
$
131

Market rate and other savings
711,334

 
0.66

 
1,182

 
693,937

 
0.35

 
614

Savings certificates
32,751

 
1.72

 
142

 
20,586

 
0.62

 
32

Other time deposits
91,820

 
2.42

 
561

 
87,752

 
2.35

 
519

Deposits in foreign offices
51,709

 
1.77

 
231

 
53,933

 
1.50

 
203

Total interest-bearing deposits
946,924

 
0.97

 
2,324

 
907,385

 
0.66

 
1,499

Short-term borrowings
121,842

 
2.07

 
635

 
105,472

 
1.74

 
463

Long-term debt
229,689

 
3.09

 
1,780

 
220,654

 
3.02

 
1,667

Other liabilities
26,173

 
2.06

 
135

 
27,108

 
2.40

 
164

Total interest-bearing liabilities
1,324,628

 
1.46

 
4,874

 
1,260,619

 
1.20

 
3,793

Portion of noninterest-bearing funding sources
438,313

 
—

 
—

 
465,012

 
—

 
—

Total funding sources
$
1,762,941

 
1.10

 
4,874

 
1,725,631

 
0.87

 
3,793

Net interest margin and net interest income on a taxable-equivalent basis (5)
 
 
2.66
%
 
$
11,776

 
 
 
2.94
%
 
$
12,733

Noninterest-earning assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
19,199

 
  
 
  
 
18,356

 
  
 
  
Goodwill
26,413

 
  
 
  
 
26,429

 
  
 
  
Other
118,862

 
 
 
 
 
105,867

 
 
 
 
Total noninterest-earning assets
$
164,474

 
 
 
 
 
150,652

 
 
 
 
Noninterest-bearing funding sources
 
 
 
 
 
 
  
 
 
 
 
Deposits
$
344,451

 
 
 
 
 
358,993

 
 
 
 
Other liabilities
58,241

 
 
 
 
 
53,845

 
 
 
 
Total equity
200,095

 
 
 
 
 
202,826

 
 
 
 
Noninterest-bearing funding sources used to fund earning assets
(438,313
)
 
 
 
 
 
(465,012
)
 
 
 
 
Net noninterest-bearing funding sources
$
164,474

 
 
 
 
 
150,652

 
 
 
 
Total assets
$
1,927,415

 
 
 
 
 
1,876,283

 
 
 
 
(1)
Our average prime rate was 5.31% and 5.01% for the quarters ended September 30, 2019 and 2018, respectively, and 5.43% and 4.78%, for the first nine months of 2019 and 2018, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 2.20% and 2.34% for the quarters ended September 30, 2019 and 2018, respectively, and 2.46% and 2.20% for the first nine months of 2019 and 2018, respectively.
(2)
Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)
Yields/rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

8



 
Nine months ended September 30,
 
 
  
 
  
 
2019

 
  
 
  
 
2018

(in millions)
Average
balance

 
Yields/
rates

 
Interest
income/
expense

 
Average
balance

 
Yields/
rates

 
Interest
income/
expense

Earning assets
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks
$
138,591

 
2.27
%
 
$
2,352

 
158,480

 
1.71
%
 
$
2,029

Federal funds sold and securities purchased under resale agreements
95,945

 
2.36

 
1,692

 
79,368

 
1.69

 
1,005

Debt securities (3):
 
 
 
 
 
 
 
 
 
 
 
Trading debt securities
90,229

 
3.46

 
2,338

 
81,307

 
3.38

 
2,062

Available-for-sale debt securities: 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
15,178

 
2.17

 
246

 
6,424

 
1.66

 
80

Securities of U.S. states and political subdivisions
45,787

 
3.95

 
1,355

 
47,974

 
3.68

 
1,323

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
151,806

 
2.95

 
3,359

 
156,298

 
2.75

 
3,220

Residential and commercial
5,571

 
4.12

 
172

 
8,140

 
4.54

 
277

Total mortgage-backed securities
157,377

 
2.99

 
3,531

 
164,438

 
2.84

 
3,497

Other debt securities
44,746

 
4.33

 
1,451

 
47,146

 
4.14

 
1,462

Total available-for-sale debt securities
263,088

 
3.34

 
6,583

 
265,982

 
3.19

 
6,362

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,762

 
2.19

 
734

 
44,731

 
2.19

 
733

Securities of U.S. states and political subdivisions
7,277

 
4.03

 
220

 
6,255

 
4.34

 
204

Federal agency and other mortgage-backed securities
95,646

 
2.64

 
1,894

 
93,699

 
2.32

 
1,632

Other debt securities
56

 
3.81

 
1

 
460

 
4.02

 
14

Total held-to-maturity debt securities
147,741

 
2.57

 
2,849

 
145,145

 
2.38

 
2,583

Total debt securities
501,058

 
3.13

 
11,770

 
492,434

 
2.98

 
11,007

Mortgage loans held for sale (4)
18,401

 
4.20

 
579

 
18,849

 
4.15

 
587

Loans held for sale (4)
1,823

 
4.72

 
64

 
2,706

 
5.28

 
107

Loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial loans:
  
 
 
 
  
 
  
 
 
 
  
Commercial and industrial – U.S.
285,305

 
4.39

 
9,360

 
273,711

 
4.08

 
8,350

Commercial and industrial – Non U.S.
63,252

 
3.82

 
1,808

 
60,274

 
3.46

 
1,559

Real estate mortgage
121,703

 
4.51

 
4,101

 
123,804

 
4.22

 
3,910

Real estate construction
21,557

 
5.31

 
856

 
23,783

 
4.82

 
857

Lease financing
19,262

 
4.56

 
659

 
19,349

 
4.82

 
700

Total commercial loans
511,079

 
4.39

 
16,784

 
500,921

 
4.10

 
15,376

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
286,600

 
3.86

 
8,296

 
283,814

 
4.05

 
8,613

Real estate 1-4 family junior lien mortgage
32,610

 
5.72

 
1,397

 
37,308

 
5.31

 
1,484

Credit card
38,517

 
12.69

 
3,656

 
36,416

 
12.73

 
3,467

Automobile
45,438

 
5.18

 
1,762

 
48,983

 
5.18

 
1,899

Other revolving credit and installment
34,832

 
7.07

 
1,841

 
37,371

 
6.62

 
1,851

Total consumer loans
437,997

 
5.17

 
16,952

 
443,892

 
5.21

 
17,314

Total loans (4)
949,076

 
4.75

 
33,736

 
944,813

 
4.62

 
32,690

Equity securities
35,139

 
2.65

 
697

 
38,322

 
2.57

 
738

Other
5,275

 
1.73

 
68

 
5,408

 
1.38

 
56

Total earning assets
$
1,745,308

 
3.90
%
 
$
50,958

 
1,740,380

 
3.70
%
 
$
48,219

Funding sources
 
 
 
 
 
 
 
 
 
 
 
Deposits:
  
 
 
 
  
 
  
 
 
 
  
Interest-bearing checking
$
57,715

 
1.42
%
 
$
615

 
66,364

 
0.89
%
 
$
441

Market rate and other savings
696,943

 
0.58

 
3,038

 
683,279

 
0.28

 
1,416

Savings certificates
29,562

 
1.56

 
344

 
20,214

 
0.46

 
70

Other time deposits
95,490

 
2.57

 
1,836

 
82,175

 
2.16

 
1,331

Deposits in foreign offices
52,995

 
1.84

 
730

 
66,590

 
1.20

 
599

Total interest-bearing deposits
932,705

 
0.94

 
6,563

 
918,622

 
0.56

 
3,857

Short-term borrowings
115,131

 
2.18

 
1,878

 
103,696

 
1.51

 
1,173

Long-term debt
233,186

 
3.21

 
5,607

 
223,485

 
2.93

 
4,901

Other liabilities
25,263

 
2.17

 
410

 
27,743

 
2.14

 
446

Total interest-bearing liabilities
1,306,285

 
1.48

 
14,458

 
1,273,546

 
1.09

 
10,377

Portion of noninterest-bearing funding sources
439,023

 
—

 
—

 
466,834

 
—

 
—

Total funding sources
$
1,745,308

 
1.11

 
14,458

 
1,740,380

 
0.80

 
10,377

Net interest margin and net interest income on a taxable-equivalent basis (5)
  
 
2.79
%
 
$
36,500

 
  
 
2.90
%
 
$
37,842

Noninterest-earning assets
  
 
  
 
  
 
  
 
  
 
  
Cash and due from banks
$
19,428

 
 
 
 
 
18,604

 
 
 
 
Goodwill
26,416

 
 
 
 
 
26,463

 
 
 
 
Other
112,721

 
 
 
 
 
106,762

 
 
 
 
Total noninterest-earning assets
$
158,565

 
 
 
 
 
151,829

 
 
 
 
Noninterest-bearing funding sources
  
 
 
 
 
 
  
 
 
 
 
Deposits
$
341,541

 
 
 
 
 
359,563

 
 
 
 
Other liabilities
56,664

 
 
 
 
 
54,088

 
 
 
 
Total equity
199,383

 
 
 
 
 
205,012

 
 
 
 
Noninterest-bearing funding sources used to fund earning assets
(439,023
)
 
 
 
 
 
(466,834
)
 
 
 
 
Net noninterest-bearing funding sources
$
158,565

 
 
 
 
 
151,829

 
 
 
 
Total assets
$
1,903,873

 
 
 
 
 
1,892,209

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4)
Nonaccrual loans and related income are included in their respective loan categories.
(5)
Includes taxable-equivalent adjustments of $151 million and $161 million for the quarters ended September 30, 2019 and 2018, respectively, and $469 million and $491 million for the first nine months of 2019 and 2018, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.


9

Noninterest Income
Table 2: Noninterest Income
 
Quarter ended Sep 30,
 
 
%

 
Nine months ended Sep 30,
 
 
%

(in millions)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Service charges on deposit accounts
$
1,219

 
1,204

 
1
 %
 
$
3,519

 
3,540

 
(1
)%
Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
2,346

 
2,334

 
1

 
6,857

 
7,091

 
(3
)
Trust and investment management
729

 
835

 
(13
)
 
2,310

 
2,520

 
(8
)
Investment banking
484

 
462

 
5

 
1,333

 
1,378

 
(3
)
Total trust and investment fees
3,559

 
3,631

 
(2
)
 
10,500

 
10,989

 
(4
)
Card fees
1,027

 
1,017

 
1

 
2,996

 
2,926

 
2

Other fees:
 
 
 
 
 
 
 
 
 
 

Lending related charges and fees (1)
349

 
370

 
(6
)
 
1,045

 
1,126

 
(7
)
Cash network fees
118

 
121

 
(2
)
 
344

 
367

 
(6
)
Commercial real estate brokerage commissions
170

 
129

 
32

 
356

 
323

 
10

Wire transfer and other remittance fees
121

 
120

 
1

 
355

 
357

 
(1
)
All other fees
100

 
110

 
(9
)
 
328

 
323

 
2

Total other fees
858

 
850

 
1

 
2,428


2,496

 
(3
)
Mortgage banking:
 
 
 
 
 
 
 
 
 
 

Servicing income, net
(142
)
 
390

 
NM

 
499

 
1,264

 
(61
)
Net gains on mortgage loan origination/sales activities
608

 
456

 
33

 
1,433

 
1,286

 
11

Total mortgage banking
466

 
846

 
(45
)
 
1,932


2,550

 
(24
)
Insurance
91

 
104

 
(13
)
 
280

 
320

 
(13
)
Net gains from trading activities
276

 
158

 
75

 
862

 
592

 
46

Net gains on debt securities
3

 
57

 
(95
)
 
148

 
99

 
49

Net gains from equity securities
956

 
416

 
130

 
2,392

 
1,494

 
60

Lease income
402

 
453

 
(11
)
 
1,269

 
1,351

 
(6
)
Life insurance investment income
173

 
167

 
4

 
499

 
493

 
1

All other
1,355

 
466

 
191

 
2,347

 
1,227

 
91

Total
$
10,385

 
9,369

 
11

 
$
29,172


28,077

 
4

NM - Not meaningful
(1)
Represents combined amount of previously reported "Charges and fees on loans" and "Letters of credit fees".

Noninterest income was $10.4 billion and $29.2 billion in the third quarter and first nine months of 2019, respectively, compared with $9.4 billion and $28.1 billion for the same periods a year ago. Noninterest income represented 47% of revenue for third quarter 2019 and 45% of revenue for the first nine months of 2019, compared with 43% for both periods in 2018. The increase in noninterest income in the third quarter and first nine months of 2019, compared with the same periods a year ago, was predominantly driven by higher all other income, which included a $1.1 billion pre-tax gain from the sale of our IRT business, and higher net gains from trading and equity securities, partially offset by lower trust and investment fees and lower mortgage banking income. For more information on our performance obligations and the nature of services performed for certain of our revenues discussed below, see Note 18 (Revenue from Contracts with Customers) to Financial Statements in this Report.
Service charges on deposit accounts were $1.2 billion and
$3.5 billion in the third quarter and first nine months of 2019, respectively, flat compared with the same periods a year ago. In both the third quarter and first nine months of 2019, compared with the same periods a year ago, consumer service charges were higher primarily due to higher overdraft fees resulting from increases in consumer ACH and recurring debit card transactions, offset by lower treasury management fees. The decline in treasury management fees in both the third quarter and first nine months of 2019, compared with the same periods a year ago, was
 
primarily due to the impact of a higher earnings credit rate applied to commercial accounts due to increased interest rates.
Brokerage advisory, commissions and other fees were $2.3 billion in third quarter 2019, flat compared with the same period a year ago, and $6.9 billion in the first nine months of 2019, compared with $7.1 billion for the same period a year ago. In third quarter 2019, compared with the same period a year ago, higher asset-based fees were offset by lower transactional revenue. The decrease in the first nine months of 2019, compared with the same period a year ago, was due to lower asset-based fees and transactional revenue. Retail brokerage client assets totaled $1.6 trillion at both September 30, 2019 and 2018, with all retail brokerage services provided by our WIM operating segment. For additional information on retail brokerage client assets, see the discussion and Tables 4d and 4e in the “Operating Segment Results – Wealth and Investment Management – Retail Brokerage Client Assets” section in this Report.
Trust and investment management fee income is largely from client assets under management (AUM) for which fees are based on a tiered scale relative to market value of the assets, and client assets under administration (AUA), for which fees are generally based on the extent of services to administer the assets. Trust and investment management fees declined to $729 million and $2.3 billion in the third quarter and first nine months of 2019, respectively, from $835 million and $2.52 billion for the same periods a year ago. The decrease in the third quarter and first nine months of 2019, compared with the same periods a

10
Earnings Performance (continued)




year ago, was driven by lower trust fees due to the sale of our IRT business. The decrease in the first nine months of 2019, compared with the same period a year ago, also reflected lower mutual fund asset fees.
Our AUM, including IRT client assets still on our platform, totaled $691.9 billion at September 30, 2019, compared with $668.8 billion at September 30, 2018. Substantially all of our AUM is managed by our WIM operating segment. Our AUA, including IRT client assets still on our platform, totaled $1.8 trillion at both September 30, 2019 and 2018. We had AUM and AUA associated with the IRT business of $21 billion and $912 billion, respectively, at September 30, 2019. No IRT client assets were transitioned to the buyer's platform as of September 30, 2019.
We closed the previously announced sale of our IRT business on July 1, 2019. We will continue to administer client assets at the direction of the buyer for up to 24 months from the closing date pursuant to a transition services agreement. The buyer will receive post-closing revenue from the client assets and will pay us a fee for certain costs that we incur to administer the client assets during the transition period. The transition services fee will be recognized as other noninterest income, and the expenses we incur will be recognized in the same manner as they were prior to the close of the sale. Transition period revenue is expected to approximate transition period expenses and is subject to downward adjustment as client assets transition to the buyer's platform.
Additional information regarding our WIM operating segment AUM is provided in the “Operating Segment Results – Wealth and Investment Management – Trust and Investment Client Assets Under Management” section in this Report, including Table 4f.
Investment banking fees were $484 million and $1.3 billion in the third quarter and first nine months of 2019, respectively, compared with $462 million and $1.4 billion for the same periods a year ago. The increase in third quarter 2019, compared with the same period a year ago, was driven by higher debt originations, partially offset by lower advisory fees. The decrease in the first nine months of 2019, compared with the same period a year ago, was predominantly due to lower equity and debt originations.
Card fees were $1.0 billion and $3.0 billion in the third quarter and first nine months of 2019, respectively, compared with $1.0 billion and $2.9 billion for the same periods a year ago. The increase in the first nine months of 2019, compared with the same period a year ago, was predominantly due to higher interchange fees driven by increased purchase activity, partially offset by higher rewards costs.
Other fees were $858 million and $2.4 billion in the third quarter and first nine months of 2019, respectively, compared with $850 million and $2.5 billion for the same periods a year ago. The decrease in the first nine months of 2019, compared with the same period a year ago, was driven by lower lending related charges and fees, and lower cash network fees, partially offset by higher commercial real estate brokerage commissions. We closed the previously announced sale of our commercial real estate brokerage business, Eastdil Secured (Eastdil), on October 1, 2019, and we recognized a pre-tax gain of approximately $360 million, which will be reflected in our fourth quarter 2019 net income.
Mortgage banking noninterest income, consisting of net servicing income and net gains on mortgage loan origination/ sales activities, totaled $466 million and $1.9 billion in the third quarter and first nine months of 2019, respectively, compared with $846 million and $2.6 billion for the same periods a year ago.
 
In addition to servicing fees, net mortgage loan servicing income includes amortization of commercial mortgage servicing rights (MSRs), changes in the fair value of residential MSRs during the period, as well as changes in the value of derivatives (economic hedges) used to hedge the residential MSRs. Net servicing income was a loss of $142 million for third quarter 2019, which included a $284 million net MSR valuation loss ($962 million decrease in the fair value of the MSRs and a $678 million hedge gain). Net servicing income of $390 million for third quarter 2018 included a $30 million net MSR valuation gain ($531 million increase in the fair value of the MSRs and a $501 million hedge loss). For the first nine months of 2019, net servicing income of $499 million included a $136 million net MSR valuation loss ($2.9 billion decrease in the fair value of the MSRs and a $2.8 billion hedge gain), and for the first nine months of 2018, net servicing income of $1.3 billion included a $166 million net MSR valuation gain ($2.2 billion increase in the fair value of the MSRs and a $2.0 billion hedge loss). The reduction in the net MSR valuation results for the third quarter and first nine months of 2019, compared with the same periods a year ago, was predominantly attributable to valuation adjustments made in third quarter 2019 to reflect higher prepayment rate estimates. The reduction in net servicing income for the third quarter and first nine months of 2019, compared with the same periods a year ago, also reflected lower net servicing fees due to servicing portfolio runoff and sales.
Our portfolio of loans serviced for others was $1.63 trillion at September 30, 2019, and $1.71 trillion at December 31, 2018. At September 30, 2019, the ratio of combined residential and commercial MSRs to related loans serviced for others was 0.76%, compared with 0.94% at December 31, 2018. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in this Report for additional information regarding our MSRs risks and hedging approach.
Net gains on mortgage loan origination/sales activities were $608 million and $1.4 billion in the third quarter and first nine months of 2019, respectively, compared with $456 million and $1.3 billion for the same periods a year ago. The increase in third quarter 2019, compared with the same period a year ago, was predominantly due to higher production margins and higher held for sale loan origination volumes. The increase in the first nine months of 2019, compared with the same period a year ago, was predominantly due to higher production margins and a higher repurchase reserve release in 2019, partially offset by lower held for sale mortgage loan origination volumes. The production margin on residential held-for-sale mortgage loan originations, which represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage loan originations, provides a measure of the profitability of our residential mortgage origination activity. Table 2a presents the information used in determining the production margin.


11

Table 2a: Selected Mortgage Production Data
 
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
 
 
2019

2018

 
2019

2018

Net gains on mortgage loan origination/sales activities (in millions):
 
 
 
 
 
 
Residential
(A)
$
461

324

 
$
1,015

929

Commercial
 
106

75

 
236

200

Residential pipeline and unsold/repurchased loan management (1)
 
41

57

 
182

157

Total
 
$
608

456

 
$
1,433

1,286

Residential real estate originations (in billions):
 
 
 
 
 
 
Held-for-sale
(B)
$
38

33

 
$
93

104

Held-for-investment
 
20

13

 
51

35

Total
 
$
58

46

 
$
144

139

Production margin on residential held-for-sale mortgage loan originations
(A)/(B)
1.21
%
0.97

 
1.09
%
0.89
%
(1)
Primarily includes the results of Government National Mortgage Association (GNMA) loss mitigation activities, interest rate management activities and changes in estimate to the liability for mortgage loan repurchase losses.
The production margin was 1.21% and 1.09% for the third quarter and first nine months of 2019, respectively, compared with 0.97% and 0.89% for the same periods a year ago. The increase in production margin in third quarter 2019, compared with the same period a year ago, was predominantly due to higher margins in our correspondent production channel and a shift to more retail origination volume, which has a higher production margin. The increase in production margin in the first nine months of 2019, compared with the same period a year ago, was due to higher margins in both our production channels and a shift to more retail origination volume. Mortgage applications were $85 billion and $239 billion for the third quarter and first nine months of 2019, respectively, compared with $57 billion and $182 billion for the same periods a year ago. The 1-4 family first mortgage unclosed application pipeline was $44 billion at September 30, 2019, compared with $22 billion at September 30, 2018. For additional information about our mortgage banking activities and results, see the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section and Note 11 (Mortgage Banking Activities) and Note 16 (Fair Values of Assets and Liabilities) to Financial Statements in this Report.
Net gains from trading activities, which reflect unrealized changes in fair value of our trading positions and realized gains and losses, were $276 million and $862 million in the third quarter and first nine months of 2019, respectively, compared with $158 million and $592 million in the same periods a year ago. The increase in third quarter 2019, compared with the same period a year ago, was driven by increased trading activity in rates and commodities, credit trading, and equities, as well as higher trading volumes on residential mortgage-backed securities (RMBS). The increase in the first nine months of 2019, compared with same period a year ago, was driven by higher trading volumes on RMBS and higher credit trading, partially offset by lower equity trading activity. Net gains from trading activities do not include interest and dividend income and expense on trading securities. Those amounts are reported within interest income from debt and equity securities and other interest expense. For additional information about trading activities, see the “Risk Management – Asset/Liability Management – Market Risk-
 
Trading Activities” section and Note 4 (Trading Activities) to Financial Statements in this Report.
Net gains on debt and equity securities totaled $959 million and $2.5 billion in the third quarter and first nine months of 2019, respectively, compared with $473 million and $1.6 billion for the same periods a year ago, after other-than-temporary impairment (OTTI) write-downs of $49 million and $168 million for the third quarter and first nine months of 2019, respectively, compared with $50 million and $325 million for the same periods a year ago. The increase in net gains on debt and equity securities in third quarter 2019, compared with the same period a year ago, was driven predominantly by higher net realized gains from nonmarketable equity securities and higher unrealized gains on equity securities, partially offset by lower deferred compensation gains (offset in employee benefits expense) and lower net gains on debt securities. The increase in net gains on debt and equity securities in the first nine months of 2019, compared with the same period a year ago, was driven by higher unrealized gains on equity securities, higher deferred compensation gains (offset in employee benefits expense), and higher net gains from debt securities, partially offset by lower net realized gains from nonmarketable equity securities. Table 3a presents results for our deferred compensation plan and related investments. The decrease in OTTI in the first nine months of 2019, compared with the same period a year ago, was predominantly driven by a $214 million impairment related to the sale of our ownership stake in The Rock Creek Group, LP (RockCreek) in second quarter of 2018.
Lease income was $402 million and $1.3 billion in the third quarter and first nine months of 2019, respectively, compared with $453 million and $1.4 billion for the same periods a year ago. The decreases in the third quarter and first nine months of 2019, compared with the same periods a year ago, were driven by lower equipment lease income.
All other income was $1.4 billion and $2.3 billion in the third quarter and first nine months of 2019, respectively, compared with $466 million and $1.2 billion for the same periods a year ago. All other income includes hedge accounting results related to hedges of foreign currency risk, the results of certain economic hedges, losses on low income housing tax credit investments, foreign currency adjustments, and income from investments accounted for under the equity method, any of which can cause decreases and net losses in other income. The increase in all other income in the third quarter and first nine months of 2019, compared with the same periods a year ago, was predominantly driven by a $1.1 billion pre-tax gain on the sale of our IRT business. All other income also included $302 million and $1.6 billion of gains from the sales of purchased credit-impaired (PCI) loans in the third quarter and first nine months of 2019, respectively, compared with $638 million and $1.8 billion for the same periods a year ago. The increase in all other income in third quarter 2019, compared with the same period a year ago, also included transition services fee income of $94 million associated with the reimbursement by the buyer of certain costs we incurred to administer IRT client assets pursuant to the IRT transition services agreement. The increase in all other income in the first nine months of 2019, compared with the same period a year ago, also reflected a pre-tax gain from the sale of Business Payroll Services in first quarter 2019 and a loss related to the sale of certain assets and liabilities of Reliable Financial Services, Inc. (a subsidiary of Wells Fargo’s automobile financing business) in first quarter 2018, partially offset by a pretax gain from the sale of Wells Fargo Shareowner Services in first quarter 2018.

12
Earnings Performance (continued)




Noninterest Expense
Table 3: Noninterest Expense
 
Quarter ended Sep 30,
 
 
%

 
Nine months ended Sep 30,
 
 
%

(in millions)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Salaries
$
4,695

 
4,461

 
5
 %
 
$
13,661

 
13,289

 
3
 %
Commission and incentive compensation
2,735

 
2,427

 
13

 
8,177

 
7,837

 
4

Employee benefits
1,164

 
1,377

 
(15
)
 
4,438

 
4,220

 
5

Equipment
693

 
634

 
9

 
1,961

 
1,801

 
9

Net occupancy (1)
760

 
718

 
6

 
2,196

 
2,153

 
2

Core deposit and other intangibles
27

 
264

 
(90
)
 
82

 
794

 
(90
)
FDIC and other deposit assessments
93

 
336

 
(72
)
 
396

 
957

 
(59
)
Outside professional services
823

 
761

 
8

 
2,322

 
2,463

 
(6
)
Contract services
649

 
593

 
9

 
1,836

 
1,576

 
16

Operating losses
1,920

 
605

 
217

 
2,405

 
2,692

 
(11
)
Leases (2)
272

 
311

 
(13
)
 
869

 
942

 
(8
)
Advertising and promotion
266

 
223

 
19

 
832

 
603

 
38

Outside data processing
167

 
166

 
1

 
509

 
492

 
3

Travel and entertainment
139

 
141

 
(1
)
 
449

 
450

 
—

Postage, stationery and supplies
117

 
120

 
(3
)
 
358

 
383

 
(7
)
Telecommunications
91

 
90

 
1

 
275

 
270

 
2

Foreclosed assets
52

 
59

 
(12
)
 
124

 
141

 
(12
)
Insurance
25

 
26

 
(4
)
 
75

 
76

 
(1
)
All other
511

 
451

 
13

 
1,599

 
1,648

 
(3
)
Total
$
15,199

 
13,763

 
10

 
$
42,564

 
42,787

 
(1
)
(1)
Represents expenses for both leased and owned properties.
(2)
Represents expenses for assets we lease to customers.
Noninterest expense was $15.2 billion in third quarter 2019, up 10% from $13.8 billion a year ago, and $42.6 billion in the first nine months of 2019, down 1% from the same period a year ago. The increase in third quarter 2019, compared with the same period a year ago, was predominantly due to higher operating losses, as well as higher salaries, commissions and incentive compensation expense, partially offset by lower employee benefits expense, core deposit and other intangibles expense, and FDIC and other deposit assessments expense. The decrease in the first nine months of 2019, compared with the same period a year ago, was predominantly due to lower core deposit and other intangibles expense, FDIC and other deposit assessments, and operating losses, partially offset by higher salaries, commission and incentive compensation, employee benefits, contract services, and advertising and promotion expenses.
Personnel expenses, which include salaries, commissions, incentive compensation, and employee benefits, were up
 
$329 million, or 4%, in third quarter 2019, compared with the same period a year ago, and up $930 million, or 4%, in the first nine months of 2019, compared with the same period a year ago. The increase in the third quarter and first nine months of 2019, compared with the same periods a year ago, was due to higher salaries driven by annual salary increases and the impact of staffing mix changes, as well as higher incentive compensation, partially offset by lower profit sharing expense and staffing levels. The increase in third quarter 2019, compared with the same period a year ago, also reflected one additional payroll day in the quarter, partially offset by lower deferred compensation costs (offset in net gains from equity securities). The increase in the first nine months of 2019, compared with the same period a year ago, also reflected higher deferred compensation costs (offset in net gains from equity securities). Table 3a presents results for our deferred compensation plan and related investments.
Table 3a: Deferred Compensation Plan and Related Investments
 
Quarter ended Sep 30,
 
 
Nine months ended Sep 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Net interest income
$
13

 
14

 
$
44

 
37

Net gains (losses) from equity securities
(4
)
 
118

 
428

 
149

Total revenue from deferred compensation plan investments
9

 
132

 
472

 
186

Employee benefits expense (1)
5

 
129

 
476

 
186

Income (loss) before income tax expense
$
4

 
3

 
$
(4
)
 
—

(1)
Represents change in deferred compensation plan liability.
Core deposit and other intangibles expense was down $237 million, or 90%, in third quarter 2019, compared with the same period a year ago, and down $712 million, or 90%, in the
 
first nine months of 2019, compared with the same period a year ago, in each case due to lower amortization expense reflecting

13

the end of the 10-year amortization period on Wachovia intangibles.
Federal Deposit Insurance Corporation (FDIC) and other deposit assessments were down $243 million, or 72%, in third quarter 2019, compared with the same period a year ago, and down $561 million, or 59%, in the first nine months of 2019, compared with the same period a year ago. The decrease in both periods was due to the completion of the FDIC temporary surcharge, which ended September 30, 2018.
Outside professional and contract services expense was up $118 million, or 9%, in third quarter 2019, compared with the same period a year ago, and up $119 million, or 3% in the first nine months of 2019, compared with the same period a year ago, reflecting an increase in project spending, partially offset by lower legal expenses in both periods.
Operating losses were up $1.3 billion, or 217%, in third quarter 2019, compared with the same period a year ago, and down $287 million, or 11%, in the first nine months of 2019, compared with the same period a year ago. The increase in third quarter 2019, compared with the same period a year ago, was due to higher litigation accruals, including a $1.6 billion discrete litigation accrual for previously disclosed retail sales practices matters, partially offset by lower remediation expense. The decrease in the first nine months of 2019, compared with the same period a year ago, reflected lower remediation expense, partially offset by higher litigation accruals.
Advertising and promotion expense was up $43 million, or 19%, in third quarter 2019, compared with the same period a year ago, and up $229 million, or 38%, in the first nine months of 2019, compared with the same period a year ago, in each case due to increases in marketing and brand campaign volumes.
All other expense was up $60 million, or 13%, in third quarter 2019, compared with the same period a year ago, and down $49 million, or 3%, in the first nine months of 2019, compared with the same period a year ago. The increase in third quarter 2019, compared with the same period a year ago, was due to higher insurance premium payments, as well as higher donations expense. The decrease in the first nine months of 2019, compared with the same period a year ago, included a state sales tax refund and higher gains on the sale of premises.
 
Our efficiency ratio was 69.1% in third quarter 2019, compared with 62.7% in third quarter 2018.

Income Tax Expense
Our effective income tax rate was 22.1% and 17.3% for the third quarter and first nine months of 2019, respectively, compared with 20.1% and 22.3% for the same periods in 2018. The rate for third quarter 2019 reflected a net discrete income tax expense of $443 million predominantly related to the non-tax deductible treatment of the $1.6 billion discrete litigation accrual. The rate for the first nine months of 2019 reflected the non-tax deductible treatment of the $1.6 billion discrete litigation accrual, partially offset by net discrete income tax benefits in first and second quarter 2019 related to the results of U.S. federal and state income tax examinations. The rate for third quarter 2018 reflected net discrete income tax expense of $168 million primarily related to the re-measurement of our initial estimates for the impacts of the Tax Cuts & Jobs Act (the Tax Act) recognized in fourth quarter 2017. The rate for the first nine months of 2018 reflected net discrete income tax expense related to state income taxes driven by the U.S. Supreme Court decision in South Dakota v. Wayfair as well as the non-tax deductible treatment of an $800 million discrete litigation accrual recorded as noninterest expense in first quarter 2018.
Operating Segment Results
We are organized for management reporting purposes into three operating segments: Community Banking; Wholesale Banking; and Wealth and Investment Management (WIM). These segments are defined by product type and customer segment and their results are based on our management accounting process, for which there is no comprehensive, authoritative financial accounting guidance equivalent to generally accepted accounting principles (GAAP). Table 4 and the following discussion present our results by operating segment. For additional description of our operating segments, including additional financial information and the underlying management accounting process, see Note 22 (Operating Segments) to Financial Statements in this Report.
Table 4: Operating Segment Results – Highlights
(income/expense in millions,
 
Community
Banking 
 
 
Wholesale
Banking
 
 
Wealth and
Investment
Management
 
 
Other (1)
 
 
Consolidated
Company
 
average balances in billions)
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Quarter ended Sep 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
11,239

 
11,816

 
6,942

 
7,304

 
5,141

 
4,226

 
(1,312
)
 
(1,405
)
 
22,010

 
21,941

Provision (reversal of provision) for credit losses
 
608

 
547

 
92

 
26

 
3

 
6

 
(8
)
 
1

 
695

 
580

Noninterest expense
 
8,766

 
7,467

 
3,889

 
3,935

 
3,431

 
3,243

 
(887
)
 
(882
)
 
15,199

 
13,763

Net income (loss)
 
999

 
2,816

 
2,644

 
2,851

 
1,280

 
732

 
(313
)
 
(392
)
 
4,610

 
6,007

Average loans
 
$
459.0

 
460.9

 
474.3

 
462.8

 
75.9

 
74.6

 
(59.4
)
 
(58.8
)
 
949.8

 
939.5

Average deposits
 
789.7

 
760.9

 
422.0

 
413.6

 
142.4

 
159.8

 
(62.7
)
 
(67.9
)
 
1,291.4

 
1,266.4

Nine months ended Sep 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
34,794

 
35,452

 
21,118

 
21,780

 
13,270

 
12,419

 
(3,979
)
 
(4,223
)
 
65,203

 
65,428

Provision (reversal of provision) for credit losses
 
1,797

 
1,249

 
254

 
(30
)
 
6

 
(2
)
 
(14
)
 
6

 
2,043

 
1,223

Noninterest expense
 
23,667

 
23,459

 
11,609

 
12,132

 
9,980

 
9,894

 
(2,692
)
 
(2,698
)
 
42,564

 
42,787

Net income (loss)
 
6,969

 
7,225

 
8,203

 
8,361

 
2,459

 
1,891

 
(955
)
 
(1,148
)
 
16,676

 
16,329

Average loans
 
$
458.3

 
465.0

 
474.9

 
464.2

 
75.1

 
74.4

 
(59.2
)
 
(58.8
)
 
949.1

 
944.8

Average deposits
 
777.7

 
756.4

 
414.1

 
424.4

 
146.3

 
168.2

 
(63.9
)
 
(70.8
)
 
1,274.2

 
1,278.2

(1)
Includes the elimination of certain items that are included in more than one business segment, which substantially represents products and services for WIM customers served through Community Banking distribution channels.

14
Earnings Performance (continued)




Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and automobile, student, mortgage, home equity and small business lending, as well as referrals to Wholesale Banking and WIM business partners. The Community Banking segment also
 
includes the results of our Corporate Treasury activities net of allocations (including funds transfer pricing, capital, liquidity and certain corporate expenses) in support of the other operating segments and results of investments in our affiliated venture capital and private equity partnerships. Table 4a provides additional financial information for Community Banking.
Table 4a: Community Banking
 
Quarter ended Sep 30,
 
 
 
 
Nine months ended Sep 30,
 
 
 
(in millions, except average balances which are in billions)
2019

 
2018

 
% Change
 
2019

 
2018

 
% Change

Net interest income
$
6,769

 
7,338

 
(8
)%
 
$
21,083

 
21,879

 
(4
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
742

 
700

 
6

 
2,056

 
1,971

 
4

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 

Brokerage advisory, commissions and other fees (1)
504

 
470

 
7

 
1,433

 
1,413

 
1

Trust and investment management (1)
203

 
231

 
(12
)
 
612

 
684

 
(11
)
Investment banking (2)
(26
)
 
(17
)
 
(53
)
 
(64
)
 
(27
)
 
NM

Total trust and investment fees
681

 
684

 
—

 
1,981

 
2,070

 
(4
)
Card fees
936

 
925

 
1

 
2,723

 
2,650

 
3

Other fees
316

 
344

 
(8
)
 
983

 
1,019

 
(4
)
Mortgage banking
339

 
747

 
(55
)
 
1,635

 
2,284

 
(28
)
Insurance
11

 
21

 
(48
)
 
33

 
65

 
(49
)
Net gains from trading activities
19

 
10

 
90

 
13

 
33

 
(61
)
Net gains (losses) on debt securities
(1
)
 
1

 
NM

 
51

 
(1
)
 
NM

Net gains from equity securities (3)
822

 
274

 
200

 
1,894

 
1,367

 
39

Other income of the segment
605

 
772

 
(22
)
 
2,342

 
2,115

 
11

Total noninterest income
4,470

 
4,478

 
—

 
13,711

 
13,573

 
1

 
 
 
 
 
 
 
 
 
 
 

Total revenue
11,239

 
11,816

 
(5
)
 
34,794

 
35,452

 
(2
)
 
 
 
 
 
 
 
 
 
 
 

Provision for credit losses
608

 
547

 
11

 
1,797

 
1,249

 
44

Noninterest expense:
 
 
 
 
 
 
 
 
 
 

Personnel expense
5,525

 
5,414

 
2

 
16,942

 
16,325

 
4

Equipment
570

 
615

 
(7
)
 
1,795

 
1,736

 
3

Net occupancy
584

 
542

 
8

 
1,668

 
1,618

 
3

Core deposit and other intangibles
1

 
100

 
(99
)
 
2

 
303

 
(99
)
FDIC and other deposit assessments
43

 
195

 
(78
)
 
243

 
531

 
(54
)
Outside professional services
685

 
335

 
104

 
1,388

 
1,162

 
19

Operating losses
1,806

 
577

 
213

 
2,222

 
2,304

 
(4
)
Other expense of the segment
(448
)
 
(311
)
 
(44
)
 
(593
)
 
(520
)
 
(14
)
Total noninterest expense
8,766

 
7,467

 
17

 
23,667

 
23,459

 
1

Income before income tax expense and noncontrolling interests
1,865

 
3,802

 
(51
)
 
9,330

 
10,744

 
(13
)
Income tax expense
667

 
925

 
(28
)
 
1,929

 
3,147

 
(39
)
Net income from noncontrolling interests (4)
199

 
61

 
226

 
432

 
372

 
16

Net income
$
999

 
2,816

 
(65
)
 
$
6,969

 
7,225

 
(4
)
Average loans
$
459.0

 
460.9

 
—

 
$
458.3

 
465.0

 
(1
)
Average deposits
789.7

 
760.9

 
4

 
777.7

 
756.4

 
3

NM – Not meaningful
(1)
Represents income on products and services for WIM customers served through Community Banking distribution channels which is offset in our WIM segment and eliminated in consolidation.
(2)
Includes syndication and underwriting fees paid to Wells Fargo Securities which are offset in our Wholesale Banking segment and eliminated in consolidation.
(3)
Mostly represents gains resulting from venture capital investments.
(4)
Reflects results attributable to noncontrolling interests predominantly associated with the Company’s consolidated venture capital investments.
Community Banking reported net income of $1.0 billion, down $1.8 billion, or 65%, from third quarter 2018, and $7.0 billion for the first nine months of 2019, down $256 million, or 4%, compared with the same period a year ago.
Revenue decreased $577 million, or 5%, from third quarter 2018, due to lower net interest income, mortgage banking income, and gains on the sale of PCI mortgage loans, partially offset by higher net gains from equity securities. Revenue decreased $658 million, or 2%, from the first nine months of 2018, due to lower net interest income, mortgage banking income, and trust and investment fees, partially offset by higher net gains from equity securities, other income, service charges on deposit accounts, card fees, and net gains from debt securities.
Noninterest income decreased $8 million from third quarter 2018, due to lower mortgage banking income and lower gains on the sale of PCI mortgage loans, partially offset by higher net gains from equity securities. Noninterest income increased $138 million, or 1%, from the first nine months of 2018, due to higher net gains from equity securities, other income, service
 
charges on deposit accounts, card fees, and net gains from debt securities, partially offset by lower mortgage banking income and trust and investment fees.
The provision for credit losses increased $61 million from third quarter 2018 and $548 million from the first nine months of 2018. The increase in the provision from third quarter 2018 reflected an allowance build in third quarter 2019, compared with an allowance release in third quarter 2018. The increase in the provision from the first nine months of 2018 reflected an allowance release in the first nine months of 2018 reflecting an improvement in our outlook for 2017 hurricane-related losses.
Noninterest expense was $8.8 billion in third quarter 2019, up $1.3 billion, or 17%, from third quarter 2018, and was $23.7 billion in the first nine months of 2019, up $208 million, or 1%, from the first nine months of 2018. The increase in noninterest expense from third quarter 2018 was predominantly due to higher operating losses reflecting litigation accruals for a variety of matters, including a $1.6 billion discrete litigation accrual for previously disclosed retail sales practices matters, as

15

well as higher personnel expense and outside professional services expense, partially offset by lower FDIC expense and core deposit and other intangibles amortization expense. The increase in noninterest expense from the first nine months of 2018 was predominantly due to higher personnel expense and equipment expense, partially offset by lower core deposit and other intangibles amortization expense, FDIC expense, and operating losses.
Income tax expense decreased $258 million from third quarter 2018, driven by lower net income in third quarter 2019, partially offset by a net discrete income tax expense of $443 million in third quarter 2019 predominantly related to the non-tax deductible treatment of a $1.6 billion discrete litigation accrual. Income tax expense decreased $1.2 billion from the first nine months of 2018, driven by lower net income and net discrete income tax benefits in the first nine months of 2019 related to the results of U.S. federal and state income tax examinations and the accounting for stock compensation activity, as well as net discrete income tax expense related to state income taxes in 2018, partially offset by a net discrete income tax expense in third quarter 2019 related to the $1.6 billion discrete litigation accrual.
 
Average loans of $459.0 billion in third quarter 2019 were flat compared with third quarter 2018, and average loans of $458.3 billion in the first nine months of 2019 decreased $6.7 billion, or 1%, from the first nine months of 2018. The decline in average loans from the first nine months of 2018 was due to lower junior lien mortgages, automobile loans, other revolving credit and installment loans, and commercial loans, partially offset by higher real estate 1-4 family first mortgage loans and credit card loans. Average deposits of $789.7 billion in third quarter 2019 increased $28.8 billion, or 4%, from third quarter 2018, and increased $21.3 billion, or 3%, from the first nine months of 2018.

Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $5 million. Products and businesses include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Credit Investment Portfolio, Treasury Management, and Commercial Capital. Table 4b provides additional financial information for Wholesale Banking.
Table 4b: Wholesale Banking
 
Quarter ended Sep 30,
 
 
 
 
Nine months ended Sep 30,
 
 
 
(in millions, except average balances which are in billions)
2019

 
2018

 
% Change
 
2019

 
2018

 
% Change

Net interest income
$
4,382

 
4,726

 
(7
)%
 
$
13,451

 
13,951

 
(4
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
477

 
505

 
(6
)
 
1,462

 
1,569

 
(7
)
Trust and investment fees:
 
 
 
 
 
 
 
 
 
 

Brokerage advisory, commissions and other fees
62

 
79

 
(22
)
 
214

 
224

 
(4
)
Trust and investment management
121

 
112

 
8

 
352

 
335

 
5

Investment banking
510

 
476

 
7

 
1,397

 
1,401

 
—

Total trust and investment fees
693

 
667

 
4

 
1,963

 
1,960

 
—

Card fees
90

 
92

 
(2
)
 
271

 
275

 
(1
)
Other fees
540

 
504

 
7

 
1,441

 
1,472

 
(2
)
Mortgage banking
128

 
101

 
27

 
300

 
269

 
12

Insurance
74

 
76

 
(3
)
 
227

 
233

 
(3
)
Net gains from trading activities
247

 
135

 
83

 
806

 
514

 
57

Net gains on debt securities
4

 
53

 
(92
)
 
97

 
96

 
1

Net gains from equity securities
135

 
50

 
170

 
328

 
232

 
41

Other income of the segment
172

 
395

 
(56
)
 
772

 
1,209

 
(36
)
Total noninterest income
2,560

 
2,578

 
(1
)
 
7,667

 
7,829

 
(2
)
 
 
 
 
 
 
 
 
 
 
 

Total revenue
6,942

 
7,304

 
(5
)
 
21,118

 
21,780

 
(3
)
 
 
 
 
 
 
 
 
 
 
 

Provision (reversal of provision) for credit losses
92

 
26

 
254

 
254

 
(30
)
 
947

Noninterest expense:
 
 
 
 
 
 
 
 
 
 

Personnel expense
1,443

 
1,302

 
11

 
4,337

 
4,224

 
3

Equipment
11

 
10

 
10

 
30

 
36

 
(17
)
Net occupancy
95

 
99

 
(4
)
 
286

 
299

 
(4
)
Core deposit and other intangibles
23

 
95

 
(76
)
 
70

 
284

 
(75
)
FDIC and other deposit assessments
43

 
122

 
(65
)
 
132

 
366

 
(64
)
Outside professional services
38

 
234

 
(84
)
 
453

 
722

 
(37
)
Operating losses
16

 
(13
)
 
223

 
27

 
203

 
(87
)
Other expense of the segment
2,220

 
2,086

 
6

 
6,274

 
5,998

 
5

Total noninterest expense
3,889

 
3,935

 
(1
)
 
11,609

 
12,132

 
(4
)
Income before income tax expense and noncontrolling interests
2,961

 
3,343

 
(11
)
 
9,255

 
9,678

 
(4
)
Income tax expense
315

 
475

 
(34
)
 
1,049

 
1,302

 
(19
)
Net loss from noncontrolling interests
2

 
17

 
(88
)
 
3

 
15

 
(80
)
Net income
$
2,644

 
2,851

 
(7
)
 
$
8,203

 
8,361

 
(2
)
Average loans
$
474.3

 
462.8

 
2

 
$
474.9

 
464.2

 
2

Average deposits
422.0

 
413.6

 
2

 
414.1

 
424.4

 
(2
)

16
Earnings Performance (continued)




Wholesale Banking reported net income of $2.6 billion in third quarter 2019, down $207 million, or 7%, from third quarter 2018. In the first nine months of 2019, net income of $8.2 billion decreased $158 million, or 2%, from the same period a year ago.
Revenue decreased $362 million, or 5%, from third quarter 2018, predominantly due to lower net interest income. Revenue decreased $662 million, or 3%, from the first nine months of 2018, predominantly due to lower net interest income as well as the gain related to the sale of Wells Fargo Shareowner Services in first quarter 2018.
Net interest income decreased $344 million, or 7%, from third quarter 2018, as lower income on loans and lower income on trading and debt investments due to spread compression, as well as lower income on deposits related to lower rates, was partially offset by higher deposit balances. Net interest income decreased $500 million, or 4%, from the first nine months of 2018, as lower income on trading and debt investments and lower income on loans due to spread compression was partially offset by higher average loan and investment balances as well as higher deposit related income based on the positive impact of higher interest rates.
Noninterest income decreased $18 million, or 1%, from third quarter 2018, as lower other income and treasury management fees were partially offset by higher market sensitive revenue (consists of net gains from trading activities, debt securities and equity securities), commercial real estate brokerage commissions, investment banking fees, and mortgage banking fees. Noninterest income decreased $162 million, or 2%, from the first nine months of 2018 driven by the gain related to the sale of Wells Fargo Shareowner Services in first quarter 2018, lower treasury management fees related mostly to an increased earnings credit rate provided to customers and lower other income, partially offset by higher market sensitive revenue and higher mortgage banking fees.
 
The provision for credit losses increased $66 million from third quarter 2018, and increased $284 million from the first nine months of 2018.
Noninterest expense decreased $46 million, or 1%, from third quarter 2018, and decreased $523 million, or 4%, from the first nine months of 2018, due to lower FDIC, core deposit and other intangibles amortization, and lease expense (within other expense), partially offset by higher personnel expense. The decrease in noninterest expense in the first nine months of 2019, compared with the same period a year ago, also reflected lower operating losses.
Average loans of $474.3 billion in third quarter 2019 increased $11.5 billion, or 2%, from third quarter 2018, and average loans of $474.9 billion in the first nine months of 2019 increased $10.7 billion, or 2%, from the first nine months of 2018, as growth in commercial and industrial loans was partially offset by lower commercial real estate loans. Average deposits of $422.0 billion in third quarter 2019 increased $8.4 billion, or 2%, from third quarter 2018 driven by growth in Corporate Transactional and Commercial Real Estate. Average deposits of $414.1 billion in the first nine months of 2019 decreased $10.3 billion, or 2%, from the first nine months of 2018 driven by declines across many businesses as commercial customers allocated more cash to alternative higher-rate liquid investments.

17

Wealth and Investment Management provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S. based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve clients’ brokerage needs and provide
 
investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds. The previously announced sale of our IRT business closed on July 1, 2019. For additional information on the sale of our IRT business, including its impact on our AUM, AUA and associated revenue and expenses, see the “Noninterest Income” section in this Report. Table 4c provides additional financial information for WIM.

Table 4c: Wealth and Investment Management
 
Quarter ended Sep 30,
 
 
 
 
Nine months ended Sep 30,
 
 
 
(in millions, except average balances which are in billions)
2019

 
2018

 
% Change
 
2019

 
2018

 
% Change

Net interest income
$
989

 
1,102

 
(10
)%
 
$
3,127

 
3,325

 
(6
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
4

 
3

 
33

 
12

 
12

 
—

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
2,272

 
2,268

 
—

 
6,644

 
6,896

 
(4
)
Trust and investment management
615

 
727

 
(15
)
 
1,978

 
2,201

 
(10
)
Investment banking
—

 
3

 
(100
)
 
4

 
4

 
—

Total trust and investment fees
2,887

 
2,998

 
(4
)
 
8,626

 
9,101

 
(5
)
Card fees
2

 
1

 
100

 
5

 
4

 
25

Other fees
5

 
4

 
25

 
13

 
13

 
—

Mortgage banking
(3
)
 
(3
)
 
—

 
(9
)
 
(8
)
 
(13
)
Insurance
17

 
19

 
(11
)
 
51

 
55

 
(7
)
Net gains from trading activities
10

 
13

 
(23
)
 
42

 
45

 
(7
)
Net gains on debt securities
—

 
3

 
(100
)
 
—

 
4

 
(100
)
Net gains (losses) from equity securities
(1
)
 
92

 
NM

 
170

 
(105
)
 
262

Other income of the segment
1,231

 
(6
)
 
NM

 
1,233

 
(27
)
 
NM

Total noninterest income
4,152

 
3,124

 
33

 
10,143

 
9,094

 
12

 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
5,141

 
4,226

 
22

 
13,270

 
12,419

 
7

 
 
 
 
 
 
 
 
 
 
 
 
Provision (reversal of provision) for credit losses
3

 
6

 
(50
)
 
6

 
(2
)
 
400

Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
Personnel expense
2,061

 
2,010

 
3

 
6,370

 
6,212

 
3

Equipment
112

 
10

 
NM

 
137

 
31

 
342

Net occupancy
113

 
108

 
5

 
337

 
327

 
3

Core deposit and other intangibles
3

 
69

 
(96
)
 
10

 
207

 
(95
)
FDIC and other deposit assessments
12

 
33

 
(64
)
 
38

 
103

 
(63
)
Outside professional services
108

 
198

 
(45
)
 
502

 
598

 
(16
)
Operating losses
101

 
44

 
130

 
165

 
193

 
(15
)
Other expense of the segment
921

 
771

 
19

 
2,421

 
2,223

 
9

Total noninterest expense
3,431

 
3,243

 
6

 
9,980

 
9,894

 
1

Income before income tax expense and noncontrolling interests
1,707

 
977

 
75

 
3,284

 
2,527

 
30

Income tax expense
426

 
244

 
75

 
819

 
630

 
30

Net income from noncontrolling interests
1

 
1

 
—

 
6

 
6

 
—

Net income
$
1,280

 
732

 
75

 
$
2,459

 
1,891

 
30

Average loans
$
75.9

 
74.6

 
2

 
$
75.1

 
74.4

 
1

Average deposits
142.4

 
159.8

 
(11
)
 
146.3

 
168.2

 
(13
)
NM – Not meaningful
WIM reported net income of $1.3 billion in third quarter 2019, up $548 million, or 75%, from third quarter 2018. Net income for the first nine months of 2019 was $2.5 billion, up $568 million, or 30%, from the same period a year ago.
Revenue increased $915 million, or 22%, from third quarter 2018, predominantly due to the $1.1 billion gain on the sale of our IRT business, partially offset by lower net interest income and lower net gains from equity securities on decreased deferred compensation plan investments results (offset by lower employee benefits expense). Revenue increased $851 million, or 7%, from the first nine months of 2018, predominantly due to the $1.1 billion gain on the sale of our IRT business, the 2018 impairment on the sale of our ownership stake in RockCreek, and higher deferred compensation plan investments (offset in employee benefits expense), partially offset by lower asset-based fees, net interest income, and brokerage transactional revenue.
Net interest income decreased $113 million, or 10%, from third quarter 2018, and $198 million, or 6%, from the first nine months of 2018, driven by lower deposit balances.
 
Noninterest income increased $1.0 billion from third quarter 2018, driven by the $1.1 billion gain on the sale of our IRT business, partially offset by lower deferred compensation plan investments (offset in employee benefits expense). Noninterest income increased $1.0 billion from the first nine months of 2018, due to the $1.1 billion gain on the sale of our IRT business, the 2018 impairment on the sale of our ownership stake in RockCreek, and higher deferred compensation plan investments (offset in employee benefits expense), partially offset by lower asset-based fees and lower brokerage transactional revenue.
The provision for credit losses decreased $3 million from third quarter 2018 and increased $8 million from the first nine months of 2018.
Noninterest expense increased $188 million, or 6%, from third quarter 2018, driven by higher project and technology spending on regulatory and compliance related initiatives (within other expense), higher equipment expense including a $103 million impairment of capitalized software reflecting a reevaluation of software under development, higher personnel

18
Earnings Performance (continued)




expense, and higher operating losses, partially offset by lower professional services expense, core deposit and other intangible amortization expense, and deferred compensation plan expense (offset in net gains from equity securities). Noninterest expense increased $86 million, or 1%, from the first nine months of 2018, driven by higher other personnel expense, higher project and technology spending on regulatory and compliance related initiatives, higher deferred compensation plan expense (offset in net gains from equity securities), and higher equipment expense including the $103 million impairment of capitalized software, partially offset by lower core deposit and other intangible amortization expense, broker commissions, and professional services expense.
Average loans of $75.9 billion in third quarter 2019 and $75.1 billion in the first nine months of 2019 increased 2% and 1%, respectively, from the same periods a year ago, driven by growth in nonconforming mortgage loans. Average deposits of $142.4 billion in third quarter 2019 and $146.3 billion in the first nine months of 2019 decreased 11% and 13%, respectively, from the same periods a year ago, as customers allocated more cash into higher yielding liquid alternatives.

 
The following discussions provide additional information for client assets we oversee in our retail brokerage advisory and trust and investment management business lines.

Retail Brokerage Client Assets Brokerage advisory, commissions and other fees are received for providing full-service and discount brokerage services predominantly to retail brokerage clients. Offering advisory account relationships to our brokerage clients is an important component of our broader strategy of meeting their financial needs. Although a majority of our retail brokerage client assets are in accounts that earn brokerage commissions, the fees from those accounts generally represent transactional commissions based on the number and size of transactions executed at the client’s direction. Fees from advisory accounts are based on a percentage of the market value of the assets as of the beginning of the quarter, which vary across the account types based on the distinct services provided, and are affected by investment performance as well as asset inflows and outflows. A majority of our brokerage advisory, commissions and other fee income is earned from advisory accounts. Table 4d shows advisory account client assets as a percentage of total retail brokerage client assets at September 30, 2019 and 2018.
Table 4d: Retail Brokerage Client Assets
 
September 30,
 
($ in billions)
2019

 
2018

Retail brokerage client assets
$
1,629.4

 
1,642.1

Advisory account client assets
569.4

 
560.5

Advisory account client assets as a percentage of total client assets
35
%
 
34


19

Retail Brokerage advisory accounts include assets that are financial advisor-directed and separately managed by third-party managers, as well as certain client-directed brokerage assets where we earn a fee for advisory and other services, but do not have investment discretion. For third quarter 2019 and 2018, the
 
average fee rate by account type ranged from 80 to 120 basis points. Table 4e presents retail brokerage advisory account client assets activity by account type for the third quarter and first nine months of 2019 and 2018.
Table 4e: Retail Brokerage Advisory Account Client Assets
 
Quarter ended
 
 
Nine months ended
 
(in billions)
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

 
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Client directed (4)
$
166.2

8.3

(8.3
)
0.7

166.9

 
151.5

24.8

(27.3
)
17.9

166.9

Financial advisor directed (5)
163.2

8.8

(7.0
)
3.1

168.1

 
141.9

24.9

(23.4
)
24.7

168.1

Separate accounts (6)
151.9

6.2

(6.4
)
2.3

154.0

 
136.4

18.0

(21.3
)
20.9

154.0

Mutual fund advisory (7)
80.0

2.9

(3.0
)
0.5

80.4

 
71.3

8.6

(9.7
)
10.2

80.4

Total advisory client assets
$
561.3

26.2

(24.7
)
6.6

569.4

 
501.1

76.3

(81.7
)
73.7

569.4

September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Client directed (4)
$
167.5

8.4

(9.8
)
5.4

171.5

 
170.9

26.0

(30.1
)
4.7

171.5

Financial advisor directed (5)
150.0

6.9

(7.5
)
7.4

156.8

 
147.0

22.5

(24.0
)
11.3

156.8

Separate accounts (6)
147.2

6.2

(6.8
)
6.0

152.6

 
149.1

18.6

(21.1
)
6.0

152.6

Mutual fund advisory (7)
77.9

3.1

(3.5
)
2.1

79.6

 
75.8

10.3

(9.8
)
3.3

79.6

Total advisory client assets
$
542.6

24.6

(27.6
)
20.9

560.5

 
542.8

77.4

(85.0
)
25.3

560.5

(1)
Inflows include new advisory account assets, contributions, dividends and interest.
(2)
Outflows include closed advisory account assets, withdrawals, and client management fees.
(3)
Market impact reflects gains and losses on portfolio investments.
(4)
Investment advice and other services are provided to client, but decisions are made by the client and the fees earned are based on a percentage of the advisory account assets, not the number and size of transactions executed by the client.
(5)
Professionally managed portfolios with fees earned based on respective strategies and as a percentage of certain client assets.
(6)
Professional advisory portfolios managed by Wells Fargo Asset Management or third-party asset managers. Fees are earned based on a percentage of certain client assets.
(7)
Program with portfolios constructed of load-waived, no-load and institutional share class mutual funds. Fees are earned based on a percentage of certain client assets.

20
Earnings Performance (continued)




Trust and Investment Client Assets Under Management We earn trust and investment management fees from managing and administering assets, including mutual funds, separate accounts, and personal trust assets, through our asset management and wealth businesses. Prior to the sale of our IRT business, which closed on July 1, 2019, we also earned fees from managing employee benefit trusts through the retirement business. Our asset management business is conducted by Wells Fargo Asset Management (WFAM), which offers Wells Fargo proprietary mutual funds and manages institutional separate accounts, and
 
our wealth business manages assets for high net worth clients. Substantially all of our trust and investment management fee income is earned from AUM where we have discretionary management authority over the investments and generate fees as a percentage of the market value of the AUM. For additional information on the sale of our IRT business, including its impact on our AUM, AUA and associated revenue and expenses, see the “Noninterest Income” section in this Report. Table 4f presents AUM activity for the third quarter and first nine months of 2019 and 2018.
Table 4f: WIM Trust and Investment – Assets Under Management
 
Quarter ended
 

Nine months ended
 
(in billions)
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

 
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Assets managed by WFAM (4):
 
 
 
 


 
 
 
 
 
 
Money market funds (5)
$
119.8

9.6

—

—

129.4

 
112.4

17.0

—

—

129.4

Other assets managed
375.3

16.4

(20.7
)
3.0

374.0

 
353.5

57.9

(65.6
)
28.2

374.0

Assets managed by Wealth and Retirement (6)
181.9

7.9

(9.1
)
1.1

181.8

 
170.7

25.3

(30.7
)
16.5

181.8

Total assets under management
$
677.0

33.9

(29.8
)
4.1

685.2

 
636.6

100.2

(96.3
)
44.7

685.2

September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Assets managed by WFAM (4):

 

 

 
 
 
 
 
 
Money market funds (5)
$
107.7

—

(0.4
)
—

107.3

 
108.2

—

(0.9
)
—

107.3

Other assets managed
386.5

19.7

(35.2
)
4.3

375.3

 
395.7

66.3

(91.7
)
5.0

375.3

Assets managed by Wealth and Retirement (6)
183.2

7.3

(8.7
)
4.0

185.8

 
186.2

26.8

(30.4
)
3.2

185.8

Total assets under management
$
677.4

27.0

(44.3
)
8.3

668.4

 
690.1

93.1

(123.0
)
8.2

668.4

(1)
Inflows include new managed account assets, contributions, dividends and interest.
(2)
Outflows include closed managed account assets, withdrawals and client management fees.
(3)
Market impact reflects gains and losses on portfolio investments.
(4)
Assets managed by WFAM consist of equity, alternative, balanced, fixed income, money market, and stable value, and include client assets that are managed or sub-advised on behalf of other Wells Fargo lines of business.
(5)
Money Market funds activity is presented on a net inflow or net outflow basis, because the gross flows are not meaningful nor used by management as an indicator of performance.
(6)
Includes $5.4 billion and $4.9 billion as of September 30, 2019 and 2018, respectively, of client assets invested in proprietary funds managed by WFAM.


21

Balance Sheet Analysis 
At September 30, 2019, our assets totaled $1.94 trillion, up $48.1 billion from December 31, 2018. The asset growth was predominantly due to a $22.8 billion increase in federal funds sold and securities purchased under resale agreements, an $18.8 billion increase in debt securities, a $10.3 billion increase in mortgage loans held for sale, an $8.7 billion increase in equity securities, and a $9.9 billion increase in other assets. This growth was partially offset by a $24.6 billion decrease in cash and cash equivalents. Liabilities totaled $1.75 trillion, up $50.7 billion from December 31, 2018. The increase in liabilities was predominantly due to a $22.3 billion increase in deposits, an $18.1 billion increase in short-term borrowings, and a $7.2 billion increase in accrued expenses and other liabilities. Total equity decreased by
 
$2.7 billion from December 31, 2018, predominantly due to a $14.6 billion increase in treasury stock, partially offset by a $4.7 billion increase in cumulative other comprehensive income driven predominantly by the increase in fair value of available-for-sale debt securities, and a $8.2 billion increase in retained earnings, net of dividends paid.
The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and changes in our asset mix is included in the “Earnings Performance – Net Interest Income” and “Capital Management” sections and Note 23 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report.

Available-for-Sale and Held-to-Maturity Debt Securities
Table 5: Available-for-Sale and Held-to-Maturity Debt Securities
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Amortized cost

 
Net
 unrealized
gain (loss)

 
Fair value

 
Amortized cost

 
Net
unrealized
gain (loss)

 
Fair value

Available-for-sale
268,095

 
3,141

 
271,236

 
272,471

 
(2,559
)
 
269,912

Held-to-maturity
153,179

 
3,100

 
156,279

 
144,788

 
(2,673
)
 
142,115

Total (1)
$
421,274

 
6,241

 
427,515

 
417,259

 
(5,232
)
 
412,027

(1)
Available-for-sale debt securities are carried on the balance sheet at fair value. Held-to-maturity debt securities are carried on the balance sheet at amortized cost.
Table 5 presents a summary of our available-for-sale and held-to-maturity debt securities, which increased $9.7 billion in balance sheet carrying value from December 31, 2018, predominantly due to a net increase in federal agency mortgage-backed securities, partially offset by a net decrease in collateralized loan and other debt obligations.
The total net unrealized gains on available-for-sale debt securities were $3.1 billion at September 30, 2019, up from net unrealized losses of $2.6 billion at December 31, 2018, primarily due to lower U.S. interest rates. For a discussion of our investment management objectives and practices, see the “Balance Sheet Analysis” section in our 2018 Form 10-K. Also, see the “Risk Management – Asset/Liability Management” section in this Report for information on our use of investments to manage liquidity and interest rate risk.
We analyze debt securities for OTTI quarterly or more often if a potential loss-triggering event occurs. In the first nine months of 2019, we recognized $58 million of OTTI write-downs on debt securities. For a discussion of our OTTI accounting policies and underlying considerations and analysis, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K and Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report.
At September 30, 2019, debt securities included $53.2 billion of municipal bonds, of which 96.7% were rated “A-” or better based predominantly on external and, in some cases, internal ratings. Additionally, some of the debt securities in our total municipal bond portfolio are guaranteed against loss by bond insurers. These guaranteed bonds are predominantly investment grade and were generally underwritten in accordance with our own investment standards prior to the determination to purchase, without relying on the bond insurer’s guarantee in making the investment decision. The credit quality of our municipal bond holdings are monitored as part of our ongoing impairment analysis.
 
