SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT TO APPLICATION OR REPORT
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 21, 1996
NORWEST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-2979 41-0449260
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Norwest Center
Sixth and Marquette
Minneapolis, Minnesota 55479
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 612-667-1234
This Form 8-K/A amends and restates the pro forma net income per common share,
primary and fully diluted, as presented on the Unaudited Pro Forma Combining
Statement of Income, pages 4 and 5, of the registrant's Form 8-K dated
February 20, 1996.
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NORWEST CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA COMBINING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
In millions, except per common share amounts Pro Forma
Combining Pro Forma Combining
Norwest Companies Adjustments Income
Corporation Note (1) Note (3) Statement
<S> <C> <C> <C> <C>
INTEREST INCOME ON
Loans and leases ........................... $ 3,955.8 318.0 - 4,273.8
Investment securities ...................... 1,149.1 123.1 - 1,272.2
Loans held for sale ........................ 195.7 0.2 - 195.9
Mortgages held for sale .................... 366.2 231.0 - 597.2
Money market investments ................... 35.7 16.4 - 52.1
Trading account securities.................. 14.8 - - 14.8
Total interest income ................ 5,717.3 688.7 - 6,406.0
INTEREST EXPENSE ON
Deposits.................................... 1,156.3 199.9 - 1,356.2
Short-term borrowings....................... 515.8 202.4 - 718.2
Long-term debt............................... 775.9 10.5 28.5 814.9
Total interest expense................ 2,448.0 412.8 28.5 2,889.3
Net interest income................ 3,269.3 275.9 (28.5) 3,516.7
Provision for credit losses................. 312.4 12.4 - 324.8
Net interest income after
provision for credit losses...... 2,956.9 263.5 (28.5) 3,191.9
NON-INTEREST INCOME
Trust....................................... 240.7 8.1 - 248.8
Service charges on deposit accounts......... 268.8 38.6 - 307.4
Mortgage banking............................ 532.8 175.0 (22.8) 685.0
Data processing............................. 72.4 2.7 - 75.1
Credit card................................. 132.8 - - 132.8
Insurance................................... 244.2 - - 244.2
Other fees and service charges.............. 230.3 2.4 - 232.7
Net investment securities gains............. 0.6 - - 0.6
Net investment and mortgage-backed securi-
ties available for sale losses............ (36.2) 1.3 - (34.9)
Net venture capital gains................... 102.1 - - 102.1
Other ...................................... 76.5 9.6 - 86.1
Total non-interest income............. 1,865.0 237.7 (22.8) 2,079.9
NON-INTEREST EXPENSES
Salaries and benefits ...................... 1,745.1 191.9 - 1,937.0
Net occupancy............................... 254.4 40.5 - 294.9
Equipment rentals, depreciation
and maintenance........................... 272.7 26.7 - 299.4
Business development........................ 172.2 13.0 - 185.2
Communication............................... 225.0 - - 225.0
Data processing............................. 136.2 3.7 - 139.9
FDIC assessment and regulatory
examination fees.......................... 78.6 8.4 - 87.0
Intangible asset amortization............... 124.7 3.9 6.0 134.6
Other ...................................... 390.2 99.5 - 489.7
Total non-interest expenses........... 3,399.1 387.6 6.0 3,792.7
(Continued on Page 3) 2
</TABLE>
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NORWEST CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA COMBINING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
In millions, except per common share amounts Pro Forma
Combining Pro Forma Combining
Norwest Companies Adjustments Income
Corporation Notes (1) Note (3) Statement
(Continued from page 2)
<S> c> <C> <C> <C>
INCOME BEFORE INCOME TAXES.................. 1,422.8 113.6 (57.3) 1,479.1
Income tax expense ......................... 466.8 43.7 (19.7) 490.8
NET INCOME ................................. $ 956.0 69.9 (37.6) 988.3
Average Common and Common
Equivalent Shares - Note (3)............. 331.7 19.1 350.8
PER COMMON SHARE
Net Income
Primary ............................... $ 2.76 2.70
Fully diluted ......................... 2.73 2.67
See notes to unaudited pro forma combining financial information.
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORWEST CORPORATION
February 21, 1996 By /s/ Michael A. Graf
Senior Vice President
and Controller
(Principal Accounting Officer)
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