Wells Fargo shares fell Friday after the bank reported first-quarter earnings that showed a decline in interest income.
Wells said its net interest income decreased 8% in the quarter, due to the impact of higher interest rates on funding costs and a shift by customers to higher yielding deposit products.
The company saw net income decline to $4.62 billion, or $1.20 per share, from $4.99 billion, or $1.23 per share, a year earlier. Excluding a Federal Deposit Insurance Corporation charge of $284 million, or 6 cents per share, tied to the bank failures in 2023, Wells said it earned $1.26 per share, topping analyst estimates of $1.11 per share.
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