Wells Fargo off slightly premarket after Q4 earnings

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Net interest income of $10.8B grew slightly from Q3, though net interest margin of 3.26% fell 12 basis points - half of that decline was from actions taken ahead of anticipated new liquidity rules.

Noninterest income of $9.9B fell from $11.3B a year ago as the mortgage business continues to slow. Originations of $50B were off from $80B in Q3. Noninterest expense of $12.1B fell 6% from a year ago.

Credit losses of $963M in Q4 compared to $2.1B a year ago. Nonperforming assets declined by $1.1B, or 21% from Q3, and $600M was released from credit reserves. "We continue to expect future reserve releases absent a significant deterioration in the economic environment.”

CC at 10 ET

WFC -0.2% premarket