WACHOVIA PREFERRED FUNDING CORP - FORM 10-K - EX-99.(A) - SELECTED WELLS FARGO & CO. AND SUBS AND WACH CORP AND SUBS. SUPP CONS FIN INFOR.

Attached files

file	filename
10-K - FORM 10-K - WACHOVIA PREFERRED FUNDING CORP	d10k.htm
EX-21 - LIST OF SUBSIDIARIES - WACHOVIA PREFERRED FUNDING CORP	dex21.htm
EX-24 - POWER OF ATTORNEY - WACHOVIA PREFERRED FUNDING CORP	dex24.htm
EX-32.(B) - CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORP	dex32b.htm
EX-99.(B) - SELECTED UNAUDITED FINANCIAL INFORMATION FOR WACHOVIA BANK - WACHOVIA PREFERRED FUNDING CORP	dex99b.htm
EX-32.(A) - CERTIFICATION OF CEO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORP	dex32a.htm
EX-31.(A) - CERTIFICATION OF CEO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORP	dex31a.htm
EX-12.(A) - COMPUTATIONS OF CONS. RATIOS OF EARNINGS TO FIXED CHARGES - WACHOVIA PREFERRED FUNDING CORP	dex12a.htm
EX-12.(B) - COMP. OF CON. RATIOS OF EARNINGS TO FIXED CHARGES AND PREF STOCK DIVIDENDS - WACHOVIA PREFERRED FUNDING CORP	dex12b.htm
EX-31.(B) - CERTIFICATION OF CFO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORP	dex31b.htm

Exhibit (99)(a)

Wells Fargo & Company

and

Wachovia Corporation

Supplementary Consolidating Financial Information

As of December 31, 2009 and 2008, and

For the Three Years Ended December 31, 2009

The “Bank” as noted herein refers to Wachovia Bank, National Association.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON

SUPPLEMENTARY CONSOLIDATING FINANCIAL INFORMATION

The Board of Directors

Wells Fargo & Company

We have audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Wells Fargo & Company and Subsidiaries as of December 31, 2009 and 2008, and the related consolidated statements of income, changes in equity and comprehensive income and cash flows for the year ended December 31, 2009 and the effectiveness of internal control over financial reporting as of December 31, 2009, and have issued our unqualified reports dated February 26, 2010.

Our audits were made for the purpose of forming an opinion on the consolidated financial statements of Wells Fargo & Company and Subsidiaries taken as a whole. The accompanying supplementary consolidating balance sheet information as of December 31, 2009 and 2008, and related supplementary consolidating statements of income, changes in stockholders’ equity and cash flows information for the year ended December 31, 2009, is presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position, results of operations and cash flows of the individual companies. The supplementary consolidating financial information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as whole.

As discussed in Note 1 to the consolidated financial statements, Wells Fargo & Company and Subsidiaries changed its method of evaluating other-than-temporary impairment for debt securities in 2009 and certain investment securities in 2008.

/s/ KPMG LLP

San Francisco, CA

February 26, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON SUPPLEMENTARY

CONSOLIDATING FINANCIAL INFORMATION

The Board of Directors

Wachovia Corporation

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of Wachovia Corporation and subsidiaries as of December 31, 2007 and 2006, and for each of the years in the three-year period ended December 31, 2007, and have issued our unqualified reports dated February 25, 2008, with respect to the consolidated balance sheets of Wachovia Corporation and subsidiaries as of December 31, 2007 and 2006, and the related consolidated statements of income, changes in stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2007, and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2007, and the effectiveness of internal control over financial reporting as of December 31, 2007.

Our audits were made for the purpose of forming an opinion on the consolidated financial statements of Wachovia Corporation and subsidiaries taken as a whole. The accompanying supplementary consolidating financial information as of December 31, 2007 and 2006, and for each of years in the three-year period ended December 31, 2007, is presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position, results of operations and cash flows of the individual companies. The supplementary consolidating financial information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole.

