Wells Fargo (WFC) is on such a roll that its fourth-quarter profit — a record $5.1 billion — exceeded the previous year's earnings at every U.S. bank other than JPMorgan Chase (JPM) and Citigroup (NYSE: C).

Question is, can that momentum continue throughout 2013? The refinancing boom that has driven earnings in recent quarters will end eventually, and investors are starting to question how Wells intends to replace that income.

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