EX-99.C 4 dex99c.htm FINANCIAL STATEMENTS Financial Statements

Exhibit (99)(c)

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

     March 31,

    December 31,

 

(In millions, except per share data)


   2007

    2006

 

ASSETS

              

Cash and due from banks

   $ 12,593     15,826  

Interest-bearing bank balances

     3,451     2,167  

Federal funds sold and securities purchased under resale agreements

     10,322     16,923  
    


 

Total cash and cash equivalents

     26,366     34,916  
    


 

Trading account assets

     50,752     45,529  

Securities

     106,841     108,619  

Loans, net of unearned income

     421,663     420,158  

Allowance for loan losses

     (3,378 )   (3,360 )
    


 

Loans, net

     418,285     416,798  
    


 

Loans held for sale

     15,032     12,568  

Premises and equipment

     6,058     6,141  

Due from customers on acceptances

     992     855  

Goodwill

     38,838     38,379  

Other intangible assets

     1,570     1,635  

Other assets

     41,672     41,681  
    


 

Total assets

   $ 706,406     707,121  
    


 

LIABILITIES AND STOCKHOLDERS’ EQUITY

              

Deposits

              

Noninterest-bearing deposits

     63,399     66,572  

Interest-bearing deposits

     344,749     340,886  
    


 

Total deposits

     408,148     407,458  

Short-term borrowings

     47,144     49,157  

Bank acceptances outstanding

     1,004     863  

Trading account liabilities

     18,150     18,228  

Other liabilities

     16,741     20,004  

Long-term debt

     142,334     138,594  
    


 

Total liabilities

     633,521     634,304  
    


 

Minority interest in net assets of consolidated subsidiaries

     3,099     3,101  
    


 

STOCKHOLDERS’ EQUITY

              

Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at March 31, 2007

     —       —    

Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.913 billion shares at March 31, 2007

     6,378     6,347  

Paid-in capital

     51,964     51,746  

Retained earnings

     13,378     13,723  

Accumulated other comprehensive income, net

     (1,934 )   (2,100 )
    


 

Total stockholders’ equity

     69,786     69,716  
    


 

Total liabilities and stockholders’ equity

   $ 706,406     707,121  
    


 


WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

     Three Months Ended
March 31,


 

(In millions, except per share data)


   2007

   2006

 

INTEREST INCOME

             

Interest and fees on loans

   $ 7,618    4,321  

Interest and dividends on securities

     1,478    1,565  

Trading account interest

     433    325  

Other interest income

     619    496  
    

  

Total interest income

     10,148    6,707  
    

  

INTEREST EXPENSE

             

Interest on deposits

     3,061    1,779  

Interest on short-term borrowings

     670    718  

Interest on long-term debt

     1,957    720  
    

  

Total interest expense

     5,688    3,217  
    

  

Net interest income

     4,460    3,490  

Provision for credit losses

     177    61  
    

  

Net interest income after provision for credit losses

     4,283    3,429  
    

  

FEE AND OTHER INCOME

             

Service charges

     614    574  

Other banking fees

     416    428  

Commissions

     659    623  

Fiduciary and asset management fees

     920    761  

Advisory, underwriting and other investment banking fees

     407    302  

Trading account profits

     168    219  

Principal investing

     48    103  

Securities gains (losses)

     53    (48 )

Other income

     456    555  
    

  

Total fee and other income

     3,741    3,517  
    

  

NONINTEREST EXPENSE

             

Salaries and employee benefits

     2,972    2,697  

Occupancy

     312    275  

Equipment

     307    280  

Advertising

     61    47  

Communications and supplies

     173    167  

Professional and consulting fees

     177    167  

Other intangible amortization

     118    92  

Merger-related and restructuring expenses

     10    68  

Sundry expense

     458    446  
    

  

Total noninterest expense

     4,588    4,239  
    

  

Minority interest in income of consolidated subsidiaries

     136    95  
    

  

Income before income taxes

     3,300    2,612  

Income taxes

     998    884  
    

  

Net income

   $ 2,302    1,728  
    

  

PER COMMON SHARE DATA

             

Basic earnings

   $ 1.22    1.11  

Diluted earnings

     1.20    1.09  

Cash dividends

   $ 0.56    0.51  

AVERAGE COMMON SHARES

             

Basic

     1,894    1,555  

Diluted

     1,925    1,586