Wells Fargo Company Analysis

Wells Fargo
Company Analysis
Jason Harris
THE UNIVERSITY OF TEXAS AT DALLAS |
Wells Fargo Company Analysis
Table of Contents
About Wells Fargo..2

Business Model.2
Analysis of Recent Financial Performance.4
Peer Group Analysis..5
Analysis of Future Performance...7
Analysis of Weighted Average Cost of Capital8
Valuation of the Companys Common Shares9
Conclusions..10
Tables, Spreadsheets, and Financial Statements..11
Works Cited.14
About Wells Fargo

Wells Fargo was founded on March 18, 1852 in San Francisco, California by Henry Wells
and William Fargo. This bank has operated successfully for just over 164 years and they
continue to do well. They offer products and services in three different categories: personal,
small business, and commercial. Within these categories, Wells Fargo offers services such as
banking, payroll, loans and credit, insurance, wealth management, and many others. As of right
now, Wells Fargo has approximately 9,000 retail branches, 12,000 ATMs and an estimated
269,200 employees, serving more than 70 million customers (Haider 26). Wells Fargo has
overcome many obstacles and their current financial health suggests they will continue to do so
for some time. Current business risks include: new federal capital requirement regulations, new
loan origination regulations, and the Federal Reserves anticipated monetary policies (which
will affect interest rates).
Business Model
SWOT Analysis. A graphical representation of Wells Fargos strengths, weaknesses,
opportunities, and threats is shown below.
Strengths
Adequate Capital
Credit Quality
Diversified & Balanced Revenue Mix
Weaknesses
Opportunities
Global Economic Outlook

Positive Outlook for Global Wealth
Market
Growing US Cards and Payments Market
Source: Gale Business Insights: Essentials
Net Interest Margin

Non-Interest Income
Wholesale Banking
Threats
Competition
Basel III Norms on Capital Requirements
Fluctuations in Interest Rates
Strengths. Wells Fargo has a sound capital base ensuring capital adequacy to support
its organic and inorganic growth with the secured and unsecured nature of its lending (Wells
2). The companys shareholders saw an increase in equity between fiscal years 2013 and 2014.
Another strength is the quality of their credit. Between FY2013 and FY2014, Wells Fargo saw
improvement in its asset qualitysupported by solid performance from its commercial and
consumer loan portfolios as losses remained near historically low levels, reflecting its long-term
risk focus and the benefit from the improving housing market (Wells 2). In this time frame,
there was a noticeable decrease in net charge-offs, nonaccrual loans, and foreclosed assets.
Weaknesses. There has recently been a decline in net interest margin. A fair amount of
Wells Fargos profits is generated by this margin, therefore this could result in a smaller bottom
line. Their greatest weakness at the moment is their recent decline in non-interest income. This
income represents approximately 48% of their income. This decrease in FY2014 was driven
predominantly by a 27% decline in mortgage banking income due to decreased net gains on
mortgage loan origination/sales activities (Wells 2). As has been shown, the effects of the 2008
financial crisis are still affecting businesses today; the increase in government regulation has
slightly impacted Wells Fargo in a negative way.
Opportunities. Wells Fargo is in a position to capitalize on an expected growth in the
world GDP. Other than expectations for the world economy, their greatest opportunity for
growth lies within the United States. More stable economic conditions, an increase in
disposable income and the popularity of mobile commerce and online retail are all
opportunities for growth in the cards and payments market (Wells 3). Wells Fargo is currently in
an ideal position to capitalize on this opportunity by making credit cards widely available to
consumers. An increase in marketing efforts will be all that it takes in order to take advantage
of this new opportunity.
Threats. The largest threats facing Wells Fargo today are competition, capital
requirements, and interest rate fluctuations. The financial services industry is highly
competitive and highly regulated. Not only must they compete with their direct rivals, but they
must also compete with other financial services providers such as credit unions, finance
companies, insurance companies, mutual fund companies, savings and loan associations,
mortgage banking companies and investment banks (Wells 3). All of these competitors have
their own specialties and competitive advantages that Wells Fargo must continually aim to
overcome. Customer service is the key to creating loyal customers who will stay away from any
and all competitors for any of their future financial needs. The aftermath of the 2008 subprime
mortgage crisis has resulted in the implementation of many new government regulations on
banks. The new Basel III Norms on Capital Requirements is a potential threat to Wells Fargo.
The new norms require banks to hold more and better quality capital, carry more liquid assets,
and limit leverage. These will not only ensure that banks hold more capital on hand, which will
limit the amount of money they can lend, but also reduce the risk of insolvency given many
loan defaults (Wells 3). The increase in capital requirements is a threat to their ability to lend
money, which could possibly adversely affect their bottom line in the near future. The final
threat is fluctuations in interest rates, depending on any new monetary policies that the
government decides to enact.
Revenue Drivers. According to Zeeshan Haider in Commercial Banking in the US, there
are 5 key drivers of revenue in the commercial banking industry. These drivers include: prime
rate, aggregate household debt, corporate profit, regulation for the banking sector, and
external competition in the commercial banking industry. This last driver was mentioned above
as a threat and therefore will not be repeated. The prime rate is the rate that banks charge
their customers; the spread between the prime rate and the federal funds rate represents the
revenue that the banks receive. The expected increase in the prime rate in 2016 represents a
potential opportunity for the industry (Haider 5). As aggregate household debt increases,
banks interest income tends to increase as well; Aggregate household debt is also highly
correlated with consumer confidence, which affects the level of debt consumers choose to hold
and has a strong positive influence on private consumption (Haider 6). Aggregate household
debt, much like the prime rate, is also expected to increase in 2016 due to an increase in
consumer confidence. Corporate profit is also a driver of revenue; when the profits of
corporations increase, they borrow more. Unfortunately, in 2016, corporate profits are
expected to decrease, which will be a potential threat to the commercial banking industry. The
final revenue driver was also previously discussed. The increase in government regulation in the
banking sector will result in a decrease in revenues and profits in the industry.
Expense Drivers. Expenses for commercial banks include wages, purchases,
depreciation, marketing, rent & utilities, and other expenses. The other expenses are the
industrys largest component; this segment of expenses includes interest expenses,
noninterest expenses, loan and lease loss provisions and miscellaneous costs (Haider 22). As
mentioned early, Wells Fargos gross margin is the difference between the prime rate and the
federal funds rate, yet this only accounts for a small percentage of their income; other income
includes secondary products such as insurance, and miscellaneous fees. Recent trends include a
decreasing level of loan and lease loss provisions and increasing level of noninterest expenses.
The increase in these expenses is due to government regulations and these costs include
Federal Deposit Insurance Corporation and other deposit assessments (Haider 22-23). The
economic recovery since the 08 financial crisis has led to a decrease in loan and lease loss
provisions; it can be said that this decrease is ultimately due to stricter government regulations
and the fact that, hopefully, the big banks have acknowledged the cause the subprime
mortgage crisis.
Recent Financial Performance Analysis
Looking at the income statement, balance sheet, and statement of cash flows there are
no major trends over the most recent quarter or year. The statements over the past 5 years
show some promising trends. From FY2010 to FY2015 interest income has remained steady
while interest expense on deposits has been decreasing. This decrease in interest expense is
due to the fact that non-interest bearing deposits have steadily increased at a rate higher than
interest bearing deposits. These factors have ultimately created a positive trend for Wells
Fargos net interest income over the past 5 years. In addition, service charges have steadily
increased year after year, while provisions for loan and lease losses decreased between
FY2010-FY2014 with a spike in FY2015. Since the recovery from the recent financial crisis, these
provisions for loan and lease losses have drastically decreased to the prerecessionary levels.
Trends indicate that Wells Fargo is very financially healthy and they are positioned to continue
to perform well in the future. Although, according to the cash flow statement, they have seen
decreasing amounts in cash flow from operations and have taken on more debt, Wells Fargo
has continued to increase the amount they pay in dividends. It seems that returning capital to
its investors has remained a priority for top management.
Peer Group Analysis

