SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Friday reported first-quarter net income of $4.62 billion.

The bank, based in San Francisco, said it had earnings of $1.20 per share. Earnings, adjusted for non-recurring costs, were $1.26 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The biggest U.S. mortgage lender posted revenue of $31.48 billion in the period. Its revenue net of interest expense was $20.86 billion, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $20.16 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC