EXHIBIT 99.2
WELLS FARGO & COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
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Nine months ended September 30,
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(in millions) 1998 1997
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 999 $ 857
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 510 420
Depreciation and amortization 683 683
Investment securities gains (41) (6)
Gains on sales of loans (67) (41)
Gains from dispositions of operations (89) (7)
Net decrease in accrued interest receivable 5 128
Net increase in accrued interest payable 66 74
Net decrease (increase) in loans originated for sale 174 (75)
Other, net (117) 1,227
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Net cash provided by operating activities 2,123 3,260
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CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available for sale:
Proceeds from sales 558 275
Proceeds from prepayments and maturities 4,038 3,270
Purchases (2,868) (726)
Net (increase) decrease in loans resulting from originations
and collections (463) 1,755
Proceeds from sales (including participations) of loans 1,237 158
Purchases (including participations) of loans (97) (210)
Proceeds from dispositions of operations 473 8
Proceeds from sales of foreclosed assets 115 116
Net increase in federal funds sold and securities
purchased under resale agreements (998) (1)
Other, net (151) 54
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Net cash provided by investing activities 1,844 4,699
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CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits (2,430) (10,899)
Net increase (decrease) in short-term borrowings (1,955) 2,296
Proceeds from issuance of senior debt -- 700
Repayment of senior debt (693) (525)
Proceeds from issuance of subordinated debt 250 --
Repayment of subordinated debt (300) (351)
Proceeds from issuance of guaranteed preferred beneficial
interests in Company's subordinated debentures -- 149
Proceeds from issuance of common stock 87 67
Redemption of preferred stock -- (325)
Repurchase of common stock (429) (1,452)
Payment of cash dividends on preferred stock (13) (21)
Payment of cash dividends on common stock (333) (350)
Other, net 218 (1,161)
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Net cash used by financing activities (5,598) (11,872)
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NET CHANGE IN CASH AND CASH EQUIVALENTS (DUE FROM BANKS) (1,631) (3,913)
Cash and cash equivalents at beginning of period 8,169 11,736
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CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 6,538 $ 7,823
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Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 1,536 $ 1,636
Income taxes $ 645 $ 558
Noncash investing activities:
Transfers from loans to foreclosed assets $ 73 $ 76
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