Wells Fargo 2011 Annual Report Download - page 227
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Note 25: Condensed Consolidating Financial Statements
Following are the condensed consolidating financial statements
of the Parent and Wells Fargo Financial, Inc. and its owned
subsidiaries (WFFI). In 2002, the Parent issued a full and
unconditional guarantee of all outstanding term debt securities
and commercial paper of WFFI. WFFI ceased filing periodic
reports under the Securities Exchange Act of 1934 and is no
longer a separately rated company. The Parent also guaranteed
all outstanding term debt securities of Wells Fargo Canada
Corporation (WFCC), WFFI’s wholly owned Canadian
subsidiary. WFCC has continued to issue term debt securities
and commercial paper in Canada, unconditionally guaranteed by
the Parent.
Condensed Consolidating Statement of Income
Other
consolidating
Consolidated
(in millions)
Parent
WFFI
subsidiaries
Eliminations
Company
Year ended December 31, 2011
Dividends from subsidiaries:
Bank
$
11,546
-
-
(11,546)
-
Nonbank
140
-
-
(140)
-
Interest income from loans
-
2,157
35,367
(277)
37,247
Interest income from subsidiaries
914
-
-
(914)
-
Other interest income
242
109
11,814
-
12,165
Total interest income
12,842
2,266
47,181
(12,877)
49,412
Deposits
-
-
2,275
-
2,275
Short-term borrowings
209
62
487
(678)
80
Long-term debt
2,469
552
1,470
(513)
3,978
Other interest expense
8
-
308
-
316
Total interest expense
2,686
614
4,540
(1,191)
6,649
Net interest income
10,156
1,652
42,641
(11,686)
42,763
Provision for credit losses
-
1,181
6,718
-
7,899
Net interest income after provision for credit losses
10,156
471
35,923
(11,686)
34,864
Noninterest income
Fee income – nonaffiliates
-
110
23,320
-
23,430
Other
460
187
14,739
(631)
14,755
Total noninterest income
460
297
38,059
(631)
38,185
Noninterest expense
Salaries and benefits
(60)
95
27,632
-
27,667
Other
137
652
21,568
(631)
21,726
Total noninterest expense
77
747
49,200
(631)
49,393
Income (loss) before income tax expense (benefit) and
equity in undistributed income of subsidiaries
10,539
21
24,782
(11,686)
23,656
Income tax expense (benefit)
(584)
28
8,001
-
7,445
Equity in undistributed income of subsidiaries
4,746
-
-
(4,746)
-
Net income (loss) before noncontrolling interests
15,869
(7)
16,781
(16,432)
16,211
Less: Net income from noncontrolling interests
-
-
342
-
342
Parent, WFFI, Other and Wells Fargo net income (loss)
$
15,869
(7)
16,439
(16,432)
15,869
225