Wells Fargo
Q1 2022 Earnings Call
Apr 14, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome, and thank you for joining the Wells Fargo first quarter 2022 earnings conference call. [Operator instructions] Please note that today's call is being recorded. I would now like to turn the call over to John Campbell, director of investor relations. Sir, you may begin the conference.
John Campbell -- Director of Investor Relations
Thanks, Brad. Good morning, everyone. Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss first quarter results and answer your questions. This call is being recorded.
Before we get started, I would like to remind you that our first quarter earnings materials, including the release, financial supplement, and presentation deck are available on our website at wellsfargo.com. I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today containing our earnings materials. Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures can also be found in our SEC filings and the earnings materials available on our website.
I will now turn the call over to Charlie.
Charlie Scharf -- Chief Executive Officer
Thanks, John, and good morning, everyone. I'll make some brief comments about our first quarter results, the operating environment, and update you on our priorities. I'll then turn the call over to Mike to review the first quarter results in more detail before we take your questions. Let me start off with some first quarter highlights.
We earned $3.7 billion or $0.88 per common share in the first quarter. Our results included $0.21 per share impact from a decrease in the allowance for credit losses. We have broad-based loan growth with both our consumer and commercial portfolios growing from the fourth quarter. While net interest income was down modestly from the fourth quarter, driven by fewer days in the quarter, it grew 5% from a year ago.
Higher interest rates, along with our expectations for continued loan growth should drive higher net interest income growth that we anticipated at the beginning of the year. Mike will provide more details regarding our current view later on in the call. However, the increase in rates negatively impacted our mortgage banking business. The mortgage origination market experienced one of its largest quarterly declines that I can remember and it will take time for the industry to reduce excess capacity.