EX-99.A 3 dex99a.htm NEWS RELEASE News Release

Exhibit 99(a)

 

LOGO

  

LOGO

 

Press Release April 16, 2003

 

Wachovia Earns Record $1 Billion; 1st Quarter EPS Up 15% To 76 Cents

 

1st QUARTER 2003 COMPARED WITH 1ST QUARTER 2002

 

·   GAAP quarterly earnings were a record $1 billion, or 76 cents per share, up 15 percent, and included merger-related and restructuring expenses of 3 cents per share.

 

·   Customer satisfaction scores improved for the 16th consecutive quarter.

 

·   Total revenue increased 3 percent due to growth in both net interest income and fee income. Lower net principal investing losses drove fee income growth.

 

·   Noninterest expense increased 5 percent primarily due to merger-related and restructuring expense, revenue-based incentives and increases in nondiscretionary costs such as pension expense.

 

·   Credit quality strengthened, with declining nonperforming assets, net charge-offs and provision expense from both the first and fourth quarters of 2002.

 

·   Low-cost core deposits increased 19 percent.

 

·   Average diluted outstanding shares of stock declined by 20 million from first quarter 2002 due to settlements of forward purchase contracts and open market share repurchases.

 

·   Georgia branch and deposit conversion completed.

 

Earnings Highlights

     
    

Three Months Ended

    

March 31,

       

December 31,

   

March 31,

(In millions, except per share data)

   

2003

       

2002

   

2002

Earnings

                     

Net income available to common stockholders

   

$

1,023

 

     

891

   

907

Diluted earnings per common share (a)

   

$

0.76

 

     

0.66

   

0.66

    
    
  

Financial ratios

                     

Return on average common stockholders’ equity

   

 

12.94

%

     

11.07

   

12.74

Net interest margin

   

 

3.86

 

     

3.86

   

3.91

Fee and other income as % of total revenue

   

 

44.64

%

     

43.89

   

45.00

    
    
  

Capital adequacy (b)

                     

Tier 1 capital ratio

   

 

8.25

%

     

8.22

   

7.49

Total capital ratio

   

 

11.95

 

     

12.01

   

11.56

Leverage ratio

   

 

6.71

%

     

6.77

   

6.51

    
    
  

Asset quality

                     

Allowance as % of nonaccrual and restructured loans

   

 

172

%

     

177

   

177

Allowance as % of loans, net

   

 

1.67

 

     

1.72

   

1.84

Net charge-offs as % of average loans, net

   

 

0.49

 

     

0.52

   

0.83

Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale

   

 

1.06

%

     

1.11

   

1.21

    
    
  
(a)   Reported diluted earnings per common share included $0.03 per share and $0.06 per share of merger-related and restructuring expenses in the first quarter of 2003 and the fourth quarter of 2002, respectively. The impact in the first quarter of 2002 was less than $0.01.
(b)   The first quarter of 2003 is based on estimates.

 

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS /Page 2

 

CHARLOTTE, N.C.—Wachovia Corp. (NYSE:WB) today reported first quarter 2003 net income available to common stockholders of $1.0 billion, or 76 cents per share, compared with $907 million, or 66 cents per share, in the first quarter of 2002. Earnings in the first quarter of 2003 included after-tax net merger-related and restructuring expenses of $40 million, or 3 cents per share. In the first quarter of 2002, these charges were more than offset by gains on the sale of divested First Union branch offices, resulting in a net after-tax gain of $5 million, with no earnings per share impact.

 

“We’re very pleased with these strong results in a climate of continuing market volatility,” said Ken Thompson, chairman and CEO. “As the rest of 2003 unfolds, the trends evident this first quarter—improved customer service, improved credit quality, expense control and further merger efficiencies—should continue to serve us well.

 

“We’re particularly proud of the continuing success of our merger integration,” he added. “The deposit and branch conversion in Georgia was virtually flawless. Preparations, technology enhancements and testing are well under way for two more conversions—the Carolinas in mid-May and Virginia in the third quarter. With all of this merger activity, we feel particularly rewarded by the 16th straight quarter of rising customer satisfaction ratings. Our competitive edge in service is leading to solid sales performance with low-cost core deposits up 19 percent and investment sales showing continued strength despite the weak equity markets.”

 

 

Wachovia Corporation

     
    

Three Months Ended

    

March 31,

   

December 31,

   

March 31,

(In millions)

   

2003

   

2002

   

2002

Total revenue (Tax-equivalent)

   

$

4,656

   

4,507

   

4,504

Provision for loan losses

   

 

224

   

308

   

339

Noninterest expense

   

 

2,903

   

3,042

   

2,769

Net income available to common stockholders

   

 

1,023

   

891

   

907

Average loans, net

   

 

157,964

   

153,279

   

157,324

Average core deposits

   

$

172,988

   

170,738

   

162,532

    
  
  

 

Average loans in the first quarter of 2003 were $158 billion, essentially the same as the first quarter of 2002, reflecting higher consumer loan balances dampened by continued lower corporate loan demand. Average core deposits increased 6 percent from the first quarter of 2002 to $173 billion, while average low-cost core deposits increased 16 percent from the first quarter a year ago to $129 billion.

 

First quarter 2003 net charge-offs declined by 40 percent from the first quarter of 2002 to $195 million, or an annualized 0.49 percent of average net loans. Total nonperforming assets including loans held for sale declined 11 percent from the first quarter of 2002 to $1.8 billion in the first quarter of 2003.

 

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS /Page 3

 

 

Lines of Business

 

The following discussion covers the results for Wachovia’s four core business segments, and is on a segment earnings basis, which excludes net merger-related and restructuring expenses and other intangible amortization. Segment earnings are the basis upon which Wachovia manages and allocates capital to its business segments.

 

General Bank Highlights

 

    

Three Months Ended

    

March 31,

   

December 31,

   

March 31,

(In millions)

   

2003

   

2002

   

2002

Total revenue (Tax-equivalent)

   

$

2,349

   

2,382

   

2,187

Provision for loan losses

   

 

105

   

144

   

115

Noninterest expense

   

 

1,297

   

1,342

   

1,231

Segment earnings

   

 

602

   

570

   

535

Average loans, net

   

 

110,882

   

106,081

   

98,068

Average core deposits

   

 

145,496

   

144,252

   

136,086

Economic capital, average

   

$

5,572

   

5,644

   

5,659

    
  
  

 

General Bank

 

The General Bank includes retail, small business and commercial customers. General Bank revenue increased 7 percent from the first quarter a year ago, driven by a 6 percent increase in net interest income and 13 percent growth in fee income. Average core deposit growth continued to be strong, up 7 percent from the first quarter of the prior year. Particularly notable was the increase in average low-cost core deposits of 18 percent from the first quarter of 2002. Loans increased 13 percent year over year, reflecting strength in consumer and small business lending. Credit quality continued to be strong, with a decline in charge-offs and the provision. Fee income growth was driven by mortgage income. The 5 percent increase in expenses from the first quarter of 2002 reflected higher benefit costs and incentives as well as technology enhancements in the financial centers. Retail sales momentum continued, with continued strength in debit card sales and in net new checking accounts, which increased by 82,459 in the first quarter of 2003, nearly the same as for all of 2002.

