Financial Performance - Net income totaled $56.8 million, representing fully diluted EPS of $0.94[5] - Revenue in the third quarter totaled $202.4 million, an increase of 1.9% linked quarter and 5.3% year-over-year[5] - Net interest income (FTE) totaled $165.2 million, an increase of 2.4% linked-quarter and 4.6% year-over-year; net interest margin expanded to 3.83%[5] - Noninterest income totaled $39.9 million, up 0.1% linked-quarter and 6.3% year-over year[5] Balance Sheet - Loans held for investment (HFI) increased $83.4 million, or 0.6%, linked-quarter, and a $448.0 million, or 3.4%, increase year-over-year[5] - Total deposits increased $515.1 million, or 3.4%, linked-quarter, and $390.0 million, or 2.6%, from the prior year; cost of total deposits increased 4 basis points to 1.84%[5] - At September 30, 2025, Total Assets were $18.8 billion, Loans (HFI) were $13.5 billion and Total Deposits were $15.6 billion[6] Credit Quality - Net charge-offs totaled $4.4 million, including one charge-off on an individually analyzed loan totaling $3.1 million reserved for in prior periods; NCOs represented 0.13% of average loans[5] - Allowance for credit losses (ACL) represented 1.22% of loans HFI and 239.69% of nonaccrual loans, excluding individually analyzed credits at September 30, 2025[5] Capital Management - Repurchased $11.0 million, or approximately 280 thousand common shares, during third quarter; for the first nine months of 2025, repurchased $37.1 million, or approximately 1.0 million common shares; $62.9 million in remaining share repurchase authorization in 2025[5] - Tangible book value per share of $29.60 at September 30, 2025, up 3.0% linked quarter and 10.1% year-over-year[5]

Market Overview - The US equity market continued its rally in Q3 2025, with the S&P 500 Index rising 8.12% during the quarter [1] - Bonds also finished higher, with the Bloomberg U.S. Aggregate Bond Index increasing 2.03% [1] Performance Summary - The composite returned 4.33% gross of fees (3.82% net of fees) in Q3 2025 [1] - This performance was compared to a 5.33% return of the Russell 1000 Value Index and an 8.12% return of the S&P 500 Index [1] Company Highlight: Wells Fargo & Company - Wells Fargo & Company (NYSE:WFC) had a one-month return of 3.54% and gained 34.30% over the last 52 weeks [2] - As of October 15, 2025, Wells Fargo's stock closed at $86.46 per share, with a market capitalization of $272.257 billion [2] Company Profile - Wells Fargo & Company, headquartered in San Francisco, California, was founded in 1852 and is one of the largest financial institutions in the U.S. [3] - The company has total assets near $2 trillion and provides a wide array of banking and financial solutions across the U.S. and key international markets [3] - Its operations span four primary business segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management [3]

Core Insights - The US equity market experienced a rally in Q3 2025, with the S&P 500 Index increasing by 8.12% during the quarter [1] - Aristotle Capital's Value Equity Strategy reported a composite return of 4.33% gross of fees and 3.82% net of fees, underperforming the Russell 1000 Value Index and S&P 500 Index [1] Company Overview: Wells Fargo & Company - Wells Fargo & Company (NYSE:WFC) is a major financial services institution, headquartered in San Francisco, California, founded in 1852 [3] - The company has total assets nearing $2 trillion and offers a diverse range of banking and financial solutions across the U.S. and key international markets [3] - Wells Fargo operates through four primary business segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management [3] Stock Performance - Wells Fargo's stock had a one-month return of 3.54% and a 52-week gain of 34.30% [2] - As of October 15, 2025, Wells Fargo's stock closed at $86.46 per share, with a market capitalization of $272.257 billion [2]