The weighted-average expected remaining maturity of debt securities available-for-sale was 4.6 years at September 30, 2019. The expected remaining maturity is shorter than the remaining contractual maturity for the 64% of this portfolio that is mortgage-backed securities (MBS) because borrowers generally have the right to prepay obligations before the underlying mortgages mature. The estimated effects of a 200 basis point increase or decrease in interest rates on the fair value and the expected remaining maturity of the MBS available-for-sale portfolio are shown in Table 6.
Table 6: Mortgage-Backed Securities Available for Sale
(in billions)
Fair value

 
Net unrealized gain (loss)

 
Expected remaining maturity
(in years)
At September 30, 2019
 
 
 
 
 
Actual
$
172.6

 
2.2

 
4.3
Assuming a 200 basis point:
 
 
 
 
 
Increase in interest rates
156.6

 
(13.8
)
 
6.6
Decrease in interest rates
181.2

 
10.8

 
3.3
The weighted-average expected remaining maturity of debt securities held-to-maturity (HTM) was 4.4 years at September 30, 2019. HTM debt securities are measured at amortized cost and, therefore, changes in the fair value of our held-to-maturity MBS resulting from changes in interest rates are not recognized in our financial results. See Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for a summary of debt securities by security type.


22
Balance Sheet Analysis (continued)

Loan Portfolios
Table 7 provides a summary of total outstanding loans by portfolio segment. Total loans increased $1.8 billion from December 31, 2018, due to an increase in consumer loans. Consumer loans were up $2.9 billion from December 31, 2018, predominantly due to growth in the real estate 1-4 family first mortgage and automobile loan portfolios, partially offset by the
 
sale of $4.0 billion of Pick-a-Pay PCI loans, the reclassification of $1.9 billion of real estate 1-4 family first mortgage loans to MLHFS, and a decline in junior lien mortgage loans as paydowns continued to exceed originations in the first nine months of 2019. Commercial loans were down $1.1 billion from December 31, 2018, as growth in our credit investment portfolio was more than offset by declines across several commercial businesses.
Table 7: Loan Portfolios
(in millions)
September 30, 2019

 
December 31, 2018

Commercial
$
512,332

 
513,405

Consumer
442,583

 
439,705

Total loans
$
954,915

 
953,110

Change from prior year-end
$
1,805

 
(3,660
)

A discussion of average loan balances and a comparative detail of average loan balances is included in Table 1 under “Earnings Performance – Net Interest Income” earlier in this Report. Additional information on total loans outstanding by portfolio segment and class of financing receivable is included in the “Risk Management – Credit Risk Management” section in this Report. Period-end balances and other loan related information
 
are in Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report. 
Table 8 shows contractual loan maturities for loan categories normally not subject to regular periodic principal reduction and the contractual distribution of loans in those categories to changes in interest rates.
Table 8: Maturities for Selected Commercial Loan Categories
 
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
 
Within
one
 year

 
After one
year
through
five years

 
After
 five
years

 
Total

 
Within
one
year

 
After one
year
through
 five years

 
After
five
years

 
Total

Selected loan maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
108,091

 
210,411

 
32,373

 
350,875

 
109,566

 
213,425

 
27,208

 
350,199

Real estate mortgage
 
14,978

 
64,920

 
42,038

 
121,936

 
16,413

 
63,648

 
40,953

 
121,014

Real estate construction
 
7,962

 
11,138

 
821

 
19,921

 
9,958

 
11,343

 
1,195

 
22,496

Total selected loans
 
$
131,031

 
286,469

 
75,232

 
492,732

 
135,937

 
288,416

 
69,356

 
493,709

Distribution of loans to changes in interest
rates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans at fixed interest rates
 
$
18,668

 
26,377

 
28,769

 
73,814

 
17,619

 
28,545

 
28,163

 
74,327

Loans at floating/variable interest rates
 
112,363

 
260,092

 
46,463

 
418,918

 
118,318

 
259,871

 
41,193

 
419,382

Total selected loans
 
$
131,031

 
286,469

 
75,232

 
492,732

 
135,937

 
288,416

 
69,356

 
493,709



23

Deposits
Deposits were $1.3 trillion at September 30, 2019, up $22.3 billion from December 31, 2018, due to an increase in mortgage escrow deposits reflecting an inflow of higher mortgage payoffs to be remitted to investors in accordance with servicing contracts, higher commercial deposits, and higher consumer and small business banking deposits, partially offset by a decrease in other time deposits. The increase in commercial deposits was due to higher balances in commercial real estate deposits, partially offset by declines in commercial banking, and
 
corporate and investment banking deposits. The increase in consumer and small business banking deposits was due to higher balances in certificates of deposit (CDs), high-yield savings, and noninterest-bearing deposits, partially offset by declines in brokerage sweeps and interest checking. Table 9 provides additional information regarding deposits. Information regarding the impact of deposits on net interest income and a comparison of average deposit balances is provided in the “Earnings Performance – Net Interest Income” section and Table 1 earlier in this Report. 
Table 9: Deposits
($ in millions)
Sep 30,
2019

 
% of
total
deposits

 
Dec 31,
2018

 
% of
total
deposits

 

% Change

Noninterest-bearing
$
355,259

 
27
%
 
$
349,534

 
27
%
 
2

Interest-bearing checking
61,184

 
5

 
56,797

 
4

 
8

Market rate and other savings
717,451

 
55

 
703,338

 
55

 
2

Savings certificates
33,021

 
2

 
22,648

 
2

 
46

Other time deposits
90,365

 
7

 
95,602

 
7

 
(5
)
Deposits in foreign offices (1)
51,215

 
4

 
58,251

 
5

 
(12
)
Total deposits
$
1,308,495

 
100
%
 
$
1,286,170

 
100
%
 
2

(1)
Includes Eurodollar sweep balances of $27.3 billion and $31.8 billion at September 30, 2019, and December 31, 2018, respectively.
Fair Value of Financial Instruments
We use fair value measurements to record fair value adjustments to certain financial instruments and to determine fair value disclosures. See the “Critical Accounting Policies” section in our 2018 Form 10-K and Note 16 (Fair Values of Assets and Liabilities) to Financial Statements in this Report for a description of our critical accounting policy related to fair value of financial instruments and a discussion of our fair value measurement techniques.
Table 10 presents the summary of the fair value of financial instruments recorded at fair value on a recurring basis, and the amounts measured using significant Level 3 inputs (before derivative netting adjustments). The fair value of the remaining assets and liabilities were measured using valuation methodologies involving market-based or market-derived information (collectively Level 1 and 2 measurements).
Table 10: Fair Value Level 3 Summary
 
September 30, 2019
 
 
December 31, 2018
 
($ in billions)
Total
balance

 
Level 3 (1)

 
Total
balance

 
Level 3 (1)

Assets carried
at fair value
$
433.1

 
23.4

 
408.4

 
25.3

As a percentage
of total assets
22
%
 
1

 
22

 
1

Liabilities carried
at fair value
$
28.2

 
2.1

 
28.2

 
1.6

As a percentage of
total liabilities
2
%
 
*

 
2

 
*

* Less than 1%.
(1)
Before derivative netting adjustments.

 
See Note 16 (Fair Values of Assets and Liabilities) to Financial Statements in this Report for additional information on fair value measurements and a description of the Level 1, 2 and 3 fair value hierarchy.

Equity
Total equity was $194.4 billion at September 30, 2019, compared with $197.1 billion at December 31, 2018. The decrease was driven by a $14.6 billion increase in treasury stock, partially offset by a $4.7 billion increase in cumulative other comprehensive income driven by a decrease in U.S. interest rates resulting in an increase in the value of available-for-sale debt securities, and a $8.2 billion increase in retained earnings net of dividends paid.

24


Off-Balance Sheet Arrangements
In the ordinary course of business, we engage in financial transactions that are not recorded on the balance sheet, or may be recorded on the balance sheet in amounts that are different from the full contract or notional amount of the transaction. Our off-balance sheet arrangements include commitments to lend and purchase debt and equity securities, transactions with unconsolidated entities, guarantees, derivatives, and other commitments. These transactions are designed to (1) meet the financial needs of customers, (2) manage our credit, market or liquidity risks, and/or (3) diversify our funding sources.
 
Commitments to Lend and Purchase Debt and Equity Securities
We enter into commitments to lend funds to customers, which are usually at a stated interest rate, if funded, and for specific purposes and time periods. When we make commitments, we are exposed to credit risk. However, the maximum credit risk for these commitments will generally be lower than the contractual amount because a significant portion of these commitments are not funded. For more information on lending commitments, see Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report. We also enter into commitments to purchase securities under resale agreements. For more information on commitments to purchase securities under resale agreements, see Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in this Report. We also may enter into commitments to purchase debt and equity securities to provide capital for customers’ funding, liquidity or other future needs. For more information, see the “Off-Balance Sheet Arrangements – Contractual Cash Obligations” section in our 2018 Form 10-K and Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in this Report.
 
 
Transactions with Unconsolidated Entities
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. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For more information on securitizations, including sales proceeds and cash flows from securitizations, see Note 10 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.

Guarantees and Certain Contingent Arrangements
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. Guarantees are generally in the form of standby letters of credit, securities lending and other indemnifications, written put options, recourse obligations and other types of similar arrangements. For more information on guarantees and certain contingent arrangements, see Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in this Report.

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. Derivatives are recorded on the balance sheet at fair value, and volume can be measured in terms of the notional amount, which is generally not exchanged but is used only as the basis on which interest and other payments are determined. The notional amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. For more information on derivatives, see Note 15 (Derivatives) to Financial Statements in this Report.


25

Risk Management
Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. We operate under a Board approved risk management framework which outlines our company-wide approach to risk management and oversight and describes the structures and practices employed to manage current and emerging risks inherent to Wells Fargo. For more information about how we manage risk, see the “Risk Management” section in our 2018 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2018 Form 10-K.
Credit Risk Management
We define credit risk as the risk of loss associated with a borrower or counterparty default (failure to meet obligations in accordance with agreed upon terms). Credit risk exists with many of our assets and exposures such as debt security holdings, certain derivatives, and loans.
The Board’s Credit Committee has primary oversight responsibility for credit risk. At the management level, the Corporate Credit function, which is part of Corporate Risk, has primary oversight responsibility for credit risk. The Corporate Credit function reports to the Chief Risk Officer (CRO) and also provides periodic reporting related to credit risk to the Board’s Credit Committee. In addition, the Risk & Control Committee for each business group and enterprise function reports credit risk matters to the Enterprise Risk & Control Committee.
The following discussion focuses on our loan portfolios, which represent the largest component of assets on our balance sheet for which we have credit risk. Table 11 presents our total loans outstanding by portfolio segment and class of financing receivable.
Table 11: Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable
(in millions)
Sep 30, 2019

 
Dec 31, 2018

Commercial:
 
 
 
Commercial and industrial
$
350,875

 
350,199

Real estate mortgage
121,936

 
121,014

Real estate construction
19,921

 
22,496

Lease financing
19,600

 
19,696

Total commercial
512,332

 
513,405

Consumer:
 
 
 
Real estate 1-4 family first mortgage
290,604

 
285,065

Real estate 1-4 family junior lien mortgage
30,838

 
34,398

Credit card
39,629

 
39,025

Automobile
46,738

 
45,069

Other revolving credit and installment
34,774

 
36,148

Total consumer
442,583

 
439,705

Total loans
$
954,915

 
953,110


We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks associated with multiple
 
risk factors affecting loans we hold, could acquire or originate including:
•
Loan concentrations and related credit quality
•
Counterparty credit risk
•
Economic and market conditions
•
Legislative or regulatory mandates
•
Changes in interest rates
•
Merger and acquisition activities
•
Reputation risk

Our credit risk management oversight process is governed centrally, but provides for decentralized management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.
A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.
Credit Quality Overview  Solid credit quality continued in third quarter 2019, as our net charge-off rate remained low at 0.27% (annualized) of average total loans. Third quarter 2019 results reflected:
•
Nonaccrual loans were $5.5 billion at September 30, 2019, down from $6.5 billion at December 31, 2018, predominantly due to sales of residential real estate mortgage loans as well as the reclassification of $387 million of real estate 1-4 family mortgage nonaccrual loans to MLHFS during the first nine months of 2019. Commercial nonaccrual loans increased to $2.3 billion at September 30, 2019, compared with $2.2 billion at December 31, 2018, and consumer nonaccrual loans declined to $3.2 billion at September 30, 2019, compared with $4.3 billion at December 31, 2018. Nonaccrual loans represented 0.58% of total loans at September 30, 2019, compared with 0.68% at December 31, 2018.
•
Net charge-offs (annualized) as a percentage of our average commercial and consumer loan portfolios were 0.11% and 0.46% in third quarter 2019 and 0.12% and 0.47% in the first nine months of 2019, respectively, compared with 0.12% and 0.47% in third quarter 2018 and 0.08% and 0.52% in the first nine months of 2018.
•
Loans that are not government insured/guaranteed and 90 days or more past due and still accruing were $34 million and $788 million in our commercial and consumer portfolios, respectively, at September 30, 2019, compared with $94 million and $885 million at December 31, 2018.
•
Our provision for credit losses was $695 million and $2.0 billion in the third quarter and first nine months of 2019, respectively, compared with $580 million and $1.2 billion for the same periods a year ago. The increase in provision for credit losses in third quarter 2019, compared with the same period a year ago, reflected loan growth, primarily in the credit card portfolio. The increase in the first nine months of 2019, compared with the same period a year ago, primarily reflected an allowance release in first quarter 2018 due to improvement in our outlook for 2017 hurricane-related losses.

26

•
The allowance for credit losses totaled $10.6 billion, or 1.11% of total loans, at September 30, 2019, down from $10.7 billion, or 1.12%, at December 31, 2018.
Additional information on our loan portfolios and our credit quality trends follows.
PURCHASED CREDIT-IMPAIRED (PCI) LOANS Loans acquired with evidence of credit deterioration since their origination and where it is probable that we will not collect all contractually required principal and interest payments are PCI loans. A nonaccretable difference is established for PCI loans to absorb losses expected on the contractual amounts of those loans. Amounts absorbed by the nonaccretable difference do not affect the income statement or the allowance for credit losses. The carrying value of PCI loans at September 30, 2019, totaled $607 million, compared with $5.0 billion at December 31, 2018. The decline in carrying value was due to the sale of $4.0 billion of PCI loans, predominantly Pick-a-Pay, in the first nine months of 2019 and paydowns.
For additional information on PCI loans, see the “Risk Management – Credit Risk Management – Real Estate 1-4 Family First and Junior Lien Mortgage Loans – Pick-a-Pay Portfolio” section in this Report, Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K, and Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.

Significant Loan Portfolio Reviews Measuring and monitoring our credit risk is an ongoing process that tracks delinquencies, collateral values, Fair Isaac Corporation (FICO) scores, economic trends by geographic areas, loan-level risk grading for certain portfolios (typically commercial) and other indications of credit risk. Our credit risk monitoring process is designed to enable early identification of developing risk and to support our determination of an appropriate allowance for credit losses. The following discussion provides additional characteristics and analysis of our significant portfolios. See Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit metric information for each of the following portfolios.

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING  For purposes of portfolio risk management, we aggregate commercial and industrial loans and lease financing according to market segmentation and standard industry codes. We generally subject commercial and industrial loans and lease financing to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to regulatory definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful and loss categories.
 
The commercial and industrial loans and lease financing portfolio totaled $370.5 billion, or 39% of total loans, at September 30, 2019. The net charge-off rate (annualized) for this portfolio was 0.17% in both the third quarter and first nine months of 2019, compared with 0.17% and 0.12% for the same periods a year ago. At both September 30, 2019, and December 31, 2018, 0.43% of this portfolio was nonaccruing. Nonaccrual loans increased $35 million from December 31, 2018, due to a customer in the utilities industry, as well as increases in the oil, gas and pipelines portfolio, partially offset by improvement across various industry categories. At September 30, 2019, $16.2 billion of commercial and industrial loan and lease financing loans were internally classified as criticized in accordance with regulatory guidance, compared with $15.8 billion at December 31, 2018.
Most of our commercial and industrial loans and lease financing portfolio is secured by short-term assets, such as accounts receivable, inventory and debt securities, as well as long-lived assets, such as equipment and other business assets. Generally, the collateral securing this portfolio represents a secondary source of repayment.
Table 12 provides our commercial and industrial loans and lease financing by industry, and includes foreign loans of $65.6 billion and $63.7 billion at September 30, 2019, and December 31, 2018, respectively. Significant industry concentrations of foreign loans include $28.1 billion and $25.6 billion in the financials except banks category, $17.6 billion and $18.1 billion in the banks category, and $1.3 billion and $1.2 billion in the oil, gas and pipelines category at September 30, 2019, and December 31, 2018, respectively. The industry categories were updated in 2019, to align with industry groupings that our regulators use to monitor industry concentration risks.
Loans to financials except banks, our largest industry concentration, were $111.3 billion, or 12% of total outstanding loans, at September 30, 2019, compared with $105.9 billion, or 11% of total outstanding loans, at December 31, 2018. These are predominantly loans to investment firms, financial vehicles, and non-bank creditors. A significant portion of this industry category consists of loans to entities that invest in financial assets backed predominantly by commercial or residential real estate or consumer loan assets and are repaid from asset cash flows or the sale of the assets. We limit our loan amounts to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance.
Oil, gas and pipelines loans were $13.6 billion, or 1% of total outstanding loans, at September 30, 2019, compared with $12.8 billion, or 1% of total outstanding loans, at December 31, 2018. Oil, gas and pipelines nonaccrual loans increased to $552 million at September 30, 2019, compared with $417 million at December 31, 2018, due to weaker portfolio credit performance.

27

Table 12: Commercial and Industrial Loans and Lease Financing by Industry (1)
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Nonaccrual
loans

 
Total
portfolio

 
% of
total
loans

 
Nonaccrual
loans

 
Total
portfolio

 
% of
total
loans

Financials except banks
$
129

 
111,330

 
12
%
 
$
305

 
105,925

 
11
%
Technology, telecom and media
26

 
24,118

 
3

 
26

 
25,681

 
3

Real estate and construction
44

 
22,812

 
2

 
31

 
23,380

 
2

Equipment, machinery and parts manufacturing
60

 
22,137

 
2

 
47

 
20,850

 
2

Retail
104

 
20,994

 
2

 
87

 
19,541

 
2

Materials and commodities
16

 
17,800

 
2

 
136

 
18,688

 
2

Banks
—

 
17,648

 
2

 
—

 
18,407

 
2

Automobile related
23

 
16,202

 
2

 
16

 
16,801

 
2

Health care and pharmaceuticals
26

 
14,696

 
2

 
124

 
15,529

 
2

Food and beverage manufacturing
13

 
14,645

 
2

 
48

 
15,448

 
2

Oil, gas and pipelines
552

 
13,564

 
1

 
417

 
12,840

 
1

Entertainment and recreation
38

 
13,270

 
1

 
33

 
14,045

 
1

Transportation services
213

 
11,443

 
1

 
176

 
12,029

 
1

Commercial services
50

 
10,458

 
1

 
48

 
10,591

 
1

Agribusiness
57

 
6,793

 
1

 
46

 
7,996

 
1

Utilities
224

 
6,347

 
1

 
6

 
5,756

 
1

Government and education
5

 
5,674

 
1

 
3

 
6,160

 
1

Other (2)
31

 
20,544

 
1

 
27

 
20,228

 
2

Total
$
1,611

 
370,475

 
39
%
 
$
1,576

 
369,895

 
39
%
(1)
Industry categories are based on the North American Industry Classification System and the amounts include foreign loans. The industry categories were updated in 2019 to align with industry groupings that our regulators use to monitor industry concentration risks. The amounts for December 31, 2018, have been reclassified to conform with the current period presentation.
(2)
No other single industry had total loans in excess of $5.6 billion and $4.5 billion at September 30, 2019 and December 31, 2018, respectively.

28
Risk Management - Credit Risk Management (continued)

COMMERCIAL REAL ESTATE (CRE) We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to regulatory definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful and loss categories. The CRE portfolio, which included $8.3 billion of foreign loans, totaled $141.9 billion, or 15% of total loans, at September 30, 2019, and consisted of $121.9 billion of mortgage loans and $19.9 billion of construction loans.
Table 13 summarizes CRE loans by state and property type with the related nonaccrual totals. The portfolio is diversified both geographically and by property type. The largest geographic
 
concentrations of CRE loans are in California, New York, Florida and Texas, which combined represented 49% of the total CRE portfolio. By property type, the largest concentrations are office buildings at 26% and apartments at 17% of the portfolio. CRE nonaccrual loans totaled 0.5% of the CRE outstanding balance at September 30, 2019, compared with 0.4% at December 31, 2018. At September 30, 2019, we had $3.7 billion of criticized CRE mortgage loans, compared with $4.5 billion at December 31, 2018, and $201 million of criticized CRE construction loans, compared with $289 million at December 31, 2018.

Table 13: CRE Loans by State and Property Type
 
September 30, 2019
 
 
Real estate mortgage
 
 
 
 
Real estate construction
 
 
 
 
Total
 
 
 
 
% of
total
loans

(in millions)
Nonaccrual
loans

 
Total
portfolio

 
 
 
Nonaccrual
loans

 
Total
portfolio

 
 
 
Nonaccrual
loans

 
Total
portfolio

 
 
 
By state:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
$
139

 
32,376

 
 
 
4

 
4,312

 
 
 
143

 
36,688

 
 
 
4
%
New York
22

 
12,994

 
 
 
2

 
1,804

 
 
 
24

 
14,798

 
 
 
2

Florida
22

 
7,928

 
 
 
2

 
1,445

 
 
 
24

 
9,373

 
 
 
1

Texas
54

 
7,595

 
 
 
4

 
1,494

 
 
 
58

 
9,089

 
 
 
1

Arizona
64

 
4,505

 
 
 
—

 
282

 
 
 
64

 
4,787

 
 
 
1

North Carolina
16

 
3,623

 
 
 
5

 
734

 
 
 
21

 
4,357

 
 
 
 *

Washington
15

 
3,604

 
 
 
—

 
658

 
 
 
15

 
4,262

 
 
 
 *

Georgia
15

 
3,740

 
 
 
—

 
477

 
 
 
15

 
4,217

 
 
 
*

Virginia
10

 
2,621

 
 
 
—

 
813

 
 
 
10

 
3,434

 
 
 
*

New Jersey
25

 
2,761

 
 
 
—

 
594

 
 
 
25

 
3,355

 
 
 
*

Other
287

 
40,189

 
 
 
15

 
7,308

 
 
 
302

 
47,497

 
(1)
 
5

Total
$
669

 
121,936

 
 
 
32

 
19,921

 
 
 
701

 
141,857

 
 
 
15
%
By property: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office buildings
$
128

 
34,920

 
 
 
5

 
2,631

 
 
 
133

 
37,551

 
 
 
4
%
Apartments
11

 
17,243

 
 
 
—

 
6,407

 
 
 
11

 
23,650

 
 
 
2

Industrial/warehouse
76

 
16,175

 
 
 
4

 
1,337

 
 
 
80

 
17,512

 
 
 
2

Retail (excluding shopping center)
141

 
14,808

 
 
 
4

 
218

 
 
 
145

 
15,026

 
 
 
2

Shopping center
3

 
10,852

 
 
 
—

 
1,464

 
 
 
3

 
12,316

 
 
 
1

Hotel/motel
85

 
9,950

 
 
 
—

 
1,437

 
 
 
85

 
11,387

 
 
 
1

Mixed use properties (2)
99

 
6,343

 
 
 
1

 
523

 
 
 
100

 
6,866

 
 
 
1

Institutional
40

 
3,744

 
 
 
1

 
1,765

 
 
 
41

 
5,509

 
 
 
1

Collateral pool
—

 
2,386

 
 
 
—

 
198

 
 
 
—

 
2,584

 
 
 
 *

Agriculture
73

 
2,164

 
 
 
—

 
6

 
 
 
73

 
2,170

 
 
 
*

Other
13

 
3,351

 
 
 
17

 
3,935

 
 
 
30

 
7,286

 
 
 
1

Total
$
669

 
121,936

 
 
 
32

 
19,921

 
 
 
701

 
141,857

 
 
 
15
%
*
Less than 1%.
(1)Includes 40 states; no state had loans in excess of $3.3 billion.
(2)
Mixed use properties are primarily owner occupied real estate, including data centers, flexible space leased to multiple tenants, light manufacturing and other specialized uses.


29

FOREIGN LOANS AND COUNTRY RISK EXPOSURE We classify loans as foreign primarily based on whether the borrower’s primary address is outside of the United States. At September 30, 2019, foreign loans totaled $74.3 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $71.9 billion, or approximately 8% of total consolidated loans outstanding, at December 31, 2018. Foreign loans were approximately 4% of our consolidated total assets at both September 30, 2019 and December 31, 2018.
Our country risk monitoring process incorporates frequent dialogue with our financial institution customers, counterparties and regulatory agencies, enhanced by centralized monitoring of macroeconomic and capital markets conditions in the respective countries. We establish exposure limits for each country through a centralized oversight process based on customer needs, and in consideration of relevant economic, political, social, legal, and transfer risks. We monitor exposures closely and adjust our country limits in response to changing conditions.
We evaluate our individual country risk exposure based on our assessment of the borrower’s ability to repay, which gives consideration for allowable transfers of risk such as guarantees and collateral and may be different from the reporting based on the borrower’s primary address. Our largest single foreign country exposure at September 30, 2019, was the United Kingdom, which totaled $27.3 billion, or approximately 1% of our total assets, and included $3.3 billion of sovereign claims. Our United Kingdom sovereign claims arise predominantly from deposits we have placed with the Bank of England pursuant to regulatory requirements in support of our London branch. The United Kingdom officially announced its intention to leave the European Union (Brexit) on March 29, 2017, and the negotiation process leading to its departure has been extended several times. We continue to implement plans for Brexit with our primary goal to continue to serve our existing clients in the United Kingdom and the European Union as well as to continue to meet the needs of our domestic clients as they do business in the United Kingdom and the European Union. We have an existing authorized bank in Ireland and an asset management entity in Luxembourg. We also have established a broker dealer in France. We plan to leverage these entities in order to continue to serve clients in the European Union. In addition, we are implementing actions where possible to mitigate the impact of Brexit on our supplier contracts, staffing and business operations in the European Union. For additional information on risks associated with Brexit, see the “Risk Factors” section in our 2018 Form 10-K.
 
Table 14 provides information regarding our top 20 exposures by country (excluding the United States) and our Eurozone exposure, based on our assessment of risk, which gives consideration to the country of any guarantors and/or underlying collateral. With respect to Table 14:
•
Lending exposure includes outstanding loans, unfunded credit commitments, and deposits with foreign banks. These balances are presented prior to the deduction of allowance for credit losses or collateral received under the terms of the credit agreements, if any.
•
Securities exposure represents debt and equity securities of foreign issuers. Long and short positions are netted, and net short positions are reflected as negative exposure.
•
Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements. This exposure is presented net of counterparty netting adjustments and reduced by the amount of cash collateral, if any. It includes credit default swaps (CDS) predominantly used for market making activities in the U.S.-based trading businesses, which sometimes results in selling and purchasing protection on the identical reference entities. Generally, we do not use market instruments such as CDS to hedge the credit risk of our investments or loan positions, although we do use them to manage risk in our trading businesses. At September 30, 2019, the gross notional amount of our CDS sold that reference assets in the Top 20 or Eurozone countries that contain non-sovereign debt was $297 million, which was offset by the notional amount of CDS purchased of $477 million. At September 30, 2019, the gross notional amount of our CDS sold that reference assets in the Top 20 or Eurozone countries that contain sovereign debt was $410 million, which was offset by the notional amount of CDS purchased of $390 million.


30
Risk Management - Credit Risk Management (continued)

Table 14: Select Country Exposures
 
September 30, 2019
 
 
Lending
 
 
Securities
 
 
Derivatives and other
 
 
Total exposure
 
(in millions)
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign (1)

 
Total

Top 20 country exposures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Kingdom
$
3,272

 
21,079

 
—

 
1,406

 
4

 
1,524

 
3,276

 
24,009

 
27,285

Canada
29

 
17,512

 
3

 
243

 
—

 
358

 
32

 
18,113

 
18,145

Cayman Islands
—

 
6,054

 
—

 
37

 
—

 
88

 
—

 
6,179

 
6,179

Ireland
59

 
4,333

 
—

 
211

 
—

 
174

 
59

 
4,718

 
4,777

Bermuda
—

 
3,920

 
—

 
87

 
—

 
37

 
—

 
4,044

 
4,044

China
—

 
2,855

 
(2
)
 
417

 
46

 
17

 
44

 
3,289

 
3,333

Luxembourg
—

 
2,668

 
—

 
608

 
—

 
55

 
—

 
3,331

 
3,331

Netherlands
—

 
2,530

 
—

 
455

 
13

 
160

 
13

 
3,145

 
3,158

Guernsey
—

 
3,083

 
—

 
(1
)
 
—

 
2

 
—

 
3,084

 
3,084

Germany
—

 
2,413

 
—

 
531

 
3

 
86

 
3

 
3,030

 
3,033

France
—

 
2,085

 
—

 
66

 
48

 
3

 
48

 
2,154

 
2,202

South Korea
—

 
1,913

 
(2
)
 
257

 
—

 
8

 
(2
)
 
2,178

 
2,176

Chile
—

 
1,915

 
—

 
1

 
—

 
—

 
—

 
1,916

 
1,916

Brazil
—

 
1,825

 
1

 
1

 
2

 
2

 
3

 
1,828

 
1,831

Australia
—

 
1,660

 
—

 
49

 
—

 
2

 
—

 
1,711

 
1,711

India
—

 
1,646

 
—

 
49

 
—

 
—

 
—

 
1,695

 
1,695

United Arab Emirates
—

 
1,504

 
—

 
2

 
—

 
3

 
—

 
1,509

 
1,509

Switzerland
—

 
1,114

 
—

 
(55
)
 
—

 
66

 
—

 
1,125

 
1,125

Japan
20

 
1,064

 
2

 
20

 
—

 
12

 
22

 
1,096

 
1,118

Virgin Islands (British)
—

 
1,064

 
—

 
38

 
—

 
—

 
—

 
1,102

 
1,102

Total top 20 country exposures
$
3,380

 
82,237

 
2

 
4,422

 
116

 
2,597

 
3,498

 
89,256

 
92,754

Eurozone exposure:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eurozone countries included in Top 20 above (2)
$
59

 
14,029

 
—

 
1,871

 
64

 
478

 
123

 
16,378

 
16,501

Spain
—

 
391

 
—

 
48

 
—

 
55

 
—

 
494

 
494

Belgium
—

 
491

 
—

 
(68
)
 
—

 
5

 
—

 
428

 
428

Austria
—

 
307

 
—

 
3

 
—

 
—

 
—

 
310

 
310

Other Eurozone exposure (3)
—

 
188

 
—

 
87

 
—

 
—

 
—

 
275

 
275

Total Eurozone exposure
$
59

 
15,406

 
—

 
1,941

 
64

 
538

 
123

 
17,885

 
18,008

(1)
For countries presented in the table, total non-sovereign exposure comprises $45.7 billion exposure to financial institutions and $45.1 billion to non-financial corporations at September 30, 2019.
(2)
Consists of exposure to Ireland, Luxembourg, Netherlands, Germany and France included in Top 20.
(3)
Includes non-sovereign exposure to Italy, Portugal, and Greece in the amount of $123 million, $24 million and $7 million, respectively. We had no sovereign exposure in these countries at September 30, 2019.

31

REAL ESTATE 1-4 FAMILY FIRST AND JUNIOR LIEN MORTGAGE LOANS  Our real estate 1-4 family first and junior lien mortgage loans are presented in Table 15.
Table 15: Real Estate 1-4 Family First and Junior Lien Mortgage Loans
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Balance

 
% of
portfolio

 
Balance

 
% of
portfolio

Real estate 1-4 family first mortgage
$
290,604

 
90
%
 
$
285,065

 
89
%
Real estate 1-4 family junior lien mortgage
30,838

 
10

 
34,398

 
11

Total real estate 1-4 family mortgage loans
$
321,442

 
100
%
 
$
319,463

 
100
%

The real estate 1-4 family mortgage loan portfolio includes some loans with adjustable-rate features and some with an interest-only feature as part of the loan terms. Interest-only loans were approximately 3% and 4% of total loans at September 30, 2019, and December 31, 2018, respectively. We believe we have manageable adjustable-rate mortgage (ARM) reset risk across our owned mortgage loan portfolios. We do not offer option ARM products, nor do we offer variable-rate mortgage products with fixed payment amounts, commonly referred to within the financial services industry as negative amortizing mortgage loans. The option ARMs we do have are included in the Pick-a-Pay portfolio which was acquired from Wachovia. For more information, see the “Risk Management – Credit Risk Management – Real Estate 1-4 Family First and Junior Lien Mortgage Loans – Pick-a-Pay Portfolio” section in this Report.
We continue to modify real estate 1-4 family mortgage loans to assist homeowners and other borrowers experiencing financial difficulties. For more information on our modification programs, see the “Risk Management – Credit Risk Management – Real Estate 1-4 Family First and Junior Lien Mortgage Loans” section in our 2018 Form 10-K.
Part of our credit monitoring includes tracking delinquency, current FICO scores and loan/combined loan to collateral values (LTV/CLTV) on the entire real estate 1-4 family mortgage loan portfolio. These credit risk indicators on the non-PCI mortgage portfolio exclude government insured/guaranteed loans. Loans 30 days or more delinquent at September 30, 2019, totaled $3.2 billion, or 1% of total non-PCI mortgages, compared with $4.0 billion, or 1%, at December 31, 2018. Loans with FICO scores lower than 640 totaled $7.9 billion, or 2% of total non-PCI mortgages at September 30, 2019, compared with $9.7 billion, or 3%, at December 31, 2018. Mortgages with a LTV/CLTV greater than 100% totaled $2.8 billion at September 30, 2019, or 1% of total non-PCI mortgages, compared with $3.9 billion, or 1%, at December 31, 2018. Information regarding credit quality indicators can be found in Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
 
Real estate 1-4 family first and junior lien mortgage loans by state are presented in Table 16. Our real estate 1-4 family non-PCI mortgage loans to borrowers in California represented 13% of total loans at September 30, 2019, located predominantly within the larger metropolitan areas, with no single California metropolitan area consisting of more than 5% of total loans. We monitor changes in real estate values and underlying economic or market conditions for all geographic areas of our real estate 1-4 family first and junior lien mortgage portfolios as part of our credit risk management process. Our underwriting and periodic review of loans and lines secured by residential real estate collateral includes original appraisals adjusted for the change in Home Price Index (HPI) or estimates from automated valuation models (AVMs) to support property values. Additional information about appraisals and AVMs and our policy for their use can be found in Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report and the “Risk Management – Credit Risk Management – Real Estate 1-4 Family First and Junior Lien Mortgage Loans” section in our 2018 Form 10-K.
Table 16: Real Estate 1-4 Family First and Junior Lien Mortgage Loans by State
 
September 30, 2019
 
(in millions)
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Total real
estate 1-4
family
mortgage

 
% of
total
loans

Real estate 1-4 family loans (excluding PCI):
 
 
 
 
 
 
 
California
$
116,076

 
8,464

 
124,540

 
13
%
New York
30,715

 
1,562

 
32,277

 
3

New Jersey
14,081

 
2,853

 
16,934

 
2

Florida
11,869

 
2,719

 
14,588

 
2

Washington
10,642

 
697

 
11,339

 
1

Virginia
8,778

 
1,786

 
10,564

 
1

Texas
8,871

 
614

 
9,485

 
1

North Carolina
5,881

 
1,434

 
7,315

 
1

Pennsylvania
5,316

 
1,738

 
7,054

 
1

Other (1)
66,618

 
8,957

 
75,575

 
8

Government insured/
guaranteed loans (2)
11,164

 
—

 
11,164

 
1

Real estate 1-4 family loans (excluding PCI)
290,011

 
30,824

 
320,835

 
34

Real estate 1-4 family PCI loans
593

 
14

 
607

 
—

Total
$
290,604

 
30,838

 
321,442

 
34
%
(1)
Consists of 41 states; no state had loans in excess of $7.1 billion.
(2)
Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).


32
Risk Management - Credit Risk Management (continued)

First Lien Mortgage Portfolio  Our total real estate 1-4 family first lien mortgage portfolio increased $4.2 billion and $5.5 billion in the third quarter and first nine months of 2019, respectively. Mortgage loan originations of $19.3 billion and $49.7 billion in the third quarter and first nine months of 2019, respectively, were partially offset by paydowns and $510 million and $4.0 billion of sales of PCI loans in the third quarter and first nine months of 2019, respectively. Also, in third quarter 2019, we purchased $1.0 billion of loans as a result of exercising servicer cleanup calls to terminate over 20 pre-2008 securitizations. In addition, in the first nine months of 2019, we reclassified $1.9 billion of existing mortgage loans to MLHFS in anticipation of future sales. We also designated $576 million and $2.0 billion of nonconforming mortgage loan originations as MLHFS in the third quarter and first nine months of 2019, respectively, in anticipation of the issuance of residential mortgage-backed securities.
 
The credit performance associated with our real estate 1-4 family first lien mortgage portfolio remained strong in third quarter 2019, as measured through net charge-offs and nonaccrual loans. Net charge-offs (annualized) as a percentage of average real estate 1-4 family first lien mortgage loans was a net recovery of 0.01% and 0.02% in the third quarter and first nine months of 2019, respectively, compared with a net recovery of 0.04% and 0.03% for the same periods a year ago. Nonaccrual loans were $2.3 billion at September 30, 2019, down $922 million from December 31, 2018. The decrease in nonaccrual loans from December 31, 2018 was driven by the reclassification of nonaccrual loans to MLHFS in anticipation of future sales, nonaccrual loan sales, and a reduction in inflows due to credit stabilization.
Table 17 shows certain delinquency and loss information for the first lien mortgage portfolio and lists the top five states by outstanding balance.
Table 17: First Lien Mortgage Portfolio Performance
 
Outstanding balance
 
 
% of loans 30 days or more past due
 
Loss (recovery) rate (annualized) quarter ended
 
(in millions)
Sep 30,
2019

Dec 31,
2018

 
Sep 30,
2019

Dec 31,
2018
 
Sep 30,
2019

Jun 30,
2019

Mar 31,
2019

Dec 31,
2018

Sep 30,
2018

California
$
116,076

109,092

 
0.49
%
0.68
 
(0.01
)
(0.04
)
(0.03
)
(0.04
)
(0.05
)
New York
30,715

28,954

 
0.90

1.12
 
0.01

—

0.02

0.02

0.04

New Jersey
14,081

13,811

 
1.42

1.91
 
0.02

(0.06
)
0.08

0.05

(0.02
)
Florida
11,869

12,350

 
2.09

2.58
 
(0.07
)
(0.11
)
(0.10
)
(0.18
)
(0.22
)
Washington
10,642

9,677

 
0.35

0.57
 
—

(0.03
)
(0.04
)
(0.06
)
(0.06
)
Other
95,464

93,261

 
1.26

1.70
 
—

(0.06
)
(0.02
)
(0.03
)
(0.03
)
Total
278,847

267,145

 
0.91

1.23
 
(0.01
)
(0.04
)
(0.02
)
(0.03
)
(0.04
)
Government insured/guaranteed loans
11,164

12,932

 
 
 
 
 
 
 
 
 
PCI
593

4,988

 
 
 
 
 
 
 
 
 
Total first lien mortgages
$
290,604

285,065

 
 
 
 
 
 
 
 
 

33

Pick-a-Pay Portfolio  The Pick-a-Pay portfolio was one of the consumer residential first lien mortgage portfolios we acquired from Wachovia. The Pick-a-Pay portfolio is included in the consumer real estate 1-4 family first mortgage class of loans throughout this Report. Pick-a-Pay option payment loans may
 
have fixed or adjustable rates with payment options that include a minimum payment, an interest-only payment or fully amortizing payment (both 15 and 30 year options). Table 18 provides balances by types of loans as of September 30, 2019.
Table 18: Pick-a-Pay Portfolio
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Adjusted
unpaid
principal
balance (1)

 
% of
total

 
Adjusted
unpaid
principal
balance (1)

 
% of
total

Option payment loans
$
4,880

 
51
%
 
$
8,813

 
50
%
Non-option payment adjustable-rate and fixed-rate loans
2,289

 
24

 
2,848

 
16

Full-term loan modifications
2,437

 
25

 
6,080

 
34

Total adjusted unpaid principal balance
$
9,606

 
100
%
 
$
17,741

 
100
%
Total carrying value
$
9,488

 
 
 
16,115

 
 
(1)
Adjusted unpaid principal balance includes write-downs taken on loans where severe delinquency (normally 180 days) or other indications of severe borrower financial stress exist that indicate there will be a loss of contractually due amounts upon final resolution of the loan.

Our Pick-a-Pay portfolio included PCI loans with a carrying value of $551 million at September 30, 2019, compared with $4.9 billion at December 31, 2018. During the third quarter and first nine months of 2019, we sold $508 million and $4.0 billion, respectively, of Pick-a-Pay PCI loans that resulted in gains of $244 million and $1.6 billion, respectively. The accretable yield balance of our Pick-a-Pay PCI loan portfolio was $133 million ($232 million for all PCI loans) at September 30, 2019, compared with $2.8 billion ($3.0 billion for all PCI loans) at December 31, 2018. The estimated weighted-average life was approximately 5.1 years and 5.5 years at September 30, 2019 and December 31, 2018, respectively. The accretable yield percentage for Pick-a-Pay PCI loans for third quarter 2019 was 12.24%, and we expect the percentage to decrease to approximately 11.69% for fourth quarter 2019.
For additional information on PCI loans, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K.


34
Risk Management - Credit Risk Management (continued)

Junior Lien Mortgage Portfolio  The junior lien mortgage portfolio consists of residential mortgage lines and loans that are subordinate in rights to an existing lien on the same property. It is not unusual for these lines and loans to have draw periods, interest-only payments, balloon payments, adjustable rates and similar features. Junior lien loan products are mostly amortizing payment loans with fixed interest rates and repayment periods between five to 30 years.
We continuously monitor the credit performance of our junior lien mortgage portfolio for trends and factors that influence the frequency and severity of loss. We have observed that the severity of loss for junior lien mortgages is high and generally not affected by whether we or a third party own or service the related first lien mortgage, but the frequency of delinquency is typically lower when we own or service the first lien mortgage. In general, we have limited information available on the delinquency status of the third party owned or serviced first lien where we also hold a junior lien. To capture this inherent loss content, our allowance process for junior lien mortgages considers the relative difference in loss experience for junior lien mortgages behind first lien mortgage loans we own or service, compared with those behind first lien mortgage loans owned or
 
serviced by third parties. In addition, our allowance process for junior lien mortgages considers the inherent loss where the borrower is delinquent on the corresponding first lien mortgage loans.
Table 19 shows certain delinquency and loss information for the junior lien mortgage portfolio and lists the top five states by outstanding balance. The decrease in outstanding balances since December 31, 2018, predominantly reflects loan paydowns. As of September 30, 2019, 5% of the outstanding balance of the junior lien mortgage portfolio was associated with loans that had a combined loan to value (CLTV) ratio in excess of 100%. Of those junior lien mortgages with a CLTV ratio in excess of 100%, 3% were 30 days or more past due. CLTV means the ratio of the total loan balance of first lien mortgages and junior lien mortgages (including unused line amounts for credit line products) to property collateral value. The unsecured portion (the outstanding amount that was in excess of the most recent property collateral value) of the outstanding balances of these loans totaled 2% of the junior lien mortgage portfolio at September 30, 2019. For additional information on consumer loans by LTV/CLTV, see
Table 6.12 in Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
Table 19: Junior Lien Mortgage Portfolio Performance
 
Outstanding balance
 
 
% of loans 30 days or more past due
 
Loss (recovery) rate (annualized) quarter ended
 
(in millions)
Sep 30,
2019

 
Dec 31,
2018

 
Sep 30,
2019

 
Dec 31,
2018
 
Sep 30,
2019

 
Jun 30,
2019

 
Mar 31,
2019

 
Dec 31,
2018

 
Sep 30,
2018

California
$
8,464

 
9,338

 
1.61
%
 
1.67
 
(0.51
)
 
(0.40
)
 
(0.39
)
 
(0.33
)
 
(0.51
)
New Jersey
2,853

 
3,152

 
2.88

 
2.57
 
0.11

 
(0.07
)
 
0.12

 
0.03

 
0.24

Florida
2,719

 
3,140

 
2.85

 
2.73
 
(0.11
)
 
(0.11
)
 
(0.05
)
 
0.07

 
0.12

Virginia
1,786

 
2,020

 
1.94

 
1.91
 
(0.23
)
 
(0.17
)
 
0.14

 
0.04

 
0.16

Pennsylvania
1,738

 
1,929

 
2.16

 
2.10
 
(0.05
)
 
(0.19
)
 
0.04

 
0.25

 
0.18

Other
13,264

 
14,802

 
2.01

 
2.12
 
(0.29
)
 
(0.22
)
 
(0.03
)
 
(0.11
)
 
(0.05
)
 Total
30,824


34,381

 
2.06

 
2.08
 
(0.28
)
 
(0.24
)
 
(0.10
)
 
(0.11
)
 
(0.10
)
PCI
14

 
17

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total junior lien mortgages
$
30,838

 
34,398

 
 
 
 
 
 
 
 
 
 
 
 
 
 


35

Our junior lien, as well as first lien, lines of credit portfolios generally have draw periods of 10, 15 or 20 years with variable interest rate and payment options available during the draw period of (1) interest only or (2) 1.5% of outstanding principal balance plus accrued interest. As of September 30, 2019, lines of credit in a draw period primarily used the interest-only option. During the draw period, the borrower has the option of converting all or a portion of the line from a variable interest rate to a fixed rate with terms including interest-only payments for a fixed period between three to seven years or a fully amortizing payment with a fixed period between five to 30 years. At the end of the draw period, a line of credit generally converts to an amortizing payment schedule with repayment terms of up to 30 years based on the balance at time of conversion. Certain lines and loans have been structured with a balloon payment, which requires full repayment of the outstanding balance at the end of the term period. The conversion of lines or loans to fully amortizing or balloon payoff may result in a significant payment increase, which can affect some borrowers’ ability to repay the outstanding balance.
On a monthly basis, we monitor the payment characteristics of borrowers in our first and junior lien lines of credit portfolios. In September 2019, approximately 46% of these borrowers paid only the minimum amount due and approximately 50% paid more than the minimum amount due. The rest were either delinquent or paid less than the minimum amount due. For the borrowers with an interest only payment feature, approximately 32% paid only the minimum amount due and approximately 63% paid more than the minimum amount due.
 
The lines that enter their amortization period may experience higher delinquencies and higher loss rates than the ones in their draw or term period. We have considered this increased inherent risk in our allowance for credit loss estimate.
In anticipation of our borrowers reaching the end of their contractual commitment, we have created a program to inform, educate and help these borrowers transition from interest-only to fully-amortizing payments or full repayment. We monitor the performance of the borrowers moving through the program in an effort to refine our ongoing program strategy.
Table 20 reflects the outstanding balance of our portfolio of junior lien mortgages, including lines and loans, and first lien lines segregated into scheduled end of draw or end of term periods and products that are currently amortizing, or in balloon repayment status. It excludes real estate 1-4 family first lien line reverse mortgages, which total $88 million, because they are predominantly insured by the FHA, and it excludes PCI loans, which total $29 million, because their losses were generally reflected in our nonaccretable difference established at the date of acquisition. At September 30, 2019, $523 million, or 2%, of lines in their draw period were 30 days or more past due, compared with $412 million, or 4%, of amortizing lines of credit. Included in the amortizing amounts in Table 20 is $47 million of end-of-term balloon payments which were past due. The unfunded credit commitments for junior and first lien lines totaled $59.2 billion at September 30, 2019.
Table 20: Junior Lien Mortgage Line and Loan and First Lien Mortgage Line Portfolios Payment Schedule
 
 
 
 
 
Scheduled end of draw / term
 
 
 
(in millions)
Outstanding balance September 30, 2019

 
Remainder of 2019

 
2020

 
2021

 
2022

 
2023

 
2024 and
thereafter (1)

 
Amortizing

Junior lien lines and loans
$
30,824

 
87

 
361

 
925

 
3,470

 
2,399

 
13,903

 
9,679

First lien lines
10,722

 
31

 
150

 
438

 
1,677

 
1,253

 
5,379

 
1,794

Total
$
41,546

 
118

 
511

 
1,363

 
5,147

 
3,652

 
19,282

 
11,473

% of portfolios
100
%
 
—

 
1

 
3

 
12

 
9

 
46

 
29

End-of-term balloon payments included in Total
$
673

 
36

 
169

 
299

 
142

 
5

 
22

 
 
(1)
Substantially all lines and loans are scheduled to convert to amortizing loans by the end of 2028, with annual scheduled amounts through 2028 ranging from $2.0 billion to $5.1 billion and averaging $3.4 billion per year.
CREDIT CARDS  Our credit card portfolio totaled $39.6 billion at September 30, 2019, which represented 4% of our total outstanding loans. The net charge-off rate (annualized) for our credit card portfolio was 3.22% in both third quarter 2019 and 2018, and 3.54% and 3.50% for the first nine months of 2019 and 2018, respectively.
 
AUTOMOBILE  Our automobile portfolio, predominantly composed of indirect loans, totaled $46.7 billion at September 30, 2019. The net charge-off rate (annualized) for our automobile portfolio was 0.65% for third quarter 2019, compared with 1.10% for third quarter 2018 and 0.64% and 1.23% for the first nine months of 2019 and 2018, respectively. The decreases in the net charge-off rate in the third quarter and first nine months of 2019, compared with the same periods in 2018, were driven by lower early losses on higher quality originations.
 
OTHER REVOLVING CREDIT AND INSTALLMENT Other revolving credit and installment loans, which consist primarily of student loans and securities-based loans, totaled $34.8 billion at September 30, 2019. Our private student loan portfolio totaled $10.8 billion at September 30, 2019. The net charge-off rate (annualized) for other revolving credit and installment loans was 1.60% for third quarter 2019, compared with 1.44% for third quarter 2018 and 1.54% and 1.49% for the first nine months of 2019 and 2018, respectively.

36
Risk Management - Credit Risk Management (continued)

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS) Table 21 summarizes nonperforming assets (NPAs) for each of the last four quarters. Total NPAs decreased $317 million from second quarter 2019 to $6.0 billion. Nonaccrual loans decreased $377 million from second quarter 2019 to $5.5 billion, due to broad-based improvement across several commercial and consumer loan categories as well as sales of nonaccrual residential real estate mortgage loans. Foreclosed assets of $437 million were up $60 million from second quarter 2019.
 
For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K. Credit card loans are not placed on nonaccrual status, but are generally fully charged off when the loan reaches 180 days past due. For additional information on impaired loans, see Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
Table 21: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
 
 
September 30, 2019
 
 
June 30, 2019
 
 
March 31, 2019
 
 
December 31, 2018
 
($ in millions)
 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

Nonaccrual loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
1,539

 
0.44
%
 
$
1,634

 
0.47
%
 
$
1,986

 
0.57
%
 
$
1,486

 
0.42
%
Real estate mortgage
 
669

 
0.55

 
737

 
0.60

 
699

 
0.57

 
580

 
0.48

Real estate construction
 
32

 
0.16

 
36

 
0.17

 
36

 
0.16

 
32

 
0.14

Lease financing
 
72

 
0.37

 
63

 
0.33

 
76

 
0.40

 
90

 
0.46

Total commercial
 
2,312

 
0.45

 
2,470

 
0.48

 
2,797

 
0.55

 
2,188

 
0.43

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
 
2,261

 
0.78

 
2,425

 
0.85

 
3,026

 
1.06

 
3,183

 
1.12

Real estate 1-4 family junior lien mortgage
 
819

 
2.66

 
868

 
2.71

 
916

 
2.77

 
945

 
2.75

Automobile
 
110

 
0.24

 
115

 
0.25

 
116

 
0.26

 
130

 
0.29

Other revolving credit and installment
 
43

 
0.12

 
44

 
0.13

 
50

 
0.14

 
50

 
0.14

Total consumer
 
3,233

 
0.73

 
3,452

 
0.79

 
4,108

 
0.94

 
4,308

 
0.98

Total nonaccrual loans (1)(2)
 
5,545

 
0.58

 
5,922

 
0.62

 
6,905

 
0.73

 
6,496

 
0.68

Foreclosed assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government insured/guaranteed (3)
 
59

 
 
 
68

 
 
 
75

 
 
 
88

 
 
Non-government insured/guaranteed
 
378

 
 
 
309

 
 
 
361

 
 
 
363

 
 
Total foreclosed assets
 
437

 
 
 
377

 
 
 
436

 
 
 
451

 
 
Total nonperforming assets
 
$
5,982

 
0.63
%
 
$
6,299

 
0.66
%
 
$
7,341

 
0.77
%
 
$
6,947

 
0.73
%
Change in NPAs from prior quarter
 
$
(317
)
 
 
 
(1,042
)
 
 
 
394

 
 
 
(289
)
 
 
(1)
Excludes PCI loans because they continue to earn interest income from accretable yield, independent of performance in accordance with their contractual terms.
(2)
Real estate 1-4 family mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.
(3)
Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were predominantly insured by the FHA or guaranteed by the VA. Receivables related to the foreclosure of certain government guaranteed residential real estate mortgage loans are excluded from this table and included in Accounts Receivable in Other Assets. For more information on foreclosed assets, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K.

37

Table 22 provides an analysis of the changes in nonaccrual loans.
Table 22: Analysis of Changes in Nonaccrual Loans
 
Quarter ended
 
(in millions)
Sep 30,
2019

 
Jun 30,
2019

 
Mar 31,
2019

 
Dec 31,
2018

 
Sep 30,
2018

Commercial nonaccrual loans
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
2,470

 
2,797

 
2,188

 
2,298

 
2,455

Inflows
710

 
621

 
1,238

 
662

 
774

Outflows:
 
 
 
 
 
 
 
 
 
Returned to accruing
(52
)
 
(46
)
 
(43
)
 
(45
)
 
(122
)
Foreclosures
(78
)
 
(2
)
 
(15
)
 
(12
)
 
—

Charge-offs
(194
)
 
(187
)
 
(158
)
 
(193
)
 
(191
)
Payments, sales and other
(544
)
 
(713
)
 
(413
)
 
(522
)
 
(618
)
Total outflows
(868
)
 
(948
)
 
(629
)
 
(772
)
 
(931
)
Balance, end of period
2,312


2,470


2,797


2,188


2,298

Consumer nonaccrual loans
 
 
 
 
 
 
 
 
 
Balance, beginning of period
3,452

 
4,108

 
4,308

 
4,416

 
4,671

Inflows
448

 
437

 
552

 
569

 
572

Outflows:
 
 
 
 
 
 
 
 
 
Returned to accruing
(274
)
 
(250
)
 
(248
)
 
(269
)
 
(319
)
Foreclosures
(32
)
 
(34
)
 
(42
)
 
(35
)
 
(41
)
Charge-offs
(44
)
 
(34
)
 
(49
)
 
(57
)
 
(65
)
Payments, sales and other
(317
)
 
(775
)
 
(413
)
 
(316
)
 
(402
)
Total outflows
(667
)
 
(1,093
)
 
(752
)
 
(677
)
 
(827
)
Balance, end of period
3,233


3,452


4,108


4,308


4,416

Total nonaccrual loans
$
5,545

 
5,922

 
6,905

 
6,496

 
6,714

Typically, changes to nonaccrual loans period-over-period represent inflows for loans that are placed on nonaccrual status in accordance with our policy, offset by reductions for loans that are paid down, charged off, sold, foreclosed, or are no longer classified as nonaccrual as a result of continued performance and an improvement in the borrower’s financial condition and loan repayment capabilities.
While nonaccrual loans are not free of loss content, we believe exposure to loss is significantly mitigated by the following factors at September 30, 2019:
•
85% of total commercial nonaccrual loans and 99% of total consumer nonaccrual loans are secured. Of the consumer nonaccrual loans, 95% are secured by real estate and 87% have a combined LTV (CLTV) ratio of 80% or less.
•
losses of $289 million and $1.0 billion have already been recognized on 17% of commercial nonaccrual loans and 36% of consumer nonaccrual loans, respectively, in accordance with our charge-off policies. Once we write down loans to the net realizable value (fair value of collateral less estimated costs to sell), we re-evaluate each loan regularly and record additional write-downs if needed.

 
•
62% of commercial nonaccrual loans were current on interest and 53% were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain.
•
of the $1.4 billion of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, $1.0 billion were current.
•
the remaining risk of loss of all nonaccrual loans has been considered and we believe is adequately covered by the allowance for loan losses.

We continue to work with our customers experiencing financial difficulty to determine if they can qualify for a loan modification so that they can stay in their homes. Under our proprietary modification programs, customers may be required to provide updated documentation, and some programs require completion of payment during trial periods to demonstrate sustained performance before the loan can be removed from nonaccrual status.

38
Risk Management - Credit Risk Management (continued)

Table 23 provides a summary of foreclosed assets and an analysis of changes in foreclosed assets.

Table 23: Foreclosed Assets
(in millions)
Sep 30,
2019

 
Jun 30,
2019

 
Mar 31,
2019

 
Dec 31,
2018

 
Sep 30,
2018

Summary by loan segment
 
 
 
 
 
 
 
 
 
Government insured/guaranteed
$
59

 
68

 
75

 
88

 
87

Commercial
180

 
101

 
124

 
127

 
201

Consumer
198

 
208

 
237

 
236

 
234

Total foreclosed assets
$
437

 
377

 
436

 
451

 
522

Analysis of changes in foreclosed assets
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
377

 
436

 
451

 
522

 
499

Net change in government insured/guaranteed (1)
(9
)
 
(7
)
 
(13
)
 
1

 
(3
)
Additions to foreclosed assets (2)
235

 
144

 
193

 
193

 
209

Reductions:
 
 
 
 
 
 
 
 
 
Sales
(155
)
 
(199
)
 
(205
)
 
(274
)
 
(181
)
Write-downs and gains (losses) on sales
(11
)
 
3

 
10

 
9

 
(2
)
Total reductions
(166
)
 
(196
)
 
(195
)
 
(265
)
 
(183
)
Balance, end of period
$
437

 
377

 
436

 
451

 
522

(1)
Foreclosed government insured/guaranteed loans are temporarily transferred to and held by us as servicer, until reimbursement is received from FHA or VA.
(2)
Includes loans moved into foreclosed assets from nonaccrual status, PCI loans transitioned directly to foreclosed assets and repossessed automobiles.

Foreclosed assets at September 30, 2019, included $236 million of foreclosed residential real estate, of which 25% is predominantly FHA insured or VA guaranteed and expected to have minimal or no loss content. The remaining amount of foreclosed assets has been written down to estimated net realizable value. Of the $437 million in foreclosed assets at September 30, 2019, 72% have been in the foreclosed assets portfolio one year or less.


39

TROUBLED DEBT RESTRUCTURINGS (TDRs)

Table 24: Troubled Debt Restructurings (TDRs)
(in millions)
Sep 30,
2019


Jun 30,
2019


Mar 31,
2019


Dec 31,
2018


Sep 30,
2018

Commercial:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,162

 
1,294

 
1,740

 
1,623

 
1,837

Real estate mortgage
598

 
620

 
681

 
704

 
782

Real estate construction
40

 
43

 
45

 
39

 
49

Lease financing
16

 
31

 
46

 
56

 
65

Total commercial TDRs
1,816

 
1,988

 
2,512

 
2,422

 
2,733

Consumer:
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
7,905

 
8,218

 
10,343

 
10,629

 
10,967

Real estate 1-4 family junior lien mortgage
1,457

 
1,550

 
1,604

 
1,639

 
1,689

Credit Card
504

 
486

 
473

 
449

 
431

Automobile
82

 
85

 
85

 
89

 
91

Other revolving credit and installment
167

 
159

 
156

 
154

 
146

Trial modifications
123

 
127

 
136

 
149

 
163

Total consumer TDRs
10,238

 
10,625

 
12,797

 
13,109

 
13,487

Total TDRs
$
12,054

 
12,613

 
15,309

 
15,531

 
16,220

TDRs on nonaccrual status
$
2,775

 
3,058

 
4,037

 
4,058

 
4,298

TDRs on accrual status:
 
 
 
 
 
 
 
 
 
Government insured/guaranteed
1,199

 
1,209

 
1,275

 
1,299

 
1,308

Non-government insured/guaranteed
8,080

 
8,346

 
9,997

 
10,174

 
10,614

Total TDRs
$
12,054

 
12,613

 
15,309

 
15,531

 
16,220

Table 24 provides information regarding the recorded investment of loans modified in TDRs. The allowance for loan losses for TDRs was $1.1 billion and $1.2 billion at September 30, 2019, and December 31, 2018, respectively. See Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report for additional information regarding TDRs. In those situations where principal is forgiven, the entire amount of such forgiveness is immediately charged off. When we delay the timing on the repayment of a portion of principal (principal forbearance), we charge off the amount of forbearance if that amount is not considered fully collectible.
For more information on our nonaccrual policies when a restructuring is involved, see the “Risk Management – Credit Risk Management – Troubled Debt Restructurings (TDRs)” section in our 2018 Form 10-K.
 
Table 25 provides an analysis of the changes in TDRs. Loans modified more than once are reported as TDR inflows only in the period they are first modified. Other than resolutions such as foreclosures, sales and transfers to held for sale, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as new loans.
TDRs of $12.1 billion at September 30, 2019, decreased $3.5 billion from December 31, 2018, due to a reclassification of $1.7 billion in real estate 1-4 family first mortgage TDR loans to MLHFS, as well as paydowns.

40
Risk Management - Credit Risk Management (continued)

Table 25: Analysis of Changes in TDRs
 
 
 
 
 
Quarter ended
 
(in millions)
Sep 30,
2019

 
Jun 30,
2019

 
Mar 31,
2019

 
Dec 31,
2018

 
Sep 30,
2018

Commercial TDRs
 
 
 
 
 
 
 
 
 
Balance, beginning of quarter
$
1,988

 
2,512

 
2,422

 
2,733

 
2,786

Inflows (1)
293

 
232

 
539

 
374

 
588

Outflows
 
 
 
 
 
 
 
 
 
Charge-offs
(66
)
 
(37
)
 
(44
)
 
(88
)
 
(92
)
Foreclosures
—

 
—

 
—

 
(2
)
 
(13
)
Payments, sales and other (2)
(399
)
 
(719
)
 
(405
)
 
(595
)
 
(536
)
Balance, end of quarter
1,816

 
1,988

 
2,512

 
2,422

 
2,733

Consumer TDRs
 
 
 
 
 
 
 
 
 
Balance, beginning of quarter
10,625

 
12,797

 
13,109

 
13,487

 
13,954

Inflows (1)
360

 
336

 
439

 
379

 
414

Outflows
 
 
 
 
 
 
 
 
 
Charge-offs
(56
)
 
(61
)
 
(60
)
 
(57
)
 
(56
)
Foreclosures
(70
)
 
(74
)
 
(86
)
 
(90
)
 
(116
)
Payments, sales and other (2)
(617
)
 
(2,364
)
 
(593
)
 
(595
)
 
(672
)
Net change in trial modifications (3)
(4
)
 
(9
)
 
(12
)
 
(15
)
 
(37
)
Balance, end of quarter
10,238

 
10,625

 
12,797

 
13,109

 
13,487

Total TDRs
$
12,054

 
12,613

 
15,309

 
15,531

 
16,220

(1)
Inflows include loans that modify, even if they resolve within the period, as well as gross advances on term loans that modified in a prior period and net advances on revolving TDRs that modified in a prior period.
(2)
Other outflows consist of normal amortization/accretion of loan basis adjustments and loans transferred to held-for-sale. Occasionally, loans that have been refinanced or restructured at market terms qualify as new loans, which are also included as other outflows.
(3)
Net change in trial modifications includes: inflows of new TDRs entering the trial payment period, net of outflows for modifications that either (i) successfully perform and enter into a permanent modification, or (ii) did not successfully perform according to the terms of the trial period plan and are subsequently charged-off, foreclosed upon or otherwise resolved.