 

Capital Management Highlights

 

    

Three Months Ended

    

March 31,

     

December 31,

   

March 31,

(In millions)

   

2003

     

2002

   

2002

Total revenue (Tax-equivalent)

   

$

755

     

772

   

807

Provision for loan losses

   

 

—

     

—

   

—

Noninterest expense

   

 

625

     

622

   

663

Segment earnings

   

 

83

     

95

   

91

Average loans, net

   

 

134

     

131

   

166

Average core deposits

   

 

1,367

     

1,487

   

1,298

Economic capital, average

   

$

678

     

668

   

722

    
    
  

 

Capital Management

 

The Capital Management Group (CMG) includes asset management and retail brokerage services. CMG’s first quarter 2003 revenue declined 6 percent from the first quarter of 2002 due to the prolonged weakness in the equities markets and subdued investor activity. Despite this weakness, mutual fund net inflows continued to be positive. Total annuity sales increased 16 percent to more than $1.5 billion, including bank annuity sales of $1.1 billion that represented a 34 percent increase from the first quarter of 2002. Assets under management at March 31, 2003, increased 1 percent from March 31, 2002, to $233 billion, including a 6 percent increase in mutual fund assets to $113 billion at March 31, 2003. Brokerage client assets declined 7 percent from March 31, 2002, to $265 billion, due to the decline in equity market values. Expenses reflected solid cost control with a 6 percent decline from the first quarter of 2002 despite increased spending for technology infrastructure enhancements, increased sales expenses related to mutual funds, and branding campaigns for Wachovia Securities.

 

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS /Page 4

 

 

Wealth Management Highlights

 

    

Three Months Ended

    

March 31,

   

December 31,

   

March 31,

(In millions)

   

2003

   

2002

   

2002

Total revenue (Tax-equivalent)

   

$

237

   

239

   

232

Provision for loan losses

   

 

4

   

6

   

1

Noninterest expense

   

 

170

   

172

   

162

Segment earnings

   

 

40

   

40

   

44

Average loans, net

   

 

9,339

   

9,028

   

8,400

Average core deposits

   

 

10,662

   

10,339

   

9,896

Economic capital, average

   

$

373

   

376

   

351

    
  
  

 

Wealth Management

 

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. Revenue was up modestly from the first quarter of 2002, driven by strong net interest income due to increased loans and deposits. Fee and other income declined 1 percent from the first quarter of 2002 due to market-driven declines in trust and investment management fees. Higher insurance commissions offset this decline. Average loans grew 11 percent from the first quarter a year ago, while average core deposits, led by money market and checking account balances, rose 8 percent from the first quarter of 2002. Expenses increased 5 percent year over year due to sharply higher benefit costs.

 

Corporate and Investment Bank Highlights

 

    

Three Months Ended

    

March 31,

   

December 31,

   

March 31,

(In millions)

   

2003

   

2002

   

2002

Total revenue (Tax-equivalent)

   

$

1,107

   

942

   

1,064

Provision for loan losses

   

 

110

   

161

   

222

Noninterest expense

   

 

556

   

535

   

517

Segment earnings

   

 

277

   

153

   

204

Average loans, net

   

 

36,104

   

38,673

   

43,342

Average core deposits

   

 

14,120

   

13,491

   

12,758

Economic capital, average

   

$

6,358

   

6,606

   

7,741

    
  
  

 

Corporate and Investment Bank

 

The Corporate and Investment Bank (CIB) includes corporate lending, investment banking, treasury services and trade finance, and principal investing. CIB revenue grew 4 percent from the first quarter of 2002, driven by lower net principal investing losses, while interest income declined on lower loan balances in corporate lending. The increase in expense was primarily related to incentives that reflected higher revenue and reduced credit costs. Average loans declined due to weak overall demand, while average core deposits increased primarily due to growth in commercial mortgage servicing and growth in international trade finance.

 

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS /Page 5

 

 

Wachovia Corporation (NYSE:WB) had assets of $348 billion and stockholders’ equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

 

This news release may contain various forward-looking statements. A discussion of various factors that could cause Wachovia Corporation’s actual results to differ materially from those expressed in such forward-looking statements is included in Wachovia’s filings with the Securities and Exchange Commission, including its Current Report on Form 8-K dated April 16, 2003.

 

Earnings Conference Call and Supplemental Materials

 

Wachovia CEO Ken Thompson and CFO Bob Kelly will review Wachovia’s first quarter 2003 results in a conference call and audio webcast beginning at 10 a.m. Eastern Time today. Supplemental materials relating to first quarter results are available on the Internet at wachovia.com/investor, and investors are encouraged to access these materials in advance of the conference call.

 

Webcast Instructions:    To gain access to the webcast, which will be “listen-only,” go to wachovia.com/investor and click on the link “Wachovia First Quarter Earnings Audio Webcast.” In order to listen to the webcast, you will need to download either Real Player or Media Player.

 

Teleconference Instructions:    The telephone number for the conference call is 1-877-601-3456 for U.S. callers or 1-630-395-0022 for international callers. You will be asked to tell the answering coordinator your name and the name of your firm. Mention the conference Access Code: Kelly.

 

Replay:    Wednesday, April 16 at 12 p.m. through 6 p.m., Wednesday, May 14. Replay telephone number is 402-998-0652.

 

***

 

Investors seeking further information should contact the Investor Relations team: Alice Lehman at 704-374-4139 or Ellen Taylor at 704-383-1381. Media seeking further information should contact the Corporate Media Relations team: Ginny Mackin at 704-383-3715 or Christy Phillips at 704-383-8178.

