Wells Fargo 2014 Annual Report Download - page 231
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Assets and Liabilities Recorded at Fair Value on a assets. The following table provides the fair value hierarchy and
Nonrecurring Basis
We may be required, from time to time, to measure certain
carrying amount of all assets that were still held as of
December 31, 2014, and 2013, and for which a nonrecurring fair
assets at fair value on a nonrecurring basis in accordance with adjustment was recorded during the years then ended.
GAAP. These adjustments to fair value usually result from
application of LOCOM accounting or write-downs of individual
December 31, 2014 December 31, 2013
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Mortgages held for sale (LOCOM) (1) $ — 2,197 1,098 3,295 — 1,126 893 2,019
Loans held for sale — — — — — 14 — 14
Loans:
Commercial — 243 — 243 — 414 — 414
Consumer — 2,018 5 2,023 — 3,690 7 3,697
Total loans (2) — 2,261 5 2,266 — 4,104 7 4,111
Other assets (3) — 417 460 877 — 445 740 1,185
(1) Mostly real estate 1-4 family first mortgage loans.
(2) Represents carrying value of loans for which adjustments are based on the appraised value of the collateral.
(3) Includes the fair value of foreclosed real estate, other collateral owned and nonmarketable equity investments.
The following table presents the increase (decrease) in value
of certain assets for which a nonrecurring fair value adjustment
has been recognized during the periods presented.
Year ended December 31,
(in millions) 2014 2013
Mortgages held for sale (LOCOM) $ 33 (23)
Loans held for sale — (1)
Loans:
Commercial (125) (216)
Consumer (1) (1,336) (2,050)
Total loans (1,461) (2,266)
Other assets (2) (341) (214)
Total $ (1,769) (2,504)
(1) Represents write-downs of loans based on the appraised value of the
collateral.
(2) Includes the losses on foreclosed real estate and other collateral owned that
were measured at fair value subsequent to their initial classification as
foreclosed assets. Also includes impairment losses on nonmarketable equity
investments.
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