CLAIM #62824 · Wells Fargo & Company (WFC) · 2022Q1 earnings call · Apr 14, 2022 · due Dec 31, 2022
“And that will continue to decline as prepay slow throughout the year.”
Michael Santomassimo · CFO
In context
“s this quarter and I think related lower net interest income, plus you did show the decline in premium am. And I’m wondering if you can just help us understand how much the EPBO sales took out of NII? And are you still expecting those to go out through the year? And then, how do you expect premium am to trend from here? Mike Santomassimo: Yes. And the combo of PPP loans and EPBOs came down sequentially or linked quarter about $178 million, and that was the impact on revenue there on NII. And so -- and we’ll reiterate that in the Q when it comes out. As you look at premium am or for mortgage-backed, you can look at the slide for reference when you have time. I know it’s a busy day today. But, it came down roughly a little over $100 million, $110 million, $15 million decline in the quarter. And that will continue to decline as prepay slow throughout the year. So, it’s come down quite a bit since where we were last year. Operator: The next question comes from John McDonald of Autonomous Research. John McDonald: Just on the fee income front, you made a couple of comments already about the core fee line. What about some of the more volatile lines on the capital markets side? I think, the venture capital came in a little bit better than expected in a tough market this quarter. What should we be thinking about in terms of investment banking, trading and maybe the Norwest Venture line? Mike Santomassimo: Yes. As you know, predicting investment banking fees and market fees is fraught with lots of issues. But I think, look, the -- it’s clear that on the investment banking side, some of the capital markets, particularly on the equity side, has slowed q”
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SEC filings for WFC ↗ · Claim quote is verbatim from the 2022Q1 earnings call.