Wells Fargo 2009 Annual Report Download - page 4
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For starters, we:
• Provided $711billion this year in loans and lines of credit
to our customers.
• Provided more loan dollars to small businesses than any
other U.S. lender and the most loans under $100,000 to
small businesses in low- to moderate-income neighborhoods
(2008 data).
• Provided $804billion in loans and lines of credit to
individuals and businesses during the 15 months that we
used U.S. taxpayers’ $25billion investment in WellsFargo —
32 times the government’s investment.
• Repaid the U.S. Treasury its $25billion investment plus
$1.44billion in dividends on its investment.
• Raised $12.2billion in equity in December2009 to help
repay the government investment, and had two other
successful stock o erings since November 2008 totaling
$21.2billion, showing strong shareholder support for our
company’s business model and earnings potential. Total
raised in 14 months: $33 billion.
Let’s begin with what’s most important
— the value we delivered this year for
our customers, our communities, our
country and our shareholders. We
did this by doing what community-based, relationship-
oriented fi nancial providers are supposed to do. We
channel the wealth of savers, who deposit their money
with us, and then we lend it out to fi nance those who
invest in people, businesses and construction for creating
and building things that help America’s economy grow
and that strengthen neighborhoods and communities.
To our owners
John G. Stumpf
Chairman, President and CEO
• Helped reduce mortgage payments for 1.2million
homeowners through refi nancing.
• Lowered the interest rate or principal or changed terms for
470,000 mortgage customers struggling with their payments.
• Maintained a mortgage delinquency rate, including
foreclosures, a third of the industry average1, with 92 of
every 100 of our mortgage customers current on their
home payments.
Because of the value we created for our customers and
communities, we generated record revenue, earnings and
capital. We earned a record $12.3billion (more than any of our
peers) despite lower demand for credit and a weak economy.
Our diluted earnings per common share2 were $1.75 for the
year. That’s after absorbing 48cents a share for adding to our
reserve for loan losses, and 76cents a share in dividends for
Wells Fargo preferred stock issued to the government.
1 Inside Mortgage Finance (3Q09)
2 Includes stock option grants and securities that can be converted into stock