41

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING
Loans 90 days or more past due are still accruing if they are (1) well-secured and in the process of collection or (2) real estate 1-4 family mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. PCI loans are not included in past due and still accruing loans even when they are 90 days or more contractually past due. These PCI loans are considered to be accruing because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms.
Excluding insured/guaranteed loans, loans 90 days or more past due and still accruing at September 30, 2019, were down $157 million, or 16%, from December 31, 2018, due to payoffs, other loss mitigation activities, and credit stabilization. Also,
 
fluctuations from quarter to quarter are influenced by seasonality.
Loans 90 days or more past due and still accruing whose repayments are predominantly insured by the FHA or guaranteed by the VA for mortgages were $6.3 billion at September 30, 2019, down from $7.7 billion at December 31, 2018, due to an improvement in delinquencies as well as a reduction in the portfolio.
Table 26 reflects non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. For additional information on delinquencies by loan class, see Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
Table 26: Loans 90 Days or More Past Due and Still Accruing
(in millions)
Sep 30, 2019

 
Jun 30, 2019

 
Mar 31, 2019

 
Dec 31, 2018

 
Sep 30, 2018

Total (excluding PCI (1)):
$
7,130

 
7,258

 
7,870

 
8,704

 
8,838

Less: FHA insured/VA guaranteed (2)
6,308

 
6,478

 
6,996

 
7,725

 
7,906

Total, not government insured/guaranteed
$
822

 
780

 
874

 
979

 
932

By segment and class, not government insured/guaranteed:
Commercial:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
6

 
17

 
42

 
43

 
42

Real estate mortgage
28

 
24

 
20

 
51

 
56

Real estate construction
—

 
—

 
5

 
—

 
—

Total commercial
34


41


67


94


98

Consumer:
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
100

 
108

 
117

 
124

 
128

Real estate 1-4 family junior lien mortgage
35

 
27

 
28

 
32

 
32

Credit card
491

 
449

 
502

 
513

 
460

Automobile
75

 
63

 
68

 
114

 
108

Other revolving credit and installment
87

 
92

 
92

 
102

 
106

Total consumer
788

 
739


807


885


834

Total, not government insured/guaranteed
$
822

 
780


874


979


932

(1)
PCI loans totaled $119 million, $156 million, $243 million, $370 million, and $567 million at September 30, June 30 and March 31, 2019, and December 31 and September 30, 2018, respectively.
(2)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.


42
Risk Management - Credit Risk Management (continued)

NET CHARGE-OFFS

Table 27: Net Charge-offs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended 
 
 
Sep 30, 2019
 
 
Jun 30, 2019
 
 
Mar 31, 2019
 
 
Dec 31, 2018
 
 
Sep 30, 2018
 
($ in millions)
Net loan
charge-
offs

 
% of 
avg. 
loans(1) 

 
Net loan
charge-
offs

 
% of avg. loans (1)

 
Net loan
charge-
offs

 
% of avg. loans (1)

 
Net loan
charge-offs

 
% of
avg. loans (1)

 
Net loan
charge-offs

 
% of
avg.
loans (1)

Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
147

 
0.17
 %
 
$
159

 
0.18
 %
 
$
133

 
0.15
 %
 
$
132

 
0.15
 %
 
$
148

 
0.18
 %
Real estate mortgage
(8
)
 
(0.02
)
 
4

 
0.01

 
6

 
0.02

 
(12
)
 
(0.04
)
 
(1
)
 
—

Real estate construction
(8
)
 
(0.14
)
 
(2
)
 
(0.04
)
 
(2
)
 
(0.04
)
 
(1
)
 
(0.01
)
 
(2
)
 
(0.04
)
Lease financing
8

 
0.17

 
4

 
0.09

 
8

 
0.17

 
13

 
0.26

 
7

 
0.14

Total commercial
139

 
0.11

 
165

 
0.13

 
145

 
0.11

 
132

 
0.10

 
152

 
0.12

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family
first mortgage
(5
)
 
(0.01
)
 
(30
)
 
(0.04
)
 
(12
)
 
(0.02
)
 
(22
)
 
(0.03
)
 
(25
)
 
(0.04
)
Real estate 1-4 family
junior lien mortgage
(22
)
 
(0.28
)
 
(19
)
 
(0.24
)
 
(9
)
 
(0.10
)
 
(10
)
 
(0.11
)
 
(9
)
 
(0.10
)
Credit card
319

 
3.22

 
349

 
3.68

 
352

 
3.73

 
338

 
3.54

 
299

 
3.22

Automobile
76

 
0.65

 
52

 
0.46

 
91

 
0.82

 
133

 
1.16

 
130

 
1.10

Other revolving credit and
installment
138

 
1.60

 
136

 
1.56

 
128

 
1.47

 
150

 
1.64

 
133

 
1.44

Total consumer
506

 
0.46

 
488

 
0.45

 
550

 
0.51

 
589

 
0.53

 
528

 
0.47

Total
$
645

 
0.27
 %
 
$
653

 
0.28
 %
 
$
695

 
0.30
 %
 
$
721

 
0.30
 %
 
$
680

 
0.29
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Quarterly net charge-offs (recoveries) as a percentage of average respective loans are annualized.

Table 27 presents net charge-offs for third quarter 2019 and the previous four quarters. Net charge-offs in third quarter 2019 were $645 million (0.27% of average total loans outstanding), compared with $680 million (0.29%) in third quarter 2018.
The decrease in commercial net charge-offs from third quarter 2018 was due to higher net recoveries in the commercial real estate portfolios. The decrease in consumer net charge-offs from the prior year was largely driven by lower net charge-offs in the automobile portfolio and higher net recoveries in the real estate 1-4 family junior lien mortgage portfolio, partially offset by increases in the real estate 1-4 family first mortgage and credit card portfolios.
ALLOWANCE FOR CREDIT LOSSES  The allowance for credit losses, which consists of the allowance for loan losses and the allowance for unfunded credit commitments, is management’s estimate of credit losses inherent in the loan portfolio and unfunded credit commitments at the balance sheet date, excluding loans carried at fair value. The detail of the changes in the allowance for credit losses by portfolio segment (including charge-offs and recoveries by loan class) is in Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
 
We apply a disciplined process and methodology to establish our allowance for credit losses each quarter. This process takes into consideration many factors, including historical and forecasted loss trends, loan-level credit quality ratings and loan grade-specific characteristics. The process involves subjective and complex judgments. In addition, we review a variety of credit metrics and trends. These credit metrics and trends, however, do not solely determine the amount of the allowance as we use several analytical tools. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength, and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of defaults and losses after default within each credit risk rating. Our estimation approach for the consumer portfolio uses forecasted losses that represent our best estimate of inherent loss based on historical experience, quantitative and other mathematical techniques. For additional information on our allowance for credit losses, see the “Critical Accounting Policies – Allowance for Credit Losses” section in our 2018 Form 10-K and Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
Table 28 presents the allocation of the allowance for credit losses by loan segment and class for the most recent quarter end and last four year ends.

43

Table 28: Allocation of the Allowance for Credit Losses (ACL)
 
Sep 30, 2019
 
 
Dec 31, 2018
 
 
Dec 31, 2017
 
 
Dec 31, 2016
 
 
Dec 31, 2015
 
(in millions)
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
3,553

 
37
%
 
$
3,628

 
37
%
 
$
3,752

 
35
%
 
$
4,560

 
34
%
 
$
4,231

 
33
%
Real estate mortgage
1,252

 
13

 
1,282

 
13

 
1,374

 
13

 
1,320

 
14

 
1,264

 
13

Real estate construction
1,089

 
2

 
1,200

 
2

 
1,238

 
3

 
1,294

 
2

 
1,210

 
3

Lease financing
336

 
2

 
307

 
2

 
268

 
2

 
220

 
2

 
167

 
1

Total commercial
6,230

 
54

 
6,417

 
54

 
6,632

 
53

 
7,394

 
52

 
6,872

 
50

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
741

 
30

 
750

 
30

 
1,085

 
30

 
1,270

 
29

 
1,895

 
30

Real estate 1-4 family
junior lien mortgage
266

 
3

 
431

 
3

 
608

 
4

 
815

 
5

 
1,223

 
6

Credit card
2,345

 
4

 
2,064

 
4

 
1,944

 
4

 
1,605

 
4

 
1,412

 
4

Automobile
463

 
5

 
475

 
5

 
1,039

 
5

 
817

 
6

 
529

 
6

Other revolving credit and installment
568

 
4

 
570

 
4

 
652

 
4

 
639

 
4

 
581

 
4

Total consumer
4,383

 
46

 
4,290

 
46

 
5,328

 
47

 
5,146

 
48

 
5,640

 
50

Total
$
10,613

 
100
%
 
$
10,707

 
100
%
 
$
11,960

 
100
%
 
$
12,540

 
100
%
 
$
12,512

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep 30, 2019
 
 
Dec 31, 2018
 
 
Dec 31, 2017
 
 
Dec 31, 2016
 
 
Dec 31, 2015
 
Components:
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
9,715
 
 
9,775
 
 
11,004
 
 
11,419
 
 
11,545
 
Allowance for unfunded
credit commitments
898
 
 
932
 
 
956
 
 
1,121
 
 
967
 
Allowance for credit losses
$
10,613
 
 
10,707
 
 
11,960
 
 
12,540
 
 
12,512
 
Allowance for loan losses as a percentage of total loans
1.02
%
 
1.03
 
 
1.15
 
 
1.18
 
 
1.26
 
Allowance for loan losses as a percentage of total net charge-offs (1)
379
 
 
356
 
 
376
 
 
324
 
 
399
 
Allowance for credit losses as a percentage of total loans
1.11
 
 
1.12
 
 
1.25
 
 
1.30
 
 
1.37
 
Allowance for credit losses as a percentage of total nonaccrual loans
191
 
 
165
 
 
156
 
 
126
 
 
115
 
(1)
Total net charge-offs are annualized for quarter ended September 30, 2019.

In addition to the allowance for credit losses, there was $427 million at September 30, 2019, and $480 million at December 31, 2018, of nonaccretable difference to absorb losses on PCI loans of $607 million at September 30, 2019, and $5.0 billion at December 31, 2018. The allowance for credit losses is lower than otherwise would have been required without PCI loan accounting. As a result of PCI loans, certain ratios of the Company may not be directly comparable with credit-related metrics for other financial institutions. For additional information on PCI loans, see the “Risk Management – Credit Risk Management – Purchased Credit-Impaired Loans” section and Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in this Report.
The ratio of the allowance for credit losses to total nonaccrual loans may fluctuate significantly from period to period due to such factors as the mix of loan types in the portfolio, borrower credit strength and the value and marketability of collateral.
The allowance for credit losses decreased $94 million, or 1%, from December 31, 2018, driven by strong overall credit portfolio performance. Total provision for credit losses was $695 million in third quarter 2019, compared with $580 million in third quarter 2018. The increase in the provision for credit losses in third
 
quarter 2019, compared with the same period a year ago, was due to loan growth, primarily in the credit card portfolio.
We believe the allowance for credit losses of $10.6 billion at September 30, 2019, was appropriate to cover credit losses inherent in the loan portfolio, including unfunded credit commitments, at that date. The entire allowance is available to absorb credit losses inherent in the total loan portfolio. The allowance for credit losses is subject to change and reflects existing factors as of the date of determination, including economic or market conditions and ongoing internal and external examination processes. Due to the sensitivity of the allowance for credit losses to changes in the economic and business environment, it is possible that we will incur incremental credit losses not anticipated as of the balance sheet date. Future allowance levels will be based on a variety of factors, including loan growth, portfolio performance and general economic conditions. Our process for determining the allowance for credit losses is discussed in the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K.

44

LIABILITY FOR MORTGAGE LOAN REPURCHASE LOSSES For information on our repurchase liability, see the “Risk Management – Credit Risk Management – Liability For Mortgage Loan Repurchase Losses” section in our 2018 Form 10-K.

RISKS RELATING TO SERVICING ACTIVITIES In addition to servicing loans in our portfolio, we act as servicer and/or master servicer of residential mortgage loans included in GSE-guaranteed mortgage securitizations, GNMA-guaranteed mortgage securitizations of FHA-insured/VA-guaranteed mortgages and private label mortgage securitizations, as well as for unsecuritized loans owned by institutional investors. In connection with our servicing activities, we could become subject to consent orders and settlement agreements with federal and state regulators for alleged servicing issues and practices. In general, these can require us to provide customers with loan modification relief, refinancing relief, and foreclosure prevention and assistance, as well as can impose certain monetary penalties on us.
For additional information about the risks related to our servicing activities, see the “Risk Management – Credit Risk Management – Risks Relating to Servicing Activities” section in our 2018 Form 10-K.

Asset/Liability Management
Asset/liability management involves evaluating, monitoring and managing interest rate risk, market risk, liquidity and funding. Primary oversight of interest rate risk and market risk resides with the Finance Committee of our Board of Directors (Board), which oversees the administration and effectiveness of financial risk management policies and processes used to assess and manage these risks. Primary oversight of liquidity and funding resides with the Risk Committee of the Board. At the management level we utilize a Corporate Asset/Liability Management Committee (Corporate ALCO), which consists of senior financial, risk, and business executives, to oversee these risks and report on them periodically to the Board’s Finance Committee and Risk Committee as appropriate. As discussed in more detail for market risk activities below, we employ separate management level oversight specific to market risk.
 
INTEREST RATE RISK Interest rate risk, which potentially can have a significant earnings impact, is an integral part of being a financial intermediary. We are subject to interest rate risk because:
•
assets and liabilities may mature or reprice at different times (for example, if assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase);
•
assets and liabilities may reprice at the same time but by different amounts (for example, when the general level of interest rates is rising, we may increase rates paid on checking and savings deposit accounts by an amount that is less than the general rise in market interest rates);
•
short-term and long-term market interest rates may change by different amounts (for example, the shape of the yield curve may affect new loan yields and funding costs differently);
 
•
the remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change (for example, if long-term mortgage interest rates increase sharply, MBS held in the debt securities portfolio may pay down slower than anticipated, which could impact portfolio income); or
•
interest rates may also have a direct or indirect effect on loan demand, collateral values, credit losses, mortgage origination volume, the fair value of MSRs and other financial instruments, the value of the pension liability and other items affecting earnings.

We assess interest rate risk by comparing outcomes under various net interest income simulations using many interest rate scenarios that differ in the direction of interest rate changes, the degree of change over time, the speed of change and the projected shape of the yield curve. These simulations require assumptions regarding drivers of earnings and balance sheet composition such as loan originations, prepayment speeds on loans and debt securities, deposit flows and mix, as well as pricing strategies.
Currently, our profile is such that we project net interest income will benefit modestly from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities.
Our most recent simulations estimate net interest income sensitivity over the next two years under a range of both lower and higher interest rates. Measured impacts from standardized ramps (gradual changes) and shocks (instantaneous changes) are summarized in Table 29, indicating net interest income sensitivity relative to the Company’s base net interest income plan. Ramp scenarios assume interest rates move gradually in parallel across the yield curve relative to the base scenario in year one, and the full amount of the ramp is held as a constant differential to the base scenario in year two. The following describes the simulation assumptions for the scenarios presented in Table 29:
•
Simulations are dynamic and reflect anticipated growth across assets and liabilities.
•
Other macroeconomic variables that could be correlated with the changes in interest rates are held constant.
•
Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates.
•
Our base scenario deposit forecast incorporates mix changes consistent with the base interest rate trajectory. Deposit mix is modeled to be the same as in the base scenario across the alternative scenarios. In higher interest rate scenarios, customer activity that shifts balances into higher-yielding products could reduce expected net interest income.
•
We hold the size of the projected debt and equity securities portfolios constant across scenarios.

45

Table 29: Net Interest Income Sensitivity Over Next Two-Year Horizon Relative to Base Expectation
 
 
 
Lower Rates
 
Higher Rates
($ in billions)
Base
 
100 bps
Ramp
Parallel
 Decrease
 
100 bps Instantaneous
Parallel
Increase
 
200 bps
Ramp
Parallel
Increase
First Year of Forecasting Horizon
 
 
 
 
 
 
 
Net Interest Income Sensitivity to Base Scenario
 
$
(1.6) - (1.1)
 
1.8 - 2.3
 
1.5 - 2.0
Key Rates at Horizon End
 
 
 
 
 
 
 
Fed Funds Target
1.75
%
0.75
 
2.75
 
3.75
10-year CMT (1)
2.09
 
1.09
 
3.09
 
4.09
Second Year of Forecasting Horizon
 
 
 
 
 
 
 
Net Interest Income Sensitivity to Base Scenario
 
$
(4.0) - (3.5)
 
2.0 - 2.5
 
2.8 - 3.3
Key Rates at Horizon End
 
 
 
 
 
 
 
Fed Funds Target
2.50
%
1.50
 
3.50
 
4.50
10-year CMT (1)
2.58
 
1.58
 
3.58
 
4.58
(1)
U.S. Constant Maturity Treasury Rate

The sensitivity results above do not capture interest rate sensitive noninterest income and expense impacts. Our interest rate sensitive noninterest income and expense is predominantly driven by mortgage banking activities, and may move in the opposite direction of our net interest income. Mortgage originations generally decline in response to higher interest rates and generally increase, particularly refinancing activity, in response to lower interest rates. Mortgage results are also impacted by the valuation of MSRs and related hedge positions. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in this Report for more information.
Interest rate sensitive noninterest income also results from changes in earnings credit for non-interest bearing deposits that reduce treasury management deposit service fees. Additionally, for the trading portfolio, our trading assets are (before the effects of certain economic hedges) generally less sensitive to changes in interest rates than the related funding liabilities. As a result, net interest income from the trading portfolio contracts and expands as interest rates rise and fall, respectively. The impact to net interest income does not include the fair value changes of trading securities and loans, which, along with the effects of related economic hedges, are recorded in noninterest income.
We use the debt securities portfolio and exchange-traded and over-the-counter (OTC) interest rate derivatives to hedge our interest rate exposures. See the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in this Report for more information on the use of the available-for-sale and held-to-maturity securities portfolios. The notional or contractual amount, credit risk amount and fair value of the derivatives used to hedge our interest rate risk exposures as of September 30, 2019, and December 31, 2018, are presented in Note 15 (Derivatives) to Financial Statements in this Report. We use derivatives for asset/liability management in two main ways:
•
to convert the cash flows from selected asset and/or liability instruments/portfolios including investments, commercial loans and long-term debt, from fixed-rate payments to floating-rate payments, or vice versa; and
•
to economically hedge our mortgage origination pipeline, funded mortgage loans and MSRs using interest rate swaps, swaptions, futures, forwards and options.
 
 
MORTGAGE BANKING INTEREST RATE AND MARKET RISK  We originate, fund and service mortgage loans, which subjects us to various risks, including credit, liquidity and interest rate risks. For more information on mortgage banking interest rate and market risk, see the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in our 2018 Form 10-K.
While our hedging activities are designed to balance our mortgage banking interest rate risks, the financial instruments we use may not perfectly correlate with the values and income being hedged. For example, the change in the value of ARM production held for sale from changes in mortgage interest rates may or may not be fully offset by index-based financial instruments used as economic hedges for such ARMs. Additionally, the hedge-carry income on our economic hedges for the MSRs did not continue at recent levels as the flat to inverted yield curve resulted in negative hedge carry for the quarter ended September 30, 2019.
The total carrying value of our residential and commercial MSRs was $12.5 billion at September 30, 2019, and $16.1 billion at December 31, 2018. The weighted-average note rate on our portfolio of loans serviced for others was 4.29% at September 30, 2019, and 4.32% at December 31, 2018. The carrying value of our total MSRs represented 0.76% of mortgage loans serviced for others at September 30, 2019, and 0.94% of mortgage loans serviced for others at December 31, 2018.
 
MARKET RISK Market risk is the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, and the risk of possible loss due to counterparty risk. This includes implied volatility risk, basis risk, and market liquidity risk. Market risk also includes counterparty credit risk, price risk in the trading book, mortgage servicing rights and the associated hedge effectiveness risk associated with the mortgage book, and impairment on private equity investments.
The Board’s Finance Committee has primary oversight responsibility for market risk and oversees the Company’s market risk exposure and market risk management strategies. In addition, the Board’s Risk Committee has certain oversight responsibilities with respect to market risk, including adjusting the Company’s market risk appetite with input from the Finance Committee. The Finance Committee also reports key market risk matters to the Risk Committee.
At the management level, the Market and Counterparty Risk Management function, which is part of Corporate Risk, has primary oversight responsibility for market risk. The Market and Counterparty Risk Management function reports into the CRO and also provides periodic reporting related to market risk to the Board’s Finance Committee. In addition, the Risk & Control Committee for each business group and enterprise function reports market risk matters to the Enterprise Risk & Control Committee.

MARKET RISK – TRADING ACTIVITIES  We engage in trading activities to accommodate the investment and risk management activities of our customers and to execute economic hedging to manage certain balance sheet risks. These trading activities predominantly occur within our Wholesale Banking businesses and to a lesser extent other divisions of the Company. Debt securities held for trading, equity securities held for trading, trading loans and trading derivatives are financial instruments used in our trading activities, and all are carried at fair value. Income earned on the financial instruments used in our trading

46
Asset/Liability Management (continued)

activities include net interest income, changes in fair value and realized gains and losses. Net interest income earned from our trading activities is reflected in the interest income and interest expense components of our income statement. Changes in fair value of the financial instruments used in our trading activities are reflected in net gains on trading activities, a component of noninterest income in our income statement. For more information on the financial instruments used in our trading activities and the income from these trading activities, see Note 4 (Trading Activities) to Financial Statements in this Report.
Value-at-risk (VaR) is a statistical risk measure used to estimate the potential loss from adverse moves in the financial markets. The Company uses VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. For more information, including information regarding our monitoring activities, sensitivity analysis and stress testing, see the “Risk Management – Asset/
 
Liability Management – Market Risk – Trading Activities” section in our 2018 Form 10-K.
Trading VaR is the measure used to provide insight into the market risk exhibited by the Company’s trading positions. The
Company calculates Trading VaR for risk management purposes to establish line of business and Company-wide risk limits. Trading VaR is calculated based on all trading positions on our balance sheet.
Table 30 shows the Company’s Trading General VaR by risk category. As presented in Table 30, average Company Trading General VaR was $24 million for the quarter ended September 30, 2019, compared with $20 million for the quarter ended June 30, 2019, and $12 million for the quarter ended September 30, 2018. The increase in average Company Trading General VaR for the quarter ended September 30, 2019, compared with the quarter ended September 30, 2018, was mainly driven by changes in portfolio composition.
Table 30: Trading 1-Day 99% General VaR by Risk Category
 
 
 
Quarter ended
 
 
September 30, 2019
 
 
June 30, 2019
 
 
September 30, 2018
 
(in millions)
Period
end

 
Average

 
Low

 
High

 
Period
end

 
Average

 
Low

 
High

 
Period
end

 
Average

 
Low

 
High

Company Trading General VaR Risk Categories
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit
$
27

 
20

 
12

 
30

 
15

 
15

 
11

 
18

 
13

 
17

 
11

 
55

Interest rate
15

 
18

 
13

 
26

 
29

 
37

 
27

 
49

 
18

 
18

 
6

 
52

Equity
6

 
5

 
4

 
11

 
4

 
5

 
4

 
8

 
5

 
5

 
4

 
7

Commodity
2

 
2

 
1

 
3

 
2

 
2

 
1

 
6

 
2

 
1

 
1

 
2

Foreign exchange
1

 
1

 
1

 
1

 
1

 
1

 
1

 
1

 
0

 
1

 
0

 
1

Diversification benefit (1)
(16
)
 
(22
)
 


 
 
 
(32
)
 
(40
)
 
 
 
 
 
(25
)
 
(30
)
 
 
 
 
Company Trading General VaR
$
35

 
24

 
 
 
 
 
19

 
20

 
 
 
 
 
13

 
12

 
 
 
 
(1)
The period-end VaR was less than the sum of the VaR components described above, which is due to portfolio diversification. The diversification effect arises because the risks are not perfectly correlated causing a portfolio of positions to usually be less risky than the sum of the risks of the positions alone. The diversification benefit is not meaningful for low and high metrics since they may occur on different days.

MARKET RISK – EQUITY SECURITIES  We are directly and indirectly affected by changes in the equity markets. We make and manage direct investments in start-up businesses, emerging growth companies, management buy-outs, acquisitions and corporate recapitalizations. We also invest in non-affiliated funds that make similar private equity investments. These private equity investments are made within capital allocations approved by management and the Board. The Board’s policy is to review business developments, key risks and historical returns for the private equity investment portfolio at least annually. Management reviews these investments at least quarterly and assesses them for possible OTTI and observable price changes. For nonmarketable equity securities, the analysis is based on facts and circumstances of each individual investment and the expectations for that investment’s cash flows, capital needs, the viability of its business model, our exit strategy, and observable price changes that are similar to the investment held. Investments in nonmarketable equity securities include private equity investments accounted for under the equity method, fair value through net income, and the measurement alternative.
In conjunction with the March 2008 initial public offering (IPO) of Visa, Inc. (Visa), we received approximately 20.7 million shares of Visa Class B common stock, the class which was apportioned to member banks of Visa at the time of the IPO. To manage our exposure to Visa and realize the value of the appreciated Visa shares, we incrementally sold these shares through a series of sales, thereby eliminating this position as of September 30, 2015. As part of these sales, we agreed to
 
compensate the buyer for any additional contributions to a litigation settlement fund for the litigation matters associated with the Class B shares we sold. Our exposure to this retained litigation risk has been updated quarterly and is reflected on our balance sheet. For additional information about the associated litigation matters, see the “Interchange Litigation” section in Note 14 (Legal Actions) to Financial Statements in this Report.
As part of our business to support our customers, we trade public equities, listed/OTC equity derivatives and convertible bonds. We have parameters that govern these activities. We also have marketable equity securities that include investments relating to our venture capital activities. We manage these marketable equity securities within capital risk limits approved by management and the Board and monitored by Corporate ALCO and the Market Risk Committee. The fair value changes in these marketable equity securities are recognized in net income. For more information, see Note 8 (Equity Securities) to Financial Statements in this Report.
Changes in equity market prices may also indirectly affect our net income by (1) the value of third party assets under management and, hence, fee income, (2) borrowers whose ability to repay principal and/or interest may be affected by the stock market, or (3) brokerage activity, related commission income and other business activities. Each business line monitors and manages these indirect risks.

47

LIQUIDITY AND FUNDING  The objective of effective liquidity management is to ensure that we can meet customer loan requests, customer deposit maturities/withdrawals and other cash commitments efficiently under both normal operating conditions and under periods of Wells Fargo-specific and/or market stress. To achieve this objective, the Board of Directors establishes liquidity guidelines that require sufficient asset-based liquidity to cover potential funding requirements and to avoid over-dependence on volatile, less reliable funding markets. These guidelines are monitored on a monthly basis by the Corporate ALCO and on a quarterly basis by the Board of Directors. These guidelines are established and monitored for both the consolidated company and for the Parent on a stand-alone basis to ensure that the Parent is a source of strength for its regulated, deposit-taking banking subsidiaries.

Liquidity Standards We are subject to a rule, issued by the FRB, OCC and FDIC, that includes a quantitative liquidity requirement consistent with the liquidity coverage ratio (LCR) established by the Basel Committee on Banking Supervision (BCBS). The rule requires banking institutions, such as Wells Fargo, to hold high-quality liquid assets (HQLA), such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash, in an amount equal to or greater than its projected net cash outflows during a 30-day stress period. The rule is applicable to the Company on a consolidated basis and to our insured depository institutions with total assets greater than $10 billion. In addition, rules issued by the FRB impose enhanced liquidity management standards on large bank holding companies (BHC) such as Wells Fargo.
The FRB, OCC and FDIC have proposed a rule that would implement a stable funding requirement, the net stable funding ratio (NSFR), which would require large banking organizations, such as Wells Fargo, to maintain a sufficient amount of stable funding in relation to their assets, derivative exposures and commitments over a one-year horizon period.

Liquidity Coverage Ratio As of September 30, 2019, the consolidated Company and Wells Fargo Bank, N.A. were above the minimum LCR requirement of 100%, which is calculated as HQLA divided by projected net cash outflows, as each is defined under
 
the LCR rule. Table 31 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements.

Table 31: Liquidity Coverage Ratio
(in millions, except ratio)
Average for Quarter ended September 30, 2019

HQLA (1)(2)
$
359,364

Projected net cash outflows
302,214

LCR
119
%
(1)
Excludes excess HQLA at Wells Fargo Bank, N.A.
(2)
Net of applicable haircuts required under the LCR rule.


Liquidity Sources We maintain liquidity in the form of cash, cash equivalents and unencumbered high-quality, liquid debt securities. These assets make up our primary sources of liquidity which are presented in Table 32. Our primary sources of liquidity are substantially the same in composition as HQLA under the LCR rule; however, our primary sources of liquidity will generally exceed HQLA calculated under the LCR rule due to the applicable haircuts to HQLA and the exclusion of excess HQLA at our subsidiary insured depository institutions required under the LCR rule.
Our cash is predominantly on deposit with the Federal Reserve. Debt securities included as part of our primary sources of liquidity are comprised of U.S. Treasury and federal agency debt, and mortgage-backed securities issued by federal agencies within our debt securities portfolio. We believe these debt securities provide quick sources of liquidity through sales or by pledging to obtain financing, regardless of market conditions. Some of these debt securities are within the held-to-maturity portion of our debt securities portfolio and as such are not intended for sale but may be pledged to obtain financing. Some of the legal entities within our consolidated group of companies are subject to various regulatory, tax, legal and other restrictions that can limit the transferability of their funds. We believe we maintain adequate liquidity for these entities in consideration of such funds transfer restrictions.
Table 32: Primary Sources of Liquidity
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Total

 
Encumbered

 
Unencumbered

 
Total

 
Encumbered

 
Unencumbered

Interest-earning deposits with banks
$
126,330

 
—

 
126,330

 
149,736

 
—

 
149,736

Debt securities of U.S. Treasury and federal agencies
62,012

 
3,339

 
58,673

 
57,688

 
1,504

 
56,184

Mortgage-backed securities of federal agencies (1)
264,650

 
34,670

 
229,980

 
244,211

 
35,656

 
208,555

Total
$
452,992

 
38,009

 
414,983

 
451,635

 
37,160

 
414,475

(1)
Included in encumbered debt securities at September 30, 2019, were debt securities with a fair value of $3.0 billion which were purchased in September 2019, but settled in October 2019.

In addition to our primary sources of liquidity shown in
Table 32, liquidity is also available through the sale or financing of other debt securities including trading and/or available-for-sale debt securities, as well as through the sale, securitization or financing of loans, to the extent such debt securities and loans are not encumbered. In addition, other debt securities in our held-to-maturity portfolio, to the extent not encumbered, may be pledged to obtain financing.
 
Deposits have historically provided a sizable source of relatively low-cost funds. Deposits were 137% of total loans at September 30, 2019, and 135% at December 31, 2018.
Additional funding is provided by long-term debt and short-term borrowings. We access domestic and international capital markets for long-term funding (generally greater than one year) through issuances of registered debt securities, private placements and asset-backed secured funding.

48
Asset/Liability Management (continued)

Table 33 shows selected information for short-term borrowings, which generally mature in less than 30 days.
Table 33: Short-Term Borrowings
 
Quarter ended
 
(in millions)
Sep 30
2019

 
Jun 30,
2019

 
Mar 31,
2019

 
Dec 31,
2018

 
Sep 30,
2018

Balance, period end
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase
$
110,399

 
102,560

 
93,896

 
92,430

 
92,418

Other short-term borrowings
13,509

 
12,784

 
12,701

 
13,357

 
13,033

Total
$
123,908

 
115,344

 
106,597

 
105,787

 
105,451

Average daily balance for period
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase
$
109,499

 
102,557

 
95,721

 
93,483

 
92,141

Other short-term borrowings
12,343

 
12,197

 
12,930

 
12,479

 
13,331

Total
$
121,842

 
114,754

 
108,651

 
105,962

 
105,472

Maximum month-end balance for period
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase (1)
$
110,399

 
105,098

 
97,650

 
93,918

 
92,531

Other short-term borrowings (2)
13,509

 
12,784

 
14,129

 
13,357

 
14,270

(1)
Highest month-end balance in each of the last five quarters was in September, May and January 2019, and November and July 2018.
(2)
Highest month-end balance in each of the last five quarters was in September, June and February 2019, and December and July 2018.
Long-Term Debt We issue long-term debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. Long-term debt of $230.7 billion at September 30, 2019, increased $1.6 billion from December 31, 2018. We issued $7.1 billion and $40.2 billion of
 
long-term debt in the third quarter and first nine months of 2019, respectively. Table 34 provides the aggregate carrying value of long-term debt maturities (based on contractual payment dates) for the remainder of 2019 and the following years thereafter, as of September 30, 2019.
Table 34: Maturity of Long-Term Debt
 
September 30, 2019
 
(in millions)
Remaining 2019

 
2020

 
2021

 
2022

 
2023

 
Thereafter

 
Total

Wells Fargo & Company (Parent Only)
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
132

 
13,370

 
17,978

 
17,719

 
11,034

 
57,051

 
117,284

Subordinated notes
—

 
—

 
—

 
—

 
3,678

 
24,890

 
28,568

Junior subordinated notes
—

 
—

 
—

 
—

 
—

 
1,808

 
1,808

Total long-term debt - Parent
$
132

 
13,370

 
17,978

 
17,719

 
14,712

 
83,749

 
147,660

Wells Fargo Bank, N.A. and other bank entities (Bank)
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
11,721

 
24,164

 
24,224

 
5,140

 
2,909

 
250

 
68,408

Subordinated notes
—

 
—

 
—

 
—

 
1,013

 
4,518

 
5,531

Junior subordinated notes
—

 
—

 
—

 
—

 
—

 
360

 
360

Securitizations and other bank debt
1,051

 
1,816

 
920

 
427

 
134

 
2,121

 
6,469

Total long-term debt - Bank
$
12,772

 
25,980

 
25,144

 
5,567

 
4,056

 
7,249

 
80,768

Other consolidated subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
—

 
86

 
1,280

 
65

 
432

 
328

 
2,191

Securitizations and other bank debt
—

 
—

 
—

 
—

 
—

 
32

 
32

Total long-term debt - Other consolidated subsidiaries
$
—

 
86

 
1,280

 
65

 
432

 
360

 
2,223

Total long-term debt
$
12,904

 
39,436

 
44,402

 
23,351

 
19,200

 
91,358

 
230,651

Parent In March 2019, the Securities and Exchange Commission (SEC) declared effective the Parent’s registration statement for the issuance of up to $50 billion of senior and subordinated notes, preferred stock and other securities. At September 30, 2019, the Parent’s remaining authorized issuance capacity under this registration statement was $47.5 billion. The Parent’s overall ability to issue debt securities is limited by the debt issuance authority granted by the Board. As of September 30, 2019, the Parent was authorized by the Board to issue up to $200 billion in outstanding long-term debt. The Parent’s long-term debt issuance authority granted by the Board includes debt issued to
 
affiliates and others. At September 30, 2019, the Parent had available $53.4 billion in long-term debt issuance authority, net of debt issued to affiliates. During the first nine months of 2019, the Parent issued $13.4 billion of senior notes, most of which were registered with the SEC. In October 2019, the Parent issued $6.8 billion of senior notes, substantially all of which were registered with the SEC. The Parent’s short-term debt issuance authority granted by the Board was limited to debt issued to affiliates, and was revoked by the Board at management’s request in January 2018.

49

The Parent’s proceeds from securities issued were used for general corporate purposes, and, unless otherwise specified in the applicable prospectus or prospectus supplement, we expect the proceeds from securities issued in the future will be used for the same purposes. Depending on market conditions, we may purchase our outstanding debt securities from time to time in privately negotiated or open market transactions, by tender offer, or otherwise.

Wells Fargo Bank, N.A. As of September 30, 2019, Wells Fargo Bank, N.A. was authorized by its board of directors to issue $100 billion in outstanding short-term debt and $175 billion in outstanding long-term debt and had available $99.0 billion in short-term debt issuance authority and $109.6 billion in long-term debt issuance authority. In April 2018, Wells Fargo Bank, N.A. established a $100 billion bank note program under which, subject to any other debt outstanding under the limits described above, it may issue $50 billion in outstanding short-term senior notes and $50 billion in outstanding long-term senior or subordinated notes. At September 30, 2019, Wells Fargo Bank, N.A. had remaining issuance capacity under the bank note program of $50.0 billion in short-term senior notes and $31.2 billion in long-term senior or subordinated notes. During the first nine months of 2019, Wells Fargo Bank, N.A. issued $9.8 billion of unregistered senior notes.
As of September 30, 2019, Wells Fargo Bank, N.A. had outstanding advances of $30.9 billion across the Federal Home Loan Bank System. In addition, in October 2019, Wells Fargo Bank, N.A. borrowed $450 million from the Federal Home Loan Bank of Des Moines. Federal Home Loan Bank advances are reflected as short-term borrowings or long-term debt on the Company’s balance sheet.
 
Credit Ratings Investors in the long-term capital markets, as well as other market participants, generally will consider, among other factors, a company’s debt rating in making investment decisions. Rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, the level and quality of earnings, and rating agency assumptions regarding the probability and extent of federal financial assistance or support for certain large financial institutions. Adverse changes in these factors could result in a reduction of our credit rating; however, our debt securities do not contain credit rating covenants.
On August 13, 2019, Moody's Investors Service (Moody's) affirmed the Company's ratings and changed the ratings outlook to stable from negative. On October 21, 2019, DBRS Morningstar confirmed the Company's ratings and maintained the stable trend for all ratings. Both the Parent and Wells Fargo Bank, N.A. remain among the highest-rated financial firms in the United States.
See the “Risk Factors” section in our 2018 Form 10-K for additional information regarding our credit ratings and the potential impact a credit rating downgrade would have on our liquidity and operations, as well as Note 15 (Derivatives) to Financial Statements in this Report for information regarding additional collateral and funding obligations required for certain derivative instruments in the event our credit ratings were to fall below investment grade.
The credit ratings of the Parent and Wells Fargo Bank, N.A. as of September 30, 2019, are presented in Table 35.
Table 35: Credit Ratings as of September 30, 2019
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
Senior debt
 
Short-term
borrowings 
 
Long-term
deposits 
 
Short-term
borrowings 
Moody’s
A2
 
P-1
 
Aa1
 
P-1
S&P Global Ratings
A-
 
A-2
 
A+
 
A-1
Fitch Ratings, Inc.
A+
 
F1
 
AA
 
F1+
DBRS Morningstar
AA (low)
 
R-1 (middle)
 
AA
 
R-1 (high)
FEDERAL HOME LOAN BANK MEMBERSHIP The Federal Home Loan Banks (the FHLBs) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities. We are a member of the FHLBs based in Dallas, Des Moines and San Francisco. Each member of the FHLBs is required to maintain a minimum investment in capital stock of the applicable FHLB. The board of directors of each FHLB can increase the minimum investment requirements in the event it has concluded that additional capital is required to allow it to meet its own regulatory capital requirements. Any increase in the minimum investment requirements outside of specified ranges requires the approval of the Federal Housing Finance Agency. Because the extent of any obligation to increase our investment in any of the FHLBs depends entirely upon the occurrence of a future event, potential future payments to the FHLBs are not determinable.

LIBOR TRANSITION Due to uncertainty surrounding the suitability and sustainability of the London Interbank Offered Rate (LIBOR), central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR
 
by the end of 2021. LIBOR is a widely-referenced benchmark rate, which is published in five currencies and a range of tenors, and represents the cost at which banks can borrow on an unsecured basis from other banks. We have a significant number of assets and liabilities referenced to LIBOR such as commercial loans, adjustable-rate mortgage loans, derivatives, debt securities, and long-term debt. Accordingly, we have established a LIBOR Transition Office, with senior management and Board oversight, which has the objective of achieving a comprehensive and organized enterprise-wide transition away from the use of LIBOR. Among other activities, the LIBOR Transition Office has created a program structure that seeks to facilitate (i) an identification of the types of exposures (e.g., products, systems, models, processes) and risks associated with the transition, (ii) an assessment of the provisions in our contracts that could apply in connection with the transition, (iii) an appraisal of operational and infrastructure enhancements necessary to use alternative benchmark rates, such as the Secured Overnight Financing Rate (SOFR), and (iv) a coordinated process for managing outreach and communications with our customers. In addition, the Company is actively working with regulators, industry working groups (such as

50
Asset/Liability Management (continued)

the Alternative Reference Rates Committee) and trade associations that are developing guidance to facilitate an orderly transition away from the use of LIBOR. See the “Risk Factors” section in our 2018 Form 10-K for additional information regarding the potential impact of a benchmark rate, such as LIBOR, or other referenced financial metric being significantly changed, replaced, or discontinued.
 
During the first nine months of 2019, the Company did not issue any long-term debt with an interest rate indexed to the new SOFR published by the Federal Reserve Bank of New York. SOFR is an alternative to U.S. dollar LIBOR and is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.
Capital Management
We have an active program for managing capital through a comprehensive process for assessing the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily fund our working capital needs through the retention of earnings net of both dividends and share repurchases, as well as through the issuance of preferred stock and long and short-term debt. Retained earnings increased $8.2 billion from December 31, 2018, predominantly from Wells Fargo net income of $16.7 billion, less common and preferred stock dividends of $7.4 billion. During third quarter 2019, we issued 5.8 million shares of common stock, excluding conversions of preferred shares. During third quarter 2019, we repurchased 159.1 million shares of common stock at a cost of $7.4 billion. The amount of our repurchases are subject to various factors as discussed in the “Securities Repurchases” section below. For additional information about share repurchases, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
 
Regulatory Capital Guidelines
The Company and each of our insured depository institutions are subject to various regulatory capital adequacy requirements administered by the FRB and the OCC. Risk-based capital (RBC) guidelines establish a risk-adjusted ratio relating capital to different categories of assets and off-balance sheet exposures as discussed below.

RISK-BASED CAPITAL AND RISK-WEIGHTED ASSETS The Company is subject to final and interim final rules issued by federal banking regulators to implement Basel III capital requirements for U.S. banking organizations. These rules are based on international guidelines for determining regulatory capital issued by the BCBS. The federal banking regulators’ capital rules, among other things, require on a fully phased-in basis:
•
a minimum Common Equity Tier 1 (CET1) ratio of 9.00%, comprised of a 4.50% minimum requirement plus a capital conservation buffer of 2.50% and for us, as a global systemically important bank (G-SIB), a capital surcharge to be calculated annually, which is 2.00% for 2019;
•
a minimum tier 1 capital ratio of 10.50%, comprised of a 6.00% minimum requirement plus the capital conservation buffer of 2.50% and the G-SIB capital surcharge of 2.00%;
•
a minimum total capital ratio of 12.50%, comprised of a 8.00% minimum requirement plus the capital conservation buffer of 2.50% and the G-SIB capital surcharge of 2.00%;
•
a potential countercyclical buffer of up to 2.50% to be added to the minimum capital ratios, which is currently not in effect but could be imposed by regulators at their discretion if it is determined that a period of excessive credit growth is contributing to an increase in systemic risk;
•
a minimum tier 1 leverage ratio of 4.00%; and
 
•
a minimum supplementary leverage ratio (SLR) of 5.00% (comprised of a 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) for large and internationally active BHCs.

We were required to comply with the final Basel III capital rules beginning January 2014, with certain provisions subject to phase-in periods. The entire Basel III capital rules are scheduled to be fully phased in by the end of 2021. The Basel III capital rules contain two frameworks for calculating capital requirements, a Standardized Approach, which replaced Basel I, and an Advanced Approach applicable to certain institutions, including Wells Fargo. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach.
On April 10, 2018, the FRB issued a proposed rule that would add a stress capital buffer and a stress leverage buffer to the minimum capital and tier 1 leverage ratio requirements. The buffers would be calculated based on the decrease in a financial institution’s risk-based capital and tier 1 leverage ratios under the supervisory severely adverse scenario in the Comprehensive Capital Analysis and Review (CCAR), plus four quarters of planned common stock dividends. The stress capital buffer would replace the 2.50% capital conservation buffer under the Standardized Approach, whereas the stress leverage buffer would be added to the current 4.00% minimum tier 1 leverage ratio.
Because the Company has been designated as a G-SIB, we are also subject to the FRB's rule implementing the additional capital surcharge of between 1.00-4.50% on the minimum capital requirements of G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method (method one) considers our size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity, consistent with the methodology developed by the BCBS and the Financial Stability Board (FSB). The second (method two) uses similar inputs, but replaces substitutability with use of short-term wholesale funding and will generally result in higher surcharges than the BCBS methodology. The G-SIB surcharge became fully phased-in on January 1, 2019. Our 2019 G-SIB surcharge under method two is 2.00% of the Company’s risk-weighted assets (RWAs), which is the higher of method one and method two. Because the G-SIB surcharge is calculated annually based on data that can differ over time, the amount of the surcharge is subject to change in future years. Under the Standardized Approach, our CET1 ratio (fully phased-in) of 11.61% exceeded the minimum of 9.00% by 261 basis points at September 30, 2019.
Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in. However, the requirements for calculating tier 2 and total capital are still in accordance with Transition Requirements. The tables

51

that follow provide information about our risk-based capital and related ratios as calculated under Basel III capital guidelines. For banking industry regulatory reporting purposes, we continue to report our tier 2 and total capital in accordance with Transition Requirements but are managing our capital based on a fully phased-in calculation. For information about our capital requirements calculated in accordance with Transition Requirements, see Note 23 (Regulatory and Agency Capital
 
Requirements) to Financial Statements in this Report.
Table 36 summarizes our CET1, tier 1 capital, total capital, risk-weighted assets and capital ratios on a fully phased-in basis at September 30, 2019, and December 31, 2018. As of September 30, 2019, our CET1 and tier 1 capital ratios were lower under the Standardized Approach, and our total capital ratio was lower under the Advanced Approach.
Table 36: Capital Components and Ratios (Fully Phased-In) (1)
 
 
September 30, 2019
 
 
 
December 31, 2018
 
 
(in millions, except ratios)
 
Advanced Approach

 
Standardized Approach

 
 
Advanced Approach

 
Standardized Approach

 
Common Equity Tier 1
(A)
$
144,739

 
144,739

 
 
146,363

 
146,363

 
Tier 1 Capital
(B)
164,872

 
164,872

 
 
167,866

 
167,866

 
Total Capital
(C)
194,006

 
201,960

 
 
198,103

 
206,346

 
Risk-Weighted Assets
(D)
1,218,519

 
1,246,238

 
 
1,177,350

 
1,247,210

 
Common Equity Tier 1 Capital Ratio
(A)/(D)
11.88
%
 
11.61

*
 
12.43

 
11.74

*
Tier 1 Capital Ratio
(B)/(D)
13.53

 
13.23

*
 
14.26

 
13.46

*
Total Capital Ratio
(C)/(D)
15.92

*
16.21

 
 
16.83

 
16.54

*
*Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches.
(1)
Fully phased-in total capital amounts and ratios are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position. See Table 37 for information regarding the calculation and components of CET1, tier 1 capital, total capital and RWAs, as well as the corresponding reconciliation of our fully phased-in regulatory capital amounts to GAAP financial measures.

52
Capital Management (continued)

Table 37 provides information regarding the calculation and composition of our risk-based capital under the Advanced and
 
Standardized Approaches at September 30, 2019, and
December 31, 2018.
Table 37: Risk-Based Capital Calculation and Components
 
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
 
Advanced Approach

 
Standardized Approach

 
Advanced Approach

 
Standardized Approach

Total equity
 
$
194,416

 
194,416

 
197,066

 
197,066

Adjustments:
 

 

 
 
 
 
Preferred stock
 
(21,549
)
 
(21,549
)
 
(23,214
)
 
(23,214
)
Additional paid-in capital on ESOP preferred stock
 
(71
)
 
(71
)
 
(95
)
 
(95
)
Unearned ESOP shares
 
1,143

 
1,143

 
1,502

 
1,502

Noncontrolling interests
 
(1,112
)
 
(1,112
)
 
(900
)
 
(900
)
Total common stockholders’ equity

172,827

 
172,827

 
174,359

 
174,359

Adjustments:
 
 
 
 
 
 
 
 
Goodwill
 
(26,388
)
 
(26,388
)
 
(26,418
)
 
(26,418
)
Certain identifiable intangible assets (other than MSRs)
 
(465
)
 
(465
)
 
(559
)
 
(559
)
Other assets (1)
 
(2,295
)
 
(2,295
)
 
(2,187
)
 
(2,187
)
Applicable deferred taxes (2)
 
802

 
802

 
785

 
785

Other
 
258

 
258

 
383

 
383

Common Equity Tier 1 (Fully Phased-In)

144,739

 
144,739

 
146,363

 
146,363

 
 
 
 
 
 
 
 
 
Common Equity Tier 1 (Fully Phased-In)
 
$
144,739

 
144,739

 
146,363

 
146,363

Preferred stock
 
21,549

 
21,549

 
23,214

 
23,214

Additional paid-in capital on ESOP preferred stock
 
71

 
71

 
95

 
95

Unearned ESOP shares
 
(1,143
)
 
(1,143
)
 
(1,502
)
 
(1,502
)
Other
 
(344
)
 
(344
)
 
(304
)
 
(304
)
Total Tier 1 capital (Fully Phased-In)
(A)
164,872

 
164,872

 
167,866

 
167,866

 
 
 
 
 
 
 
 
 
Long-term debt and other instruments qualifying as Tier 2
 
26,670

 
26,670

 
27,946

 
27,946

Qualifying allowance for credit losses (3)
 
2,659

 
10,613

 
2,463

 
10,706

Other
 
(195
)
 
(195
)
 
(172
)
 
(172
)
Total Tier 2 capital (Fully Phased-In)
(B)
29,134

 
37,088

 
30,237

 
38,480

Effect of Transition Requirements
 
520

 
520

 
695

 
695

Total Tier 2 capital (Transition Requirements)
 
$
29,654

 
37,608

 
30,932

 
39,175

 
 
 
 
 
 
 
 
 
Total qualifying capital (Fully Phased-In)
(A)+(B)
$
194,006

 
201,960

 
198,103

 
206,346

Total Effect of Transition Requirements
 
520

 
520

 
695

 
695

Total qualifying capital (Transition Requirements)
 
$
194,526

 
202,480

 
198,798

 
207,041

 
 
 
 
 
 
 
 
 
Risk-Weighted Assets (RWAs) (4)(5):
 
 
 
 
 
 
 
 
Credit risk
 
$
796,866

 
1,206,673

 
803,273

 
1,201,246

Market risk
 
39,565

 
39,565

 
45,964

 
45,964

Operational risk
 
382,088

 
—

 
328,113

 
N/A

Total RWAs (Fully Phased-In)
 
$
1,218,519

 
1,246,238

 
1,177,350

 
1,247,210

(1)
Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets.
(2)
Applicable deferred taxes relate to goodwill and other intangible assets. They were 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.
(3)
Under the Advanced Approach the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 Capital, to the extent the excess allowance does not exceed 0.6% of Advanced credit RWAs, and under the Standardized Approach, the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of Standardized credit RWAs, with any excess allowance for credit losses being deducted from total RWAs.
(4)
RWAs calculated under the Advanced Approach utilize a risk-sensitive methodology, which relies upon the use of internal credit models based upon our experience with internal rating grades. Advanced Approach also includes an operational risk component, which reflects the risk of operating loss resulting from inadequate or failed internal processes or systems.
(5)
Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWAs.

53

Table 38 presents the changes in Common Equity Tier 1 under the Advanced Approach for the nine months ended September 30, 2019.
 

Table 38: Analysis of Changes in Common Equity Tier 1
(in millions)
 
 
Common Equity Tier 1 (Fully Phased-In) at December 31, 2018
 
$
146,363

Net income applicable to common stock
 
15,392

Common stock dividends
 
(6,299
)
Common stock issued, repurchased, and stock compensation-related items
 
(14,830
)
Changes in cumulative other comprehensive income
 
4,216

Cumulative effect from change in accounting policies (1)
 
(11
)
Goodwill
 
30

Certain identifiable intangible assets (other than MSRs)
 
94

Other assets (2)
 
(108
)
Applicable deferred taxes (3)
 
17

Other
 
(125
)
Change in Common Equity Tier 1
 
(1,624
)
Common Equity Tier 1 (Fully Phased-In) at September 30, 2019
 
$
144,739

(1)
Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates, ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. See Note 1 (Summary of Significant Accounting Policies) for more information.
(2)
Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets.
(3)
Applicable deferred taxes relate to goodwill and other intangible assets. They were 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.

Table 39 presents net changes in the components of RWAs under the Advanced and Standardized Approaches for the nine months ended September 30, 2019.
 


Table 39: Analysis of Changes in RWAs
(in millions)
Advanced Approach

Standardized Approach

RWAs (Fully Phased-In) at December 31, 2018
$
1,177,350

1,247,210

Net change in credit risk RWAs
(6,407
)
5,427

Net change in market risk RWAs
(6,399
)
(6,399
)
Net change in operational risk RWAs
53,975

—

Total change in RWAs
41,169

(972
)
RWAs (Fully Phased-In) at September 30, 2019
$
1,218,519

1,246,238



54
Capital Management (continued)

TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities, but excluding mortgage servicing rights), net of applicable deferred taxes. These tangible common equity ratios are as follows:
•
Tangible book value per common share, which represents tangible common equity divided by common shares outstanding.
 
•
Return on average tangible common equity (ROTCE), which represents our annualized earnings contribution as a percentage of tangible common equity.

The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company’s use of equity.
Table 40 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.

Table 40: Tangible Common Equity
 
 
 
Balance at period end
 
 
Average balance
 
 
 
 
Quarter ended
 
 
Quarter ended
 
 
Nine months ended
 
(in millions, except ratios)
 
 
Sep 30,
2019

Jun 30,
2019

Sep 30,
2018

 
Sep 30,
2019

Jun 30,
2019

Sep 30,
2018

 
Sep 30,
2019

Sep 30,
2018

Total equity
 
 
$
194,416

200,037

199,679

 
200,095

199,685

202,826

 
199,383

205,012

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
(21,549
)
(23,021
)
(23,482
)
 
(22,325
)
(23,023
)
(24,219
)
 
(22,851
)
(25,459
)
Additional paid-in capital on ESOP preferred stock
 
 
(71
)
(78
)
(105
)
 
(78
)
(78
)
(115
)
 
(84
)
(132
)
Unearned ESOP shares
 
 
1,143

1,292

1,780

 
1,290

1,294

2,026

 
1,361

2,292

Noncontrolling interests
 
 
(1,112
)
(995
)
(938
)
 
(1,065
)
(939
)
(892
)
 
(968
)
(936
)
Total common stockholders’ equity
(A)
 
172,827

177,235

176,934

 
177,917

176,939

179,626

 
176,841

180,777

Adjustments:
 
 
 
 
 
 

 

 
 
 
Goodwill
 
 
(26,388
)
(26,415
)
(26,425
)
 
(26,413
)
(26,415
)
(26,429
)
 
(26,416
)
(26,463
)
Certain identifiable intangible assets (other than MSRs)
 
 
(465
)
(493
)
(826
)
 
(477
)
(505
)
(958
)
 
(508
)
(1,221
)
Other assets (1)
 
 
(2,295
)
(2,251
)
(2,121
)
 
(2,159
)
(2,155
)
(2,083
)
 
(2,158
)
(2,195
)
Applicable deferred taxes (2)
 
 
802

788

829

 
797

780

845

 
787

889

Tangible common equity
(B)
 
$
144,481

148,864

148,391

 
149,665

148,644

151,001

 
148,546

151,787

Common shares outstanding
(C)
 
4,269.1

4,419.6

4,711.6

 
N/A

N/A

N/A

 
N/A

N/A

Net income applicable to common stock (3)
(D)
 
N/A

N/A

N/A

 
$
4,037

5,848

5,453

 
15,392

14,978

Book value per common share
(A)/(C)
 
$
40.48

40.10

37.55

 
N/A

N/A

N/A

 
N/A

N/A

Tangible book value per common share
(B)/(C)
 
33.84

33.68

31.49

 
N/A

N/A

N/A

 
N/A

N/A

Return on average common stockholders’ equity (ROE) (annualized)
(D)/(A)
 
N/A

N/A

N/A

 
9.00
%
13.26

12.04

 
11.64

11.08

Return on average tangible common equity (ROTCE) (annualized)
(D)/(B)
 
N/A

N/A

N/A

 
10.70

15.78

14.33

 
13.85

13.19

(1)
Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets.
(2)
Applicable deferred taxes relate to goodwill and other intangible assets. They were 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.
(3)
Quarter ended net income applicable to common stock is annualized for the respective ROE and ROTCE ratios.

55

SUPPLEMENTARY LEVERAGE RATIO In April 2014, federal banking regulators finalized a rule that enhances the SLR requirements for BHCs, like Wells Fargo, and their insured depository institutions. The calculation of the SLR is Tier 1 capital divided by the Company’s total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures. The rule, which became effective on January 1, 2018, requires a covered BHC to maintain a SLR of at least 5.00% (comprised of the 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) to avoid restrictions on capital distributions and discretionary bonus payments. The rule also requires that all of our insured depository institutions maintain a SLR of 6.00% under applicable regulatory capital adequacy guidelines. In April 2018, the FRB and OCC proposed rules (the “Proposed SLR Rules”) that would replace the 2.00% supplementary leverage buffer with a buffer equal to one-half of the firm’s G-SIB capital surcharge. The Proposed SLR Rules would similarly tailor the current 6.00% SLR requirement for our insured depository institutions.
At September 30, 2019, our SLR for the Company was 7.36%. Based on our review, our current leverage levels would exceed the applicable requirements for each of our insured depository institutions as well. See Table 41 for information regarding the calculation and components of the SLR.
Table 41: Supplementary Leverage Ratio
(in millions, except ratio)
 
Quarter ended September 30, 2019

Tier 1 capital
(A)
$
164,872

Total average assets
 
1,927,415

Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities)
 
28,825

Total adjusted average assets
 
1,898,590

Plus adjustments for off-balance sheet exposures:
 
 
Derivatives (1)
 
78,579

Repo-style transactions (2)
 
4,677

Other (3)
 
258,260

Total off-balance sheet exposures
 
341,516

Total leverage exposure
(B)
$
2,240,106

Supplementary leverage ratio
(A)/(B)
7.36
%
(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 (i.e., 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.
OTHER REGULATORY CAPITAL MATTERS In December 2016, the FRB finalized rules to address the amount of equity and unsecured long-term debt a U.S. G-SIB must hold to improve its resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). Under the rules, which became effective on January 1, 2019, U.S. G-SIBs are required to have a minimum TLAC amount (consisting of CET1 capital and additional tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) equal to the greater of (i) 18.00% of RWAs and (ii) 7.50% of total leverage exposure (the denominator of the SLR calculation). Additionally, U.S. G-SIBs are required to maintain (i) a TLAC buffer equal to 2.50% of RWAs plus the firm’s applicable G-SIB capital surcharge calculated under method one plus any applicable countercyclical buffer to be added to the 18.00% minimum and (ii) an external TLAC leverage buffer equal to 2.00% of total leverage exposure to be added to the
 
7.50% minimum, in order to avoid restrictions on capital distributions and discretionary bonus payments. The rules also require U.S. G-SIBs to have a minimum amount of eligible unsecured long-term debt equal to the greater of (i) 6.00% of RWAs plus the firm’s applicable G-SIB capital surcharge calculated under method two and (ii) 4.50% of the total leverage exposure. In addition, the rules impose certain restrictions on the operations and liabilities of the top-tier or covered BHC in order to further facilitate an orderly resolution, including prohibitions on the issuance of short-term debt to external investors and on entering into derivatives and certain other types of financial contracts with external counterparties. While the rules permit permanent grandfathering of a significant portion of otherwise ineligible long-term debt that was issued prior to December 31, 2016, long-term debt issued after that date must be fully compliant with the eligibility requirements of the rules in order to count toward the minimum TLAC amount. As a result of the rules, we will need to issue additional long-term debt to remain compliant with the requirements. Under the Proposed SLR Rules, the 2.00% external TLAC leverage buffer would be replaced with a buffer equal to one-half of the firm’s G-SIB capital surcharge. Additionally, the Proposed SLR Rules would modify the leverage component for calculating the minimum amount of eligible unsecured long-term debt from 4.50% of total leverage exposure to 2.50% of total leverage exposure plus one-half of the firm’s G-SIB capital surcharge. As of September 30, 2019, our eligible external TLAC as a percentage of total risk-weighted assets was 23.29% compared with a required minimum of 22.00%. Similar to the risk-based capital requirements, we determine minimum required TLAC based on the greater of RWAs determined under the Standardized and Advanced approaches.
In addition, as discussed in the “Risk Management – Asset/ Liability Management – Liquidity and Funding – Liquidity Standards” section in this Report, federal banking regulators have issued a final rule regarding the U.S. implementation of the Basel III LCR and a proposed rule regarding the NSFR.

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 surcharge. Accordingly, based on the final Basel III capital rules under the lower of the Standardized or Advanced Approaches CET1 capital ratios, we currently target a long-term CET1 capital ratio at or in excess of 10.00%, which includes a 2.00% G-SIB surcharge. Our capital targets are subject to change based on various factors, including changes to the regulatory capital framework and expectations for large banks promulgated by bank regulatory agencies, planned capital actions, changes in our risk profile and other factors. As discussed above in the “Capital Management – Regulatory Capital Guidelines – Risk-Based Capital and Risk-Weighted Assets” section of this Report, the FRB has proposed including a stress capital buffer to replace the current 2.50% capital conservation buffer. Under the proposal, it is expected that the adoption of CECL accounting would be included in the calculation of the stress capital buffer. We expect that implementation of the stress capital buffer may increase the level and volatility of minimum capital ratio requirements, which may cause our current long-term CET1 capital ratio target of 10.00% to increase.

56
Capital Management (continued)

Under the FRB’s capital plan rule, large BHCs are required to submit capital plans annually for review to determine if the FRB has any objections before making any capital distributions. The rule requires updates to capital plans in the event of material changes in a BHC’s risk profile, including as a result of any significant acquisitions. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating capital plans.
Our 2019 capital plan, which was submitted on April 4, 2019, as part of CCAR, included a comprehensive capital outlook supported by an assessment of expected sources and uses of capital over a given planning horizon under a range of expected and stress scenarios. As part of the 2019 CCAR, the FRB also generated a supervisory stress test, which assumed a sharp decline in the economy and significant decline in asset pricing using the information provided by the Company to estimate performance. The FRB reviewed the supervisory stress results both as required under the Dodd-Frank Act using a common set of capital actions for all large BHCs and by taking into account the Company’s proposed capital actions. The FRB published its supervisory stress test results as required under the Dodd-Frank Act on June 21, 2019. On June 27, 2019, the FRB notified us that it did not object to our capital plan included in the 2019 CCAR. On July 23, 2019, the Company increased its quarterly common stock dividend to $0.51 per share, as approved by the Board.
Federal banking regulators require stress tests to evaluate whether an institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions. These stress testing requirements set forth the timing and type of stress test activities large BHCs and banks must undertake as well as rules governing stress testing controls, oversight and disclosure requirements. The rules also limit a large BHC’s ability to make capital distributions to the extent its actual capital issuances were less than amounts indicated in its capital plan. As required under the FRB’s stress testing rule, we must submit a mid-cycle stress test based on second quarter data and scenarios developed by the Company. We submitted the results of the mid-cycle stress test to the FRB and disclosed a summary of the results in October 2019. In October 2019, the FRB finalized rules that eliminate the mid-cycle stress test requirement for banks beginning in 2020.
 