 

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PAGE 6

 

 

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

    

2003

     

2002

  

(Dollars in millions, except per share data)

   

First Quarter

     

Fourth Quarter

   

Third Quarter

   

Second Quarter

   

First Quarter

  

EARNINGS SUMMARY

                               

Net interest income (Tax-equivalent)

   

$

2,578

 

   

2,529

   

2,520

   

2,515

   

2,477

 

Fee and other income

   

 

2,078

 

   

1,978

   

1,890

   

2,110

   

2,027

 

    
  
  
  
  

Total revenue (Tax-equivalent)

   

 

4,656

 

   

4,507

   

4,410

   

4,625

   

4,504

 

Provision for loan losses

   

 

224

 

   

308

   

435

   

397

   

339

 

Other noninterest expense

   

 

2,699

 

   

2,750

   

2,686

   

2,622

   

2,609

 

Merger-related and restructuring expenses

   

 

64

 

   

145

   

107

   

143

   

(8

)

Other intangible amortization

   

 

140

 

   

147

   

152

   

161

   

168

 

    
  
  
  
  

Total noninterest expense

   

 

2,903

 

   

3,042

   

2,945

   

2,926

   

2,769

 

    
  
  
  
  

Income before income taxes (Tax-equivalent)

   

 

1,529

 

   

1,157

   

1,030

   

1,302

   

1,396

 

Income taxes (Tax-equivalent)

   

 

502

 

   

262

   

114

   

447

   

483

 

    
  
  
  
  

Net income

   

 

1,027

 

   

895

   

916

   

855

   

913

 

Dividends on preferred stock

   

 

4

 

   

4

   

3

   

6

   

6

 

    
  
  
  
  

Net income available to common stockholders

   

$

1,023

 

   

891

   

913

   

849

   

907

 

    
  
  
  
  

Diluted earnings per common share

   

$

0.76

 

   

0.66

   

0.66

   

0.62

   

0.66

 

Return on average common stockholders’ equity

   

 

12.94

%

   

11.07

   

11.63

   

11.52

   

12.74

 

Return on average assets

   

 

1.23

%

   

1.08

   

1.13

   

1.09

   

1.17

 

    
  
  
  
  

ASSET QUALITY

                               

Allowance as % of loans, net

   

 

1.67

%

   

1.72

   

1.81

   

1.86

   

1.84

 

Allowance as % of nonperforming assets

   

 

160

 

   

161

   

149

   

150

   

162

 

Net charge-offs as % of average loans, net

   

 

0.49

 

   

0.52

   

0.59

   

0.97

   

0.83

 

Nonperforming assets as % of loans, net,

                               

foreclosed properties and loans held for sale

   

 

1.06

%

   

1.11

   

1.23

   

1.24

   

1.21

 

    
  
  
  
  

CAPITAL ADEQUACY (a)

                               

Tier I capital ratio

   

 

8.25

%

   

8.22

   

8.11

   

7.83

   

7.49

 

Total capital ratio

   

 

11.95

 

   

12.01

   

12.02

   

11.89

   

11.56

 

Leverage ratio

   

 

6.71

%

   

6.77

   

6.82

   

6.75

   

6.51

 

    
  
  
  
  

OTHER DATA

                               

Average diluted common shares (In millions)

   

 

1,346

 

   

1,360

   

1,374

   

1,375

   

1,366

 

Actual common shares (In millions)

   

 

1,345

 

   

1,357

   

1,373

   

1,371

   

1,368

 

Dividends paid per common share

   

$

0.26

 

   

0.26

   

0.26

   

0.24

   

0.24

 

Dividends paid per preferred share

   

 

0.04

 

   

0.04

   

0.04

   

0.06

   

0.06

 

Book value per common share

   

 

23.99

 

   

23.63

   

23.38

   

22.15

   

21.04

 

Common stock price

   

 

34.07

 

   

36.44

   

32.69

   

38.18

   

37.08

 

Market capitalization

   

$

45,828

 

   

49,461

   

44,887

   

52,347

   

50,716

 

Common stock to book price

   

 

142

%

   

154

   

140

   

172

   

176

 

FTE employees

   

 

79,555

 

   

80,778

   

80,987

   

82,686

   

82,809

 

Total financial centers/brokerage offices

   

 

3,251

 

   

3,280

   

3,342

   

3,347

   

3,362

 

ATMs

   

 

4,539

 

   

4,560

   

4,604

   

4,617

   

4,618

 

    
  
  
  
  
(a)   The first quarter of 2003 is based on estimates.

 

 

PAGE 7

 

WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

 

    

2003

     

2002

(In millions)

   

First Quarter

     

Fourth Quarter

   

Third Quarter

     

Second Quarter

   

First Quarter

EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES (a)

                               

Net income

   

$

1,067

 

   

987

   

983

 

   

944

   

908

Return on average assets

   

 

1.28

%

   

1.19

   

1.21

 

   

1.20

   

1.17

Return on average common stockholders’ equity

   

 

13.45

 

   

12.13

   

12.44

 

   

12.72

   

12.68

Overhead efficiency ratio

   

 

60.96

%

   

64.30

   

64.33

 

   

60.19

   

61.66

Operating leverage

   

$

209

 

   

36

   

(267

)

   

113

   

125

    
  
  
  
  

EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES AND OTHER INTANGIBLE AMORTIZATION (a) (b)

                               

Net income

   

$

1,155

 

   

1,070

   

1,081

 

   

1,047

   

1,016

Dividend payout ratio on common shares

   

 

30.23

%

   

33.33

   

33.33

 

   

31.58

   

32.43

Return on average tangible assets

   

 

1.44

 

   

1.34

   

1.39

 

   

1.39

   

1.36

Return on average tangible common stockholders’ equity

   

 

23.71

 

   

21.52

   

22.84

 

   

24.66

   

25.30

Overhead efficiency ratio

   

 

57.97

%

   

61.04

   

60.87

 

   

56.72

   

57.93

Operating leverage

   

$

202

 

   

30

   

(275

)

   

105

   

42

    
  
  
  
  

OTHER FINANCIAL DATA

                               

Net interest margin

   

 

3.86

%

   

3.86

   

3.94

 

   

3.97

   

3.91

Fee and other income as % of total revenue

   

 

44.64

 

   

43.89

   

42.86

 

   

45.63

   

45.00

Effective income tax rate

   

 

29.94

 

   

18.39

   

6.20

 

   

31.46

   

32.12

Tax rate (Tax-equivalent) (c)

   

 

32.86

%

   

22.50

   

11.20

 

   

34.27

   

34.60

    
  
  
  
  

AVERAGE BALANCE SHEET DATA

                               

Commercial loans, net

   

$

93,039

 

   

95,064

   

96,769

 

   

98,529

   

99,711

Consumer loans, net

   

 

64,925

 

   

58,215

   

55,159

 

   

56,819

   

57,613

Loans, net

   

 

157,964

 

   

153,279

   

151,928

 

   

155,348

   

157,324

Earning assets

   

 

268,595

 

   

261,103

   

254,815

 

   

253,829

   

254,886

Total assets

   

 

337,281

 

   

329,960

   

321,511

 

   

314,714

   

315,322

Core deposits

   

 

172,988

 

   

170,738

   

167,184

 

   

164,510

   

162,532

Total deposits

   

 

188,948

 

   

187,442

   

179,809

 

   

177,925

   

178,230

Interest-bearing liabilities

   

 

237,149

 

   

230,611

   

223,176

 

   

223,407

   

226,837

Stockholders’ equity

   

$

32,052

 

   

31,946

   

31,103

 

   

29,576

   

28,903

    
  
  
  
  

PERIOD-END BALANCE SHEET DATA

                               

Commercial loans, net

   

$

98,800

 

   

