Wells Fargo 2007 Annual Report Download - page 127

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124
Condensed Consolidating Statements of Income
(in millions) Parent WFFI Other Eliminations Consolidated
consolidating Company
subsidiaries
Year ended December 31, 2006
Dividends from subsidiaries:
Bank $2,176 $ —$ — $(2,176) $ —
Nonbank 876 —— (876) —
Interest income from loans — 5,283 20,370 (42) 25,611
Interest income from subsidiaries 3,266 — — (3,266) —
Other interest income 103 102 6,428 (5) 6,628
Total interest income 6,421 5,385 26,798 (6,365) 32,239
Deposits — — 7,174 —7,174
Short-term borrowings 436 381 1,065 (890) 992
Long-term debt 3,197 1,758 710 (1,543) 4,122
Total interest expense 3,633 2,139 8,949 (2,433) 12,288
NET INTEREST INCOME 2,788 3,246 17,849 (3,932) 19,951
Provision for credit losses — 1,061 1,143 — 2,204
Net interest income after provision for credit losses 2,788 2,185 16,706 (3,932) 17,747
NONINTEREST INCOME
Fee income – nonaffiliates —285 8,946 — 9,231
Other 180 259 6,126 (56) 6,509
Total noninterest income 180 544 15,072 (56) 15,740
NONINTEREST EXPENSE
Salaries and benefits 95 1,128 10,704 — 11,927
Other 117 976 8,753 (936) 8,910
Total noninterest expense 212 2,104 19,457 (936) 20,837
INCOME BEFORE INCOME TAX EXPENSE
(BENEFIT) AND EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES 2,756 625 12,321 (3,052) 12,650
Income tax expense (benefit) (198) 205 4,223 — 4,230
Equity in undistributed income of subsidiaries 5,466 — — (5,466) —
NET INCOME $8,420 $ 420 $ 8,098 $(8,518) $ 8,420
Year ended December 31, 2005
Dividends from subsidiaries:
Bank $4,675 $ — $ — $(4,675) $ —
Nonbank 763 — — (763) —
Interest income from loans — 4,467 16,809 (16) 21,260
Interest income from subsidiaries 2,215 — — (2,215) —
Other interest income 105 104 4,493 — 4,702
Total interest income 7,758 4,571 21,302 (7,669) 25,962
Deposits — — 3,848 — 3,848
Short-term borrowings 256 223 897 (632) 744
Long-term debt 2,000 1,362 598 (1,094) 2,866
Total interest expense 2,256 1,585 5,343 (1,726) 7,458
NET INTEREST INCOME 5,502 2,986 15,959 (5,943) 18,504
Provision for credit losses — 1,582 801 — 2,383
Net interest income after provision for credit losses 5,502 1,404 15,158 (5,943) 16,121
NONINTEREST INCOME
Fee income – nonaffiliates — 224 8,111 — 8,335
Other 298 223 5,727 (138) 6,110
Total noninterest income 298 447 13,838 (138) 14,445
NONINTEREST EXPENSE
Salaries and benefits 92 985 9,378 — 10,455
Other 50 759 8,398 (644) 8,563
Total noninterest expense 142 1,744 17,776 (644) 19,018
INCOME BEFORE INCOME TAX EXPENSE
(BENEFIT) AND EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES 5,658 107 11,220 (5,437) 11,548
Income tax expense (benefit) 145 (2) 3,734 — 3,877
Equity in undistributed income of subsidiaries 2,158 — — (2,158) —
NET INCOME $7,671 $ 109 $ 7,486 $(7,595) $ 7,671