Securities Repurchases
From time to time the Board authorizes the Company to repurchase shares of our common stock. Although we announce when the Board authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market repurchases, including block transactions, accelerated or delayed block transactions, forward repurchase transactions, and similar transactions. Additionally, we may enter into plans to purchase stock that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934. Various factors determine the amount of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations, including the FRB’s response to our capital plan and to changes in our risk profile. Due to the various factors impacting the amount of our share repurchases and the fact that we tend to be in the market regularly to satisfy repurchase considerations under our capital plan, our share repurchases occur at various price levels. We may suspend share repurchase activity at any time.
In October 2018, the Board authorized the repurchase of 350 million shares of our common stock. In July 2019, the Board authorized the repurchase of an additional 350 million shares of our common stock. At September 30, 2019, we had remaining authority to repurchase approximately 384 million shares, subject to regulatory and legal conditions. For more information about share repurchases during third quarter 2019, see Part II, Item 2 in this Report.
Historically, our policy has been to repurchase shares under the “safe harbor” conditions of Rule 10b-18 of the Securities Exchange Act of 1934 including a limitation on the daily volume of repurchases. Rule 10b-18 imposes an additional daily volume limitation on share repurchases during a pending merger or acquisition in which shares of our stock will constitute some or all of the consideration. Our management may determine that during a pending stock merger or acquisition when the safe harbor would otherwise be available, it is in our best interest to repurchase shares in excess of this additional daily volume limitation. In such cases, we intend to repurchase shares in compliance with the other conditions of the safe harbor, including the standing daily volume limitation that applies whether or not there is a pending stock merger or acquisition.


57

Regulatory Matters
Since the enactment of the Dodd-Frank Act in 2010, the U.S. financial services industry has been subject to a significant increase in regulation and regulatory oversight initiatives. This increased regulation and oversight has substantially changed how most U.S. financial services companies conduct business and has increased their regulatory compliance costs.
For a discussion of certain consent orders applicable to the Company, see the “Overview” section in this Report. The following supplements our discussion of the 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 2018 Form 10-K and the "Regulatory Matters" section in our 2019 First and Second Quarter Reports on Form 10-Q.

VOLCKER RULE The Volcker Rule, with limited exceptions, prohibits banking entities from engaging in proprietary trading or owning any interest in or sponsoring or having certain relationships with a hedge fund, a private equity fund or certain structured transactions that are deemed covered funds. Federal banking regulators, the SEC, and the Commodity Futures Trading Commission (CFTC) (collectively, the Volcker supervisory regulators) jointly released a final rule to implement the Volcker Rule’s restrictions, and have finalized additional rules to streamline and tailor the requirements for compliance.



58

Critical Accounting Policies
Our significant accounting policies (see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K) 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. Five 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; and
•
liability for contingent litigation losses.

Management and the Board’s Audit and Examination Committee have reviewed and approved these critical accounting policies. These policies are described further in the “Financial Review – Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2018 Form 10-K.

59

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
Standard
 
Description
 
Effective date and financial statement impact
Accounting Standard Update (ASU or Update) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
 
The Update requires all features in long-duration insurance contracts that meet the definition of a market risk benefit to be measured at fair value through earnings with changes in fair value attributable to our own credit risk recognized in other comprehensive income. Currently, two measurement models exist for these features, fair value and insurance accrual. The Update requires the use of a standardized discount rate and routine updates for insurance assumptions used in valuing the liability for future policy benefits for traditional long-duration contracts. The Update also simplifies the amortization of deferred acquisition costs.

 
The guidance becomes effective on January 1, 2022. Certain of our variable annuity reinsurance products meet the definition of market risk benefits and will require the associated insurance-related reserves for these products to be measured at fair value as of the earliest period presented, with the cumulative effect on fair value for changes attributable to our own credit risk recognized in the beginning balance of accumulated other comprehensive income. The cumulative effect of the difference between fair value and carrying value, excluding the effect on fair value for our own credit risk, will be recognized in the opening balance of retained earnings. As of September 30, 2019, we held $1.1 billion in insurance-related reserves of which $478 million was in scope of the Update. A total of $420 million was associated with products that meet the definition of market risk benefits, and of this amount, $30 million was measured at fair value under current accounting standards. The market risk benefits are largely indexed to U.S. equity and fixed income markets. Upon adoption, we may incur periodic earnings volatility from changes in the fair value of market risk benefits primarily due to the long duration of these contracts. We plan to economically hedge this volatility, where feasible. The ultimate impact of these changes will depend on the composition of our market risk benefits portfolio at the date of adoption. Changes to the liability for future policy benefits for traditional long-duration contracts and deferred acquisition costs will be applied to all outstanding long-duration contracts on the basis of their existing carrying amounts at the beginning of the earliest period presented, and are not expected to be material.
ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related Updates
 
The Update changes the accounting for credit losses measurement on loans and
debt securities. For loans and held-to-maturity debt securities, the Update requires a current expected credit loss (CECL) measurement to estimate the allowance for credit losses (ACL) for the remaining estimated life of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. The Update eliminates the existing guidance for PCI loans, but requires an allowance for purchased financial assets with more than insignificant deterioration since origination. In addition, the Update modifies the other-than-temporary
impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit.

 
We will adopt the guidance in first quarter 2020. Our implementation process includes loss forecasting model development, evaluation of technical accounting topics, updates to our allowance documentation, reporting processes and related internal controls, and overall operational readiness for our adoption of the Update, which will continue for the remainder of 2019, including parallel runs for CECL alongside our current allowance process.
     We are in the process of developing, validating, and implementing models used to estimate credit losses under CECL. We have completed substantially all of our loss forecasting models, and we expect to complete the validation process for our loan models during 2019.
     Our current planned approach for estimating expected life-time credit losses for loans and debt securities includes the following key components:
•
An initial loss forecast period of one year for all portfolio segments and classes of financing receivables and off-balance-sheet credit exposures. This period reflects management’s expectation of losses based on forward-looking economic scenarios over that time.
•
A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segment and class of financing receivables based on the change in key historical economic variables during representative historical expansionary and recessionary periods.
•
A reversion period of up to two years connecting the initial loss forecast to the historical loss forecast based on economic conditions at the measurement date.
•
Utilization of discounted cash flow (DCF) methods to measure credit impairment for loans modified in a troubled debt restructuring, unless they are collateral dependent and measured at the fair value of collateral. The DCF methods would obtain estimated life-time credit losses using the conceptual components described above.
•
For available-for-sale debt securities and certain beneficial interests classified as held-to-maturity, we plan to utilize the DCF methods to measure the ACL, which will incorporate expected credit losses using the conceptual components described above.

     Based on our portfolio composition at September 30, 2019, and the current economic environment, we currently estimate an overall decrease in our ACL for loans of approximately $1.4 billion. The reduction reflects an expected decrease for commercial loans, given their short contractual maturities, partially offset by an expected increase for consumer loans with longer or indeterminate maturities and includes recoveries predominantly related to the increase in collateral value of residential mortgage loans, which were previously written down during the last credit cycle and are below their current recovery value. We will continue to evaluate and refine the results of our loss estimates for the remainder of 2019.
     We will recognize an ACL for held-to-maturity and available-for-sale debt securities. The ACL on available-for-sale debt securities will be subject to a limitation based on the fair value of the debt securities. Based on the credit quality of our existing debt securities portfolio, we do not expect the ACL for held-to-maturity and available-for-sale debt securities to be significant.
     The ultimate effect of CECL on our ACL will depend on the size and composition of our portfolio, the portfolio’s credit quality and economic conditions at the time of adoption, as well as any refinements to our models, methodology and other key assumptions. At adoption, we will have a cumulative-effect adjustment to retained earnings for our change in the ACL. We currently estimate an overall decrease in our ACL, which will result in an increase to our retained earnings and regulatory capital amounts and ratios.

60
Current Accounting Developments (continued)

In addition to the information in Table 42, the following Updates are applicable to us but are not expected to have a material impact on our consolidated financial statements:
•
ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This Update includes guidance on recoveries of financial assets, which has been included in the discussion for ASU 2016-13 above.
•
ASU 2018-17 – Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
•
ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for
 
Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)
•
ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This Update has been partially adopted; however, the remainder of this Update will be adopted at the effective date of January 1, 2020.
•
ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, 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, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) the outcome of contingencies, such as legal proceedings; 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, 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;
•
financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
•
developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;
•
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 on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
•
significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of other-than-temporary impairment on 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, asset and wealth management businesses;
•
negative effects from the retail banking sales practices matter and from other 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

61

to attract and retain qualified team members, and our reputation;
•
resolution of regulatory 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; 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, 2018.
 
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, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.
 
For more 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, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. 
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.

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.

62

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 2018 Form 10-K.

63

Controls and Procedures
Disclosure Controls and Procedures
The Company’s management evaluated the effectiveness, as of September 30, 2019, 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, 2019.

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 2019 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

64

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)
2019

 
2018

 
2019

 
2018

Interest income
 
 
 
 
 
 
 
Debt securities
$
3,666

 
3,595

 
11,388

 
10,603

Mortgage loans held for sale
232

 
210

 
579

 
587

Loans held for sale
20

 
35

 
64

 
107

Loans
10,982

 
11,116

 
33,652

 
32,607

Equity securities
247

 
280

 
693

 
732

Other interest income
1,352

 
1,128

 
4,112

 
3,090

Total interest income
16,499

 
16,364

 
50,488

 
47,726

Interest expense
 
 
 
 
 
 
 
Deposits
2,324

 
1,499

 
6,563

 
3,857

Short-term borrowings
635

 
462

 
1,877

 
1,171

Long-term debt
1,780

 
1,667

 
5,607

 
4,901

Other interest expense
135

 
164

 
410

 
446

Total interest expense
4,874

 
3,792

 
14,457

 
10,375

Net interest income
11,625

 
12,572

 
36,031


37,351

Provision for credit losses
695

 
580

 
2,043

 
1,223

Net interest income after provision for credit losses
10,930

 
11,992

 
33,988

 
36,128

Noninterest income
 
 
 
 
 
 
 
Service charges on deposit accounts
1,219

 
1,204

 
3,519

 
3,540

Trust and investment fees
3,559

 
3,631

 
10,500

 
10,989

Card fees
1,027

 
1,017

 
2,996

 
2,926

Other fees
858

 
850

 
2,428

 
2,496

Mortgage banking
466

 
846

 
1,932

 
2,550

Insurance
91

 
104

 
280

 
320

Net gains from trading activities
276

 
158

 
862

 
592

Net gains on debt securities (1)
3

 
57

 
148

 
99

Net gains from equity securities (2)
956

 
416

 
2,392

 
1,494

Lease income
402

 
453

 
1,269

 
1,351

Other
1,528

 
633

 
2,846

 
1,720

Total noninterest income
10,385

 
9,369

 
29,172

 
28,077

Noninterest expense
 
 
 
 
 
 
 
Salaries
4,695

 
4,461

 
13,661

 
13,289

Commission and incentive compensation
2,735

 
2,427

 
8,177

 
7,837

Employee benefits
1,164

 
1,377

 
4,438

 
4,220

Equipment
693

 
634

 
1,961

 
1,801

Net occupancy
760

 
718

 
2,196

 
2,153

Core deposit and other intangibles
27

 
264

 
82

 
794

FDIC and other deposit assessments
93

 
336

 
396

 
957

Other
5,032

 
3,546

 
11,653

 
11,736

Total noninterest expense
15,199

 
13,763

 
42,564

 
42,787

Income before income tax expense
6,116

 
7,598

 
20,596


21,418

Income tax expense
1,304

 
1,512

 
3,479

 
4,696

Net income before noncontrolling interests
4,812

 
6,086

 
17,117


16,722

Less: Net income from noncontrolling interests
202

 
79

 
441

 
393

Wells Fargo net income
$
4,610

 
6,007

 
16,676


16,329

Less: Preferred stock dividends and other
573

 
554

 
1,284

 
1,351

Wells Fargo net income applicable to common stock
$
4,037

 
5,453

 
15,392

 
14,978

Per share information
 
 
 
 
 
 
 
Earnings per common share
$
0.93

 
1.14

 
3.45

 
3.09

Diluted earnings per common share
0.92

 
1.13

 
3.43

 
3.07

Average common shares outstanding
4,358.5

 
4,784.0

 
4,459.1

 
4,844.8

Diluted average common shares outstanding
4,389.6

 
4,823.2

 
4,489.5

 
4,885.0


(1)
Total other-than-temporary impairment (OTTI) losses (reversal of losses) were $8 million and $0 million for third quarter 2019 and 2018, respectively. Of total OTTI, losses of $6 million and $5 million were recognized in earnings, and losses (reversal of losses) of $2 million and $(5) million were recognized as non-credit-related OTTI in other comprehensive income for third quarter 2019 and 2018, respectively. Total OTTI losses were $59 million and $14 million for the first nine months of 2019 and 2018, respectively. Of total OTTI, losses of $58 million and $23 million were recognized in earnings, and losses (reversal of losses) of $1 million and $(9) million were recognized as non-credit-related OTTI in other comprehensive income for the first nine months of 2019 and 2018, respectively.
(2)
Includes OTTI losses of $43 million and $45 million for third quarter 2019 and 2018, respectively, and $110 million and $302 million for the first nine months of 2019 and 2018, respectively.

The accompanying notes are an integral part of these statements.

65

Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Income (Unaudited)
 
 
 
 
 
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
 
2019

 
2018

 
2019

 
2018

Wells Fargo net income
 
$
4,610

 
6,007

 
16,676

 
16,329

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
 
652

 
(1,468
)
 
5,192

 
(5,528
)
Reclassification of net losses to net income
 
76

 
51

 
34

 
168

Derivative and hedging activities:
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
 
10

 
(24
)
 
32

 
(416
)
Reclassification of net losses to net income
 
75

 
79

 
233

 
216

Defined benefit plans adjustments:
 
 
 
 
 
 
 
 
Net actuarial and prior service gains (losses) arising during the period
 
—

 
—

 
(4
)
 
6

Amortization of net actuarial loss, settlements and other to net income
 
33

 
29

 
101

 
90

Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
 
(53
)
 
(9
)
 
3

 
(94
)
Other comprehensive income (loss), before tax
 
793

 
(1,342
)
 
5,591

 
(5,558
)
Income tax benefit (expense) related to other comprehensive income
 
(208
)
 
330

 
(1,375
)
 
1,346

Other comprehensive income (loss), net of tax
 
585

 
(1,012
)
 
4,216

 
(4,212
)
Less: Other comprehensive loss from noncontrolling interests
 
—

 
—

 
—

 
(1
)
Wells Fargo other comprehensive income (loss), net of tax
 
585

 
(1,012
)
 
4,216

 
(4,211
)
Wells Fargo comprehensive income
 
5,195

 
4,995

 
20,892

 
12,118

Comprehensive income from noncontrolling interests
 
202

 
79

 
441

 
392

Total comprehensive income
 
$
5,397

 
5,074

 
21,333

 
12,510



The accompanying notes are an integral part of these statements.

66

Wells Fargo & Company and Subsidiaries
 
 
 
Consolidated Balance Sheet
 
 
 
(in millions, except shares)
Sep 30,
2019

 
Dec 31,
2018

Assets
(Unaudited)

 
 
Cash and due from banks
$
22,401

 
23,551

Interest-earning deposits with banks
126,330

 
149,736

Total cash, cash equivalents, and restricted cash
148,731

 
173,287

Federal funds sold and securities purchased under resale agreements
103,051

 
80,207

Debt securities:
 
 
 
Trading, at fair value
79,113

 
69,989

Available-for-sale, at fair value
271,236

 
269,912

Held-to-maturity, at cost (fair value $156,279 and $142,115)
153,179

 
144,788

Mortgage loans held for sale (includes $16,945 and $11,771 carried at fair value) (1)
25,448

 
15,126

Loans held for sale (includes $1,501 and $1,469 carried at fair value) (1)
1,532

 
2,041

Loans (includes $185 and $244 carried at fair value) (1)
954,915

 
953,110

Allowance for loan losses 
(9,715
)
 
(9,775
)
Net loans
945,200

 
943,335

Mortgage servicing rights: 
 
 
 
Measured at fair value 
11,072

 
14,649

Amortized 
1,397

 
1,443

Premises and equipment, net 
9,315

 
8,920

Goodwill
26,388

 
26,418

Derivative assets
14,680

 
10,770

Equity securities (includes $38,368 and $29,556 carried at fair value) (1)
63,884

 
55,148

Other assets
89,724

 
79,850

Total assets (2)
$
1,943,950

 
1,895,883

Liabilities
 
 
 
Noninterest-bearing deposits 
$
355,259

 
349,534

Interest-bearing deposits 
953,236

 
936,636

Total deposits 
1,308,495

 
1,286,170

Short-term borrowings 
123,908

 
105,787

Derivative liabilities
9,948

 
8,499

Accrued expenses and other liabilities
76,532

 
69,317

Long-term debt 
230,651

 
229,044

Total liabilities (3)
1,749,534

 
1,698,817

Equity 
 
 
 
Wells Fargo stockholders’ equity: 
 
 
 
Preferred stock 
21,549

 
23,214

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 
60,866

 
60,685

Retained earnings 
166,320

 
158,163

 Cumulative other comprehensive income (loss)
(1,639
)
 
(6,336
)
Treasury stock – 1,212,669,670 shares and 900,557,866 shares 
(61,785
)
 
(47,194
)
Unearned ESOP shares 
(1,143
)
 
(1,502
)
Total Wells Fargo stockholders’ equity 
193,304

 
196,166

Noncontrolling interests 
1,112

 
900

Total equity
194,416

 
197,066

Total liabilities and equity
$
1,943,950

 
1,895,883

(1)
Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or have elected the fair value option.
(2)
Our consolidated assets at September 30, 2019, and December 31, 2018, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $10 million and $139 million; Interest-earning deposits with banks, $118 million and $8 million; Debt securities, $61 million and $45 million; Net loans, $13.1 billion and $13.6 billion; Equity securities, $100 million and $85 million; Other assets, $214 million and $221 million; and Total assets, $13.6 billion and $14.1 billion, respectively.
(3)
Our consolidated liabilities at September 30, 2019, and December 31, 2018, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Accrued expenses and other liabilities, $202 million and $191 million; Long-term debt, $722 million and $816 million; and Total liabilities, $924 million and $1.0 billion, respectively. 

The accompanying notes are an integral part of these statements.

67


Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
Common stock
 
(in millions, except shares)
Shares

 
Amount

 
Shares

 
Amount

Balance June 30, 2019
9,184,169

 
$
23,021

 
4,419,591,197

 
$
9,136

Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
5,834,645

 
 
Common stock repurchased
 
 
 
 
(159,099,263
)
 
 
Preferred stock redeemed (1)
(1,550,000
)
 
(1,330
)
 
 
 
 
Preferred stock issued to ESOP
 
 
 
 
 
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(142,000
)
 
(142
)
 
2,815,225

 
 
Common stock warrants repurchased/exercised
 
 
 
 
 
 
 
Preferred stock issued
 
 
 
 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(1,692,000
)

(1,472
)

(150,449,393
)

—

Balance September 30, 2019
7,492,169


$
21,549


4,269,141,804


$
9,136

Balance June 30, 2018
12,055,984

 
$
25,737

 
4,849,067,854

 
$
9,136

Adoption of accounting standard related to certain tax effects stranded in accumulated other comprehensive income (loss) (2)
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
4,131,347

 
 
Common stock repurchased
 
 
 
 
(146,487,043
)
 
 
Preferred stock redeemed (3)
(2,150,375
)
 
(1,995
)
 
 
 
 
Preferred stock issued to ESOP
 
 
 
 
 
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(260,257
)
 
(260
)
 
4,848,888

 
 
Common stock warrants repurchased/exercised
 
 
 
 
 
 
 
Preferred stock issued
 
 
 
 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(2,410,632
)

(2,255
)

(137,506,808
)

—

Balance September 30, 2018
9,645,352


$
23,482


4,711,561,046


$
9,136


(1)
Represents the impact of the partial redemption of preferred stock, series K, in third quarter 2019.
(2)
Represents the reclassification from other comprehensive income to retained earnings as a result of the adoption of ASU 2018-02 – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, in third quarter 2018.
(3)
Represents the impact of the redemption of preferred stock, series J, in third quarter 2018.

68


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30,
 
 
 
 
 
 
 
Wells Fargo stockholders’ equity
 
 
 
 
 
Additional
paid-in
capital

 
Retained
earnings

 
Cumulative
other
comprehensive
income

 
Treasury
stock

 
Unearned
ESOP
shares

 
Total
Wells Fargo
stockholders’
equity

 
Noncontrolling
interests

 
Total
equity

60,625

 
164,551

 
(2,224
)
 
(54,775
)
 
(1,292
)
 
199,042

 
995

 
200,037

 
 
4,610

 
 
 
 
 
 
 
4,610

 
202

 
4,812

 
 
 
 
585

 
 
 
 
 
585

 
—

 
585

—

 
 
 
 
 
 
 
 
 
—

 
(85
)
 
(85
)
(6
)
 
(15
)
 
 
 
299

 
 
 
278

 
 
 
278

—

 
 
 
 
 
(7,448
)
 
 
 
(7,448
)
 
 
 
(7,448
)
 
 
(220
)
 
 
 
 
 
 
 
(1,550
)
 
 
 
(1,550
)
—

 
 
 
 
 
 
 
—

 
—

 
 
 
—

(7
)
 
 
 
 
 
 
 
149

 
142

 
 
 
142

(1
)
 
 
 
 
 
143

 
 
 
—

 
 
 
—

—

 
 
 
 
 
 
 
 
 
—

 
 
 
—

—

 
 
 
 
 
 
 
 
 
—

 
 
 
—

23

 
(2,253
)
 
 
 
 
 
 
 
(2,230
)
 
 
 
(2,230
)
 
 
(353
)
 
 
 
 
 
 
 
(353
)
 
 
 
(353
)
262

 
 
 
 
 
 
 
 
 
262

 
 
 
262

(30
)
 
 
 
 
 
(4
)
 
 
 
(34
)
 
 
 
(34
)
241


1,769


585


(7,010
)

149


(5,738
)

117


(5,621
)
60,866


166,320


(1,639
)

(61,785
)

(1,143
)

193,304


1,112


194,416

59,644

 
150,803

 
(5,461
)
 
(32,620
)
 
(2,051
)
 
205,188

 
881

 
206,069

 
 
400

 
(400
)
 
 
 
 
 
—

 
 
 
—

 
 
6,007

 
 
 
 
 
 
 
6,007

 
79

 
6,086

 
 
 
 
(1,012
)
 
 
 
 
 
(1,012
)
 
—

 
(1,012
)
—

 
  

 
 
 
 
 
 
 
—

 
(22
)
 
(22
)
(58
)
 
—

 
 
 
214

 
 
 
156

 
 
 
156

1,000

 
 
 
 
 
(8,382
)
 
 
 
(7,382
)
 
 
 
(7,382
)


 
(155
)
 
 
 
 
 
 
 
(2,150
)
 
 
 
(2,150
)
—

 
 
 
 
 
 
 
—

 
—

 
 
 
—

(11
)
 
 
 
 
 
 
 
271

 
260

 
 
 
260

6

 
 
 
 
 
254

 
 
 
—

 
 
 
—

(36
)
 
 
 
 
 
 
 
 
 
(36
)
 
 
 
(36
)
—

 
 
 
 
 
 
 
 
 
—

 
 
 
—

18

 
(2,080
)
 
 
 
 
 
 
 
(2,062
)
 
 
 
(2,062
)
 
 
(399
)
 
 
 
 
 
 
 
(399
)
 
 
 
(399
)
202

 
 
 
 
 
 
 
 
 
202

 
 
 
202

(27
)
 
 
 
 
 
(4
)
 
 
 
(31
)
 
 
 
(31
)
1,094


3,773


(1,412
)

(7,918
)

271


(6,447
)

57


(6,390
)
60,738


154,576


(6,873
)

(40,538
)

(1,780
)

198,741


938


199,679



69


Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
Common stock
 
(in millions, except shares)
Shares

 
Amount

 
Shares

 
Amount

Balance December 31, 2018
9,377,216

 
$
23,214

 
4,581,253,608

 
$
9,136

Cumulative effect from change in accounting policies (1)
 
 
 
 
 
 
 
Balance January 1, 2019
9,377,216

 
$
23,214

 
4,581,253,608

 
$
9,136

Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
42,384,469

 
 
Common stock repurchased
 
 
 
 
(361,315,717
)
 
 
Preferred stock redeemed (2)
(1,550,000
)
 
(1,330
)
 
 
 
 
Preferred stock issued to ESOP
—

 
—

 
 
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(335,047
)
 
(335
)
 
6,819,444

 
 
Common stock warrants repurchased/exercised
 
 
 
 
 
 
 
Preferred stock issued
 
 
 
 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(1,885,047
)
 
(1,665
)
 
(312,111,804
)
 
—

Balance September 30, 2019
7,492,169

 
$
21,549

 
4,269,141,804

 
$
9,136

Balance December 31, 2017
11,677,235

 
$
25,358

 
4,891,616,628

 
$
9,136

Cumulative effect from change in accounting policies (3)
 
 
 
 
 
 
 
Balance January 1, 2018
11,677,235

 
$
25,358

 
4,891,616,628

 
$
9,136

Adoption of accounting standard related to certain tax effects stranded in accumulated other comprehensive income (loss) (4)
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
34,391,135

 
 
Common stock repurchased
 
 
 
 
(232,826,228
)
 
 
Preferred stock redeemed (5)
(2,150,375
)
 
(1,995
)
 
 
 
 
Preferred stock issued to ESOP
1,100,000

 
1,100

 
 
 
 
Preferred stock released by ESOP
  

 
 
 
 
 
 
Preferred stock converted to common shares
(981,508
)
 
(981
)
 
18,379,511

 
 
Common stock warrants repurchased/exercised
  

 
 
 
  

 
 
Preferred stock issued
 
 
 
 
  

 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(2,031,883
)
 
(1,876
)
 
(180,055,582
)
 
—

Balance September 30, 2018
9,645,352

 
$
23,482

 
4,711,561,046

 
$
9,136


(1)
Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates, ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. See Note 1 (Summary of Significant Accounting Policies) for more information.
(2)
Represents the impact of the partial redemption of preferred stock, series K, in third quarter 2019.
(3)
Effective January 1, 2018, we adopted ASU 2016-04 – Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products, ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2014-09 – Revenue from Contracts With Customers (Topic 606) and subsequent related Updates.
(4)
Represents the reclassification from other comprehensive income to retained earnings as a result of the adoption of ASU 2018-02 – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, in third quarter 2018.
(5)
Represents the impact of the redemption of preferred stock, series J, in third quarter 2018.


70


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30,
 
 
 
 
 
 
 
Wells Fargo stockholders’ equity
 
 
 
 
 
Additional
paid-in
capital

 
Retained
earnings

 
Cumulative
other
comprehensive
income

 
Treasury
stock

 
Unearned
ESOP
shares

 
Total
Wells Fargo
stockholders’
equity

 
Noncontrolling
interests

 
Total
equity

60,685

 
158,163

 
(6,336
)
 
(47,194
)
 
(1,502
)
 
196,166

 
900

 
197,066

 
 
(492
)
 
481

 
 
 
 
 
(11
)
 
 
 
(11
)
60,685

 
157,671

 
(5,855
)
 
(47,194
)
 
(1,502
)
 
196,155

 
900

 
197,055

 
 
16,676

 
 
 
 
 
 
 
16,676

 
441

 
17,117

 
 
 
 
4,216

 
 
 
 
 
4,216

 
—

 
4,216

—

 


 


 


 


 
—

 
(229
)
 
(229
)
(8
)
 
(382
)
 


 
2,206

 


 
1,816

 
 
 
1,816

—

 


 


 
(17,166
)
 


 
(17,166
)
 
 
 
(17,166
)
 
 
(220
)
 
 
 
 
 
 
 
(1,550
)
 
 
 
(1,550
)
—

 


 


 


 
—

 
—

 
 
 
—

(24
)
 


 


 


 
359

 
335

 
 
 
335

(16
)
 


 


 
351

 


 
—

 
 
 
—

—

 


 


 


 


 
—

 
 
 
—

—

 


 


 


 


 
—

 
 
 
—

62

 
(6,361
)
 


 


 


 
(6,299
)
 
 
 
(6,299
)


 
(1,064
)
 


 


 


 
(1,064
)
 
 
 
(1,064
)
1,053

 


 


 


 


 
1,053

 
 
 
1,053

(886
)
 


 


 
18

 


 
(868
)
 
 
 
(868
)
181

 
8,649

 
4,216

 
(14,591
)
 
359

 
(2,851
)
 
212

 
(2,639
)
60,866

 
166,320

 
(1,639
)
 
(61,785
)
 
(1,143
)
 
193,304

 
1,112

 
194,416

60,893

 
145,263

 
(2,144
)
 
(29,892
)
 
(1,678
)
 
206,936

 
1,143

 
208,079

 
 
94

 
(118
)
 
 
 
 
 
(24
)
 
 
 
(24
)
60,893

 
145,357

 
(2,262
)
 
(29,892
)
 
(1,678
)
 
206,912

 
1,143

 
208,055

 
 
400

 
(400
)
 
 
 
 
 
—

 
 
 
—

  
 
16,329

 
  

 
  
 
 
 
16,329

 
393

 
16,722

  
 
  
 
(4,211
)
 
  
 
 
 
(4,211
)
 
(1
)
 
(4,212
)
7

 
  

 
  

 
  

 
 
 
7

 
(597
)
 
(590
)
(53
)
 
(231
)
 
  

 
1,721

 
 
 
1,437

 
 
 
1,437

—

 
 
 
  

 
(13,334
)
 
 
 
(13,334
)
 
 
 
(13,334
)
 
 
(155
)
 
 
 
 
 
 
 
(2,150
)
 
 
 
(2,150
)
43

 
 
 
  

 
 
 
(1,143
)
 
—

 
 
 
—

(60
)
 
 
 
  

 
 
 
1,041

 
981

 
 
 
981

33

 
 
 
  

 
948

 
 
 
—

 
 
 
—

(194
)
 
 
 
  

 
  

 
 
 
(194
)
 
 
 
(194
)
—

 
 
 
  

 
  

 
 
 
—

 
 
 
—

48

 
(5,921
)
 
  

 
  

 
 
 
(5,873
)
 
 
 
(5,873
)
 
 
(1,203
)
 
  

 
  

 
 
 
(1,203
)
 
 
 
(1,203
)
897

 
 
 
  

 
 
 
 
 
897

 
 
 
897

(876
)
 
  

 
  

 
19

 
 
 
(857
)
 
 
 
(857
)
(155
)
 
9,219

 
(4,611
)
 
(10,646
)
 
(102
)
 
(8,171
)
 
(205
)
 
(8,376
)
60,738

 
154,576

 
(6,873
)
 
(40,538
)
 
(1,780
)
 
198,741

 
938

 
199,679



71


Wells Fargo & Company and Subsidiaries
 
 
 
Consolidated Statement of Cash Flows (Unaudited)
 
 
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

Cash flows from operating activities:
 
 
 
Net income before noncontrolling interests
$
17,117

 
16,722

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for credit losses
2,043

 
1,223

Changes in fair value of MSRs, MLHFS and LHFS carried at fair value
3,704

 
(1,057
)
Depreciation, amortization and accretion
4,940

 
4,222

Other net (gains)
(2,888
)
 
(8,919
)
Stock-based compensation
1,885

 
1,859

Originations and purchases of mortgage loans held for sale
(109,609
)
 
(120,006
)
Proceeds from sales of and paydowns on mortgage loans held for sale
70,676

 
90,714

Net change in:
 
 
 
Debt and equity securities, held for trading
17,104

 
24,709

Loans held for sale
241

 
(530
)
Deferred income taxes
(3,142
)
 
940

Derivative assets and liabilities
(2,397
)
 
315

Other assets
(6,320
)
 
9,738

Other accrued expenses and liabilities
953

 
1,109

Net cash provided (used) by operating activities
(5,693
)
 
21,039

Cash flows from investing activities:
 
 
 
Net change in:
 
 
 
Federal funds sold and securities purchased under resale agreements
(22,844
)
 
(4,448
)
Available-for-sale debt securities:
 
 
 
Proceeds from sales
7,709

 
7,088

Prepayments and maturities
30,362

 
28,360

Purchases
(44,460
)
 
(41,495
)
Held-to-maturity debt securities:
 
 
 
Paydowns and maturities
9,154

 
8,509

Purchases
(2,929
)
 
—

Equity securities, not held for trading:
 
 
 
Proceeds from sales and capital returns
4,104

 
4,481

Purchases
(4,595
)
 
(3,937
)
Loans:
 
 
 
Loans originated by banking subsidiaries, net of principal collected
(15,133
)
 
(2,965
)
Proceeds from sales (including participations) of loans held for investment
10,416

 
12,356

Purchases (including participations) of loans
(1,574
)
 
(896
)
Principal collected on nonbank entities’ loans
2,990

 
5,110

Loans originated by nonbank entities
(3,816
)
 
(5,760
)
Net cash paid for acquisitions
—

 
(10
)
Proceeds from sales of foreclosed assets and short sales
1,992

 
2,781

Other, net
1,519

 
1,317

Net cash provided (used) by investing activities
(27,105
)
 
10,491

Cash flows from financing activities:
 
 
 
Net change in:
 
 
 
Deposits
22,005

 
(69,371
)
Short-term borrowings
18,121

 
2,195

Long-term debt:
 
 
 
Proceeds from issuance
40,220

 
31,397

Repayment
(45,940
)
 
(29,419
)
Preferred stock:
 
 
 
Redeemed
(1,550
)
 
(2,150
)
Cash dividends paid
(1,005
)
 
(1,211
)
Common stock:
 
 
 
Proceeds from issuance
356

 
548

Stock tendered for payment of withholding taxes
(283
)
 
(322
)
Repurchased
(17,166
)
 
(13,334
)
Cash dividends paid
(6,118
)
 
(5,730
)
Net change in noncontrolling interests
(221
)
 
(364
)
Other, net
(177
)
 
(193
)
Net cash provided (used) by financing activities
8,242

 
(87,954
)
Net change in cash, cash equivalents, and restricted cash
(24,556
)
 
(56,424
)
Cash, cash equivalents, and restricted cash at beginning of period
173,287

 
215,947

Cash, cash equivalents, and restricted cash at end of period
$
148,731

 
159,523

Supplemental cash flow disclosures:
 
 
 
Cash paid for interest
$
14,505

 
10,108

Cash paid for income taxes
5,248

 
1,921


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

72
Note 1: Summary of Significant Accounting Policies (continued)

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, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking locations, the internet and other distribution channels to consumers, businesses and institutions in all 50 states, the District of Columbia, and in foreign countries. 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 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, 2018 (2018 Form 10-K). 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 6 (Loans and Allowance for Credit Losses));
•
valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities));
•
valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities));
•
liabilities for contingent litigation losses (Note 14 (Legal Actions)); and
•
income taxes.

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 2018 Form 10-K.
 
Accounting Standards Adopted in 2019
In first quarter 2019, we adopted the following new accounting guidance:
•
Accounting Standards Update (ASU or Update) 2018-16 – Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS)
 
Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
•
ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities
•
ASU 2016-02 – Leases (Topic 842) and subsequent related Updates, including early adoption of ASU 2019-01 – Leases (Topic 842): Codification Improvements

ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting. The Update adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the London Interbank Offered Rate (LIBOR) to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. The Update is applied prospectively for qualifying new or re-designated hedging relationships entered into on or after adoption date.
We adopted the guidance in first quarter 2019. The Update has not had an impact as we have not designated SOFR OIS as a benchmark interest rate in any hedging relationships.

ASU 2017-08 changes the interest income recognition model for purchased callable debt securities carried at a premium, as the premium will be amortized to the earliest call date rather than to the contractual maturity date. Accounting for purchased callable debt securities held at a discount does not change, as the discount will continue to accrete to the contractual maturity date. The Update impacted our investments in purchased callable debt securities classified as available-for-sale (AFS) and held-to-maturity (HTM), which primarily consist of debt securities of U.S. states and political subdivisions.
We adopted the Update in first quarter 2019 and recorded a cumulative-effect adjustment as of January 1, 2019, that decreased total stockholders’ equity by $111 million. Retained earnings was reduced by $592 million which reflects both the incremental premium amortization under the new guidance from the acquisition date of our impacted AFS and HTM debt securities through the date of adoption and the fact that the incremental premium amortization is not deductible for federal income tax purposes. Other comprehensive income (OCI) was increased by $481 million which reflects the corresponding adjustment to the adoption date unrealized gain or loss of impacted AFS debt securities. Going forward, interest income recognized prior to the call date will be reduced because the premium will be amortized over a shorter period.

ASU 2016-02 modifies the guidance used by lessors and lessees to account for leasing transactions. For our transition to the new guidance, we elected several available practical expedients, including to not reassess the classification of our existing leases, any initial direct costs associated with our leases, or whether any existing contracts are or contain leases. In addition, we elected not to provide a comparative presentation for 2018 and 2017 financial statements.
We adopted the Update in first quarter 2019 and recorded a cumulative-effect adjustment that increased retained earnings by $100 million related to deferred gains on our prior sale-leaseback transactions. We also recognized operating lease right-of-use

73

(ROU) assets and liabilities, substantially all of which relate to our leasing of real estate as a lessee, of $4.9 billion and $5.6 billion, respectively.

Leasing Activity
AS LESSOR We lease equipment to our customers under financing or operating leases.
Financing leases are presented in loans and are recorded at the discounted amounts of lease payments receivable plus the estimated residual value of the leased asset. Leveraged leases, which are a form of financing leases, are reduced by related non-recourse debt from third-party investors. Lease payments receivable reflect contractual lease payments adjusted for renewal or termination options that we believe the customer is reasonably certain to exercise. The residual value reflects our best estimate of the expected sales price for the equipment at lease termination based on sales history adjusted for recent trends in the expected exit markets. Many of our leases allow the customer to extend the lease at prevailing market terms or purchase the asset for fair value at lease termination.
Our allowance for loan losses for financing leases considers both the collectability of the lease payments receivable as well as the estimated residual value of the leased asset. We typically purchase residual value insurance on our financing leases so that our risk of loss at lease termination will be less than 10% of the initial value of the lease. Our risk to declines in residual values is further mitigated by the diversity of leased assets in our lease portfolio. In addition, we have several channels for re-leasing or marketing those assets.
In connection with a lease, we may finance the customer’s purchase of other products or services from the equipment vendor and allocate the contract consideration between the use of the asset and the purchase of those products or services based on information obtained from the vendor. Amounts allocated to financing of vendor products or services are reported in loans as commercial and industrial loans, rather than as lease financing.
Our primary income from financing leases is interest income recognized using the effective interest method. Variable lease revenues, such as reimbursement for property taxes associated with the leased asset, are included in lease income within noninterest income.
Operating lease assets are presented in other assets, net of accumulated depreciation. Periodic depreciation expense is recorded on a straight-line basis to the estimated residual value over the estimated useful life of the leased asset. On a periodic basis, operating lease assets are reviewed for impairment and impairment loss is recognized if the carrying amount of operating lease assets exceeds fair value and is not recoverable. The carrying amount of leased assets is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. Depreciation of leased assets and impairment loss are presented in operating leases expense within other noninterest expense.
Operating lease rental income for leased assets is recognized in lease income within noninterest income on a straight-line basis over the lease term. Variable revenues on operating leases include reimbursements of costs, including property taxes, which fluctuate over time, as well as rental revenue based on usage. For leases of railcars, revenue for maintenance services provided under the lease is recognized in lease income.
We elected to exclude from revenues and expenses any sales tax incurred on lease payments which are reimbursed by the lessee. Substantially all of our leased assets are protected against casualty loss through third party insurance.
 

AS LESSEE We enter into lease agreements to obtain the right to use assets for our business operations, substantially all of which are real estate. Lease liabilities and ROU assets are recognized when we enter into operating or financing leases and represent our obligations and rights to use these assets over the period of the leases and may be re-measured for certain modifications, resolution of certain contingencies involving variable consideration, or our exercise of options (renewal, extension, or termination) under the lease.
Operating lease liabilities include fixed and in-substance fixed payments for the contractual duration of the lease, adjusted for renewals or terminations which were considered probable of exercise when measured. The lease payments are discounted using a rate determined when the lease is recognized. As we typically do not know the discount rate implicit in the lease, we estimate a discount rate that we believe approximates a collateralized borrowing rate for the estimated duration of the lease. The discount rate is updated when re-measurement events occur. The related operating lease ROU assets may differ from operating lease liabilities due to initial direct costs, deferred or prepaid lease payments and lease incentives.
We present operating lease liabilities in accrued expenses and other liabilities and the related operating lease ROU assets in other assets. The amortization of operating lease ROU assets and the accretion of operating lease liabilities are reported together as fixed lease expense and are included in net occupancy expense within noninterest expense. The fixed lease expense is recognized on a straight-line basis over the life of the lease.
Some of our operating leases include variable lease payments which are periodic adjustments of our payments for the use of the asset based on changes in factors such as consumer price indices, fair market value, tax rates imposed by taxing authorities, or lessor cost of insurance. To the extent not included in operating lease liabilities and operating lease ROU assets, these variable lease payments are recognized as incurred in net occupancy expense within noninterest expense.
For substantially all of our leased assets, we account for consideration paid under the contract for maintenance or other services as lease payments. In addition, for certain asset classes, we have elected to exclude leases with original terms of less than one year from the operating lease ROU assets and lease liabilities. The related short-term lease expense is included in net occupancy expense.
Finance lease (formerly capital lease) liabilities are presented in long-term debt and the associated finance ROU assets are presented in premises and equipment.

Share Repurchases
From time to time we may enter into private forward repurchase contracts, written repurchase plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, or a combination of the two to complement our open-market common stock repurchase strategies. The stock repurchase transactions allow us to manage our share repurchases in a manner consistent with our capital plans submitted annually under the Comprehensive Capital Analysis and Review (CCAR) and to provide an economic benefit to the Company.
Our payments to the counterparties for the private forward repurchase contracts are recorded in permanent equity in the quarter paid and are not subject to re-measurement. The classification of the up-front payments as permanent equity assures that we have appropriate repurchase timing consistent with our capital plans, which contemplate a fixed dollar amount available per quarter for share repurchases pursuant to the Board

74
Note 1: Summary of Significant Accounting Policies (continued)

of Governors of the Federal Reserve System (FRB) supervisory guidance. In return, the counterparty agrees to deliver a variable number of shares based on a per share discount to the volume-weighted average stock price over the contract period. There are no scenarios where the contracts would not either physically settle in shares or allow us to choose the settlement method. Our total number of outstanding shares of common stock is not reduced until settlement of the private share repurchase contract.
We did not enter into any private forward repurchase contracts in third quarter 2019 and we had no unsettled private share repurchase contracts at September 30, 2019.
 
Under a Rule 10b5-1 repurchase plan, payments and receipt of repurchased shares settle on the same day and the shares repurchased reduce the total number of outstanding shares of common stock upon the settlement of each trade under the plan.

Supplemental Cash Flow Information
Significant noncash activities are presented in Table 1.1.

Table 1.1: Supplemental Cash Flow Information
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

Trading debt securities retained from securitization of MLHFS
$
31,517

 
28,761

Transfers from loans to MLHFS
5,409

 
4,456

Transfers from loans to LHFS
117

 
2,542

Transfers from available-for-sale debt securities to held-to-maturity debt securities
13,833

 
13,372

Operating lease ROU assets acquired with operating lease liabilities (1)
5,644

 
—


(1)
The nine months ended September 30, 2019, balance includes $4.9 billion from adoption of ASU 2016-02 – Leases (Topic 842) and $744 million attributable to new leases and changes from modified leases.

Subsequent Events
We have evaluated the effects of events that have occurred subsequent to September 30, 2019, and, except as disclosed elsewhere in the footnotes, there have been no material events
 
that would require recognition in our third quarter 2019 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.
Note 2:  Business Combinations
We regularly explore opportunities to acquire financial services companies and businesses. Generally, we do not make a public announcement about an acquisition opportunity until a definitive agreement has been signed.
We completed no acquisitions during the first nine months of 2019 and had no business combinations pending as of September 30, 2019.
We closed the previously announced sale of our Institutional Retirement and Trust (IRT) business on July 1, 2019, and recognized a pre-tax gain of $1.1 billion, which was reflected in our third quarter 2019 net income within other noninterest income. We will continue to administer client assets at the direction of the buyer for up to 24 months from the closing date pursuant to a transition services agreement. The buyer will receive post-closing revenue from the client assets and will pay us a fee for certain costs that we incur to administer the client assets during the transition period. The transition services fee will be recognized as other noninterest income, and the expenses we incur will be recognized in the same manner as they were prior to the close of the sale. Transition period revenue is expected to approximate transition period expenses and is subject to downward adjustment as client assets transition to the buyer's platform. No IRT client assets were transitioned to the buyer's platform as of September 30, 2019. At September 30, 2019, we had assets under management (AUM) and assets under administration (AUA) associated with the IRT business of $21 billion and $912 billion, respectively.
We closed the previously announced sale of our Eastdil Secured (Eastdil) business on October 1, 2019, and we recognized
 
a pre-tax gain of approximately $360 million, which will be reflected in our fourth quarter 2019 net income.

75


Note 3:  Cash, Loan and Dividend Restrictions
Cash and cash equivalents may be restricted as to usage or withdrawal. FRB regulations require that each of our subsidiary banks maintain reserve balances on deposit with the Federal Reserve Banks. Table 3.1 provides a summary of restrictions on cash equivalents in addition to the FRB reserve cash balance requirements.
Table 3.1: Nature of Restrictions on Cash Equivalents
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Average required reserve balance for FRB (1)
$
11,230

 
12,428

Reserve balance for non-U.S. central banks
247

 
517

Segregated for benefit of brokerage customers under federal and other brokerage regulations
625

 
1,135

Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs
128

 
147

(1)
Represents average for the first nine months of 2019 and for the year ended December 31, 2018.

We have a state-chartered subsidiary bank that is subject to state regulations that limit dividends. Under these provisions and regulatory limitations, our national and state-chartered subsidiary banks could have declared additional dividends of $6.0 billion at September 30, 2019, without obtaining prior regulatory approval. 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, under a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (the “Parent”), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (the “IHC”), Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other direct and indirect subsidiaries of the Parent designated as material entities for resolution planning purposes or identified as related support entities in our resolution plan, 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. Based on retained earnings at September 30, 2019, our nonbank subsidiaries could have declared additional dividends of $25.7 billion at September 30, 2019, without obtaining prior regulatory approval. For additional information see Note 3 (Cash, Loan and Dividend Restrictions) in our 2018 Form 10-K.
 
The FRB’s Capital Plan Rule (codified at 12 CFR 225.8 of Regulation Y) establishes capital planning and prior notice and approval requirements for capital distributions including dividends by certain large bank holding companies. The FRB 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 effect of this guidance is to require the approval of the FRB (or specifically under the Capital Plan Rule, a notice of non-objection) for the repurchase or redemption of common or perpetual preferred stock as well as to raise the per share quarterly dividend from its current level of $0.51 per share as declared by the Company’s Board of Directors on October 22, 2019, payable on December 1, 2019.


76


Note 4:  Trading Activities
Table 4.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.
Table 4.1: Trading Assets and Liabilities
 
Sep 30,

 
Dec 31,

(in millions)
2019

 
2018

Trading assets:
 
 
 
Debt securities
$
79,113

 
69,989

Equity securities
24,436

 
19,449

Loans held for sale
1,501

 
1,469

Gross trading derivative assets
39,926

 
29,216

Netting (1)
(26,414
)
 
(19,807
)
Total trading derivative assets
13,512

 
9,409

Total trading assets
118,562

 
100,316

Trading liabilities:
 
 
 
Short sale
18,290

 
19,720

Gross trading derivative liabilities
38,308

 
28,717

Netting (1)
(29,708
)
 
(21,178
)
Total trading derivative liabilities
8,600

 
7,539

Total trading liabilities
$
26,890

 
27,259

(1)
Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.
Table 4.2 provides a summary of the 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 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Interest income:
 
 
 
 
 
 
 
Debt securities
$
790

 
723

 
2,323

 
2,043

Equity securities
157

 
178

 
415

 
447

Loans held for sale
20

 
20

 
63

 
43

Total interest income
967

 
921

 
2,801

 
2,533

Less: Interest expense
129

 
157

 
392

 
429

Net interest income
838

 
764

 
2,409

 
2,104

Net gains (losses) from trading activities (1):
 
 
 
 
 
 
 
Debt securities
451

 
(369
)
 
1,540

 
(1,008
)
Equity securities
(242
)
 
1,129

 
3,061

 
25

Loans held for sale
5

 
3

 
15

 
18

Derivatives (2)
62

 
(605
)
 
(3,754
)
 
1,557

Total net gains from trading activities
276

 
158

 
862

 
592

Total trading-related net interest and noninterest income
$
1,114

 
922

 
3,271

 
2,696

(1)
Represents realized gains (losses) and unrealized gains (losses) due to changes in fair value of our trading positions.
(2)
Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities.

77

Note 5:  Available-for-Sale and Held-to-Maturity Debt Securities

Table 5.1 provides the amortized cost and fair value by major categories of available-for-sale debt securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost. The net unrealized gains (losses) for
 
available-for-sale debt securities are reported on an after-tax basis as a component of cumulative OCI. Information on debt securities held for trading is included in Note 4 (Trading Activities).
Table 5.1: Amortized Cost and Fair Value
(in millions)
Amortized cost

 
Gross
unrealized
gains

 
Gross
unrealized
losses

 
Fair
value

September 30, 2019
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
16,569

 
2

 
(22
)
 
16,549

Securities of U.S. states and political subdivisions (1)
39,792

 
785

 
(74
)
 
40,503

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
165,382

 
2,315

 
(162
)
 
167,535

Residential
839

 
14

 
—

 
853

Commercial
4,190

 
41

 
(5
)
 
4,226

Total mortgage-backed securities
170,411

 
2,370

 
(167
)
 
172,614

Corporate debt securities
5,739

 
198

 
(44
)
 
5,893

Collateralized loan and other debt obligations (2) 
30,968

 
147

 
(105
)
 
31,010

Other (3)
4,616

 
65

 
(14
)
 
4,667

Total available-for-sale debt securities
268,095

 
3,567

 
(426
)
 
271,236

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,774

 
690

 
(1
)
 
45,463

Securities of U.S. states and political subdivisions
12,719

 
308

 
(5
)
 
13,022

Federal agency and other mortgage-backed securities (4)
95,637

 
2,120

 
(12
)
 
97,745

Collateralized loan obligations
49

 
—

 
—

 
49

Total held-to-maturity debt securities
153,179

 
3,118

 
(18
)
 
156,279

Total
$
421,274

 
6,685

 
(444
)
 
427,515

December 31, 2018
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
13,451

 
3

 
(106
)
 
13,348

Securities of U.S. states and political subdivisions (1)
48,994

 
716

 
(446
)
 
49,264

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
155,974

 
369

 
(3,140
)
 
153,203

Residential
2,638

 
142

 
(5
)
 
2,775

Commercial
4,207

 
40

 
(22
)
 
4,225

Total mortgage-backed securities
162,819

 
551

 
(3,167
)
 
160,203

Corporate debt securities
6,230

 
131

 
(90
)
 
6,271

Collateralized loan and other debt obligations (2)
35,581

 
158

 
(396
)
 
35,343

Other (3)
5,396

 
100

 
(13
)
 
5,483

Total available-for-sale debt securities
272,471

 
1,659

 
(4,218
)
 
269,912

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
44,751

 
4

 
(415
)
 
44,340

Securities of U.S. states and political subdivisions
6,286

 
30

 
(116
)
 
6,200

Federal agency and other mortgage-backed securities (4)
93,685

 
112

 
(2,288
)
 
91,509

Collateralized loan obligations
66

 
—

 
—

 
66

Total held-to-maturity debt securities
144,788

 
146

 
(2,819
)
 
142,115

Total
$
417,259

 
1,805

 
(7,037
)
 
412,027

(1)
Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The cost basis and fair value of these types of securities was $5.8 billion each at September 30, 2019, and $6.3 billion each at December 31, 2018.
(2)
Includes collateralized debt obligations (CDOs) with a cost basis and fair value of $494 million and $609 million, respectively, at September 30, 2019, and $662 million and $800 million, respectively, at December 31, 2018.
(3)
Largely includes asset-backed securities collateralized by student loans.
(4)
Predominantly consists of federal agency mortgage-backed securities at both September 30, 2019 and December 31, 2018.

78
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Gross Unrealized Losses and Fair Value
Table 5.2 shows the gross unrealized losses and fair value of available-for-sale and held-to-maturity 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 taken credit-related other-than-temporary impairment (OTTI) write-
 
downs 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 cost basis and not the period of time since the credit-related OTTI write-down.
Table 5.2: Gross Unrealized Losses and Fair Value
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(17
)
 
11,776

 
(5
)
 
3,475

 
(22
)
 
15,251

Securities of U.S. states and political subdivisions
(34
)
 
7,352

 
(40
)
 
2,517

 
(74
)
 
9,869

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 

Federal agencies
(42
)
 
12,965

 
(120
)
 
11,668

 
(162
)
 
24,633

Residential
—

 
—

 
—

 
—

 
—

 
—

Commercial
(3
)
 
728

 
(2
)
 
214

 
(5
)
 
942

Total mortgage-backed securities
(45
)
 
13,693

 
(122
)
 
11,882

 
(167
)
 
25,575

Corporate debt securities
(17
)
 
581

 
(27
)
 
253

 
(44
)
 
834

Collateralized loan and other debt obligations
(42
)
 
10,919

 
(63
)
 
9,334

 
(105
)
 
20,253

Other
(6
)
 
1,347

 
(8
)
 
236

 
(14
)
 
1,583

Total available-for-sale debt securities
(161
)
 
45,668

 
(265
)
 
27,697

 
(426
)
 
73,365

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 

 

Securities of U.S. Treasury and federal agencies
(1
)
 
804

 
—

 
—

 
(1
)
 
804

Securities of U.S. states and political subdivisions
(1
)
 
200

 
(4
)
 
72

 
(5
)
 
272

Federal agency and other mortgage-backed securities
(10
)
 
2,763

 
(2
)
 
31

 
(12
)
 
2,794

Collateralized loan obligations
—

 
—

 
—

 
—

 
—

 
—

Total held-to-maturity debt securities
(12
)
 
3,767

 
(6
)
 
103

 
(18
)
 
3,870

Total
$
(173
)
 
49,435

 
(271
)
 
27,800

 
(444
)
 
77,235

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(1
)
 
498

 
(105
)
 
6,204

 
(106
)
 
6,702

Securities of U.S. states and political subdivisions
(73
)
 
9,746

 
(373
)
 
9,017

 
(446
)
 
18,763

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
(42
)
 
10,979

 
(3,098
)
 
112,252

 
(3,140
)
 
123,231

Residential
(3
)
 
398

 
(2
)
 
69

 
(5
)
 
467

Commercial
(20
)
 
1,972

 
(2
)
 
79

 
(22
)
 
2,051

Total mortgage-backed securities
(65
)
 
13,349

 
(3,102
)
 
112,400

 
(3,167
)
 
125,749

Corporate debt securities
(64
)
 
1,965

 
(26
)
 
298

 
(90
)
 
2,263

Collateralized loan and other debt obligations
(388
)
 
28,306

 
(8
)
 
553

 
(396
)
 
28,859

Other
(7
)
 
819

 
(6
)
 
159

 
(13
)
 
978

Total available-for-sale debt securities
(598
)
 
54,683

 
(3,620
)
 
128,631

 
(4,218
)
 
183,314

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(3
)
 
895

 
(412
)
 
41,083

 
(415
)
 
41,978

Securities of U.S. states and political subdivisions
(4
)
 
598

 
(112
)
 
3,992

 
(116
)
 
4,590

Federal agency and other mortgage-backed securities
(5
)
 
4,635

 
(2,283
)
 
77,741

 
(2,288
)
 
82,376

Collateralized loan obligations
—

 
—

 
—

 
—

 
—

 
—

Total held-to-maturity debt securities
(12
)
 
6,128

 
(2,807
)
 
122,816

 
(2,819
)
 
128,944

Total
$
(610
)
 
60,811

 
(6,427
)
 
251,447

 
(7,037
)
 
312,258



79

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.
For descriptions of the factors we consider when analyzing debt securities for impairment, see Note 1 (Summary of Significant Accounting Policies) and Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) in our 2018 Form 10-K. There were no material changes to our methodologies for assessing impairment in the first nine months of 2019. 
Table 5.3 shows the gross unrealized losses and fair value of the available-for-sale and held-to-maturity debt securities by those rated investment grade and those rated less than investment grade, according to their lowest credit rating by
 
Standard & Poor’s Rating Services (S&P) or Moody’s Investors Service (Moody’s). Credit ratings express opinions about the credit quality of a debt security. Debt securities rated investment grade, that is those rated BBB- or higher by S&P or Baa3 or higher by Moody’s, 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. We have also included debt securities not rated by S&P or Moody’s in the table below based on our internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit rating assigned by major credit agencies. The unrealized losses and fair value of unrated debt securities categorized as investment grade based on internal credit grades were $8 million and $3.0 billion, respectively, at September 30, 2019, and $20 million and $5.2 billion, respectively, at December 31, 2018. If an internal credit grade was not assigned, we categorized the debt security as non-investment grade. 
Table 5.3: Gross Unrealized Losses and Fair Value by Investment Grade
 
Investment grade
 
 
Non-investment grade
 
(in millions)
Gross
unrealized
losses

 
Fair
value

 
Gross
unrealized
losses

 
Fair
value

September 30, 2019
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(22
)
 
15,251

 
—

 
—

Securities of U.S. states and political subdivisions
(70
)
 
9,686

 
(4
)
 
183

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(162
)
 
24,633

 
—

 
—

Residential
—

 
—

 
—

 
—

Commercial
(3
)
 
858

 
(2
)
 
84

Total mortgage-backed securities
(165
)
 
25,491

 
(2
)
 
84

Corporate debt securities
(7
)
 
292

 
(37
)
 
542

Collateralized loan and other debt obligations
(105
)
 
20,253

 
—

 
—

Other
(6
)
 
1,202

 
(8
)
 
381

Total available-for-sale debt securities
(375
)
 
72,175

 
(51
)
 
1,190

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(1
)
 
804

 
—

 
—

  Securities of U.S. states and political subdivisions
(5
)
 
272

 
—

 
—

Federal agency and other mortgage-backed securities
(8
)
 
2,604

 
(4
)
 
190

Collateralized loan obligations
—

 
—

 
—

 
—

Total held-to-maturity debt securities
(14
)
 
3,680

 
(4
)
 
190

Total
$
(389
)
 
75,855

 
(55
)
 
1,380

December 31, 2018
 
 

 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(106
)
 
6,702

 
—

 
—

Securities of U.S. states and political subdivisions
(425
)
 
18,447

 
(21
)
 
316

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
(3,140
)
 
123,231

 
—

 
—

Residential
(2
)
 
295

 
(3
)
 
172

Commercial
(20
)
 
1,999

 
(2
)
 
52

Total mortgage-backed securities
(3,162
)
 
125,525

 
(5
)
 
224

Corporate debt securities
(17
)
 
791

 
(73
)
 
1,472

Collateralized loan and other debt obligations
(396
)
 
28,859

 
—

 
—

Other
(7
)
 
726

 
(6
)
 
252

Total available-for-sale debt securities
(4,113
)
 
181,050

 
(105
)
 
2,264

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(415
)
 
41,978

 
—

 
—

Securities of U.S. states and political subdivisions
(116
)
 
4,590

 
—

 
—

Federal agency and other mortgage-backed securities
(2,278
)
 
81,977

 
(10
)
 
399

Collateralized loan obligations
—

 
—

 
—

 
—

Total held-to-maturity debt securities
(2,809
)
 
128,545

 
(10
)
 
399

Total
$
(6,922
)
 
309,595

 
(115
)
 
2,663



80
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Contractual Maturities
Table 5.4 shows the fair value and contractual weighted-average yields (taxable-equivalent basis) of available-for-sale debt securities by remaining contractual maturity. Remaining contractual maturities for mortgage-backed securities (MBS) do
 
not consider prepayments. Remaining expected maturities will differ from remaining contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. 
Table 5.4: Available-for Sale Debt Securities - Fair Value by Contractual Maturity
 
 
 
Remaining contractual maturity
 
 
Total

 
 
 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)
amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities (1): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
16,549

 
1.92
%
 
$
10,035

 
1.74
%
 
$
6,192

 
2.21
%
 
$
47

 
1.84
%
 
$
275

 
2.25
%
Securities of U.S. states and political subdivisions
40,503

 
4.84

 
2,200

 
3.01

 
4,455

 
3.32

 
4,240

 
3.36

 
29,608

 
5.42

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
167,535

 
3.47

 
—

 
—

 
152

 
3.37

 
1,543

 
2.59

 
165,840

 
3.48

Residential
853

 
2.88

 
—

 
—

 
—

 
—

 
—

 
—

 
853

 
2.88

Commercial
4,226

 
3.57

 
—

 
—

 
—

 
—

 
340

 
3.50

 
3,886

 
3.58

Total mortgage-backed securities
172,614

 
3.47

 
—

 
—

 
152

 
3.37

 
1,883

 
2.75

 
170,579

 
3.48

Corporate debt securities
5,893

 
4.95

 
452

 
5.86

 
2,193

 
4.91

 
2,629

 
4.70

 
619

 
5.50

Collateralized loan and other debt obligations
31,010

 
3.64

 
—

 
—

 
1

 
4.66

 
11,548

 
3.73

 
19,461

 
3.59

Other
4,667

 
2.82

 
4

 
5.10

 
696

 
3.49

 
1,358

 
1.96

 
2,609

 
3.09

Total available-for-sale debt securities at fair value
$
271,236

 
3.62
%
 
$
12,691

 
2.10
%
 
$
13,689

 
3.08
%
 
$
21,705

 
3.58
%
 
$
223,151

 
3.75
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on fair value and predominantly represent contractual coupon rates without effect for any related hedging derivatives.
Table 5.5 shows the amortized cost and weighted-average yields of held-to-maturity debt securities by contractual maturity.
Table 5.5: Held-to-Maturity Debt Securities - Amortized Cost by Contractual Maturity
 
 
 
Remaining contractual maturity
 
 
Total

 
 
 
Within one year
 
 
After one year
through five years
 
 
After five years
through ten years
 
 
After ten years
 
(in millions)
amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

 
Amount

 
Yield

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity debt securities (1): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
44,774

 
2.12
%
 
$
—

 
—
%
 
$
39,530

 
2.11
%
 
$
5,244

 
2.19
%
 
$
—

 
—
%
Securities of U.S. states and political subdivisions
12,719

 
4.99

 
—

 
—

 
83

 
6.02

 
1,756

 
4.86

 
10,880

 
5.00

Federal agency and other mortgage-backed securities
95,637

 
3.10

 
—

 
—

 
15

 
3.53

 
—

 
—

 
95,622

 
3.10

Collateralized loan obligations
49

 
3.48

 
—

 
—

 
—

 
—

 
49

 
3.48

 
—

 
—

Total held-to-maturity debt securities at amortized cost
$
153,179

 
2.97
%
 
$
—

 
—
%
 
$
39,628

 
2.12
%
 
$
7,049

 
2.86
%
 
$
106,502

 
3.29
%
(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and predominantly represent contractual coupon rates.

Table 5.6 shows the fair value of held-to-maturity debt securities by contractual maturity.
 

Table 5.6: Held-to-Maturity Debt Securities - Fair Value by Contractual Maturity
 
 
 
Remaining contractual maturity
 
 
Total

 
Within one year

 
After one year
through five years

 
After five years
through ten years

 
After ten years

(in millions)
amount

 
Amount

 
Amount

 
Amount

 
Amount

September 30, 2019
 
 
 
 
 
 
 
 
 
Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
Fair value:
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
45,463

 
—

 
40,056

 
5,407

 
—

Securities of U.S. states and political subdivisions
13,022

 
—

 
83

 
1,825

 
11,114

Federal agency and other mortgage-backed securities
97,745

 
—

 
15

 
—

 
97,730

Collateralized loan obligations
49

 
—

 
—

 
49

 
—

Total held-to-maturity debt securities at fair value
$
156,279

 
—

 
40,154

 
7,281

 
108,844



81

Realized Gains and Losses - Available-for-Sale Debt Securities
Table 5.7 shows the gross realized gains and losses on sales and OTTI write-downs related to available-for-sale debt securities.
 