98,905

   

101,931

 

   

102,780

   

104,883

Consumer loans, net

   

 

65,422

 

   

64,192

   

55,611

 

   

56,020

   

57,411

Loans, net

   

 

164,222

 

   

163,097

   

157,542

 

   

158,800

   

162,294

Goodwill and other intangible assets

                               

Goodwill

   

 

10,869

 

   

10,880

   

10,810

 

   

10,728

   

10,728

Deposit base

   

 

1,097

 

   

1,225

   

1,363

 

   

1,508

   

1,661

Customer relationships

   

 

258

 

   

239

   

222

 

   

229

   

237

Tradename

   

 

90

 

   

90

   

90

 

   

90

   

90

Total assets

   

 

348,064

 

   

341,839

   

333,880

 

   

324,679

   

319,853

Core deposits

   

 

181,234

 

   

175,743

   

173,697

 

   

166,779

   

165,759

Total deposits

   

 

195,837

 

   

191,518

   

187,785

 

   

180,663

   

180,033

Stockholders’ equity

   

$

32,267

 

   

32,078

   

32,105

 

   

30,379

   

28,785

    
  
  
  
  

 

(a)   Excludes $40 million, $92 million, $67 million, $89 million and $(5) million in the first quarter of 2003, and in the fourth, third, second and first quarters of 2002, respectively, in after-tax net merger-related and restructuring expenses.
(b)   Excludes $88 million, $83 million, $98 million, $103 million and $108 million in the first quarter of 2003, and in the fourth, third, second and first quarters of 2002, respectively, in deposit base and other intangible amortization.
(c)   The tax-equivalent tax rate applies to fully tax-equivalized revenues.

 

PAGE 8

 

 

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

    

2003

     

2002

  

(In millions, except per share data)

   

First Quarter

     

Fourth Quarter

     

Third Quarter

     

Second Quarter

     

First Quarter

  

INTEREST INCOME

                                     

Interest and fees on loans

   

$

2,407

 

   

2,538

 

   

2,558

 

   

2,563

 

   

2,637

 

Interest and dividends on securities

   

 

939

 

   

978

 

   

935

 

   

906

 

   

856

 

Trading account interest

   

 

174

 

   

158

 

   

179

 

   

173

 

   

155

 

Other interest income

   

 

196

 

   

203

 

   

240

 

   

252

 

   

255

 

    
  
  
  
  

Total interest income

   

 

3,716

 

   

3,877

 

   

3,912

 

   

3,894

 

   

3,903

 

    
  
  
  
  

INTEREST EXPENSE

                                     

Interest on deposits

   

 

639

 

   

832

 

   

847

 

   

836

 

   

915

 

Interest on short-term borrowings

   

 

306

 

   

295

 

   

310

 

   

300

 

   

286

 

Interest on long-term debt

   

 

257

 

   

280

 

   

289

 

   

297

 

   

276

 

    
  
  
  
  

Total interest expense

   

 

1,202

 

   

1,407

 

   

1,446

 

   

1,433

 

   

1,477

 

    
  
  
  
  

Net interest income

   

 

2,514

 

   

2,470

 

   

2,466

 

   

2,461

 

   

2,426

 

Provision for loan losses

   

 

224

 

   

308

 

   

435

 

   

397

 

   

339

 

    
  
  
  
  

Net interest income after provision for loan losses

   

 

2,290

 

   

2,162

 

   

2,031

 

   

2,064

 

   

2,087

 

    
  
  
  
  

FEE AND OTHER INCOME

                                     

Service charges

   

 

430

 

   

421

 

   

432

 

   

420

 

   

425

 

Other banking fees

   

 

233

 

   

236

 

   

232

 

   

241

 

   

236

 

Commissions

   

 

444

 

   

473

 

   

458

 

   

481

 

   

464

 

Fiduciary and asset management fees

   

 

438

 

   

439

 

   

427

 

   

466

 

   

477

 

Advisory, underwriting and other investment banking fees

   

 

137

 

   

182

 

   

143

 

   

192

 

   

136

 

Trading account profits (losses)

   

 

100

 

   

(42

)

   

(71

)

   

33

 

   

104

 

Principal investing

   

 

(44

)

   

(105

)

   

(29

)

   

(42

)

   

(90

)

Securities gains (losses)

   

 

37

 

   

46

 

   

71

 

   

58

 

   

(6

)

Other income

   

 

303

 

   

328

 

   

227

 

   

261

 

   

281

 

    
  
  
  
  

Total fee and other income

   

 

2,078

 

   

1,978

 

   

1,890

 

   

2,110

 

   

2,027

 

    
  
  
  
  

NONINTEREST EXPENSE

                                     

Salaries and employee benefits

   

 

1,699

 

   

1,681

 

   

1,588

 

   

1,665

 

   

1,663

 

Occupancy

   

 

197

 

   

202

 

   

195

 

   

194

 

   

195

 

Equipment

   

 

234

 

   

255

 

   

234

 

   

231

 

   

226

 

Advertising

   

 

32

 

   

16

 

   

20

 

   

25

 

   

19

 

Communications and supplies

   

 

141

 

   

143

 

   

136

 

   

132

 

   

134

 

Professional and consulting fees

   

 

99

 

   

126

 

   

111

 

   

96

 

   

88

 

Other intangible amortization

   

 

140

 

   

147

 

   

152

 

   

161

 

   

168

 

Merger-related and restructuring expenses

   

 

64

 

   

145

 

   

107

 

   

143

 

   

(8

)

Sundry expense

   

 

297

 

   

327

 

   

402

 

   

279

 

   

284

 

    
  
  
  
  

Total noninterest expense

   

 

2,903

 

   

3,042

 

   

2,945

 

   

2,926

 

   

2,769

 

    
  
  
  
  

Income before income taxes

   

 

1,465

 

   

1,098

 

   

976

 

   

1,248

 

   

1,345

 

Income taxes

   

 

438

 

   

203

 

   

60

 

   

393

 

   

432

 

    
  
  
  
  

Net income

   

 

1,027

 

   

895

 

   

916

 

   

855

 

   

913

 

Dividends on preferred stock

   

 

4

 

   

4

 

   

3

 

   

6

 

   

6

 

    
  
  
  
  

Net income available to common stockholders

   

$

1,023

 

   

891

 

   

913

 

   

849

 

   

907

 

    
  
  
  
  

PER COMMON SHARE DATA

                                     

Basic earnings

   

$

0.77

 

   

0.66

 

   

0.67

 

   

0.62

 

   

0.67

 

Diluted earnings

   

 

0.76

 

   

0.66

 

   

0.66

 

   

0.62

 

   

0.66

 

Cash dividends

   

$

0.26

 

   

0.26

 

   

0.26

 

   

0.24

 

   

0.24

 

AVERAGE COMMON SHARES

                                     

Basic

   

 

1,335

 

   