Market Share. The commercial banking industry is very low in concentration. This
means there is not one company that has an overwhelming portion of market share in relation
to the industry as a whole. In this industry, 74.8% of the market share is spread amongst a
plethora of smaller credit unions and local banks. The three major players in the industry are
Wells Fargo, JPMorgan Chase and Bank of America. As shown below, these three companies
own 25.2% of the market, with Wells Fargo having the highest market share amongst the three,
10.4%.
Financial Strength and Ratios. Although Wells Fargo has suffered declines in revenue
and profits as a result of the subprime mortgage crisis, their declines were not as steep as
other companies losses and the company has not been forced to write down large losses on
assets (Haider 27). As a result of their positive financial status relative to their industry, they
are in a good position to increase their market share as their net income and revenues continue
to increase. The recent rise in income is the result of its limited exposure to risky investments
and the financial strength of its parent company, Berkshire Hathaway; Wells Fargos long-term
investment strategies
Ratio Comparison
continue to put them in a
As of Dec. 31, 2015
*Values obtained from Capital IQ
position to remain
Key Ratio
Wells Fargo JPMorgan Chase Bank of America
Profitablility
successful over time
Return on Assets
1.3%
1.0%
0.7%
Return on Equity
12.3%
10.2%
6.4% (Haider 27). According to
Margin
the chart on the left, Wells
Net Interest Income/Total Revenue
54.1%
48.5%
49.5%
Fargos bottom line isnt
Asset Quality
Non-performing loans/Total Loans
1.2%
0.8%
1.1%
Allowance for Credit Losses/Total Loans
1.3%
1.6%
1.4% doing as well as JPMorgan
Net Charge-Offs/Total Avg. Loans
0.3%
0.5%
0.6% and Bank of America; yet
Net Interest Income/Avg. Assets
2.6%
1.8%
1.8%
these companies are
Capital & Funding
Net Loans/Total Deposits
74.0%
64.2%
74.4%
simply recovering from
Tier 1 Capital Ratio
13.0%
13.5%
11.3%
Tier 2 Capital Ratio
2.4%
NA
1.9% lower than average returns
Total Capital Ratio
15.5%
15.1%
13.2%
while Wells Fargo has seen
Growth over Prior
Net Interest Income
4.1%
-0.3%
-1.8%
steadily healthy returns
Total Revenue
0.9%
-2.5%
-3.2%
Net Income
-0.7%
12.4%
228.7% over the past 5 years. In
Net Loans
6.4%
11.7%
2.7%
Total Deposits
4.7%
-6.1%
7.0% comparison, it should be
noted that Wells Fargo makes a majority of their money through interest income. Pair this ratio
with the fact that their net loans and total deposits are continuing to increase; this should result
in a subsequent increase in interest income over time. Loan growth is a key financial ratio for a
retail or commercial bank; typically, a majority of revenue comes from interest on loans. In
Wells Fargos case, their loan growth is sustainable because it is matched with a subsequent
growth in deposits as well; as long their loan-to-deposit ratio doesnt increase too drastically,
they should be able to easily adhere to the federal government regulatory capital
requirements. Their loan-to-deposit ratio is currently at a near optimal level; if it were to get
much higher, they would be extremely sensitive to the deposit base, whereas if it were to get
too low, they would not be earning as much interest income as they could. Additionally, Wells
Fargo is achieving a greater return on equity than both JPMorgan Chase and Bank of America.
Porters Five Forces Analysis. The five forces analysis looks at all the factors that
surround a competitive environment. This includes threat of new entrants, bargaining power of
suppliers, bargaining power of buyers, threat of substitution, and the intensity of rivalry within
the industry.
Threat of New Entrants. The capital intensity in the banking industry is fairly high; it
takes a fair amount of capital to enter the industry. The threat of new entrants itself is a minor
threat. Of course new banks will open every year, but the threat of one of these new entrants
adversely affecting Wells Fargo is very low due to the scale of their operations.
Bargaining Power of Suppliers. In the commercial banking industry, there are no
suppliers, yet this does not mean Wells Fargo is not affected by this force. The Federal Reserve
could be seen as a supplier of sorts. Government monetary policies dictate prevailing interest
rates; in this case, bargaining power of suppliers in the industry is extremely high. Banks are
extremely sensitive to the federal funds rate and therefore they must stay attuned to what
policies the Federal Reserve are contemplating. The prevailing federal funds rate will dictate the
prime rates for banks.
Bargaining Power of Buyers. Anyone who takes out a loan, deposits money, or
purchases financial products from a retail or commercial bank is considered a buyer in the
commercial banking industry. While these buyers do have bargaining power, it is a limited
amount. There is intense competition between banks to offer the best rates (without damaging
their margins) and the best products with the lowest fees (while maintaining steady income).
But banks will only go so far, as stated earlier, they loan out money at a given prime rate that is
set at a predetermined spread over the federal funds rate. Competition may cause them to
lower their quoted prime rate, but they will only drop it to a certain point. Once the bank has
lowered rates or fees as far as they are willing, the buyer loses all bargaining power, and this
will hold true in almost any bank. The bargaining power of buyers is indirectly contingent upon
monetary policy.
Threat of Substitution. This is a very real threat in the industry. Many commercial banks
offer very specialized products such as mortgages and insurance. There are companies who
deal in these specific transactions. Wells Fargo must not only compete with other commercial
banks, but they must also compete with specialized mortgage lending firms and insurance
companies, just to name a few. For many of the products that Wells Fargo offers, there is
usually a specialized company that has been created to sell those particular products or