Table 5.7: Realized Gains and Losses
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Gross realized gains
$
21

 
65

 
223

 
139

Gross realized losses
(12
)
 
(3
)
 
(17
)
 
(17
)
OTTI write-downs
(6
)
 
(5
)
 
(58
)
 
(23
)
Net realized gains from available-for-sale debt securities
$
3

 
57

 
148

 
99



Other-Than-Temporarily Impaired Debt Securities
Table 5.8 shows the detail of total OTTI write-downs included in earnings for available-for-sale debt securities. There were no
 
OTTI write-downs on held-to-maturity debt securities during the first nine months of 2019 and 2018.
Table 5.8: Detail of OTTI Write-downs
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Debt securities OTTI write-downs included in earnings:
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
$
—

 
—

 
33

 
2

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
—

 
—

 
—

 
2

Commercial
—

 
1

 
17

 
15

Corporate debt securities
6

 
—

 
8

 
—

Other debt securities
—

 
4

 
—

 
4

Total debt securities OTTI write-downs included in earnings
$
6

 
5

 
58

 
23



Table 5.9 shows the detail of OTTI write-downs on available-for-sale debt securities included in earnings and the related changes in OCI for the same securities.
Table 5.9: OTTI Write-downs Included in Earnings and the Related Changes in OCI
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

OTTI on debt securities
 
 
 
 
 
 
 
Recorded as part of gross realized losses:
 
 
 
 
 
 
 
Credit-related OTTI
$
—

 
5

 
23

 
22

Intent-to-sell OTTI
6

 
—

 
35

 
1

Total recorded as part of gross realized losses
6

 
5

 
58

 
23

Changes to OCI for losses (reversal of losses) in non-credit-related OTTI (1):
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
—

 
—

 
(1
)
 
(2
)
Residential mortgage-backed securities
—

 
—

 
(1
)
 
(1
)
Commercial mortgage-backed securities
1

 
(5
)
 
2

 
(6
)
Other debt securities
1

 
—

 
1

 
—

Total changes to OCI for non-credit-related OTTI
2

 
(5
)
 
1

 
(9
)
Total OTTI losses recorded on debt securities
$
8

 
—

 
59

 
14

(1)
Represents amounts recorded to OCI for impairment of debt securities, due to factors other than credit, that have also had credit-related OTTI write-downs during the period. Increases represent initial or subsequent non-credit-related OTTI on debt securities. Decreases represent partial to full reversal of impairment due to recoveries in the fair value of debt securities due to non-credit factors.

82
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Table 5.10 presents a rollforward of the OTTI credit loss that has been recognized in earnings as a write-down of available-for-sale debt securities we still own (referred to as “credit-impaired” debt securities) and do not intend to sell. Recognized credit loss
 
represents the difference between the present value of expected future cash flows discounted using the security’s current effective interest rate and the amortized cost basis of the security prior to considering credit loss.
Table 5.10: Rollforward of OTTI Credit Loss
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Credit loss recognized, beginning of period
$
216

 
626

 
562

 
742

Additions:
 
 
 
 
 
 
 
For securities with initial credit impairments
—

 
—

 
6

 
—

For securities with previous credit impairments
—

 
5

 
17

 
22

Total additions
—

 
5

 
23

 
22

Reductions:
 
 
 
 
 
 
 
For securities sold, matured, or intended/required to be sold
(22
)
 
(68
)
 
(391
)
 
(199
)
For recoveries of previous credit impairments (1)
—

 
—

 
—

 
(2
)
Total reductions
(22
)
 
(68
)
 
(391
)
 
(201
)
Credit loss recognized, end of period
$
194

 
563

 
194

 
563

(1)
Recoveries of previous credit impairments result from increases in expected cash flows subsequent to credit loss recognition. Such recoveries are reflected prospectively as interest yield adjustments using the effective interest method.

83

Note 6: Loans and Allowance for Credit Losses 
Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include unearned income, net deferred loan fees or costs, and
 
unamortized discounts and premiums. These amounts were less than 1% of our total loans outstanding at September 30, 2019, and December 31, 2018.
Table 6.1: Loans Outstanding
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Commercial:
 
 
 
Commercial and industrial
$
350,875

 
350,199

Real estate mortgage
121,936

 
121,014

Real estate construction
19,921

 
22,496

Lease financing
19,600

 
19,696

Total commercial
512,332

 
513,405

Consumer:
 
 
 
Real estate 1-4 family first mortgage
290,604

 
285,065

Real estate 1-4 family junior lien mortgage
30,838

 
34,398

Credit card
39,629

 
39,025

Automobile
46,738

 
45,069

Other revolving credit and installment
34,774

 
36,148

Total consumer
442,583

 
439,705

Total loans
$
954,915

 
953,110

Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Table 6.2 presents
 
total commercial foreign loans outstanding by class of financing receivable.
Table 6.2: Commercial Foreign Loans Outstanding
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Commercial foreign loans:
 
 
 
Commercial and industrial
$
64,418

 
62,564

Real estate mortgage
7,056

 
6,731

Real estate construction
1,262

 
1,011

Lease financing
1,197

 
1,159

Total commercial foreign loans
$
73,933

 
71,465




84
Note 6: Loans and Allowance for Credit Losses (continued)

Loan Purchases, Sales, and Transfers
Table 6.3 summarizes the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale at lower of cost or fair value. This loan activity also includes participating interests, whereby we receive or transfer a portion of a loan. The table excludes purchased credit-impaired (PCI) loans, loans for which we have
 
elected the fair value option, and government insured/ guaranteed real estate 1-4 family first mortgage loans because their loan activity normally does not impact the allowance for credit losses. 

Table 6.3: Loan Purchases, Sales, and Transfers
 
2019
 
 
2018
 
(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

Quarter ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Purchases
$
571

 
910

 
1,481

 
225

 
4

 
229

Sales
(433
)
 
(85
)
 
(518
)
 
(438
)
 
(113
)
 
(551
)
Transfers (to) from MLHFS/LHFS
(25
)
 
(37
)
 
(62
)
 
(21
)
 
(371
)
 
(392
)
Nine months ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Purchases
$
1,570

 
918

 
2,488

 
879

 
11

 
890

Sales
(1,389
)
 
(417
)
 
(1,806
)
 
(1,192
)
 
(201
)
 
(1,393
)
Transfers (to) from MLHFS/LHFS
(117
)
 
(1,889
)
 
(2,006
)
 
(541
)
 
(1,996
)
 
(2,537
)

Commitments to Lend
A commitment to lend is a legally binding agreement to lend funds to a customer, usually at a stated interest rate, if funded, and for specific purposes and time periods. We generally require a fee to extend such commitments. Certain commitments are subject to loan agreements with covenants regarding the financial performance of the customer or borrowing base formulas on an ongoing basis that must be met before we are required to fund the commitment. We may reduce or cancel consumer commitments, including home equity lines and credit card lines, in accordance with the contracts and applicable law.
We may, as a representative for other lenders, 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 unfunded amount of these temporary advance arrangements totaled approximately $74.9 billion at September 30, 2019.
We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At September 30, 2019, and December 31, 2018, we had $1.0 billion and $919 million, respectively, of outstanding issued commercial letters of credit. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility for different purposes in one of several forms, including a standby letter of credit. See Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) for additional information on standby letters of credit. 
When we make commitments, we are exposed to credit risk. The maximum credit risk for these commitments will generally be lower than the contractual amount because a significant portion of these commitments are not funded. We manage the potential risk in commitments to lend by limiting the total amount of commitments, both by individual customer and in total, by monitoring the size and maturity structure of these commitments and by applying the same credit standards for these commitments as for all of our credit activities.
 
For loans and commitments to lend, we generally require collateral or a guarantee. We may require various types of collateral, including commercial and consumer real estate, automobiles, other short-term liquid assets such as accounts receivable or inventory and long-lived assets, such as equipment and other business assets. Collateral requirements for each loan or commitment may vary based on the loan product and our assessment of a customer’s credit risk according to the specific credit underwriting, including credit terms and structure.
The contractual amount of our unfunded credit commitments, including unissued standby and commercial letters of credit, is summarized by portfolio segment and class of financing receivable in Table 6.4. The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above.
Table 6.4: Unfunded Credit Commitments
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Commercial:
 
 
 
Commercial and industrial
$
337,324

 
330,492

Real estate mortgage
8,125

 
6,984

Real estate construction
16,695

 
16,400

Total commercial
362,144

 
353,876

Consumer:
 
 
 
Real estate 1-4 family first mortgage
39,648

 
29,736

Real estate 1-4 family
junior lien mortgage
37,151

 
37,719

Credit card
114,717

 
109,840

Other revolving credit and installment
26,178

 
27,530

Total consumer
217,694

 
204,825

Total unfunded credit commitments
$
579,838

 
558,701



85

Allowance for Credit Losses
Table 6.5 presents the allowance for credit losses, which consists of the allowance for loan losses and the allowance for unfunded credit commitments.
Table 6.5: Allowance for Credit Losses
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Balance, beginning of period
$
10,603

 
11,110

 
10,707

 
11,960

Provision for credit losses
695

 
580

 
2,043

 
1,223

Interest income on certain impaired loans (1)
(34
)
 
(42
)
 
(112
)
 
(128
)
Loan charge-offs:
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
(209
)
 
(209
)
 
(590
)
 
(507
)
Real estate mortgage
(2
)
 
(9
)
 
(28
)
 
(30
)
Real estate construction
—

 
—

 
(1
)
 
—

Lease financing
(12
)
 
(15
)
 
(35
)
 
(52
)
Total commercial
(223
)
 
(233
)
 
(654
)
 
(589
)
Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
(31
)
 
(45
)
 
(101
)
 
(141
)
Real estate 1-4 family junior lien mortgage
(27
)
 
(47
)
 
(90
)
 
(141
)
Credit card
(404
)
 
(376
)
 
(1,278
)
 
(1,185
)
Automobile
(156
)
 
(214
)
 
(485
)
 
(730
)
Other revolving credit and installment
(168
)
 
(161
)
 
(497
)
 
(505
)
Total consumer
(786
)
 
(843
)
 
(2,451
)
 
(2,702
)
Total loan charge-offs
(1,009
)
 
(1,076
)
 
(3,105
)
 
(3,291
)
Loan recoveries:
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
62

 
61

 
151

 
216

Real estate mortgage
10

 
10

 
26

 
46

Real estate construction
8

 
2

 
13

 
12

Lease financing
4

 
8

 
15

 
18

Total commercial
84

 
81

 
205

 
292

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
36

 
70

 
148

 
207

Real estate 1-4 family junior lien mortgage
49

 
56

 
140

 
171

Credit card
85

 
77

 
258

 
231

Automobile
80

 
84

 
266

 
279

Other revolving credit and installment
30

 
28

 
95

 
88

Total consumer
280

 
315

 
907

 
976

Total loan recoveries
364

 
396

 
1,112

 
1,268

Net loan charge-offs
(645
)
 
(680
)
 
(1,993
)
 
(2,023
)
Other
(6
)
 
(12
)
 
(32
)
 
(76
)
Balance, end of period
$
10,613

 
10,956

 
10,613

 
10,956

Components:
 
 
 
 
 
 
 
Allowance for loan losses
$
9,715

 
10,021

 
9,715

 
10,021

Allowance for unfunded credit commitments
898

 
935

 
898

 
935

Allowance for credit losses
$
10,613

 
10,956

 
10,613

 
10,956

Net loan charge-offs (annualized) as a percentage of average total loans
0.27
%
 
0.29

 
0.28

 
0.29

Allowance for loan losses as a percentage of total loans
1.02

 
1.06

 
1.02

 
1.06

Allowance for credit losses as a percentage of total loans
1.11

 
1.16

 
1.11

 
1.16

(1)
Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in allowance attributable to the passage of time as interest income.


86
Note 6: Loans and Allowance for Credit Losses (continued)

Table 6.6 summarizes the activity in the allowance for credit losses by our commercial and consumer portfolio segments.
Table 6.6: Allowance Activity by Portfolio Segment
 
 
 
 
 
2019

 
 
 
 
 
2018

(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

Quarter ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
6,298

 
4,305

 
10,603

 
6,711

 
4,399

 
11,110

Provision for credit losses
84

 
611

 
695

 
22

 
558

 
580

Interest income on certain impaired loans
(10
)
 
(24
)
 
(34
)
 
(12
)
 
(30
)
 
(42
)
 
 
 
 
 
 
 
 
 
 
 
 
Loan charge-offs
(223
)
 
(786
)
 
(1,009
)
 
(233
)
 
(843
)
 
(1,076
)
Loan recoveries
84

 
280

 
364

 
81

 
315

 
396

Net loan charge-offs
(139
)
 
(506
)
 
(645
)
 
(152
)
 
(528
)
 
(680
)
Other
(3
)
 
(3
)
 
(6
)
 
(1
)
 
(11
)
 
(12
)
Balance, end of period
$
6,230

 
4,383

 
10,613

 
6,568

 
4,388

 
10,956

 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
6,417

 
4,290

 
10,707

 
6,632

 
5,328

 
11,960

Provision for credit losses
294

 
1,749

 
2,043

 
280

 
943

 
1,223

Interest income on certain impaired loans
(35
)
 
(77
)
 
(112
)
 
(37
)
 
(91
)
 
(128
)
 
 
 
 
 
 
 
 
 
 
 
 
Loan charge-offs
(654
)
 
(2,451
)
 
(3,105
)
 
(589
)
 
(2,702
)
 
(3,291
)
Loan recoveries
205

 
907

 
1,112

 
292

 
976

 
1,268

Net loan charge-offs
(449
)
 
(1,544
)
 
(1,993
)
 
(297
)
 
(1,726
)
 
(2,023
)
Other
3

 
(35
)
 
(32
)
 
(10
)
 
(66
)
 
(76
)
Balance, end of period
$
6,230

 
4,383

 
10,613

 
6,568

 
4,388

 
10,956



Table 6.7 disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology.
Table 6.7: Allowance by Impairment Methodology
 
Allowance for credit losses
 
 
Recorded investment in loans
 
(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Collectively evaluated (1)
$
5,774

 
3,485

 
9,259

 
509,081

 
431,724

 
940,805

Individually evaluated (2)
456

 
898

 
1,354

 
3,251

 
10,252

 
13,503

PCI (3)
—

 
—

 
—

 
—

 
607

 
607

Total
$
6,230

 
4,383

 
10,613

 
512,332

 
442,583

 
954,915

December 31, 2018
 
Collectively evaluated (1)
$
5,903

 
3,361

 
9,264

 
510,180

 
421,574

 
931,754

Individually evaluated (2)
514

 
929

 
1,443

 
3,221

 
13,126

 
16,347

PCI (3)
—

 
—

 
—

 
4

 
5,005

 
5,009

Total
$
6,417

 
4,290

 
10,707

 
513,405

 
439,705

 
953,110

(1)
Represents loans collectively evaluated for impairment in accordance with Accounting Standards Codification (ASC) 450-20, Loss Contingencies, and pursuant to amendments by ASU 2010-20 regarding allowance for non-impaired loans.
(2)
Represents loans individually evaluated for impairment in accordance with ASC 310-10, Receivables, and pursuant to amendments by ASU 2010-20 regarding allowance for impaired loans.
(3)
Represents the allowance and related loan carrying value determined in accordance with ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality and pursuant to amendments by ASU 2010-20 regarding allowance for PCI loans.

Credit Quality
We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. 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, with the exception of updated Fair Isaac Corporation (FICO) scores and updated loan-to-value (LTV)/combined LTV (CLTV). 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). Generally, the LTV and CLTV indicators are updated in the second month of each quarter, with updates no older than June 30, 2019.

87

COMMERCIAL CREDIT QUALITY INDICATORS  In addition to monitoring commercial loan concentration risk, we manage a consistent process for assessing commercial loan credit quality. Generally, commercial loans are subject to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to Pass and Criticized categories. The Criticized category includes Special Mention, Substandard,
 
and Doubtful categories which are defined by bank regulatory agencies.
Table 6.8 provides a breakdown of outstanding commercial loans by risk category. Criticized commercial loans at September 30, 2019, included $2.3 billion on nonaccrual status. For additional information on nonaccrual loans, see Table 6.9 and 6.13.

Table 6.8: Commercial Loans by Risk Category
(in millions)
Commercial
and
industrial

 
Real
estate
mortgage

 
Real
estate
construction

 
Lease
financing

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
By risk category:
 
 
 
 
 
 
 
 
 
Pass
$
335,812

 
118,276

 
19,720

 
18,481

 
492,289

Criticized
15,063

 
3,660

 
201

 
1,119

 
20,043

Total commercial loans (excluding PCI)
350,875

 
121,936

 
19,921

 
19,600

 
512,332

Total commercial PCI loans (carrying value)
—

 
—

 
—

 
—

 
—

Total commercial loans
$
350,875

 
121,936

 
19,921

 
19,600

 
512,332

December 31, 2018
 
 
 
 
 
 
 
 
 
By risk category:
 
 
 
 
 
 
 
 
 
Pass
$
335,412

 
116,514

 
22,207

 
18,671

 
492,804

Criticized
14,783

 
4,500

 
289

 
1,025

 
20,597

Total commercial loans (excluding PCI)
350,195

 
121,014

 
22,496

 
19,696

 
513,401

Total commercial PCI loans (carrying value)
4

 
—

 
—

 
—

 
4

Total commercial loans
$
350,199

 
121,014

 
22,496

 
19,696

 
513,405



Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices.
Table 6.9: Commercial Loans by Delinquency Status
(in millions)
Commercial
and
industrial

 
Real
estate
mortgage

 
Real
estate
construction

 
Lease
financing

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
Current-29 days past due (DPD) and still accruing
$
348,730

 
120,959

 
19,847

 
19,277

 
508,813

30-89 DPD and still accruing
600

 
280

 
42

 
251

 
1,173

90+ DPD and still accruing
6

 
28

 
—

 
—

 
34

Nonaccrual loans
1,539

 
669

 
32

 
72

 
2,312

Total commercial loans (excluding PCI)
350,875

 
121,936

 
19,921

 
19,600

 
512,332

Total commercial PCI loans (carrying value)
—

 
—

 
—

 
—

 
—

Total commercial loans
$
350,875

 
121,936

 
19,921

 
19,600

 
512,332

December 31, 2018
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
Current-29 DPD and still accruing
$
348,158

 
120,176

 
22,411

 
19,443

 
510,188

30-89 DPD and still accruing
508

 
207

 
53

 
163

 
931

90+ DPD and still accruing
43

 
51

 
—

 
—

 
94

Nonaccrual loans
1,486

 
580

 
32

 
90

 
2,188

Total commercial loans (excluding PCI)
350,195

 
121,014

 
22,496

 
19,696

 
513,401

Total commercial PCI loans (carrying value)
4

 
—

 
—

 
—

 
4

Total commercial loans
$
350,199

 
121,014

 
22,496

 
19,696

 
513,405




88
Note 6: Loans and Allowance for Credit Losses (continued)

CONSUMER CREDIT QUALITY INDICATORS  We have various classes of consumer loans that present unique risks. Loan delinquency, FICO credit scores and LTV for loan types are common credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the allowance for credit losses for the consumer portfolio segment.
 
Many of our loss estimation techniques used for the allowance for credit losses rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality and the establishment of our allowance for credit losses. Table 6.10 provides the outstanding balances of our consumer portfolio by delinquency status.
Table 6.10: Consumer Loans by Delinquency Status
(in millions)
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Credit
card

 
Automobile

 
Other
revolving
credit and
installment

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
$
276,336

 
30,171

 
38,632

 
45,599

 
34,472

 
425,210

30-59 DPD
1,173

 
231

 
298

 
824

 
110

 
2,636

60-89 DPD
418

 
114

 
208

 
240

 
86

 
1,066

90-119 DPD
187

 
70

 
188

 
74

 
73

 
592

120-179 DPD
158

 
73

 
302

 
1

 
20

 
554

180+ DPD
575

 
165

 
1

 
—

 
13

 
754

Government insured/guaranteed loans (1)
10,978

 
—

 
—

 
—

 
—

 
10,978

Loans held at fair value
186

 
—

 
—

 
—

 
—

 
186

Total consumer loans (excluding PCI)
290,011

 
30,824

 
39,629

 
46,738

 
34,774

 
441,976

Total consumer PCI loans (carrying value) (2)
593

 
14

 
—

 
—

 
—

 
607

Total consumer loans
$
290,604

 
30,838

 
39,629

 
46,738

 
34,774

 
442,583

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
$
263,881

 
33,644

 
38,008

 
43,604

 
35,794

 
414,931

30-59 DPD
1,411

 
247

 
292

 
1,040

 
140

 
3,130

60-89 DPD
549

 
126

 
212

 
314

 
87

 
1,288

90-119 DPD
257

 
74

 
192

 
109

 
80

 
712

120-179 DPD
225

 
77

 
320

 
2

 
27

 
651

180+ DPD
822

 
213

 
1

 
—

 
20

 
1,056

Government insured/guaranteed loans (1)
12,688

 
—

 
—

 
—

 
—

 
12,688

Loans held at fair value
244

 
—

 
—

 
—

 
—

 
244

Total consumer loans (excluding PCI)
280,077

 
34,381

 
39,025

 
45,069

 
36,148

 
434,700

Total consumer PCI loans (carrying value) (2)
4,988

 
17

 
—

 
—

 
—

 
5,005

Total consumer loans
$
285,065

 
34,398

 
39,025

 
45,069

 
36,148

 
439,705

(1)
Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $6.3 billion at September 30, 2019, compared with $7.7 billion at December 31, 2018.
(2)
27% of the adjusted unpaid principal balance for consumer PCI loans are 30+ DPD at September 30, 2019, compared with 18% at December 31, 2018.

Of the $1.9 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at September 30, 2019, $788 million was accruing, compared with $2.4 billion past due and $885 million accruing at December 31, 2018.

89

Table 6.11 provides a breakdown of our consumer portfolio by FICO. Substantially all of the scored consumer portfolio has an updated FICO of 680 and above, reflecting a strong current borrower credit profile. FICO is not available for certain loan types, or may not be required if we deem it unnecessary due to
 
strong collateral and other borrower attributes. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage, and totaled $8.9 billion at both September 30, 2019 and December 31, 2018.
Table 6.11: Consumer Loans by FICO
(in millions)
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Credit
card

 
Automobile

 
Other
revolving
credit and
installment

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
By FICO:
 
 
 
 
 
 
 
 
 
 
 
< 600
$
3,331

 
1,219

 
3,210

 
6,539

 
682

 
14,981

600-639
2,484

 
821

 
2,741

 
4,538

 
660

 
11,244

640-679
5,011

 
1,551

 
6,410

 
6,476

 
1,766

 
21,214

680-719
12,825

 
3,396

 
9,543

 
7,629

 
3,277

 
36,670

720-759
27,800

 
4,694

 
8,201

 
7,245

 
4,179

 
52,119

760-799
62,039

 
5,745

 
5,442

 
6,545

 
5,036

 
84,807

800+
161,711

 
12,236

 
3,901

 
7,699

 
7,810

 
193,357

No FICO available
3,646

 
1,162

 
181

 
67

 
2,510

 
7,566

FICO not required
—

 
—

 
—

 
—

 
8,854

 
8,854

Government insured/guaranteed loans (1)
11,164

 
—

 
—

 
—

 
—

 
11,164

Total consumer loans (excluding PCI)
290,011

 
30,824

 
39,629

 
46,738

 
34,774

 
441,976

Total consumer PCI loans (carrying value) (2)
593

 
14

 
—

 
—

 
—

 
607

Total consumer loans
$
290,604

 
30,838

 
39,629

 
46,738

 
34,774

 
442,583

December 31, 2018
 
 
 
 
 
 
 
 
 
 


By FICO:
 
 
 
 
 
 
 
 
 
 

< 600
$
4,273

 
1,454

 
3,292

 
7,071

 
697

 
16,787

600-639
2,974

 
994

 
2,777

 
4,431

 
725

 
11,901

640-679
5,810

 
1,898

 
6,464

 
6,225

 
1,822

 
22,219

680-719
13,568

 
3,908

 
9,445

 
7,354

 
3,384

 
37,659

720-759
27,258

 
5,323

 
7,949

 
6,853

 
4,395

 
51,778

760-799
57,193

 
6,315

 
5,227

 
5,947

 
5,322

 
80,004

800+
151,465

 
13,190

 
3,794

 
7,099

 
8,411

 
183,959

No FICO available
4,604

 
1,299

 
77

 
89

 
2,507

 
8,576

FICO not required
—

 
—

 
—

 
—

 
8,885

 
8,885

Government insured/guaranteed loans (1)
12,932

 
—

 
—

 
—

 
—

 
12,932

Total consumer loans (excluding PCI)
280,077

 
34,381

 
39,025

 
45,069

 
36,148

 
434,700

Total consumer PCI loans (carrying value) (2)
4,988

 
17

 
—

 
—

 
—

 
5,005

Total consumer loans
$
285,065

 
34,398

 
39,025

 
45,069

 
36,148

 
439,705

(1)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(2)
40% of the adjusted unpaid principal balance for consumer PCI loans have FICO scores less than 680 and 19% where no FICO is available to us at September 30, 2019, compared with 45% and 15%, respectively, at December 31, 2018.
 
LTV refers to the ratio comparing the loan’s unpaid principal balance to the property’s collateral value. CLTV refers to the combination of first mortgage and junior lien mortgage (including unused line amounts for credit line products) ratios. LTVs and CLTVs are updated quarterly 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 million or more, as the AVM values have proven less accurate for these properties.
 
Table 6.12 shows the most updated LTV and CLTV distribution of the real estate 1-4 family first and junior lien mortgage loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our allowance for credit losses. In the event of a default, any loss should be limited to the portion of the loan amount in excess of the net realizable value of the underlying real estate collateral value. Certain loans do not have an LTV or CLTV due to industry data availability and portfolios acquired from or serviced by other institutions.

90
Note 6: Loans and Allowance for Credit Losses (continued)

Table 6.12: Consumer Loans by LTV/CLTV
  
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Real estate
1-4 family
first
mortgage
by LTV

 
Real estate
1-4 family
junior lien
mortgage
by CLTV

 
Total

 
Real estate
1-4 family
first
mortgage
by LTV

 
Real estate
1-4 family
junior lien
mortgage
by CLTV

 
Total

By LTV/CLTV:
 
 
 
 
 
 
 
 
 
 
 
0-60%
$
149,800

 
14,902

 
164,702

 
147,666

 
15,753

 
163,419

60.01-80%
113,887

 
10,038

 
123,925

 
104,477

 
11,183

 
115,660

80.01-100%
13,054

 
3,965

 
17,019

 
12,372

 
4,874

 
17,246

100.01-120% (1)
919

 
1,168

 
2,087

 
1,211

 
1,596

 
2,807

> 120% (1)
346

 
402

 
748

 
484

 
578

 
1,062

No LTV/CLTV available
841

 
349

 
1,190

 
935

 
397

 
1,332

Government insured/guaranteed loans (2)
11,164

 
—

 
11,164

 
12,932

 
—

 
12,932

Total consumer loans (excluding PCI)
290,011

 
30,824

 
320,835

 
280,077

 
34,381

 
314,458

Total consumer PCI loans (carrying value) (3)
593

 
14

 
607

 
4,988

 
17

 
5,005

Total consumer loans
$
290,604

 
30,838

 
321,442

 
285,065

 
34,398

 
319,463

(1)
Reflects total loan balances with LTV/CLTV 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/CLTV.
(2)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(3)
11% of the adjusted unpaid principal balance for consumer PCI loans have LTV/CLTV amounts greater than 80% at September 30, 2019, compared with 10% at December 31, 2018.
 
NONACCRUAL LOANS  Table 6.13 provides loans on nonaccrual status. PCI loans are excluded from this table because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms.
Table 6.13: Nonaccrual Loans
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Commercial:
 
 
 
Commercial and industrial
$
1,539

 
1,486

Real estate mortgage
669

 
580

Real estate construction
32

 
32

Lease financing
72

 
90

Total commercial
2,312

 
2,188

Consumer:
 
 
 
Real estate 1-4 family first mortgage
2,261

 
3,183

Real estate 1-4 family junior lien mortgage
819

 
945

Automobile
110

 
130

Other revolving credit and installment
43

 
50

Total consumer
3,233

 
4,308

Total nonaccrual loans
(excluding PCI)
$
5,545

 
6,496


 
 
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 $3.6 billion and $4.6 billion at September 30, 2019, and December 31, 2018, respectively, which included $2.8 billion and $3.2 billion, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on consumer real estate 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.


91

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) real estate 1-4 family mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. PCI loans of $119 million at September 30, 2019, and $370 million at December 31, 2018, are not included in past due and still accruing loans even when they are 90 days or more contractually past due. PCI loans are considered to be accruing because they continue to earn interest from accretable yield, independent of performance in accordance with their contractual terms.
Table 6.14 shows non-PCI loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed.
Table 6.14: Loans 90 Days or More Past Due and Still Accruing (1)
(in millions)
Sep 30, 2019

 
Dec 31, 2018

Total (excluding PCI):
$
7,130

 
8,704

Less: FHA insured/VA guaranteed (1)
6,308

 
7,725

Total, not government insured/guaranteed
$
822

 
979

By segment and class, not government insured/guaranteed:
 
 
 
Commercial:
 
 
 
Commercial and industrial
$
6

 
43

Real estate mortgage
28

 
51

Real estate construction
—

 
—

Total commercial
34

 
94

 Consumer:
 
 
 
Real estate 1-4 family first mortgage
100

 
124

Real estate 1-4 family junior lien mortgage
35

 
32

Credit card
491

 
513

Automobile
75

 
114

Other revolving credit and installment
87

 
102

Total consumer
788

 
885

Total, not government insured/guaranteed
$
822

 
979

(1)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.



92
Note 6: Loans and Allowance for Credit Losses (continued)

IMPAIRED LOANS Table 6.15 summarizes key information for impaired loans. Our impaired loans predominantly include loans on nonaccrual status in the commercial portfolio segment and loans modified in a TDR, whether on accrual or nonaccrual status. Impaired loans generally have estimated losses which are included in the allowance for credit losses. We do have impaired loans with no allowance for credit losses when the loss content has been previously recognized through charge-offs, such as collateral dependent loans, or when loans are currently performing in
 
accordance with their terms and no loss has been estimated. Impaired loans exclude PCI loans and loans that have been fully charged off or otherwise have zero recorded investment. Table 6.15 includes trial modifications that totaled $123 million at September 30, 2019, and $149 million at December 31, 2018.
For additional information on our impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2018 Form 10-K.
Table 6.15: Impaired Loans Summary
 
 
 
Recorded investment
 
 
 
(in millions)
Unpaid
principal
balance

 
Impaired
loans

 
Impaired loans
with related
allowance for
credit losses

 
Related
allowance for
credit losses

September 30, 2019
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
$
2,719

 
2,077

 
1,853

 
300

Real estate mortgage
1,198

 
1,047

 
922

 
122

Real estate construction
71

 
44

 
44

 
9

Lease financing
105

 
83

 
83

 
25

Total commercial
4,093

 
3,251

 
2,902

 
456

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage (1)
8,458

 
7,994

 
4,704

 
486

Real estate 1-4 family junior lien mortgage
1,643

 
1,504

 
968

 
159

Credit card
504

 
504

 
504

 
199

Automobile
141

 
82

 
44

 
9

Other revolving credit and installment
175

 
168

 
150

 
45

Total consumer (2)
10,921

 
10,252

 
6,370

 
898

Total impaired loans (excluding PCI)
$
15,014

 
13,503

 
9,272

 
1,354

December 31, 2018
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
$
3,057

 
2,030

 
1,730

 
319

Real estate mortgage
1,228

 
1,032

 
1,009

 
154

Real estate construction
74

 
47

 
46

 
9

Lease financing
146

 
112

 
112

 
32

Total commercial
4,505

 
3,221

 
2,897

 
514

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
12,309

 
10,738

 
4,420

 
525

Real estate 1-4 family junior lien mortgage
1,886

 
1,694

 
1,133

 
183

Credit card
449

 
449

 
449

 
172

Automobile
153

 
89

 
43

 
8

Other revolving credit and installment
162

 
156

 
136

 
41

Total consumer (2)
14,959

 
13,126

 
6,181

 
929

Total impaired loans (excluding PCI)
$
19,464

 
16,347

 
9,078

 
1,443

(1)
Impaired loans includes reduction of $1.7 billion reclassified to MLHFS during the first nine months of 2019.
(2)
Includes the recorded investment of $1.2 billion at September 30, 2019, and $1.3 billion at December 31, 2018, of government insured/guaranteed loans that are predominantly insured by the FHA or guaranteed by the VA and generally do not have an allowance. Impaired loans may also have limited, if any, allowance when the recorded investment of the loan approximates estimated net realizable value as a result of charge-offs prior to a TDR modification.

93

Commitments to lend additional funds on loans whose terms have been modified in a TDR amounted to $462 million and $513 million at September 30, 2019, and December 31, 2018, respectively.
 
Table 6.16 provides the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class.
Table 6.16: Average Recorded Investment in Impaired Loans
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
(in millions)
Average
recorded
investment

 
Recognized
interest
income

 
Average
recorded
investment

 
Recognized
interest
income

 
Average
recorded
investment

 
Recognized
interest
income

 
Average
recorded
investment

 
Recognized
interest
income

Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
2,036

 
26

 
2,325

 
59

 
2,173

 
99

 
2,316

 
138

Real estate mortgage
1,113

 
14

 
1,172

 
16

 
1,086

 
45

 
1,225

 
66

Real estate construction
48

 
3

 
66

 
2

 
51

 
5

 
62

 
4

Lease financing
78

 
1

 
117

 
—

 
92

 
1

 
127

 
1

Total commercial
3,275

 
44

 
3,680

 
77

 
3,402

 
150

 
3,730

 
209

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
8,165

 
116

 
11,318

 
165

 
9,400

 
397

 
11,718

 
504

Real estate 1-4 family junior lien mortgage
1,561

 
24

 
1,775

 
29

 
1,622

 
76

 
1,832

 
87

Credit card
495

 
16

 
421

 
14

 
479

 
47

 
396

 
36

Automobile
83

 
3

 
87

 
2

 
85

 
10

 
85

 
8

Other revolving credit and installment
163

 
3

 
145

 
2

 
159

 
10

 
139

 
7

Total consumer
10,467

 
162

 
13,746

 
212

 
11,745

 
540

 
14,170

 
642

Total impaired loans (excluding PCI)
$
13,742

 
206

 
17,426

 
289

 
15,147

 
690

 
17,900

 
851

Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash basis of accounting
 
 
$
55

 
 
 
92

 
 
 
190

 
 
 
257

Other (1)
 
 
151

 
 
 
197

 
 
 
500

 
 
 
594

Total interest income
 
 
$
206

 
 
 
289

 
 
 
690

 
 
 
851

(1)
Includes interest recognized on accruing TDRs, interest recognized related to certain impaired loans which have an allowance calculated using discounting, and amortization of purchase accounting adjustments related to certain impaired loans.


TROUBLED DEBT RESTRUCTURINGS (TDRs)  When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a TDR, the balance of which totaled $12.1 billion and $15.5 billion at September 30, 2019, and December 31, 2018, respectively. The majority of the decline in consumer TDRs was due to a reclassification of $1.7 billion in real estate 1-4 family first mortgage TDR loans to MLHFS. We do not consider loan resolutions such as foreclosure or short sale to be a TDR.
 
We may require some consumer borrowers experiencing financial difficulty to make trial payments generally for a period of three to four months, according to the terms of a planned permanent modification, to determine if they can perform according to those terms. These arrangements represent trial modifications, which we classify and account for as TDRs. While loans are in trial payment programs, their original terms are not considered modified and they continue to advance through delinquency status and accrue interest according to their original terms.

94
Note 6: Loans and Allowance for Credit Losses (continued)

Table 6.17 summarizes our TDR modifications for the periods presented by primary modification type and includes the financial effects of these modifications. For those loans that modify more than once, the table reflects each modification that
 
occurred during the period. Loans that both modify and pay off within the period, as well as changes in recorded investment during the period for loans modified in prior periods, are not included in the table.
Table 6.17: TDR Modifications
 
Primary modification type (1)
 
 
Financial effects of modifications
 
(in millions)
Principal (2)

 
Interest
rate
reduction

 
Other
concessions (3)

 
Total

 
Charge-
offs (4)

 
Weighted
average
interest
rate
reduction

 
Recorded
investment
related to
interest rate
reduction (5)

Quarter ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
13

 
9

 
209

 
231

 
39

 
0.67
%
 
$
9

Real estate mortgage
—

 
4

 
72

 
76

 
—

 
0.91

 
4

Real estate construction
—

 
1

 
15

 
16

 
—

 
1.00

 
1

Lease financing
—

 
—

 
2

 
2

 
—

 
—

 
—

Total commercial
13

 
14

 
298

 
325

 
39

 
0.75

 
14

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
24

 
4

 
199

 
227

 
—

 
2.11

 
16

Real estate 1-4 family junior lien mortgage
1

 
8

 
19

 
28

 
—

 
2.49

 
9

Credit card
—

 
94

 
—

 
94

 
—

 
12.78

 
94

Automobile
2

 
3

 
12

 
17

 
7

 
5.30

 
3

Other revolving credit and installment
—

 
14

 
2

 
16

 
—

 
8.38

 
14

Trial modifications (6)
—

 
—

 
6

 
6

 
—

 
—

 
—

Total consumer
27

 
123

 
238

 
388

 
7

 
10.23

 
136

Total
$
40

 
137

 
536

 
713

 
46

 
9.32
%
 
$
150

Quarter ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
—

 
3

 
802

 
805

 
3

 
1.30
%
 
$
3

Real estate mortgage
—

 
20

 
78

 
98

 
—

 
0.98

 
20

Real estate construction
—

 
—

 
15

 
15

 
—

 
—

 
—

Lease financing
—

 
—

 
22

 
22

 
—

 
—

 
—

Total commercial
—

 
23

 
917

 
940

 
3

 
1.02

 
23

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
58

 
4

 
225

 
287

 
1

 
2.27

 
30

Real estate 1-4 family junior lien mortgage
2

 
11

 
31

 
44

 
—

 
2.09

 
13

Credit card
—

 
84

 
—

 
84

 
—

 
12.78

 
84

Automobile
7

 
6

 
17

 
30

 
9

 
5.95

 
6

Other revolving credit and installment
—

 
12

 
4

 
16

 
—

 
8.25

 
12

Trial modifications (6)
—

 
—

 
(20
)
 
(20
)
 
—

 
—

 
—

Total consumer
67

 
117

 
257

 
441

 
10

 
8.98

 
145

Total
$
67

 
140

 
1,174

 
1,381

 
13

 
7.88
%
 
$
168






95

 
Primary modification type (1)
 
 
Financial effects of modifications
 
(in millions)
Principal (2)

 
Interest
rate
reduction

 
Other
concessions (3)

 
Total

 
Charge-
offs (4)

 
Weighted
average
interest
rate
reduction

 
Recorded
investment
related to
interest rate
reduction (5)

Nine months ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
13

 
54

 
943

 
1,010

 
78

 
0.47
%
 
$
54

Real estate mortgage
—

 
30

 
240

 
270

 
—

 
0.59

 
30

Real estate construction
13

 
1

 
31

 
45

 
—

 
1.00

 
1

Lease financing
—

 
—

 
2

 
2

 
—

 
—

 
—

Total commercial
26

 
85

 
1,216

 
1,327

 
78

 
0.51

 
85

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
87

 
9

 
674

 
770

 
1

 
1.96

 
54

Real estate 1-4 family junior lien mortgage
4

 
30

 
65

 
99

 
2

 
2.38

 
32

Credit card
—

 
280

 
—

 
280

 
—

 
13.11

 
280

Automobile
6

 
7

 
38

 
51

 
21

 
4.84

 
7

Other revolving credit and installment
—

 
37

 
6

 
43

 
—

 
7.92

 
37

Trial modifications (6)
—

 
—

 
11

 
11

 
—

 
—

 
—

Total consumer
97

 
363

 
794

 
1,254

 
24

 
10.19

 
410

Total
$
123

 
448

 
2,010

 
2,581

 
102

 
8.52
%
 
$
495

Nine months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
3

 
17

 
1,739

 
1,759

 
23

 
0.95
%
 
$
17

Real estate mortgage
—

 
37

 
297

 
334

 
—

 
0.94

 
37

Real estate construction
—

 
—

 
19

 
19

 
—

 
—

 
—

Lease financing
—

 
—

 
61

 
61

 
—

 
—

 
—

Total commercial
3

 
54

 
2,116

 
2,173

 
23

 
0.94

 
54

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
168

 
22

 
817

 
1,007

 
4

 
2.31

 
96

Real estate 1-4 family junior lien mortgage
5

 
31

 
89

 
125

 
3

 
1.96

 
35

Credit card
—

 
253

 
—

 
253

 
—

 
12.42

 
253

Automobile
10

 
14

 
42

 
66

 
23

 
6.25

 
14

Other revolving credit and installment
—

 
37

 
8

 
45

 
—

 
8.04

 
37

Trial modifications (6)
—

 
—

 
12

 
12

 
—

 
—

 
—

Total consumer
183

 
357

 
968

 
1,508

 
30

 
8.77

 
435

Total
$
186

 
411

 
3,084

 
3,681

 
53

 
7.90
%
 
$
489

(1)
Amounts represent the recorded investment in loans after recognizing the effects of the TDR, if any. TDRs may have multiple types of concessions, but are presented only once in the first modification type based on the order presented in the table above. The reported amounts include loans remodified of $188 million and $545 million for the quarters ended September 30, 2019 and 2018, respectively, and $871 million and $1.4 billion for the first nine months of 2019 and 2018, respectively.
(2)
Principal modifications include principal forgiveness at the time of the modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with a zero percent contractual interest rate.
(3)
Other concessions include loans discharged in bankruptcy, loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate.
(4)
Charge-offs include write-downs of the investment in the loan in the period it is contractually modified. The amount of charge-off will differ from the modification terms if the loan has been charged down prior to the modification based on our policies. In addition, there may be cases where we have a charge-off/down with no legal principal modification. Modifications resulted in deferring or legally forgiving principal (actual or contingent) of $16 million and $5 million for the quarters ended September 30, 2019 and 2018, and $22 million and $22 million for the first nine months of 2019 and 2018, respectively.
(5)
Reflects the effect of reduced interest rates on loans with an interest rate concession as one of its concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession.
(6)
Trial modifications are granted a delay in payments due under the original terms during the trial payment period. However, these loans continue to advance through delinquency status and accrue interest according to their original terms. Any subsequent permanent modification generally includes interest rate related concessions; however, the exact concession type and resulting financial effect are usually not known until the loan is permanently modified. Trial modifications for the period are presented net of previously reported trial modifications that became permanent in the current period.

96
Note 6: Loans and Allowance for Credit Losses (continued)

Table 6.18 summarizes permanent modification TDRs that have defaulted in the current period within 12 months of their permanent modification date. We are reporting these defaulted TDRs based on a payment default definition of 90 days past due
 
for the commercial portfolio segment and 60 days past due for the consumer portfolio segment.


Table 6.18: Defaulted TDRs
 
Recorded investment of defaults
 
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Commercial:
 
 
 
 
 
 
 
Commercial and industrial
$
24

 
42

 
72

 
135

Real estate mortgage
5

 
35

 
38

 
75

Real estate construction
12

 
—

 
15

 
16

Total commercial
41

 
77

 
125

 
226

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
8

 
11

 
32

 
44

Real estate 1-4 family junior lien mortgage
2

 
3

 
11

 
10

Credit card
23

 
20

 
65

 
57

Automobile
2

 
4

 
9

 
11

Other revolving credit and installment
2

 
2

 
5

 
4

Total consumer
37

 
40

 
122

 
126

Total
$
78

 
117

 
247

 
352



Purchased Credit-Impaired Loans
Table 6.19 presents PCI loans net of any remaining purchase accounting adjustments. Real estate 1-4 family first mortgage PCI loans are predominantly Pick-a-Pay loans.
Table 6.19: PCI Loans
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Total commercial
$
—

 
4

Consumer:
 
 
 
Real estate 1-4 family first mortgage
593

 
4,988

Real estate 1-4 family junior lien mortgage
14

 
17

Total consumer
607

 
5,005

Total PCI loans (carrying value)
$
607

 
5,009

Total PCI loans (unpaid principal balance)
$
1,072

 
7,348



In the third quarter and first nine months of 2019, we sold $510 million and $4.0 billion of PCI loans, respectively, that resulted in gains of $302 million and $1.6 billion, respectively.
 



97

Note 7:  Leasing Activity
The information below provides a summary of our leasing activities as a lessor and lessee.

As a Lessor
Table 7.1 presents the composition of our leasing revenue and Table 7.2 provides the components of our investment in lease financing.

Table 7.1: Leasing Revenue
(in millions)
Quarter ended September 30, 2019

Nine months ended September 30, 2019

Interest income on lease financing
$
208

655

Other lease revenues:
 
 
Variable revenues on lease financing
23

73

Fixed revenues on operating leases
339

1,069

Variable revenues on operating leases
16

48

Other lease-related revenues (1)
24

79

Lease income
402

1,269

Total leasing revenue
$
610

1,924

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

Table 7.2: Investment in Lease Financing
(in millions)
Sep 30, 2019

Lease receivables
$
17,921

Residual asset values
4,244

Unearned income
(2,565
)
Lease financing
$
19,600



Our net investment in financing and sales-type leases includes $2.0 billion of leveraged leases at September 30, 2019.
As shown in Table 9.1, included in Note 9 (Other Assets), we had $8.5 billion in operating lease assets at September 30, 2019, which was net of $3.2 billion of accumulated depreciation. Depreciation expense for the lease assets was $205 million and $653 million in the third quarter and first nine months of 2019, respectively.
 
Table 7.3 presents future lease payments owed by our lessees.

Table 7.3: Maturities of Lease Receivables
 
September 30, 2019
 
(in millions)
Direct financing and sales- type leases

Operating leases

Remainder of 2019
$
1,454

258

2020
5,656

864

2021
4,557

609

2022
2,532

425

2023
1,391

285

Thereafter
2,331

626

Total lease receivables
$
17,921

3,067



As a Lessee
Substantially all of our leases are operating leases. Table 7.4 presents balances for our operating leases.

Table 7.4: Operating Lease Right of Use (ROU) Assets and Lease Liabilities
(in millions)
Sep 30, 2019

ROU assets
$
4,856

Lease liabilities
5,383



Table 7.5 provides the composition of our lease costs, which are predominantly included in net occupancy expense.

Table 7.5: Lease Costs
(in millions)
Quarter ended September 30, 2019

Nine months ended September 30, 2019

Fixed lease expense - operating leases
$
302

890

Variable lease expense
81

234

Other (1)
(40
)
(57
)
Total lease costs
$
343

1,067

(1)
Predominantly includes sublease rental income and gains recognized from sale leaseback transactions.

98
Note 7: Leasing Activity (continued)

Tables Table 7.6 and 7.7 provide the future lease payments under operating leases as of December 31, 2018, and September 30, 2019, respectively. Table 7.7 also includes information on the remaining average lease term and discount rate.
Table 7.6: Lease Payments on Operating Leases Prior to Adoption of ASU 2016-02 - Leases
(in millions)
December 31, 2018

2019
$
1,174

2020
1,056

2021
880

2022
713

2023
577

Thereafter
1,654

Total
$
6,054


Table 7.7: Lease Payments on Operating Leases Subsequent to Adoption of ASU 2016-02 - Leases
(in millions, except for weighted averages)
September 30, 2019

Remainder of 2019
$
128

2020
1,155

2021
1,004

2022
854

2023
713

Thereafter
2,251

Total lease payments
6,105

Less: imputed interest
722

Total operating lease liabilities
$
5,383

Weighted average remaining lease term (in years)
7.3

Weighted average discount rate
3.2
%


Our operating leases predominantly expire within the next 15 years, with the longest lease expiring in 2105. We do not include renewal or termination options in the establishment of the lease term when we are not reasonably certain that we will exercise them. As of September 30, 2019, we had additional operating leases commitments of $106 million, predominantly for real estate, which leases had not yet commenced. These leases will commence by 2020 and have lease terms of 1 year to
11 years.


99

Note 8:  Equity Securities
Table 8.1 provides a summary of our equity securities by business purpose and accounting method, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable).
Table 8.1: Equity Securities
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Held for trading at fair value:
 
 
 
Marketable equity securities
$
24,436

 
19,449

Not held for trading:
 
 
 
Fair value:
 
 
 
Marketable equity securities (1)
6,639

 
4,513

Nonmarketable equity securities
7,293

 
5,594

Total equity securities at fair value
13,932

 
10,107

Equity method:
 
 
 
Low-income housing tax credit investments
11,068

 
10,999

Private equity
3,425

 
3,832

Tax-advantaged renewable energy
3,143

 
3,073

New market tax credit and other
390

 
311

Total equity method
18,026


18,215

Other:
 
 
 
Federal Reserve Bank stock and other at cost (2)
5,021

 
5,643

Private equity (3)
2,469

 
1,734

Total equity securities not held for trading
39,448

 
35,699

Total equity securities
$
63,884

 
55,148

(1)
Includes $3.5 billion and $3.2 billion at September 30, 2019, and December 31, 2018, respectively, related to securities held as economic hedges of our deferred compensation plan obligations.
(2)
Includes $5.0 billion and $5.6 billion at September 30, 2019, and December 31, 2018, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.
(3)
Represents nonmarketable equity securities accounted for under the measurement alternative.

Equity Securities Held for Trading
Equity securities held for trading purposes are marketable equity securities traded on organized exchanges. These securities are held as part of our customer accommodation trading activities. For more information on these activities, see Note 4 (Trading Activities).

Equity Securities Not Held for Trading
We also hold equity securities unrelated to trading activities. These securities include private equity and tax credit investments, securities held as economic hedges or to meet regulatory requirements (for example, Federal Reserve Bank and Federal Home Loan Bank stock). Equity securities not held for trading purposes are accounted for at either fair value, equity method, cost or the measurement alternative.
 
FAIR VALUE Marketable equity securities held for purposes other than trading primarily consist of exchange-traded equity funds held to economically hedge obligations related to our deferred compensation plans and to a lesser extent other holdings of publicly traded equity securities held for investment purposes. We account for certain nonmarketable equity securities under the fair value method, and substantially all of these securities are economically hedged with equity derivatives.

EQUITY METHOD Our equity method investments consist of tax credit and private equity investments, the majority of which are our low-income housing tax credit (LIHTC) investments.
We invest in affordable housing projects that qualify for the LIHTC, which are designed to promote private development of low-income housing. These investments generate a return mostly through realization of federal tax credit and other tax benefits. In the third quarter and first nine months of 2019, we recognized pre-tax losses of $304 million and $875 million, respectively, related to our LIHTC investments, compared with $283 million and $850 million, respectively, for the same periods a year ago. These losses were recognized in other noninterest income. We also recognized total tax benefits of $362 million and $1.1 billion in the third quarter and first nine months of 2019, respectively, which included tax credits recorded to income taxes of $286 million and $891 million for the same periods, respectively. In the third quarter and first nine months of 2018, total tax benefits were $352 million and $1.1 billion, respectively, which included tax credits of $282 million and $853 million for the same periods, respectively. We are periodically required to provide additional financial support during the investment period. A liability is recognized for unfunded commitments that are both legally binding and probable of funding. These commitments are predominantly funded within three years of initial investment. Our liability for these unfunded commitments was $3.8 billion at September 30, 2019, and $3.6 billion at December 31, 2018. This liability for unfunded commitments is included in long-term debt.

OTHER The remaining portion of our nonmarketable equity securities portfolio consists of securities accounted for using the cost or measurement alternative method.

100
Note 8: Equity Securities (continued)

Realized Gains and Losses Not Held for Trading
Table 8.2 provides a summary of the net gains and losses from equity securities not held for trading. Gains and losses for
 
securities held for trading are reported in net gains from trading activities.

Table 8.2: Net Gains (Losses) from Equity Securities Not Held for Trading
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Net gains (losses) from equity securities carried at fair value:
 
 
 
 
 
 
 
Marketable equity securities
$
116

 
103

 
757

 
139

Nonmarketable equity securities
1,477

 
822

 
3,145

 
1,525

Total equity securities carried at fair value
1,593

 
925

 
3,902

 
1,664

Net gains (losses) from nonmarketable equity securities not carried at fair value:
 
 
 
 
 
 
 
Impairment write-downs
(43
)
 
(45
)
 
(110
)
 
(302
)
Net unrealized gains related to measurement alternative observable transactions
158

 
51

 
489

 
314

Net realized gains on sale
623

 
204

 
1,029

 
1,101

All other
—

 
—

 
—

 
34

Total nonmarketable equity securities not carried at fair value
738

 
210

 
1,408

 
1,147

Net losses from economic hedge derivatives (1)
(1,375
)
 
(719
)
 
(2,918
)
 
(1,317
)
Total net gains from equity securities
$
956

 
416

 
2,392

 
1,494

(1)
Includes net gains (losses) on derivatives not designated as hedging instruments.
Measurement Alternative
Table 8.3 provides additional information about the impairment write-downs and observable price adjustments related to
 
nonmarketable equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 8.2.
Table 8.3: Net Gains (Losses) from Measurement Alternative Equity Securities     
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Net gains (losses) recognized in earnings during the period:
 
 
 
 
 
 
 
Gross unrealized gains due to observable price changes
$
158

 
68

 
500

 
339

Gross unrealized losses due to observable price changes
—

 
(17
)
 
(11
)
 
(25
)
Impairment write-downs
(20
)
 
(6
)
 
(53
)
 
(18
)
Realized net gains from sale
36

 
186

 
161

 
277

Total net gains recognized during the period
$
174

 
231

 
597

 
573

Table 8.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held as of the balance sheet date.
 

Table 8.4: Measurement Alternative Cumulative Gains (Losses)
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Cumulative gains (losses):
 
 
 
Gross unrealized gains due to observable price changes
$
889

 
415

Gross unrealized losses due to observable price changes
(36
)
 
(25
)
Impairment write-downs
(71
)
 
(33
)



101

Note 9:  Other Assets
Table 9.1 presents the components of other assets.
Table 9.1: Other Assets
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Corporate/bank-owned life insurance
$
19,983

 
19,751

Accounts receivable (1)
40,246

 
34,281

Interest receivable
5,962

 
6,084

Customer relationship and other amortized intangibles
451

 
545

Foreclosed assets:
 
 
 
Residential real estate:
 
 
 
Government insured/guaranteed (1)
59

 
88

Non-government insured/guaranteed
177

 
229

Other
201

 
134

Operating lease assets (lessor)
8,478

 
9,036

Operating lease ROU assets (lessee) (2)
4,856

 
—

Due from customers on acceptances
284

 
258

Other
9,027

 
9,444

Total other assets
$
89,724

 
79,850

(1)
Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. For more information, see Note 1 (Summary of Significant Accounting Policies) in our 2018 Form 10-K.
(2)
We recognized operating lease right of use (ROU) assets effective January 1, 2019, in connection with the adoption of ASU 2016-02 – Leases. For more information, see Note 1 (Summary of Significant Accounting Policies).


102
Note 10: Securitizations and Variable Interest Entities (continued)

Note 10: Securitizations and Variable Interest Entities
Involvement with Special Purpose Entities (SPEs)
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with SPEs, which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For further
 
description of our involvement with SPEs, see Note 9 (Securitizations and Variable Interest Entities) in our 2018 Form 10-K.
Table 10.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs. Subsequent tables within this Note further segregate these transactions by structure type.
Table 10.1: Balance Sheet Transactions with VIEs
(in millions)
VIEs that we
do not
consolidate

 
VIEs
that we
consolidate

Transfers that
we account
for as secured
borrowings (1)
 
 
Total

September 30, 2019
 
 
 
 
 
Cash and due from banks
$
—

 
10

 
—

 
10

Interest-earning deposits with banks
—

 
118

 
—

 
118

Debt securities (2):
 
 
 
 
 
 
 
Trading debt securities
1,915

 
61

 
201

 
2,177

Available-for-sale debt securities
1,696

 
—

 
—

 
1,696

Held-to-maturity debt securities
619

 
—

 
—

 
619

Loans
1,406

 
13,134

 
84

 
14,624

Mortgage servicing rights
11,381

 
—

 
—

 
11,381

Derivative assets
178

 
—

 
—

 
178

Equity securities
11,117

 
100

 
—

 
11,217

Other assets
—

 
214

 
3

 
217

Total assets
28,312

 
13,637

 
288

 
42,237

Short-term borrowings
—

 
—

 
200

 
200

Derivative liabilities
1

 
—

(3)
—

 
1

Accrued expenses and other liabilities  
196

 
202

(3)
1

 
399

Long-term debt  
3,822

 
722

(3)
83

 
4,627

Total liabilities
4,019

 
924

 
284

 
5,227

Noncontrolling interests
—

 
39

 
—

 
39

Net assets
$
24,293

 
12,674

 
4

 
36,971

December 31, 2018
 
 
 
 
 
 
 
Cash and due from banks
$
—

 
139

 
—

 
139

Interest-earning deposits with banks
—

 
8

 
—

 
8

Debt securities (2):
 
 
 
 
 
 
 
Trading debt securities
2,110

 
45

 
200

 
2,355

Available-for-sale debt securities
2,686

 
—

 
317

 
3,003

Held-to-maturity debt securities
510

 
—

 
—

 
510

Loans
1,433

 
13,564

 
94

 
15,091

Mortgage servicing rights
14,761

 
—

 
—

 
14,761

Derivative assets
53

 
—

 
—

 
53

Equity securities
11,041

 
85

 
—

 
11,126

Other assets
—

 
221

 
6

 
227

Total assets
32,594

 
14,062

 
617

 
47,273

Short-term borrowings
—

 
—

 
493

 
493

Derivative liabilities
26

 
—

(3)
—

 
26

Accrued expenses and other liabilities
231

 
191

(3)
8

 
430

Long-term debt
3,870

 
816

(3)
93

 
4,779

Total liabilities
4,127

 
1,007

 
594

 
5,728

Noncontrolling interests
—

 
34

 
—

 
34

Net assets
$
28,467

 
13,021

 
23

 
41,511

(1)
Secured borrowings are transactions involving transfers of our financial assets to third parties that are accounted for as financings with the assets pledged as collateral. Accordingly, the transferred assets remain recognized on our balance sheet.
(2)
Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA).
(3)
There were no VIE liabilities with recourse to the general credit of Wells Fargo for the periods presented.

103

Transactions with Unconsolidated VIEs
Our transactions with unconsolidated VIEs include securitizations of residential mortgage loans, CRE loans, student loans, automobile loans and leases, certain dealer floorplan loans; investment and financing activities involving collateralized debt obligations (CDOs) backed by asset-backed and CRE securities, tax credit structures, collateralized loan obligations (CLOs) backed by corporate loans, and other types of structured financing. We have various forms of involvement with VIEs, including servicing, holding senior or subordinated interests, entering into liquidity arrangements and derivative contracts. Involvements with these unconsolidated VIEs are recorded on our balance sheet in debt and equity securities, loans, MSRs, derivative assets and liabilities, other assets, other liabilities, and long-term debt, as appropriate.
Table 10.2 provides a summary of unconsolidated VIEs with which we have significant continuing involvement, but we are not the primary beneficiary. We do not consider our continuing involvement in an unconsolidated VIE to be significant when it relates to third-party sponsored VIEs for which we were not the transferor (unless we are servicer and have other significant forms of involvement) or if we were the sponsor only or sponsor and servicer but do not have any other forms of significant involvement.
 
Significant continuing involvement includes transactions where we were the sponsor or transferor and have other significant forms of involvement. Sponsorship includes transactions with unconsolidated VIEs where we solely or materially participated in the initial design or structuring of the entity or marketing of the transaction to investors. When we transfer assets to a VIE and account for the transfer as a sale, we are considered the transferor. We consider investments in securities (other than those held temporarily in trading), loans, guarantees, liquidity agreements, written options and servicing of collateral to be other forms of involvement that may be significant. We have excluded certain transactions with unconsolidated VIEs from the balances presented in the following table where we have determined that our continuing involvement is not significant due to the temporary nature and size of our variable interests, because we were not the transferor or because we were not involved in the design of the unconsolidated VIEs. We also exclude from the table secured borrowing transactions with unconsolidated VIEs (for information on these transactions, see the Transactions with Consolidated VIEs and Secured Borrowings section in this Note).
Table 10.2: Unconsolidated VIEs
 
 
 
Carrying value – asset (liability)
 
(in millions)
Total
VIE
assets

 
Debt and
equity
interests (1)

 
Servicing
assets

 
Derivatives

 
Other
commitments and
guarantees

 
Net
assets

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
$
1,112,618

 
2,043

 
10,469

 
—

 
(134
)
 
12,378

Other/nonconforming
7,869

 
13

 
47

 
—

 
—

 
60

Commercial mortgage securitizations
157,940

 
2,109

 
865

 
110

 
(42
)
 
3,042

Collateralized debt obligations:
 
 
 
 
 
 
 
 
 
 
 
Debt securities
619

 
—

 
—

 
9

 
(20
)
 
(11
)
Asset-based finance structures
218

 
117

 
—

 
—

 
—

 
117

Tax credit structures
37,354

 
12,356

 
—

 
—

 
(3,822
)
 
8,534

Collateralized loan obligations
132

 
1

 
—

 
—

 
—

 
1

Investment funds
210

 
49

 
—

 
—

 
—

 
49

Other
1,436

 
65

 
—

 
58

 
—

 
123

Total
$
1,318,396

 
16,753

 
11,381

 
177

 
(4,018
)
 
24,293

 
 
 
Maximum exposure to loss
 
 
 
 
Debt and
equity
interests (1)

 
Servicing
assets

 
Derivatives

 
Other
commitments and
guarantees

 
Total
exposure

Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming
 
 
$
2,043

 
10,469

 
—

 
960

 
13,472

Other/nonconforming
 
 
13

 
47

 
—

 
—

 
60

Commercial mortgage securitizations
 
 
2,109

 
865

 
110

 
11,884

 
14,968

Collateralized debt obligations:
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
—

 
—

 
9

 
20

 
29

Asset-based finance structures
 
 
117

 
—

 
—

 
71

 
188

Tax credit structures
 
 
12,356

 
—

 
—

 
1,252

 
13,608

Collateralized loan obligations
 
 
1

 
—

 
—

 
—

 
1

Investment funds
 
 
49

 
—

 
—

 
—

 
49

Other
 
 
65

 
—

 
61

 
157

 
283

Total
 
 
$
16,753

 
11,381

 
180

 
14,344

 
42,658

(continued on following page)

104
Note 10: Securitizations and Variable Interest Entities (continued)

(continued from previous page)
 
 
 
Carrying value – asset (liability)
 
(in millions)
Total
VIE
assets

 
Debt and
equity
interests (1)

 
Servicing
assets

 
Derivatives

 
Other
commitments and
guarantees

 
Net
assets

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
$
1,172,833

 
2,377

 
13,811

 
—

 
(171
)
 
16,017

Other/nonconforming
10,596

 
453

 
57

 
—

 
—

 
510

Commercial mortgage securitizations
153,350

 
2,409

 
893

 
(22
)
 
(40
)
 
3,240

Collateralized debt obligations:
 
 
 
 
 
 
 
 
 
 
 
Debt securities
659

 
—

 
—

 
5

 
(20
)
 
(15
)
Asset-based finance structures
304

 
205

 
—

 
—

 
—

 
205

Tax credit structures
35,185

 
12,087

 
—

 
—

 
(3,870
)
 
8,217

Collateralized loan obligations
2

 
—

 
—

 
—

 
—

 
—

Investment funds
185

 
42

 
—

 
—

 
—

 
42

Other
1,688

 
207

 
—

 
44

 
—

 
251

Total
$
1,374,802

 
17,780

 
14,761

 
27

 
(4,101
)
 
28,467

 
 
 
Maximum exposure to loss
 
 
 
 
Debt and
equity
interests (1)

 
Servicing
assets

 
Derivatives

 
Other
commitments and
guarantees

 
Total
exposure

Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming
 
 
$
2,377

 
13,811

 
—

 
1,183

 
17,371

Other/nonconforming
 
 
453

 
57

 
—

 
—

 
510

Commercial mortgage securitizations
 
 
2,409

 
893

 
28

 
11,563

 
14,893

Collateralized debt obligations:
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
—

 
—

 
5

 
20

 
25

Asset-based finance structures
 
 
205

 
—

 
—

 
71

 
276

Tax credit structures
 
 
12,087

 
—

 
—

 
1,420

 
13,507

Collateralized loan obligations
 
 
—

 
—

 
—

 
—

 
—

Investment funds
 
 
42

 
—

 
—

 
—

 
42

Other
 
 
207

 
—

 
45

 
158

 
410

Total
 
 
$
17,780

 
14,761

 
78

 
14,415

 
47,034

(1)
Includes total equity interests of $11.1 billion and $11.0 billion at September 30, 2019, and December 31, 2018, respectively. Also includes debt interests in the form of both loans and securities. Excludes certain debt securities held related to loans serviced for FNMA, FHLMC and GNMA.
(2)
Excludes assets and related liabilities with a recorded carrying value on our balance sheet of $578 million and $1.2 billion at September 30, 2019, and December 31, 2018, respectively, for certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. The recorded carrying value represents the amount that would be payable if the Company was to exercise the repurchase option. The carrying amounts are excluded from the table because the loans eligible for repurchase do not represent interests in the VIEs.

