Wells Fargo & Company (WFC) 8-K Results of Operations and Financial Condition

Exhibit 99

Media	Investors
Janis Smith	Bob Strickland
(415)396-7711	(415)396-0523

Tuesday, April 19, 2005
WELLS FARGO REPORTS RECORD
QUARTERLY EARNINGS PER SHARE AND NET INCOME

First Quarter 2005 Highlights:

•   Record diluted earnings per share of $1.08, up 5 percent from prior year’s $1.03, up 15 percent (annualized) from fourth quarter 2004

•   Record net income of $1.86 billion, up 5 percent from prior year’s $1.77 billion, up 16 percent (annualized) from fourth quarter 2004

•   Return on equity of 19.6 percent

•   Revenue up 13 percent from prior year

•   Strong balance sheet growth

o     Average loans up 12 percent from prior year

o     Average core deposits up 9 percent from prior year

•   Improved asset quality

o     Nonperforming assets down $167 million, or 11 percent, from prior quarter, and down 13 percent from a year ago

o     Net charge-offs up $120 million from prior quarter, including $163 million of credit losses to conform Wells Fargo Financial’s credit write-off policies with Federal Financial Institutions Examination Council (FFIEC) standards

	First Quarter
							%
	2005			2004			Change
Earnings
Diluted earnings per share	$	1.08		$	1.03			5	%
Net Income (in billions)		1.86			1.77			5
Asset Quality
Net charge-offs (in millions)	$	585		$	404			45
Nonperforming assets as % of total loans		.48	%		.61	%		(21	)
Revenue-Related
Revenue (in billions)	$	8.09		$	7.15			13
Average loans (in billions)		287.3			256.4			12
Average core deposits (in billions)		231.8			213.1			9

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SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $1.08 for first quarter 2005, compared with $1.03 in first quarter 2004, up 5 percent. Net income was a record $1.86 billion, up 5 percent from $1.77 billion in first quarter 2004.

“This was another outstanding, record-breaking quarter with double-digit growth in loans, double-digit growth in revenue, the single most important measure of Wells Fargo’s long-term success, continued strengthening of our already strong balance sheet and solid profit performance throughout all our major business groups,” said Chairman and CEO Dick Kovacevich. “Our 153,000 talented team members continued to increase market share by satisfying the financial needs of our more than 23 million customers and earning more of their business. Our credit quality continued to be excellent and among the very best in our industry, and Wells Fargo Bank, N.A. remained the only U.S. bank with the highest possible credit rating, ‘Aaa.’ Continuing the pace of last year’s store expansion, we opened 15 new banking stores during the quarter. New government data shows we’ve widened our lead as the nation’s #1 lender to small-business owners, and we’re also #1 in lending to small businesses in low-to-moderate income neighborhoods for loans less than $1 million.Business Ethicsmagazine named Wells Fargo one of the nation’s top 10 corporate citizens among all industries, and we were only the second company, ever, to receive the United Way of America’s highest possible recognition — all four of its Summit awards for corporate community involvement.”

Financial Performance
Diluted earnings per share were a record $1.08, up 5 percent from $1.03 in first quarter 2004 and up 15 percent (annualized) from $1.04 in fourth quarter 2004. “Profit growth continued to be broad based across our businesses, with particular strength in regional banking, mortgage, consumer finance, institutional investment management, and large corporate banking — all of which had either double-digit revenue growth, double-digit profit growth, or both,” said Chief Financial Officer Howard Atkins.

First quarter results included pre-tax charges or losses of $410 million for several actions designed to further strengthen the Company’s balance sheet. First, in a step toward bringing the Company’s mortgage, home equity and consumer finance businesses onto common systems and conforming credit charge-off practices with the more stringent standards of the Federal Financial Institutions Examination Council (FFIEC), Wells Fargo Financial recognized $163 million in credit losses in its portfolios. Second, the Company incurred $117 million in expenses upon shortening the estimated lives of certain depreciable assets. Finally, the Company realized $130 million of losses related to the sale of $18 billion of its lowest-yielding adjustable rate mortgages (ARMs) and auto loans.

Revenue
Revenue of $8.1 billion for first quarter 2005 grew $942 million, or 13 percent, from a year ago. “Reflecting the strength and breadth of our business model, revenue growth was broad based, with particularly strong double-digit growth in regional banking, institutional investments, debit cards, small business lending, insurance, corporate trust, consumer credit, consumer finance, home mortgage and corporate banking,” said Atkins.

Loans
Despite the sale of $35 billion in ARMs and auto loans since first quarter 2004, average loans of $287.3 billion increased $30.8 billion, or 12 percent, from first quarter 2004, and $6.1 billion, or 9 percent (annualized), from fourth quarter 2004. Average commercial and

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commercial real estate loans increased $10.9 billion, or 12 percent, from first quarter 2004. Total commercial loan growth accelerated to 15 percent (annualized), up $3.7 billion on a linked-quarter basis. Commercial loans grew across virtually all customer segments, including double-digit increases, both linked-quarter (annualized) and year-over-year in small business direct, middle market, large corporate, commercial real estate and asset-based lending.

“The commercial lending market remained competitive, but we continue to build volume by adding new customers and expanding relationships with existing customers,” said Atkins. “As a result, commercial loans have grown at a double-digit rate for two consecutive quarters. Consumer loan growth also remained very strong despite some reduction in growth from last year’s record pace.” Average consumer loans increased 11 percent from first quarter 2004 and 5 percent (annualized) on a linked-quarter basis. Loan sales reduced year-over-year and linked-quarter consumer loan growth by 50 percent each.

Deposits
Average core deposits of $231.8 billion grew $18.7 billion, or 9 percent, from first quarter 2004, and increased $1.6 billion on a linked-quarter basis. Average consumer checking account balances grew 9 percent from first quarter 2004 and 7 percent (annualized) on a linked-quarter basis, reflecting a 5.5 percent net increase in consumer checking accounts from a year ago and higher average balances per account.

Net Interest Income
Net interest income increased 10 percent from a year ago and was essentially flat on a linked-quarter basis. “The double-digit year-over-year increase in net interest income was driven by a 12 percent increase in earning assets,” said Atkins. “The impact on earning assets and net interest income from double-digit customer loan growth was moderated by the sale of $35 billion of our lowest-yielding, shorter duration ARMs and auto loans. During the past twelve months, we had unusually good market opportunities to improve asset yields and margins by selling our lowest-yielding loans. The note rates at which we are now beginning to replace these ARMs through new originations are 80-90 basis points higher than the note rates on the ARMs sold during the past twelve months.” The yield on the Company’s first mortgage portfolio increased to 6.0 percent at quarter end from 5.3 percent a year ago and 5.7 percent in fourth quarter 2004. At March 31, 2005, the Company had $930 million in unrealized gains on securities available for sale.

Noninterest Income
Noninterest income increased $539 million, or 17 percent, from first quarter 2004. “The double-digit increase in fee income was broad based across our businesses, with growth particularly high in trust and investments, credit and debit cards, consumer loans and mortgage banking,” said Atkins. Substantially all of the increase in trust and investment fees was due to the acquisition of assets under management from Strong Financial Corporation (Strong), which closed December 31, 2004. Mortgage banking results reflected higher income from both servicing and mortgage loan originations and sales compared with first quarter 2004. Net mortgage banking servicing fees were $456 million, up $290 million from $166 million in first quarter 2004. Servicing fees included $271 million from a mortgage servicing rights valuation reserve release and $85 million of net derivative gains from hedging mortgage servicing rights, compared with a $400 million provision expense which increased the mortgage servicing rights valuation reserve and $538 million of net derivative gains in first quarter 2004. The valuation allowance had a

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balance of $1.3 billion at March 31, 2005, and mortgage servicing rights were valued at 1.24 percent of loans serviced for others, up from 1.15 percent at December 31, 2004.

