10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2010 | |||
Consolidated Statement of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 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 | (324) | (127) | 1,037 [1] |
| Net gains (losses) from equity investments | 779 | 185 | (757) [2] |
| 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 | 5,226,800 | 4,545,200 | 3,378,100 |
| Diluted average common shares outstanding | 5,263,100 | 4,562,700 | 3,391,300 |
| [1] Includes other-than-temporary impairment losses of $xxx million and $1,012 million recognized in earnings, consisting of $xx million and $2,352 million of total other-than-temporary impairment losses, net of $xx million and $1,340 million recognized in other comprehensive income, for the years ended December 31, 2010 and 2009, respectively. | |||
| [2] Includes other-than-temporary impairment losses of $xx million and $655 million for the years ended December 31, 2010 and 2009, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
WELLS FARGO & COMPANY/MN | |||
Ticker: WFC Fiscal Year: 2010 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash flows from operating activities: | |||
| Net income before noncontrolling interests | $ 12,663 | 12,667 | 2,698 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 15,753 | 21,668 | 15,979 |
| Changes in fair value of MSRs (residential), MHFS and LHFS carried at fair value | (1,025) | (20) | 3,789 |
| Depreciation and amortization | 1,924 | 2,841 | 1,669 |
| Other net losses (gains) | 1,345 | (3,867) | 2,065 |
| Preferred stock released to ESOP | 796 | 106 | 451 |
| Stock incentive compensation expense | 436 | 245 | 177 |
| Excess tax benefits related to stock option payments | (98) | (18) | (121) |
| Originations of MHFS | (370,175) | (414,299) | (213,498) |
| Proceeds from sales of and principal collected on mortgages originated for sale | 355,325 | 399,261 | 220,254 |
| Originations of LHFS | (4,596) | (10,800) | |
| Proceeds from sales of and principal collected on LHFS | 17,828 | 20,276 | |
| Purchases of LHFS | (7,470) | (8,614) | |
| Net change in: | |||
| Trading assets | 12,356 | 13,983 | (3,045) |
| Deferred income taxes | 4,287 | 9,453 | (1,642) |
| Accrued interest receivable | 1,051 | (293) | (2,676) |
| Accrued interest payable | (268) | (1,028) | 1,634 |
| Other assets, net | (19,631) | (15,018) | (21,578) |
| Other accrued expenses and liabilities, net | (1,729) | 2,070 | (10,944) |
| Net cash provided (used) by operating activities | 18,772 | 28,613 | (4,788) |
| Cash flows from investing activities: | |||
| Net change in Federal funds sold securities purchased under resale agreements and other short term investments | (39,752) | 8,548 | 51,049 |
| Securities available for sale: | |||
| Sales proceeds | 8,668 | 53,038 | 60,806 |
| Prepayments and maturities | 47,919 | 38,811 | 24,317 |
| Purchases | (53,466) | (95,285) | (105,341) |
| Loans: | |||
| Loans originated by banking subsidiaries, net of principal collected | 15,869 | 52,240 | (54,815) |
| Proceeds from sales (including participations) of loans originated for investment by banking subsidiaries | 6,517 | 6,162 | 1,988 |
| Purchases (including participations) of loans by banking subsidiaries | (2,297) | (3,363) | (5,513) |
| Principal collected on nonbank entities' loans | 15,560 | 14,428 | 21,846 |
| Loans originated by nonbank entities | (10,836) | (9,961) | (19,973) |
| Net cash acquired from (paid for) acquisitions | (36) | (138) | 11,203 |
| Proceeds from sales of foreclosed assets | 5,444 | 3,759 | 1,746 |
| Changes in MSRs from purchases and sales | (65) | (10) | 92 |
| Other, net | 2,800 | 3,556 | (5,566) |
| Net cash provided (used) by investing activities | (3,675) | 71,785 | (18,161) |
| Cash flows from financing activities: | |||
| Net change in: Deposits | 23,924 | 42,473 | 7,697 |
| Net change in short-term borrowings | 11,308 | (69,108) | (14,888) |
| Long-term debt: | |||
| Proceeds from issuance | 3,489 | 8,396 | 35,701 |
