Wells Fargo Shares fell on Friday after the bank reported first-quarter earnings that showed a decline in interest income.

Wells said its net interest income fell 8% in the quarter, due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher-yielding deposit products.

Here’s how the company fared against Wall Street, based on a survey of analysts at LSEG, formerly Refinitiv:

• Earnings per share: $1.26 cents adjusted vs $1.11 cents expected
• Revenue: $20.86 billion vs. $20.20 billion expected

The company’s net income fell to $4.62 billion, or $1.20 a share, from $4.99 billion, or $1.23 a share, a year earlier. Excluding a $284 million, or 6 cents per share, charge on the Federal Deposit Insurance Corporation tied to bank failures in 2023, Wells said it earned $1.26 per share, topping analysts’ estimates of $1.11 per share. .

Revenue of $20.86 billion beat estimates of $20.20 billion.

For the latest period, the bank set aside $938 million for loan losses. The bank said the provision includes reduction in allowance for credit losses incurred through commercial real estate and auto loans.

Wells shares fell $1.6 percent in premarket trading Friday morning. The stock is up more than 15% year to date, beating the S&P 500’s 9% return.

“Our solid first quarter results reflect the progress we are continuing to improve and diversify our financial performance,” Wells CEO Charlie Scharf said in a statement.

“The investments we are making across the franchise contributed to higher earnings compared to the fourth quarter as the increase in non-interest income more than offset the expected decline in net interest income,” added Scharf.

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