Wells Fargo & Company Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Loan Charge-Offs for the Fourth Quarter 2014
For the full year, the company reported total interest income of $47,552 million compared to $47,089 million for the same period a year ago. Net interest income was $43,527 million compared to $42,800 million for the same period a year ago. Net interest income after provision for credit losses was $42,132 million compared to $40,491 million for the same period a year ago. Income before income tax expense was $33,915 million compared to $32,629 million for the same period a year ago. Net income after non-controlling interests was $23,507 million compared to $21,878 million for the same period a year ago. Company's net income applicable to common stock was $21,821 million compared to $20,889 million for the same period a year ago. Diluted earnings per common share were $4.10 compared to $3.89 for the same period a year ago. Return on assets was 1.45% compared to 1.51% at the same period a year ago. Return on equity was 13.41% compared to 13.87% at the same period a year ago. Book value per common share was $32.19 compared to $29.48 at the same period a year ago.
The company's net loan charge-offs were $735 million in fourth quarter 2014, or 0.34% (annualized) of average loans, compared with $668 million in third quarter 2014, or 0.32% (annualized) of average loans.