Wells Fargo 4Q15 earnings fall in-line with expectations
Originations drop to $47B
Wells Fargo’s fourth quarter 2015 net income came in at $5.7 billion, or $1.03 per share, compared with $5.7 billion, or $1.02 per share, for fourth quarter 2014.
This is marginally down from $5.8 billion, or $1.05 per share, for third quarter 2015.
Revenue for the fourth quarter increased 1%, growing to $21.6 billion from $21.4 billion for the same period a year ago.
Both earnings per share and revenue were in-line with expectations.
For the full year, Wells Fargo’s earning earnings per common share increased to $4.15 for 2015, compared with $4.10 in 2014, while it full year net income slightly dipped to $23.0 billion, compared with $23.1 billion in 2014.
During the fourth quarter, residential mortgage loan originations dropped to $47 billion, down $8 billion linked quarter on seasonality.
Furthermore, net mortgage servicing rights results increased to $417 million, up compared to $253 million in third quarter 2015.
“Our performance in the fourth quarter reflected a continuation of the solid results we generated all year and the ability of our diversified business model to perform consistently across cycles,” said Chief Financial Officer John Shrewsberry. “Compared with the prior quarter, we increased deposits and grew both commercial and consumer loans, while maintaining our credit and pricing discipline.”