In Table 10.2, “Total VIE assets” represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. For VIEs that obtain exposure to assets synthetically through derivative instruments, the remaining notional amount of the derivative is included in the asset balance. “Carrying value” is the amount in our consolidated balance sheet related to our involvement with the unconsolidated VIEs. “Maximum exposure to loss” from our involvement with off-balance sheet entities is determined as the carrying value of our involvement with off-balance sheet (unconsolidated) VIEs 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. It 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.
For complete descriptions of our types of transactions with unconsolidated VIEs with which we have a significant continuing involvement, but we are not the primary beneficiary, see Note 9 (Securitizations and Variable Interest Entities) in our 2018 Form 10-K.

INVESTMENT FUNDS We voluntarily waived a portion of our management fees for certain money market funds that are exempt from the consolidation analysis to ensure the funds maintained a minimum level of daily net investment income. The
 
amount of fees waived in the third quarter and first nine months of 2019 was $10 million and $30 million, respectively, compared with $10 million and $35 million, respectively, in the same periods of 2018.

TRUST PREFERRED SECURITIES  VIEs that we wholly own issue debt securities or preferred equity to third party investors. All of the proceeds of the issuance are invested in debt securities or preferred equity that we issue to the VIEs. The VIEs’ operations and cash flows relate only to the issuance, administration and repayment of the securities held by third parties. We do not consolidate these VIEs because the sole assets of the VIEs are receivables from us, 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. In our consolidated balance sheet we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $2.2 billion and $2.0 billion at September 30, 2019, and December 31, 2018, respectively, and the preferred equity securities issued to the VIEs as preferred stock with a carrying value of $2.5 billion at both dates. These VIEs are not included in the preceding table.

Loan Sales and Securitization Activity
We periodically transfer consumer and CRE loans and other types of financial assets in securitization and whole loan sale transactions. We typically retain the servicing rights from these sales and may continue to hold other beneficial interests in the transferred financial assets. We may also provide liquidity to investors in the beneficial interests and credit enhancements in

105

the form of standby letters of credit. Through these transfers we may be exposed to liability under limited amounts of recourse as well as standard representations and warranties we make to
 
purchasers and issuers. Table 10.3 presents the cash flows for our transfers accounted for as sales in which we have continuing involvement with the transferred financial assets.
Table 10.3: Cash Flows From Sales and Securitization Activity
 
Mortgage loans
 
(in millions)
2019

 
2018

Quarter ended September 30,
 
 
 
Proceeds from securitizations and whole loan sales
$
52,274

 
53,792

Fees from servicing rights retained
793

 
812

Cash flows from other interests held (1)
131

 
221

Repurchases of assets/loss reimbursements (2):
 
 
 
Non-agency securitizations and whole loan transactions
1,369

 
2

Agency securitizations (3)
26

 
17

Servicing advances, net of repayments
(73
)
 
(24
)
Nine months ended September 30,
 
 
 
Proceeds from securitizations and whole loan sales
$
128,478

 
156,369

Fees from servicing rights retained
2,359

 
2,487

Cash flows from other interests held (1)
375

 
574

Repurchases of assets/loss reimbursements (2):
 
 
 
Non-agency securitizations and whole loan transactions
1,370

 
4

Agency securitizations (3)
70

 
69

Servicing advances, net of repayments
(166
)
 
(67
)
(1)
Cash flows from other interests held predominantly include principal and interest payments received on retained bonds and excess cash flows received on interest-only strips.
(2)
Consists of cash paid to repurchase loans from investors, which may include the exercise of cleanup calls on securitizations, and cash paid to investors to reimburse them for losses on individual loans that are already liquidated.
(3)
Represent loans repurchased from GNMA, FNMA, and FHLMC under representation and warranty provisions included in our loan sales contracts. Third quarter and first nine months of 2019 exclude $1.4 billion and $4.6 billion, respectively, in delinquent insured/guaranteed loans that we service and have exercised our option to purchase out of GNMA pools, compared with $1.5 billion and $6.2 billion, respectively, in the same periods of 2018. These loans are predominantly insured by the FHA or guaranteed by the VA.

In the third quarter and first nine months of 2019, we recognized net gains of $98 million and $278 million, respectively, predominantly from transfers of commercial and residential mortgage loans accounted for as sales , in which we have continuing involvement with the transferred assets, compared with $51 million and $163 million, respectively, in the same periods of 2018. Net gains recognized in the third quarter and first nine months of 2018 were revised from the amounts previously reported to exclude transfers for which we do not have continuing involvement. These net gains predominantly relate to sales of loans that were not measured at fair value on a recurring basis (for example, lower of cost or fair value (LOCOM)).
Sales with continuing involvement during the third quarter and first nine months of 2019 and 2018 included securitizations of residential mortgages that are sold to the government-sponsored entities (GSEs), such as FNMA and FHLMC, and GNMA (conforming residential mortgage securitizations). Substantially all of these transfers did not result in a gain or loss because the loans were already measured at fair value on a recurring basis. During the third quarter and first nine months of 2019, we transferred $48.4 billion and $119.2 billion, respectively, in fair value of residential mortgages to unconsolidated VIEs and third-party investors and recorded the transfers as sales, compared with $49.6 billion and $144.6 billion, respectively, in the same periods of 2018. In connection with all of these transfers, in the first nine months of 2019, we recorded a $1.2 billion servicing asset, measured at fair value using a Level 3 measurement technique, securities of $7.7 billion, classified as Level 2, and a $13 million liability for repurchase losses which reflects management’s estimate of probable losses related to various representations and warranties for the loans transferred, initially measured at fair value. In the first nine months of 2018, we
 
recorded a $1.5 billion servicing asset, securities of $2.6 billion, and a $12 million liability for repurchase losses.
Table 10.4 presents the key weighted-average assumptions we used to measure residential mortgage servicing rights at the date of securitization.

Table 10.4: Residential Mortgage Servicing Rights
 
Residential mortgage
servicing rights
 
 
2019

 
2018

Quarter ended September 30,
 
 
 
Prepayment speed (1)
13.2
%
 
11.2

Discount rate
7.4

 
7.6

Cost to service ($ per loan) (2)
$
101

 
128

Nine months ended September 30,
 
 
 
Prepayment speed (1)
13.3
%
 
10.5

Discount rate
7.6

 
7.4

Cost to service ($ per loan) (2)
$
106

 
130

(1)
The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior.
(2)
Includes costs to service and unreimbursed foreclosure costs, which can vary period to period depending on the mix of modified government-guaranteed loans sold to GNMA.
During the third quarter and first nine months of 2019, we transferred $4.4 billion and $10.5 billion, respectively, in carrying value of commercial mortgages to unconsolidated VIEs and third-party investors and recorded the transfers as sales, compared with $4.1 billion and $11.6 billion, respectively, in the same periods of 2018. These transfers resulted in gains of $72 million and $193 million in the third quarter and first nine months of 2019, respectively, because the loans were carried at LOCOM,

106
Note 10: Securitizations and Variable Interest Entities (continued)

compared with gains of $67 million and $196 million in the same periods of 2018. In connection with these transfers, in the first nine months of 2019, we recorded a servicing asset of $92 million, initially measured at fair value using a Level 3 measurement technique, and no securities. In the first nine months of 2018, we recorded a servicing asset of $106 million and securities of $47 million.

Retained Interests from Unconsolidated VIEs
Table 10.5 provides key economic assumptions and the sensitivity of the current fair value of residential mortgage servicing rights and other interests held related to unconsolidated VIEs to immediate adverse changes in those assumptions. “Other
 
interests held” relate to residential and commercial mortgage loan securitizations. Residential mortgage-backed securities retained in securitizations issued through GSEs, such as FNMA and FHLMC, and GNMA, are excluded from the table because these securities have a remote risk of credit loss due to the GSE guarantee. These securities also have economic characteristics similar to GSE mortgage-backed securities that we purchase, which are not included in the table. Subordinated interests include only those bonds whose credit rating was below AAA by a major rating agency at issuance. Senior interests include only those bonds whose credit rating was AAA by a major rating agency at issuance. The information presented excludes trading positions held in inventory.
Table 10.5: Retained Interests from Unconsolidated VIEs
 
 
 
Other interests held
 
 
Residential
mortgage
servicing
rights (1)

 
Interest-only
strips

 
Commercial
 
($ in millions, except cost to service amounts)
 
 
Subordinated
bonds

 
Senior
bonds

Fair value of interests held at September 30, 2019
$
11,072

 
7

 
752

 
304

Expected weighted-average life (in years)
5.2

 
3.4

 
7.2

 
5.0

Key economic assumptions:
 
 
 
 
 
 
 
Prepayment speed assumption (2)
12.4
%
 
18.0

 
 
 
 
Decrease in fair value from:
 
 
 
 
 
 
 
10% adverse change
$
521

 
—

 
 
 
 
25% adverse change
1,222

 
1

 
 
 
 
Discount rate assumption
6.9
%
 
14.1

 
4.0

 
2.7

Decrease in fair value from:
 
 
 
 
 
 
 
100 basis point increase
$
437

 
—

 
44

 
13

200 basis point increase
838

 
—

 
84

 
25

Cost to service assumption ($ per loan)
102

 
 
 
 
 
 
Decrease in fair value from:
 
 
 
 
 
 
 
10% adverse change
269

 
 
 
 
 
 
25% adverse change
672

 
 
 
 
 
 
Credit loss assumption
 
 
 
 
3.8
%
 
—

Decrease in fair value from:
 
 
 
 
 
 
 
10% higher losses
 
 
 
 
$
2

 
—

25% higher losses
 
 
 
 
5

 
—

Fair value of interests held at December 31, 2018
$
14,649

 
16

 
668

 
309

Expected weighted-average life (in years)
6.5

 
3.6

 
7.0

 
5.7

Key economic assumptions:
 
 
 
 
 
 
 
Prepayment speed assumption (2)
9.9
%
 
17.7

 
 
 
 
Decrease in fair value from:
 
 
 
 
 
 
 
10% adverse change
$
530

 
1

 
 
 
 
25% adverse change
1,301

 
1

 
 
 
 
Discount rate assumption
8.1
%
 
14.5

 
4.3

 
3.7

Decrease in fair value from:
 
 
 
 
 
 
 
100 basis point increase
$
615

 
—

 
37

 
14

200 basis point increase
1,176

 
1

 
72

 
28

Cost to service assumption ($ per loan)
106

 
 
 
 
 
 
Decrease in fair value from:
 
 
 
 
 
 
 
10% adverse change
316

 
 
 
 
 
 
25% adverse change
787

 
 
 
 
 
 
Credit loss assumption
 
 
 
 
5.1
%
 
—

Decrease in fair value from:
 
 
 
 
 
 
 
10% higher losses
 
 
 
 
$
2

 
—

25% higher losses
 
 
 
 
5

 
—

(1)
Residential mortgage servicing rights include purchased servicing assets as well as servicing assets resulting from the transfer of loans. See narrative following this table for a discussion of commercial mortgage servicing rights.
(2)
The prepayment speed assumption for residential mortgage servicing rights includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior.
In addition to residential MSRs included in the previous table, we have a small portfolio of commercial MSRs with a fair value of $1.8 billion and $2.3 billion at September 30, 2019, and December 31, 2018, respectively. The nature of our commercial MSRs, which are carried at LOCOM, is different from our residential MSRs. Prepayment activity on serviced loans does not significantly impact the value of commercial MSRs because, unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual
 
restrictions, impacting the borrower’s ability to prepay the mortgage. Similarly, prepayment speed assumptions do not significantly impact the value of the commercial mortgage securitization bonds. Additionally, for our commercial MSR portfolio, we are typically master/primary servicer, but not the special servicer, who is separately responsible for the servicing and workout of delinquent and foreclosed loans. It is the special servicer, similar to our role as servicer of residential mortgage loans, who is affected by higher servicing and foreclosure costs

107

due to an increase in delinquent and foreclosed loans. Accordingly, prepayment speeds and costs to service are not key assumptions for commercial MSRs as they do not significantly impact the valuation. The primary economic driver impacting the fair value of our commercial MSRs is forward interest rates, which are derived from market observable yield curves used to price capital markets instruments. Market interest rates significantly affect interest earned on custodial deposit balances. The sensitivity of the current fair value to an immediate adverse 25% change in the assumption about interest earned on deposit balances at September 30, 2019, and December 31, 2018, results in a decrease in fair value of $200 million and $320 million, respectively. See Note 11 (Mortgage Banking Activities) for further information on our commercial MSRs.
The sensitivities in the preceding paragraph and 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 (for example, changes in prepayment speed estimates could result in changes in the credit losses), which might magnify or counteract the sensitivities.

Off-Balance Sheet Loans
Table 10.6 presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to FNMA, FHLMC, GNMA and other investors, for which we have some form of continuing involvement (including servicer). Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. For loans sold or securitized where servicing is our only form of continuing involvement, we would only experience a loss 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 10.6: Off-Balance Sheet Loans Sold or Securitized
 
 
 
 
 
 
 
 
 
Net charge-offs (3)
 
 
Total loans
 
 
Delinquent loans
and foreclosed assets (1)
 
 
Nine months ended Sep 30,
 
(in millions)
Sep 30, 2019

 
Dec 31, 2018

 
Sep 30, 2019

 
Dec 31, 2018

 
2019

 
2018

Commercial:
 
 
 
 
 
 
 
 
 
 
 
Real estate mortgage
$
108,091

 
105,173

 
904

 
1,008

 
109

 
244

Total commercial
108,091

 
105,173

 
904

 
1,008

 
109

 
244

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
1,025,168

 
1,097,128

 
6,845

 
8,947

 
180

 
368

Real estate 1-4 family junior lien mortgage
14

 
—

 
1

 
—

 
—

 
—

Total consumer
1,025,182

 
1,097,128

 
6,846

 
8,947

 
180

 
368

Total off-balance sheet sold or securitized loans (2)
$
1,133,273

 
1,202,301

 
7,750

 
9,955

 
289

 
612

(1)
Includes $547 million and $675 million of commercial foreclosed assets and $398 million and $582 million of consumer foreclosed assets at September 30, 2019, and December 31, 2018, respectively.
(2)
At September 30, 2019, and December 31, 2018, the table includes total loans of $1.1 trillion at both dates, delinquent loans of $5.2 billion and $6.4 billion, and foreclosed assets of $280 million and $442 million, respectively, for FNMA, FHLMC and GNMA.
(3)
Net charge-offs exclude loans sold to FNMA, FHLMC and GNMA as we do not service or manage the underlying real estate upon foreclosure and, as such, do not have access to net charge-off information.

108
Note 10: Securitizations and Variable Interest Entities (continued)

Transactions with Consolidated VIEs and Secured Borrowings
Table 10.7 presents a summary of financial assets and liabilities for asset transfers accounted for as secured borrowings and involvements with consolidated VIEs. Carrying values of “Assets” are presented using GAAP measurement methods, which may include fair value, credit impairment or other adjustments, and
 
therefore in some instances will differ from “Total VIE assets.” For VIEs that obtain exposure synthetically through derivative instruments, the remaining notional amount of the derivative is included in “Total VIE assets.” On the consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs.
Table 10.7: Transactions with Consolidated VIEs and Secured Borrowings
 
 
 
Carrying value
 
(in millions)
Total
VIE assets

 
Assets

 
Liabilities

 
Noncontrolling
interests

 
Net assets

September 30, 2019
 
 
 
 
 
 
 
 
 
Secured borrowings:
 
 
 
 
 
 
 
 
 
Municipal tender option bond securitizations
$
200

 
204

 
(201
)
 
—

 
3

Residential mortgage securitizations
84

 
84

 
(83
)
 
—

 
1

Total secured borrowings
284

 
288

 
(284
)
 
—

 
4

Consolidated VIEs:
 
 
 
 
 
 
 
 
 
Commercial and industrial loans and leases
7,426

 
7,411

 
(496
)
 
(15
)
 
6,900

Nonconforming residential mortgage loan securitizations
1,385

 
1,210

 
(425
)
 
—

 
785

Commercial real estate loans
4,841

 
4,841

 
—

 
—

 
4,841

Investment funds
170

 
170

 
(2
)
 
(20
)
 
148

Other
5

 
5

 
(1
)
 
(4
)
 
—

Total consolidated VIEs
13,827

 
13,637

 
(924
)
 
(39
)
 
12,674

Total secured borrowings and consolidated VIEs
$
14,111

 
13,925

 
(1,208
)
 
(39
)
 
12,678

December 31, 2018
 
 
 
 
 
 
 
 
 
Secured borrowings:
 
 
 
 
 
 
 
 
 
Municipal tender option bond securitizations
$
627

 
523

 
(501
)
 
—

 
22

Residential mortgage securitizations
95

 
94

 
(93
)
 
—

 
1

Total secured borrowings
722

 
617

 
(594
)
 
—

 
23

Consolidated VIEs:
 
 
 
 
 
 
 
 
 
Commercial and industrial loans and leases
8,215

 
8,204

 
(477
)
 
(14
)
 
7,713

Nonconforming residential mortgage loan securitizations
1,947

 
1,732

 
(521
)
 
—

 
1,211

Commercial real estate loans
3,957

 
3,957

 
—

 
—

 
3,957

Investment funds
155

 
155

 
(5
)
 
(15
)
 
135

Other
14

 
14

 
(4
)
 
(5
)
 
5

Total consolidated VIEs
14,288

 
14,062

 
(1,007
)
 
(34
)
 
13,021

Total secured borrowings and consolidated VIEs
$
15,010

 
14,679

 
(1,601
)
 
(34
)
 
13,044


For complete descriptions of our accounting for transfers accounted for as secured borrowings and involvements with consolidated VIEs, see Note 9 (Securitizations and Variable Interest Entities) in our 2018 Form 10-K.

109

Note 11: Mortgage Banking Activities

Mortgage banking activities, included in the Community Banking and Wholesale Banking operating segments, consist of residential and commercial mortgage originations, sale activity and servicing.
 
We apply the amortization method to commercial MSRs and the fair value method to residential MSRs. Table 11.1 presents the changes in MSRs measured using the fair value method.
Table 11.1: Analysis of Changes in Fair Value MSRs
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Fair value, beginning of period
$
12,096

 
15,411

 
14,649

 
13,625

Servicing from securitizations or asset transfers (1)
538

 
502

 
1,279

 
1,561

Sales and other (2)
(4
)
 
(2
)
 
(286
)
 
(7
)
Net additions
534

 
500

 
993

 
1,554

Changes in fair value:
 
 
 
 
 
 
 
Due to changes in valuation model inputs or assumptions:
 
 
 
 
 
 
 
Mortgage interest rates (3)
(718
)
 
582

 
(2,811
)
 
2,211

Servicing and foreclosure costs (4)
13

 
(9
)
 
3

 
55

Discount rates (5)
188

 
(9
)
 
179

 
(9
)
Prepayment estimates and other (6)
(445
)
 
(33
)
 
(302
)
 
(51
)
Net changes in valuation model inputs or assumptions
(962
)
 
531

 
(2,931
)
 
2,206

Changes due to collection/realization of expected cash flows over time
(596
)
 
(462
)
 
(1,639
)
 
(1,405
)
Total changes in fair value
(1,558
)
 
69

 
(4,570
)
 
801

Fair value, end of period
$
11,072

 
15,980

 
11,072

 
15,980

(1)
Includes impacts associated with exercising cleanup calls on securitizations as well as our right to repurchase delinquent loans from GNMA loan securitization pools. Total reported MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans.
(2)
Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios or portfolios with servicing liabilities.
(3)
Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).
(4)
Includes costs to service and unreimbursed foreclosure costs.
(5)
Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.
(6)
Represents changes driven by updates to valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior and other external factors that occur independent of interest rate changes.
 
Table 11.2 presents the changes in amortized MSRs.
 
 
Table 11.2: Analysis of Changes in Amortized MSRs
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Balance, beginning of period
$
1,407

 
1,407

 
1,443

 
1,424

Purchases
25

 
42

 
65

 
82

Servicing from securitizations or asset transfers
33

 
33

 
92

 
106

Amortization
(68
)
 
(68
)
 
(203
)
 
(198
)
Balance, end of period (1)
$
1,397

 
1,414

 
1,397

 
1,414

Fair value of amortized MSRs:
 
 
 
 
 
 
 
Beginning of period
$
1,897

 
2,309

 
2,288

 
2,025

End of period
1,813

 
2,389

 
1,813

 
2,389

(1)
Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) for multi-family properties and non-agency. There was no valuation allowance recorded for the periods presented on the commercial amortized MSRs.



110
Note 11: Mortgage Banking Activities (continued)

We present the components of our managed servicing portfolio in Table 11.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.
 
 
Table 11.3: Managed Servicing Portfolio
(in billions)
Sep 30, 2019

 
Dec 31, 2018

Residential mortgage servicing:
 
 
 
Serviced for others
$
1,083

 
1,164

Owned loans serviced (1)
346

 
334

Subserviced for others
3

 
4

Total residential servicing
1,432

 
1,502

Commercial mortgage servicing:
 
 
 
Serviced for others
551

 
543

Owned loans serviced
122

 
121

Subserviced for others
9

 
9

Total commercial servicing
682

 
673

Total managed servicing portfolio
$
2,114

 
2,175

Total serviced for others
$
1,634

 
1,707

Ratio of MSRs to related loans serviced for others
0.76
%
 
0.94


 (1)
Excludes loans serviced by third parties.
Table 11.4 presents the components of mortgage banking noninterest income. 
Table 11.4: Mortgage Banking Noninterest Income

 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
 
2019

 
2018

 
2019

 
2018

Servicing income, net:
 
 
 
 
 
 
 
 
Servicing fees:
 
 
 
 
 
 
 
 
Contractually specified servicing fees
 
$
854

 
880

 
2,540

 
2,697

Late charges
 
34

 
40

 
97

 
126

Ancillary fees
 
36

 
49

 
112

 
136

Unreimbursed direct servicing costs (1)
 
(118
)
 
(79
)
 
(272
)
 
(258
)
Net servicing fees
 
806

 
890

 
2,477

 
2,701

Changes in fair value of MSRs carried at fair value:
 
 
 
 
 
 
 
 
Due to changes in valuation model inputs or assumptions (2)
(A)
(962
)
 
531

 
(2,931
)
 
2,206

Changes due to collection/realization of expected cash flows over time
 
(596
)
 
(462
)
 
(1,639
)
 
(1,405
)
Total changes in fair value of MSRs carried at fair value
 
(1,558
)
 
69

 
(4,570
)
 
801

Amortization
 
(68
)
 
(68
)
 
(203
)
 
(198
)
Net derivative gains (losses) from economic hedges (3)
(B)
678

 
(501
)
 
2,795

 
(2,040
)
Total servicing income, net
 
(142
)
 
390

 
499

 
1,264

Net gains on mortgage loan origination/sales activities (4)
 
608

 
456

 
1,433

 
1,286

Total mortgage banking noninterest income
 
$
466

 
846

 
1,932

 
2,550

Market-related valuation changes to MSRs, net of hedge results (2)(3)
(A)+(B)
$
(284
)
 
30

 
(136
)
 
166

(1)
Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs.
(2)
Refer to the analysis of changes in fair value MSRs presented in Table 11.1 in this Note for more detail.
(3)
Represents results from economic hedges used to hedge the risk of changes in fair value of MSRs. See Note 15 (Derivatives) for additional discussion and detail.
(4)
Includes net gains (losses) of $58 million and $(376) million in the third quarter and first nine months of 2019, respectively, and $167 million and $926 million in the third quarter and first nine months of 2018, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.



111

Note 12: Intangible Assets
Table 12.1 presents the gross carrying value of intangible assets and accumulated amortization.
Table 12.1: Intangible Assets
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Gross
carrying
value

 
Accumulated
amortization

 
Net
carrying
value

 
Gross
carrying
value

 
Accumulated
amortization

 
Net
carrying
value

Amortized intangible assets (1):
 
 
 
 
 
 
 
 
 
 
 
MSRs (2)
$
4,318

 
(2,921
)
 
1,397

 
4,161

 
(2,718
)
 
1,443

Core deposit intangibles
—

 
—

 
—

 
12,834

 
(12,834
)
 
—

Customer relationship and other intangibles
3,937

 
(3,486
)
 
451

 
3,994

 
(3,449
)
 
545

Total amortized intangible assets
$
8,255

 
(6,407
)
 
1,848

 
20,989

 
(19,001
)
 
1,988

Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
 
 
MSRs (carried at fair value) (2)
$
11,072

 
 
 
 
 
14,649

 
 
 
 
Goodwill
26,388

 
 
 
 
 
26,418

 
 
 
 
Trademark
14

 
 
 
 
 
14

 
 
 
 
(1)
Balances are excluded commencing in the period following full amortization.
(2)
See Note 11 (Mortgage Banking Activities) for additional information on MSRs.

Table 12.2 provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing
 
asset balances at September 30, 2019. Future amortization expense may vary from these projections.
Table 12.2: Amortization Expense for Intangible Assets
(in millions)
 
Amortized MSRs

 
Customer
relationship
and other
intangibles

 
Total

Nine months ended September 30, 2019 (actual)
 
$
203

 
87

 
290

Estimate for the remainder of 2019
 
$
67

 
27

 
94

Estimate for year ended December 31,
 
 
 
 
 
2020
 
251

 
95

 
346

2021
 
216

 
81

 
297

2022
 
193

 
68

 
261

2023
 
165

 
59

 
224

2024
 
141

 
48

 
189



Table 12.3 shows the allocation of goodwill to our reportable operating segments. We assess goodwill for impairment at a
 
reporting unit level, which is one level below the operating segments.
Table 12.3: Goodwill
(in millions)
Community
Banking

 
Wholesale
Banking

 
Wealth and Investment Management

 
Consolidated
Company

December 31, 2017
$
16,849

 
8,455

 
1,283


26,587

Reclassification of goodwill held for sale to other assets
(155
)
 
—

 
—

 
(155
)
Reduction in goodwill related to divested businesses and other
(6
)
 
(1
)
 
—

 
(7
)
September 30, 2018 (1)
$
16,688

 
8,454

 
1,283

 
26,425

December 31, 2018
$
16,685

 
8,450

 
1,283

 
26,418

Reclassification of goodwill held for sale to other assets
—

 
(25
)
 
—

 
(25
)
Reduction in goodwill related to divested businesses and other
—

 
—

 
(7
)
 
(7
)
Foreign currency translation
—

 
2

 
—

 
2

September 30, 2019 (1)
$
16,685

 
8,427

 
1,276

 
26,388

(1)
At September 30, 2018, others assets included goodwill classified as held-for-sale of $12 million related to the branch divestitures, which closed in November 2018. At September 30, 2019, other assets included goodwill classified as held-for-sale of $25 million related to the sale of our Eastdil business, which closed in October 2019.

 


112
Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments (continued)

Note 13: Guarantees, Pledged Assets and Collateral, 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. Guarantees are generally in the form of standby letters of credit, securities lending and other indemnifications, written put options, recourse obligations, and other types of similar arrangements. For
 
complete descriptions of our guarantees, see Note 15 (Guarantees, Pledged Assets and Collateral, and Other Commitments) in our 2018 Form 10-K. Table 13.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts.

Table 13.1: Guarantees – Carrying Value and Maximum Exposure to Loss
 
 
 
Maximum exposure to loss
 
(in millions)
Carrying
value of obligation (asset)

 
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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Standby letters of credit (1)
$
35

 
13,734

 
7,631

 
3,758

 
471

 
25,594

 
7,960

Securities lending and other indemnifications (2)
—

 
—

 
2

 
—

 
758

 
760

 
2

Written put options (3)
(259
)
 
14,081

 
10,600

 
2,008

 
373

 
27,062

 
16,953

Loans and MLHFS sold with recourse (4)
52

 
109

 
626

 
1,263

 
10,329

 
12,327

 
9,145

Factoring guarantees (5)
—

 
715

 
—

 
—

 
—

 
715

 
681

Other guarantees
1

 
—

 
—

 
3

 
4,805

 
4,808

 
1

Total guarantees
$
(171
)
 
28,639

 
18,859

 
7,032

 
16,736

 
71,266

 
34,742

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Standby letters of credit (1)
$
40

 
14,636

 
7,897

 
3,398

 
497

 
26,428

 
8,027

Securities lending and other indemnifications (2)
—

 
—

 
1

 
—

 
1,044

 
1,045

 
1

Written put options (3)
(185
)
 
17,243

 
10,502

 
3,066

 
400

 
31,211

 
21,732

Loans and MLHFS sold with recourse (4)
54

 
104

 
653

 
1,207

 
10,163

 
12,127

 
9,079

Factoring guarantees (5)
—

 
889

 
—

 
—

 
—

 
889

 
751

Other guarantees
1

 
—

 
—

 
3

 
2,959

 
2,962

 
1

Total guarantees
$
(90
)
 
32,872

 
19,053

 
7,674

 
15,063

 
74,662

 
39,591

(1)
Total maximum exposure to loss includes direct pay letters of credit (DPLCs) of $6.5 billion and $7.5 billion at September 30, 2019, and December 31, 2018, respectively.
(2)
Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $81 million and $70 million with related collateral of $678 million and $974 million at September 30, 2019, and December 31, 2018, respectively.
(3)
Written put options, which are in the form of derivatives, are also included in the derivative disclosures in Note 15 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades.
(4)
Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements.
(5)
Consists of guarantees made under certain factoring arrangements to purchase trade receivables from third parties, generally upon their request, if receivable debtors default on their payment obligations.

“Maximum exposure to loss” and “Non-investment grade” are required disclosures under GAAP. Non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee. If the underlying assets under the guarantee are non-investment grade (that is, an external rating that is below investment grade or an internal credit default grade that is equivalent to a below investment grade external rating), we consider the risk of performance to be high. Internal credit default grades are determined based upon the same credit policies that we use to evaluate the risk of payment or performance when making loans and other extensions of credit. Credit quality indicators we usually consider in evaluating risk of payments or performance are described in Note 6 (Loans and Allowance for Credit Losses).
 
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 13.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, this required disclosure is not an indication of expected loss. We believe the carrying value, which is either fair value for derivative-related products or the allowance for lending-related commitments, is more representative of our exposure to loss than maximum exposure to loss.


113

Pledged Assets
As part of our liquidity management strategy, we pledge various assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and FRB, securities sold under agreements to repurchase (repurchase agreements), securities lending arrangements, and for other purposes as required or permitted by law or insurance statutory requirements. The types of collateral we pledge include securities issued by federal agencies, GSEs, domestic and foreign companies and various commercial and consumer loans. Table 13.2 provides the total carrying amount of pledged assets by asset type and the
 
fair value of pledged off-balance sheet securities for securities financings. The table excludes pledged consolidated VIE assets of $13.6 billion and $14.1 billion at September 30, 2019, and December 31, 2018, respectively, which can only be used to settle the liabilities of those entities. The table also excludes $288 million and $617 million in assets pledged in transactions with VIE’s accounted for as secured borrowings at September 30, 2019, and December 31, 2018, respectively. See Note 10 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and secured borrowings.
Table 13.2: Pledged Assets
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Related to trading activities:
 
 
 
Debt securities
$
113,861

 
96,616

Equity securities
9,634

 
9,695

       Total pledged assets related to trading activities (1)
123,495

 
106,311

Related to non-trading activities:
 
 
 
Debt securities and other (2)
55,979

 
62,438

Mortgage loans held for sale and loans (3)
425,280

 
453,894

    Total pledged assets related to non-trading activities
481,259

 
516,332

Total pledged assets
$
604,754

 
622,643

(1)
Consists of assets of $51.6 billion and $45.5 billion at September 30, 2019, and December 31, 2018, respectively and off-balance sheet securities of $71.9 billion and $60.8 billion as of the same dates, respectively, that are pledged as collateral for repurchase agreements and other securities financings. Of these amounts, $123.5 billion and $106.2 billion at September 30, 2019, and December 31, 2018, respectively, are pledged as collateral under agreements that permit the secured parties to sell or repledge the collateral.
(2)
Includes assets with a carrying value of $3.6 billion and $4.2 billion (fair value of $3.6 billion and $4.1 billion) at September 30, 2019, and December 31, 2018, respectively, which are pledged as collateral under repurchase agreements that do not permit the secured parties to sell or repledge the collateral. Also includes assets of$39 million and $68 million at September 30, 2019, and December 31, 2018, respectively, that are pledged as collateral under repurchase agreements that permit the secured parties to sell or repledge the collateral. Substantially all other assets are pledged as collateral pursuant to agreements that do not permit the secured party to sell or repledge the collateral.
(3)
Includes mortgage loans held for sale of $12.0 billion and $7.4 billion at September 30, 2019, and December 31, 2018, respectively. Substantially all of the mortgage loans held for sale and loans are pledged as collateral under agreements that do not permit the secured parties to sell or repledge the collateral. Amounts exclude $578 million and $1.2 billion at September 30, 2019, and December 31, 2018, respectively, of pledged loans recorded on our balance sheet representing certain delinquent loans that are eligible for repurchase from GNMA loan securitizations.

Securities Financing Activities
We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading positions (including securities and derivatives), acquire securities to cover short trading positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and to a lesser extent through other bank entities. Most of our securities financing activities involve high quality, liquid securities such as U.S. Treasury securities and government agency securities, and to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes.

OFFSETTING OF SECURITIES FINANCING ACTIVITIES Table 13.3 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). We account for transactions subject to these agreements as collateralized financings, and those with a single counterparty are presented net on our balance sheet, provided certain criteria are met that permit balance sheet netting. Substantially all transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.
 
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on the balance sheet against the related liability. Collateral we received includes securities or loans and is not recognized on our balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, U.S. GAAP requires disclosure in this table to limit the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.

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Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments (continued)

In addition to the amounts included in Table 13.3, we also have balance sheet netting related to derivatives that is disclosed in Note 15 (Derivatives).
Table 13.3: Offsetting – Securities Financing Activities
(in millions)
Sep 30,
2019

 
Dec 31,
2018

Assets:
 
 
 
Resale and securities borrowing agreements
 
 
 
Gross amounts recognized
$
135,178

 
112,662

Gross amounts offset in consolidated balance sheet (1)
(12,527
)
 
(15,258
)
Net amounts in consolidated balance sheet (2)
122,651

 
97,404

Collateral not recognized in consolidated balance sheet (3)
(121,864
)
 
(96,734
)
Net amount (4)
$
787

 
670

Liabilities:
 
 
 
Repurchase and securities lending agreements
 
 
 
Gross amounts recognized (5)
$
121,758

 
106,248

Gross amounts offset in consolidated balance sheet (1)
(12,527
)
 
(15,258
)
Net amounts in consolidated balance sheet (6)
109,231

 
90,990

Collateral pledged but not netted in consolidated balance sheet (7)
(108,981
)
 
(90,798
)
Net amount (8)
$
250

 
192

(1)
Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset in the consolidated balance sheet.
(2)
Includes $103.0 billion and $80.1 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at September 30, 2019, and December 31, 2018, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $19.7 billion and $17.3 billion, at September 30, 2019, and December 31, 2018, respectively.
(3)
Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. At September 30, 2019, and December 31, 2018, we have received total collateral with a fair value of $145.9 billion and $123.1 billion, respectively, all of which, we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $73.4 billion at September 30, 2019, and $60.8 billion at December 31, 2018.
(4)
Represents the amount of our exposure that is not collateralized and/or is not subject to an enforceable MRA or MSLA.
(5)
For additional information on underlying collateral and contractual maturities, see the “Repurchase and Securities Lending Agreements” section in this Note.
(6)
Amount is classified in short-term borrowings on our consolidated balance sheet.
(7)
Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty. At September 30, 2019, and December 31, 2018, we have pledged total collateral with a fair value of $124.5 billion and $108.8 billion, respectively, of which, the counterparty does not have the right to sell or repledge $3.6 billion as of September 30, 2019, and $4.4 billion as of December 31, 2018.
(8)
Represents the amount of our obligation that is not covered by pledged collateral and/or is not subject to an enforceable MRA or MSLA.
REPURCHASE AND SECURITIES LENDING AGREEMENTS Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks in various ways. Most of our collateral consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 13.4 provides the gross amounts recognized on the balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.

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Table 13.4: Gross Obligations by Underlying Collateral Type
(in millions)
 
Sep 30,
2019

 
Dec 31,
2018

Repurchase agreements:
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
$
42,632

 
38,408

Securities of U.S. States and political subdivisions
 
22

 
159

Federal agency mortgage-backed securities
 
56,007

 
47,241

Non-agency mortgage-backed securities
 
1,794

 
1,875

Corporate debt securities
 
8,347

 
6,191

Asset-backed securities
 
2,384

 
2,074

Equity securities
 
2,038

 
992

Other
 
805

 
340

Total repurchases
 
114,029

 
97,280

Securities lending arrangements:
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
127

 
222

Federal agency mortgage-backed securities
 
—

 
2

Corporate debt securities
 
273

 
389

Equity securities (1)
 
7,322

 
8,349

Other
 
7

 
6

Total securities lending
 
7,729

 
8,968

Total repurchases and securities lending
 
$
121,758

 
106,248

(1)
Equity securities are generally exchange traded and either re-hypothecated under margin lending agreements or obtained through contemporaneous securities borrowing transactions with other counterparties.
Table 13.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements.
Table 13.5: Contractual Maturities of Gross Obligations
(in millions)
Overnight/continuous

 
Up to 30 days

 
30-90 days

 
>90 days

 
Total gross obligation

September 30, 2019
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
101,997

 
4,042

 
3,836

 
4,154

 
114,029

Securities lending arrangements
7,583

 
—

 
146

 
—

 
7,729

Total repurchases and securities lending (1)
$
109,580

 
4,042

 
3,982

 
4,154

 
121,758

December 31, 2018
 
Repurchase agreements
$
86,574

 
3,244

 
2,153

 
5,309

 
97,280

Securities lending arrangements
8,669

 
—

 
299

 
—

 
8,968

Total repurchases and securities lending (1)
$
95,243

 
3,244

 
2,452

 
5,309

 
106,248

(1)
Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that technically matures at a point in time. The overnight/continuous repurchase agreements require election of both parties to roll the trade rather than the election to terminate the arrangement as in securities lending.
OTHER COMMITMENTS To meet the financing needs of our customers, we may enter into commitments to purchase debt and equity securities to provide capital for their funding, liquidity or other future needs. As of September 30, 2019, and December 31, 2018, we had commitments to purchase debt securities of $193 million and $335 million, respectively, and commitments to purchase equity securities of $2.4 billion and $2.5 billion, respectively.
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 obligations are guarantees of other members’ performance and accordingly are included in Other guarantees in Table 13.1.
 
Also, we have commitments to purchase securities under resale agreements from central clearing organizations. We do not have any outstanding amounts funded, and the amount of our unfunded contractual commitments was $4.3 billion and $9.8 billion as of September 30, 2019, and December 31, 2018, respectively. Given the nature of these commitments, they are excluded from Table 6.4 (Unfunded Credit Commitments) in Note 6 (Loans and Allowance for Credit Losses).
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 guaranteed liabilities were $895 million and $5 million at September 30, 2019 and December 31, 2018, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.


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Note 14: Legal Actions (continued)

Note 14: 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. 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 or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups.
Although there can be no assurance as to the ultimate outcome, Wells Fargo and/or our subsidiaries have generally denied, or believe we have a meritorious defense and will deny, liability in all significant legal actions pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. 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. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.
ATM ACCESS FEE LITIGATION In October 2011, plaintiffs filed a putative class action, Mackmin, et al. v. Visa, Inc. et al., against Wells Fargo & Company, Wells Fargo Bank, N.A., Visa, MasterCard, and several other banks in the United States District Court for the District of Columbia. Plaintiffs allege that the Visa and MasterCard requirement that if an ATM operator charges an access fee on Visa and MasterCard transactions, then that fee cannot be greater than the access fee charged for transactions on other networks, violates antitrust rules. Plaintiffs seek treble damages, restitution, injunctive relief, and attorneys’ fees where available under federal and state law. Two other antitrust cases that make similar allegations were filed in the same court, but these cases did not name Wells Fargo as a defendant. On February 13, 2013, the district court granted defendants’ motions to dismiss the three actions. Plaintiffs appealed the dismissals and, on August 4, 2015, the United States Court of Appeals for the District of Columbia Circuit vacated the district court’s decisions and remanded the three cases to the district court for further proceedings. On June 28, 2016, the United States Supreme Court granted defendants’ petitions for writ of certiorari to review the decisions of the United States Court of Appeals for the District of Columbia. On November 17, 2016, the United States Supreme Court dismissed the petitions as improvidently granted, and the three cases returned to the district court for further proceedings.
AUTOMOBILE LENDING MATTERS On April 20, 2018, the Company entered into consent orders with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) to resolve, among other things, investigations by the agencies into the Company’s compliance risk management program and its past practices involving certain automobile collateral protection insurance (CPI) policies and, as discussed below, certain mortgage interest rate lock extensions. The
 
consent orders require remediation to customers and the payment of a total of $1.0 billion in civil money penalties to the agencies. In July 2017, the Company announced a plan to remediate customers who may have been financially harmed due to issues related to automobile CPI policies purchased through a third-party vendor on their behalf. Multiple putative class action cases alleging, among other things, unfair and deceptive practices relating to these CPI policies, have been filed against the Company and consolidated into one multi-district litigation in the United States District Court for the Central District of California. The Company has reached an agreement in principle to resolve the multi-district litigation pursuant to which the Company has agreed to pay, consistent with its remediation obligations under the consent orders, approximately $424 million in remediation to customers with CPI policies placed between October 15, 2005, and September 30, 2016. The settlement amount is not incremental to the Company’s remediation obligations under the consent orders, but instead encompasses those obligations, including remediation payments to date. The settlement amount is subject to change as the Company finalizes its remediation activity under the consent orders. In addition, the Company has agreed to contribute $1 million to a common fund for the class. The district court granted preliminary approval of the settlement on August 5, 2019, and held a final approval hearing on October 28, 2019. A putative class of shareholders also filed a securities fraud class action against the Company and its executive officers alleging material misstatements and omissions of CPI-related information in the Company’s public disclosures. Former team members have also alleged retaliation for raising concerns regarding automobile lending practices. In addition, the Company has identified certain issues related to the unused portion of guaranteed automobile protection (GAP) waiver or insurance agreements between the customer and dealer and, by assignment, the lender, which will require remediation to customers in certain states. The Company is subject to a class action lawsuit in the United States District Court for the Central District of California alleging that customers are entitled to refunds in all states. Allegations related to the CPI and GAP programs are among the subjects of shareholder derivative lawsuits pending in federal and state court in California. The court dismissed the state court action in September 2018, but plaintiffs filed an amended complaint in November 2018. The parties to the state court action have entered into an agreement to resolve the action pursuant to which the Company will pay plaintiffs’ attorneys’ fees and undertake certain business and governance practices. The court granted preliminary approval of the settlement on July 12, 2019, and scheduled a final approval hearing for November 13, 2019. These and other issues related to the origination, servicing, and collection of consumer automobile loans, including related insurance products, have also subjected the Company to formal or informal inquiries, investigations, or examinations from federal and state government agencies. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million.
CONSUMER DEPOSIT ACCOUNT RELATED REGULATORY INVESTIGATION The CFPB is conducting an investigation into whether customers were unduly harmed by the Company’s historical practices associated with the freezing (and, in many

117

cases, closing) of consumer deposit accounts after the Company detected suspected fraudulent activity (by third parties or account holders) that affected those accounts. A former team member has brought a state court action alleging retaliation for raising concerns about these practices.
FIDUCIARY AND CUSTODY ACCOUNT FEE CALCULATIONS Federal government agencies are conducting formal or informal inquiries, investigations, or examinations regarding fee calculations within certain fiduciary and custody accounts in the Company’s investment and fiduciary services business, which is part of the wealth management business within the Wealth and Investment Management (WIM) operating segment. The Company has determined that there have been instances of incorrect fees being applied to certain assets and accounts, resulting in both overcharges and undercharges to customers.
FOREIGN EXCHANGE BUSINESS Federal government agencies, including the United States Department of Justice (Department of Justice), are investigating or examining certain activities in the Company’s foreign exchange business. These matters are at varying stages. The Company has responded, and continues to respond, to requests from a number of the foregoing and has discussed the potential resolution of some of the matters. The Company is in the process of providing remediation to customers that may have received pricing inconsistent with commitments made to those customers, and rebates to customers where historic pricing, while consistent with contracts entered into with those customers, does not conform to recently implemented pricing review standards for prior periods.
INTERCHANGE LITIGATION  Plaintiffs representing a putative class of merchants have filed putative class actions, and individual merchants have filed individual actions, against Wells Fargo Bank, N.A., Wells Fargo & Company, Wachovia Bank, N.A., and Wachovia Corporation regarding the interchange fees associated with Visa and MasterCard payment card transactions. Visa, MasterCard, and several other banks and bank holding companies are also named as defendants in these actions. These actions have been consolidated in the United States District Court for the Eastern District of New York. The amended and consolidated complaint asserts claims against defendants based on alleged violations of federal and state antitrust laws and seeks damages, as well as injunctive relief. Plaintiff merchants allege that Visa, MasterCard, and payment card issuing banks unlawfully colluded to set interchange rates. Plaintiffs also allege that enforcement of certain Visa and MasterCard rules and alleged tying and bundling of services offered to merchants are anticompetitive. Wells Fargo and Wachovia, 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 from the Interchange Litigation. On July 13, 2012, Visa, MasterCard, and the financial institution defendants, including Wells Fargo, signed a memorandum of understanding with plaintiff merchants to resolve the consolidated class action and reached a separate settlement in principle of the consolidated individual actions. The settlement payments to be made by all defendants in the consolidated class and individual actions totaled approximately $6.6 billion before reductions applicable to certain merchants opting out of the settlement. The class settlement also provided for the distribution to class merchants of 10 basis points of default interchange across all credit rate categories for a period of eight consecutive months. The district court granted final approval of the settlement, which was appealed to the United States Court of Appeals for the
 
Second Circuit by settlement objector merchants. Other merchants opted out of the settlement and are pursuing several individual actions. On June 30, 2016, the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the United States District Court for the Eastern District of New York for further proceedings. On November 23, 2016, prior class counsel filed a petition to the United States Supreme Court, seeking review of the reversal of the settlement by the Second Circuit, and the Supreme Court denied the petition on March 27, 2017. On November 30, 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties have entered into a settlement agreement to resolve the money damages class claims pursuant to which defendants will pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining from the 2012 settlement and $900 million in additional funding. The Company’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted preliminary approval of the settlement in January 2019, and scheduled a final approval hearing for November 7, 2019. Several of the opt-out and direct action litigations were settled during the pendency of the Second Circuit appeal while others remain pending. Discovery is proceeding in the opt-out litigations and the equitable relief class case.
LOW INCOME HOUSING TAX CREDITS Federal government agencies have undertaken formal or informal inquiries or investigations regarding the manner in which the Company purchased, and negotiated the purchase of, certain federal low income housing tax credits in connection with the financing of low income housing developments.

MOBILE DEPOSIT PATENT LITIGATION  The Company is a defendant in two separate cases brought by United Services Automobile Association (USAA) in the United States District Court for the Eastern District of Texas alleging claims of patent infringement regarding mobile deposit capture technology patents held by USAA. Trial in the first case commenced on October 30, 2019, and trial in the second case is scheduled for January 2020.
MORTGAGE INTEREST RATE LOCK MATTERS On April 20, 2018, the Company entered into consent orders with the OCC and CFPB to resolve, among other things, investigations by the agencies into the Company’s compliance risk management program and its past practices involving certain automobile CPI policies and certain mortgage interest rate lock extensions. The consent orders require remediation to customers and the payment of a total of $1.0 billion in civil money penalties to the agencies. The Company was named in a putative class action, filed in the United States District Court for the Northern District of California, alleging violations of federal and state consumer fraud statutes relating to mortgage rate lock extension fees. The Company filed a motion to dismiss and the court granted the motion. Subsequently, a putative class action was filed in the United States District Court for the District of Oregon, raising similar allegations. The Company filed a motion to dismiss this action and the court granted the motion. In addition, former team members have asserted claims, including in pending litigation, that they were terminated for raising concerns regarding mortgage interest rate lock extension practices. Allegations related to mortgage interest rate lock extension fees are also among the subjects of two shareholder derivative lawsuits consolidated in California state court. The parties have entered into an agreement to resolve the state court action pursuant to

118
Note 14: Legal Actions (continued)

which the Company will pay plaintiffs’ attorneys’ fees and undertake certain business and governance practices. The court granted preliminary approval of the settlement on July 12, 2019, and scheduled a final approval hearing for November 13, 2019. This matter has also subjected the Company to formal or informal inquiries, investigations, or examinations from other federal and state government agencies. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million.
MORTGAGE LOAN MODIFICATION LITIGATION Plaintiffs representing a putative class of mortgage borrowers have filed separate putative class actions, Hernandez v. Wells Fargo, et al., Coordes v. Wells Fargo, et al., and Ryder v. Wells Fargo, against Wells Fargo Bank, N.A. in the United States District Court for the Northern District of California, the United States District Court for the District of Washington, and the United States District Court for the Southern District of Ohio, respectively. Plaintiffs allege that Wells Fargo improperly denied mortgage loan modifications or repayment plans to customers in the foreclosure process due to the overstatement of foreclosure attorneys’ fees that were included for purposes of determining whether a customer in the foreclosure process qualified for a mortgage loan modification or repayment plan.
MORTGAGE-RELATED REGULATORY INVESTIGATIONS Federal and state government agencies, including the Department of Justice, have been investigating or examining certain mortgage related activities of Wells Fargo and predecessor institutions. Wells Fargo, for itself and for predecessor institutions, has responded, or continues to respond, to requests from these agencies seeking information regarding the origination, underwriting, and securitization of residential mortgages, including sub-prime mortgages. These agencies have advanced theories of purported liability with respect to certain of these activities. An agreement, pursuant to which the Company paid $2.09 billion, was reached in August 2018 to resolve the Department of Justice investigation, which related to certain 2005-2007 residential mortgage-backed securities activities. In addition, the Company reached an agreement with the Attorney General of the State of Illinois in November 2018 pursuant to which the Company paid $17 million in restitution to certain Illinois state pension funds to resolve a claim relating to certain residential mortgage-backed securities activities. Other financial institutions have entered into similar settlements with these agencies, the nature of which related to the specific activities of those financial institutions, including the imposition of significant financial penalties and remedial actions.
OFAC RELATED INVESTIGATION The Company has self-identified an issue whereby certain foreign banks utilized a Wells Fargo software-based solution to conduct import/export trade-related financing transactions with countries and entities prohibited by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. We do not believe any funds related to these transactions flowed through accounts at Wells Fargo as a result of the aforementioned conduct. The Company has made voluntary self-disclosures to OFAC and is cooperating with an inquiry from the Department of Justice.
ORDER OF POSTING LITIGATION  Plaintiffs filed a series of putative class actions against Wachovia Bank, N.A. and Wells Fargo Bank, N.A., as well as many other banks, challenging the “high to low”
 
order in which the banks post debit card transactions to consumer deposit accounts. Most of these actions were consolidated in multi-district litigation proceedings (MDL proceedings) in the United States District Court for the Southern District of Florida. The court in the MDL proceedings has certified a class of putative plaintiffs, and Wells Fargo moved to compel arbitration of the claims of unnamed class members. The court denied the motions to compel arbitration in October 2016, and Wells Fargo appealed this decision to the United States Court of Appeals for the Eleventh Circuit. In May 2018, the Eleventh Circuit ruled in Wells Fargo’s favor and found that Wells Fargo had not waived its arbitration rights and remanded the case to the district court for further proceedings. Plaintiffs filed a petition for rehearing to the Eleventh Circuit, which was denied in August 2018. Plaintiffs petitioned for certiorari from the United States Supreme Court, and that petition was denied in January 2019. On September 26, 2019, the district court entered an order granting Wells Fargo's motion and dismissed the claims of unnamed class members in favor of arbitration.
RETAIL SALES PRACTICES MATTERS Federal, state, and local government agencies, including the Department of Justice, the United States Securities and Exchange Commission (SEC), and the United States Department of Labor; and state attorneys general, including the New York Attorney General, as well as Congressional committees, have undertaken formal or informal inquiries, investigations or examinations arising out of certain retail sales practices of the Company that were the subject of settlements with the CFPB, the OCC, and the Office of the Los Angeles City Attorney announced by the Company on September 8, 2016. These matters are at varying stages. The Company has responded, and continues to respond, to requests from a number of the foregoing. In October 2018, the Company entered into an agreement to resolve the New York Attorney General’s investigation pursuant to which the Company paid $65 million to the State of New York. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million. The Company continues to engage in resolution discussions with the Department of Justice and the SEC, although there can be no assurance as to the outcome of these discussions.
In addition, a number of lawsuits have also been filed by non-governmental parties seeking damages or other remedies related to these retail sales practices. First, various class plaintiffs purporting to represent consumers who allege that they received products or services without their authorization or consent have brought separate putative class actions against the Company in the United States District Court for the Northern District of California and various other jurisdictions. In April 2017, the Company entered into a settlement agreement in the first-filed action, Jabbari v. Wells Fargo Bank, N.A., pursuant to which the Company will pay $142 million to resolve claims regarding certain products or services provided without authorization or consent for the time period May 1, 2002 to April 20, 2017. The district court issued an order granting final approval of the settlement on June 14, 2018. Several appeals of the district court’s order granting final approval of the settlement have been filed with the United States Court of Appeals for the Ninth Circuit. Second, Wells Fargo shareholders brought a consolidated securities fraud class action in the United States District Court for the Northern District of California alleging certain misstatements and omissions in the Company’s disclosures related to sales practices

119

matters. The Company entered into a settlement agreement to resolve this matter pursuant to which the Company paid $480 million. The district court issued an order granting final approval of the settlement on December 20, 2018. Third, Wells Fargo shareholders have brought numerous shareholder derivative lawsuits asserting breach of fiduciary duty claims, among others, against current and former directors and officers for their alleged involvement with and failure to detect and prevent sales practices issues. These actions are currently pending in the United States District Court for the Northern District of California and California state court as coordinated proceedings. An additional lawsuit asserting similar claims pending in Delaware state court has been stayed. The parties have entered into settlement agreements to resolve the shareholder derivative lawsuits pursuant to which insurance carriers will pay the Company approximately $240 million for alleged damage to the Company, and the Company will pay plaintiffs’ attorneys’ fees. Preliminary approval of the settlements has been granted, and the federal court held a final approval hearing on August 1, 2019, and the state court scheduled a final approval hearing for November 13, 2019. Fourth, multiple employment litigation matters have been brought against Wells Fargo, including an Employee Retirement Income Security Act (ERISA) class action in the United States District Court for the District of Minnesota on behalf of 401(k) plan participants that has been dismissed and is now on appeal; a class action in the United States District Court for the Northern District of California on behalf of team members who allege that they protested sales practice misconduct and/or were terminated for not meeting sales goals that has now been dismissed, and we have entered into a framework with plaintiffs’ counsel to address individual claims that have been asserted; various wage and hour class actions brought in federal and state court in California and Pennsylvania (which have been settled), and in New Jersey on behalf of non-exempt branch based team members alleging that sales pressure resulted in uncompensated overtime; and multiple single plaintiff Sarbanes-Oxley Act complaints and state law whistleblower actions filed with the United States Department of Labor or in various state courts alleging adverse employment actions for raising sales practice misconduct issues.
RMBS TRUSTEE LITIGATION In November 2014, a group of institutional investors (Institutional Investor Plaintiffs), including funds affiliated with BlackRock, Inc., filed a putative class action in the United States District Court for the Southern District of New York against Wells Fargo Bank, N.A., alleging claims against the Company in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts (Federal Court Complaint). Similar complaints have been filed against other trustees in various courts, including in the Southern District of New York, in New York state court, and in other states, by RMBS investors. The Federal Court Complaint alleged that Wells Fargo Bank, N.A., as trustee, caused losses to investors and asserted 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. Plaintiffs sought money damages in an unspecified amount, reimbursement of expenses, and equitable relief. In December 2014 and December 2015, certain other investors filed additional complaints alleging similar claims against Wells Fargo Bank, N.A. in the Southern District of New York (Related Federal Cases). In January 2016, the Southern District of New York entered an order in connection with the Federal Court
 
Complaint dismissing claims related to certain of the trusts at issue (Dismissed Trusts). The Company’s subsequent motion to dismiss the Federal Court Complaint and the complaints for the Related Federal Cases was granted in part and denied in part in March 2017. In May 2017, the Company filed third-party complaints against certain investment advisors affiliated with the Institutional Investor Plaintiffs seeking contribution with respect to claims alleged in the Federal Court Complaint (Third-Party Claims).
In December 2016, the Institutional Investor Plaintiffs filed a new putative class action complaint in New York state court in respect of 261 RMBS trusts, including the Dismissed Trusts, for which Wells Fargo Bank, N.A. serves or served as trustee (State Court Action). A complaint raising similar allegations to those in the Federal Court Complaint was filed in May 2016 in New York state court by IKB International and IKB Deutsche Industriebank (IKB Action).
In July 2017, certain of the plaintiffs from the State Court Action filed a civil complaint relating to Wells Fargo Bank, N.A.’s setting aside reserves for legal fees and expenses in connection with the liquidation of eleven RMBS trusts at issue in the State Court Action (Declaratory Judgment Action). The complaint sought, among other relief, declarations that the Company is not entitled to indemnification, the advancement of funds, or the taking of reserves from trust funds for legal fees and expenses it incurs in defending the claims in the State Court Action.
In May 2019, the New York state court approved a settlement agreement among the Institutional Investor Plaintiffs and the Company pursuant to which, among other terms, the Company paid $43 million to resolve the Federal Court Complaint and the State Court Action. The settlement also resolved the Third Party Claims and the Declaratory Judgment Action. The settlement did not affect the Related Federal Cases or the IKB Action, which remain pending.

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. In December 2016, the Company filed a motion to dismiss the amended complaint on the grounds that the Tribe is a necessary party and that the individual beneficiaries lack standing to bring claims. The motion was denied in June 2018. Trial is scheduled for February 2020.
WHOLESALE BANKING CONSENT ORDER INVESTIGATION On November 19, 2015, the Company entered into a consent order with the OCC, pursuant to which the Wholesale Banking group was required to implement customer due diligence standards that include collection of current beneficial ownership information for certain business customers. The Company is responding to inquiries from various federal government agencies regarding potentially inappropriate conduct in connection with the collection of beneficial ownership information.
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 potential losses in excess of the Company’s accrual for probable and estimable losses was approximately $3.6 billion as of September 30, 2019. The outcomes of legal actions are unpredictable and subject to

120
Note 14: Legal Actions (continued)

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. Wells Fargo is unable to determine whether the ultimate resolution of the retail sales practices matters will have a material adverse effect on its consolidated financial condition. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of other 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.


121

Note 15: 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 a qualifying hedge accounting relationship (fair value or cash flow hedge). Our remaining derivatives consist of economic hedges that do not qualify for hedge accounting, and derivatives held for customer accommodation trading or other purposes. For more information on our derivative activities, see Note 17 (Derivatives) in our 2018 Form 10-K.
 
Table 15.1 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 the 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 interest and other payments are determined.
Table 15.1: Notional or Contractual Amounts and Fair Values of Derivatives
 
September 30, 2019
 
 
December 31, 2018
 
 
Notional or
contractual
amount

 
 
 
Fair value

 
Notional or
contractual
amount

 
 
 
Fair value

(in millions)
 
Derivative
assets

 
Derivative
liabilities

 
 
Derivative
assets

 
Derivative
liabilities

Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
182,909

 
2,922

 
1,460

 
177,511

 
2,237

 
636

Foreign exchange contracts (1)
32,408

 
305

 
1,662

 
34,176

 
573

 
1,376

Total derivatives designated as qualifying hedging instruments
 
 
3,227

 
3,122

 
 
 
2,810

 
2,012

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Economic hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts (2)
303,430

 
355

 
379

 
173,215

 
849

 
369

Equity contracts
17,790

 
1,575

 
79

 
13,920

 
1,362

 
79

Foreign exchange contracts
18,305

 
386

 
58

 
19,521

 
225

 
80

Credit contracts – protection purchased
900

 
29

 
—

 
100

 
27

 
—

Subtotal
 
 
2,345

 
516

 
 
 
2,463

 
528

Customer accommodation trading and other derivatives:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
11,588,606

 
26,956

 
22,627

 
9,162,821

 
15,349

 
15,303

Commodity contracts
80,927

 
1,338

 
2,589

 
66,173

 
1,588

 
2,336

Equity contracts
255,258

 
6,003

 
8,085

 
217,890

 
6,183

 
5,931

Foreign exchange contracts
354,182

 
5,626

 
5,962

 
364,982

 
5,916

 
5,657

Credit contracts – protection sold
12,347

 
12

 
69

 
11,741

 
76

 
182

Credit contracts – protection purchased
23,494

 
81

 
16

 
20,880

 
175

 
98

Subtotal
 
 
40,016

 
39,348

 
 
 
29,287

 
29,507

Total derivatives not designated as hedging instruments
 
 
42,361

 
39,864

 
 
 
31,750

 
30,035

Total derivatives before netting
 
 
45,588

 
42,986

 
 
 
34,560

 
32,047

Netting (3)
 
 
(30,908
)
 
(33,038
)
 
 
 
(23,790
)
 
(23,548
)
Total
 
 
$
14,680

 
9,948

 
 
 
10,770

 
8,499

(1)
The notional amount for foreign exchange contracts at September 30, 2019, and December 31, 2018, excludes $10.1 billion and $11.2 billion, respectively, for certain derivatives that are combined for designation as a hedge on a single instrument.
(2)
Includes economic hedge derivatives used to hedge the risk of changes in the fair value of residential MSRs, MLHFS, loans, derivative loan commitments and other interests held.
(3)
Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Table 15.2 for further information.

122
Note 15: Derivatives (continued)

Table 15.2 provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our balance sheet, as well as the non-cash collateral associated with such arrangements. We execute substantially all of our derivative transactions under master netting arrangements and reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis within the balance sheet. The “Gross amounts recognized” column in the following table includes $40.3 billion and $39.4 billion of gross derivative assets and liabilities, respectively, at September 30, 2019, and $30.9 billion and $28.4 billion, respectively, at December 31, 2018, with counterparties subject to enforceable master netting arrangements that are carried on the balance sheet net of offsetting amounts. The remaining gross derivative assets and liabilities of $5.3 billion and $3.6 billion, respectively, at September 30, 2019, and $3.7 billion and $3.6 billion, respectively, at December 31, 2018, include those with counterparties subject to master netting arrangements for which we have not assessed the enforceability because they are with counterparties where we do not currently have positions to offset, those subject to master netting arrangements where we have not been able to confirm the enforceability and those not subject to master netting arrangements. As such, we do not net derivative balances or collateral within the balance sheet for these counterparties.
We determine the balance sheet netting adjustments based on the terms specified within each master netting arrangement. We disclose the balance sheet netting amounts within the column titled “Gross amounts offset in consolidated balance sheet.” Balance sheet netting adjustments are determined at the counterparty level for which there may be multiple contract types. For disclosure purposes, we allocate these netting adjustments to the contract type for each counterparty proportionally based upon the “Gross amounts recognized” by counterparty. As a result, the net amounts disclosed by contract type may not represent the actual exposure upon settlement of the contracts.
 
We do not net non-cash collateral that we receive and pledge on the balance sheet. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts.
The “Net amounts” column within Table 15.2 represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. 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. Derivative contracts executed in over-the-counter markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. The percentage of our bilateral derivative transactions outstanding at period end in such markets, based on gross fair value, is provided within the following table. Other derivative contracts executed in over-the-counter or exchange-traded markets are settled through a central clearing organization and are excluded from this percentage. 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 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments).

