Wells Fargo 2008 Annual Report Download - page 161
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Condensed Consolidating Statements of Income
(in millions) Parent WFFI Other Eliminations Consolidated
consolidating Company
subsidiaries
Year ended December 31, 2007
Dividends from subsidiaries:
Bank $4,587 $ —$ — $(4,587) $ —
Nonbank 398 —— (398) —
Interest income from loans — 5,643 23,453 (56) 29,040
Interest income from subsidiaries 3,693 — — (3,693) —
Other interest income 152 115 5,875 (5) 6,137
Total interest income 8,830 5,758 29,328 (8,739) 35,177
Deposits — — 8,793 (641) 8,152
Short-term borrowings 444 442 1,626 (1,267) 1,245
Long-term debt 3,830 1,923 900 (1,847) 4,806
Total interest expense 4,274 2,365 11,319 (3,755) 14,203
NET INTEREST INCOME 4,556 3,393 18,009 (4,984) 20,974
Provision for credit losses — 969 3,970 — 4,939
Net interest income after provision for credit losses 4,556 2,424 14,039 (4,984) 16,035
NONINTEREST INCOME
Fee income – nonaffiliates —394 10,233 — 10,627
Other 117 140 9,060 (1,528) 7,789
Total noninterest income 117 534 19,293 (1,528) 18,416
NONINTEREST EXPENSE
Salaries and benefits 61 1,229 12,078 — 13,368
Other 291 1,119 9,573 (1,527) 9,456
Total noninterest expense 352 2,348 21,651 (1,527) 22,824
INCOME BEFORE INCOME TAX EXPENSE
(BENEFIT) AND EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES 4,321 610 11,681 (4,985) 11,627
Income tax expense (benefit) (257) 246 3,581 — 3,570
Equity in undistributed income of subsidiaries 3,479 — — (3,479) —
NET INCOME $8,057 $ 364 $ 8,100 $(8,464) $ 8,057
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