1,350

 

   

1,362

 

   

1,360

 

   

1,355

 

Diluted

   

 

1,346

 

   

1,360

 

   

1,374

 

   

1,375

 

   

1,366

 

    
  
  
  
  

 

PAGE 9

 

 

WACHOVIA CORPORATION AND SUBSIDIARIES

LOANS—ON-BALANCE SHEET, AND MANAGED AND SERVICING PORTFOLIOS

(Unaudited)

    

2003

   

2002

(In millions)

   

First Quarter

   

Fourth Quarter

   

Third Quarter

   

Second Quarter

   

First Quarter

ON-BALANCE SHEET LOAN PORTFOLIO

                           

COMMERCIAL

                           

Commercial, financial and agricultural

   

$

56,476

   

56,501

   

57,899

   

57,984

   

60,385

Real estate—construction and other

   

 

6,833

   

6,849

   

7,558

   

8,035

   

8,137

Real estate—mortgage

   

 

16,429

   

16,655

   

16,967

   

17,349

   

17,186

Lease financing

   

 

23,060

   

22,667

   

22,616

   

22,044

   

22,223

Foreign

   

 

6,433

   

6,425

   

6,992

   

7,241

   

6,920

    
  
  
  
  

Total commercial

   

 

109,231

   

109,097

   

112,032

   

112,653

   

114,851

    
  
  
  
  

CONSUMER

                           

Real estate—mortgage

   

 

25,288

   

24,979

   

17,527

   

19,803

   

20,901

Installment loans

   

 

39,748

   

38,817

   

37,889

   

35,940

   

36,073

Vehicle leasing

   

 

35

   

80

   

43

   

168

   

345

    
  
  
  
  

Total consumer

   

 

65,071

   

63,876

   

55,459

   

55,911

   

57,319

    
  
  
  
  

Total loans

   

 

174,302

   

172,973

   

167,491

   

168,564

   

172,170

Unearned income

   

 

10,080

   

9,876

   

9,949

   

9,764

   

9,876

    
  
  
  
  

Loans, net (On-balance sheet)

   

$

164,222

   

163,097

   

157,542

   

158,800

   

162,294

    
  
  
  
  

MANAGED PORTFOLIO (a)

                           

COMMERCIAL

                           

On-balance sheet loan portfolio

   

$

109,231

   

109,097

   

112,032

   

112,653

   

114,851

Securitized loans—off-balance sheet

   

 

2,190

   

2,218

   

2,288

   

2,318

   

5,816

Loans held for sale included in other assets

   

 

1,617

   

1,140

   

1,271

   

779

   

962

    
  
  
  
  

Total commercial

   

 

113,038

   

112,455

   

115,591

   

115,750

   

121,629

    
  
  
  
  

CONSUMER

                           

Real estate—mortgage

                           

On-balance sheet loan portfolio

   

 

25,288

   

24,979

   

17,527

   

19,803

   

20,901

Securitized loans—off-balance sheet

   

 

251

   

325

   

397

   

—  

   

—  

Securitized loans included in securities

   

 

4,971

   

6,223

   

7,268

   

5,761

   

5,219

Loans held for sale included in other assets

   

 

2,154

   

2,719

   

2,474

   

1,387

   

1,555

    
  
  
  
  

Total real estate—mortgage

   

 

32,664

   

34,246

   

27,666

   

26,951

   

27,675

    
  
  
  
  

Installment loans

                           

On-balance sheet loan portfolio

   

 

39,748

   

38,817

   

37,889

   

35,940

   

36,073

Securitized loans—off-balance sheet

   

 

12,878

   

13,217

   

13,164

   

13,379

   

13,989

Securitized loans included in securities

   

 

9,842

   

11,093

   

11,695

   

8,918

   

9,230

Loans held for sale included in other assets

   

 

3,690

   

2,153

   

2,512

   

6,232

   

4,614

    
  
  
  
  

Total installment loans

   

 

66, 158

   

65,280

   

65,260

   

64,469

   

63,906

    
  
  
  
  

Vehicle leasing—on-balance sheet loan portfolio

   

 

35

   

80

   

43

   

168

   

345

    
  
  
  
  

Total consumer

   

 

98,857

   

99,606

   

92,969

   

91,588

   

91,926

    
  
  
  
  

Total managed portfolio

   

$

211,895

   

212,061

   

208,560

   

207,338

   

213,555

    
  
  
  
  

SERVICING PORTFOLIO (b)

                           

Commercial

   

$

60,863

   

59,336

   

53,611

   

50,001

   

47,657

Consumer

   

$

2,236

   

2,272

   

2,490

   

1,773

   

1,844

    
  
  
  
  
(a)   The managed portfolio includes the on-balance sheet loan portfolio, loans securitized for which the assets are classified in securities on-balance sheet, loans held for sale that are classified in other assets on-balance sheet and the off-balance sheet portfolio of securitized loans sold, where we service the loans.
(b)   The servicing portfolio consists of third party commercial and consumer loans for which our sole function is that of servicing the loans for the third parties.

PAGE 10

 

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

    

2003

     

2002

  

(In millions)

   

 
 

First
Quarter

 
 

   

Fourth Quarter

  

   

Third Quarter

  

   

Second Quarter

  

   

First Quarter

  

ALLOWANCE FOR LOAN LOSSES

                                     

Balance, beginning of period

   

$

2,798

 

   

2,847

 

   

2,951

 

   

2,986

 

   

2,995

 

Provision for loan losses relating to loans transferred to other assets or sold

   

 

25

 

   

109

 

   

211

 

   

23

 

   

14

 

Provision for loan losses

   

 

199

 

   

199

 

   

224

 

   

374

 

   

325

 

Allowance relating to loans acquired, transferred to other assets or sold

   

 

(80

)

   

(158

)

   

(315

)

   

(58

)

   

(23

)

Net charge-offs

   

 

(195

)

   

(199

)

   

(224

)

   

(374

)

   

(325

)

Balance, end of period

   

$

2,747

 

   

2,798

 

   

2,847

 

   

2,951

 

   

2,986

 

as % of loans, net

   

 

1.67

%

   

1.72

 

   

1.81

 

   

1.86

 

   

1.84

 

as % of nonaccrual and restructured loans (a)

   

 

172

%

   

177

 

   

163

 

   

163

 

   

177

 

as % of nonperforming assets (a)

   

 

160

%

   

161

 

   

149

 

   

150

 

   

162

 

LOAN LOSSES

                                     

Commercial, financial and agricultural

   

$

150

 

   

136

 

   

160

 

   

319

 

   

275

 

Real estate—commercial construction and mortgage

   

 

2

 

   

12

 

   

5

 

   

3

 

   

2

 

Real estate—residential mortgage

   

 

2

 

   

1

 

   

3

 

   

1

 

   

4

 

Installment loans and vehicle leasing

   

 

91

 

   