services. To overcome this threat, it is crucial that Wells Fargo continue offering competitive
prices while also providing superior customer service; creating and maintaining sustainable
competitive advantage is key to their continuing success.
Intensity of Rivalry among Competitors. Competition is extremely intense in this
industry. As mentioned in previous sections, it is vital for Wells Fargo to maintain their
competitive advantages across the board. They need to keep interest rates reasonable, limit
fees to customers and maintain their superior customer service. Among the top three
competitors, brand loyalty is the largest motivating factor that determines with whom a specific
consumer will do business. For those deciding between a local bank and Wells Fargo, customer
service is the motivating factor. For this reason, it is important to continually improve in the
customer service department.
Future Performance
Income Statement Assumptions
Income Statement.
GROWTH
% of Revenue Before Loan Losses
Looking back at the income
Total Revenue
3.80%
Net Interest Income
Total Non-Interest Expense
1.00%
Total Interest Income
statements for the previous 5
Provision for Loan Losses
5.00%
Non-Interest Income
Minority Interest
1.00%
years, several assumptions can be
Preferred Dividends
15.21%
% ot Total Non-Interest Expense
Salaries and Other Empl. Benefits
made. Wells Fargos total revenue
% of Total Interest Income
Amort. of Goodwill & Intang. Assets
interest income on loans
75.85%
Occupancy Expense
has a 5 year compound annual
interest income on investments
24.15%
Federal Deposit Insurance
Selling General & Admin Exp., Total
growth rate (CAGR) of 3.80%. From % of Total Interest Expense
Total Other Non-Interest Expense
total interest on borrowings
75.78%
this point, it was noted that net
interest on deposits
24.22%
Tax
interest income has historically
% of Non-Interest Income
Service charges
12.66%
been approximately 53% of the
trust income
35.43%
total mortgage banking
15.92%
revenue before loan losses while
income from trading
1.50%
gain on sale of assets
0.18%
non-interest income has
gain on sale of investments
7.79%
total other non interest
26.51%
historically been 47% of revenue
before loan losses. The rest of the numbers fall into place as percentages of their respective
categories. Although the method may not be nearly as effective as with a traditional retail
store, over time these percentages seem to stay true. Once the growth of total revenue, total
non-interest expense, provision for loan losses, minority interest, and preferred dividends were
calculated and forecasted, the rest of the income statement was completed using the
calculated percentages above. The trend indicates that a majority of the smaller components
increase along with their respective category while maintaining their respective percentages of
the category.
52.59%
57.21%
47.41%
57.39%
2.49%
3.72%
1.94%
11.84%
22.61%
32.00%
Balance Sheet. The balance sheet was also forecasted using the data recorded in the
past 5 years. This financial statement is much more obscure than the income statement,
making it even more difficult to forecast. The main assumptions of this forecast are that the
total assets, total deposits,
Balance Sheet Assumptions
common equity, preferred
Growth
% of Total Deposits
Total Assets
7.30%
Interest Bearing Deposits
66.49% equity, and gross loans will
Total Deposits
7.60%
Institutional Deposits
4.77% all increase at the 5 year
Gross Loans
3.70%
Non-Interest Deposits
28.74%
CAGR. Other smaller assets
Allowance for Losses
-12.90%
that factor into the total
Cash and Equivalents
20.00%
% of Total Preferred Equity
Common Equity
7.80%
Redeemable Preferred
75.59% assets were held constant
Preffered Equity
16.00%
Convertible Preferred
30.41% because there was no
Minority Interest
1.00%
Other Preferred
-6.00%
significant trend over the
GPPE
5.00%
past five years; the values
% of Total Common Equity
% of Total Investments
Common Stock
5.31%
tended to oscillate above
Investment Securities
64.61%
Additional Paid in Capital
35.27%
and below a mean, so these
Trading Asset Securities
12.25%
Retained Earnings
70.21%
Mortgage Backed Securities
23.14%
Treasury Stock
-10.96% values were kept constant.
Other
0.17% Once the main categories
were projected at the five year compound annual growth rate, the subsections were projected
as a percentage. For example, investment securities, trading asset securities, and mortgage
backed securities were projected as a percentage of expected growth in total investments. The
same method was used with total deposits, total preferred equity, and total common equity.
Once all the assumptions were input and forecasted, total assets were higher than total
liabilities and equity. From here, the additional funds needed were financed with short term
debt.
Statement of Cash Flows. The values calculated on the statement of cash flows were
pulled from both the income statement and balance sheet. All other essentials were forecasted
using a moving average based on the previous five-year cash flow performance.
Weighted Average Cost of Capital
Traditionally, the weighted average cost of capital is used to discount free cash flows to
the firm in order to value the company. The WACC is calculated by adding the companys
weighted average cost of debt to their weighted average cost of equity (and weighted average
cost of preferred stock if relevant). Because Wells Fargo is a bank, their firm valuation cannot
be conducted in a similar manner. Debt, for a bank, is not a financing decision, its a means of
operations. For this reason, the company must be valued by either a dividend discount model
or discounted free cash flow to equity. These methods will require the bank to discount their
cash flows at their cost of equity. The cost of equity is best determined for Wells Fargo using
the Capital Asset Pricing Model (CAPM). The cost of equity is the risk-free rate (10-year
Treasury yield) plus the company beta times the market-risk premium. The calculation is shown
on the next page.
Wells Fargo Cost of Equity