123

Table 15.2: Gross Fair Values of Derivative Assets and Liabilities
(in millions)
Gross
amounts
recognized

 
Gross amounts
offset in
consolidated
balance
sheet (1)

 
Net amounts in
consolidated
balance
sheet

 
Gross amounts
not offset in
consolidated
balance sheet
(Disclosure-only
netting) (2)

 
Net
amounts

 
Percent
exchanged in
over-the-counter
market (3)

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
30,233

 
(19,854
)
 
10,379

 
(456
)
 
9,923

 
97
%
Commodity contracts
1,338

 
(875
)
 
463

 
(1
)
 
462

 
68

Equity contracts
7,578

 
(5,178
)
 
2,400

 
(43
)
 
2,357

 
69

Foreign exchange contracts
6,317

 
(4,926
)
 
1,391

 
(16
)
 
1,375

 
100

Credit contracts – protection sold
12

 
(9
)
 
3

 
—

 
3

 
88

Credit contracts – protection purchased
110

 
(66
)
 
44

 
(1
)
 
43

 
97

Total derivative assets
$
45,588

 
(30,908
)
 
14,680

 
(517
)
 
14,163

 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
24,466

 
(21,637
)
 
2,829

 
(905
)
 
1,924

 
96
%
Commodity contracts
2,589

 
(680
)
 
1,909

 
(3
)
 
1,906

 
87

Equity contracts
8,164

 
(5,096
)
 
3,068

 
(274
)
 
2,794

 
79

Foreign exchange contracts
7,682

 
(5,554
)
 
2,128

 
(171
)
 
1,957

 
100

Credit contracts – protection sold
69

 
(64
)
 
5

 
(2
)
 
3

 
98

Credit contracts – protection purchased
16

 
(7
)
 
9

 
—

 
9

 
97

Total derivative liabilities
$
42,986

 
(33,038
)
 
9,948

 
(1,355
)
 
8,593

 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
18,435

 
(12,029
)
 
6,406

 
(80
)
 
6,326

 
90
%
Commodity contracts
1,588

 
(849
)
 
739

 
(4
)
 
735

 
57

Equity contracts
7,545

 
(5,318
)
 
2,227

 
(755
)
 
1,472

 
78

Foreign exchange contracts
6,714

 
(5,355
)
 
1,359

 
(35
)
 
1,324

 
100

Credit contracts – protection sold
76

 
(73
)
 
3

 
—

 
3

 
12

Credit contracts – protection purchased
202

 
(166
)
 
36

 
(1
)
 
35

 
78

Total derivative assets
$
34,560

 
(23,790
)
 
10,770

 
(875
)
 
9,895

 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
16,308

 
(13,152
)
 
3,156

 
(567
)
 
2,589

 
92
%
Commodity contracts
2,336

 
(727
)
 
1,609

 
(8
)
 
1,601

 
85

Equity contracts
6,010

 
(3,877
)
 
2,133

 
(110
)
 
2,023

 
75

Foreign exchange contracts
7,113

 
(5,522
)
 
1,591

 
(188
)
 
1,403

 
100

Credit contracts – protection sold
182

 
(180
)
 
2

 
(2
)
 
—

 
67

Credit contracts – protection purchased
98

 
(90
)
 
8

 
—

 
8

 
11

Total derivative liabilities
$
32,047

 
(23,548
)
 
8,499

 
(875
)
 
7,624

 
 
(1)
Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in the consolidated balance sheet, including related cash collateral and portfolio level counterparty valuation adjustments. Counterparty valuation adjustments were $336 million and $353 million related to derivative assets and $111 million and $152 million related to derivative liabilities at September 30, 2019, and December 31, 2018, respectively. Cash collateral totaled $4.3 billion and $6.7 billion, netted against derivative assets and liabilities, respectively, at September 30, 2019, and $3.7 billion and $3.6 billion, respectively, at December 31, 2018.
(2)
Represents the fair value of non-cash collateral pledged and received against derivative assets and liabilities with the same counterparty that are subject to enforceable master netting arrangements. U.S. GAAP does not permit netting of such non-cash collateral balances in the consolidated balance sheet but requires disclosure of these amounts.
(3)
Over-the-counter percentages are calculated based on gross amounts recognized as of the respective balance sheet date.
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. 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 available-for-sale debt securities due to changes in interest rates, foreign currency rates, or both. We also use interest rate swaps to hedge
 
against changes in fair value for certain mortgage loans held for sale.
For cash flow hedges, we use interest rate swaps to hedge the variability in interest payments received on certain floating-rate commercial loans and paid on certain floating-rate debt due to changes in the contractually specified interest rate.
We estimate $235 million pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2019, will be reclassified into net interest income during the next twelve months. The deferred losses expected to be reclassified into net interest income are predominantly related to discontinued hedges of floating rate loans. For cash flow hedges as of September 30, 2019, we are hedging the variability of future cash flows for a maximum of 11 years. For more information on our

124
Note 15: Derivatives (continued)

accounting hedges, see Note 1 (Summary of Significant Accounting Policies) and Note 16 (Derivatives) in our 2018 Form 10-K.
 
Table 15.3 shows the net gains (losses) related to derivatives in fair value and cash flow hedging relationships.
Table 15.3: Gains (Losses) Recognized in Consolidated Statement of Income on Fair Value and Cash Flow Hedging Relationships
 
Net interest income
 
 
Noninterest income

 
(in millions)
Debt securities

Loans

Mortgage loans held for sale

Deposits

Long-term debt

 
Other

Total

Quarter ended September 30, 2019
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income
$
3,666

10,982

232

(2,324
)
(1,780
)
 
1,528

12,304

 
 
 
 
 
 
 
 
 
Gains (losses) on fair value hedging relationships
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)
(1
)
—

1

26

53

 
—

79

Recognized on derivatives
(628
)
—

(3
)
30

2,880

 
—

2,279

Recognized on hedged items
631

—

1

(30
)
(2,809
)
 
—

(2,207
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)(2)
9

—

—

—

(115
)
 
—

(106
)
Recognized on derivatives (3)
(2
)
—

—

—

86

 
(918
)
(834
)
Recognized on hedged items
3

—

—

—

(124
)
 
899

778

Net income (expense) recognized on fair value hedges
12

—

(1
)
26

(29
)
 
(19
)
(11
)
 
 
 
 
 
 
 
 
 
Gains (losses) on cash flow hedging relationships
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

(73
)
—

—

—

 
—

(73
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

—

—

—

(2
)
 
—

(2
)
Net income (expense) recognized on cash flow hedges
$
—

(73
)
—

—

(2
)
 
—

(75
)
Nine months ended September 30, 2019
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income
$
11,388

33,652

579

(6,563
)
(5,607
)
 
2,846

36,295

 
 
 
 
 
 
 
 
 
Gains (losses) on fair value hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)
29

—

1

(4
)
53

 
—

79

Recognized on derivatives
(2,531
)
—

(36
)
588

7,813

 
—

5,834

Recognized on hedged items
2,544

—

32

(563
)
(7,646
)
 
—

(5,633
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)(2)
29

—

—

—

(385
)
 
—

(356
)
Recognized on derivatives (3)
(11
)
—

—

—

583

 
(994
)
(422
)
Recognized on hedged items
12

—

—

—

(576
)
 
975

411

Net income (expense) recognized on fair value hedges
72

—

(3
)
21

(158
)
 
(19
)
(87
)
 
 
 
 
 
 
 
 
 
Gains (losses) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

(228
)
—

—

1

 
—

(227
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

—

—

—

(6
)
 
—

(6
)
Net income (expense) recognized on cash flow hedges
$
—

(228
)
—

—

(5
)

—

(233
)

(continued on following page)

125

(continued from previous page)
 
 
 
 
 
 
 
 
 
Net interest income
 
 
Noninterest income

 
(in millions)
Debt securities

Loans

Mortgage loans held for sale

Deposits

Long-term debt

 
Other

Total

Quarter ended September 30, 2018
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income
$
3,595

11,116

210

(1,499
)
(1,667
)
 
633

12,388

 
 
 
 
 
 
 
 
 
Gains (losses) on fair value hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)
(34
)
—

(1
)
(10
)
39

 
—

(6
)
Recognized on derivatives
386

—

10

(58
)
(1,119
)
 
—

(781
)
Recognized on hedged items
(410
)
—

(12
)
61

1,101

 
—

740

Foreign exchange contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)(2)
8

—

—

—

(118
)
 
—

(110
)
Recognized on derivatives (3)
2

—

—

—

(58
)
 
(139
)
(195
)
Recognized on hedged items
(3
)
—

—

—

126

 
139

262

Net income (expense) recognized on fair value hedges
(51
)
—

(3
)
(7
)
(29
)
 
—

(90
)
 
 
 
 
 
 
 
 
 
Gains (losses) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

(78
)
—

—

—

 
—

(78
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

—

—

—

(1
)
 
—

(1
)
Net income (expense) recognized on cash flow hedges
$
—

(78
)
—

—

(1
)
 
—

(79
)
Nine months ended September 30, 2018
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income
$
10,603

32,607

587

(3,857
)
(4,901
)
 
1,720

36,759

 
 
 
 
 
 
 
 
 
Gains (losses) on fair value hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)
(158
)
—

(3
)
(35
)
291

 
—

95

Recognized on derivatives
1,692

1

21

(248
)
(4,331
)
 
—

(2,865
)
Recognized on hedged items
(1,730
)
(1
)
(27
)
233

4,215

 
—

2,690

Foreign exchange contracts
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives (1)(2)
23

—

—

—

(300
)
 
—

(277
)
Recognized on derivatives (3)
8

—

—

—

(132
)
 
(889
)
(1,013
)
Recognized on hedged items
(5
)
—

—

—

153

 
820

968

Net income (expense) recognized on fair value hedges
(170
)
—

(9
)
(50
)
(104
)
 
(69
)
(402
)
 
 
 
 
 
 
 
 
 
Gains (losses) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

(215
)
—

—

—

 
—

(215
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from cumulative OCI into net income (4)
—

—

—

—

(1
)
 
—

(1
)
Net income (expense) recognized on cash flow hedges
$
—

(215
)
—

—

(1
)

—

(216
)
(1)
Includes changes in fair value due to the passage of time associated with the non-zero fair value amount at hedge inception.
(2)
The third quarter and first nine months of 2019 included $5 million and $19 million, respectively, and the third quarter and first nine months of 2018 included $(5) million and $(3) million of the time value component recognized as net interest income (expense) on forward derivatives hedging foreign currency debt securities and long-term debt that were excluded from the assessment of hedge effectiveness.
(3)
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. See Note 21 (Other Comprehensive Income) for the amounts recognized in other comprehensive income.
(4)
See Note 21 (Other Comprehensive Income) for details of amounts reclassified to net income.

126
Note 15: Derivatives (continued)

Table 15.4 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 15.4: Hedged Items in Fair Value Hedging Relationship
 
Hedged Items Currently Designated
 
 
Hedged Items No Longer Designated (1)
 
(in millions)
Carrying Amount of Assets/(Liabilities) (2)(4)

Hedge Accounting Basis Adjustment
Assets/(Liabilities) (3)

 
Carrying Amount of Assets/(Liabilities) (4)

Hedge Accounting Basis Adjustment
Assets/(Liabilities)

September 30, 2019
 
 
 
 
 
Available-for-sale debt securities (5)
$
37,112

1,623

 
9,435

274

Mortgage loans held for sale
1,231

(2
)
 
864

(1
)
Deposits
(48,824
)
(449
)
 
(33
)
—

Long-term debt
(124,854
)
(8,847
)
 
(25,699
)
222

December 31, 2018
 
 
 
 
 
Available-for-sale debt securities (5)
37,857

(157
)
 
4,938

238

Mortgage loans held for sale
448

7

 
—

—

Deposits
(56,535
)
115

 
—

—

Long-term debt
(104,341
)
(742
)
 
(25,539
)
366

(1)
Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2)
Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $1.1 billion for debt securities and $(5.0) billion for long-term debt as of September 30, 2019, and $1.6 billion for debt securities and $(6.3) billion for long-term debt as of December 31, 2018.
(3)
The balance includes $770 million and $122 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of September 30, 2019, and $1.4 billion and $66 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of December 31, 2018, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)
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.
(5)
Carrying amount represents the amortized cost.
Derivatives Not Designated as Hedging Instruments
We use economic hedge derivatives to hedge the risk of changes in the fair value of certain residential MLHFS, residential MSRs measured at fair value, derivative loan commitments and other interests held. 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. The resulting gain or loss on these economic hedge derivatives is reflected in mortgage banking noninterest income, net gains (losses) from equity investments and other noninterest income.
The derivatives used to hedge MSRs measured at fair value, resulted in net derivative gains (losses) of $678 million and $2.8 billion in the third quarter and first nine months of 2019, respectively, and $(501) million and $(2.0) billion in the third quarter and first nine months of 2018, respectively, which are included in mortgage banking noninterest income. The aggregate fair value of these derivatives was a net asset of $6 million at September 30, 2019, and net asset of $757 million at December 31, 2018. The change in fair value of these derivatives for each period end is due to changes in the underlying market indices and interest rates as well as the purchase and sale of derivative financial instruments throughout the period as part of our dynamic MSR risk management process.
 
Loan commitments for mortgage loans that we intend to sell are considered derivatives. The aggregate fair value of derivative loan commitments on the balance sheet was a net positive fair value of $32 million at September 30, 2019, and a net positive fair value of $60 million at December 31, 2018, and is included in the caption “Interest rate contracts” under “Customer accommodation trading and other derivatives” in Table 15.1 in this Note.
For more information on economic hedges and other derivatives, see Note 16 (Derivatives) to Financial Statements in our 2018 Form 10-K. Table 15.5 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments. 

127

Table 15.5: Gains (Losses) on Derivatives Not Designated as Hedging Instruments
 
Noninterest income
 
(in millions)
Mortgage banking

Net gains (losses) from equity securities

Net gains (losses) from trading activities

Other

Total

Quarter ended September 30, 2019
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
736

—

—

—

736

Equity contracts
—

(1,375
)
—

(6
)
(1,381
)
Foreign exchange contracts
—

—

—

263

263

Credit contracts
—

—

—

(11
)
(11
)
Subtotal (2)
736

(1,375
)
—

246

(393
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts (3)
95

—

(355
)
—

(260
)
Commodity contracts
—

—

65

—

65

Equity contracts
—

—

284

10

294

Foreign exchange contracts
—

—

78

—

78

Credit contracts
—

—

(10
)
—

(10
)
Subtotal
95

—

62

10

167

Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
831

(1,375
)
62

256

(226
)
Nine months ended September 30, 2019
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
2,419

—

—

7

2,426

Equity contracts
—

(2,918
)
—

(6
)
(2,924
)
Foreign exchange contracts
—

—

—

403

403

Credit contracts
—

—

—

(1
)
(1
)
Subtotal (2)
2,419

(2,918
)
—

403

(96
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts (3)
392

—

(861
)
—

(469
)
Commodity contracts
—

—

143

—

143

Equity contracts
—

—

(2,975
)
(396
)
(3,371
)
Foreign exchange contracts
—

—

9

—

9

Credit contracts
—

—

(70
)
—

(70
)
Subtotal
392

—

(3,754
)
(396
)
(3,758
)
Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
2,811

(2,918
)
(3,754
)
7

(3,854
)

(continued on following page)

128
Note 15: Derivatives (continued)

(continued from previous page)
 
 
Noninterest income
 
(in millions)
Mortgage banking

Net gains (losses) from equity securities

Net gains (losses) from trading activities

Other

Total

Quarter ended September 30, 2018
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
(334
)
—

—

(1
)
(335
)
Equity contracts
—

(719
)
—

8

(711
)
Foreign exchange contracts
—

—

—

78

78

Credit contracts
—

—

—

4

4

Subtotal (2)
(334
)
(719
)
—

89

(964
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts (3)
(67
)
—

298

(1
)
230

Commodity contracts
—

—

14

—

14

Equity contracts
—

—

(1,147
)
(112
)
(1,259
)
Foreign exchange contracts
—

—

258

—

258

Credit contracts
—

—

(28
)
—

(28
)
Subtotal
(67
)
—

(605
)
(113
)
(785
)
Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
(401
)
(719
)
(605
)
(24
)
(1,749
)
Nine months ended September 30, 2018
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
(1,114
)
—

—

5

(1,109
)
Equity contracts
—

(1,317
)
—

13

(1,304
)
Foreign exchange contracts
—

—

—

405

405

Credit contracts
—

—

—

(2
)
(2
)
Subtotal (2)
(1,114
)
(1,317
)
—

421

(2,010
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts (3)
(372
)
—

865

(1
)
492

Commodity contracts
—

—

88

—

88

Equity contracts
—

—

(33
)
(378
)
(411
)
Foreign exchange contracts
—

—

659

—

659

Credit contracts
—

—

(22
)
—

(22
)
Subtotal
(372
)
—

1,557

(379
)
806

Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
(1,486
)
(1,317
)
1,557

42

(1,204
)
(1)
Mortgage banking amounts for the third quarter and first nine months of 2019 are comprised of gains (losses) of $678 million and $2.8 billion, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $58 million and $(376) million related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the third quarter and first nine months of 2018 are comprised of gains (losses) of $(501) million and $(2.0) billion offset by gains (losses) of $167 million and $926 million, respectively.
(2)
Includes hedging gains (losses) of $0 million and $(36) million for the third quarter and first nine months of 2019, respectively, and $10 million and $46 million for the third quarter and first nine months of 2018, respectively, which partially offset hedge accounting ineffectiveness.
(3)
Amounts presented in mortgage banking noninterest income are gains (losses) on derivative loan commitments.

129

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 use credit derivatives to assist customers with their risk management objectives. We may also use credit derivatives in structured product transactions or liquidity agreements written to special purpose vehicles. The maximum exposure of sold credit derivatives is managed through posted collateral, purchased credit derivatives and similar products in order to achieve our desired credit risk profile. This credit risk management provides
 
an ability to recover a significant portion of any amounts that would be paid under the sold credit derivatives. We would be
required to perform under sold credit derivatives 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. In certain cases, other triggers may exist, such as the credit downgrade of the referenced obligors or the inability of the special purpose vehicle for which we have provided liquidity to obtain funding.
Table 15.6 provides details of sold and purchased credit derivatives.
Table 15.6: Sold and Purchased Credit Derivatives
 
 
 
Notional amount
 
 
 
(in millions)
Fair value
liability

 
Protection
sold (A)

 
Protection
sold –
non-
investment
grade

 
Protection
purchased
with
identical
underlyings (B)

 
Net
protection
sold
(A) - (B)

 
Other
protection
purchased

 
Range of
maturities
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps on:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
1

 
2,686

 
771

 
1,988

 
698

 
2,189

 
2019 - 2029
Structured products
25

 
78

 
73

 
67

 
11

 
112

 
2022 - 2047
Credit protection on:
 
 
 
 
 
 
 
 
 
 
 
 
 
Default swap index
—

 
3,498

 
574

 
1,312

 
2,186

 
6,596

 
2019 - 2029
Commercial mortgage-backed securities index
32

 
330

 
76

 
305

 
25

 
50

 
2047 - 2058
Asset-backed securities index
8

 
41

 
41

 
41

 
—

 
1

 
2045 - 2046
Other
3

 
5,714

 
5,371

 
—

 
5,714

 
11,733

 
2019 - 2048
Total credit derivatives
$
69

 
12,347

 
6,906

 
3,713

 
8,634

 
20,681

 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps on:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
59

 
2,037

 
441

 
1,374

 
663

 
1,460

 
2019 - 2027
Structured products
62

 
133

 
128

 
121

 
12

 
113

 
2022 - 2047
Credit protection on:
 
 
 
 
 
 
 
 
 
 
 
 
 
Default swap index
1

 
3,618

 
582

 
1,998

 
1,620

 
2,896

 
2019 - 2028
Commercial mortgage-backed securities index
49

 
389

 
109

 
363

 
26

 
51

 
2047 - 2058
Asset-backed securities index
9

 
42

 
42

 
42

 
—

 
1

 
2045 - 2046
Other
2

 
5,522

 
5,327

 
—

 
5,522

 
12,561

 
2018 - 2048
Total credit derivatives
$
182

 
11,741

 
6,629

 
3,898

 
7,843

 
17,082

 
 

Protection sold represents the estimated maximum exposure to loss that would be incurred under an assumed hypothetical circumstance, where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. We believe this hypothetical circumstance to be a remote possibility and accordingly, this required disclosure is not an indication of expected loss. 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 risk of performance to be high if the underlying assets under the credit derivative have an external rating that is below investment grade or an internal credit default grade that is equivalent thereto. We believe the net protection sold, which is representative of the net notional amount of protection sold and purchased with identical underlyings, in combination with other protection purchased, is more representative of our exposure to loss than either non-investment grade or protection sold. Other protection purchased represents additional protection, which may offset the exposure to loss for protection sold, that was not purchased with an identical underlying of the protection sold.


130
Note 15: Derivatives (continued)

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. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a net liability position was $11.7 billion at September 30, 2019, and $7.4 billion at December 31, 2018, for which we posted $9.9 billion and $5.6 billion, respectively, in collateral in the normal course of business. A credit rating below investment grade is the credit-risk-related contingent feature that if triggered requires the maximum amount of collateral to be posted. If the credit rating of our debt had been downgraded below investment grade, we would have been required to post additional collateral of $1.8 billion for both September 30, 2019, and December 31, 2018, or potentially settle the contract in an amount equal to its fair value. Some contracts require that we provide more collateral than the fair value of derivatives that are in a net liability position if a downgrade occurs.

 
Counterparty Credit Risk
By using derivatives, we are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The amounts reported as a derivative asset are derivative contracts in a gain position, and to the extent subject to legally enforceable master netting arrangements, net of derivatives in a loss position with the same counterparty and cash collateral received. We minimize counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, including determining the legal enforceability of the arrangement, it is our policy to present derivative balances and related cash collateral amounts net on the balance sheet. We incorporate credit valuation adjustments (CVA) to reflect counterparty credit risk in determining the fair value of our derivatives. Such adjustments, which consider the effects of enforceable master netting agreements and collateral arrangements, reflect market-based views of the credit quality of each counterparty. Our CVA calculation is determined based on observed credit spreads in the credit default swap market and indices indicative of the credit quality of the counterparties to our derivatives.

131

Note 16: Fair Values of Assets and Liabilities

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in Table 16.2 in this Note. From time to time, we may be required to record fair value adjustments on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of LOCOM accounting, measurement alternative accounting for nonmarketable equity securities or write-downs of individual assets. Assets recorded on a nonrecurring basis are presented in Table 16.13 in this Note.
See Note 1 (Summary of Significant Accounting Policies) in our 2018 Form 10-K for 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 and for estimating fair value for financial instruments that are not recorded at fair value, see Note 18 (Fair Values of Assets and Liabilities) in our 2018 Form 10-K.

FAIR VALUE HIERARCHY  We group our assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
•
Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.
•
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
•
Level 3 – Valuation is generated from techniques that use significant assumptions that are not observable in the
 
market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
We do not classify an equity security in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) that has been communicated to us as an investor as a practical expedient to measure fair value. We use NAV per share as the fair value measurement for certain nonmarketable equity fund investments. Marketable equity securities with published NAVs continue to be classified in the fair value hierarchy.
Fair Value Measurements from Vendors
For certain assets and liabilities, we obtain fair value measurements from vendors and record the unadjusted fair value in our financial statements. For additional information, see Note 18 (Fair Values of Assets and Liabilities) in our 2018 Form 10-K. The unadjusted fair value measurements obtained from brokers for available-for-sale debt securities were $45 million in Level 2 assets and $126 million in Level 3 assets at September 30, 2019, and $45 million and $129 million at December 31, 2018, respectively.
Table 16.1 presents unadjusted fair value measurements obtained from third-party pricing services by fair value hierarchy level. Fair value measurements obtained from third-party pricing services that we have adjusted to determine the fair value recorded in our financial statements are excluded from
Table 16.1.
Table 16.1: Fair Value Measurements obtained from Third-Party Pricing Services
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Level 1

 
Level 2

 
Level 3

 
Level 1

 
Level 2

 
Level 3

Trading debt securities
399

 
272

 
—

 
899

 
256

 
—

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
13,550

 
2,999

 
—

 
10,399

 
2,949

 
—

Securities of U.S. states and political subdivisions
—

 
40,150

 
38

 
—

 
48,377

 
43

Mortgage-backed securities
—

 
171,917

 
37

 
—

 
160,162

 
41

Other debt securities (1)
—

 
39,556

 
619

 
—

 
44,292

 
758

Total available-for-sale debt securities
13,550

 
254,622

 
694

 
10,399

 
255,780

 
842

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Marketable
—

 
161

 
—

 
—

 
158

 
—

Nonmarketable
—

 
—

 
—

 
—

 
1

 
—

Total equity securities
—

 
161

 
—

 
—

 
159

 
—

Derivative assets
17

 
—

 
—

 
17

 
—

 
—

Derivative liabilities
(18
)
 
—

 
—

 
(12
)
 
—

 
—

(1)
Includes corporate debt securities, collateralized loan and other debt obligations, asset-backed securities, and other debt securities.


132
Note 16: Fair Values of Assets and Liabilities (continued)

Assets and Liabilities Recorded at Fair Value on a Recurring Basis
 
Table 16.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis.
Table 16.2: Fair Value on a Recurring Basis
(in millions)
Level 1

 
Level 2

 
Level 3

 
Netting (1)

Total

September 30, 2019
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
22,313

 
3,141

 
—

 
—

25,454

Securities of U.S. states and political subdivisions
—

 
3,273

 
—

 
—

3,273

Collateralized loan obligations
—

 
653

 
232

 
—

885

Corporate debt securities
—

 
12,286

 
33

 
—

12,319

Mortgage-backed securities
—

 
35,771

 
—

 
—

35,771

Asset-backed securities
—

 
1,383

 
—

 
—

1,383

Other trading debt securities
—

 
21

 
7

 
—

28

Total trading debt securities
22,313

 
56,528

 
272

 
—

79,113

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
13,550

 
2,999

 
—

 
—

16,549

Securities of U.S. states and political subdivisions
—

 
40,150

 
353

 
—

40,503

Mortgage-backed securities:
 
 
 
 
 
 
 
 
Federal agencies
—

 
167,535

 
—

 
—

167,535

Residential
—

 
853

 
—

 
—

853

Commercial
—

 
4,189

 
37

 
—

4,226

Total mortgage-backed securities
—

 
172,577

 
37

 
—

172,614

Corporate debt securities
37

 
5,489

 
367

 
—

5,893

Collateralized loan and other debt obligations (2)
—

 
30,401

 
609

 
—

31,010

Asset-backed securities:
 
 
 
 
 
 
 
 
Automobile loans and leases
—

 
860

 
—

 
—

860

Home equity loans
—

 
—

 
—

 
—

—

Other asset-backed securities
—

 
3,688

 
118

 
—

3,806

Total asset-backed securities
—

 
4,548

 
118

 
—

4,666

Other debt securities
—

 
1

 
—

 
—

1

Total available-for-sale debt securities
13,587

 
256,165

 
1,484

(3)
—

271,236

Mortgage loans held for sale
—

 
15,696

 
1,249

 
—

16,945

Loans held for sale
—

 
1,500

 
1

 
—

1,501

Loans
—

 
—

 
185

 
—

185

Mortgage servicing rights (residential)
—

 
—

 
11,072

 
—

11,072

Derivative assets:
 
 
 
 
 
 
 
 
Interest rate contracts
45

 
29,933

 
255

 
—

30,233

Commodity contracts
—

 
1,335

 
3

 
—

1,338

Equity contracts
2,326

 
3,580

 
1,672

 
—

7,578

Foreign exchange contracts
17

 
6,291

 
9

 
—

6,317

Credit contracts
—

 
56

 
66

 
—

122

Netting
—

 
—

 
—

 
(30,908
)
(30,908
)
Total derivative assets
2,388

 
41,195

 
2,005

 
(30,908
)
14,680

Equity securities - excluding securities at NAV:
 
 
 
 
 
 
 
 
Marketable
30,782

 
293

 
—

 
—

31,075

Nonmarketable
—

 
19

 
7,130

 
—

7,149

Total equity securities
30,782

 
312

 
7,130

 
—

38,224

Total assets included in the fair value hierarchy
$
69,070


371,396


23,398


(30,908
)
432,956

Equity securities at NAV (4)
 
 
 
 
 
 
 
144

Total assets recorded at fair value
 
 
 
 
 
 
 
433,100

Derivative liabilities:
 
 
 
 
 
 
 
 
Interest rate contracts
$
(43
)
 
(24,311
)
 
(112
)
 
—

(24,466
)
Commodity contracts
—

 
(2,556
)
 
(33
)
 
—

(2,589
)
Equity contracts
(1,705
)
 
(4,584
)
 
(1,875
)
 
—

(8,164
)
Foreign exchange contracts
(18
)
 
(7,629
)
 
(35
)
 
—

(7,682
)
Credit contracts
—

 
(57
)
 
(28
)
 
—

(85
)
Netting
—

 
—

 
—

 
33,038

33,038

Total derivative liabilities
(1,766
)
 
(39,137
)
 
(2,083
)
 
33,038

(9,948
)
Short sale liabilities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(10,821
)
 
(107
)
 
—

 
—

(10,928
)
Mortgage-backed securities
—

 
(69
)
 
—

 
—

(69
)
Corporate debt securities
—

 
(4,820
)
 
—

 
—

(4,820
)
Equity securities
(2,473
)
 
—

 
—

 
—

(2,473
)
Other securities
—

 
—

 
—

 
—

—

Total short sale liabilities
(13,294
)
 
(4,996
)
 
—

 
—

(18,290
)
Other liabilities
—

 
—

 
(2
)
 
—

(2
)
Total liabilities recorded at fair value
$
(15,060
)
 
(44,133
)
 
(2,085
)
 
33,038

(28,240
)
(1)
Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information.
(2)
Includes collateralized debt obligations of $609 million.
(3)
A majority of the balance consists of securities that are investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity.
(4)
Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

(continued on following page)

133

(continued from previous page)
(in millions)  
Level 1

 
Level 2

 
Level 3

 
Netting (1)

Total

December 31, 2018
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
20,525

 
2,892

 
—

 
—

23,417

Securities of U.S. states and political subdivisions
—

 
3,272

 
3

 
—

3,275

Collateralized loan obligations
—

 
673

 
237

 
—

910

Corporate debt securities
—

 
10,723

 
34

 
—

10,757

Mortgage-backed securities
—

 
30,715

 
—

 
—

30,715

Asset-backed securities
—

 
893

 
—

 
—

893

Other trading debt securities
—

 
6

 
16

 
—

22

Total trading debt securities
20,525

 
49,174

 
290

 
—

69,989

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
10,399

 
2,949

 
—

 
—

13,348

Securities of U.S. states and political subdivisions
—

 
48,820

 
444

 
—

49,264

Mortgage-backed securities:
 
 
 
 
 
 
 

Federal agencies
—

 
153,203

 
—

 
—

153,203

Residential
—

 
2,775

 
—

 
—

2,775

Commercial
—

 
4,184

 
41

 
—

4,225

Total mortgage-backed securities
—

 
160,162

 
41

 
—

160,203

Corporate debt securities
34

 
5,867

 
370

 
—

6,271

Collateralized loan and other debt obligations (2)
—

 
34,543

 
800

 
—

35,343

Asset-backed securities:
 
 
 
 
 
 
 

Automobile loans and leases
—

 
925

 
—

 
—

925

Home equity loans
—

 
112

 
—

 
—

112

Other asset-backed securities
—

 
4,056

 
389

 
—

4,445

Total asset-backed securities
—

 
5,093

 
389

 
—

5,482

Other debt securities
—

 
1

 
—

 
—

1

Total available-for-sale debt securities
10,433

 
257,435

 
2,044

(3)
—

269,912

Mortgage loans held for sale
—

 
10,774

 
997

 
—

11,771

Loans held for sale
—

 
1,409

 
60

 
—

1,469

Loans
—

 
—

 
244

 
—

244

Mortgage servicing rights (residential)
—

 
—

 
14,649

 
—

14,649

Derivative assets:
 
 
 
 
 
 
 

Interest rate contracts
46

 
18,294

 
95

 
—

18,435

Commodity contracts
—

 
1,535

 
53

 
—

1,588

Equity contracts
1,648

 
4,582

 
1,315

 
—

7,545

Foreign exchange contracts
17

 
6,689

 
8

 
—

6,714

Credit contracts
—

 
179

 
99

 
—

278

Netting
—

 
—

 
—

 
(23,790
)
(23,790
)
Total derivative assets
1,711

 
31,279

 
1,570

 
(23,790
)
10,770

Equity securities - excluding securities at NAV:
 
 
 
 
 
 
 
 
Marketable
23,205

 
757

 
—

 
—

23,962

Nonmarketable
—

 
24

 
5,468

 
—

5,492

Total equity securities
23,205

 
781

 
5,468

 
—

29,454

Total assets included in the fair value hierarchy
$
55,874

 
350,852

 
25,322

 
(23,790
)
408,258

Equity securities at NAV (4)
 
 
 
 
 
 
 
102

Total assets recorded at fair value


 


 


 


408,360

Derivative liabilities:
 
 
 
 
 
 
 

Interest rate contracts
$
(21
)
 
(16,217
)
 
(70
)
 
—

(16,308
)
Commodity contracts
—

 
(2,287
)
 
(49
)
 
—

(2,336
)
Equity contracts
(1,492
)
 
(3,186
)
 
(1,332
)
 
—

(6,010
)
Foreign exchange contracts
(12
)
 
(7,067
)
 
(34
)
 
—

(7,113
)
Credit contracts
—

 
(216
)
 
(64
)
 
—

(280
)
Netting
—

 
—

 
—

 
23,548

23,548

Total derivative liabilities
(1,525
)
 
(28,973
)
 
(1,549
)
 
23,548

(8,499
)
Short sale liabilities:
 
 
 
 
 
 
 


Securities of U.S. Treasury and federal agencies
(11,850
)
 
(411
)
 
—

 
—

(12,261
)
Mortgage-backed securities
—

 
(47
)
 
—

 
—

(47
)
Corporate debt securities
—

 
(4,505
)
 
—

 
—

(4,505
)
Equity securities
(2,902
)
 
(2
)
 
—

 
—

(2,904
)
Other securities
—

 
(3
)
 
—

 
—

(3
)
Total short sale liabilities
(14,752
)
 
(4,968
)
 
—

 
—

(19,720
)
Other liabilities
—

 
—

 
(2
)
 
—

(2
)
Total liabilities recorded at fair value
$
(16,277
)
 
(33,941
)
 
(1,551
)
 
23,548

(28,221
)
(1)
Represents balance sheet netting of derivative asset and liability balances and related cash collateral. See Note 15 (Derivatives) for additional information.
(2)
Includes collateralized debt obligations of $800 million.
(3)
A significant portion of the balance consists of securities that are investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity.
(4)
Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.


134
Note 16: Fair Values of Assets and Liabilities (continued)

Changes in Fair Value Levels
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in
 
changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2, and Level 3. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred.
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2019, are presented in Table 16.3.

Table 16.3: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2019
 
  

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized
gains (losses)
included in
income related
to assets and
liabilities held
at period end (4)

  
(in millions)
Balance,
beginning
of period

 
Net
income

 
Other
compre-
hensive
income

 
 
Transfers into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
 
Quarter ended September 30, 2019
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Collateralized loan obligations
249

 
(11
)
 
—

 
(4
)
 
—

 
(2
)
 
232

 
(13
)
  
Corporate debt securities
44

 
(2
)
 
—

 
(4
)
 
—

 
(5
)
 
33

 
1

  
Other trading debt securities
14

 
(1
)
 
—

 
(6
)
 
—

 
—

 
7

 
—

 
Total trading debt securities
307

 
(14
)
 
—

 
(14
)
 
—

 
(7
)
 
272

 
(12
)
(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
391

 
—

 
—

 
(38
)
 
—

 
—

 
353

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Residential
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Commercial
41

 
—

 
(1
)
 
(3
)
 
—

 
—

 
37

 
—

  
Total mortgage-backed securities
41

 
—

 
(1
)
 
(3
)
 
—

 
—

 
37

 
—

 
Corporate debt securities
383

 
6

 
(8
)
 
(14
)
 
—

 
—

 
367

 
—

  
Collateralized loan and other debt obligations
649

 
5

 
(12
)
 
(33
)
 
—

 
—

 
609

 
—

  
Asset-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Other asset-backed securities
341

 
1

 
1

 
(72
)
 
—

 
(153
)
 
118

 
—

  
Total asset-backed securities
341

 
1

 
1

 
(72
)
 
—

 
(153
)
 
118

 
—

  
Total available-for-sale debt securities
1,805

 
12

 
(20
)
 
(160
)
 
—

 
(153
)
 
1,484

 
—

(6)
Mortgage loans held for sale
1,115

 
22

 
—

 
(6
)
 
121

 
(3
)
 
1,249

 
22

(7)
Loans held for sale
12

 
—

 
—

 
(12
)
 
1

 
—

 
1

 
—

 
Loans
202

 
—

 
—

 
(17
)
 
—

 
—

 
185

 
(2
)
(7)
Mortgage servicing rights (residential)(8)
12,096

 
(1,558
)
 
—

 
534

 
—

 
—

 
11,072

 
(962
)
(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Interest rate contracts
205

 
71

 
—

 
(133
)
 
—

 
—

 
143

 
30

  
Commodity contracts
(29
)
 
(85
)
 
—

 
61

 
—

 
23

 
(30
)
 
(6
)
  
Equity contracts
(228
)
 
(298
)
 
—

 
263

 
—

 
60

 
(203
)
 
(80
)
  
Foreign exchange contracts
(10
)
 
17

 
—

 
(33
)
 
—

 
—

 
(26
)
 
—

  
Credit contracts
45

 
(8
)
 
—

 
1

 
—

 
—

 
38

 
(8
)
  
Total derivative contracts
(17
)
 
(303
)
 
—

 
159

 
—

 
83

 
(78
)
 
(64
)
(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonmarketable
7,110

 
13

 
—

 
—

 
7

 
—

 
7,130

 
13

 
Total equity securities
7,110

 
13

 
—

 
—

 
7

 
—

 
7,130

 
13

(10)
Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.4 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
Assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains (losses) from trading activities in the income statement.
(6)
Included in net gains (losses) on debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)


135

(continued from previous page)
 
Table 16.4 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2019.
 

Table 16.4: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2019
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Quarter ended September 30, 2019
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
107

 
(100
)
 
—

 
(11
)
 
(4
)
Corporate debt securities
3

 
(7
)
 
—

 
—

 
(4
)
Other trading debt securities
—

 
—

 
—

 
(6
)
 
(6
)
Total trading debt securities
110

 
(107
)
 
—

 
(17
)
 
(14
)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
—

 
12

 
(50
)
 
(38
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
Residential
—

 
—

 
—

 
—

 
—

Commercial
—

 
—

 
—

 
(3
)
 
(3
)
Total mortgage-backed securities
—

 
—

 
—

 
(3
)
 
(3
)
Corporate debt securities
1

 
—

 
—

 
(15
)
 
(14
)
Collateralized loan and other debt obligations
—

 
—

 
—

 
(33
)
 
(33
)
Asset-backed securities:
  
 
  
 
  
 
  
 
  
Other asset-backed securities
—

 
(4
)
 
10

 
(78
)
 
(72
)
Total asset-backed securities
—

 
(4
)
 
10

 
(78
)
 
(72
)
Total available-for-sale debt securities
1

 
(4
)
 
22

 
(179
)
 
(160
)
Mortgage loans held for sale
23

 
(45
)
 
87

 
(71
)
 
(6
)
Loans held for sale
—

 
—

 
—

 
(12
)
 
(12
)
Loans
1

 
—

 
2

 
(20
)
 
(17
)
Mortgage servicing rights (residential) (1)
—

 
(4
)
 
538

 
—

 
534

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
Interest rate contracts
—

 
—

 
(1
)
 
(132
)
 
(133
)
Commodity contracts
—

 
—

 
—

 
61

 
61

Equity contracts
—

 
—

 
—

 
263

 
263

Foreign exchange contracts
—

 
—

 
—

 
(33
)
 
(33
)
Credit contracts
4

 
(3
)
 
—

 
—

 
1

Total derivative contracts
4

 
(3
)
 
(1
)
 
159

 
159

Equity securities:
 
 
 
 
 
 
 
 
 
Nonmarketable
—

 
—

 
—

 
—

 
—

Total equity securities
—

 
—

 
—

 
—

 
—

Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


136
Note 16: Fair Values of Assets and Liabilities (continued)

(continued from previous page)
 
Table 16.5 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2018.
Table 16.5: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended September 30, 2018
  
Balance,
beginning
of period

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized
gains (losses)
included in
income related
to assets and
liabilities held
at period end

  
(in millions)
 
Net
income 

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
(4)
Quarter ended September 30, 2018
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
$
3

 
—

 
—

 
—

 
—

 
—

 
3

 
—

  
Collateralized loan obligations
291

 
2

 
—

 
(26
)
 
—

 
(4
)
 
263

 
1

  
Corporate debt securities
36

 
2

 
—

 
7

 
—

 
(10
)
 
35

 
2

  
Other trading debt securities
17

 
—

 
—

 
—

 
—

 
—

 
17

 
1

  
Total trading debt securities
347

 
4

 
—

 
(19
)
 
—

 
(14
)
 
318

 
4

(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
559

 
—

 
(3
)
 
39

 
—

 
—

 
595

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Residential
—

 
—

 
1

 
(1
)
 
—

 
—

 
—

 
—

  
Commercial
53

 
(1
)
 
—

 
(11
)
 
—

 
—

 
41

 
(1
)
  
Total mortgage-backed securities
53

 
(1
)
 
1

 
(12
)
 
—

 
—

 
41

 
(1
)
  
Corporate debt securities
443

 
2

 
(2
)
 
(55
)
 
—

 
—

 
388

 
—

  
Collateralized loan and other debt obligations
1,037

 
44

 
(33
)
 
(205
)
 
—

 
—

 
843

 
—

  
Asset-backed securities:
  
 
  
 
  
 
  
 
  
 
 
 
 
 
  
  
Other asset-backed securities
401

 
(4
)
 
(2
)
 
7

 
—

 
—

 
402

 
(3
)
  
Total asset-backed securities
401

 
(4
)
 
(2
)
 
7

 
—

 
—

 
402

 
(3
)
  
Total available-for-sale debt securities
2,493

 
41

 
(39
)
 
(226
)
 
—

 
—

 
2,269

 
(4
)
(6)
Mortgage loans held for sale
986

 
(12
)
 
—

 
(8
)
 
16

 
(2
)
 
980

 
(12
)
(7)
Loans held for sale
20

 
1

 
—

 
1

 
—

 
—

 
22

 
—

 
Loans
321

 
—

 
—

 
(35
)
 
—

 
—

 
286

 
(5
)
(7)
Mortgage servicing rights (residential) (8)
15,411

 
69

 
—

 
500

 
—

 
—

 
15,980

 
531

(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Interest rate contracts
(41
)
 
(103
)
 
—

 
36

 
—

 
—

 
(108
)
 
(43
)
  
Commodity contracts
26

 
29

 
—

 
6

 
—

 
—

 
61

 
38

  
Equity contracts
(339
)
 
(30
)
 
—

 
89

 
—

 
6

 
(274
)
 
(74
)
  
Foreign exchange contracts
(15
)
 
(10
)
 
—

 
4

 
—

 
—

 
(21
)
 
(4
)
  
Credit contracts
24

 
5

 
—

 
(2
)
 
—

 
—

 
27

 
3

  
Total derivative contracts
(345
)
 
(109
)
 
—

 
133

 
—

 
6

 
(315
)
 
(80
)
(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonmarketable
5,806

 
817

 
—

 
(295
)
 
—

 
—

 
6,328

 
770

 
Total equity securities
5,806

 
817

 
—

 
(295
)
 
—

 
—

 
6,328

 
770

(10)
Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.6 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains (losses) from trading activities in the income statement.
(6)
Included in net gains (losses) on debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)


137

(continued from previous page)
 
Table 16.6 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended September 30, 2018.
 

Table 16.6: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended September 30, 2018
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Quarter ended September 30, 2018
 
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
75

 
(70
)
 
—

 
(31
)
 
(26
)
Corporate debt securities
8

 
(1
)
 
—

 
—

 
7

Other trading debt securities
—

 
—

 
—

 
—

 
—

Total trading debt securities
83

 
(71
)
 
—

 
(31
)
 
(19
)
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
—

 
—

 
69

 
(30
)
 
39

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential
—

 
—

 
—

 
(1
)
 
(1
)
Commercial
—

 
—

 
—

 
(11
)
 
(11
)
Total mortgage-backed securities
—

 
—

 
—

 
(12
)
 
(12
)
Corporate debt securities
—

 
—

 
—

 
(55
)
 
(55
)
Collateralized loan and other debt obligations
—

 
(149
)
 
—

 
(56
)
 
(205
)
Asset-backed securities:
 
 
 
 
 
 
 
 
 
Other asset-backed securities
—

 
—

 
96

 
(89
)
 
7

Total asset-backed securities
—

 
—

 
96

 
(89
)
 
7

Total available-for-sale debt securities
—

 
(149
)
 
165

 
(242
)
 
(226
)
Mortgage loans held for sale
17

 
(89
)
 
104

 
(40
)
 
(8
)
Loans held for sale
1

 
—

 
—

 
—

 
1

Loans
2

 
—

 
5

 
(42
)
 
(35
)
Mortgage servicing rights (residential) (1)
—

 
(2
)
 
502

 
—

 
500

Net derivative assets and liabilities:
 
 
 
 
 
 
 
 
 
Interest rate contracts
—

 
—

 
—

 
36

 
36

Commodity contracts
—

 
—

 
—

 
6

 
6

Equity contracts
3

 
(37
)
 
—

 
123

 
89

Foreign exchange contracts
—

 
—

 
—

 
4

 
4

Credit contracts
1

 
(2
)
 
—

 
(1
)
 
(2
)
Total derivative contracts
4

 
(39
)
 
—

 
168

 
133

Equity securities:
 
 
 
 
 
 
 
 
 
Nonmarketable
—

 
—

 
—

 
(295
)
 
(295
)
Total equity securities
—

 
—

 
—

 
(295
)
 
(295
)
Other liabilities
—

 
—

 
—

 
—

 
—


(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


138
Note 16: Fair Values of Assets and Liabilities (continued)

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the first nine months of 2019, are presented in Table 16.7.
Table 16.7: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2019
 
  

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized
gains (losses)
included in
income related
to assets and
liabilities held
at period end (4)

  
(in millions)
Balance,
beginning
of period

 
Net
income

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
 
Nine months ended September 30, 2019
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
Securities of U.S. states and political subdivisions
$
3

 
—

 
—

 
(2
)
 
—

 
(1
)
 
—

 
—

  
Collateralized loan obligations
237

 
(16
)
 
—

 
13

 
—

 
(2
)
 
232

 
(23
)
  
Corporate debt securities
34

 
1

 
—

 
3

 
1

 
(6
)
 
33

 
3

  
Other trading debt securities
16

 
(3
)
 
—

 
(6
)
 
—

 
—

 
7

 
—

 
Total trading debt securities
290

 
(18
)
 
—

 
8

 
1

 
(9
)
 
272

 
(20
)
(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
444

 
1

 
5

 
(48
)
 
—

 
(49
)
 
353

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Residential
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Commercial
41

 
—

 
(1
)
 
(3
)
 
—

 
—

 
37

 
—

  
Total mortgage-backed securities
41

 
—

 
(1
)
 
(3
)
 
—

 
—

 
37

 
—

 
Corporate debt securities
370

 
7

 
(5
)
 
(5
)
 
—

 
—

 
367

 
—

  
Collateralized loan and other debt obligations
800

 
18

 
(22
)
 
(187
)
 
—

 
—

 
609

 
—

  
Asset-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Other asset-backed securities
389

 
1

 
—

 
(119
)
 
—

 
(153
)
 
118

 
—

  
Total asset-backed securities
389

 
1

 
—

 
(119
)
 
—

 
(153
)
 
118

 
—

  
Total available-for-sale debt securities
2,044

 
27

 
(23
)
 
(362
)
 
—

 
(202
)
 
1,484

 
—

(6)
Mortgage loans held for sale
997

 
74

 
—

 
(94
)
 
281

 
(9
)
 
1,249

 
75

(7)
Loans held for sale
60

 
—

 
—

 
(4
)
 
38

 
(93
)
 
1

 
—

 
Loans
244

 
1

 
—

 
(60
)
 
—

 
—

 
185

 
(6
)
(7)
Mortgage servicing rights (residential) (8)
14,649

 
(4,570
)
 
—

 
993

 
—

 
—

 
11,072

 
(2,931
)
(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
 
 
  
 
  
 
 
 
  
  
Interest rate contracts
25

 
495

 
—

 
(377
)
 
—

 
—

 
143

 
179

  
Commodity contracts
4

 
(211
)
 
—

 
152

 
2

 
23

 
(30
)
 
(6
)
  
Equity contracts
(17
)
 
(402
)
 
—

 
194

 
7

 
15

 
(203
)
 
(205
)
  
Foreign exchange contracts
(26
)
 
27

 
—

 
(27
)
 
—

 
—

 
(26
)
 
2

  
Credit contracts
35

 
(3
)
 
—

 
6

 
—

 
—

 
38

 
2

  
Total derivative contracts
21

 
(94
)
 
—

 
(52
)
 
9

 
38

 
(78
)
 
(28
)
(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonmarketable
5,468

 
1,663

 
—

 
(1
)
 
12

 
(12
)
 
7,130

 
1,664

 
Total equity securities
5,468

 
1,663

 
—

 
(1
)
 
12

 
(12
)
 
7,130

 
1,664

(10)
Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.8 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
Assets and liabilities transferred out of level 3 are classified as level 2, except for $153 million of asset-backed securities that were transferred to loans during third quarter 2019.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains (losses) from trading activities in the income statement.
(6)
Included in net gains (losses) on debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)

139

(continued from previous page)
Table 16.8 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the first nine months of 2019.
 


Table 16.8: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2019
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Nine months ended September 30, 2019
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
(2
)
 
(2
)
Collateralized loan obligations
281

 
(252
)
 
—

 
(16
)
 
13

Corporate debt securities
14

 
(11
)
 
—

 
—

 
3

Other trading debt securities
—

 
—

 
—

 
(6
)
 
(6
)
Total trading debt securities
295

 
(263
)
 
—

 
(24
)
 
8

Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
—

 
67

 
(115
)
 
(48
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
Residential
—

 
—

 
—

 
—

 
—

Commercial
—

 
—

 
—

 
(3
)
 
(3
)
Total mortgage-backed securities
—

 
—

 
—

 
(3
)
 
(3
)
Corporate debt securities
12

 
—

 
—

 
(17
)
 
(5
)
Collateralized loan and other debt obligations
—

 
—

 
—

 
(187
)
 
(187
)
Asset-backed securities:
  
 
  
 
  
 
  
 
  
Other asset-backed securities
—

 
(9
)
 
133

 
(243
)
 
(119
)
Total asset-backed securities
—

 
(9
)
 
133

 
(243
)
 
(119
)
Total available-for-sale debt securities
12

 
(9
)
 
200

 
(565
)
 
(362
)
Mortgage loans held for sale
69

 
(185
)
 
187

 
(165
)
 
(94
)
Loans held for sale
12

 
(2
)
 
—

 
(14
)
 
(4
)
Loans
3

 
—

 
7

 
(70
)
 
(60
)
Mortgage servicing rights (residential) (1)
—

 
(286
)
 
1,279

 
—

 
993

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
Interest rate contracts
—

 
—

 
(1
)
 
(376
)
 
(377
)
Commodity contracts
—

 
—

 
—

 
152

 
152

Equity contracts
—

 
—

 
—

 
194

 
194

Foreign exchange contracts
—

 
—

 
—

 
(27
)
 
(27
)
Credit contracts
12

 
(6
)
 
—

 
—

 
6

Total derivative contracts
12

 
(6
)
 
(1
)
 
(57
)
 
(52
)
Equity securities:
 
 
 
 
 
 
 
 
 
Nonmarketable
—

 
(1
)
 
—

 
—

 
(1
)
Total equity securities
—

 
(1
)
 
—

 
—

 
(1
)
Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


140
Note 16: Fair Values of Assets and Liabilities (continued)

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the first nine months of 2018, are presented in Table 16.9.

Table 16.9: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Nine months ended September 30, 2018
  
Balance,
beginning
of period

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized
gains (losses)
included in
income related
to assets and
liabilities held
at period end

  
(in millions)
 
Net
income 

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
(4)
Nine months ended September 30, 2018
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
$
3

 
—

 
—

 
—

 
—

 
—

 
3

 
—

  
Collateralized loan obligations
354

 
(2
)
 
—

 
(85
)
 
—

 
(4
)
 
263

 
—

  
Corporate debt securities
31

 
2

 
—

 
13

 
—

 
(11
)
 
35

 
4

  
Other trading debt securities
19

 
(2
)
 
—

 
—

 
—

 
—

 
17

 
—

 
Total trading debt securities
407

 
(2
)
 
—

 
(72
)
 
—

 
(15
)
 
318

 
4

(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
925

 
5

 
(5
)
 
(51
)
 
—

 
(279
)
 
595

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Residential
1

 
—

 
—

 
(1
)
 
—

 
—

 
—

 
—

  
Commercial
75

 
—

 
(2
)
 
(32
)
 
—

 
—

 
41

 
(2
)
  
Total mortgage-backed securities
76

 
—

 
(2
)
 
(33
)
 
—

 
—

 
41

 
(2
)
 
Corporate debt securities
407

 
4

 
2

 
(25
)
 
—

 
—

 
388

 
—

  
Collateralized loan and other debt obligations
1,020

 
55

 
20

 
(252
)
 
—

 
—

 
843

 
—

  
Asset-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Other asset-backed securities
566

 
4

 
(10
)
 
(158
)
 
—

 
—

 
402

 
(3
)
  
Total asset-backed securities
566

 
4

 
(10
)
 
(158
)
 
—

 
—

 
402

 
(3
)
  
Total available-for-sale debt securities
2,994

 
68

 
5

 
(519
)
 
—

 
(279
)
 
2,269

 
(5
)
(6)
Mortgage loans held for sale
998

 
(46
)
 
—

 
(20
)
 
56

 
(8
)
 
980

 
(42
)
(7)
Loans held for sale
14

 
2

 
—

 
(15
)
 
21

 
—

 
22

 
—

 
Loans
376

 
(1
)
 
—

 
(89
)
 
—

 
—

 
286

 
(9
)
(7)
Mortgage servicing rights (residential) (8)
13,625

 
801

 
—

 
1,554

 
—

 
—

 
15,980

 
2,206

(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Interest rate contracts
71

 
(511
)
 
—

 
332

 
—

 
—

 
(108
)
 
(163
)
  
Commodity contracts
19

 
59

 
—

 
(20
)
 
3

 
—

 
61

 
60

  
Equity contracts
(511
)
 
27

 
—

 
153

 
—

 
57

 
(274
)
 
(67
)
  
Foreign exchange contracts
7

 
(35
)
 
—

 
7

 
—

 
—

 
(21
)
 
(23
)
  
Credit contracts
36

 
1

 
—

 
(10
)
 
—

 
—

 
27

 
(6
)
  
Total derivative contracts
(378
)
 
(459
)
 
—

 
462

 
3

 
57

 
(315
)
 
(199
)
(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonmarketable
5,203

 
1,510

 
—

 
(391
)
 
10

 
(4
)
 
6,328

 
1,457

 
Total equity securities
5,203

 
1,510

 
—

 
(391
)
 
10

 
(4
)
 
6,328

 
1,457

(10)
Other liabilities
(3
)
 
1

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.10 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains (losses) from trading activities in the income statement.
(6)
Included in net gains (losses) on debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking, trading activities, equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
 
(continued on following page)

141

(continued from previous page)

Table 16.10 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the first nine months of 2018.
 
 
Table 16.10: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Nine months ended September 30, 2018
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Nine months ended September 30, 2018
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
346

 
(300
)
 
—

 
(131
)
 
(85
)
Corporate debt securities
16

 
(3
)
 
—

 
—

 
13

Other trading debt securities
—

 
—

 
—

 
—

 
—

Total trading debt securities
362

 
(303
)
 
—

 
(131
)
 
(72
)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
(4
)
 
79

 
(126
)
 
(51
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
 
Residential
—

 
—

 
—

 
(1
)
 
(1
)
Commercial
—

 
—

 
—

 
(32
)
 
(32
)
Total mortgage-backed securities
—

 
—

 
—

 
(33
)
 
(33
)
Corporate debt securities
31

 
—

 
—

 
(56
)
 
(25
)
Collateralized loan and other debt obligations
—

 
(149
)
 
—

 
(103
)
 
(252
)
Asset-backed securities:
 
 
 
 
 
 
 
 
 
Other asset-backed securities
—

 
(8
)
 
154

 
(304
)
 
(158
)
Total asset-backed securities
—

 
(8
)
 
154

 
(304
)
 
(158
)
Total available-for-sale debt securities
31

 
(161
)
 
233

 
(622
)
 
(519
)
Mortgage loans held for sale
64

 
(240
)
 
271

 
(115
)
 
(20
)
Loans held for sale
1

 
(16
)
 
—

 
—

 
(15
)
Loans
3

 
—

 
13

 
(105
)
 
(89
)
Mortgage servicing rights (residential) (1)
—

 
(7
)
 
1,561

 
—

 
1,554

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
 
Interest rate contracts
—

 
—

 
—

 
332

 
332

Commodity contracts
—

 
—

 
—

 
(20
)
 
(20
)
Equity contracts
3

 
(37
)
 
—

 
187

 
153

Foreign exchange contracts
—

 
—

 
—

 
7

 
7

Credit contracts
9

 
(6
)
 
—

 
(13
)
 
(10
)
Total derivative contracts
12

 
(43
)
 
—

 
493

 
462

Equity securities:
 
 
 
 
 
 
 
 
 
Nonmarketable
—

 
(17
)
 
—

 
(374
)
 
(391
)
Total equity securities
—

 
(17
)
 
—

 
(374
)
 
(391
)
Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).

Table 16.11 and Table 16.12 provide quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model.
The significant unobservable inputs for Level 3 assets and liabilities that are valued using fair values obtained from third party vendors are not included in the table, as the specific inputs applied are not provided by the vendor. In addition, the table excludes the valuation techniques and significant unobservable inputs for certain classes of Level 3 assets and liabilities measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 assets and liabilities. We made this determination based upon an evaluation of each class, which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs. For information on how changes in significant unobservable inputs affect the fair values of Level 3 assets and liabilities, see Note 18 (Fair Values of Assets and Liabilities) in our 2018 Form 10-K. 

142
Note 16: Fair Values of Assets and Liabilities (continued)

Table 16.11: Valuation Techniques – Recurring Basis – September 30, 2019
($ in millions, except cost to service amounts)
Fair Value Level 3

 
Valuation Technique(s)
 
Significant Unobservable Input
 
Range of Inputs 
 
 
 
Weighted
Average (1)

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Trading and available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. states and
political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
Government, healthcare and
other revenue bonds
$
315

 
Discounted cash flow
 
Discount rate
 
1.5

-
5.8

%
 
2.6

 
38

 
Vendor priced
 
 
 
 
 
 
 
 
 
Collateralized loan and other debt
obligations (2)
232

 
Market comparable pricing
 
Comparability adjustment
 
(11.5
)
-
20.5

 
 
2.4

 
609

 
Vendor priced
 
 
 
 
 
 
 
 
 
Corporate debt securities
220

 
Discounted cash flow
 
Discount rate
 
2.0

 
14.9

 
 
8.7

 
55

 
Market comparable pricing
 
Comparability adjustment
 
(18.6
)
 
12.1

 
 
(4.3
)
 
125

 
Vendor priced
 
 
 
 
 
 
 
 
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Diversified payment rights (3)
107

 
Discounted cash flow
 
Discount rate
 
2.3

-
3.9

 
 
2.9

Other commercial and consumer
11

 
Vendor priced
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale (residential)
1,234

 
Discounted cash flow
 
Default rate
 
0.0

-
16.7

%
 
0.8

 
 
 
 
 
Discount rate
 
3.0

-
5.6

 
 
4.2

 
 
 
 
 
Loss severity
 
0.0

-
44.4

 
 
22.5

 
 
 
 
 
Prepayment rate
 
5.5

-
14.6

 
 
7.8

 
15

 
Market comparable pricing
 
Comparability adjustment
 
(56.3
)
-
(6.3
)
 
 
(37.2
)
Loans
185

(4)
Discounted cash flow
 
Discount rate
 
3.9

-
4.3

 
 
4.1

 
 
 
 
 
Prepayment rate
 
6.0

-
100.0

 
 
85.7

 
 
 
 
 
Loss severity
 
0.0

-
34.6

 
 
13.1

Mortgage servicing rights (residential)
11,072

 
Discounted cash flow
 
Cost to service per loan (5)
 
$
63

-
455

 
 
102

 
 
 
 
 
Discount rate
 
5.9

-
12.5

%
 
6.9

 
 
 
 
 
Prepayment rate (6)
 
9.9

-
25.5

 
 
12.4

Net derivative assets and (liabilities):
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
111

 
Discounted cash flow
 
Default rate
 
0.0

-
5.0

 
 
1.7

 
 
 
 
 
Loss severity
 
50.0

-
50.0

 
 
50.0

 
 
 
 
 
Prepayment rate
 
2.8

-
25.0

 
 
15.0

Interest rate contracts: derivative loan
commitments
32

 
Discounted cash flow
 
Fall-out factor
 
1.0

-
99.0

 
 
18.7

 
 
 
 
 
Initial-value servicing
 
(31.5
)
-
197.0

bps
 
16.7

Equity contracts
143

 
Discounted cash flow
 
Conversion factor
 
(8.9
)
-
0.0

%
 
(8.1
)
 
 
 
 
 
Weighted average life
 
0.8

-
3.3

yrs
 
1.7

 
(346
)
 
Option model
 
Correlation factor
 
(77.0
)
-
99.0

%
 
25.0

 
 
 
 
 
Volatility factor
 
6.5

-
128.6

 
 
23.7

Credit contracts
3

 
Market comparable pricing
 
Comparability adjustment
 
(39.5
)
-
11.3

 
 
(6.8
)
 
35

 
Option model
 
Credit spread
 
0.1

-
23.4

 
 
1.0

 
 
 
 
 
Loss severity
 
13.0

-
60.0

 
 
46.1

Nonmarketable equity securities
7,130

 
Market comparable pricing
 
Comparability adjustment
 
(21.0
)
-
(5.4
)
 
 
(15.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Insignificant Level 3 assets, net of liabilities
(13
)
(7)
 
 
 
 
 
 
 
 
 
 
Total level 3 assets, net of liabilities
$
21,313

(8)
 
 
 
 
 
 
 
 
 
 
(1)
Weighted averages are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
(2)
Includes $609 million of collateralized debt obligations.
(3)
Securities backed by specified sources of current and future receivables generated from foreign originators.
(4)
Consists of reverse mortgage loans.
(5)
The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $63 - $204.
(6)
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.
(7)
Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes mortgage-backed securities, other trading positions, other liabilities and certain net derivative assets and liabilities, such as commodity contracts and foreign exchange contracts.
(8)
Consists of total Level 3 assets of $23.4 billion and total Level 3 liabilities of $2.1 billion, before netting of derivative balances.


143

Table 16.12: Valuation Techniques – Recurring Basis – December 31, 2018
($ in millions, except cost to service amounts)
Fair Value Level 3

 
Valuation Technique(s)
 
Significant Unobservable Input
 
Range of Inputs 
 
 
 
Weighted
Average (1)

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Trading and available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. states and
political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
Government, healthcare and
other revenue bonds
$
404

 
Discounted cash flow
 
Discount rate
 
2.1

-
6.4

%
 
3.4

 
43

 
Vendor priced
 
 
 
 
 
 
 
 
 
Collateralized loan and other debt
obligations (2)
298

 
Market comparable pricing
 
Comparability adjustment
 
(13.5
)
-
22.1

 
 
3.2

 
739

 
Vendor priced
 
 
 
 
 
 
 
 
 
Corporate debt securities
220

 
Discounted cash flow
 
Discount rate
 
4.0

 
11.7

 
 
8.5

 
56

 
Market comparable pricing
 
Comparability adjustment
 
(11.3
)
 
16.6

 
 
(1.4
)
 
128

 
Vendor priced
 
 
 
 
 
 
 
 
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Diversified payment rights (3)
171

 
Discounted cash flow
 
Discount rate
 
3.4

-
6.2

 
 
4.4

Other commercial and consumer
198

(4)
Discounted cash flow
 
Discount rate
 
4.6

-
5.2

 
 
4.7

 
 
 
 
 
Weighted average life
 
1.1

-
1.5

yrs
 
1.1

 
20

 
Vendor priced
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale (residential)
982

 
Discounted cash flow
 
Default rate
 
0.0

-
15.6

%
 
0.8

 
 
 
 
 
Discount rate
 
1.1

-
6.6

 
 
5.5

 
 
 
 
 
Loss severity
 
—

-
43.3

 
 
23.4

 
 
 
 
 
Prepayment rate
 
3.2

-
13.4

 
 
4.6

 
15

 
Market comparable pricing
 
Comparability adjustment
 
(56.3
)
-
(6.3
)
 
 
(36.3
)
Loans
244

(5)
Discounted cash flow
 
Discount rate
 
3.4

-
6.4

 
 
4.2

 
 
 
 
 
Prepayment rate
 
2.9

-
100.0

 
 
87.2

 
 
 
 
 
Loss severity
 
0.0

-
34.8

 
 
10.2

Mortgage servicing rights (residential)
14,649

 
Discounted cash flow
 
Cost to service per loan (6)
 
$
62

-
507

 
 
106

 
 
 
 
 
Discount rate
 
7.1

-
15.3

%
 
8.1

 
 
 
 
 
Prepayment rate (7)
 
9.0

-
23.5

 
 
9.9

Net derivative assets and (liabilities):
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
(35
)
 
Discounted cash flow
 
Default rate
 
0.0

-
5.0

 
 
2.0

 
 
 
 
 
Loss severity
 
50.0

-
50.0

 
 
50.0

 
 
 
 
 
Prepayment rate
 
2.8

-
25.0

 
 
13.8

Interest rate contracts: derivative loan
commitments
60

 
Discounted cash flow
 
Fall-out factor
 
1.0

-
99.0

 
 
19.4

 
 
 
 
 
Initial-value servicing
 
(36.6
)
-
91.7

bps
 
18.5

Equity contracts
104

 
Discounted cash flow
 
Conversion factor
 
(9.3
)
-
0.0

%
 
(7.8
)
 
 
 
 
 
Weighted average life
 
1.0

-
3.0

yrs
 
1.8

 
(121
)
 
Option model
 
Correlation factor
 
(77.0
)
-
99.0

%
 
21.6

 
 
 
 
 
Volatility factor
 
6.5

-
100.0

 
 
21.8

Credit contracts
3

 
Market comparable pricing
 
Comparability adjustment
 
(15.5
)
-
40.0

 
 
3.5

 
32

 
Option model
 
Credit spread
 
0.9

-
21.5

 
 
1.3

 
 
 
 
 
Loss severity
 
13.0

-
60.0

 
 
45.2

Nonmarketable equity securities
5,468

 
Market comparable pricing
 
Comparability adjustment
 
(20.6
)
-
(4.3
)
 
 
(15.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Insignificant Level 3 assets, net of liabilities
93

(8)
 
 
 
 
 
 
 
 
 
 
Total level 3 assets, net of liabilities
$
23,771

(9)
 
 
 
 
 
 
 
 
 
 
(1)
Weighted averages are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
(2)
Includes $800 million of collateralized debt obligations.
(3)
Securities backed by specified sources of current and future receivables generated from foreign originators.
(4)
Predominantly consists of investments in asset-backed securities that are revolving in nature, for which the timing of advances and repayments of principal are uncertain.
(5)
Consists of reverse mortgage loans.
(6)
The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $62 - $204.
(7)
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.
(8)
Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes mortgage-backed securities, other trading positions, other liabilities and certain net derivative assets and liabilities, such as commodity contracts and foreign exchange contracts.
(9)
Consists of total Level 3 assets of $25.3 billion and total Level 3 liabilities of $1.6 billion, before netting of derivative balances.