As discussed in Note 1 to the consolidated financial statements, Wachovia Corporation changed its method of accounting for income tax uncertainties, leveraged leases, hybrid financial instruments, collateral associated with derivative contracts and life insurance during 2007 and changed its method of accounting for mortgage servicing rights, stock-based compensation and pension and other postretirement plans in 2006.

/s/ KPMG LLP

Charlotte, North Carolina

March 28, 2008

WELLS FARGO & COMPANY

Supplementary Consolidating Balance Sheet Information


	December 31, 2009
(In millions)	The Bank			Other Subsidiaries and Eliminations		Wells Fargo Consolidated
ASSETS
Cash and due from banks	$	8,272		18,808		27,080
Federal funds sold, securities purchased under resale agreements and other short-term investments		5,214		35,671		40,885
Trading assets		24,192		18,847		43,039
Securities available for sale		69,899		102,811		172,710
Mortgages held for sale		78		39,016		39,094
Loans held for sale		2,931		2,802		5,733
Loans		331,980		450,790		782,770
Allowance for loan losses		(8,861	)	(15,655	)	(24,516	)

Net loans		323,119		435,135		758,254
Mortgage servicing rights:
Measured at fair value (residential MSRs)		26		15,978		16,004
Amortized		716		403		1,119
Premises and equipment, net		4,013		6,723		10,736
Goodwill		9,771		15,041		24,812
Other assets		57,352		46,828		104,180

Total assets	$	505,583		738,063		1,243,646

LIABILITIES
Noninterest-bearing deposits	$	70,323		111,033		181,356
Interest-bearing deposits		282,058		360,604		642,662

Total deposits		352,381		471,637		824,018
Short-term borrowings		26,843		12,123		38,966
Accrued expenses and other liabilities		22,463		39,979		62,442
Long-term debt		34,867		168,994		203,861

Total liabilities		436,554		692,733		1,129,287

EQUITY
Preferred stock		—		8,485		8,485
Common stock		455		8,288		8,743
Additional paid-in capital		61,891		(9,013	)	52,878
Retained earnings		2,035		39,528		41,563
Cumulative other comprehensive income (loss)		2,959		50		3,009
Treasury stock		—		(2,450	)	(2,450	)
Unearned ESOP shares		—		(442	)	(442	)

Total		67,340		44,446		111,786

Noncontrolling interests		1,689		884		2,573

Total equity		69,029		45,330		114,359

Total liabilities and stockholders’ equity	$	505,583		738,063		1,243,646

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WELLS FARGO & COMPANY

Supplementary Consolidating Balance Sheet Information


	December 31, 2008
(In millions)	The Bank			Other Subsidiaries and Eliminations		Wells Fargo Consolidated
ASSETS
Cash and due from banks	$	11,476		12,287		23,763
Federal funds sold, securities purchased under resale agreements and other short-term investments		85,042		(35,609	)	49,433
Trading assets		41,120		13,764		54,884
Securities available for sale		54,075		97,494		151,569
Mortgages held for sale		594		19,494		20,088
Loans held for sale		3,502		2,726		6,228
Loans		380,470		484,360		864,830
Allowance for loan losses		(7,352	)	(13,661	)	(21,013	)

Net loans		373,118		470,699		843,817
Mortgage servicing rights:
Measured at fair value (residential MSRs)		479		14,235		14,714
Amortized		604		842		1,446
Premises and equipment, net		4,470		6,799		11,269
Goodwill		7,878		14,749		22,627
Other assets		50,300		59,501		109,801

Total assets	$	632,658		676,981		1,309,639

LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits	$	62,004		88,833		150,837
Interest-bearing deposits		360,060		270,505		630,565

Total deposits		422,064		359,338		781,402
Short-term borrowings		66,579		41,495		108,074
Accrued expenses and other liabilities		24,794		25,895		50,689
Long-term debt		59,806		207,352		267,158

Total liabilities		573,243		634,080		1,207,323

STOCKHOLDERS’ EQUITY
Preferred stock		—		31,332		31,332
Common stock		455		6,818		7,273
Additional paid-in capital		57,315		(21,289	)	36,026
Retained earnings		—		36,543		36,543
Cumulative other comprehensive loss		—		(6,869	)	(6,869	)
Treasury stock		—		(4,666	)	(4,666	)
Unearned ESOP shares		—		(555	)	(555	)