On a linked-quarter basis, noninterest income was down $76 million, with fee income growth in our business segments more than offset by the impact of the balance sheet repositioning actions, which reduced noninterest income by $130 million.

Noninterest Expense
Noninterest expense was up $663 million from first quarter 2004 and down $279 million on a linked-quarter basis. The year-over-year increase was primarily due to a $332 million increase in salary and benefit expense from adding 7,100 full-time equivalent (FTE) employees, largely sales people, across the Company’s businesses. Higher occupancy and equipment costs reflected a $117 million expense incurred during first quarter 2005 to adjust the estimated lives for certain depreciable assets, primarily building improvements. The Strong transaction added about $74 million of noninterest expense, including $8 million of integration costs. On a linked-quarter basis, noninterest expense declined $279 million due primarily to the $217 million charitable contribution expense taken in fourth quarter 2004.

Credit Quality
“We continued to experience historically low loss rates in most of our wholesale business units, and our consumer credit loss rates remained stable and at the lower end of historic ranges,” said Chief Credit Officer Dave Munio. Total first quarter net credit losses were $585 million (.83 percent of average loans outstanding, annualized), including $163 million (.23 percent) related to the timing of credit loss recognition at Wells Fargo Financial upon adoption of FFIEC guidelines, compared with $465 million (.66 percent) in fourth quarter 2004 and $404 million (.63 percent) in first quarter 2004. “Unlike our banks, Wells Fargo Financial is not subject to FFIEC guidelines, but we believe these are sound business practices that will also provide consistent loss recognition across all Wells Fargo business units,” said Munio.

Total nonperforming assets (NPAs) declined $206 million, or 13 percent, from March 31, 2004 and $167 million, or 11 percent, from December 31, 2004. NPAs were $1.41 billion, or .48 percent of total loans, at March 31, 2005, compared with $1.57 billion (.55 percent) at year-end 2004 and $1.61 billion (.61 percent) at March 31, 2004. The $167 million decline in NPAs from December 31, 2004 primarily reflected lower consumer NPAs due to the impact of the higher charge-offs at Wells Fargo Financial to conform its credit write-off practices with FFIEC standards and the continued decline in commercial NPAs due to overall economic improvements.

At March 31, 2005, the allowance for credit losses was $3.95 billion, unchanged from year-end 2004, and represented over two times coverage for estimated annual loan losses. “We consider the allowance at quarter end to be adequate to cover losses inherent in the loan portfolios,” said Munio.

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Business Segment Performance
Wells Fargo has three lines of business for management reporting: Community Banking, Wholesale Banking and Wells Fargo Financial. Net income for each of the three business segments was:

	First Quarter
					%
(in millions)	2005		2004		Change
Community Banking	$	1,404	$	1,183		19	%
Wholesale Banking		425		448		(5	)
Wells Fargo Financial		27		136		(80	)

More financial information about the business segments is on page 23.

Community Bankingoffers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services primarily in 23 midwestern and western states, and mortgage and home equity loans in all 50 states.

Selected Financial Information

	First Quarter
					%
(in millions)	2005		2004		Change
Total revenue	$	5,818	$	5,011		16	%
Provision for credit losses		203		214		(5	)
Noninterest expense		3,507		2,994		17
Net income		1,404		1,183		19
Average loans (in billions)		192.6		180.3		7
Average assets (in billions)		302.9		277.7		9

•   Record quarterly net income of $1.40 billion, up 19 percent from prior year

•   Average core deposits up 10 percent from prior year

•   Average loans up 7 percent from prior year

“The outstanding results in Community Banking are the direct result of the continued customer focus and hard work of our dedicated team members,” said John Stumpf, Group EVP, Community Banking. “Through their efforts, we’ve been delivering consistent results thanks to their ability to do what’s right for our customers.”

Community Banking reported record net income of $1.40 billion, up 19 percent from first quarter 2004. Net interest income increased $275 million, or 10 percent, compared with first quarter 2004, due primarily to growth in consumer loans and deposits, and mortgages held for sale. Noninterest income increased $532 million, or 25 percent, compared with first quarter 2004, due primarily to increased mortgage banking revenue and higher card fees, loan fees and other income. Noninterest expense was $3.51 billion, up $513 million from first quarter 2004, due to an increase in the number of team members and a $117 million charge taken in first quarter 2005 to shorten the estimated lives of certain depreciable assets. The first quarter provision for credit losses decreased $11 million, or 5 percent, from first quarter 2004. Average loans were $192.6 billion, up 7 percent from a year ago. Core deposits averaged $206.2 billion, up 10 percent over the prior year.

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Regional Banking Highlights

•   Record core sales of 3.85 million, up 18 percent from prior year

•   Banker productivity of 5.02 core sales per day

•   1,700 additional platform bankers from prior year

•   Net consumer checking account growth of 5.5 percent from prior year

“We achieved record sales this quarter, thanks to the dedication and hard work of our team, who focus on our vision of satisfying all of our customers’ financial needs and helping them succeed financially,” said Carrie Tolstedt, Group EVP, Regional Banking. “Core sales were 3.85 million, up 18 percent from the same period last year. The number of retail platform bankers increased 16 percent from a year ago, while our daily sales per platform banker remained strong at 5.02. We continued to enjoy strong net growth in consumer checking accounts, a core product for building customer relationships, up 5.5 percent from a year ago. Loan balances for small business grew 17 percent compared with a year ago.”

Internet Highlights

•   6.5 million active online customers, up 24 percent from prior year

•   2.5 million bill pay customers at quarter end, up 39 percent from prior year

•   580,000 active online small business customers, up 21 percent from prior year

•   Online sales versus prior year:

o     Personal lines and loans up 76 percent

o     Student loans up 70 percent

o     Savings accounts sales up 19 percent

Active internet customers increased to 6.5 million, up 24 percent from first quarter 2004, and an industry-leading 53 percent penetration of the Company’s consumer checking accounts. Online bill pay customers increased 39 percent to 2.5 million.

Home Mortgage and Home Equity Highlights

•   Mortgage originations of $65 billion

•   Mortgage applications of $91 billion, up 14 percent from prior quarter

•   Mortgage application pipeline of $59 billion, up 18 percent from prior quarter

•   Owned mortgage servicing portfolio of $840 billion, up 16 percent from March 31, 2004 and up 17 percent (annualized) from prior quarter

•   Home equity loans up 34 percent year-over-year

“Home Mortgage saw a strong pick-up in application activity in the quarter, as applications of $91 billion increased 14 percent over fourth quarter 2004, and the March 31, 2005 pipeline of $59 billion was up 18 percent from year-end,” said Mark Oman, Group EVP, Home and Consumer Finance. “The rise in interest rates during the quarter and the growth in the servicing portfolio resulted in an increase in the mortgage servicing rights asset to $9.0 billion, or 1.24 percent of loans serviced for others, up from $7.9 billion, or 1.15 percent, at year-end. Reflecting the increase in fair value of the servicing asset, a $271 million reversal of the valuation allowance was realized in the quarter.”

Home equity loans were $53.9 billion at quarter end, up 34 percent from first quarter 2004. The credit quality of this portfolio remained very strong, with nonaccrual loans of $101 million, or .2 percent of the portfolio.

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Wholesale Banking serves customers coast to coast, including middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and institutional investments.