91

 

   

91

 

   

86

 

   

100

 

Total loan losses

   

 

245

 

   

240

 

   

259

 

   

409

 

   

381

 

LOAN RECOVERIES

                                     

Commercial, financial and agricultural

   

 

29

 

   

24

 

   

17

 

   

16

 

   

36

 

Real estate—commercial construction and mortgage

   

 

—  

 

   

—  

 

   

—  

 

   

2

 

   

—  

 

Real estate—residential mortgage

   

 

—  

 

   

1

 

   

—  

 

   

—  

 

   

—  

 

Installment loans and vehicle leasing

   

 

21

 

   

16

 

   

18

 

   

17

 

   

20

 

Total loan recoveries

   

 

50

 

   

41

 

   

35

 

   

35

 

   

56

 

Net charge-offs

   

$

195

 

   

199

 

   

224

 

   

374

 

   

325

 

Commercial loans net charge-offs as % of average commercial loans, net (b)

   

 

0.53

%

   

0.53

 

   

0.61

 

   

1.24

 

   

0.97

 

Consumer loans net charge-offs as % of average consumer loans, net (b)

   

 

0.44

 

   

0.52

 

   

0.56

 

   

0.48

 

   

0.59

 

Total net charge-offs as % of average loans, net (b)

   

 

0.49

%

   

0.52

 

   

0.59

 

   

0.97

 

   

0.83

 

NONPERFORMING ASSETS

                                     

Nonaccrual loans

                                     

Commercial, financial and agricultural

   

$

1,232

 

   

1,269

 

   

1,440

 

   

1,456

 

   

1,371

 

Real estate—commercial construction and mortgage

   

 

111

 

   

105

 

   

137

 

   

144

 

   

128

 

Real estate—residential mortgage

   

 

73

 

   

79

 

   

62

 

   

60

 

   

58

 

Installment loans and vehicle leasing

   

 

178

 

   

132

 

   

112

 

   

145

 

   

128

 

Total nonaccrual loans

   

 

1,594

 

   

1,585

 

   

1,751

 

   

1,805

 

   

1,685

 

Foreclosed properties (c)

   

 

118

 

   

150

 

   

156

 

   

156

 

   

159

 

Total nonperforming assets

   

$

1,712

 

   

1,735

 

   

1,907

 

   

1,961

 

   

1,844

 

Nonperforming loans included in loans held for sale (d)

   

$

114

 

   

138

 

   

115

 

   

108

 

   

213

 

Nonperforming assets included in loans and in loans held for sale

   

$

1,826

 

   

1,873

 

   

2,022

 

   

2,069

 

   

2,057

 

as % of loans, net, and foreclosed properties (a)

   

 

1.04

%

   

1.06

 

   

1.21

 

   

1.23

 

   

1.14

 

as % of loans, net, foreclosed properties and loans in other assets as held for sale (d)

   

 

1.06

%

   

1.11

 

   

1.23

 

   

1.24

 

   

1.21

 

Accruing loans past due 90 days

   

$

289

 

   

304

 

   

284

 

   

250

 

   

275

 

(a)   These ratios do not include nonperforming loans included in loans held for sale.
(b)   Annualized.
(c)   Restructured loans are insignificant.
(d)   These ratios reflect nonperforming loans included in loans held for sale. Loans held for sale, which are included in other assets, are recorded at the lower of cost or market value, and accordingly, the amount shown and included in the ratios is net of the transferred allowance for loan losses and the lower of cost or market value adjustments.

PAGE 11

 

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

    

2003

     

2002

  

(In millions, except per share data)

   

First Quarter

     

Fourth Quarter

     

Third Quarter

     

Second Quarter

     

First Quarter

  

ASSETS

                                     

Cash and due from banks

   

$

13,161

 

   

12,264

 

   

11,930

 

   

10,668

 

   

10,038

 

Interest-bearing bank balances

   

 

4,855

 

   

3,512

 

   

3,561

 

   

2,269

 

   

3,356

 

Federal funds sold and securities purchased under resale agreements

   

 

11,092

 

   

9,160

 

   

7,132

 

   

11,541

 

   

13,154

 

Total cash and cash equivalents

   

 

29,108

 

   

24,936

 

   

22,623

 

   

24,478

 

   

26,548

 

Trading account assets

   

 

34,678

 

   

33,155

 

   

35,902

 

   

34,570

 

   

28,227

 

Securities

   

 

73,339

 

   

75,804

 

   

72,071

 

   

60,999

 

   

57,382

 

Loans, net of unearned income

   

 

164,222

 

   

163,097

 

   

157,542

 

   

158,800

 

   

162,294

 

Allowance for loan losses

   

 

(2,747

)

   

(2,798

)

   

(2,847

)

   

(2,951

)

   

(2,986

)

Loans, net

   

 

161,475

 

   

160,299

 

   

154,695

 

   

155,849

 

   

159,308

 

Premises and equipment

   

 

5,118

 

   

4,903

 

   

5,422

 

   

5,494

 

   

5,596

 

Due from customers on acceptances

   

 

1,485

 

   

1,051

 

   

1,080

 

   

1,105

 

   

888

 

Goodwill

   

 

10,869

 

   

10,880

 

   

10,810

 

   

10,728

 

   

10,728

 

Other intangible assets

   

 

1,445

 

   

1,554

 

   

1,675

 

   

1,827

 

   

1,988

 

Other assets

   

 

30,547

 

   

29,257

 

   

29,602

 

   

29,629

 

   

29,188

 

Total assets

   

$

348,064

 

   

341,839

 

   

333,880

 

   

324,679

 

   

319,853

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

                                     

Deposits

                                     

Noninterest-bearing deposits

   

 

46,348

 

   

44,640

 

   

44,186

 

   

39,558

 

   

39,323

 

Interest-bearing deposits

   

 

149,489

 

   

146,878

 

   

143,599

 

   

141,105

 

   

140,710

 

Total deposits

   

 

195,837

 

   

191,518

 

   

187,785

 

   

180,663

 

   

180,033

 

Short-term borrowings

   

 

44,812

 

   

41,173

 

   

36,350

 

   

39,148

 

   

40,392

 

Bank acceptances outstanding

   

 

1,492

 

   

1,061

 

   

1,093

 

   

1,110

 

   

892

 

Trading account liabilities

   

 

20,896

 

   

22,900

 

   

22,210

 

   

22,445

 

   

16,467

 

Other liabilities

   

 

13,556

 

   

13,447

 

   

14,579

 

   

13,003

 

   

13,348

 

Long-term debt

   

 

39,204

 

   

39,662

 

   

39,758

 

   

37,931

 

   

39,936

 

Total liabilities

   

 

315,797

 

   

309,761

 

   

301,775

 

   

294,300

 

   

291,068

 

STOCKHOLDERS’ EQUITY

                                     

Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at March 31, 2003

   

 

—  

 