Total		57,770		41,314		99,084

Noncontrolling interests		1,645		1,587		3,232

Total equity		59,415		42,901		102,316

Total liabilities and stockholders’ equity	$	632,658		676,981		1,309,639

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WELLS FARGO & COMPANY

Supplementary Consolidating Income Statement Information


	Year Ended December 31, 2009
(In millions)	The Bank		Other Subsidiaries and Eliminations		Wells Fargo Consolidated
INTEREST INCOME
Trading assets	$	318	600		918
Securities available for sale		4,768	6,551		11,319
Mortgages held for sale		16	1,914		1,930
Loans held for sale		115	68		183
Loans		14,813	26,776		41,589
Other interest income . . . . . . . . . . . . . . . . . . . . .		240	95		335

Total interest income . . . . . . . . . . . . . . . . . . .		20,270	36,004		56,274

INTEREST EXPENSE
Deposits		1,885	1,889		3,774
Short-term borrowings		152	70		222
Long-term debt		1,585	4,197		5,782
Other interest expense		15	157		172

Total interest expense . . . . . . . . . . . . . . . . . .		3,637	6,313		9,950

Net interest income		16,633	29,691		46,324
Provision for credit losses . . . . . . . . . . . . . . . . . .		5,858	15,810		21,668

Net interest income after provision for credit losses		10,775	13,881		24,656

NONINTEREST INCOME
Service charges on deposit accounts		2,523	3,218		5,741
Trust and investment fees		1,195	8,540		9,735
Card fees		1,224	2,459		3,683
Other fees		1,148	2,656		3,804
Mortgage banking		163	11,865		12,028
Insurance		32	2,094		2,126
Net gains (losses) on debt securities available for sale		244	(371	)	(127	)
Net gains (losses) from equity investments		138	47		185
Other . . . . . . . . . . . . . . . . . . . . . . . . . . .		2,901	2,286		5,187

Total noninterest income . . . . . . . . . . . . . . .		9,568	32,794		42,362

NONINTEREST EXPENSE
Salaries		4,234	9,523		13,757
Commission and incentive compensation		1,153	6,868		8,021
Employee benefits		1,128	3,561		4,689
Equipment		846	1,660		2,506
Net occupancy		1,100	2,027		3,127
Core deposit and other intangibles		2,135	442		2,577
FDIC and other deposit assessments		952	897		1,849
Other . . . . . . . . . . . . . . . . . . . . . . . . .		3,115	9,379		12,494

Total noninterest expense . . . . . . . . . . . . . . . .		14,663	34,357		49,020

Income before income tax expense		5,680	12,318		17,998
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,365	3,966		5,331

Net income before noncontrolling interests		4,315	8,352		12,667
Less: Net income from noncontrolling interests		68	324		392

Net income . . . . . . . . . . . . . . . .	$	4,247	8,028		12,275

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WACHOVIA CORPORATION AND SUBSIDIARIES

Supplementary Consolidating Income Statement Information


	Year Ended December 31, 2007
(In millions)	The Bank		Wachovia Mortgage, FSB		Other Subsidiaries and Eliminations		Wachovia Consolidated
INTEREST INCOME
Interest and fees on loans	$	22,283	7,970		1,005		31,258
Interest and dividends on securities		5,647	34		416		6,097
Trading account interest		1,306	—		756		2,062
Other interest income		1,865	229		720		2,814

Total interest income		31,101	8,233		2,897		42,231

INTEREST EXPENSE
Interest on deposits		10,840	2,665		(544	)	12,961
Interest on borrowings		5,252	2,220		3,668		11,140

Total interest expense		16,092	4,885		3,124		24,101

Net interest income		15,009	3,348		(227	)	18,130
Provision for credit losses		1,917	560		(216	)	2,261

Net interest income after provision for credit losses		13,092	2,788		(11	)	15,869

