Wells Fargo posted net income of $3.2 billion, or 61 cents per share, matching analyst expectations. Last year, profit of $394 million, or 8 cents per share, was sharply reduced by preferred dividends paid under the government bailout.

Wells Fargo won’t seek a settlement with Fannie Mae or Freddie Mac on disputed mortgages, and terms offered to rival banks weren’t as generous as some have portrayed, CFO Howard Atkins said.