   

—  

 

   

2

 

   

5

 

   

11

 

Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.345 billion shares at March 31, 2003

   

 

4,484

 

   

4,524

 

   

4,577

 

   

4,570

 

   

4,559

 

Paid-in capital

   

 

17,903

 

   

18,070

 

   

18,233

 

   

18,106

 

   

17,989

 

Retained earnings

   

 

7,778

 

   

7,349

 

   

7,221

 

   

6,663

 

   

6,136

 

Accumulated other comprehensive income, net

   

 

2,102

 

   

2,135

 

   

2,072

 

   

1,035

 

   

90

 

Total stockholders’ equity

   

 

32,267

 

   

32,078

 

   

32,105

 

   

30,379

 

   

28,785

 

Total liabilities and stockholders’ equity

   

$

348,064

 

   

341,839

 

   

333,880

 

   

324,679

 

   

319,853

 

 

 

PAGE 12

 

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES (a)

(Unaudited)

    

FIRST QUARTER 2003

     

FOURTH QUARTER 2002

  

(In millions)

   

Average Balances

   

Interest Income/ Expense

   

Average Rates Earned/ Paid

     

Average Balances

   

Interest Income/ Expense

   

Average Rates Earned/ Paid

  

ASSETS

                                          

Interest-bearing bank balances

   

$

3,688

   

 

13

   

1.43

%

   

$

3,416

   

 

14

   

1.59

%

Federal funds sold and securities purchased under resale agreements

   

 

8,949

   

 

29

   

1.33

 

   

 

9,507

   

 

39

   

1.63

 

Trading account assets

   

 

16,298

   

 

196

   

4.84

 

   

 

14,683

   

 

178

   

4.83

 

Securities

   

 

72,116

   

 

1,020

   

5.66

 

   

 

71,249

   

 

1,045

   

5.86

 

Loans

                                          

Commercial

                                          

Commercial, financial and agricultural

   

 

56,464

   

 

593

   

4.26

 

   

 

57,318

   

 

663

   

4.58

 

Real estate—construction and other

   

 

6,800

   

 

60

   

3.57

 

   

 

7,133

   

 

68

   

3.80

 

Real estate—mortgage

   

 

16,537

   

 

192

   

4.69

 

   

 

16,770

   

 

214

   

5.06

 

Lease financing

   

 

6,777

   

 

184

   

10.86

 

   

 

7,112

   

 

187

   

10.53

 

Foreign

   

 

6,461

   

 

50

   

3.11

 

   

 

6,731

   

 

58

   

3.43

 

    
   

Total commercial

   

 

93,039

   

 

1,079

   

4.69

 

   

 

95,064

   

 

1,190

   

4.97

 

    
   

Consumer

                                          

Real estate—mortgage

   

 

25,292

   

 

333

   

5.27

 

   

 

19,294

   

 

295

   

6.12

 

Installment loans and vehicle leasing

   

 

39,633

   

 

625

   

6.38

 

   

 

38,921

   

 

655

   

6.69

 

    
   

Total consumer

   

 

64,925

   

 

958

   

5.95

 

   

 

58,215

   

 

950

   

6.50

 

    
   

Total loans

   

 

157,964

   

 

2,037

   

5.21

 

   

 

153,279

   

 

2,140

   

5.55

 

    
   

Other earning assets

   

 

9,580

   

 

114

   

4.81

 

   

 

8,969

   

 

115

   

5.10

 

    
   

Total earning assets excluding derivatives

   

 

268,595

   

 

3,409

   

5.11

 

   

 

261,103

   

 

3,531

   

5.39

 

Risk management derivatives (b)

          

 

371

                 

 

405

       
    
   

Total earning assets including derivatives

   

 

268,595

   

 

3,780

   

5.67

 

   

 

261,103

   

 

3,936

   

6.00

 

     
   

Cash and due from banks

   

 

10,887

                 

 

10,636

              

Other assets

   

 

57,799

                 

 

58,221

              
        
       

Total assets

   

$

337,281

                 

$

329,960

              
        
       

LIABILITIES AND STOCKHOLDERS’ EQUITY

                                          

Interest-bearing deposits

                                          

Savings and NOW accounts

   

 

50,887

   

 

79

   

0.63

 

   

 

49,768

   

 

99

   

0.79

 

Money market accounts

   

 

47,987

   

 

142

   

1.20

 

   

 

45,618

   

 

156

   

1.35

 

Other consumer time

   

 

32,671

   

 

263

   

3.27

 

   

 

34,834

   

 

331

   

3.78

 

Foreign

   

 

7,304

   

 

27

   

1.47

 

   

 

8,030

   

 

33

   

1.59

 

Other time

   

 

8,656

   

 

42

   

1.97

 

   

 

8,674

   

 

45

   

2.08

 

    
   

Total interest-bearing deposits

   

 

147,505

   

 

553

   

1.52

 

   

 

146,924

   

 

664

   

1.79

 

Federal funds purchased and securities sold under repurchase agreements

   

 

37,392

   

 

147

   

1.60

 

   

 

32,608

   

 

149

   

1.81

 

Commercial paper

   

 

2,604

   

 

4

   

0.55

 

   

 

2,796

   

 

6

   

0.79

 

Securities sold short

   

 

6,734

   

 

44

   

2.67

 

   

 

5,644

   

 

35

   

2.44

 

Other short-term borrowings

   

 

4,170

   

 

18

   

1.81

 

   

 

3,881

   

 

16

   

1.73

 

Debentures and capital notes

   

 

38,744

   

 

388

   

4.01

 

   

 

38,758

   

 

405

   

4.18

 

    
   

Total interest-bearing liabilities excluding derivatives

   

 

237,149

   

 

1,154

   

1.97

 

   

 

230,611

   

 

1,275

   

2.20

 

Risk management derivatives (b)

          

 

48

                 

 

132

       
    
   

Total interest-bearing liabilities including derivatives

   

 

237,149

   

 

1,202

   

2.05

 

   

 

230,611

   

 

1,407

   

2.42

 

     
   

Noninterest-bearing deposits

   

 

41,443

                 

 

40,518

              

Other liabilities

   

 

26,637

                 

 

26,885

              

Stockholders’ equity

   

 

32,052

                 

 

31,946

              
        
       

Total liabilities and stockholders’ equity

   

$

337,281

                 

$

329,960

              
        
       

Interest income and rate earned—including derivatives

          

$

3,780

   

5.67

%

          

$

3,936

   

6.00

%

Interest expense and equivalent rate paid—including derivatives

          

 

1,202

   

1.81

 

          

 

1,407

   

2.14

 

    

Net interest income and margin—including derivatives (c)

          

$

2,578

   

3.86

%

          

$

2,529

   

3.86

%

    

 

(a)   Certain amounts presented in periods prior to the first quarter of 2003 have been reclassified to conform to the presentation in the first quarter of 2003.
(b)   The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.
(c)   The net interest margin includes (in basis points): 49, 42, 38, 39 and 47 in the first quarter of 2003, and in the fourth, third, second and first quarters of 2002, respectively, in net interest income from hedge-related derivative transactions.