FEE AND OTHER INCOME
Service charges and fees		4,425	138		(80	)	4,483
Commissions		51	—		2,827		2,878
Fiduciary and asset management fees		1,419	—		3,014		4,433
Principal investing		43	—		716		759
Other income		2,729	59		(2,044	)	744

Total fee and other income		8,667	197		4,433		13,297

NONINTEREST EXPENSE
Salaries and employee benefits		6,475	737		4,978		12,190
Occupancy and equipment		1,987	144		445		2,576
Goodwill impairment		—	3,272		(3,272	)	—
Other intangible amortization		240	116		68		424
Sundry expense		6,304	210		(1,882	)	4,632

Total noninterest expense		15,006	4,479		337		19,822

Minority interest in income of consolidated subsidiaries		78	—		493		571

Income (loss) before income taxes		6,675	(1,494	)	3,592		8,773
Income taxes		1,792	638		31		2,461

Net income (loss)	$	4,883	(2,132	)	3,561		6,312

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WELLS FARGO & COMPANY

Supplementary Consolidating Statement of Changes in Stockholders’ Equity Information


	Year Ended December 31, 2009
(In millions)	The Bank			Other Subsidiaries and Eliminations		Wells Fargo Consolidated
PREFERRED STOCK
Balance, December 31, 2008	$	—		31,332		31,332
Preferred stock dividends and accretion		—		2,259		2,259
Preferred stock redeemed		—		(25,000	)	(25,000	)
Preferred stock converted to common shares		—		(106	)	(106	)

Balance, December 31, 2009		—		8,485		8,485

COMMON STOCK
Balance, December 31, 2008		455		6,818		7,273
Common stock issued		—		1,470		1,470

Balance, December 31, 2009		455		8,288		8,743

ADDITIONAL PAID-IN CAPITAL
Balance, December 31, 2008		57,826		(21,800	)	36,026
Effect of change in accounting for noncontrolling interests		—		(3,716	)	(3,716	)
Noncontrolling interests		—		(79	)	(79	)
Common stock issued		—		19,111		19,111
Preferred stock released to ESOP		—		(7	)	(7	)
Preferred stock converted to common shares		—		(54	)	(54	)
Contributed capital		3,000		(3,000	)	—
Changes incident to business combinations		1,114		(1,114	)	—
Tax benefit upon exercise of stock options		—		18		18
Changes in ownership of minority interest		(49	)	1,489		1,440
Stock option compensation expense		—		221		221
Net change in deferred compensation and related plans		—		(82	)	(82	)

Balance, December 31, 2009		61,891		(9,013	)	52,878

RETAINED EARNINGS
Balance, December 31, 2008		(511	)	37,054		36,543
Cumulative effect from change in accounting for other-than-temporary impairment on debt securities		—		53		53
Net income		4,247		8,028		12,275
Common stock issued		—		(898	)	(898	)
Common stock dividends		(1,701	)	(424	)	(2,125	)
Preferred stock dividends and accretion		—		(4,285	)	(4,285	)

Balance, December 31, 2009		2,035		39,528		41,563

CUMULATIVE OTHER COMPREHENSIVE INCOME
Balance, December 31, 2008		—		(6,869	)	(6,869	)
Cumulative effect from change in accounting for other-than-temporary impairment on debt securities		—		(53	)	(53	)
Translation adjustments		—		73		73
Net unrealized losses on securities available for sale		—		(843	)	(843	)
All other net realized gains on securities available for sale		2,864		7,785		10,649
Net unrealized losses on derivatives and hedging activities		95		(316	)	(221	)
Unamortized gains under defined benefit plans, net of amortization		—		273		273

Balance, December 31, 2009		2,959		50		3,009

TREASURY STOCK
Balance, December 31, 2008		—		(4,666	)	(4,666	)
Common stock issued		—		2,293		2,293
Common stock repurchased		—		(220	)	(220	)
Preferred stock converted to common shares		—		160		160
Net change in deferred compensation and related plans		—		(17	)	(17	)

Balance, December 31, 2009		—		(2,450	)	(2,450	)