Risk Free Rate (Rrf)
Market Risk Premium (Rmrp) Beta (B)
1.82%
6.00%
CAPM
Cost of Equity (Re)
1 Re = Rrf + B(Rmrp)
7.82%
The risk free rate listed above is determined using the current yield on a 10 year Treasury bond.
Many banks tend to round this number (7.82%) to a 10% cost of equity, so this is the rate that
will be used in the valuation.
Valuation
Dividend Discount Model. A commercial bank is either valued by discounting the
expected dividends at the cost of equity given a certain long-term growth rate or by discounting
the firms free cash flows to equity. Wells Fargo, being a large commercial bank, is much less
constrained by capital requirements as a smaller bank would be. Below is a dividend discount
model for Wells Fargo, given several assumptions. Historically, Wells Fargo pays out 60% of its
Dividend Discount Model
($ in millions except per share data)
Simplified DDM Assumptions

Historical
Net Income
% Growth
Dividends:
% Growth:
Payout Ratio:
Beginning Shareholders Equity:
Plus: Net Income
Less: Dividends
Ending Shareholders' Equity:
Total Assets:
Risk-Weighted Assets
Tier 1 Ratio:
Return on Equity:
Discount Period:
PV of Dividends:
2015
21,470.00
Projected
2018
2019
26,010.73
27,743.49
6.96%
6.66%
15,606.44
16,646.09
7%
6%
60.00%
60.00%
60.00%
2016
22,671.68
5.60%
13,603.01
5%
60.00%
2017
24,319.27
7.27%
14,591.56
7%
60.00%
166,541.00
21,470.00
(12,882.00)
175,129.00
175,129.00
22,671.68
(13,603.01)
184,197.67
184,197.67
24,319.27
(14,591.56)
193,925.38
193,925.38
26,010.73
(15,606.44)
204,329.67
1,787,632.00
1,263,200.00
1,918,129.14
1,355,413.60
2,058,152.56
1,454,358.79
2,208,397.70
1,560,526.98
12,882.00
Minimum Tier 1 Ratio:

2020
29,514.23
6.38%
17,708.54
6%
60.00%
2021
31,318.74
6.11%
18,791.25
6%
60.00%
204,329.67
27,743.49
(16,646.09)
215,427.07
215,427.07
29,514.23
(17,708.54)
227,232.76
227,232.76
31,318.74
(18,791.25)
239,760.26
2,369,610.73
1,674,445.45
2,542,592.32
1,796,679.97
2,728,201.55
1,927,837.61
14%
12.89%
14%
12.95%
13%
13.20%
13%
13.41%
13%
13.58%
13%
13.70%
12%
13.78%
1
12,366.37
2
12,059.14
3
11,725.35
4
11,369.51
5
10,995.61
6
10,607.17
12%
Starting Total Assets:

Total Asset Growth:
1,787,632.00
7.30%
Initial Risk-Weighted Assets (RWA):

RWA % Total Assets:
1,263,200.00
71%
Return on Assets (ROA):

Cost of Equity:
1.30%
10%
Terminal Value Calculation:

Long-Term Dividend Growth
Terminal Value:
PV of Terminal Value:
PV of Dividends:
Present Value:
Diluted Shares Outstanding:
Implied Share Price:
Current Share Price:
6%
468,920.46
$264,693.38
69,123.15
$333,816.52
$
$
Net Income in dividends. Given this assumption, and the previously stated assumptions about
the growth in net income and total assets, it was determined that they have an intrinsic stock
value of approximately $65.75 per share, while it is currently selling at $48.45 per share. The
valuation suggests that the stock is currently underpriced; this assumption could be validated
by the fact that Warren Buffet recently purchased another $300 million worth of shares of
Wells Fargo stock in the first quarter FY2016. The particular model above is based on the
assumption that Wells Fargo is going to pay 60% of its net income out as dividends each year.
As a result, the annual Tier 1 Capital Ratio is listed for each year on the spreadsheet. This ratio
represents a percentage of Wells Fargos risk-weighted assets; their risk-weighted assets
generally account for 71% of total assets, which is forecasted at a rate of 7.3% growth. As
previously stated, Wells Fargo isnt affected by capital requirements as much as a smaller
banks. For example, if restrained by regulatory capital requirements, Wells Fargo would have to
fight hard to ensure that the ending shareholders equity is at least 12-13% of risk-weighted
assets (as determined by Basel III Tier 1 Regulatory Capital) and adjust their dividend payouts
accordingly.
5,077.00
65.75
49.00
10
Free Cash Flow to Equity. The other option for valuation of the firm is to discount the
firms cash flows to equity. Below is an excerpt from a spreadsheet that shows the calculated
share price given the projected cash flows to equity.
FREE CASH FLOW TO EQUITY

NET INCOME
2015
21,470.00
2016
22,022.65
2017
22,593.18
678.65
2018
23,159.09
712.58
2019
24,267.76
748.21
2020
25,332.91
785.62
2021
26,357.05
Less: Increase NFA
1,086.98
824.90
Plus: Increase Debt

Less: Pay off Debt
FCFE
Growth
21,391.79
29,192
13,135.45
21,631.99
21,391.79
22,154.73
69%
22,502.51
21,631.99
23,317.02
5%
23,354.25
22,502.51
24,371.29
5%
24,175.06
23,354.25
25,368.10
4%
Terminal
PV Terminal
24,950.33
24,175.06
26,307.42
4%
433,231.68
$244,547.99
2016
2017
2018
2019
2020
2021
Change Over Prior Year

2015
NFA
New Debt
Re
NPV
Shares
Price
12,486.00
13,572.98
14,251.63
14,964.21
15,712.42
16,498.05
17,322.95
111,448.00
132,839.79
154,471.78
176,974.28
200,328.53
224,503.59
249,453.92
10%
$95,016.81
5077
$
66.88
This cash flow valuation assumes that the short term debt that was used to finance the growth
in assets over the prior year will be paid off the following year. Because the bank does not have
any significant operating working capital, the cash flows to equity is calculated by deducting any
increase in net fixed assets and adding any net increase in debt. The free cash flows to equity
appear to have a long term growth rate of approximately 4%. This growth is used in the
calculation of the terminal value of the cash flows (Next FCFE / (Re g)). The terminal value is
then discounted to the present, added to the present value of the forecasted cash flows, and
then divided by the number of shares outstanding to get the intrinsic share price. The FCFE
model produced a share price of $66.88 while WFC is currently selling at $48.45 per share.
Conclusion
On all fronts, it is apparent that Wells Fargo is without a doubt financially healthy and
they are also in a position to continually improve. Both valuations above illustrate that Wells
Fargos stock is most likely under-valued, creating an opportunity for investors in the stock
market. This assertion is also backed by Warren Buffets recent investment in the company, as
Buffet is one who generally invests in under-valued companies who present opportunities for
growth. With their earnings per share (EPS: 4.12) remaining strong as well as their P/E ratios
(11.76), I would emphasize a strong recommendation to buy this stock.
15,753.0
69,342.0
25,980.0
2,199.0
1,839.0
1,197.0
5,798.0
13,328.0
50,341.0
19,001.0
19,001.0
6,338.0
12,663.0
12,663.0
(301.0)
12,362.0
Provision For Loan Losses

Total Revenue
Salaries and Other Empl. Benefits

Amort. of Goodwill & Intang. Assets
Occupancy Expense
Federal Deposit Insurance
Selling General & Admin Exp., Total
Total Other Non-Interest Expense
Total Non-Interest Expense
EBT Excl. Unusual Items
Impairment of Goodwill
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items
Income Tax Expense

Earnings from Cont. Ops.
Earnings of Discontinued Ops.