Selected Financial Information

	First Quarter
					%
(in millions)	2005		2004		Change
Total revenue	$	1,410	$	1,390		1	%
Provision for credit losses		4		23		(83	)
Noninterest expense		745		669		11
Net income		425		448		(5	)
Average loans (in billions)		59.5		50.3		18
Average assets (in billions)		85.1		75.7		12

•   Average loans up 18 percent

•   Improved asset quality: nonperforming assets down $144 million from prior year

•   Strong Funds becomeWells Fargo Advantage Funds^SM

•   Geographic territory expands with new offices on East and West Coasts

Wholesale Banking reported net income of $425 million, down 5 percent from a year ago and up 5 percent on a linked-quarter basis. Revenue was $1,410 million, up 4 percent from $1,356 million in fourth quarter 2004 and up 1 percent from $1,390 million in first quarter 2004. First quarter 2004 included strong revenue in both asset-based lending and capital markets-related businesses. Average loans grew 18 percent to $59.5 billion from $50.3 billion in first quarter 2004 and average core deposits were up 4 percent to $25.6 billion from $24.7 billion in first quarter 2004. The provision for credit losses decreased 83 percent to $4 million from $23 million in first quarter 2004 and decreased 64 percent from $11 million in fourth quarter 2004. Expenses were $745 million, up 4 percent from $718 million in fourth quarter 2004 and up 11 percent from $669 million in first quarter 2004. This was the first full quarter to reflect the Strong acquisition.

“We experienced another quarter of strong loan growth, up 18 percent over the prior year and 22 percent (annualized) over the last quarter of 2004,” said Dave Hoyt, Group EVP, Wholesale Banking. “Credit quality also remained very strong, with net losses of $4 million and a decrease in nonperforming assets of $144 million from a year ago. On April 11, we completed the merger ofWells Fargo Funds^®and certain Strong Funds creating a single fund family, theWells Fargo Advantage Funds. Our new fund family will offer 120 mutual funds, with load and no-load options, including stock, fixed income, money market, municipal income and asset allocation funds, representing more than $100 billion in assets under management, as of March 31, 2005.

We continued our focus on growing our customer base. We continue to look for opportunities to expand our business model into new geographies, as well as expanding share in those markets where we have an existing presence. We’ve recently opened middle market offices in Boston, Atlanta, Grand Rapids and Nashville.”

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Wells Fargo Financialoffers consumer installment and home equity lending, automobile financing, consumer and private-label credit cards and commercial services to consumers and businesses throughout the United States and in Canada, Latin America, the Caribbean, Guam and Saipan.

Selected Financial Information

	First Quarter
					%
(in millions)	2005		2004		Change
Total revenue	$	861	$	746		15	%
Provision for credit losses		378		167		126
Noninterest expense		440		366		20
Net income		27		136		(80	)
Average loans (in billions)		35.2		25.8		36
Average assets (in billions)		37.2		27.4		36

•   Average loans up 36 percent from first quarter 2004

o     Real estate-secured receivables up 57 percent to $14.6 billion

o     Auto finance receivables up 42 percent to $10.4 billion

Wells Fargo Financial reported net income of $27 million compared with $136 million in first quarter 2004. Results included $163 million in credit losses to conform Wells Fargo Financial’s charge-off timing estimates with FFIEC guidelines. Total revenue was $861 million, up 15 percent from $746 million in first quarter 2004. Average loans grew to $35.2 billion from $25.8 billion a year ago, an increase of 36 percent. Noninterest expense increased 20 percent to $440 million from $366 million in first quarter 2004.

“The FFIEC adjustment had a significant impact on our first-quarter bottom-line results, but from an operating standpoint our team had a very strong quarter,” said Tom Shippee, president and chief executive officer of Wells Fargo Financial. “Real estate-secured lending and auto lending both exceeded projections. Our products and services continue to help our customers manage their finances, as we continue to enhance our value proposition to customers. Delinquency rates remained low.”

Recorded Message
A recorded message reviewing Wells Fargo’s results will be available at 5:30 a.m. Pacific Time through April 22, 2005. Dial 800-642-1687 (domestic) or 706-645-9291 (international). Access code 5171857. The call is also available on the internet atwww.wellsfargo.com/ir andwww.vcall.com.

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements about the Company. Forward-looking statements consist of descriptions of plans or objectives for future operations, products or services, forecasts of revenues, earnings or other measures of economic performance, and assumptions underlying or relating to any of the foregoing. Because forward-looking statements discuss future events or conditions and not historical facts, they often include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” or similar expressions. Examples of forward-

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looking statements in this release include statements about the anticipated benefits of strategic actions taken in the quarter and various statements about future credit losses and credit quality.

Do not unduly rely on forward-looking statements. They give the Company’s expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them to reflect changes that occur after that date.

There are a number of factors—many beyond the Company’s control—that could cause results to differ significantly from the Company’s expectations. Factors such as credit, market, operational, liquidity, interest rate and other risks are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, including information incorporated into the Form 10-K from the Company’s 2004 Annual Report to Stockholders, filed as Exhibit 13 to the Form 10-K. See, for example, “Financial Review—Risk Management” included in the 2004 Annual Report to Stockholders and incorporated by reference into the Form 10-K.

Other factors described in the Form 10-K include • business and economic conditions • fiscal and monetary policies • legislation and regulation including the Patriot Act and the Sarbanes-Oxley Act • customers choosing not to use banks for transactions or choosing to take money out of the bank and investing it in the stock market or elsewhere • competition generally and in light of the Gramm-Leach-Bliley Act • potential dividend restrictions • market acceptance and regulatory approval of new products and services • non-banking activities • reliance on other companies for infrastructure components • integration of acquired companies • attracting and retaining key personnel • stock price volatility. See, for example, “Factors That May Affect Future Results” in the 2004 Annual Report to Stockholders and incorporated by reference into the Form 10-K.

Any factor described in this news release, in the Form 10-K, or in any information incorporated by reference therein, could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

Wells Fargo & Company is a diversified financial services company with $436 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.

# # #

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Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA

										% Change
	Quarter ended									Mar. 31, 2005 from
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,	Mar. 31		,
(in millions, except per share amounts)	2005			2004			2004			2004			2004
For the Quarter
Net income	$	1,856		$	1,785		$	1,767			4	%		5	%
Diluted earnings per common share		1.08			1.04			1.03			4			5
Profitability ratios (annualized)
Net income to average total assets (ROA)		1.75	%		1.67	%		1.84	%		5			(5	)
Net income applicable to common stock to average common stockholders’ equity (ROE)		19.60			19.07			20.31			3			(3	)
Efficiency ratio (1)		58.0			60.9			56.4			(5	)		3
Total revenue	$	8,089		$	8,168		$	7,147			(1	)		13
Dividends declared per common share		.48			.48			.45			—			7
Average common shares outstanding		1,695.4			1,692.7			1,699.3			—			—
Diluted average common shares outstanding		1,715.7			1,715.0			1,721.2			—			—
Average loans	$	287,282		$	281,167		$	256,448			2			12
Average assets		430,990			425,259			386,614			1			11
Average core deposits (2)		231,847			230,249			213,146			1			9
Average retail core deposits (3)		192,621			189,788			176,194			1			9
Net interest margin		4.87	%		4.88	%		4.94	%		—			(1	)
At Quarter End
Securities available for sale	$	31,685		$	33,717		$	32,857			(6	)		(4	)
Loans		290,588			287,586			264,216			1			10
Allowance for loan losses		3,783			3,762			3,891			1			(3	)
Goodwill		10,645			10,681			10,403			—			2
Assets		435,643			427,849			397,354			2			10
Core deposits		234,984			229,703			220,105			2			7
Stockholders’ equity		38,477			37,866			35,442			2			9
Capital ratios
Stockholders’ equity to assets		8.83	%		8.85	%		8.92	%		—			(1	)
Risk-based capital (4)
Tier 1 capital		8.40			8.41			8.48			—			(1	)
Total capital		12.37			12.07			12.18			2			2
Tier 1 leverage (4)		7.17			7.08			7.13			1			1
Book value per common share	$	22.76		$	22.36		$	20.90			2			9
Team members (active, full-time equivalent)		147,000			145,500			139,900			1			5
Common Stock Price
High	$	62.75		$	64.04		$	58.98			(2	)		6
Low		58.15			57.55			55.97			1			4
Period end		59.80			62.15			56.67			(4	)		6

(1)	The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	Core deposits consist of noninterest-bearing deposits, interest-bearing checking, savings certificates and market rate and other savings.
(3)	Retail core deposits consist of total core deposits excluding Wholesale Banking core deposits and mortgage escrow deposits.
(4)	The March 31, 2005 ratios are preliminary.