UNEARNED ESOP SHARES
Balance, December 31, 2008		—		(555	)	(555	)
Preferred stock released to ESOP		—		113		113

Balance, December 31, 2009		—		(442	)	(442	)

NONCONTROLLING INTERESTS
Balance, December 31, 2008		1,645		1,587		3,232
Effect of change in accounting for noncontrolling interests		—		3,716		3,716
Net income		68		324		392
Translation adjustments		—		(7	)	(7	)
All other net realized gains on securities available for sale		—		5		5
Purchase of Prudential’s noncontrolling interest		—		(4,500	)	(4,500	)
Noncontrolling interests		(24	)	(241	)	(265	)

Balance, December 31, 2009		1,689		884		2,573

Total stockholders’ equity, December 31, 2009	$	69,029		45,330		114,359

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WACHOVIA CORPORATION AND SUBSIDIARIES

Supplementary Consolidating Statement of Changes in Stockholders’ Equity Information


	Year Ended December 31, 2007
(In millions)	The Bank			Wachovia Mortgage, FSB		Other Subsidiaries and Eliminations		Wachovia Consolidated
PREFERRED STOCK
Balance, December 31, 2006	$	—		—		—		—
Preferred shares issued		—		—		2,300		2,300

Balance, December 31, 2007		—		—		2,300		2,300

COMMON STOCK
Balance, December 31, 2006		455		—		5,845		6,300
Purchases of common stock		—		—		(72	)	(72	)
Common stock issued for
Stock options and restricted stock		—		—		64		64
Acquisitions		—		—		242		242

Balance, December 31, 2007		455		—		6,079		6,534

ADDITIONAL PAID-IN CAPITAL
Balance, December 31, 2006		37,356		16,750		(2,313	)	51,793
Preferred shares issued		—		—		(37	)	(37	)
Purchases of common stock		—		—		(609	)	(609	)
Common stock issued for
Stock options and restricted stock		—		—		1,151		1,151
Acquisitions		—		—		3,700		3,700
Changes incident to business combinations		16,569		(16,750	)	181		—
Deferred compensation, net		—		—		151		151

Balance, December 31, 2007		53,925		—		2,224		56,149

RETAINED EARNINGS
Balance, December 31, 2006		16,453		7,996		(10,726	)	13,723
Cumulative effect of an accounting change, net of income taxes		(1,337	)	—		(110	)	(1,447	)
Purchases of common stock		—		—		(515	)	(515	)
Net income		4,883		(2,132	)	3,561		6,312
Changes incident to business combinations		(2	)	188		(186	)	—
Changes incident to subsidiary divestiture		—		(13	)	13		—
Cash dividends		(1,000	)	(1,500	)	(2,117	)	(4,617	)
Noncash dividends		—		(842	)	842		—

Balance, December 31, 2007		18,997		3,697		(9,238	)	13,456

ACCUMULATED OTHER COMPREHENSIVE INCOME, NET
Balance, December 31, 2006		(990	)	—		(1,110	)	(2,100	)
Minimum pension liability		—		—		608		608
Net unrealized gains (losses) on debt and equity securities and on derivative financial instruments		16		28		(119	)	(75	)

Balance, December 31, 2007		(974	)	28		(621	)	(1,567	)