Extraord. Item & Account. Change
Net Income to Company
Minority Int. in Earnings

Net Income
NI to Common Incl Extra Items

NI to Common Excl. Extra Items
11,632.0
11,632.0
730.0
4,916.0
10,934.0
9,737.0
1,648.0
(115.0)
455.0
12,763.0
40,338.0
85,095.0
Service Charges On Deposits

Trust Income
Total Mortgage Banking Activities
Income From Trading Activities
Gain (Loss) On Sale Of Assets (Rev)
Gain on Sale of Invest. & Secur (Rev)
Total Other Non-Interest Income
Non-Oper. Income (Exp.)
Total Non Interest Income
Revenue Before Loan Losses
Pref. Dividends and Other Adj.
41,597.0
11,199.0
52,796.0
2,832.0
5,207.0
8,039.0
44,757.0
Reclassified
12 months
Dec-31-2010
USD
Interest Income On Loans

Interest Income On Investments
Total Interest Income
Interest On Deposits
Total Interest On Borrowings
Total Interest Expense
Net Interest Income
Currency
For the Fiscal Period Ending
Income Statement
15,025.0
15,025.0
844.0
(342.0)
15,869.0
16,211.0
7,445.0
16,211.0
(34.0)
23,656.0
23,690.0
26,179.0
1,880.0
1,923.0
1,266.0
5,578.0
12,550.0
49,376.0
7,899.0
73,066.0
4,280.0
11,304.0
7,866.0
1,014.0
(17.0)
1,536.0
12,219.0
38,202.0
80,965.0
38,949.0
10,463.0
49,412.0
2,275.0
4,374.0
6,649.0
42,763.0
Reclassified
12 months
Dec-31-2011
USD
17,999.0
17,999.0
898.0
(471.0)
18,897.0
19,368.0
9,103.0
19,368.0
37.0
28,471.0
28,434.0
27,106.0
1,674.0
2,857.0
1,356.0
4,453.0
12,959.0
50,405.0
7,217.0
78,839.0
4,683.0
11,890.0
11,601.0
1,707.0
7.0
1,357.0
11,581.0
42,826.0
86,056.0
38,348.0
10,043.0
48,391.0
1,727.0
3,434.0
5,161.0
43,230.0
Reclassified
12 months
Dec-31-2012
USD
20,889.0
20,889.0
989.0
(346.0)
21,878.0
22,224.0
10,405.0
22,224.0
32,629.0
32,629.0
28,216.0
1,504.0
1,799.0
961.0
5,814.0
10,533.0
48,827.0
2,309.0
81,456.0
5,023.0
13,430.0
8,774.0
1,623.0
(15.0)
1,443.0
10,687.0
40,965.0
83,765.0
36,874.0
10,215.0
47,089.0
1,337.0
2,952.0
4,289.0
42,800.0
12 months
Dec-31-2013
USD
21,821.0
21,821.0
1,236.0
(551.0)
23,057.0
23,608.0
10,307.0
23,608.0
33,915.0
33,915.0
28,030.0
1,370.0
1,845.0
928.0
5,838.0
11,054.0
49,065.0
1,395.0
82,980.0
5,050.0
14,280.0
6,381.0
1,161.0
28.0
2,973.0
10,975.0
40,848.0
84,375.0
36,497.0
11,055.0
47,552.0
1,096.0
2,929.0
4,025.0
43,527.0
12 months
Dec-31-2014
USD
21,470.0
21,470.0
1,424.0
(382.0)
22,894.0
23,276.0
10,365.0
23,276.0
33,641.0
33,641.0
28,723.0
1,246.0
1,864.0
973.0
5,927.0
11,316.0
50,049.0
2,442.0
83,690.0
5,168.0
14,468.0
6,501.0
614.0
75.0
3,182.0
10,823.0
40,831.0
86,132.0
37,379.0
11,898.0
49,277.0
963.0
3,013.0
3,976.0
45,301.0
12 months
Dec-31-2015
USD
22,671.68
22,671.68
1,640.60
(385.82)
24,312.28
24,698.10
11,622.63
24,698.10
36,320.73
36,320.73
29,010.23
1,258.46
1,882.64
982.73
5,986.27
11,429.16
50,549.49
24,319.27
24,319.27
1,890.14
(389.68)
26,209.41
26,599.09
12,517.22
26,599.09
39,116.30
39,116.30
29,300.33
1,271.04
1,901.47
992.56
6,046.13
11,543.45
51,054.98
2,692.31
90,171.29
44,022.12
92,863.59
42,396.47
89,434.32
2,564.10
86,870.22
5,571.90
15,598.74
7,009.08
661.99
80.86
3,430.69
11,668.86
40,300.33
12,827.88
53,128.21
1,381.23
4,321.53
5,702.76
47,425.46
26,010.73
26,010.73
2,177.63
(393.57)
28,188.36
28,581.94
13,450.32
28,581.94
42,032.26
42,032.26
29,593.34
1,283.76
1,920.48
1,002.48
6,106.59
11,658.89
51,565.53
2,826.92
93,597.80
45,710.28
96,424.72
5,785.57
16,196.92
7,277.87
687.37
83.96
3,562.25
12,116.34
41,845.77
13,319.80
55,165.57
1,438.19
4,499.75
5,937.94
49,227.63
27,743.49
27,743.49
2,508.86
(397.51)
30,252.35
30,649.86
14,423.46
30,649.86
45,073.32
45,073.32
29,889.27
1,296.59
1,939.69
1,012.51
6,167.66
11,775.47
52,081.19
2,968.27
97,154.51
47,463.35
100,122.78
6,007.46
16,818.10
7,556.98
713.73
87.18
3,698.87
12,581.03
43,450.63
13,830.64
57,281.27
1,497.54
4,685.45
6,182.99
51,098.27
Forecast
Forecast Forecast
DecDec-31-2017 Dec-31-2018
31-2019
USD
USD
USD
5,366.14
15,022.71
6,750.25
637.54
77.88
3,304.00
11,237.96
38,812.12
12,354.17
51,166.29
1,326.55
4,150.47
5,477.03
45,689.27
Forecast
Dec-31-2016
USD
29,514.23
29,514.23
2,890.46
(401.49)
32,404.69
32,806.18
15,438.20
32,806.18
48,244.38
48,244.38
30,188.16
1,309.56
1,959.08
1,022.63
6,229.34
11,893.23
52,602.00
3,116.68
100,846.39
49,283.84
103,963.06
6,237.88
17,463.17
7,846.84
741.11
90.53
3,840.74
13,063.58
45,117.21
14,361.13
59,478.33
1,559.38
4,878.94
6,438.33
53,040.01
Forecast
Dec-31-2020
USD
31,318.74
31,318.74
3,330.11
(405.50)
34,648.86
35,054.36
16,496.17
35,054.36
51,550.53
51,550.53
30,490.04
1,322.65
1,978.67
1,032.86
6,291.63
12,012.16
53,128.02
3,272.51
104,678.55
51,174.36
107,951.06
6,477.16
18,133.05
8,147.84
769.54
94.00
3,988.07
13,564.70
46,847.89
14,912.02
61,759.91
1,623.82
5,080.56
6,704.38
55,055.53
Forecast
Dec-31-2021
USD

