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

Exhibit (99)(c)

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In millions, except per share data)                    


   September 30,
2007


    December 31,
2006


 

ASSETS

              

Cash and due from banks

   $ 12,681     15,826  

Interest-bearing bank balances

     4,449     2,167  

Federal funds sold and securities purchased under resale agreements

     11,995     16,923  
    


 

Total cash and cash equivalents

     29,125     34,916  
    


 

Trading account assets

     53,969     45,529  

Securities

     111,827     108,619  

Loans, net of unearned income

     449,206     420,158  

Allowance for loan losses

     (3,505 )   (3,360 )
    


 

Loans, net

     445,701     416,798  
    


 

Loans held for sale

     21,431     12,568  

Premises and equipment

     6,002     6,141  

Due from customers on acceptances

     1,295     855  

Goodwill

     38,848     38,379  

Other intangible assets

     1,380     1,635  

Other assets

     44,590     41,681  
    


 

Total assets

   $ 754,168     707,121  
    


 

LIABILITIES AND STOCKHOLDERS’ EQUITY

              

Deposits

              

Noninterest-bearing deposits

     56,825     66,572  

Interest-bearing deposits

     365,112     340,886  
    


 

Total deposits

     421,937     407,458  

Short-term borrowings

     62,714     49,157  

Bank acceptances outstanding

     1,303     863  

Trading account liabilities

     17,771     18,228  

Other liabilities

     18,352     20,004  

Long-term debt

     158,584     138,594  
    


 

Total liabilities

     680,661     634,304  
    


 

Minority interest in net assets of consolidated subsidiaries

     3,295     3,101  
    


 

STOCKHOLDERS’ EQUITY

              

Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at September 30, 2007

     —       —    

Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.901 billion shares at September 30, 2007

     6,336     6,347  

Paid-in capital

     51,885     51,746  

Retained earnings

     14,742     13,723  

Accumulated other comprehensive income, net

     (2,751 )   (2,100 )
    


 

Total stockholders’ equity

     70,212     69,716  
    


 

Total liabilities and stockholders’ equity

   $ 754,168     707,121  
    


 


WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

     Three Months
Ended
September 30,


   Nine Months
Ended
September 30,


(In millions, except per share data)                 


   2007

    2006

   2007

    2006

INTEREST INCOME

                       

Interest and fees on loans

   $ 7,937     5,096    23,278     14,240

Interest and dividends on securities

     1,529     1,692    4,481     4,942

Trading account interest

     566     401    1,505     1,113

Other interest income

     799     595    2,057     1,600
    


 
  

 

Total interest income

     10,831     7,784    31,321     21,895
    


 
  

 

INTEREST EXPENSE

                       

Interest on deposits

     3,334     2,238    9,528     6,052

Interest on short-term borrowings

     801     860    2,176     2,333

Interest on long-term debt

     2,145     1,145    6,117     2,838
    


 
  

 

Total interest expense

     6,280     4,243    17,821     11,223
    


 
  

 

Net interest income

     4,551     3,541    13,500     10,672

Provision for credit losses

     408     108    764     228
    


 
  

 

Net interest income after provision for credit losses

     4,143     3,433    12,736     10,444
    


 
  

 

FEE AND OTHER INCOME

                       

Service charges

     689     638    1,970     1,834

Other banking fees

     437     427    1,357     1,304

Commissions

     600     562    1,908     1,773

Fiduciary and asset management fees

     993     823    2,894     2,392

Advisory, underwriting and other investment banking fees

     393     292    1,254     912

Trading account profits (losses)

     (437 )   123    (114 )   506

Principal investing

     372     91    718     383

Securities gains (losses)

     (34 )   94    42     71

Other income

     (252 )   415    639     1,390
    


 
  

 

Total fee and other income

     2,761     3,465    10,668     10,565
    


 
  

 

NONINTEREST EXPENSE

                       

Salaries and employee benefits

     2,628     2,531    8,722     7,880

Occupancy

     325     284    968     850

Equipment

     283     291    899     870

Advertising

     62     54    193     157

Communications and supplies

     175     158    528     487

Professional and consulting fees

     196     200    582     551

Other intangible amortization

     92     92    313     282

Merger-related and restructuring expenses

     36     38    78     130

Sundry expense

     577     397    1,535     1,338
    


 
  

 

Total noninterest expense

     4,374     4,045    13,818     12,545
    


 
  

 

Minority interest in income of consolidated subsidiaries

     189     104    464     289
    


 
  

 

Income before income taxes

     2,341     2,749    9,122     8,175

Income taxes

     651     872    2,789     2,685
    


 
  

 

Net income

   $ 1,690     1,877    6,333     5,490
    


 
  

 

PER COMMON SHARE DATA

                       

Basic earnings

   $ 0.90     1.19    3.35     3.49

Diluted earnings

     0.89     1.17    3.30     3.43

Cash dividends

   $ 0.64     0.56    1.76     1.58

AVERAGE COMMON SHARES

                       

Basic

     1,885     1,573    1,890     1,571

Diluted

     1,910     1,600    1,918     1,600