144
Note 16: Fair Values of Assets and Liabilities (continued)

The valuation techniques used for our Level 3 assets and liabilities, as presented in the previous tables, are described as follows: 
•
Discounted cash flow – Discounted cash flow valuation techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an instrument and then discounting those cash flows at a rate of return that results in the fair value amount.
•
Market comparable pricing – Market comparable pricing valuation techniques are used to determine the fair value of certain instruments by incorporating known inputs, such as recent transaction prices, pending transactions, or prices of other similar investments that require significant adjustment to reflect differences in instrument characteristics.
•
Option model – Option model valuation techniques are generally used for instruments in which the holder has a contingent right or obligation based on the occurrence of a future event, such as the price of a referenced asset going above or below a predetermined strike price. Option models estimate the likelihood of the specified event occurring by incorporating assumptions such as volatility estimates, price of the underlying instrument and expected rate of return.
•
Vendor-priced – Prices obtained from third party pricing vendors or brokers that are used to record the fair value of the asset or liability for which the related valuation technique and significant unobservable inputs are not provided.
 
Significant unobservable inputs presented in the previous tables are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant if by their exclusion the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change. We also consider qualitative factors, such as nature of the instrument, type of valuation technique used, and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs provided in the table. 
•
Comparability adjustment – is an adjustment made to observed market data, such as a transaction price in order to reflect dissimilarities in underlying collateral, issuer, rating, or other factors used within a market valuation approach, expressed as a percentage of an observed price.
•
Conversion Factor – is the risk-adjusted rate in which a particular instrument may be exchanged for another instrument upon settlement, expressed as a percentage change from a specified rate.
•
Correlation factor – is the likelihood of one instrument changing in price relative to another based on an established relationship expressed as a percentage of relative change in price over a period over time.

 
•
Cost to service – is the expected cost per loan of servicing a portfolio of loans, which includes estimates for unreimbursed expenses (including delinquency and foreclosure costs) that may occur as a result of servicing such loan portfolios.
•
Credit spread – is the portion of the interest rate in excess of a benchmark interest rate, such as Overnight Index Swap (OIS), LIBOR or U.S. Treasury rates, that when applied to an investment captures changes in the obligor’s creditworthiness.
•
Default rate – is an estimate of the likelihood of not collecting contractual amounts owed expressed as a constant default rate (CDR).
•
Discount rate – is a rate of return used to calculate the present value of the future expected cash flow to arrive at the fair value of an instrument. The discount rate consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, OIS, LIBOR or U.S. Treasury rates, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity.
•
Fall-out factor – is the expected percentage of loans associated with our interest rate lock commitment portfolio that are likely of not funding.
•
Initial-value servicing – is the estimated value of the underlying loan, including the value attributable to the embedded servicing right, expressed in basis points of outstanding unpaid principal balance.
•
Loss severity – is the estimated percentage of contractual cash flows lost in the event of a default.
•
Prepayment rate – is the estimated rate at which forecasted prepayments of principal of the related loan or debt instrument are expected to occur, expressed as a constant prepayment rate (CPR).
•
Volatility factor – is the extent of change in price an item is estimated to fluctuate over a specified period of time expressed as a percentage of relative change in price over a period over time.
•
Weighted average life – is the weighted average number of years an investment is expected to remain outstanding based on its expected cash flows reflecting the estimated date the issuer will call or extend the maturity of the instrument or otherwise reflecting an estimate of the timing of an instrument’s cash flows whose timing is not contractually fixed.


145

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of LOCOM accounting, write-downs of individual assets or use of the measurement alternative for nonmarketable equity
 
securities. Table 16.13 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of September 30, 2019, and December 31, 2018, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2019, and year ended December 31, 2018.
Table 16.13: Fair Value on a Nonrecurring Basis
 
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Level 1

 
Level 2

 
Level 3

 
Total

 
Level 1

 
Level 2

 
Level 3

 
Total

Mortgage loans held for sale (LOCOM) (1)
$
—

 
2,129

 
3,535

 
5,664

 
—

 
1,213

 
1,233

 
2,446

Loans held for sale
—

 
26

 
—

 
26

 
—

 
313

 
—

 
313

Loans:
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
Commercial
—

 
222

 
—

 
222

 
—

 
339

 
—

 
339

Consumer
—

 
193

 
1

 
194

 
—

 
346

 
1

 
347

Total loans (2)
—

 
415

 
1

 
416

 
—

 
685

 
1

 
686

Nonmarketable equity securities (3)
—

 
1,235

 
102

 
1,337

 
—

 
774

 
157

 
931

Other assets (4)
—

 
153

 
—

 
153

 
—

 
149

 
6

 
155

Total assets at fair value on a nonrecurring basis
$
—

 
3,958

 
3,638

 
7,596

 
—

 
3,134

 
1,397

 
4,531

(1)
Consists of commercial mortgages and residential real estate 1-4 family first mortgage loans.
(2)
Represents the carrying value of loans for which nonrecurring adjustments are based on the appraised value of the collateral.
(3)
Consists of certain nonmarketable equity securities that are measured at fair value on a nonrecurring basis, including observable price adjustments for nonmarketable equity securities carried under the measurement alternative.
(4)
Includes the fair value of foreclosed real estate, other collateral owned and operating lease assets.
Table 16.14 presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the periods presented.
Table 16.14: Change in Value of Assets with Nonrecurring Fair Value Adjustment
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

Mortgage loans held for sale (LOCOM)
$
14

 
7

Loans held for sale
(2
)
 
(46
)
Loans:
 
 
  
Commercial
(181
)
 
(175
)
Consumer
(168
)
 
(241
)
Total loans (1)
(349
)
 
(416
)
Nonmarketable equity securities (2)
379

 
206

Other assets (3)
(29
)
 
(36
)
Total
$
13

 
(285
)
(1)
Represents write-downs of loans based on the appraised value of the collateral.
(2)
Includes impairment losses for nonmarketable equity securities accounted for under the equity method and measurement alternative. Also includes observable price adjustments for nonmarketable equity securities accounted for under the measurement alternative.
(3)
Includes the losses on foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. 

146
Note 16: Fair Values of Assets and Liabilities (continued)

Table 16.15 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets that are measured at fair value on a nonrecurring basis using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented.
We have excluded from the table valuation techniques and significant unobservable inputs for certain classes of Level 3
 
assets measured using an internal model that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 nonrecurring measurements. We made this determination based upon an evaluation of each class that considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs.
 
Table 16.15: Valuation Techniques – Nonrecurring Basis
($ in millions)
Fair Value
Level 3

 
Valuation
Technique(s) (1)
 
Significant
Unobservable Inputs (1)
 
Range of inputs
 
Weighted
Average (2)

September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale (LOCOM)
$
3,535

(3)
Discounted cash flow
 
Default rate
(4)
0.1
—
53.9
%
 
3.2
%
 
 
 
 
 
Discount rate
 
1.5
—
9.2

 
4.4

 
 
 
 
 
Loss severity
 
0.4
—
100.0

 
24.7

 
 
 
 
 
Prepayment rate
(5)
5.2
—
100.0

 
22.4

Nonmarketable equity securities
—

 
Discounted cash flow
 
Discount rate
 
—
—
—

 
—

Insignificant level 3 assets
103

 
 
 
 
 
 
 
 
 
 
Total
$
3,638

 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale (LOCOM)
$
1,233

(3)
Discounted cash flow
 
Default rate
(4)
0.2
—
2.3
%
 
1.4
%
 
 
 
 
 
Discount rate
 
1.5
—
8.5

 
4.0

 
 
 
 
 
Loss severity
 
0.5
—
66.0

 
1.7

 
 
 
 
 
Prepayment rate
(5)
3.5
—
100.0

 
46.5

Nonmarketable equity securities
7

 
Discounted cash flow
 
Discount rate
 
10.5
—
10.5

 
10.5

Insignificant level 3 assets
157

 
 
 
 
 
 
 
 
 
 
Total
$
1,397

 
 
 
 
 
 
 
 
 
 
(1)
Refer to the narrative following Table 16.12 for a definition of the valuation technique(s) and significant unobservable inputs.
(2)
For residential MLHFS, weighted averages are calculated using the outstanding unpaid principal balance of the loans.
(3)
Consists of approximately $1.3 billion and $1.2 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at September 30, 2019, and December 31, 2018, respectively, and $2.2 billion and $27 million, respectively, of other mortgage loans that are not government insured/guaranteed.
(4)
Applies only to non-government insured/guaranteed loans.
(5)
Includes the impact on prepayment rate of expected defaults for government insured/guaranteed loans, which impact the frequency and timing of early resolution of loans.


147

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. For more information, including the basis for our fair value option elections, see Note 18 (Fair Values of Assets and Liabilities) in our 2018 Form 10-K.
Table 16.16 reflects differences between the fair value carrying amount of the assets for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. 
Table 16.16: Fair Value Option
  
September 30, 2019
 
 
December 31, 2018
 
(in millions)
Fair value
carrying
amount

 
Aggregate
unpaid
principal

 
Fair value
carrying
amount
less
aggregate
unpaid
principal

 
Fair value
carrying
amount

 
Aggregate
unpaid
principal

 
Fair value
carrying
amount
less
aggregate
unpaid
principal

Mortgage loans held for sale:
 
 
 
 
 
 
 
 
 
 
 
Total loans
$
16,945

 
16,560

 
385

 
11,771

 
11,573

 
198

Nonaccrual loans
133

 
155

 
(22
)
 
127

 
158

 
(31
)
Loans 90 days or more past due and still accruing
10

 
12

 
(2
)
 
7

 
9

 
(2
)
Loans held for sale:
 
 
 
 
 
 
 
 
 
 
 
Total loans
1,501

 
1,541

 
(40
)
 
1,469

 
1,536

 
(67
)
Nonaccrual loans
65

 
70

 
(5
)
 
21

 
32

 
(11
)
Loans:
 
 
 
 
 
 
 
 
 
 
 
Total loans
185

 
214

 
(29
)
 
244

 
274

 
(30
)
Nonaccrual loans
139

 
168

 
(29
)
 
179

 
208

 
(29
)



148
Note 16: Fair Values of Assets and Liabilities (continued)

The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from initial measurement and subsequent changes in fair value are recognized in earnings. The changes in fair value related to initial
 
measurement and subsequent changes in fair value included in earnings for these assets measured at fair value are shown in Table 16.17 by income statement line item. Amounts recorded as interest income are excluded from Table 16.17.
Table 16.17: Fair Value Option – Changes in Fair Value Included in Earnings
 
2019
 
 
2018
 
(in millions)
Mortgage banking noninterest income

 
Net gains
(losses)
from
trading
activities

 
Other
noninterest
income

 
Mortgage
banking
noninterest
income

 
Net gains (losses)
from
trading
activities

 
Other
noninterest
income

Quarter ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
$
256

 
—

 
—

 
183

 
—

 
—

Loans held for sale
—

 
5

 
1

 
—

 
3

 
1

Loans
—

 
—

 
—

 
—

 
—

 
—

Other interests held (1)
—

 
(1
)
 
—

 
—

 
—

 
—

Nine months ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
$
849

 
—

 
—

 
238

 
—

 
—

Loans held for sale
—

 
15

 
2

 
—

 
18

 
1

Loans
—

 
—

 
1

 
—

 
—

 
(1
)
Other interests held (1)
—

 
(3
)
 
—

 
—

 
(2
)
 
—

(1)
Includes retained interests in securitizations.

For performing loans, instrument-specific credit risk gains or losses were derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to
 
instrument-specific credit risk. Table 16.18 shows the estimated gains and losses from earnings attributable to instrument-specific credit risk related to assets accounted for under the fair value option.

Table 16.18: Fair Value Option – Gains/Losses Attributable to Instrument-Specific Credit Risk
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

Gains (losses) attributable to instrument-specific credit risk:
  

 
  

 
 
 
 
Mortgage loans held for sale
$
(13
)
 
(1
)
 
(1
)
 
(2
)
Loans held for sale
5

 
3

 
16

 
18

Total
$
(8
)
 
2

 
15

 
16



Disclosures about Fair Value of Financial Instruments
Table 16.19 is a summary of fair value estimates for financial instruments, excluding financial instruments recorded at fair value on a recurring basis, as they are included within Table 16.2 in this Note. The carrying amounts in the following table are recorded on the balance sheet under the indicated captions.
 
We have not included assets and liabilities that are not financial instruments in our disclosure, such as the value of the long-term relationships with our deposit, credit card and trust customers, amortized MSRs, premises and equipment, goodwill and other intangibles, deferred taxes and other liabilities.
The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company.

149

Table 16.19: Fair Value Estimates for Financial Instruments
 
 
 
Estimated fair value
 
(in millions)
Carrying amount

 
Level 1

 
Level 2

 
Level 3

 
Total

September 30, 2019
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Cash and due from banks (1)
$
22,401

 
22,401

 
—

 
—

 
22,401

Interest-earning deposits with banks (1)
126,330

 
126,093

 
237

 
—

 
126,330

Federal funds sold and securities purchased under resale agreements (1)
103,051

 
—

 
103,051

 
—

 
103,051

Held-to-maturity debt securities
153,179

 
45,463

 
110,187

 
629

 
156,279

Mortgage loans held for sale
8,503

 
—

 
5,004

 
4,591

 
9,595

Loans held for sale
31

 
—

 
31

 
—

 
31

Loans, net (2)
925,750

 
—

 
52,666

 
882,595

 
935,261

Nonmarketable equity securities (cost method)
5,021

 
—

 
—

 
5,055

 
5,055

Total financial assets
$
1,344,266

 
193,957

 
271,176

 
892,870

 
1,358,003

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposits (3)
$
135,422

 
—

 
102,538

 
33,225

 
135,763

Short-term borrowings
123,908

 
—

 
123,869

 
—

 
123,869

Long-term debt (4)
230,616

 
—

 
230,355

 
1,783

 
232,138

Total financial liabilities
$
489,946


—


456,762


35,008

 
491,770

December 31, 2018
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Cash and due from banks (1)
$
23,551

 
23,551

 
—

 
—

 
23,551

Interest-earning deposits with banks (1)
149,736

 
149,542

 
194

 
—

 
149,736

Federal funds sold and securities purchased under resale agreements (1)
80,207

 
—

 
80,207

 
—

 
80,207

Held-to-maturity debt securities
144,788

 
44,339

 
97,275

 
501

 
142,115

Mortgage loans held for sale
3,355

 
—

 
2,129

 
1,233

 
3,362

Loans held for sale
572

 
—

 
572

 
—

 
572

Loans, net (2)
923,703

 
—

 
45,190

 
872,725

 
917,915

Nonmarketable equity securities (cost method)
5,643

 
—

 
—

 
5,675

 
5,675

Total financial assets
$
1,331,555

 
217,432

 
225,567

 
880,134

 
1,323,133

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposits (3)
$
130,645

 
—

 
107,448

 
22,641

 
130,089

Short-term borrowings
105,787

 
—

 
105,789

 
—

 
105,789

Long-term debt (4)
229,008

 
—

 
225,904

 
2,230

 
228,134

Total financial liabilities
$
465,440


—


439,141


24,871

 
464,012

(1)
Amounts consist of financial instruments for which carrying value approximates fair value.
(2)
Excludes lease financing with a carrying amount of $19.3 billion and $19.7 billion at September 30, 2019, and December 31, 2018, respectively.
(3)
Excludes deposit liabilities with no defined or contractual maturity of $1.2 trillion at both September 30, 2019, and December 31, 2018.
(4)
Excludes capital lease obligations under capital leases of $35 million and $36 million at September 30, 2019, and December 31, 2018, respectively.
Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in Table 16.19. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $1.0 billion at both September 30, 2019, and December 31, 2018.

150
Note 17: Preferred Stock (continued)

Note 17: Preferred Stock
We are authorized to issue 20 million shares of preferred stock and 4 million shares of preference stock, both without par value. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but have no general voting rights. We have not issued any preference shares under
 
this authorization. If issued, preference shares would be limited to one vote per share. Our total authorized, issued and outstanding preferred stock is presented in the following two tables along with the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock.

Table 17.1: Preferred Stock Shares
 
September 30, 2019
 
 
December 31, 2018
 
 
Liquidation
preference
per share

 
Shares
authorized
and designated

 
Liquidation
preference
per share

 
Shares
authorized
and designated

DEP Shares
 
 
 
 
 
 
 
Dividend Equalization Preferred Shares (DEP)
$
10

 
97,000

 
$
10

 
97,000

Series I
 
 
 
 
 
 
 
Floating Class A Preferred Stock (1)
100,000

 
25,010

 
100,000

 
25,010

Series K
 
 
 
 
 
 
 
Floating Non-Cumulative Perpetual Class A Preferred Stock (2)(3)
1,000

 
3,500,000

 
1,000

 
3,500,000

Series L
 
 
 
 
 
 
 
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock
1,000

 
4,025,000

 
1,000

 
4,025,000

Series N
 
 
 
 
 
 
 
5.20% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
30,000

 
25,000

 
30,000

Series O
 
 
 
 
 
 
 
5.125% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
27,600

 
25,000

 
27,600

Series P
 
 
 
 
 
 
 
5.25% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
26,400

 
25,000

 
26,400

Series Q
 
 
 
 
 
 
 
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
69,000

 
25,000

 
69,000

Series R
 
 
 
 
 
 
 
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
34,500

 
25,000

 
34,500

Series S
 
 
 
 
 
 
 
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
80,000

 
25,000

 
80,000

Series T
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
32,200

 
25,000

 
32,200

Series U
 
 
 
 
 
 
 
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
80,000

 
25,000

 
80,000

Series V
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
40,000

 
25,000

 
40,000

Series W
 
 
 
 
 
 
 
5.70% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
40,000

 
25,000

 
40,000

Series X
 
 
 
 
 
 
 
5.50% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
46,000

 
25,000

 
46,000

Series Y
 
 
 
 
 
 
 
5.625% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
27,600

 
25,000

 
27,600

ESOP
 
 
 
 
 
 
 
Cumulative Convertible Preferred Stock (4)
—

 
1,071,418

 
—

 
1,406,460

Total
 
 
9,251,728

 
 
 
9,586,770

(1)
Series I preferred stock issuance relates to trust preferred securities. See Note 10 (Securitizations and Variable Interest Entities) for additional information. This issuance has a floating interest rate that is the greater of three-month LIBOR plus 0.93% and 5.56975%.
(2)
Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%.
(3)
In third quarter 2019, 1,550,000 shares of Preferred Stock, Series K, were redeemed.
(4)
See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock.

151

Table 17.2: Preferred Stock – Shares Issued and Carrying Value
 
September 30, 2019
 
 
December 31, 2018
 
(in millions, except shares)
Shares
issued and
outstanding

 
Liquidation preference
value

 
Carrying
value

 
Discount

 
Shares
issued and
outstanding

 
Liquidation preference
value

 
Carrying
value

 
Discount

DEP Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Equalization Preferred Shares (DEP)
96,546

 
$
—

 
—

 
—

 
96,546

 
$
—

 
—

 
—

Series I (1)(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Class A Preferred Stock
25,010

 
2,501

 
2,501

 
—

 
25,010

 
2,501

 
2,501

 
—

Series K (1)(3)(4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Non-Cumulative Perpetual Class A Preferred Stock
1,802,000

 
1,802

 
1,546

 
256

 
3,352,000

 
3,352

 
2,876

 
476

Series L (1) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock
3,967,995

 
3,968

 
3,200

 
768

 
3,968,000

 
3,968

 
3,200

 
768

Series N (1) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.20% Non-Cumulative Perpetual Class A Preferred Stock
30,000

 
750

 
750

 
—

 
30,000

 
750

 
750

 
—

Series O (1) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.125% Non-Cumulative Perpetual Class A Preferred Stock
26,000

 
650

 
650

 
—

 
26,000

 
650

 
650

 
—

Series P (1) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.25% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
625

 
625

 
—

 
25,000

 
625

 
625

 
—

Series Q (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
69,000

 
1,725

 
1,725

 
—

 
69,000

 
1,725

 
1,725

 
—

Series R (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
33,600

 
840

 
840

 
—

 
33,600

 
840

 
840

 
—

Series S (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
80,000

 
2,000

 
2,000

 
—

 
80,000

 
2,000

 
2,000

 
—

Series T (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
32,000

 
800

 
800

 
—

 
32,000

 
800

 
800

 
—

Series U (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
80,000

 
2,000

 
2,000

 
—

 
80,000

 
2,000

 
2,000

 
—

Series V (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
40,000

 
1,000

 
1,000

 
—

 
40,000

 
1,000

 
1,000

 
—

Series W (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.70% Non-Cumulative Perpetual Class A Preferred Stock
40,000

 
1,000

 
1,000

 
—

 
40,000

 
1,000

 
1,000

 
—

Series X (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.50% Non-Cumulative Perpetual Class A Preferred Stock
46,000

 
1,150

 
1,150

 
—

 
46,000

 
1,150

 
1,150

 
—

Series Y (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.625% Non-Cumulative Perpetual Class A Preferred Stock
27,600

 
690

 
690

 
—

 
27,600

 
690

 
690

 
—

ESOP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative Convertible Preferred Stock
1,071,418

 
1,072

 
1,072

 
—

 
1,406,460

 
1,407

 
1,407

 
—

Total
7,492,169

 
$
22,573

 
21,549

 
1,024

 
9,377,216

 
$
24,458

 
23,214

 
1,244

(1)
Preferred shares qualify as Tier 1 capital.
(2)
Floating rate for Preferred Stock, Series I, is the greater of three-month LIBOR plus 0.93% and 5.56975%.
(3)
Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%.
(4)
In third quarter 2019, 1,550,000 shares of Preferred Stock, Series K, were redeemed.

152
Note 17: Preferred Stock (continued)

ESOP CUMULATIVE CONVERTIBLE PREFERRED STOCK  All shares of our ESOP Cumulative Convertible Preferred Stock (ESOP Preferred Stock) were issued to a trustee acting on behalf of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan). Dividends on the ESOP Preferred Stock are cumulative from the date of initial issuance and are payable quarterly at annual rates based upon the year of issuance. Each share of ESOP Preferred Stock released from the unallocated reserve of the 401(k) Plan is converted into shares of our common stock based on the stated
 
value of the ESOP Preferred Stock and the then current market price of our common stock. The ESOP Preferred Stock is also convertible at the option of the holder at any time, unless previously redeemed. We have the option to redeem the ESOP Preferred Stock at any time, in whole or in part, at a redemption price per share equal to the higher of (a) $1,000 per share plus accrued and unpaid dividends or (b) the fair market value, as defined in the Certificates of Designation for the ESOP Preferred Stock.
Table 17.3: ESOP Preferred Stock
 
Shares issued and outstanding
 
 
Carrying value
 
 
Adjustable dividend rate
 
(in millions, except shares)
Sep 30,
2019

 
Dec 31,
2018

 
Sep 30,
2019

 
Dec 31,
2018

 
Minimum

 
Maximum

ESOP Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
$1,000 liquidation preference per share
 
 
 
 
 
 
 
 
 
 
 
2018
254,945

 
336,945

 
255

 
337

 
7.00
%
 
8.00
%
2017
192,210

 
222,210

 
192

 
222

 
7.00

 
8.00

2016
197,450

 
233,835

 
198

 
234

 
9.30

 
10.30

2015
116,784

 
144,338

 
117

 
144

 
8.90

 
9.90

2014
136,151

 
174,151

 
136

 
174

 
8.70

 
9.70

2013
97,948

 
133,948

 
98

 
134

 
8.50

 
9.50

2012
49,134

 
77,634

 
49

 
78

 
10.00

 
11.00

2011
26,796

 
61,796

 
27

 
62

 
9.00

 
10.00

2010 (1)
—

 
21,603

 
—

 
22

 
9.50

 
10.50

Total ESOP Preferred Stock (2)
1,071,418

 
1,406,460

 
$
1,072

 
1,407

 
 
 
 
Unearned ESOP shares (3)
 
 
 
 
$
(1,143
)
 
(1,502
)
 
 
 
 
(1)
In April 2019, all of the 2010 ESOP Preferred Stock was converted into common stock.
(2)
At September 30, 2019, and December 31, 2018, additional paid-in capital included $71 million and $95 million, respectively, related to ESOP preferred stock.
(3)
We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as shares of the ESOP Preferred Stock are committed to be released.



153

Note 18: Revenue from Contracts with Customers 

Our revenue includes net interest income on financial instruments and noninterest income. Table 18.1 presents our revenue by operating segment. The “Other” segment for each of the tables below includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for WIM customers served through Community Banking distribution channels. For additional description of our operating segments, including additional
 
financial information and the underlying management accounting process, see Note 22 (Operating Segments).
We adopted ASU 2014-09 – Revenue from Contracts with Customers on a modified retrospective basis as of January 1, 2018. For details on the impact of the adoption of this ASU, see Note 1 (Summary of Significant Accounting Policies) in our 2018 Form 10-K.
Table 18.1: Revenue by Operating Segment
 
Quarter ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Net interest income (1)
$
6,769

7,338

4,382

4,726

989

1,102

(515
)
(594
)
11,625

12,572

Noninterest income:
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
742

700

477

505

4

3

(4
)
(4
)
1,219

1,204

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
504

470

62

79

2,272

2,268

(492
)
(483
)
2,346

2,334

Trust and investment management
203

231

121

112

615

727

(210
)
(235
)
729

835

Investment banking
(26
)
(17
)
510

476

—

3

—

—

484

462

Total trust and investment fees
681

684

693

667

2,887

2,998

(702
)
(718
)
3,559

3,631

Card fees
936

925

90

92

2

1

(1
)
(1
)
1,027

1,017

Other fees:
 
 
 
 
 
 
 
 
 
 
Lending related charges and fees (1)(2)
58

67

290

303

2

1

(1
)
(1
)
349

370

Cash network fees
118

121

—

—

—

—

—

—

118

121

Commercial real estate brokerage commissions
—

—

170

129

—

—

—

—

170

129

Wire transfer and other remittance fees
71

67

49

52

2

2

(1
)
(1
)
121

120

All other fees(1)
69

89

31

20

1

1

(1
)
—

100

110

Total other fees
316

344

540

504

5

4

(3
)
(2
)
858

850

Mortgage banking (1)
339

747

128

101

(3
)
(3
)
2

1

466

846

Insurance (1)
11

21

74

76

17

19

(11
)
(12
)
91

104

Net gains from trading activities (1)
19

10

247

135

10

13

—

—

276

158

Net gains (losses) on debt securities (1)
(1
)
1

4

53

—

3

—

—

3

57

Net gains (losses) from equity securities (1)
822

274

135

50

(1
)
92

—

—

956

416

Lease income (1)
—

—

402

453

—

—

—

—

402

453

Other income of the segment (1)
605

772

(230
)
(58
)
1,231

(6
)
(78
)
(75
)
1,528

633

Total noninterest income
4,470

4,478

2,560

2,578

4,152

3,124

(797
)
(811
)
10,385

9,369

Revenue
$
11,239

11,816

6,942

7,304

5,141

4,226

(1,312
)
(1,405
)
22,010

21,941

 
Nine months ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Net interest income (1)
$
21,083

21,879

13,451

13,951

3,127

3,325

(1,630
)
(1,804
)
36,031

37,351

Noninterest income:
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
2,056

1,971

1,462

1,569

12

12

(11
)
(12
)
3,519

3,540

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
1,433

1,413

214

224

6,644

6,896

(1,434
)
(1,442
)
6,857

7,091

Trust and investment management
612

684

352

335

1,978

2,201

(632
)
(700
)
2,310

2,520

Investment banking
(64
)
(27
)
1,397

1,401

4

4

(4
)
—

1,333

1,378

Total trust and investment fees
1,981

2,070

1,963

1,960

8,626

9,101

(2,070
)
(2,142
)
10,500

10,989

Card fees
2,723

2,650

271

275

5

4

(3
)
(3
)
2,996

2,926

Other fees:
 
 
 
 
 
 
 
 
 
 
Lending related charges and fees (1)(2)
188

212

856

914

6

5

(5
)
(5
)
1,045

1,126

Cash network fees
344

364

—

3

—

—

—

—

344

367

Commercial real estate brokerage commissions
—

—

356

323

—

—

—

—

356

323

Wire transfer and other remittance fees
206

197

146

157

6

6

(3
)
(3
)
355

357

All other fees (1)
245

246

83

75

1

2

(1
)
—

328

323

Total other fees
983

1,019

1,441

1,472

13

13

(9
)
(8
)
2,428

2,496

Mortgage banking (1)
1,635

2,284

300

269

(9
)
(8
)
6

5

1,932

2,550

Insurance (1)
33

65

227

233

51

55

(31
)
(33
)
280

320

Net gains from trading activities (1)
13

33

806

514

42

45

1

—

862

592

Net gains on debt securities (1)
51

(1
)
97

96

—

4

—

—

148

99

Net gains (losses) from equity securities (1)
1,894

1,367

328

232

170

(105
)
—

—

2,392

1,494

Lease income (1)
—

—

1,269

1,351

—

—

—

—

1,269

1,351

Other income of the segment (1)
2,342

2,115

(497
)
(142
)
1,233

(27
)
(232
)
(226
)
2,846

1,720

Total noninterest income
13,711

13,573

7,667

7,829

10,143

9,094

(2,349
)
(2,419
)
29,172

28,077

Revenue
$
34,794

35,452

21,118

21,780

13,270

12,419

(3,979
)
(4,223
)
65,203

65,428

(1)
Most of our revenue is not within the scope of Accounting Standards Update (ASU) 2014-09 – Revenue from Contracts with Customers, and additional details are included in other footnotes to our financial statements. The scope explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, securities, and derivatives.
(2)
Represents combined amount of previously reported “Charges and fees on loans” and “Letters of credit fees.”

154
Note 18: Revenue from Contracts with Customers (continued)

We provide services to customers which have related performance obligations that we complete to recognize revenue. Our revenues are generally recognized either immediately upon the completion of our service or over time as we perform services. Any services performed over time generally require that we render services each period and therefore we measure our progress in completing these services based upon the passage of time.

SERVICE CHARGES ON DEPOSIT ACCOUNTS are earned on depository accounts for commercial and consumer customers and include fees for account and overdraft services. Account
 
charges include fees for periodic account maintenance activities and event-driven services such as stop payment fees. Our obligation for event-driven services is satisfied at the time of the event when the service is delivered, while our obligation for maintenance services is satisfied over the course of each month. Our obligation for overdraft services is satisfied at the time of the overdraft.
Table 18.2 presents our service charges on deposit accounts by operating segment.

Table 18.2: Service Charges on Deposit Accounts by Operating Segment
 
Quarter ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Overdraft fees
$
533

484

2

1

—

—

—

—

535

485

Account charges
209

216

475

504

4

3

(4
)
(4
)
684

719

Service charges on deposit accounts
$
742

700

477

505

4

3

(4
)
(4
)
1,219

1,204

 
Nine months ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Overdraft fees
$
1,446

1,312

4

4

1

1

—

—

1,451

1,317

Account charges
610

659

1,458

1,565

11

11

(11
)
(12
)
2,068

2,223

Service charges on deposit accounts
$
2,056

1,971

1,462

1,569

12

12

(11
)
(12
)
3,519

3,540


BROKERAGE ADVISORY, COMMISSIONS AND OTHER FEES are earned for providing full-service and discount brokerage services predominantly to retail brokerage clients. These revenues include fees earned on asset-based and transactional accounts and other brokerage advisory services.
Asset-based revenues are charged based on the market value of the client’s assets. The services and related obligations associated with certain of these revenues, which include investment advice, active management of client assets, or assistance with selecting and engaging a third-party advisory manager, are generally satisfied over a month or quarter. The remaining revenues include trailing commissions which are earned for selling shares to investors. Our obligation associated with earning trailing commissions is satisfied at the time shares are sold. However, these fees are received and recognized over time during the period the customer owns the shares and we remain the broker of record. The amount of trailing commissions is variable based on the length of time the customer holds the shares and on changes in the value of the underlying assets.
 
Transactional revenues are earned for executing transactions at the client’s direction. Our obligation is generally satisfied upon the execution of the transaction and the fees are based on the size and number of transactions executed.
Other revenues earned from other brokerage advisory services include omnibus and networking fees received from mutual fund companies in return for providing record keeping and other administrative services, and annual account maintenance fees charged to customers.

155

Table 18.3 presents our brokerage advisory, commissions and other fees by operating segment.
 

Table 18.3: Brokerage Advisory, Commissions and Other Fees by Operating Segment
 
Quarter ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Asset-based revenue (1)
$
381

371

—

1

1,741

1,720

(382
)
(372
)
1,740

1,720

Transactional revenue
105

82

(8
)
19

376

388

(92
)
(94
)
381

395

Other revenue
18

17

70

59

155

160

(18
)
(17
)
225

219

Brokerage advisory, commissions and other fees
$
504

470

62

79

2,272

2,268

(492
)
(483
)
2,346

2,334

 
Nine months ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Asset-based revenue (1)
$
1,093

1,107

—

1

5,019

5,185

(1,094
)
(1,108
)
5,018

5,185

Transactional revenue
288

258

18

47

1,153

1,227

(288
)
(286
)
1,171

1,246

Other revenue
52

48

196

176

472

484

(52
)
(48
)
668

660

Brokerage advisory, commissions and other fees
$
1,433

1,413

214

224

6,644

6,896

(1,434
)
(1,442
)
6,857

7,091

(1)
We earned trailing commissions of $289 million and $858 million for the third quarter and first nine months of 2019, respectively, and $323 million and $975 million for the third quarter and first nine months of 2018, respectively.
TRUST AND INVESTMENT MANAGEMENT FEES are earned for providing trust, investment management and other related services.
Investment management services include managing and administering assets, including mutual funds, and institutional separate accounts. Fees for these services are generally determined based on a tiered scale relative to the market value of assets under management (AUM). In addition to AUM, we have client assets under administration (AUA) that earn various administrative fees which are generally based on the extent of the services provided to administer the account. Services with AUM
 
and AUA-based fees are generally performed over time.
Trust services include acting as a trustee or agent for corporate trust, personal trust, and agency assets. Obligations for trust services are generally satisfied over time, while obligations for activities that are transactional in nature are satisfied at the time of the transaction.
Other related services include the custody and safekeeping of accounts. Our obligation for these services is generally satisfied over time.
Table 18.4 presents our trust and investment management fees by operating segment.
Table 18.4: Trust and Investment Management Fees by Operating Segment
 
Quarter ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Investment management fees
$
—

—

—

—

510

520

—

—

510

520

Trust fees
203

229

85

82

106

181

(210
)
(235
)
184

257

Other revenue
—

2

36

30

(1
)
26

—

—

35

58

Trust and investment management fees
$
203

231

121

112

615

727

(210
)
(235
)
729

835

 
Nine months ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Investment management fees
$
—

—

—

—

1,488

1,585

—

—

1,488

1,585

Trust fees
612

682

250

250

449

554

(632
)
(700
)
679

786

Other revenue
—

2

102

85

41

62

—

—

143

149

Trust and investment management fees
$
612

684

352

335

1,978

2,201

(632
)
(700
)
2,310

2,520



156
Note 18: Revenue from Contracts with Customers (continued)

INVESTMENT BANKING FEES are earned for underwriting debt and equity securities, arranging loan syndications and performing other advisory services. Our obligation for these services is generally satisfied at closing of the transaction. Substantially all of these fees are in the Wholesale Banking operating segment.

 
CARD FEES include credit and debit card interchange and network revenues and various card-related fees. Credit and debit card interchange and network revenues are earned on credit and debit card transactions conducted through payment networks such as Visa, MasterCard, and American Express. Our obligation is satisfied concurrently with the delivery of services on a daily basis.
Table 18.5 presents our card fees by operating segment.

Table 18.5: Card Fees by Operating Segment
 
Quarter ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Credit card interchange and network revenues (1)
$
202

218

90

92

2

1

(1
)
(1
)
293

310

Debit card interchange and network revenues
548

523

—

—

—

—

—

—

548

523

Late fees, cash advance fees, balance transfer fees, and annual fees
186

184

—

—

—

—

—

—

186

184

Card fees (1)
$
936

925

90

92

2

1

(1
)
(1
)
1,027

1,017

 
Nine months ended Sep 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Credit card interchange and network revenues (1)
$
600

600

271

275

5

4

(3
)
(3
)
873

876

Debit card interchange and network revenues
1,601

1,527

—

—

—

—

—

—

1,601

1,527

Late fees, cash advance fees, balance transfer fees, and annual fees
522

523

—

—

—

—

—

—

522

523

Card fees (1)
$
2,723

2,650

271

275

5

4

(3
)
(3
)
2,996

2,926

(1)
The cost of credit card rewards and rebates of $383 million and $1.1 billion for the third quarter and first nine months of 2019, respectively, and $335 million and $1.0 billion for the third quarter and first nine months of 2018, respectively, are presented net against the related revenues.
CASH NETWORK FEES are earned for processing ATM transactions. Our obligation is completed daily upon settlement of ATM transactions. All of these fees are in the Community Banking operating segment.

COMMERCIAL REAL ESTATE BROKERAGE COMMISSIONS are earned for assisting customers in the sale of real estate property. Our obligation is satisfied upon the successful brokering of a transaction. Fees are based on a fixed percentage of the sales price. All of these fees are in the Wholesale Banking operating segment.
 
WIRE TRANSFER AND OTHER REMITTANCE FEES consist of fees earned for funds transfer services and issuing cashier’s checks and money orders. Our obligation is satisfied at the time of the funds transfer services or upon issuance of the cashier’s check or money order. Substantially all of these fees are in the Community Banking and Wholesale Banking operating segments.

ALL OTHER FEES include various types of fees earned on services to customers which have related performance obligations that we complete to recognize revenue. A majority portion of the revenue is earned from providing business payroll services and merchant services, which are generally recognized over time as we perform the services. Most of these fees are in the Community Banking operating segment.


157


Note 19: Employee Benefits
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 22 (Employee Benefits and Other Expenses) in our 2018 Form 10-K.
Table 19.1 presents the components of net periodic benefit cost.
Table 19.1: Net Periodic Benefit Cost
 
2019
 
 
2018
 
 
Pension benefits
 
 
 
 
Pension benefits
 
 
 
(in millions)
Qualified

 
Non-qualified

 
Other
benefits

 
Qualified

 
Non-qualified

 
Other
benefits

Quarter ended September 30,
  
 
 
  
 
Service cost
$
3

 
—

 
—

 
2

 
—

 
—

Interest cost (1)
105

 
5

 
6

 
97

 
5

 
6

Expected return on plan assets (1)
(142
)
 
—

 
(7
)
 
(160
)
 
—

 
(8
)
Amortization of net actuarial loss (gain) (1)
37

 
3

 
(5
)
 
32

 
4

 
(4
)
Amortization of prior service credit (1)
—

 
—

 
(2
)
 
—

 
—

 
(3
)
Settlement loss (1)
—

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost (income)
$
3

 
8

 
(8
)
 
(29
)
 
9

 
(9
)
Nine months ended September 30,
 
 
 
Service cost
$
9

 
—

 
—

 
5

 
—

 
—

Interest cost (1)
314

 
16

 
17

 
293

 
16

 
16

Expected return on plan assets (1)
(426
)
 
—

 
(21
)
 
(481
)
 
—

 
(23
)
Amortization of net actuarial loss (gain) (1)
111

 
8

 
(13
)
 
98

 
10

 
(13
)
Amortization of prior service credit (1)
—

 
—

 
(7
)
 
—

 
—

 
(8
)
Settlement loss (1)
—

 
2

 
—

 
—

 
3

 
—

Net periodic benefit cost (income)
$
8

 
26

 
(24
)
 
(85
)
 
29

 
(28
)

(1)
Balances are reported in other noninterest expense on the consolidated statement of income.

158


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.
 
See Note 1 (Summary of Significant Accounting Policies) for discussion on share repurchases.
Table 20.1: Earnings Per Common Share Calculations
 
Quarter ended September 30,
 
 
Nine months ended September 30,
 
(in millions, except per share amounts)
2019

 
2018

 
2019

 
2018

Wells Fargo net income
$
4,610

 
6,007

 
$
16,676

 
16,329

Less: Preferred stock dividends and other (1)
573

 
554

 
1,284

 
1,351

Wells Fargo net income applicable to common stock (numerator)
$
4,037

 
5,453

 
$
15,392

 
14,978

Earnings per common share
 
 
 
 
 
 
 
Average common shares outstanding (denominator)
4,358.5

 
4,784.0

 
4,459.1

 
4,844.8

Per share
$
0.93

 
1.14

 
$
3.45

 
3.09

Diluted earnings per common share
 
 
 
 
 
 
 
Average common shares outstanding
4,358.5

 
4,784.0

 
4,459.1

 
4,844.8

Add: Stock options (2)
0.1

 
7.5

 
1.0

 
8.5

Restricted share rights (2)
31.0

 
26.5

 
29.4

 
25.9

Warrants (2)
—

 
5.2

 
—

 
5.8

Diluted average common shares outstanding (denominator)
4,389.6

 
4,823.2

 
4,489.5

 
4,885.0

Per share
$
0.92

 
1.13

 
$
3.43

 
3.07


(1)
The quarter and nine months ended September 30, 2019, and September 30, 2018, includes $220 million and $155 million, respectively, as a result of eliminating the discount on our Series K and Series J Preferred Stock. The Series K Preferred Stock was partially redeemed on September 16, 2019, and the Series J Preferred Stock was redeemed on September 17, 2018.
(2)
Calculated using the treasury stock method.
Table 20.2 presents the outstanding Series L convertible preferred stock and options to purchase shares of common stock 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)
2019

 
2018

 
2019

 
2018

Series L Convertible Preferred Stock (1)
25.3

 
25.3

 
25.3

 
25.3

Stock options (2)
—

 
—

 
—

 
0.4

(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,
 
 
2019

 
2018

 
2019

 
2018

Per common share
$
0.51

 
0.43

 
$
1.41

 
1.21



159

Note 21: Other Comprehensive Income
Table 21.1 provides the components of 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,
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
(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
$
652

 
(159
)
 
493

 
(1,468
)
 
360

 
(1,108
)
 
5,192

 
(1,276
)
 
3,916

 
(5,528
)
 
1,360

 
(4,168
)
Reclassification of net (gains) losses to net income:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on debt securities (1)
77

 
(19
)
 
58

 
109

 
(27
)
 
82

 
183

 
(45
)
 
138

 
268

 
(66
)
 
202

Net gains on debt securities
(3
)
 
—

 
(3
)
 
(57
)
 
15

 
(42
)
 
(148
)
 
36

 
(112
)
 
(99
)
 
25

 
(74
)
Other noninterest income
2

 
(1
)
 
1

 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
Subtotal reclassifications to net income
76


(20
)

56

 
51

 
(12
)
 
39

 
34

 
(9
)
 
25

 
168

 
(41
)
 
127

Net change
728


(179
)

549

 
(1,417
)
 
348

 
(1,069
)
 
5,226

 
(1,285
)
 
3,941

 
(5,360
)
 
1,319

 
(4,041
)
Derivative and hedging activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of excluded components on fair value hedges (2)
28

 
(7
)
 
21

 
(21
)
 
5

 
(16
)
 
58

 
(14
)
 
44

 
(147
)
 
36

 
(111
)
Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized losses arising during the period on cash flow hedges
(18
)
 
4

 
(14
)
 
(3
)
 
—

 
(3
)
 
(26
)
 
6

 
(20
)
 
(269
)
 
66

 
(203
)
Reclassification of net losses to net income on cash flow hedges:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on loans
73

 
(19
)
 
54

 
78

 
(19
)
 
59

 
228

 
(57
)
 
171

 
215

 
(53
)
 
162

Interest expense on long-term debt
2

 
—

 
2

 
1

 
—

 
1

 
5

 
(1
)
 
4

 
1

 
—

 
1

Subtotal reclassifications to net income
75


(19
)

56


79


(19
)

60


233


(58
)

175


216


(53
)

163

Net change
85


(22
)

63

 
55

 
(14
)
 
41

 
265


(66
)

199

 
(200
)

49


(151
)
Defined benefit plans adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial and prior service gains (losses) arising during the period
—

 
—

 
—

 
—

 
—

 
—

 
(4
)
 
1

 
(3
)
 
6

 
(2
)
 
4

Reclassification of amounts to non interest expense (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of net actuarial loss
35

 
(9
)
 
26

 
32

 
(8
)
 
24

 
106

 
(26
)
 
80

 
95

 
(23
)
 
72

Settlements and other
(2
)
 
1

 
(1
)
 
(3
)
 
2

 
(1
)
 
(5
)
 
3

 
(2
)
 
(5
)
 
3

 
(2
)
Subtotal reclassifications to non interest expense
33


(8
)

25

 
29

 
(6
)
 
23

 
101

 
(23
)
 
78

 
90

 
(20
)
 
70

Net change
33


(8
)

25

 
29

 
(6
)
 
23

 
97

 
(22
)
 
75

 
96

 
(22
)
 
74

Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
(53
)
 
1

 
(52
)
 
(9
)
 
2

 
(7
)
 
3

 
(2
)
 
1

 
(94
)
 
—

 
(94
)
Net change
(53
)

1


(52
)
 
(9
)
 
2

 
(7
)
 
3

 
(2
)
 
1

 
(94
)
 
—

 
(94
)
Other comprehensive income (loss)
$
793


(208
)

585

 
(1,342
)

330


(1,012
)
 
5,591

 
(1,375
)
 
4,216

 
(5,558
)
 
1,346

 
(4,212
)
Less: Other comprehensive loss from noncontrolling interests, net of tax
 
 
 
 
—

 
 
 
 
 
—

 
 
 
 
 
—

 
 
 
 
 
(1
)
Wells Fargo other comprehensive income (loss), net of tax
 
 
 
 
$
585

 
 
 
 
 
(1,012
)
 
 
 
 
 
4,216

 
 
 
 
 
(4,211
)
(1)
Represents net unrealized gains and losses amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio.
(2)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of effectiveness recorded in other comprehensive income.
(3)
These items are included in the computation of net periodic benefit cost (see Note 19 (Employee Benefits) for more information).



160
Note 21: Other Comprehensive Income (continued)


Table 21.2: Cumulative OCI Balances
(in millions)
Debt
securities

 
Derivative
and
hedging
activities

 
Defined
benefit
plans
adjustments

 
Foreign
currency
translation
adjustments

 
Cumulative
other
compre-
hensive
income

Quarter ended September 30, 2019
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
751

 
(549
)
 
(2,246
)
 
(180
)
 
(2,224
)
Net unrealized gains (losses) arising during the period
493

 
7

 
—

 
(52
)
 
448

Amounts reclassified from accumulated other comprehensive income
56

 
56

 
25

 
—

 
137

Net change
549

 
63

 
25

 
(52
)
 
585

Less: Other comprehensive income from noncontrolling interests
—

 
—

 
—

 
—

 
—

Balance, end of period
$
1,300

 
(486
)
 
(2,221
)
 
(232
)
 
(1,639
)
Quarter ended September 30, 2018
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(2,919
)
 
(610
)
 
(1,757
)
 
(175
)
 
(5,461
)
Reclassification of certain tax effects to retained earnings (1)
31

 
(87
)
 
(353
)
 
9

 
(400
)
Net unrealized losses arising during the period
(1,108
)
 
(19
)
 
—

 
(7
)
 
(1,134
)
Amounts reclassified from accumulated other comprehensive income
39

 
60

 
23

 
—

 
122

Net change
(1,038
)
 
(46
)
 
(330
)
 
2

 
(1,412
)
Less: Other comprehensive income from noncontrolling interests
—

 
—

 
—

 
—

 
—

Balance, end of period
$
(3,957
)
 
(656
)
 
(2,087
)
 
(173
)
 
(6,873
)
Nine months ended September 30, 2019
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(3,122
)
 
(685
)
 
(2,296
)
 
(233
)
 
(6,336
)
Transition adjustment (2)
481

 
—

 
—

 
—

 
481

Balance, January 1, 2019
(2,641
)
 
(685
)
 
(2,296
)
 
(233
)
 
(5,855
)
Net unrealized gains (losses) arising during the period
3,916

 
24

 
(3
)
 
1

 
3,938

Amounts reclassified from accumulated other comprehensive income
25

 
175

 
78

 
—

 
278

Net change
3,941

 
199

 
75

 
1

 
4,216

Less: Other comprehensive income from noncontrolling interests
—

 
—

 
—

 
—

 
—

Balance, end of period
$
1,300

 
(486
)
 
(2,221
)
 
(232
)
 
(1,639
)
Nine months ended September 30, 2018
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
171

 
(418
)
 
(1,808
)
 
(89
)
 
(2,144
)
Transition adjustment (3)
(118
)
 
—

 
—

 
—

 
(118
)
Balance, January 1, 2018
53

 
(418
)
 
(1,808
)
 
(89
)
 
(2,262
)
Reclassification of certain tax effects to retained earnings (1)
31

 
(87
)
 
(353
)
 
9

 
(400
)
Net unrealized gains (losses) arising during the period
(4,168
)
 
(314
)
 
4

 
(94
)
 
(4,572
)
Amounts reclassified from accumulated other comprehensive income
127

 
163

 
70

 
—

 
360

Net change
(4,010
)
 
(238
)
 
(279
)
 
(85
)
 
(4,612
)
Less: Other comprehensive loss from noncontrolling interests
—

 
—

 
—

 
(1
)
 
(1
)
Balance, end of period
$
(3,957
)
 
(656
)
 
(2,087
)
 
(173
)
 
(6,873
)

(1)
Represents the reclassification from other comprehensive income to retained earnings as a result of the adoption of ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, in the third quarter of 2018.
(2)
The transition adjustment relates to the adoption of ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. See Note 1 (Summary of Significant Accounting Policies) for more information.
(3)
The transition adjustment relates to the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.

161


Note 22: Operating Segments
We have three reportable operating segments: Community Banking; Wholesale Banking; and Wealth and Investment Management (WIM). We define our operating segments by product type and customer segment and their results are based on our management accounting process, for which there is no comprehensive, authoritative guidance equivalent to GAAP for financial accounting. The management accounting process measures the performance of the operating segments based on
 
our management structure and is not necessarily comparable with similar information for other financial services companies. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. For a description of our operating segments see Note 26 (Operating Segments) in our 2018 Form 10-K. Table 22.1 presents our results by operating segment.
Table 22.1: Operating Segments
 
Community
Banking 
 
 
Wholesale
Banking
 
 
Wealth and
Investment
Management
 
 
Other (1)
 
 
Consolidated
Company
 
(income/expense in millions, average balances in billions)
2019

 
2018

 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Quarter ended Sep 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income (2)
$
6,769

 
7,338

 
4,382

 
4,726

 
989

 
1,102

 
(515
)
 
(594
)
 
11,625

 
12,572

Provision (reversal of provision) for credit losses
608

 
547

 
92

 
26

 
3

 
6

 
(8
)
 
1

 
695

 
580

Noninterest income
4,470

 
4,478

 
2,560

 
2,578

 
4,152

 
3,124

 
(797
)
 
(811
)
 
10,385

 
9,369

Noninterest expense
8,766

 
7,467

 
3,889

 
3,935

 
3,431

 
3,243

 
(887
)
 
(882
)
 
15,199

 
13,763

Income (loss) before income tax expense (benefit)
1,865

 
3,802

 
2,961

 
3,343

 
1,707

 
977

 
(417
)
 
(524
)
 
6,116

 
7,598

Income tax expense (benefit)
667

 
925

 
315

 
475

 
426

 
244

 
(104
)
 
(132
)
 
1,304

 
1,512

Net income (loss) before noncontrolling interests
1,198

 
2,877

 
2,646

 
2,868

 
1,281

 
733

 
(313
)
 
(392
)
 
4,812

 
6,086

Less: Net income from noncontrolling interests
199

 
61

 
2

 
17

 
1

 
1

 
—

 
—

 
202

 
79

Net income (loss) (3)
$
999

 
2,816

 
2,644

 
2,851

 
1,280

 
732

 
(313
)
 
(392
)
 
4,610

 
6,007

Average loans
$
459.0

 
460.9

 
474.3

 
462.8

 
75.9

 
74.6

 
(59.4
)
 
(58.8
)
 
949.8

 
939.5

Average assets
1,033.9

 
1,024.9

 
869.2

 
827.2

 
84.7

 
83.8

 
(60.4
)
 
(59.6
)
 
1,927.4

 
1,876.3

Average deposits
789.7

 
760.9

 
422.0

 
413.6

 
142.4

 
159.8

 
(62.7
)
 
(67.9
)
 
1,291.4

 
1,266.4

Nine months ended Sep 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income (2)
$
21,083

 
21,879

 
13,451

 
13,951

 
3,127

 
3,325

 
(1,630
)
 
(1,804
)
 
36,031

 
37,351

Provision (reversal of provision) for credit losses
1,797

 
1,249

 
254

 
(30
)
 
6

 
(2
)
 
(14
)
 
6

 
2,043

 
1,223

Noninterest income
13,711

 
13,573

 
7,667

 
7,829

 
10,143

 
9,094

 
(2,349
)
 
(2,419
)
 
29,172

 
28,077

Noninterest expense
23,667

 
23,459

 
11,609

 
12,132

 
9,980

 
9,894

 
(2,692
)
 
(2,698
)
 
42,564

 
42,787

Income (loss) before income tax expense (benefit)
9,330

 
10,744

 
9,255

 
9,678

 
3,284

 
2,527

 
(1,273
)
 
(1,531
)
 
20,596

 
21,418

Income tax expense (benefit)
1,929

 
3,147

 
1,049

 
1,302

 
819

 
630

 
(318
)
 
(383
)
 
3,479

 
4,696

Net income (loss) before noncontrolling interests
7,401

 
7,597

 
8,206

 
8,376

 
2,465

 
1,897

 
(955
)
 
(1,148
)
 
17,117

 
16,722

Less: Net income from noncontrolling interests
432

 
372

 
3

 
15

 
6

 
6

 
—

 
—

 
441

 
393

Net income (loss) (3)
$
6,969

 
7,225

 
8,203

 
8,361

 
2,459

 
1,891

 
(955
)
 
(1,148
)
 
16,676

 
16,329

Average loans
$
458.3

 
465.0

 
474.9

 
464.2

 
75.1

 
74.4

 
(59.2
)
 
(58.8
)
 
949.1

 
944.8

Average assets
1,024.8

 
1,040.2

 
855.4

 
827.6

 
83.9

 
84.0

 
(60.2
)
 
(59.6
)
 
1,903.9

 
1,892.2

Average deposits
777.7

 
756.4

 
414.1

 
424.4

 
146.3

 
168.2

 
(63.9
)
 
(70.8
)
 
1,274.2

 
1,278.2

(1)
Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels. 
(2)
Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.
(3)
Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth and Investment Management segments and Wells Fargo net income for the consolidated company.


162


Note 23: Regulatory and Agency Capital Requirements
The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal bank regulatory agencies. The Federal Reserve establishes capital requirements for the consolidated financial holding company, and the OCC has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).
Table 23.1 presents regulatory capital information for Wells Fargo & Company and the Bank using Basel III, which increased minimum required capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. We must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. 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. The
 
Basel III capital rules are being phased-in effective January 1, 2014, through the end of 2021. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in. Accordingly, the information presented reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements.
The Bank is an approved seller/servicer of mortgage loans and is required to maintain minimum levels of shareholders’ equity, as specified by various agencies, including the United States Department of Housing and Urban Development, GNMA, FHLMC and FNMA. At September 30, 2019, the Bank met these requirements. Other subsidiaries, including the Company’s insurance and broker-dealer subsidiaries, are also subject to various minimum capital levels, as defined by applicable industry regulations. The minimum capital levels for these subsidiaries, and related restrictions, are not significant to our consolidated operations.
Table 23.1: Regulatory Capital Information
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
September 30, 2019
 
 
 
December 31, 2018
 
 
 
September 30, 2019
 
 
 
December 31, 2018
(in millions, except ratios)
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
Regulatory capital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common equity tier 1
$
144,739

 
144,739

 
 
146,363

 
146,363

 
 
145,265

 
145,265

 
 
142,685

 
142,685

 
Tier 1
164,872

 
164,872

 
 
167,866

 
167,866

 
 
145,265

 
145,265

 
 
142,685

 
142,685

 
Total
194,526

 
202,480

 
 
198,798

 
207,041

 
 
157,212

 
164,736

 
 
155,558

 
163,380

 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-weighted assets
$
1,218,519

 
1,246,238

 
 
1,177,350

 
1,247,210

 
 
1,096,348

 
1,149,329

 
 
1,058,653

 
1,154,182

 
Adjusted average assets (1)
1,898,590

 
1,898,590

 
 
1,850,299

 
1,850,299

 
 
1,674,518

 
1,674,518

 
 
1,652,009

 
1,652,009

 
Regulatory capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common equity tier 1 capital
11.88
%
 
11.61

*
 
12.43

 
11.74

*
 
13.25

 
12.64

*
 
13.48

 
12.36

*
Tier 1 capital
13.53

 
13.23

*
 
14.26

 
13.46

*
 
13.25

 
12.64

*
 
13.48

 
12.36

*
Total capital
15.96

*
16.25

 
 
16.89

 
16.60

*
 
14.34

 
14.33

*
 
14.69

 
14.16

*
Tier 1 leverage (1)
8.68

 
8.68

 
 
9.07

 
9.07

 
 
8.68

 
8.68

 
 
8.64

 
8.64

 
 
Wells Fargo & Company
 
 
 
Wells Fargo Bank, N.A.
 
 
 
September 30, 2019
 
 
 
December 31, 2018
 
 
 
September 30, 2019
 
 
 
December 31, 2018
 
 
Supplementary leverage: (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total leverage exposure
$
2,240,106
 
 
 
2,174,564
 
 
 
1,993,756
 
 
 
1,957,276
 
 
Supplementary leverage ratio
7.36
%
 
 
7.72
 
 
 
7.29
 
 
 
7.29
 
 
*Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches.
(1)
The leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items.
(2)
The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures.
Table 23.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and the Bank were subject as of September 30, 2019, and
December 31, 2018.
 


Table 23.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1)
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
September 30, 2019

 
December 31, 2018
 
September 30, 2019
 
December 31, 2018
Regulatory capital ratios:
 
 
 
 
 
 
 
Common equity tier 1 capital
9.000
%
 
7.875
 
7.000
 
6.375
Tier 1 capital
10.500

 
9.375
 
8.500
 
7.875
Total capital
12.500

 
11.375
 
10.500
 
9.875
Tier 1 leverage
4.000

 
4.000
 
4.000
 
4.000
Supplementary leverage
5.000

 
5.000
 
6.000
 
6.000
(1)
At September 30, 2019, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for Wells Fargo & Company include a capital conservation buffer of 2.500% and a global systemically important bank (G-SIB) surcharge of 2.000%. Only the 2.500% capital conservation buffer applies to the Bank at September 30, 2019.

163


Glossary of Acronyms
 
 
 
 
ACL
Allowance for credit losses
HTM
Held to maturity
ALCO
Asset/Liability Management Committee
LCR
Liquidity coverage ratio
ARM 
Adjustable-rate mortgage
LHFS
Loans held for sale
ASC
Accounting Standards Codification
LIBOR
London Interbank Offered Rate
ASU
Accounting Standards Update
LIHTC
Low income housing tax credit
AUA
Assets under administration
LOCOM
Lower of cost or fair value
AUM
Assets under management
LTV
Loan-to-value
AVM
Automated valuation model
MBS
Mortgage-backed security
BCBS
Basel Committee on Bank Supervision
MLHFS
Mortgage loans held for sale
BHC
Bank holding company
MSR
Mortgage servicing right
CCAR
Comprehensive Capital Analysis and Review
NAV
Net asset value
CD
Certificate of deposit
NPA
Nonperforming asset
CDO
Collateralized debt obligation
OCC
Office of the Comptroller of the Currency
CDS
Credit default swaps
OCI
Other comprehensive income
CECL
Current expected credit loss
OTC
Over-the-counter
CET1
Common Equity Tier 1
OTTI
Other-than-temporary impairment
CFPB
Consumer Financial Protection Bureau
PCI Loans
Purchased credit-impaired loans
CLO
Collateralized loan obligation
PTPP
Pre-tax pre-provision profit
CLTV
Combined loan-to-value
RBC
Risk-based capital
CPI
Collateral protection insurance
RMBS
Residential mortgage-backed securities
CRE
Commercial real estate
ROA
Wells Fargo net income to average total assets
DPD
Days past due
ROE
Wells Fargo net income applicable to common stock
ESOP
Employee Stock Ownership Plan
 
to average Wells Fargo common stockholders’ 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
TDR
Troubled debt restructuring
GAAP
Generally accepted accounting principles
TLAC
Total Loss Absorbing Capacity
GNMA
Government National Mortgage Association
VA
Department of Veterans Affairs
GSE
Government-sponsored entity
VaR
Value-at-Risk
G-SIB
Global systemically important bank
VIE
Variable interest entity
HQLA
High-quality liquid assets
WIM
Wealth and Investment Management

164


PART II – OTHER INFORMATION
 

Item 1.            Legal Proceedings
 
Information in response to this item can be found in Note 14 (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, 2019.
Calendar month
Total number
of shares
repurchased (1)

 
Weighted-average
price paid per share

 
Maximum number of
shares that may yet
be repurchased under
the authorization

July
26,547,735

 
$
47.03

 
516,570,226

August
73,795,523

 
45.68

 
442,774,703

September
58,756,005

 
48.13

 
384,018,698

Total
159,099,263

 
 
 
 
 
 
 
 
 
 
(1)
All shares were repurchased under an authorization covering up to 350 million shares of common stock approved by the Board of Directors and publicly announced by the Company on October 23, 2018. In addition, the Company publicly announced on July 23, 2019, that the Board of Directors authorized the repurchase of an additional 350 million shares of common stock. Unless modified or revoked by the Board, these authorizations do not expire.


165


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 March 31, 2019.
3(b)
 
By-Laws.
 
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 1, 2018.
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.
 
 
10(a)
 
Restricted Share Rights Award Agreement for grant to
Charles W. Scharf on October 21, 2019.
 
Incorporated by reference to Exhibit 10(a) to the Company’s Current Report on Form 8-K filed October 25, 2019.
10(b)
 
Wells Fargo Bonus Plan, as amended effective January 1, 2020.
 
Filed herewith.
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.

166


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: November 1, 2019                                                             WELLS FARGO & COMPANY
 
 
  
By:
/s/    RICHARD D. LEVY
 
Richard D. Levy
 
Executive Vice President and Controller
 
(Principal Accounting Officer)


167

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