11
Total Liabilities And Equity
Total Equity
Minority Interest
Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity
Pref. Stock, Redeemable

Pref. Stock, Convertible
Pref. Stock, Other
Total Pref. Equity
Short-term Borrowings
Curr. Port. of LT Debt
Long-Term Debt
Federal Home Loan Bank Debt - LT
Capital Leases
Trust Pref. Securities
Def. Tax Liability, Non-Curr.
Other Non-Current Liabilities
Total Liabilities
Interest Bearing Deposits

Institutional Deposits
Non-Interest Bearing Deposits
Total Deposits
LIABILITIES
Accrued Exp.
947.94
321,904.49
2,728,201.55
938.55
295,340.46
2,542,592.32
929.26
271,157.42
2,369,610.73
920.06
249,119.73
2,208,397.70
910.95
229,017.51
2,058,152.56
901.93
210,663.64
1,918,129.14
893.0
193,891.0
1,787,632.0
868.0
185,262.0
1,687,155.0
866.0
171,008.0
1,527,015.0
1,357.0
158,911.0
1,422,968.0
1,446.0
1,313,867.0
1,258,128.0
14,337.34
95,279.93
189,677.89
(29,608.43)
466.09
270,152.82
13,299.95
88,385.83
175,953.52
(27,466.08)
432.36
250,605.58
12,337.61
81,990.57
163,222.19
(25,478.74)
401.08
232,472.71
11,444.91
76,058.04
151,412.05
(23,635.19)
372.06
215,651.87
10,616.80
70,554.77
140,456.44
(21,925.04)
345.14
200,048.11
9,848.61
65,449.69
130,293.55
(20,338.63)
320.17
185,573.39
9,136.0
60,714.0
120,866.0
(18,867.0)
297.0
172,146.0
9,136.0
60,537.0
107,040.0
(13,690.0)
3,518.0
166,541.0
9,136.0
60,296.0
92,361.0
(8,104.0)
1,386.0
155,075.0
9,136.0
59,802.0
77,679.0
(6,610.0)
5,650.0
145,657.0
8,931.0
55,957.0
64,385.0
(2,744.0)
3,207.0
129,736.0
8,787.0
53,426.0
51,918.0
(487.0)
4,738.0
118,382.0
141,687.0
38,402.48
15,451.63
(3,050.37)
50,803.74
33,105.59
13,320.37
(2,629.63)
43,796.32
28,539.30
11,483.07
(2,266.92)
37,755.45
24,602.84
9,899.20
(1,954.24)
32,547.80
21,209.35
8,533.80
(1,684.69)
28,058.45
18,283.92
7,356.72
(1,452.32)
24,188.32
15,762.0
6,342.0
(1,252.0)
20,852.0
14,762.0
4,342.0
(1,251.0)
17,853.0
16,267.0
(1,200.0)
15,067.0
8,772.0
4,036.0
(911.0)
11,897.0
7,372.0
3,992.0
(859.0)
10,505.0
4,871.0
3,773.0
(618.0)
8,026.0
1,481.0
249,453.92
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
2,406,297.06
224,503.59
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
2,247,251.86
200,328.53
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
2,098,453.31
176,974.28
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
1,959,277.97
154,471.78
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
1,829,135.05
132,839.79
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
1,707,465.50
111,448.0
639.0
159,632.0
37,102.0
8.0
2,155.0
7,265.0
378.0
1,593,741.0
82,256.0
147,691.0
34,125.0
9.0
2,118.0
11,252.0
615.0
1,501,893.0
53,883.0
152,998.0
1,356,007.0
69,117.0
120,224.0
2,218.0
12.0
4,925.0
5,051.0
2,200.0
1,264,057.0
49,091.0
114,998.0
2,601.0
116.0
7,639.0
1,300.0
1,172,180.0
55,401.0
129,788.0
7,915.0
26.0
19,254.0
1,300.0
1,130,239.0
127,889.0
51,802.0
1,262,240.24
90,633.02
545,627.88
1,898,501.15
51,802.0
1,173,085.73
84,231.44
507,089.11
1,764,406.27
51,802.0
1,090,228.37
78,282.00
471,272.41
1,639,782.78
51,802.0
1,013,223.39
72,752.79
437,985.51
1,523,961.69
51,802.0
941,657.43
67,614.12
407,049.73
1,416,321.27
51,802.0
875,146.31
62,838.40
378,299.00
1,316,283.71
51,802.0
813,333.0
58,400.0
351,579.0
1,223,312.0
55,517.0
815,247.0
31,100.0
321,963.0
1,168,310.0
69,949.0
791,060.0
288,117.0
1,079,177.0
57,475.0
679,228.0
35,400.0
288,207.0
1,002,835.0
76,365.0
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
2,728,201.55
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
2,542,592.32
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
2,369,610.73
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
2,208,397.70
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
2,058,152.56
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
1,918,129.14
25,529.0
3,153.0
19,882.0
5,065.0
26,251.0
10,600.0
273.0
1,425.0
50,354.0
1,787,632.0
25,705.0
4,418.0
20,258.0
4,871.0
27,151.0
12,900.0
201.0
2,609.0
48,134.0
1,687,155.0
25,637.0
16,896.0
103,151.0
1,527,015.0
25,637.0
7,267.0
47,259.0
5,006.0
25,828.0
9,100.0
282.0
4,023.0
48,374.0
1,422,968.0
25,115.0
8,950.0
49,695.0
5,296.0
25,939.0
7,000.0
225.0
4,661.0
55,946.0
1,313,867.0
24,770.0
10,751.0
53,053.0
4,895.0
23,763.0
6,000.0
229.0
6,009.0
56,978.0
1,258,128.0
Goodwill
Other Intangibles
Loans Held For Sale
Accrued Interest Receivable
Other Receivables
Restricted Cash
Other Current Assets
Other Real Estate Owned And Foreclosed
Other Long-Term Assets
Total Assets
650,967.0
25,100.0
244,003.0
920,070.0
31,496.27
14,173.32
17,322.95
29,996.45
13,498.40
16,498.05
28,568.04
12,855.62
15,712.42
27,207.66
12,243.45
14,964.21
25,912.06
11,660.43
14,251.63
24,678.15
11,105.17
13,572.98
23,503.0
(11,017.0)
12,486.0
21,920.0
(10,463.0)
11,457.0
9,156.0
20,658.0
(9,229.0)
11,429.0
20,158.0
(8,802.0)
11,356.0
19,658.0
(8,141.0)
11,517.0
68,613.0
1,144,536.91
(5,040.84)
1,139,496.07
1,103,700.01
(5,787.42)
1,097,912.59
1,064,320.16
(6,644.57)
1,057,675.60
1,026,345.38
(7,628.66)
1,018,716.72
989,725.54
(8,758.51)
980,967.03
954,412.28
(10,055.70)
944,356.59
920,359.0
(11,545.0)
(3,800.0)
905,014.0
867,051.0
(12,319.0)
(4,500.0)
850,232.0
825,799.0
(14,502.0)
811,297.0
806,974.0
(17,060.0)
(7,400.0)
782,514.0
778,931.0
(19,372.0)
(9,300.0)
750,259.0
768,567.0
(23,022.0)
(11,300.0)
734,245.0
Gross Loans
Allowance For Loan Losses
Other Adj. to Gross Loans
Net Loans
622,786.0
33,900.0
191,256.0
847,942.0
818,347.26
155,151.37
293,096.52
1,266,595.15
743,297.37
140,922.58
266,216.91
1,150,436.86
672,598.84
127,518.77
240,895.76
1,041,013.36
264,353.0
62,813.0
327,166.0
Gross Property, Plant & Equipment

