Company: WFC-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000072971-25-000129
Chunk: 135

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 5
Chunk 135
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Credit card modifications:Interest rate reduction$309 183 Total credit card modifications$309 183 Total credit card modifications as a % of loan class0.57 %0.35 Financial effects:Weighted average interest rate reduction21.54 %21.94 (1)Payment delay modifications include loan modifications that defer a set amount of principal to the end of the loan term. The outstanding balance of loans with principal deferred to the end of the loan term was $94 million and $96 million in first quarter 2025 and 2024, respectively.(2)Excludes the financial effects of loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 25.0 years and 23.7 years in first quarter 2025 and 2024, respectively.

Wells Fargo & Company81

Note 5:  Loans and Related Allowance for Credit Losses (continued)

Consumer loans that received a modification within the past 12 months as of March 31, 2025 and 2024, and subsequently defaulted in the first quarter of both periods, totaled $100 million and $111 million, respectively.Table 5.18 provides past due information as of March 31, 2025 and 2024, for consumer loan modifications that received a modification in the past 12 months, and the related gross charge-offs that occurred on these modifications during the first quarter of both 2025 and 2024.Table 5.18:  Payment Performance of Consumer Loan ModificationsBy delinquency statusGross charge-offs(in millions)Current-29 DPD30-89 DPD90+ DPDTotalQuarter endedMarch 31, 2025Residential mortgage (1)$355 113 71 539 1 Credit card (2)736 130 89 955 82 Total consumer$1,091 243 160 1,494 83 March 31, 2024Residential mortgage (1)$523 144 192 859 2 Credit card (2)433 72 63 568 49 Total consumer$956 216 255 1,427 51 (1)Loan modifications in an active payment deferral are excluded. Includes loans where delinquency status was not reset to current upon exit from the deferral period.(2)Credit card loans that are past due at the time of the modification do not become current