• Wells Fargo reports a fourth-quarter profit of $1.00 a share, beating the consensus estimate of 98 cents, according to data compiled by Bloomberg.
  • Net revenue came in at $20.7 billion, a rising slightly from the previous quarter and beating estimates of $20.68 billion.

  • Mortgage banking income of $1.6 billion,unchanged from the third quarter.

  • Net interest margin narrowed by 12 basis points to 3.26%, significantly below estimates and the third-quarter margin of 3.38%.

  • The firm repurchased approximately 30 million shares of common stock in the quarter, lowering its share count by 16.6 million shares.

Updated from 10:07 a.m. ET with afternoon share prices, CEO, CFO comment and additional information throughout.

NEW YORK (TheStreet) -- Wells Fargo  (WFC) ended 2013 as America's most profitable bank, surpassing profits at JPMorgan  (JPM), as the nation's largest mortgage lender was able to grow its earnings while competitors struggled to pick up share in the mortgage market and were weighed down by legal issues.

The San Francisco-based lender reported better-than-expected earnings of $5.6 billion, on revenue of $20.7 billion. Analyst estimates compiled by Bloomberg forecast Wells Fargo would earn 98-cents a share in earnings on revenue of $20.68 billion.

Ken Usdin, a Jefferies analyst, characterized Wells Fargo's earnings as a sign of strong performance across the bank's core loan, deposit and investment management operations. Usdin said in a client note that the bank's fourth quarter performance was supportive of the idea Wells Fargo could earn $4 a share in 2014.

Prior to earnings, Bill Smead, chief investment officer at mutual fund firm Smead Capital Management said he expected positive gross domestic product growth in the second half of 2013 to positively impact Wells Fargo. Smead also brushed off fears that rising mortgage interest rates could negatively impact the bank's earnings prospects, noting that large bank earnings have historically risen in decades where interest rates rise.

"Wells Fargo's diversified model was again able to produce solid results for our shareholders," Timothy Sloan, Wells Fargo's CFO said in a statement.

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