SAN FRANCISCO — Wells Fargo reported second quarter auto originations of $8.3 billion, a 7% gain from the first quarter of the year and a 2% gain from the year-ago period.

“ … We are happy with our auto growth; we’ve maintained our pricing and our risk discipline,” said John Shrewsberry, CFO of Wells Fargo.

Outstanding balances for the bank's consumer portfolio totaled $61.9 billion, a 2% gain from the previous quarter and a 7% year-over-year gain. Indirect lending accounted for $59.2 billion of that total, while direct lending accounted for $2.7 billion.

Nonaccrual loans were down $3 million from the last quarter and $15 million year-over-year. On a quarter-to-quarter basis, net chargeoffs were down $37 million, primarily due to typically low first quarter delinquencies, officials said. However, on a year-over-year basis, net chargeoffs were up $22 million, reflecting loan growth and higher severity, the finance source reported.

Accounts 30-plus days past due increased by $131 million on a quarter-over-quarter basis and by $154 million on a year-over-year basis.

Total outstanding balances for Wells Fargo’s commercial portfolio were $10.7 billion, a 16% increase from the same time last year and a 4% increase from the previous quarter.

The gains that the finance source saw in its auto portfolios, combined with gains in its commercial and credit card portfolios, led to a $150 million reserve build, Shrewsberry stated.

“While our earnings were down $161 million from a year ago, our results in the second quarter last year included a $350 million reserve release while this quarter we had a $150 million reserve build primarily due to loan growth in commercial, auto and the credit card portfolios,” Shrewsberry said.

Wells Fargo reported net income of $5.6 billion during the second quarter, nearly flat compared to the $5.7 billion it reported in the year-ago period. Officials noted that the quarter marked the 15th consecutive quarter the finance source has generated more than $5 billion.

“We produced strong performance during a period that has included persistent low rates, market volatility and economic volatility, and we did it by focusing on the core building blocks of long-term shareholder value creation, that is growing relationships, loans, investments and deposits,” said CEO John Stumpf. “Our loan and investment, and deposit balances are all at record levels and we've maintain our strong risk discipline."