Wells Fargo & Company announced consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $12,643 million compared to $12,183 million for the same period a year ago. Net interest income was $11,588 million compared to $11,180 million for the same period a year ago. Income before income tax expense was $8,356 million compared to $8,311 million for the same period a year ago. Net income applicable to common stock was $5,337 million compared to $5,382 million for the same period a year ago. Diluted earnings per common share were $1.03 compared to $1.02 for the same period a year ago. Return on assets was 1.27% compared to 1.36% for the same period a year ago. Return on equity was 12.23% compared to 12.84% for the same period a year ago. Net interest income was largely driven by growth in earning assets. Net interest income also benefited modestly from the increase in short-term interest rates late in the quarter. These benefits to net interest income were partially offset by reduced income from seasonally lower balances of mortgages held-for-sale and increased interest expense from higher debt balances.

For the year, the company reported total interest income of $49,277 million compared to $47,552 million for the same period a year ago. Net interest income was $45,301 million compared to $43,527 million for the same period a year ago. Income before income tax expense was $33,841 million compared to $33,915 million for the same period a year ago. Net income applicable to common stock was $21,604 million compared to $21,821 million for the same period a year ago. Diluted earnings per common share were $4.15 compared to $4.10 for the same period a year ago.
Return on assets was 1.32% compared to 1.45% for the same period a year ago. Return on equity was 12.68% compared to 13.41% for the same period a year ago. Book value per common share was $33.81 against $32.19 at December 31, 2014.

For the fourth quarter ended December 31, 2015, the company announced net loan charge-offs of $831 million against $703 million for the quarter ended September 30, 2015, mainly due to $90 million in higher oil and gas portfolio losses, as well as seasonal increases in the non-real estate consumer portfolios.