Wells Fargo 2006 Annual Report Download - page 70

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68
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income
(in millions, except per share amounts) Year ended December 31,
2006 2005 2004
INTEREST INCOME
Trading assets $ 225 $ 190 $ 145
Securities available for sale 3,278 1,921 1,883
Mortgages held for sale 2,746 2,213 1,737
Loans held for sale 47 146 292
Loans 25,611 21,260 16,781
Other interest income 332 232 129
Total interest income 32,239 25,962 20,967
INTEREST EXPENSE
Deposits 7,174 3,848 1,827
Short-term borrowings 992 744 353
Long-term debt 4,122 2,866 1,637
Total interest expense 12,288 7,458 3,817
NET INTEREST INCOME 19,951 18,504 17,150
Provision for credit losses 2,204 2,383 1,717
Net interest income after provision for credit losses 17,747 16,121 15,433
NONINTEREST INCOME
Service charges on deposit accounts 2,690 2,512 2,417
Trust and investment fees 2,737 2,436 2,116
Card fees 1,747 1,458 1,230
Other fees 2,057 1,929 1,779
Mortgage banking 2,311 2,422 1,860
Operating leases 783 812 836
Insurance 1,340 1,215 1,193
Net losses on debt securities available for sale (19) (120) (15)
Net gains from equity investments 738 511 394
Other 1,356 1,270 1,099
Total noninterest income 15,740 14,445 12,909
NONINTEREST EXPENSE
Salaries 7,007 6,215 5,393
Incentive compensation 2,885 2,366 1,807
Employee beneļ¬ts 2,035 1,874 1,724
Equipment 1,252 1,267 1,236
Net occupancy 1,405 1,412 1,208
Operating leases 630 635 633
Other 5,528 5,249 5,572
Total noninterest expense 20,742 19,018 17,573
INCOME BEFORE INCOME TAX EXPENSE 12,745 11,548 10,769
Income tax expense 4,263 3,877 3,755
NET INCOME $ 8,482 $ 7,671 $ 7,014
EARNINGS PER COMMON SHARE $ 2.52 $ 2.27 $ 2.07
DILUTED EARNINGS PER COMMON SHARE $ 2.49 $ 2.25 $ 2.05
DIVIDENDS DECLARED PER COMMON SHARE $ 1.08 $ 1.00 $ 0.93
Average common shares outstanding 3,368.3 3,372.5 3,384.4
Diluted average common shares outstanding 3,410.1 3,410.9 3,426.7
The accompanying notes are an integral part of these statements.
Financial Statements