Wells Fargo 2010 Annual Report Download - page 218

Note 24: Condensed Consolidating Financial Statements (continued)
Condensed Consolidating Statements of Income
Other
consolidating Consolidated
(in millions) Parent WFFI subsidiaries Eliminations Company
Year ended December 31, 2009
Dividends from subsidiaries:
Bank $ 6,974 - - (6,974) -
Nonbank 528 - - (528) -
Interest income from loans - 3,467 38,140 (18) 41,589
Interest income from subsidiaries 2,126 - - (2,126) -
Other interest income 424 111 14,150 - 14,685
Total interest income 10,052 3,578 52,290 (9,646) 56,274
Deposits - - 3,774 - 3,774
Short-term borrowings 174 38 782 (772) 222
Long-term debt 3,391 1,305 2,458 (1,372) 5,782
Other interest expense - - 172 - 172
Total interest expense 3,565 1,343 7,186 (2,144) 9,950
Net interest income 6,487 2,235 45,104 (7,502) 46,324
Provision for credit losses - 1,901 19,767 - 21,668
Net interest income after provision for credit losses 6,487 334 25,337 (7,502) 24,656
Noninterest income
Fee income – nonaffiliates - 148 22,815 - 22,963
Other 738 169 19,135 (643) 19,399
Total noninterest income 738 317 41,950 (643) 42,362
Noninterest expense
Salaries and benefits 320 129 26,018 - 26,467
Other 521 711 21,964 (643) 22,553
Total noninterest expense 841 840 47,982 (643) 49,020
Income (loss) before income tax expense (benefit) and
equity in undistributed income of subsidiaries 6,384 (189) 19,305 (7,502) 17,998
Income tax expense (benefit) (164) (86) 5,581 - 5,331
Equity in undistributed income of subsidiaries 5,727 - - (5,727) -
Net income (loss) before noncontrolling interests 12,275 (103) 13,724 (13,229) 12,667
Less: Net income from noncontrolling interests - 1 391 - 392
Parent, WFFI, Other and Wells Fargo net income (loss) $ 12,275 (104) 13,333 (13,229) 12,275
Year ended December 31, 2008
Dividends from subsidiaries:
Bank $ 1,806 - - (1,806) -
Nonbank 326 - - (326) -
Interest income from loans 2 5,275 22,417 (62) 27,632
Interest income from subsidiaries 2,892 - - (2,892) -
Other interest income 241 108 7,051 (134) 7,266
Total interest income 5,267 5,383 29,468 (5,220) 34,898
Deposits - - 4,966 (445) 4,521
Short-term borrowings 475 220 1,757 (974) 1,478
Long-term debt 2,957 1,807 661 (1,669) 3,756
Total interest expense 3,432 2,027 7,384 (3,088) 9,755
Net interest income 1,835 3,356 22,084 (2,132) 25,143
Provision for credit losses - 2,970 13,009 - 15,979
Net interest income after provision for credit losses 1,835 386 9,075 (2,132) 9,164
Noninterest income
Fee income – nonaffiliates - 437 10,110 - 10,547
Other (101) 168 8,181 (2,061) 6,187
Total noninterest income (101) 605 18,291 (2,061) 16,734
Noninterest expense
Salaries and benefits (385) 719 12,606 - 12,940
Other 15 1,119 10,585 (2,061) 9,658
Total noninterest expense (370) 1,838 23,191 (2,061) 22,598
Income (loss) before income tax expense (benefit) and
equity in undistributed income of subsidiaries 2,104 (847) 4,175 (2,132) 3,300
Income tax expense (benefit) (83) (289) 974 - 602
Equity in undistributed income of subsidiaries 468 - - (468) -
Net income (loss) before noncontrolling interests 2,655 (558) 3,201 (2,600) 2,698
Less: Net income from noncontrolling interests - - 43 - 43
Parent, WFFI, Other and Wells Fargo net income (loss) $ 2,655 (558) 3,158 (2,600) 2,655
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