Wells Fargo 2008 Annual Report Download - page 89

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
Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet(1)
(in millions, except shares) December 31,
2008 2007
ASSETS
Cash and due from banks $ 23,763 $ 14,757
Federal funds sold, securities purchased under
resale agreements and other short-term investments 49,433 2,754
Trading assets 54,884 7,727
Securities available for sale 151,569 72,951
Mortgages held for sale (includes $18,754 and $24,998 carried at fair value) 20,088 26,815
Loans held for sale (includes $398 carried at fair value at December 31, 2008) 6,228 948
Loans 864,830 382,195
Allowance for loan losses (21,013) (5,307)
Net loans 843,817 376,888
Mortgage servicing rights:
Measured at fair value (residential MSRs) 14,714 16,763
Amortized 1,446 466
Premises and equipment, net 11,269 5,122
Goodwill 22,627 13,106
Other assets 109,801 37,145
Total assets $1,309,639 $575,442
LIABILITIES
Noninterest-bearing deposits $ 150,837 $ 84,348
Interest-bearing deposits 630,565 260,112
Total deposits 781,402 344,460
Short-term borrowings 108,074 53,255
Accrued expenses and other liabilities 53,921 30,706
Long-term debt 267,158 99,393
Total liabilities 1,210,555 527,814
STOCKHOLDERS’ EQUITY
Preferred stock 31,332 450
Common stock – $12/3par value, authorized 6,000,000,000 shares;
issued 4,363,921,429 shares and 3,472,762,050 shares 7,273 5,788
Additional paid-in capital 36,026 8,212
Retained earnings 36,543 38,970
Cumulative other comprehensive income (loss) (6,869) 725
Treasury stock – 135,290,540 shares and 175,659,842 shares (4,666) (6,035)
Unearned ESOP shares (555) (482)
Total stockholders’ equity 99,084 47,628
Total liabilities and stockholders’ equity $1,309,639 $575,442
The accompanying notes are an integral part of these statements.
(1) Effective December 31, 2008, Wells Fargo & Company acquired Wachovia Corporation (Wachovia). Wachovia's assets and liabilities are included in the consolidated
balance sheet at their respective acquisition date fair values.