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Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions, except per share amounts)	2005			2004			2004			2004			2004
For the Quarter
Net income	$	1,856		$	1,785		$	1,748		$	1,714		$	1,767
Diluted earnings per common share		1.08			1.04			1.02			1.00			1.03
Profitability ratios (annualized)
Net income to average total assets (ROA)		1.75	%		1.67	%		1.66	%		1.68	%		1.84	%
Net income applicable to common stock to average common stockholders’ equity (ROE)		19.60			19.07			19.34			19.57			20.31
Efficiency ratio (1)		58.0			60.9			57.7			58.6			56.4
Total revenue	$	8,089		$	8,168		$	7,318		$	7,426		$	7,147
Dividends declared per common share		.48			.48			.48			.45			.45
Average common shares outstanding		1,695.4			1,692.7			1,688.9			1,688.1			1,699.3
Diluted average common shares outstanding		1,715.7			1,715.0			1,708.7			1,708.3			1,721.2
Average loans	$	287,282		$	281,167		$	274,255		$	266,231		$	256,448
Average assets		430,990			425,259			419,636			410,544			386,614
Average core deposits (2)		231,847			230,249			225,027			224,920			213,146
Average retail core deposits (3)		192,621			189,788			186,175			182,613			176,194
Net interest margin		4.87	%		4.88	%		4.89	%		4.83	%		4.94	%
At Quarter End
Securities available for sale	$	31,685		$	33,717		$	35,121		$	36,771		$	32,857
Loans		290,588			287,586			279,310			269,731			264,216
Allowance for loan losses		3,783			3,762			3,782			3,940			3,891
Goodwill		10,645			10,681			10,431			10,430			10,403
Assets		435,643			427,849			421,549			420,305			397,354
Core deposits		234,984			229,703			224,946			222,166			220,105
Stockholders’ equity		38,477			37,866			36,680			35,478			35,442
Capital ratios
Stockholders’ equity to assets		8.83	%		8.85	%		8.70	%		8.44	%		8.92	%
Risk-based capital (4)
Tier 1 capital		8.40			8.41			8.40			8.24			8.48
Total capital		12.37			12.07			12.15			11.86			12.18
Tier 1 leverage (4)		7.17			7.08			6.97			6.84			7.13
Book value per common share	$	22.76		$	22.36		$	21.71		$	21.03		$	20.90
Team members (active, full-time equivalent)		147,000			145,500			143,700			142,600			139,900
Common Stock Price
High	$	62.75		$	64.04		$	59.86		$	59.72		$	58.98
Low		58.15			57.55			56.12			54.32			55.97
Period end		59.80			62.15			59.63			57.23			56.67

(1)	The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	Core deposits consist of noninterest-bearing deposits, interest-bearing checking, savings certificates and market rate and other savings.
(3)	Retail core deposits consist of total core deposits excluding Wholesale Banking core deposits and mortgage escrow deposits.
(4)	The March 31, 2005 ratios are preliminary.

-12-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

	Quarter ended March 31					,	%
(in millions, except per share amounts)	2005			2004			Change
INTEREST INCOME
Trading assets	$	44		$	34			29	%
Securities available for sale		456			445			2
Mortgages held for sale		430			334			29
Loans held for sale		112			63			78
Loans		4,780			3,957			21
Other interest income		51			25			104
Total interest income		5,873			4,858			21
INTEREST EXPENSE
Deposits		692			370			87
Short-term borrowings		149			63			137
Long-term debt		579			375			54
Total interest expense		1,420			808			76
NET INTEREST INCOME		4,453			4,050			10
Provision for credit losses		585			404			45
Net interest income after provision for credit losses		3,868			3,646			6
NONINTEREST INCOME
Service charges on deposit accounts		578			594			(3	)
Trust and investment fees		602			535			13
Card fees		326			282			16
Other fees		453			411			10
Mortgage banking		814			315			158
Operating leases		208			209			—
Insurance		337			317			6
Net gains (losses) on debt securities available for sale		(4	)		33			—
Net gains from equity investments		71			95			(25	)
Other		251			306			(18	)
Total noninterest income		3,636			3,097			17
NONINTEREST EXPENSE
Salaries		1,480			1,277			16
Incentive compensation		465			391			19
Employee benefits		547			492			11
Equipment		370			301			23
Net occupancy		404			294			37
Operating leases		158			155			2
Other		1,268			1,119			13
Total noninterest expense		4,692			4,029			16
INCOME BEFORE INCOME TAX EXPENSE		2,812			2,714			4
Income tax expense		956			947			1
NET INCOME	$	1,856		$	1,767			5
EARNINGS PER COMMON SHARE	$	1.09		$	1.04			5
DILUTED EARNINGS PER COMMON SHARE	$	1.08		$	1.03			5
DIVIDENDS DECLARED PER COMMON SHARE	$	.48		$	.45			7
Average common shares outstanding		1,695.4			1,699.3			—
Diluted average common shares outstanding		1,715.7			1,721.2			—

-13-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions, except per share amounts)	2005			2004			2004			2004			2004
INTEREST INCOME
Trading assets	$	44		$	34		$	38		$	39		$	34
Securities available for sale		456			485			496			457			445
Mortgages held for sale		430			443			490			470			334
Loans held for sale		112			87			76			66			63
Loans		4,780			4,542			4,271			4,011			3,957
Other interest income		51			44			34			26			25
Total interest income		5,873			5,635			5,405			5,069			4,858
INTEREST EXPENSE
Deposits		692			576			487			394			370
Short-term borrowings		149			126			105			59			63
Long-term debt		579			477			395			390			375
Total interest expense		1,420			1,179			987			843			808
NET INTEREST INCOME		4,453			4,456			4,418			4,226			4,050
Provision for credit losses		585			465			408			440			404
Net interest income after provision for credit losses		3,868			3,991			4,010			3,786			3,646
NONINTEREST INCOME
Service charges on deposit accounts		578			594			618			611			594
Trust and investment fees		602			543			508			530			535
Card fees		326			321			319			308			282
Other fees		453			479			452			437			411
Mortgage banking		814			790			262			493			315
Operating leases		208			211			207			209			209
Insurance		337			265			264			347			317
Net gains (losses) on debt securities available for sale		(4	)		3			10			(61	)		33
Net gains from equity investments		71			170			48			81			95
Other		251			336			212			245			306
Total noninterest income		3,636			3,712			2,900			3,200			3,097
NONINTEREST EXPENSE
Salaries		1,480			1,438			1,383			1,295			1,277
Incentive compensation		465			526			449			441			391
Employee benefits		547			451			390			391			492
Equipment		370			410			254			271			301
Net occupancy		404			301			309			304			294
Operating leases		158			164			158			156			155
Other		1,268			1,681			1,277			1,495			1,119
Total noninterest expense		4,692			4,971			4,220			4,353			4,029
INCOME BEFORE INCOME TAX EXPENSE		2,812			2,732			2,690			2,633			2,714
Income tax expense		956			947			942			919			947
NET INCOME	$	1,856		$	1,785		$	1,748		$	1,714		$	1,767
EARNINGS PER COMMON SHARE	$	1.09		$	1.06		$	1.03		$	1.02		$	1.04
DILUTED EARNINGS PER COMMON SHARE	$	1.08		$	1.04		$	1.02		$	1.00		$	1.03
DIVIDENDS DECLARED PER COMMON SHARE	$	.48		$	.48		$	.48		$	.45		$	.45
Average common shares outstanding		1,695.4			1,692.7			1,688.9			1,688.1			1,699.3
Diluted average common shares outstanding		1,715.7			1,715.0			1,708.7			1,708.3			1,721.2

