Wells Fargo 2010 Annual Report Download - page 106

Financial Statements
Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income
Year ended December 31,
(in millions, except per share amounts) 2010 2009 2008
Interest income
Trading assets $ 1,098 918 177
Securities available for sale 9,666 11,319 5,287
Mortgages held for sale 1,736 1,930 1,573
Loans held for sale 101 183 48
Loans 39,760 41,589 27,632
Other interest income 435 335 181
Total interest income 52,796 56,274 34,898
Interest expense
Deposits 2,832 3,774 4,521
Short-term borrowings 92 222 1,478
Long-term debt 4,888 5,782 3,756
Other interest expense 227 172 -
Total interest expense 8,039 9,950 9,755
Net interest income 44,757 46,324 25,143
Provision for credit losses 15,753 21,668 15,979
Net interest income after provision for credit losses 29,004 24,656 9,164
Noninterest income
Service charges on deposit accounts 4,916 5,741 3,190
Trust and investment fees 10,934 9,735 2,924
Card fees 3,652 3,683 2,336
Other fees 3,990 3,804 2,097
Mortgage banking 9,737 12,028 2,525
Insurance 2,126 2,126 1,830
Net gains from trading activities 1,648 2,674 275
Net gains (losses) on debt securities available for sale (1) (324) (127) 1,037
Net gains (losses) from equity investments (2) 779 185 (757)
Operating leases 815 685 427
Other 2,180 1,828 850
Total noninterest income 40,453 42,362 16,734
Noninterest expense
Salaries 13,869 13,757 8,260
Commission and incentive compensation 8,692 8,021 2,676
Employee benefits 4,651 4,689 2,004
Equipment 2,636 2,506 1,357
Net occupancy 3,030 3,127 1,619
Core deposit and other intangibles 2,199 2,577 186
FDIC and other deposit assessments 1,197 1,849 120
Other 14,182 12,494 6,376
Total noninterest expense 50,456 49,020 22,598
Income before income tax expense 19,001 17,998 3,300
Income tax expense 6,338 5,331 602
Net income before noncontrolling interests 12,663 12,667 2,698
Less: Net income from noncontrolling interests 301 392 43
Wells Fargo net income $ 12,362 12,275 2,655
Less: Preferred stock dividends and accretion and other 730 4,285 286
Wells Fargo net income applicable to common stock $ 11,632 7,990 2,369
Per share information
Earnings per common share $ 2.23 1.76 0.70
Diluted earnings per common share 2.21 1.75 0.70
Dividends declared per common share 0.20 0.49 1.30
Average common shares outstanding 5,226.8 4,545.2 3,378.1
Diluted average common shares outstanding 5,263.1 4,562.7 3,391.3
(1) Includes other-than-temporary impairment (OTTI) losses of $672 million and $1,012 million recognized in earnings ($500 million and $2,352 million of total OTTI losses, net
of $(172) million and $1,340 million recognized as an increase (decrease) to non-credit related OTTI losses recorded in other comprehensive income) for the year ended
December 31, 2010 and 2009, respectively.
(2) Includes OTTI losses of $268 million and $655 million for the year ended December 31, 2010 and 2009, respectively.
The accompanying notes are an integral part of these statements.
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