"Wells Fargo & Company (WFC) is Fairholme's 13th largest holding and has remained so for several quarters. After solid earnings growth quarter after quarter for almost three years, Wells Fargo could finally be leveling off after seeing its net interment margin down ten basis points. Since the end of Q1-2009 Wells is up 150%. What has helped bring the bank higher is its industry leading exposure to the mortgage industry, where the mortgage-originator's earnings have been riding high on elevated levels refinancings. Could 2013 be a year for under-performing banks? What will drive banks in 2013 is loan growth and net interest margin expansion, but without economic growth.