-14-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET

										% Change
										Mar. 31, 2005 from
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,	Mar. 31		,
(in millions, except shares)	2005			2004			2004			2004			2004
ASSETS
Cash and due from banks	$	13,467		$	12,903		$	13,972			4	%		(4	)%
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,784			5,020			3,206			(5	)		49
Trading assets		8,487	��		9,000			10,538			(6	)		(19	)
Securities available for sale		31,685			33,717			32,857			(6	)		(4	)
Mortgages held for sale		38,724			29,723			26,361			30			47
Loans held for sale		1,769			8,739			8,037			(80	)		(78	)
Loans		290,588			287,586			264,216			1			10
Allowance for loan losses		(3,783	)		(3,762	)		(3,891	)		1			(3	)
Net loans		286,805			283,824			260,325			1			10
Mortgage servicing rights, net		8,972			7,901			6,097			14			47
Premises and equipment, net		3,898			3,850			3,545			1			10
Goodwill		10,645			10,681			10,403			—			2
Other assets		26,407			22,491			22,013			17			20
Total assets	$	435,643		$	427,849		$	397,354			2			10
LIABILITIES
Noninterest-bearing deposits	$	82,872		$	81,082		$	78,253			2			6
Interest-bearing deposits		190,291			193,776			170,116			(2	)		12
Total deposits		273,163			274,858			248,369			(1	)		10
Short-term borrowings		24,451			21,962			20,397			11			20
Accrued expenses and other liabilities		22,649			19,583			19,756			16			15
Long-term debt		76,903			73,580			73,390			5			5
Total liabilities		397,166			389,983			361,912			2			10
STOCKHOLDERS’ EQUITY
Preferred stock		535			270			452			98			18
Common stock – $1-2/3 par value, authorized 6,000,000,000 shares; issued 1,736,381,025 shares		2,894			2,894			2,894			—			—
Additional paid-in capital		9,843			9,806			9,711			—			1
Retained earnings		27,512			26,482			23,796			4			16
Cumulative other comprehensive income		693			950			1,057			(27	)		(34	)
Treasury stock – 44,059,109 shares, 41,789,388 shares and 39,199,710 shares		(2,428	)		(2,247	)		(1,984	)		8			22
Unearned ESOP shares		(572	)		(289	)		(484	)		98			18
Total stockholders’ equity		38,477			37,866			35,442			2			9
Total liabilities and stockholders’ equity	$	435,643		$	427,849		$	397,354			2			10

-15-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
ASSETS
Cash and due from banks	$	13,467		$	12,903		$	13,249		$	13,449		$	13,972
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,784			5,020			5,029			4,222			3,206
Trading assets		8,487			9,000			8,107			7,238			10,538
Securities available for sale		31,685			33,717			35,121			36,771			32,857
Mortgages held for sale		38,724			29,723			30,783			39,424			26,361
Loans held for sale		1,769			8,739			8,434			8,156			8,037
Loans		290,588			287,586			279,310			269,731			264,216
Allowance for loan losses		(3,783	)		(3,762	)		(3,782	)		(3,940	)		(3,891	)
Net loans		286,805			283,824			275,528			265,791			260,325
Mortgage servicing rights, net		8,972			7,901			7,768			8,512			6,097
Premises and equipment, net		3,898			3,850			3,722			3,627			3,545
Goodwill		10,645			10,681			10,431			10,430			10,403
Other assets		26,407			22,491			23,377			22,685			22,013
Total assets	$	435,643		$	427,849		$	421,549		$	420,305		$	397,354
LIABILITIES
Noninterest-bearing deposits	$	82,872		$	81,082		$	79,090		$	78,926		$	78,253
Interest-bearing deposits		190,291			193,776			189,697			189,199			170,116
Total deposits		273,163			274,858			268,787			268,125			248,369
Short-term borrowings		24,451			21,962			24,278			29,831			20,397
Accrued expenses and other liabilities		22,649			19,583			20,484			21,266			19,756
Long-term debt		76,903			73,580			71,320			65,605			73,390
Total liabilities		397,166			389,983			384,869			384,827			361,912
STOCKHOLDERS’ EQUITY
Preferred stock		535			270			325			387			452
Common stock		2,894			2,894			2,894			2,894			2,894
Additional paid-in capital		9,843			9,806			9,767			9,744			9,711
Retained earnings		27,512			26,482			25,564			24,669			23,796
Cumulative other comprehensive income		693			950			914			735			1,057
Treasury stock		(2,428	)		(2,247	)		(2,436	)		(2,537	)		(1,984	)
Unearned ESOP shares		(572	)		(289	)		(348	)		(414	)		(484	)
Total stockholders’ equity		38,477			37,866			36,680			35,478			35,442
Total liabilities and stockholders’ equity	$	435,643		$	427,849		$	421,549		$	420,305		$	397,354