| Repayment | (63,317) | (66,260) | (29,859) |
| Preferred stock: | |||
| Proceeds from issuance | 0 | 22,674 | |
| Redeemed | 0 | (25,000) | |
| Cash dividends paid | (737) | (2,178) | |
| Common stock: | |||
| Proceeds from issuance | 1,375 | 21,976 | 14,171 |
| Repurchased | (91) | (220) | (1,623) |
| Cash dividends paid | (1,045) | (2,125) | (4,312) |
| Stock warrants: | |||
| Proceeds from issuance | 2,326 | ||
| Repurchased | (545) | ||
| Excess tax benefits related to stock option payments | 98 | 18 | 121 |
| Change in noncontrolling interests: | |||
| Purchase of Prudential's noncontrolling interest | 0 | (4,500) | |
| Other, net | (592) | (553) | (53) |
| Net cash provided (used) by financing activities | (26,133) | (97,081) | 31,955 |
| Net change in cash and due from banks | (11,036) | 3,317 | 9,006 |
| Cash and due from banks at beginning of year | 27,080 | 23,763 | 14,757 |
| Cash and due from banks at end of year | 16,044 | 27,080 | 23,763 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | 8,307 | 10,978 | 8,121 |
| Cash paid for income taxes | 1,187 | 3,042 | 2,554 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
WELLS FARGO & COMPANY/MN | ||
Ticker: WFC Fiscal Year: 2010 | ||
Consolidated Balance Sheet | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Cash and due from banks | $ 16,044 | 27,080 |
| Federal funds sold, securities purchased under resale agreements and other short-term investments | 80,637 | 40,885 |
| Trading assets | 51,414 | 43,039 |
| Securities available for sale | 172,654 | 172,710 |
| Mortgages held for sale (includes $47,531and $36,962 carried at fair value) | 51,763 | 39,094 |
| Loans held for sale (includes $873 and $149 carried at fair value) | 1,290 | 5,733 |
| Loans (includes $309 carried at fair value at December 31, 2010) | 757,267 | 782,770 |
| Allowance for loan losses | (23,022) | (24,516) |
| Net loans | 734,245 | 758,254 |
| Mortgage servicing rights: | ||
| Measured at fair value | 14,467 | 16,004 |
| Amortized | 1,419 | 1,119 |
| Premises and equipment, net | 9,644 | 10,736 |
| Goodwill | 24,770 | 24,812 |
| Other assets | 99,781 | 104,180 |
| Total assets | 1,258,128 | 1,243,646 [1] |
| Liabilities | ||
| Noninterest-bearing deposits | 191,256 | 181,356 |
| Interest-bearing deposits | 656,686 | 642,662 |
| Total deposits | 847,942 | 824,018 |
| Short-term borrowings | 55,401 | 38,966 |
| Accrued expenses and other liabilities | 69,913 | 62,442 |
| Long-term debt (includes $306 carried at fair value at December 31, 2010) | 156,983 | 203,861 |
| Total liabilities | 1,130,239 | 1,129,287 [2] |
| Equity | ||
| Wells Fargo stockholders' equity: | ||
| Preferred stock | 8,689 | 8,485 |
| Common stock - $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,272,414,622 shares and 5,245,971,422 shares | 8,787 | 8,743 |
| Additional paid-in capital | 53,426 | 52,878 |
| Retained earnings | 51,918 | 41,563 |
| Cumulative other comprehensive income (loss) | 4,738 | 3,009 |
| Treasury stock - 10,131,394 shares and 67,346,829 shares | (487) | (2,450) |
| Unearned ESOP shares | (663) | (442) |
| Total Wells Fargo stockholders' equity | 126,408 | 111,786 |
| Noncontrolling interests | 1,481 | 2,573 |
| Total equity | 127,889 | 114,359 |
| Total liabilities and equity | 1,258,128 | 1,243,646 |
| [1] Our consolidated assets at December 31, 2010, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $200 million; Trading assets, $143 million; Securities available for sale, $2.2 billion; Net loans, $16.7 billion; Other assets, $2.0 billion, and Total assets, $21.2 billion. | ||
| [2] Our consolidated liabilities at December 31, 2010, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $7 million; Accrued expenses and other liabilities, $71 million; Long-term debt, $8.3 billion; and Total liabilities, $8.4 billion. | ||
| External Links | |
| WELLS FARGO & COMPANY/MN (WFC) Fiscal Year 2010 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |