Company: WFC-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000072971-25-000129
Chunk: 37

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 37
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,286 Operating lease ROU assets (lessee)3,753 3,850 Other (3)22,806 18,472 Total other assets$86,457 73,302 (1)Corporate/bank-owned life insurance is recognized at cash surrender value.(2)Includes derivatives clearinghouse receivables and trade date receivables.(3)Includes income tax receivables, prepaid expenses, and physical commodities inventory (recognized at lower of cost or fair value (LOCOM)).

Wells Fargo & Company85

Note 8:  Leasing Activity

The information below provides a summary of our leasing activities as a lessor and lessee. See Note 8 (Leasing Activity) in our 2024 Form 10-K for additional information about our leasing activities.As a LessorNoninterest income on leases, included in Table 8.1 is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $157 million and $164 million in first quarter 2025 and 2024, respectively.Table 8.1:  Leasing RevenueQuarter ended March 31,(in millions)20252024Interest income on lease financing$232 216 Other lease revenue:Lease financing25 25 Operating leases233 248 Other lease-related revenue (1)14 148 Noninterest income on leases272 421 Total leasing revenue$504 637 (1)    Includes net gains or (losses) on disposition of assets leased under operating leases or lease financings.As a LesseeTable 8.2 presents balances for our operating leases.Table 8.2:  Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities(in millions)Mar 31, 2025Dec 31, 2024ROU assets$3,753 3,850 Lease liabilities4,319 4,423 Total lease costs, which are included in occupancy expense, were $310 million and $293 million in first quarter 2025 and 2024, respectively.

86Wells Fargo & Company

Note 9:  Preferred Stock and Common StockWe are authorized to issue 20 million shares of preferred stock, without par value. Outstanding preferred shares rank senior to common shares both as to the payment of dividends and liquidation preferences but have no general voting rights. All outstanding preferred stock with a liquidation preference