-16-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	5,334		$	4,967		$	4,864		$	3,662		$	3,509
Trading assets		5,525			5,040			4,869			5,296			5,946
Debt securities available for sale:
Securities of U.S. Treasury and federal agencies		930			1,101			1,132			1,190			1,224
Securities of U.S. states and political subdivisions		3,572			3,624			3,586			3,456			3,338
Mortgage-backed securities:
Federal agencies		20,079			21,916			22,965			20,076			20,635
Private collateralized mortgage obligations		3,993			3,787			3,836			4,077			2,713
Total mortgage-backed securities		24,072			25,703			26,801			24,153			23,348
Other debt securities (1)		3,388			3,246			3,443			3,346			3,543
Total debt securities available for sale (1)		31,962			33,674			34,962			32,145			31,453
Mortgages held for sale		31,636			32,373			34,844			36,782			25,023
Loans held for sale		9,062			8,536			8,276			8,074			7,911
Loans:
Commercial and commercial real estate:
Commercial		55,178			51,896			49,517			48,711			47,305
Other real estate mortgage		29,869			29,412			29,025			28,586			27,801
Real estate construction		9,178			9,246			8,949			8,428			8,264
Lease financing		5,126			5,109			5,084			5,027			5,053
Total commercial and commercial real estate		99,351			95,663			92,575			90,752			88,423
Consumer:
Real estate 1-4 family first mortgage		84,589			86,389			88,689			89,351			86,375
Real estate 1-4 family junior lien mortgage		53,059			50,909			46,367			41,964			38,328
Credit card		10,157			9,706			8,948			8,508			8,338
Other revolving credit and installment		35,887			34,475			34,168			32,975			32,477
Total consumer		183,692			181,479			178,172			172,798			165,518
Foreign		4,239			4,025			3,508			2,681			2,507
Total loans (2)		287,282			281,167			274,255			266,231			256,448
Other		1,726			1,698			1,683			1,702			1,754
Total earning assets	$	372,527		$	367,455		$	363,753		$	353,892		$	332,044
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	3,365		$	3,244		$	3,017		$	3,011		$	2,962
Market rate and other savings		127,346			125,350			124,090			121,647			117,373
Savings certificates		19,487			18,697			18,490			18,724			19,495
Other time deposits		28,814			30,460			36,089			29,654			22,719
Deposits in foreign offices		10,095			10,026			8,856			9,306			7,171
Total interest-bearing deposits		189,107			187,777			190,542			182,342			169,720
Short-term borrowings		25,434			26,315			29,840			22,689			25,630
Long-term debt		75,680			70,646			65,443			71,085			64,416
Total interest-bearing liabilities		290,221			284,738			285,825			276,116			259,766
Portion of noninterest-bearing funding sources		82,306			82,717			77,928			77,776			72,278
Total funding sources	$	372,527		$	367,455		$	363,753		$	353,892		$	332,044
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	13,090		$	13,366		$	12,704		$	12,997		$	13,152
Goodwill		10,657			10,436			10,431			10,413			10,394
Other		34,716			34,002			32,748			33,242			31,024
Total noninterest-earning assets	$	58,463		$	57,804		$	55,883		$	56,652		$	54,570
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	81,649		$	82,958		$	79,430		$	81,538		$	73,316
Other liabilities		20,739			20,336			18,435			17,700			18,572
Stockholders’ equity		38,381			37,227			35,946			35,190			34,960
Noninterest-bearing funding sources used to fund earning assets		(82,306	)		(82,717	)		(77,928	)		(77,776	)		(72,278	)
Net noninterest-bearing funding sources	$	58,463		$	57,804		$	55,883		$	56,652		$	54,570
TOTAL ASSETS	$	430,990		$	425,259		$	419,636		$	410,544		$	386,614

(1)	Includes certain preferred securities.
(2)	Nonaccrual loans are included in their respective loan categories.

-17-

Wells Fargo & Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

	Quarter ended Mar. 31					,
(in millions)	2005			2004
Balance, beginning of period	$	37,866		$	34,469
Net income		1,856			1,767
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments		(1	)		(2	)
Change in valuation allowance related to:
Investment securities and other retained interests		(292	)		106
Derivative instruments and hedging activities		36			15
Common stock issued		353			404
Common stock repurchased		(623	)		(633	)
Preferred stock released to ESOP		97			83
Common stock dividends		(815	)		(765	)
Other, net		—			(2	)
Balance, end of period	$	38,477		$	35,442

-18-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER LOANS

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Commercial and commercial real estate:
Commercial	$	56,245		$	54,517		$	50,750		$	49,962		$	48,034
Other real estate mortgage		29,941			29,804			29,406			28,975			28,323
Real estate construction		9,392			9,025			9,211			8,646			8,259
Lease financing		5,121			5,169			5,075			5,045			5,018
Total commercial and commercial real estate		100,699			98,515			94,442			92,628			89,634
Consumer:
Real estate 1-4 family first mortgage		77,281			87,686			87,587			87,776			90,563
Real estate 1-4 family junior lien mortgage		53,867			52,190			49,557			44,289			40,281
Credit card		10,128			10,260			9,439			8,692			8,357
Other revolving credit and installment		44,250			34,725			34,435			33,458			32,755
Total consumer		185,526			184,861			181,018			174,215			171,956
Foreign		4,363			4,210			3,850			2,888			2,626
Total loans (net of unearned income)	$	290,588		$	287,586		$	279,310		$	269,731		$	264,216

FIVE QUARTER NONACCRUAL LOANS AND OTHER ASSETS

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Nonaccrual loans:
Commercial and commercial real estate:
Commercial	$	357		$	345		$	382		$	422		$	514
Other real estate mortgage		191			229			258			324			263
Real estate construction		51			57			59			72			71
Lease financing		59			68			54			55			74
Total commercial and commercial real estate		658			699			753			873			922
Consumer:
Real estate 1-4 family first mortgage		327			386			360			317			281
Real estate 1-4 family junior lien mortgage		101			92			93			86			96
Other revolving credit and installment		87			160			155			97			85
Total consumer		515			638			608			500			462
Foreign		23			21			16			6			3
Total nonaccrual loans		1,196			1,358			1,377			1,379			1,387
As a percentage of total loans		.41	%		.47	%		.49	%		.51	%		.52	%
Foreclosed assets		207			212			190			235			222
Real estate investments		2			2			2			2			2
Total nonaccrual loans and other assets	$	1,405		$	1,572		$	1,569		$	1,616		$	1,611
As a percentage of total loans		.48	%		.55	%		.56	%		.60	%		.61	%

-19-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Balance, beginning of quarter	$	3,950		$	3,945		$	3,940		$	3,891		$	3,891
Provision for credit losses		585			465			408			440			404
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(84	)		(103	)		(98	)		(112	)		(111	)
Other real estate mortgage		(3	)		(7	)		(4	)		(7	)		(7	)
Real estate construction		(5	)		(1	)		(1	)		—			(3	)
Lease financing		(10	)		(14	)		(24	)		(12	)		(12	)
Total commercial and commercial real estate		(102	)		(125	)		(127	)		(131	)		(133	)
Consumer:
Real estate 1-4 family first mortgage		(36	)		(15	)		(14	)		(11	)		(13	)
Real estate 1-4 family junior lien mortgage		(33	)		(31	)		(20	)		(27	)		(29	)
Credit card		(127	)		(126	)		(109	)		(119	)		(109	)
Other revolving credit and installment		(350	)		(250	)		(233	)		(212	)		(224	)
Total consumer		(546	)		(422	)		(376	)		(369	)		(375	)
Foreign		(81	)		(48	)		(37	)		(30	)		(28	)
Total loan charge-offs		(729	)		(595	)		(540	)		(530	)		(536	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		30			33			31			44			42
Other real estate mortgage		8			3			8			4			2
Real estate construction		—			1			3			1			1
Lease financing		5			7			7			6			6
Total commercial and commercial real estate		43			44			49			55			51
Consumer:
Real estate 1-4 family first mortgage		3			2			1			2			1
Real estate 1-4 family junior lien mortgage		6			7			6			7			4
Credit card		21			17			15			15			15
Other revolving credit and installment		63			53			56			55			56
Total consumer		93			79			78			79			76
Foreign		8			7			6			6			5
Total loan recoveries		144			130			133			140			132
Net loan charge-offs		(585	)		(465	)		(407	)		(390	)		(404	)
Other		—			5			4			(1	)		—
Balance, end of quarter	$	3,950		$	3,950		$	3,945		$	3,940		$	3,891
Components:
Allowance for loan losses	$	3,783		$	3,762		$	3,782		$	3,940		$	3,891
Reserve for unfunded credit commitments (1)		167			188			163			—			—
Allowance for credit losses	$	3,950		$	3,950		$	3,945		$	3,940		$	3,891
Net loan charge-offs (annualized) as a percentage of average total loans		.83	%		.66	%		.59	%		.59	%		.63	%
Allowance for loan losses:
As a percentage of total loans		1.30	%		1.31	%		1.35	%		1.46	%		1.47	%
As a percentage of nonaccrual loans		316			277			275			286			281
As a percentage of nonaccrual loans and other assets		269			239			241			244			242
Allowance for credit losses:
As a percentage of total loans		1.36	%		1.37	%		1.41	%		1.46	%		1.47	%
As a percentage of nonaccrual loans		330			291			286			286			281
As a percentage of nonaccrual loans and other assets		281			251			251			244			242

(1) Effective September 30, 2004, we transferred the portion of the allowance for loan losses related to commercial lending commitments and letters of credit to other liabilities.

