Wells Fargo 2005 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2005 Wells Fargo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

60
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income
(in millions, except per share amounts) Year ended December 31,
2005 2004 2003
INTEREST INCOME
Trading assets $ 190 $ 145 $ 156
Securities available for sale 1,921 1,883 1,816
Mortgages held for sale 2,213 1,737 3,136
Loans held for sale 146 292 251
Loans 21,260 16,781 13,937
Other interest income 232 129 122
Total interest income 25,962 20,967 19,418
INTEREST EXPENSE
Deposits 3,848 1,827 1,613
Short-term borrowings 744 353 322
Long-term debt 2,866 1,637 1,355
Guaranteed preferred beneficial interests
in Company’s subordinated debentures — — 121
Total interest expense 7,458 3,817 3,411
NET INTEREST INCOME 18,504 17,150 16,007
Provision for credit losses 2,383 1,717 1,722
Net interest income after provision for credit losses 16,121 15,433 14,285
NONINTEREST INCOME
Service charges on deposit accounts 2,512 2,417 2,297
Trust and investment fees 2,436 2,116 1,937
Card fees 1,458 1,230 1,079
Other fees 1,929 1,779 1,560
Mortgage banking 2,422 1,860 2,512
Operating leases 812 836 937
Insurance 1,215 1,193 1,071
Net gains (losses) on debt securities available for sale (120) (15) 4
Net gains from equity investments 511 394 55
Other 1,270 1,099 930
Total noninterest income 14,445 12,909 12,382
NONINTEREST EXPENSE
Salaries 6,215 5,393 4,832
Incentive compensation 2,366 1,807 2,054
Employee benefits 1,874 1,724 1,560
Equipment 1,267 1,236 1,246
Net occupancy 1,412 1,208 1,177
Operating leases 635 633 702
Other 5,249 5,572 5,619
Total noninterest expense 19,018 17,573 17,190
INCOME BEFORE INCOME TAX EXPENSE 11,548 10,769 9,477
Income tax expense 3,877 3,755 3,275
NET INCOME $ 7,671 $ 7,014 $ 6,202
EARNINGS PER COMMON SHARE $ 4.55 $ 4.15 $ 3.69
DILUTED EARNINGS PER COMMON SHARE $ 4.50 $ 4.09 $ 3.65
DIVIDENDS DECLARED PER COMMON SHARE $ 2.00 $ 1.86 $ 1.50
Average common shares outstanding 1,686.3 1,692.2 1,681.1
Diluted average common shares outstanding 1,705.5 1,713.4 1,697.5
The accompanying notes are an integral part of these statements.
Financial Statements