PAGE 13

 

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES (a)

(Unaudited)

THIRD QUARTER 2002

     

SECOND QUARTER 2002

     

FIRST QUARTER 2002

  

Average

Balances

   

Interest Income/ Expense

   

Average Rates Earned/ Paid

     

Average Balances

   

Interest Income/ Expense

   

Average Rates Earned/ Paid

     

Average Balances

   

Interest Income/ Expense

   

Average Rates Earned/ Paid

  
                                                           

$

2,891

   

 

14

   

1.90

%

   

$

2,613

   

 

13

   

2.02

%

   

$

4,341

   

 

22

   

2.07

%

 

10,474

   

 

49

   

1.83

 

   

 

10,835

   

 

52

   

1.97

 

   

 

12,020

   

 

55

   

1.85

 

 

14,945

   

 

194

   

5.17

 

   

 

15,503

   

 

186

   

4.79

 

   

 

13,954

   

 

165

   

4.77

 

 

62,806

   

 

999

   

6.36

 

   

 

58,169

   

 

967

   

6.65

 

   

 

56,174

   

 

914

   

6.51

 

                                                           
                                                           

 

57,788

   

 

693

   

4.76

 

   

 

58,760

   

 

710

   

4.84

 

   

 

60,149

   

 

720

   

4.85

 

 

7,809

   

 

81

   

4.10

 

   

 

8,115

   

 

84

   

4.19

 

   

 

8,126

   

 

86

   

4.28

 

 

17,188

   

 

228

   

5.26

 

   

 

17,310

   

 

231

   

5.36

 

   

 

17,163

   

 

238

   

5.61

 

 

7,105

   

 

189

   

10.65

 

   

 

7,286

   

 

193

   

10.60

 

   

 

7,442

   

 

193

   

10.37

 

 

6,879

   

 

59

   

3.41

 

   

 

7,058

   

 

60

   

3.37

 

   

 

6,831

   

 

62

   

3.71

 

    
   
   

 

96,769

   

 

1,250

   

5.13

 

   

 

98,529

   

 

1,278

   

5.20

 

   

 

99,711

   

 

1,299

   

5.27

 

                                                           

 

18,968

   

 

294

   

6.20

 

   

 

20,102

   

 

319

   

6.35

 

   

 

21,442

   

 

354

   

6.60

 

 

36,191

   

 

651

   

7.15

 

   

 

36,717

   

 

662

   

7.22

 

   

 

36,171

   

 

666

   

7.46

 

    
   
   

 

55,159

   

 

945

   

6.82

 

   

 

56,819

   

 

981

   

6.91

 

   

 

57,613

   

 

1,020

   

7.14

 

    
   
   

 

151,928

   

 

2,195

   

5.75

 

   

 

155,348

   

 

2,259

   

5.83

 

   

 

157,324

   

 

2,319

   

5.96

 

    
   
   

 

11,771

   

 

144

   

4.86

 

   

 

11,361

   

 

154

   

5.42

 

   

 

11,073

   

 

140

   

5.13

 

    
   
   

 

254,815

   

 

3,595

   

5.62

 

   

 

253,829

   

 

3,631

   

5.73

 

   

 

254,886

   

 

3,615

   

5.72

 

      

 

371

                 

 

317

                 

 

339

       
    
   
   

 

254,815

   

 

3,966

   

6.20

 

   

 

253,829

   

 

3,948

   

6.23

 

   

 

254,886

   

 

3,954

   

6.26

 

 
   
   

 

9,955

                 

 

10,110

                 

 

10,553

              

 

56,741

                 

 

50,775

                 

 

49,883

              
        
       
       

$

321,511

                 

$

314,714

                 

$

315,322

              
        
       
       
                                                           
                                                           

 

48,883

   

 

115

   

0.93

 

   

 

49,060

   

 

122

   

1.00

 

   

 

48,642

   

 

128

   

1.07

 

 

43,495

   

 

167

   

1.53

 

   

 

40,035

   

 

171

   

1.71

 

   

 

37,589

   

 

163

   

1.76

 

 

36,034

   

 

347

   

3.82

 

   

 

36,967

   

 

365

   

3.96

 

   

 

38,174

   

 

399

   

4.24

 

 

6,491

   

 

30

   

1.84

 

   

 

7,195

   

 

33

   

1.88

 

   

 

7,578

   

 

35

   

1.85

 

 

6,134

   

 

33

   

2.13

 

   

 

6,220

   

 

32

   

2.00

 

   

 

8,120

   

 

43

   

2.19

 

    
   
   

 

141,037

   

 

692

   

1.95

 

   

 

139,477

   

 

723

   

2.08

 

   

 

140,103

   

 

768

   

2.22

 

                                                           

 

32,094

   

 

149

   

1.85

 

   

 

32,109

   

 

145

   

1.80

 

   

 

32,155

   

 

146

   

1.84

 

 

3,001

   

 

9

   

1.18

 

   

 

3,027

   

 

8

   

1.17

 

   

 

3,438

   

 

10

   

1.15

 

 

6,422

   

 

42

   

2.58

 

   

 

6,671

   

 

40

   

2.45

 

   

 

6,560

   

 

38

   

2.33

 

 

3,082

   

 

18

   

2.26

 

   

 

3,368

   

 

22

   

2.61

 

   

 

3,989

   

 

27

   

2.77

 

 

37,540

   

 

412

   

4.38

 

   

 

38,755

   

 

420

   

4.34

 

   

 

40,592

   

 

430

   

4.24

 

    
   
   

 

223,176

   

 

1,322

   

2.35

 

   

 

223,407

   

 

1,358

   

2.44

 

   

 

226,837

   

 

1,419

   

2.53

 

      

 

124

                 

 

75

                 

 

58

       
    
   
   

 

223,176

   

 

1,446

   

2.57

 

   

 

223,407

   

 

1,433

   

2.57

 

   

 

226,837

   

 

1,477

   

2.64

 

 
   
   

 

38,772

                 

 

38,448

                 

 

38,127

              

 

28,460

                 

 

23,283

                 

 

21,455

              

 

31,103

                 

 

29,576

                 

 

28,903

              
        
       
       

 

$321,511

                 

$

314,714

                 

$

315,322

              
        
       
       
      

$

3,966

   

6.20 

%

          

$

3,948

   

6.23

%

          

$

3,954

   

6.26

%

      

 

1,446

   

2.26

 

          

 

1,433

   

2.26

 

          

 

1,477

   

2.35

 

 
   
   
      

$

2,520

   

3.94 

%

          

$

2,515

   

3.97

%

          

$

2,477

   

3.91

%