-20-

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME

	Quarter ended Mar. 31					,	%
(in millions)	2005			2004			Change
Service charges on deposit accounts	$	578		$	594			(3	)%
Trust and investment fees:
Trust, investment and IRA fees		445			375			19
Commissions and all other fees		157			160			(2	)
Total trust and investment fees		602			535			13
Card fees		326			282			16
Other fees:
Cash network fees		43			43			—
Charges and fees on loans		245			211			16
All other		165			157			5
Total other fees		453			411			10
Mortgage banking:
Servicing fees, net of amortization and provision for impairment		456			166			175
Net gains on mortgage loan origination/sales activities		293			98			199
All other		65			51			27
Total mortgage banking		814			315			158
Operating leases		208			209			—
Insurance		337			317			6
Trading assets		143			143			—
Net gains (losses) on debt securities available for sale		(4	)		33			—
Net gains from equity investments		71			95			(25	)
Net gains (losses) on sales of loans		(39	)		4			—
Net gains on dispositions of operations		1			1			—
All other		146			158			(8	)
Total	$	3,636		$	3,097			17

NONINTEREST EXPENSE

	Quarter ended Mar. 31					,	%
(in millions)	2005			2004			Change
Salaries	$	1,480		$	1,277			16	%
Incentive compensation		465			391			19
Employee benefits		547			492			11
Equipment		370			301			23
Net occupancy		404			294			37
Operating leases		158			155			2
Outside professional services		163			119			37
Contract services		139			143			(3	)
Advertising and promotion		89			84			6
Travel and entertainment		110			97			13
Outside data processing		106			99			7
Telecommunications		72			81			(11	)
Postage		72			75			(4	)
Charitable donations		22			7			214
Insurance		79			71			11
Stationery and supplies		45			60			(25	)
Operating losses		78			17			359
Net gains from debt extinguishment		(1	)		—			—
Security		41			40			3
Core deposit intangibles		32			34			(6	)
All other		221			192			15
Total	$	4,692		$	4,029			16

-21-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Service charges on deposit accounts	$	578		$	594		$	618		$	611		$	594
Trust and investment fees:
Trust, investment and IRA fees		445			385			366			383			375
Commissions and all other fees		157			158			142			147			160
Total trust and investment fees		602			543			508			530			535
Card fees		326			321			319			308			282
Other fees:
Cash network fees		43			44			47			46			43
Charges and fees on loans		245			252			234			224			211
All other		165			183			171			167			157
Total other fees		453			479			452			437			411
Mortgage banking:
Servicing fees, net of amortization and provision for impairment		456			434			(24	)		461			166
Net gains (losses) on mortgage loan origination/sales activities		293			281			212			(52	)		98
All other		65			75			74			84			51
Total mortgage banking		814			790			262			493			315
Operating leases		208			211			207			209			209
Insurance		337			265			264			347			317
Trading assets		143			185			94			101			143
Net gains (losses) on debt securities available for sale		(4	)		3			10			(61	)		33
Net gains from equity investments		71			170			48			81			95
Net gains (losses) on sales of loans		(39	)		4			3			—			4
Net gains (losses) on dispositions of operations		1			(17	)		—			1			1
All other		146			164			115			143			158
Total	$	3,636		$	3,712		$	2,900		$	3,200		$	3,097

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Salaries	$	1,480		$	1,438		$	1,383		$	1,295		$	1,277
Incentive compensation		465			526			449			441			391
Employee benefits		547			451			390			391			492
Equipment		370			410			254			271			301
Net occupancy		404			301			309			304			294
Operating leases		158			164			158			156			155
Outside professional services		163			229			165			156			119
Contract services		139			172			154			157			143
Advertising and promotion		89			144			113			118			84
Travel and entertainment		110			130			110			105			97
Outside data processing		106			104			109			106			99
Telecommunications		72			80			73			62			81
Postage		72			68			63			63			75
Charitable donations		22			224			7			10			7
Insurance		79			33			47			96			71
Stationery and supplies		45			63			57			60			60
Operating losses		78			48			45			82			17
Net losses (gains) from debt extinguishment		(1	)		(2	)		—			176			—
Security		41			41			40			40			40
Core deposit intangibles		32			33			33			34			34
All other		221			314			261			230			192
Total	$	4,692		$	4,971		$	4,220		$	4,353		$	4,029

-22-

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended Mar. 31																,
	2005								2004
							Interest								Interest
	Average			Yields/			income/		Average			Yields/			income/
(in millions)	balance			rates			expense		balance			rates			expense
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-tem investments	$	5,334			2.40	%	$	32	$	3,509			1.15	%	$	10
Trading assets		5,525			3.22			44		5,946			2.29			34
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		930			3.93			9		1,224			4.16			12
Securities of U.S. states and political subdivisions		3,572			8.41			71		3,338			7.92			62
Mortgage-backed securities:
Federal agencies		20,079			6.01			291		20,635			6.01			298
Private collateralized mortgage obligations		3,993			5.44			53		2,713			5.29			35
Total mortgage-backed securities		24,072			5.91			344		23,348			5.93			333
Other debt securities (4)		3,388			7.20			57		3,543			7.60			60
Total debt securities available for sale (4)		31,962			6.26			481		31,453			6.24			467
Mortgages held for sale (3)		31,636			5.44			430		25,023			5.34			334
Loans held for sale (3)		9,062			5.02			112		7,911			3.19			63
Loans:
Commercial and commercial real estate:
Commercial		55,178			6.20			844		47,305			5.87			690
Other real estate mortgage		29,869			5.88			433		27,801			5.19			359
Real estate construction		9,178			6.08			138		8,264			4.94			101
Lease financing		5,126			6.14			79		5,053			6.51			82
Total commercial and commercial real estate		99,351			6.09			1,494		88,423			5.60			1,232
Consumer:
Real estate 1-4 family first mortgage		84,589			6.00			1,261		86,375			5.34			1,151
Real estate 1-4 family junior lien mortgage		53,059			6.01			787		38,328			5.10			486
Credit card		10,157			11.92			303		8,338			11.92			249
Other revolving credit and installment		35,887			8.95			793		32,477			9.03			730
Total consumer		183,692			6.91			3,144		165,518			6.34			2,616
Foreign		4,239			13.82			146		2,507			17.71			111
Total loans (5)		287,282			6.73			4,784		256,448			6.20			3,959
Other		1,726			4.32			19		1,754			3.55			15
Total earning assets	$	372,527			6.42			5,902	$	332,044			5.92			4,882
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	3,365			1.05			9	$	2,962			.32			2
Market rate and other savings		127,346			1.04			325		117,373			.61			179
Savings certificates		19,487			2.48			119		19,495			2.25			109
Other time deposits		28,814			2.53			180		22,719			1.08			61
Deposits in foreign offices		10,095			2.38			59		7,171			1.04			19
Total interest-bearing deposits		189,107			1.48			692		169,720			.88			370
Short-term borrowings		25,434			2.38			149		25,630			.99			63
Long-term debt		75,680			3.08			579		64,416			2.33			375
Total interest-bearing liabilities		290,221			1.98			1,420		259,766			1.25			808
Portion of noninterest-bearing funding sources		82,306			—			—		72,278			—			—
Total funding sources	$	372,527			1.55			1,420	$	332,044			.98			808
Net interest margin and net interest income on a taxable-equivalent basis(6)					4.87	%	$	4,482					4.94	%	$	4,074
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	13,090							$	13,152
Goodwill		10,657								10,394
Other		34,716								31,024
Total noninterest-earning assets	$	58,463							$	54,570
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	81,649							$	73,316
Other liabilities		20,739								18,572
Stockholders’ equity		38,381								34,960
Noninterest-bearing funding sources used to fund earning assets		(82,306	)							(72,278	)
Net noninterest-bearing funding sources	$	58,463							$	54,570
TOTAL ASSETS	$	430,990							$	386,614

