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Consolidated Statement of Income (Unaudited) (USD $)
In Millions, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income        
Trading assets $ 347 $ 266 $ 697 $ 533
Securities available for sale 2,166 2,385 4,330 4,800
Mortgages held for sale 362 405 799 792
Loans held for sale 17 30 29 64
Loans 9,361 10,277 18,748 20,315
Other interest income 131 109 253 193
Total interest income 12,384 13,472 24,856 26,697
Interest expense        
Deposits 594 714 1,209 1,449
Short-term borrowings 20 21 46 39
Long-term debt 1,009 1,233 2,113 2,509
Other interest expense 83 55 159 104
Total interest expense 1,706 2,023 3,527 4,101
Net interest income 10,678 11,449 21,329 22,596
Provision for credit losses 1,838 3,989 4,048 9,319
Net interest income after provision for credit losses 8,840 7,460 17,281 13,277
Noninterest income        
Service charges on deposit accounts 1,074 1,417 2,086 2,749
Trust and investment fees 2,944 2,743 5,860 5,412
Card fees 1,003 911 1,960 1,776
Other fees 1,023 982 2,012 1,923
Mortgage banking 1,619 2,011 3,635 4,481
Insurance 568 544 1,071 1,165
Net gains from trading activities 414 109 1,026 646
Net gains (losses) on debt securities available for sale (128) [1] 30 [1] (294) [1] 58 [1]
Net gains from equity investments 724 [2] 288 [2] 1,077 [2] 331 [2]
Operating leases 103 329 180 514
Other 364 581 773 1,191
Total noninterest income 9,708 9,945 19,386 20,246
Noninterest expense        
Salaries 3,584 3,564 7,038 6,878
Commission and incentive compensation 2,171 2,225 4,518 4,217
Employee benefits 1,164 1,063 2,556 2,385
Equipment 528 588 1,160 1,266
Net occupancy 749 742 1,501 1,538
Core deposit and other intangibles 464 553 947 1,102
FDIC and other deposit assessments 315 295 620 596
Other 3,500 3,716 6,868 6,881
Total noninterest expense 12,475 12,746 25,208 24,863
Income before income tax expense 6,073 4,659 11,459 8,660
Income tax expense 2,001 1,514 3,573 2,915
Net income before noncontrolling interests 4,072 3,145 7,886 5,745
Less: Net income from noncontrolling interests 124 83 179 136
Wells Fargo net income 3,948 3,062 7,707 5,609
Less: Preferred stock dividends and other 220 184 409 359
Wells Fargo net income applicable to common stock $ 3,728 $ 2,878 $ 7,298 $ 5,250
Per share information        
Earnings per common share $ 0.70 $ 0.55 $ 1.38 $ 1.01
Diluted earnings per common share $ 0.70 $ 0.55 $ 1.37 $ 1.00
Dividends declared per common share $ 0.12 $ 0.05 $ 0.24 $ 0.10
Average common shares outstanding 5,286.5 5,219.7 5,282.7 5,205.1
Diluted average common shares outstanding 5,331.7 5,260.8 5,329.9 5,243.0
[1] Includes other-than-temporary impairment (OTTI) losses of $189 million and $106 million recognized in earnings for second quarter 2011 and 2010, respectively. Total OTTI losses (gains) were $129 million and $49 million, net of $(60) million and $(57) million recognized as non-credit related OTTI in other comprehensive income for second quarter 2011 and 2010, respectively. Includes other-than-temporary impairment (OTTI) losses of $269 million and $198 million recognized in earnings for the first half of 2011 and 2010, respectively. Total OTTI losses (gains) were $53 million and $203 million, net of $(216) million and $5 million recognized as non-credit related OTTI in other comprehensive income for the first half of 2011 and 2010, respectively.
[2] Includes OTTI losses of $16 million and $62 million for second quarter 2011 and 2010, respectively, and $57 million and $167 million for the first half of 2011 and 2010, respectively.