Total stockholders’ equity, December 31, 2007	$	72,403		3,725		744		76,872

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WELLS FARGO & COMPANY

Supplementary Consolidating Statement of Cash Flows Information


	Year Ended December 31, 2009
(In millions)	The Bank			Other Subsidiaries and Eliminations		Wells Fargo Consolidated
Cash flows from operating activities:
Net income before noncontrolling interests	$	4,315		8,352		12,667
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Provision for credit losses		5,858		15,810		21,668
Change in fair value of MSRs (residential), MHFS and LHFS carried at fair value		369		(389	)	(20	)
Depreciation and amortization		1,614		1,227		2,841
Other net losses (gains)		(671	)	(3,196	)	(3,867	)
Preferred shares released to ESOP		—		106		106
Stock option compensation expense		—		221		221
Excess tax benefits related to stock option payments		—		(18	)	(18	)
Originations of MHFS		(861	)	(413,438	)	(414,299	)
Proceeds from sales of and principal collected on mortgages originated for sale		1,324		397,937		399,261
Originations of LHFS		702		(11,502	)	(10,800	)
Proceeds from sales and principal collected on LHFS		14,798		5,478		20,276
Purchases of LHFS		(14,926	)	6,312		(8,614	)
Net change in:
Trading assets		16,194		(2,211	)	13,983
Deferred income taxes		630		8,823		9,453
Accrued interest receivable		228		(521	)	(293	)
Accrued interest payable		377		(1,405	)	(1,028	)
Other assets, net		(8,584	)	(6,434	)	(15,018	)
Other accrued expenses and liabilities, net		(1,831	)	3,925		2,094

Net cash provided by operating activities		19,536		9,077		28,613

Cash flows from investing activities:
Net change in:
Federal funds sold, securities purchased under resale agreements and other short-term investments		79,828		(71,280	)	8,548
Securities available for sale:
Sales proceeds		14,297		38,741		53,038
Prepayments and maturities		13,563		25,248		38,811
Purchases		(36,845	)	(58,440	)	(95,285	)
Loans:
Decrease in banking subsidiaries’ loan originations, net of collections		42,450		9,790		52,240
Proceeds from sales (including participations) of loans originated for investment by banking subsidiaries		264		5,898		6,162
Purchases (including participations) of loans by banking subsidiaries		(908	)	(2,455	)	(3,363	)
Principal collected on nonbank entities’ loans		—		14,428		14,428
Loans originated by nonbank entities		—		(9,961	)	(9,961	)
Net cash acquired from (paid for) acquisitions		—		(138	)	(138	)
Proceeds from sales of foreclosed assets		(1,550	)	5,309		3,759
Changes in MSRs from purchases and sales		16		(26	)	(10	)
Net change in noncontrolling interest		(5	)	5		—
Other, net		(685	)	4,241		3,556

Net cash provided (used) by investing activities		110,425		(38,640	)	71,785

Cash flows from financing activities:
Net change in:
Deposits		(69,683	)	112,156		42,473
Short-term borrowings		(39,736	)	(29,372	)	(69,108	)
Long-term debt:
Proceeds from issuance		26		8,370		8,396
Repayment		(25,022	)	(41,238	)	(66,260	)
Preferred stock:
Redeemed		—		(25,000	)	(25,000	)
Cash dividends paid		—		(2,178	)	(2,178	)
Common Stock:
Proceeds from issuance		3,000		18,976		21,976
Repurchased		—		(220	)	(220	)
Cash dividends paid		(1,750	)	(375	)	(2,125	)
Excess tax benefits related to stock option payments		—		18		18
Change in noncontrolling interests:
Purchase of Prudential’s noncontrolling interest		—		(4,500	)	(4,500	)
Other, net		—		(553	)	(553	)

Net cash provided (used) by financing activities		(133,165	)	36,084		(97,081	)

Net change in cash and due from banks		(3,204	)	6,521		3,317
Cash and due from banks at beginning of period		11,476		12,287		23,763

Cash and due from banks at end of period	$	8,272		18,808		27,080

Supplemental disclosures of cash flow information:
Cash paid for interest	$	5,879		5,099		10,978
Cash paid for income taxes	$	1,863		1,179		3,042