(1)	Our average prime rate was 5.44% and 4.00% for the quarters ended March 31, 2005 and 2004, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 2.84% and 1.12% for the same quarters, respectively.
(2)	Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)	Yields are based on amortized cost balances computed on a settlement date basis.
(4)	Includes certain preferred securities.
(5)	Nonaccrual loans and related income are included in their respective loan categories.
(6)	Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

-23-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER OPERATING SEGMENT RESULTS (1)

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(income/expense in millions, average balances in billions)	2005			2004			2004			2004			2004
COMMUNITY BANKING
Net interest income	$	3,119		$	3,145		$	3,172		$	2,987		$	2,844
Provision for credit losses		203			232			199			213			214
Noninterest income		2,699			2,807			2,084			2,396			2,167
Noninterest expense		3,507			3,814			3,144			3,127			2,994
Income before income tax expense		2,108			1,906			1,913			2,043			1,803
Income tax expense		704			653			665			705			620
Net income	$	1,404		$	1,253		$	1,248		$	1,338		$	1,183
Average loans	$	192.6		$	191.7		$	189.9		$	185.9		$	180.3
Average assets		302.9			302.8			303.9			299.1			277.7
Average core deposits		206.2			204.0			199.6			198.9			188.3
WHOLESALE BANKING
Net interest income	$	565		$	557		$	531		$	559		$	562
Provision for credit losses		4			11			10			18			23
Noninterest income		845			799			723			720			828
Noninterest expense		745			718			678			663			669
Income before income tax expense		661			627			566			598			698
Income tax expense		236			224			203			213			250
Net income	$	425		$	403		$	363		$	385		$	448
Average loans	$	59.5		$	56.4		$	53.7		$	52.1		$	50.3
Average assets		85.1			81.6			77.4			75.8			75.7
Average core deposits		25.6			26.1			25.3			25.9			24.7
WELLS FARGO FINANCIAL
Net interest income	$	769		$	754		$	715		$	680		$	644
Provision for credit losses		378			222			199			209			167
Noninterest income		92			106			93			84			102
Noninterest expense		440			439			398			387			366
Income before income tax expense		43			199			211			168			213
Income tax expense		16			70			74			63			77
Net income	$	27		$	129		$	137		$	105		$	136
Average loans	$	35.2		$	33.1		$	30.7		$	28.2		$	25.8
Average assets		37.2			35.1			32.5			29.8			27.4
Average core deposits		—			.1			.1			.1			.1
OTHER(2)
Net interest income	$	—		$	—			—		$	—		$	—
Provision for credit losses		—			—			—			—			—
Noninterest income		—			—			—			—			—
Noninterest expense		—			—			—			176			—
Income (loss) before income tax expense (benefit)		—			—			—			(176	)		—
Income tax expense (benefit)		—			—			—			(62	)		—
Net income (loss)	$	—		$	—		$	—		$	(114	)	$	—
Average loans	$	—		$	—		$	—		$	—		$	—
Average assets		5.8			5.8			5.8			5.8			5.8
Average core deposits		—			—			—			—			—
CONSOLIDATED COMPANY
Net interest income	$	4,453		$	4,456		$	4,418		$	4,226		$	4,050
Provision for credit losses		585			465			408			440			404
Noninterest income		3,636			3,712			2,900			3,200			3,097
Noninterest expense		4,692			4,971			4,220			4,353			4,029
Income before income tax expense		2,812			2,732			2,690			2,633			2,714
Income tax expense		956			947			942			919			947
Net income	$	1,856		$	1,785		$	1,748		$	1,714		$	1,767
Average loans	$	287.3		$	281.2		$	274.3		$	266.2		$	256.4
Average assets		431.0			425.3			419.6			410.5			386.6
Average core deposits		231.8			230.2			225.0			224.9			213.1

(1)

The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change. Due to a change in first quarter 2005, results for prior periods have been restated.

(2)

The noninterest expense item for second quarter 2004 is a $176 million loss on debt extinguishment recorded at the enterprise level. Average assets consist of unallocated goodwill held at the enterprise level.

-24-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING(1)

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2005			2004			2004			2004			2004
Mortgage servicing rights:
Balance, beginning of quarter	$	9,466		$	9,567		$	10,100		$	8,270		$	8,848
Originations		385			369			465			597			338
Purchases		535			358			261			466			268
Amortization		(470	)		(473	)		(411	)		(431	)		(511	)
Write-down		—			—			—			—			(169	)
Other (includes changes in mortgage servicing rights due to hedging)		350			(355	)		(848	)		1,198			(504	)
Balance, end of quarter	$	10,266		$	9,466		$	9,567		$	10,100		$	8,270
Valuation allowance:
Balance, beginning of quarter	$	1,565		$	1,799		$	1,588		$	2,173		$	1,942
Provision (reversal of provision) for mortgage servicing rights in excess of fair value		(271	)		(234	)		211			(585	)		400
Write-down of mortgage servicing rights		—			—			—			—			(169	)
Balance, end of quarter	$	1,294		$	1,565		$	1,799		$	1,588		$	2,173
Mortgage servicing rights, net	$	8,972		$	7,901		$	7,768		$	8,512		$	6,097
Ratio of mortgage servicing rights to related loans serviced for others		1.24	%		1.15	%		1.18	%		1.37	%		1.00	%

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2005			2004			2004			2004			2004
Managed servicing portfolio:
Loans serviced for others	$	724		$	688		$	659		$	622		$	609
Owned loans serviced (portfolio and held for sale)		116			117			118			127			116
Total owned servicing		840			805			777			749			725
Sub-servicing		33			27			32			32			28
Total managed servicing portfolio	$	873		$	832		$	809		$	781		$	753
Weighted-average note rate (owned servicing only)		5.75	%		5.75	%		5.75	%		5.75	%		5.84	%

(1) Consists of residential and commercial mortgage servicing from all Wells Fargo channels.

-25-

Wells Fargo & Company and Subsidiaries
SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION AND SERVICING DATA

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2005			2004			2004			2004			2004
Application Data:
Wells Fargo Home Mortgage first mortgage quarterly applications	$	91		$	80		$	83		$	100		$	119
Refinances as a percentage of applications		41	%		44	%		36	%		33	%		56	%
Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end	$	59		$	50		$	55		$	57		$	72

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2005			2004			2004			2004			2004
Residential Real Estate Originations:(1)
Quarter:
Wells Fargo Home Mortgage first mortgage loans:
Retail	$	27		$	30		$	29		$	45		$	30
Correspondent/Wholesale		27			28			27			39			25
Home equity loans and lines		8			9			10			10			8
Wells Fargo Financial		3			2			2			2			2
Total	$	65		$	69		$	68		$	96		$	65
Year-to-date	$	65		$	298		$	229		$	161		$	65

(1) Consists of residential real estate originations from all Wells Fargo channels.