Wells Fargo 2010 Annual Report Download - page 217
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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 Financial
Canada Corporation (WFFCC), WFFI’s wholly owned Canadian
subsidiary. WFFCC has continued to issue term debt securities
and commercial paper in Canada, unconditionally guaranteed by
the Parent.
Note 24: Condensed Consolidating Financial Statements
Condensed Consolidating Statement of Income
Other
consolidating
Consolidated
(in millions) Parent
WFFI
subsidiaries
Eliminations
Company
Year ended December 31, 2010
Dividends from subsidiaries:
Bank $ 12,896
-
-
(12,896)
-
Nonbank 21
-
-
(21)
-
Interest income from loans -
2,674
37,404
(318)
39,760
Interest income from subsidiaries 1,375
-
14
(1,389)
-
Other interest income 304
116
12,616
-
13,036
Total interest income 14,596
2,790
50,034
(14,624)
52,796
Deposits -
-
2,832
-
2,832
Short-term borrowings 277
46
586
(817)
92
Long-term debt 2,910
963
1,905
(890)
4,888
Other interest expense 2
-
225
-
227
Total interest expense 3,189
1,009
5,548
(1,707)
8,039
Net interest income 11,407
1,781
44,486
(12,917)
44,757
Provision for credit losses -
1,064
14,689
-
15,753
Net interest income after provision for credit losses 11,407
717
29,797
(12,917)
29,004
Noninterest income
Fee income – nonaffiliates -
107
23,385
-
23,492
Other 363
145
17,111
(658)
16,961
Total noninterest income 363
252
40,496
(658)
40,453
Noninterest expense
Salaries and benefits 143
150
26,919
-
27,212
Other 1,192
632
22,078
(658)
23,244
Total noninterest expense 1,335
782
48,997
(658)
50,456
Income (loss) before income tax expense (benefit) and
equity in undistributed income of subsidiaries 10,435
187
21,296
(12,917)
19,001
Income tax expense (benefit) (749)
62
7,025
-
6,338
Equity in undistributed income of subsidiaries 1,178
-
-
(1,178)
-
Net income (loss) before noncontrolling interests 12,362
125
14,271
(14,095)
12,663
Less: Net income from noncontrolling interests -
-
301
-
301
Parent, WFFI, Other and Wells Fargo net income (loss) $ 12,362
125
13,970
(14,095)
12,362
215