Accumulated Depreciation
Net Property, Plant & Equipment
162,255.38
135,212.82
112,677.35
93,897.79
606,227.31
114,935.32
217,124.35
938,286.97
78,248.16
544,115.62
103,159.49
194,878.64
842,153.74
65,206.80
486,164.98
92,172.56
174,123.23
752,460.77
54,339.0
434,994.0
82,471.0
155,796.0
673,261.0
43,527.0
409,892.0
83,972.0
141,828.0
635,692.0
233,712.0
46,644.0
218,939.0
57,482.0
133,184.0
409,605.0
36,695.0
Forecast
Dec-31-2021
USD
Forecast
Dec-31-2020
USD
Forecast
Dec-31-2019
USD
Forecast
Dec-31-2018
USD
Forecast
Dec-31-2017
USD
Forecast
Dec-31-2016
USD
Dec-31-2015
USD
Dec-31-2014
USD
Reclassified
Dec-31-2013
USD
122,176.0
77,814.0
132,740.0
332,730.0
Reclassified
Dec-31-2012
USD
34,924.0
Dec-31-2011
USD
123,786.0
51,414.0
115,794.0
290,994.0
Dec-31-2010
USD
Investment Securities
Trading Asset Securities
Mortgage Backed Securities
Total Investments
Currency
ASSETS
Cash And Equivalents
Balance Sheet
Balance Sheet as of:

12
45,720.33
32,185.22
(18,063.79)
(3,517.88)
(1,106.22)
20,504.10
(460.0)
(348.0)
(1,941.0)
2,420.0
3,396.0
(11,036.0)
Net Change in Cash
134,094.88
1,613.9
135,708.73
124,623.49
1,397.3
126,020.78
115,821.09
1,180.7
117,001.80
107,640.42
964.1
108,604.56
100,037.56
747.6
100,785.13
92,971.71
531.0
93,502.71
54,867.0
254.0
92,003.0
89,133.0
(48.0)
110,503.0
76,342.0
111.0
93,910.0
82,762.0
(386.0)
83,770.0
72,128.0
(254.0)
24,775.0
23,924.0
(1,039.0)
(26,133.0)
Net Incr. (Decr.) in Deposit Accounts

Special Dividend Paid
Other Financing Activities
Cash from Financing
(18,791.25)
(3,330.11)
(22,121.4)
(17,708.54)
(2,890.46)
(20,599.0)
(16,646.09)
(2,508.86)
(19,155.0)
(15,606.44)
(2,177.63)
(17,784.1)
(14,591.56)
(1,890.14)
(16,481.7)
(13,603.01)
(1,640.60)
(15,243.6)
(7,400.0)
(1,426.0)
(8,826.0)
(6,908.0)
(1,235.0)
(8,143.0)
(5,953.0)
(1,017.0)
(6,970.0)
(4,565.0)
(892.0)
(5,457.0)
(2,537.0)
(844.0)
(3,381.0)
(1,045.0)
(737.0)
(1,782.0)
Common Dividends Paid

Pref. Dividends Paid
Total Dividends Paid
2,613.5
(20,879.9)
4,192.0
2,513.0
(19,009.6)
3,958.0
2,412.4
(17,139.2)
3,724.0
2,311.8
(15,268.9)
3,490.0
2,211.2
(13,398.5)
3,256.0
2,110.7
(11,528.2)
1,726.0
(8,697.0)
2,972.0
1,840.0
(9,414.0)
2,775.0
2,224.0
(5,356.0)
3,145.0
2,091.0
(3,918.0)
1,377.0
1,296.0
(2,416.0)
2,501.0
1,375.0
(91.0)
-
85,960.0
106,625.8
192,585.8
(34,552.0)
(34,552.0)
59,985.0
97,636.1
157,621.1
(26,358.6)
(26,358.6)
88,646.4
88,646.4
(3,389.0)
(18,165.2)
(21,554.2)
7,700.0
79,656.8
87,356.8
(9,971.9)
(9,971.9)
70,667.1
70,667.1
(6,230.0)
(1,778.5)
(8,008.5)
11,309.0
61,677.5
72,986.5
(6,414.9)
(6,414.9)
34,010.0
43,030.0
77,040.0
(27,333.0)
(27,333.0)
8,035.0
42,154.0
50,189.0
(15,829.0)
(15,829.0)
53,227.0
53,227.0
(3,390.0)
(25,423.0)
(28,813.0)
7,699.0
27,695.0
35,394.0
(28,093.0)
(28,093.0)
11,687.0
11,687.0
(6,231.0)
(50,555.0)
(56,786.0)
11,308.0
3,489.0
14,797.0
(63,317.0)
(63,317.0)
(339.0)
(7.7)
(88,017.0)
(148,328.5)
(55,728.3)
(292,420.5)
(168.0)
(6.4)
(80,953.1)
(135,277.2)
(52,518.0)
(268,922.8)
(5.2)
(73,889.3)
(122,225.9)
(49,307.8)
(245,428.1)
Short Term Debt Issued

Long-Term Debt Issued
Total Debt Issued
Short Term Debt Repaid
Long-Term Debt Repaid
Total Debt Repaid
Issuance of Common Stock