WACHOVIA CORPORATION AND SUBSIDIARIES

Supplementary Consolidating Statement of Cash Flows Information


	Year Ended December 31, 2007
(In millions)	The Bank			Wachovia Mortgage, FSB		Other Subsidiaries and Eliminations		Wachovia Consolidated
OPERATING ACTIVITIES
Net income (loss)	$	4,883		(2,132	)	3,561		6,312
Adjustments to reconcile net income to net cash provided (used) by operating activities
Accretion and amortization of securities discounts and premiums, net		156		—		76		232
Provision for credit losses		1,861		242		158		2,261
(Gain) loss on securitization transactions		25		—		(63	)	(38	)
Gain on sale of mortgage servicing rights		(5	)	—		—		(5	)
Securities transactions		213		—		65		278
Depreciation and other amortization		932		171		766		1,869
Deferred income taxes		(53	)	—		(132	)	(185	)
Trading account assets, net		(5,988	)	—		(4,086	)	(10,074	)
(Gain) loss on sales of premises and equipment		(12	)	12		5		5
Contribution to qualified pension plan		(270	)	—		—		(270	)
Excess income tax benefits from share-based payment arrangements		—		—		(158	)	(158	)
Loans held for sale, net		(3,247	)	(1	)	(2,235	)	(5,483	)
Deferred interest on certain loans		(132	)	(1,386	)	—		(1,518	)
Other assets, net		(8,354	)	(157	)	3,225		(5,286	)
Trading account liabilities, net		4,015		—		(658	)	3,357
Other liabilities, net		401		(315	)	(848	)	(762	)

Net cash used by operating activities		(5,575	)	(3,566	)	(324	)	(9,465	)

INVESTING ACTIVITIES
Increase (decrease) in cash realized from
Sales of securities		21,295		133		171		21,599
Maturities of securities		59,791		—		974		60,765
Purchases of securities		(80,210	)	(3,524	)	320		(83,414	)
Origination of loans, net		(110,819	)	75,810		(11,118	)	(46,127	)
Sales of premises and equipment		171		218		(185	)	204
Purchases of premises and equipment		(1,081	)	(49	)	9		(1,121	)
Goodwill and other intangible assets		(11,825	)	15,088		(3,953	)	(690	)
Purchase of bank-owned separate account life insurance, net		(1,637	)	—		—		(1,637	)
Cash equivalents acquired, net of purchases of banking organizations		—		—		(1,340	)	(1,340	)

Net cash provided (used) by investing activities		(124,315	)	87,676		(15,122	)	(51,761	)

FINANCING ACTIVITIES
Increase (decrease) in cash realized from
Increase (decrease) in deposits, net		105,427		(64,515	)	615		41,527
Securities sold under repurchase agreements and other short-term borrowings, net		1,158		10,924		(13,026	)	(944	)
Issuances of long-term debt .		17,831		14,250		25,513		57,594
Payments of long-term debt		(9,141	)	(29,490	)	3,450		(35,181	)
Issuances of preferred shares		—		—		2,263		2,263
Issuances of common stock, net		—		—		336		336
Purchases of common stock		—		—		(1,196	)	(1,196	)
Changes incident to business combinations		16,567		(16,562	)	(5	)	—
Changes incident to subsidiary divestiture		—		(13	)	13		—
Excess income tax benefits from share-based payment arrangements		—		—		158		158
Cash dividends paid		(1,000	)	(1,500	)	(2,117	)	(4,617	)

Net cash provided (used) by financing activities		130,842		(86,906	)	16,004		59,940

Increase (decrease) in cash and cash equivalents		952		(2,796	)	558		(1,286	)
Cash and cash equivalents, beginning of year		24,167		2,804		7,945		34,916

Cash and cash equivalents, end of year	$	25,119		8		8,503		33,630

CASH PAID FOR
Interest	$	15,791		4,721		2,911		23,423
Income taxes		5,630		1,018		(1,672	)	4,976
NONCASH ITEMS
Transfer to securities from loans resulting from securitizations		2,816		—		3,382		6,198
Transfer to loans from securities resulting from terminated securitizations		—		—		310		310
Transfer to loans held for sale from loans		633		—		—		633
Cumulative effect of an accounting change, net of income taxes		(1,337	)	—		(110	)	(1,447	)
Issuance of common stock, options and notes for purchase accounting acquisitions	$	—		—		4,474		4,474

See accompanying Report of Independent Registered Public Accounting Firm on Supplementary Consolidating Financial Information.

WACHOVIA PREFERRED FUNDING CORP - FORM 10-K - EX-99.(A) - SELECTED WELLS FARGO & CO. AND SUBS AND WACH CORP AND SUBS. SUPP CONS FIN INFOR. - March 23, 2010

Attached files

WACHOVIA PREFERRED FUNDING CORP Reports