Wells Fargo 2010 Annual Report Download - page 224

Quarterly Financial Data
Condensed Consolidated Statement of Income - Quarterly (Unaudited)
2010 2009
Quarter ended
Quarter ended
(in millions, except per share amounts) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Interest income $ 12,969 13,130 13,472 13,225 13,692 13,968 14,301 14,313
Interest expense 1,906 2,032 2,023 2,078 2,192 2,284 2,537 2,937
Net interest income 11,063 11,098 11,449 11,147 11,500 11,684 11,764 11,376
Provision for credit losses 2,989 3,445 3,989 5,330 5,913 6,111 5,086 4,558
Net interest income after provision for credit
losses 8,074 7,653 7,460 5,817 5,587 5,573 6,678 6,818
Noninterest income
Service charges on deposit accounts 1,035 1,132 1,417 1,332 1,421 1,478 1,448 1,394
Trust and investment fees 2,958 2,564 2,743 2,669 2,605 2,502 2,413 2,215
Card fees 941 935 911 865 961 946 923 853
Other fees 1,063 1,004 982 941 990 950 963 901
Mortgage banking 2,757 2,499 2,011 2,470 3,411 3,067 3,046 2,504
Insurance 564 397 544 621 482 468 595 581
Net gains from trading activities 532 470 109 537 516 622 749 787
Net gains (losses) on debt securities available for
sale (268) (114) 30 28 110 (40) (78) (119)
Net gains (losses) from equity investments 317 131 288 43 273 29 40 (157)
Operating leases 79 222 329 185 163 224 168 130
Other 453 536 581 610 264 536 476 552
Total noninterest income 10,431 9,776 9,945 10,301 11,196 10,782 10,743 9,641
Noninterest expense
Salaries 3,513 3,478 3,564 3,314 3,505 3,428 3,438 3,386
Commission and incentive compensation 2,195 2,280 2,225 1,992 2,086 2,051 2,060 1,824
Employee benefits 1,192 1,074 1,063 1,322 1,144 1,034 1,227 1,284
Equipment 813 557 588 678 681 563 575 687
Net occupancy 750 742 742 796 770 778 783 796
Core deposit and other intangibles 549 548 553 549 642 642 646 647
FDIC and other deposit assessments 301 300 295 301 302 228 981 338
Other 4,027 3,274 3,716 3,165 3,691 2,960 2,987 2,856
Total noninterest expense 13,340 12,253 12,746 12,117 12,821 11,684 12,697 11,818
Income before income tax expense 5,165 5,176 4,659 4,001 3,962 4,671 4,724 4,641
Income tax expense 1,672 1,751 1,514 1,401 949 1,355 1,475 1,552
Net income before
noncontrolling interests 3,493 3,425 3,145 2,600 3,013 3,316 3,249 3,089
Less: Net income from noncontrolling interests 79 86 83 53 190 81 77 44
Wells Fargo net income $ 3,414 3,339 3,062 2,547 2,823 3,235 3,172 3,045
Less: Preferred stock dividends
and accretion and other 182 189 184 175 2,429 598 597 661
Wells Fargo net income
applicable to common stock $ 3,232 3,150 2,878 2,372 394 2,637 2,575 2,384
Per share information
Earnings per common share $ 0.62 0.60 0.55 0.46 0.08 0.56 0.58 0.56
Diluted earnings per common share 0.61 0.60 0.55 0.45 0.08 0.56 0.57 0.56
Dividends declared per common share 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.34
Average common shares outstanding 5,256.2 5,240.1 5,219.7 5,190.4 4,764.8 4,678.3 4,483.1 4,247.4
Diluted average common shares outstanding 5,293.8 5,273.2 5,260.8 5,225.2 4,796.1 4,706.4 4,501.6 4,249.3
Market price per common share (1)
High $ 31.61 28.77 34.25 31.99 31.53 29.56 28.45 30.47
Low 23.37 23.02 25.52 26.37 25.00 22.08 13.65 7.80
Quarter-end 30.99 25.12 25.60 31.12 26.99 28.18 24.26 14.24
(1) Based on daily prices reported on the New York Stock Exchange Composite Transaction Reporting System.
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