Repurchase of Common Stock
Issuance of Pref. Stock
Net Income
Depreciation & Amort.
Amort. of Goodwill and Intangibles
Depreciation & Amort., Total
(10,142.3)
(3.9)
(66,825.4)
(109,174.6)
(46,097.6)
(232,243.8)
(7,999.3)
(2.7)
(59,761.5)
(96,123.2)
(42,887.4)
(206,774.1)
(5,856.3)
(1.4)
(52,697.6)
(83,071.9)
(39,677.1)
(181,304.4)
(3.0)
(135.0)
(39,425.0)
(61,521.0)
(6,151.0)
(107,235.0)
(174.0)
(150.0)
(43,231.0)
(50,003.0)
(34,822.0)
(128,380.0)
407.0
(42,348.0)
(44,969.0)
(66,582.0)
(153,492.0)
(4,322.0)
116.0
(174.0)
(54,085.0)
(81,425.0)
(139,890.0)
(353.0)
(155.0)
(45,787.0)
(38,589.0)
49,840.0
(35,044.0)
(36.0)
(65.0)
3,121.0
24,813.0
(31,508.0)
(3,675.0)
Capital Expenditures
Cash Acquisitions
Divestitures
Purchase/Sale of Intangibles
Net Cash from Investments
Net (Increase)/Decrease in Loans Orig/Sold
Deferred Charges
Total Other Investing Activities
Cash from Investing
(19,149.0)
3,272.51
2,945.7
(977.8)
(25,573.0)
52,398.4
(2,096.7)
805.0
(5,382.3)
19,223.1
2,427.0
27,892.9
(17,262.5)
3,116.68
2,799.3
(893.8)
(23,312.5)
51,234.1
(1,851.3)
701.1
(4,521.0)
16,057.8
2,090.9
28,158.8
(15,376.0)
2,968.27
2,652.9
(809.7)
(21,059.4)
50,069.8
(1,605.9)
597.2
(3,659.8)
12,892.5
1,754.8
28,424.7
(13,489.5)
2,826.92
2,506.5
(725.6)
(18,813.4)
48,905.6
(1,360.5)
493.4
(2,798.6)
9,727.2
1,418.6
28,690.6
(11,603.0)
2,692.31
2,360.1
(641.6)
(16,574.1)
47,741.3
(1,115.1)
389.5
(1,937.4)
6,562.0
1,082.5
28,956.6
(9,716.5)
2,564.10
2,213.7
(557.5)
(14,341.2)
46,577.1
(869.7)
285.7
(1,076.1)
3,396.7
746.3
29,222.5
(6,496.0)
2,442.0
1,958.0
(453.0)
(45,093.0)
47,244.0
(623.0)
160.0
(2,265.0)
(8,728.0)
444.0
14,772.0
(3,760.0)
1,395.0
1,912.0
(453.0)
(27,662.0)
11,186.0
(372.0)
119.0
2,354.0
4,867.0
2,371.0
17,529.0
(9,384.0)
2,309.0
1,920.0
(271.0)
(5,339.0)
43,638.0
(13.0)
(32.0)
4,977.0
(2,452.0)
(2,883.0)
57,641.0
(3,661.0)
7,217.0
1,698.0
(226.0)
(60,819.0)
105,440.0
293.0
(84.0)
(1,297.0)
(9,889.0)
(1,836.0)
58,540.0
3,273.0
7,899.0
1,488.0
(79.0)
(46,470.0)
35,149.0
(401.0)
(362.0)
3,573.0
(8,529.0)
47.0
13,665.0
1,345.0
15,753.0
1,232.0
(98.0)
(9,088.0)
12,356.0
1,051.0
(268.0)
4,287.0
(21,360.0)
(724.0)
18,772.0
(Gain) Loss On Sale of Assets

Provision for Credit Losses
Stock-Based Compensation
Tax Benefit from Stock Options
Net (Increase)/Decrease in Loans Orig/Sold
Change in Trad. Asset Securities
Accrued Interest Receivable
Accrued Interest Payable
Change in Def. Taxes
Change in Other Net Operating Assets
Other Operating Activities
Cash from Ops.
34,648.86
2,470.94
1,507.00
3,977.94
32,404.69
2,353.28
1,507.00
3,860.28
30,252.35
2,241.22
1,507.00
3,748.22
28,188.36
2,134.49
1,507.00
3,641.49
26,209.41
2,032.85
1,507.00
3,539.85
24,312.28
1,936.05
1,507.00
3,443.05
22,894.0
1,781.0
1,507.0
3,288.0
23,057.0
2,261.0
254.0
2,515.0
21,878.0
3,039.0
254.0
3,293.0
18,897.0
2,574.0
233.0
2,807.0
15,869.0
1,944.0
264.0
2,208.0
12,362.0
1,696.0
228.0
1,924.0
Forecast
Dec-31-2021
USD
Forecast
Dec-31-2020
USD
Forecast
Dec-31-2019
USD
Forecast
Dec-31-2018
USD
Forecast
Dec-31-2017
USD
Dec12 months Forecast

31-2016
Dec-31-2015
USD
USD
12 months
Dec-31-2014
USD
12 months
Dec-31-2013
USD
12 months
Dec-31-2012
USD
12 months
Dec-31-2011
USD
Currency
12 months
Dec-31-2010
USD
Cash Flow
For the Fiscal Period Ending

13
14
Works Cited
"Estimating Terminal Value." Estimating Terminal Value. N.p., n.d. Web. 03 Apr. 2016.
<http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/termvalappro
aches.htm>.
Fargo, Wells. Basel III Pillar 3 Regulatory Capital Disclosures (n.d.): n. pag. Wells Fargo. Web.
Haider, Zeeshan. "Commercial Banking in the US." IBISWorld. N.p., Mar. 2016. Web. 26 Mar.
2016.
"History of Wells Fargo." Wells Fargo. N.p., n.d. Web. 26 Mar. 2016.
<https://www.wellsfargo.com/about/corporate/history/>.
"Warren Buffett Just Made Berkshire Hathaway's Biggest Stock Holding Even Bigger -- The
Motley Fool." The Motley Fool. N.p., n.d. Web. 03 Apr. 2016.
<http://www.fool.com/investing/general/2015/05/28/warren-buffett-just-madeberkshire-hathaways-bigge.aspx>.
"Welcome to Market Realist." Why Wells Fargo Is Leveraging Technology to Cut Costs. N.p., n.d.
Web. 03 Apr. 2016. <http://marketrealist.com/2014/10/why-wells-fargo-is-leveragingtechnology-to-cut-costs/>.
"Wells Fargo & Company - Financial and Strategic Analysis Review." Gale Business Insights:
Essentials. GlobalData Ltd., 13 Jan. 2016. Web.
"Wells Fargo Financials." S&P Capital IQ McGraw Hill Financial. N.p., n.d. Web. 04 Apr. 2016.
<https://www.capitaliq.com/CIQDotNet/company.aspx?companyId=292891>.

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